UBS zvýšila doporučení pro Lockheed Martin na Buy a čeká 150% růst tržeb v segmentu missiles and fire control mezi lety 2025 a 2030. Cílovou cenu zvedla na 674 USD.
UBS projects 150% revenue growth in missiles and fire control through 2030 Summary
UBS upgraded Lockheed Martin to Buy and raised its target to $674, projecting 9% revenue growth through 2028.
Lockheed Martin Corp. LMT rose 2.42% intraday after UBS upgraded the stock to Buy from Neutral and lifted its price target to $674 from $581, implying roughly 25% upside.
UBS expects 150% revenue growth in the missiles and fire control segment between 2025 and 2030, built on multi-year production frameworks, reflecting changed views on stockpile requirements and international demand. Across the company it models a 9% revenue compound annual growth rate through 2028, above consensus, and sees double-digit earnings per share upside to 2028 estimates. Missiles and munitions, F-35 sustainment, CH-53K and Trident are the named drivers.
On the budget worry, UBS thinks the market has it wrong. Awards are flowing and outlay catch-up is underway, with a 17% increase in July and 36% of the fiscal 2026 budget still to spend. The stock trades at a 15% discount to the S&P 500, which the firm argues doesn't reflect the production ramp the Pentagon is pushing the supply chain to deliver.
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
Lockheed Martin jedná s Tata Advanced Systems o společné výrobě Javelinu v Indii. Cílem je posílit dodavatelský řetězec, výrobní kapacitu a rychlejší nasazení.
Key Takeaways Lockheed Martin is exploring Javelin co-production in India with Tata Advanced Systems.The initiative aims to expand the Javelin supply chain and support greater manufacturing capacity.Local production is expected to boost supply-chain resilience, faster fielding and sustained readiness. Lockheed Martin (LMT - Free Report) is deepening its presence in India through strategic partnerships aimed at expanding local defense manufacturing and strengthening supply-chain capabilities. The company, through the Javelin Joint Venture (JJV) with RTX Corporation (RTX - Free Report) , recently entered into a memorandum of understanding with Tata Advanced Systems Limited to explore co-production of the Javelin All Up Round (AUR) in India.
Per the agreement, Tata Advanced Systems has been selected as the JJV’s prime partner for future in-country co-production efforts. The companies will explore establishing a final assembly and integration facility for the Javelin AUR and component production capabilities in India. Sub-assembly kits will be produced at Lockheed Martin’s facility in Troy, AL, while guidance electronics units will be manufactured at RTX’s Tucson, AZ, facility before being shipped to India for final assembly and integration.
The initiative should strengthen Lockheed Martin’s relationship with India while expanding the Javelin supply chain and supporting greater manufacturing capacity. Local production is also expected to improve supply-chain resilience and enable faster fielding and sustained readiness for partner nations in the Indo-Pacific.
The partnership aligns with India’s push to strengthen its domestic defense industrial base and increase self-reliance. For Lockheed Martin, deeper integration with India’s defense ecosystem could create opportunities for future production and technology partnerships.
With its established Javelin capabilities and expanding industrial partnerships in India, Lockheed Martin is well-positioned to capitalize on rising defense requirements while strengthening its long-term presence in the strategically important Indo-Pacific region.
Aerospace Stocks to Keep on the RadarOther aerospace and defense companies expanding their presence in India are discussed below:
RTX Corporation (RTX - Free Report) : RTX is strengthening its position in India through partnerships spanning defense systems, aircraft components and manufacturing. Its collaboration with Tata Advanced Systems on Javelin co-production should expand its local industrial footprint while supporting India’s defense modernization efforts.
Airbus (EADSY - Free Report) : Airbus is expanding its presence in India with a new technology center in Bengaluru. The 880,000-square-foot facility will support engineering, digital, customer services and procurement activities, strengthening the company’s operations in India and supporting its long-term growth in the country.
The Zacks Rundown for LMTShares of LMT have risen 14.4% in the past year against the industry’s 7% decline.
Image Source: Zacks Investment Research
The company shares are trading at a discount on a relative basis, with its forward 12-month Price/Earnings being 16.34X compared with its industry’s average of 30.76X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for LMT’s 2026 and 2027 earnings has moved north over the past 60 days.
Image Source: Zacks Investment Research
LMT stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Takeaways Lockheed Martin is benefiting from strong defense demand, lifting backlog to a record $230 billion.Javelin, missile-defense and hypersonic investments expand Lockheed Martin's growth opportunities.Lockheed Martin faces program risks and high debt, prompting investors to await a better entry point. Lockheed Martin’s (LMT - Free Report) shares have risen 12.6% year to date, outperforming the Zacks Aerospace-Defense industry’s decline of 4.1%. LMT is benefiting from a favorable macro backdrop of higher U.S. and allied defense spending, inventory replenishment and growing demand for missile defense, munitions, advanced aircraft and space systems.
Image Source: Zacks Investment Research
Shares of other defense stocks, such as General Dynamics (GD - Free Report) and Northrop Grumman (NOC - Free Report) , have shown mixed performance in the year-to-date period. Shares of General Dynamics have risen 9.7% while those of Northrop Grumman have lost 6.5% over the time frame.
Considering Lockheed Martin’s outperformance, investors might be left wondering if this is a good time to add LMT stock to their portfolio. Let's examine the factors that contributed to the share price gain and assess the stock's investment prospects to make an informed decision.
Tailwinds for LMT StockLockheed Martin is capitalizing on strong demand by securing longer-duration awards, enhancing revenue visibility and supporting capacity expansion. Backlog reached a record $230 billion as of June 28, 2026, after the company booked $65 billion of second-quarter orders and achieved a 3.2 book-to-bill ratio.
In August 2026, Lockheed Martin and Tata Advanced Systems signed an MOU designating Tata Advanced Systems as the prime Indian partner for locally co-producing the Javelin anti-tank missile. Javelin is developed and produced by the Javelin Joint Venture (“JJV”), a partnership between Raytheon in Tucson, Arizona, and Lockheed Martin in Orlando, FL. The collaboration strengthens LMT's exposure to India's rising defense spending, expands its international production footprint and could support higher Javelin volumes over time. With more than 55,000 missiles already produced, the Javelin program provides the partnership with an established product rather than an unproven system.
In August 2026, Lockheed Martin has been selected by the U.S. Missile Defense Agency to modernize its Modeling & Simulation Objective Simulation Framework, a virtual environment used to test and evaluate missile-defense systems before they are deployed. This is particularly attractive as missile threats become more complex and the Pentagon increases investment in layered missile defense. Lockheed Martin's broader missile-defense portfolio — including THAAD, PAC-3 and the Next Generation Interceptor — allows expertise gained through the simulation framework to complement its physical weapons programs.
On Aug. 11, 2026, Lockheed Martin announced a multimillion-dollar internal investment to develop a Modular Payload Delivery System (“MPDS”) that uses proven hypersonic missile-body technologies but redesigns them into a modular architecture. A modular design should enable the company to respond more quickly to evolving Pentagon requirements while potentially reducing the time and engineering costs required to develop new variants.
Challenges for LMT StockLockheed Martin remains exposed to cost-estimate and schedule risk on complex programs, especially under fixed-price arrangements. Second-quarter 2026 results benefited from the absence of the $1.6 billion in reach-forward losses recorded in the prior-year period, rather than from the elimination of the underlying execution risk. Aeronautics also recorded $160 million of lower net favorable profit adjustments.
Management cited F-16 and C-130 program challenges as factors affecting Aeronautics margins, while lower initial booking rates on new contracts may weigh on profitability. The company also retains existing classified and helicopter program exposures on its balance sheet, which could continue to generate additional program losses over time if cost, scope or approval assumptions deteriorate.
Estimates for LMT StockThe Zacks Consensus Estimate for 2026 earnings per share (EPS) indicates year-over-year growth of 31.44%. LMT’s long-term (three to five years) earnings growth rate is 19.19%.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for General Dynamics’ 2026 EPS indicates year-over-year growth of 9.44%. GD’s long-term earnings growth rate is 10.2%. The Zacks Consensus Estimate for Northrop Grumman’s 2026 EPS indicates year-over-year growth of 9.45%. NOC’s long-term earnings growth rate is 5.33%.
LMT’s Earnings Surprise HistoryThe company beat on earnings in three of the trailing four quarters and missed in one, delivering an average surprise of 8.85%.
Image Source: Zacks Investment Research
LMT’s Debt PositionCurrently, the company’s total debt to capital is 70.08%, higher than the industry’s average of 46.7%.
Image Source: Zacks Investment Research
LMT Stock Trades at a DiscountIn terms of valuation, LMT’s forward 12-month price-to-sales (P/S) is 1.51X, a discount to the industry’s average of 2.4X. This suggests that the stock is trading at a lower valuation relative to its projected sales growth than its peer group.
Image Source: Zacks Investment Research
What Should an Investor Do Now?Lockheed Martin is benefiting from strong defense demand, building a larger backlog and securing longer-term opportunities that improve revenue visibility and support future capacity expansion. Its partnerships and investments in Javelin production, missile-defense simulation, and modular hypersonic systems strengthen its international presence, broaden its technology portfolio and position the company to benefit from growing demand for advanced defense
capabilities.
Considering its financial pressures and current debt levels, new investors should wait and watch for a better entry point. Investors who already own this Zacks Rank #3 (Hold) stock may consider retaining it, given the company’s earnings growth outlook and price performance.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Lockheed Martin (LMT - Free Report) ended the recent trading session at $565.62, demonstrating a +1.64% change from the preceding day's closing price. The stock's performance was ahead of the S&P 500's daily loss of 0.02%. Meanwhile, the Dow lost 0.21%, and the Nasdaq, a tech-heavy index, lost 0.08%.
Shares of the aerospace and defense company have depreciated by 4.26% over the course of the past month, underperforming the Aerospace sector's loss of 2.92%, and the S&P 500's gain of 3.67%.
Investors will be eagerly watching for the performance of Lockheed Martin in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of $7.28, marking a 4.75% rise compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $20.33 billion, indicating a 9.27% upward movement from the same quarter last year.
LMT's full-year Zacks Consensus Estimates are calling for earnings of $30.39 per share and revenue of $80.82 billion. These results would represent year-over-year changes of +31.44% and +7.7%, respectively.
Investors might also notice recent changes to analyst estimates for Lockheed Martin. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.91% increase. Currently, Lockheed Martin is carrying a Zacks Rank of #3 (Hold).
Investors should also note Lockheed Martin's current valuation metrics, including its Forward P/E ratio of 18.31. This represents a discount compared to its industry average Forward P/E of 22.86.
We can additionally observe that LMT currently boasts a PEG ratio of 0.95. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As of the close of trade yesterday, the Aerospace - Defense industry held an average PEG ratio of 1.71.
The Aerospace - Defense industry is part of the Aerospace sector. At present, this industry carries a Zacks Industry Rank of 67, placing it within the top 28% of over 250 industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
Biondo Investment Advisors LLC purchased a new position in Lockheed Martin Corporation (NYSE:LMT – Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 23,608 shares of the aerospace company’s stock, valued at approximately $12,027,000. Lockheed Martin comprises 1.5% of Biondo Investment Advisors LLC’s investment portfolio, making the stock its 24th largest position.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Basso Capital Management L.P. purchased a new stake in Lockheed Martin during the 4th quarter valued at $25,000. Burnham & Co LLC bought a new position in Lockheed Martin during the second quarter valued at $25,000. United Financial Planning Group LLC bought a new position in Lockheed Martin during the third quarter valued at $25,000. Clarity Asset Management Inc. purchased a new stake in shares of Lockheed Martin in the fourth quarter valued at $26,000. Finally, Triumph Capital Management lifted its holdings in shares of Lockheed Martin by 66.7% in the 4th quarter. Triumph Capital Management now owns 55 shares of the aerospace company’s stock worth $26,000 after acquiring an additional 22 shares during the last quarter. 74.19% of the stock is currently owned by hedge funds and other institutional investors.
Lockheed Martin Stock Up 0.2% NYSE:LMT opened at $564.61 on Monday. The company has a debt-to-equity ratio of 2.34, a current ratio of 1.19 and a quick ratio of 1.01. Lockheed Martin Corporation has a 1-year low of $437.25 and a 1-year high of $692.00. The company has a 50-day moving average of $547.80 and a 200 day moving average of $575.31. The firm has a market cap of $130.31 billion, a PE ratio of 20.81, a price-to-earnings-growth ratio of 0.97 and a beta of 0.10.
Lockheed Martin (NYSE:LMT – Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The aerospace company reported $7.94 EPS for the quarter, beating the consensus estimate of $7.22 by $0.72. Lockheed Martin had a net margin of 8.16% and a return on equity of 91.42%. The business had revenue of $20.06 billion during the quarter, compared to analyst estimates of $19.34 billion. During the same quarter in the previous year, the business posted $1.46 EPS. The company’s quarterly revenue was up 10.5% compared to the same quarter last year. Lockheed Martin has set its FY 2026 guidance at 29.950-30.650 EPS. As a group, research analysts anticipate that Lockheed Martin Corporation will post 30.39 EPS for the current fiscal year. Lockheed Martin Dividend Announcement The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Tuesday, September 1st will be issued a $3.45 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $13.80 dividend on an annualized basis and a dividend yield of 2.4%. Lockheed Martin’s dividend payout ratio (DPR) is currently 50.87%.
Wall Street Analyst Weigh In A number of equities analysts recently commented on the stock. JPMorgan Chase & Co. dropped their price target on shares of Lockheed Martin from $680.00 to $605.00 and set a “neutral” rating for the company in a research note on Tuesday, May 5th. DZ Bank raised shares of Lockheed Martin from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Jefferies Financial Group reissued a “hold” rating on shares of Lockheed Martin in a research note on Sunday, July 26th. Morgan Stanley upped their target price on Lockheed Martin from $653.00 to $690.00 and gave the company an “equal weight” rating in a research note on Friday, July 24th. Finally, UBS Group reiterated a “neutral” rating and issued a $581.00 price target on shares of Lockheed Martin in a report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Lockheed Martin currently has a consensus rating of “Hold” and a consensus target price of $632.39.
Read Our Latest Stock Analysis on Lockheed Martin
Lockheed Martin Company Profile (Free Report)
Lockheed Martin Corporation (NYSE: LMT) is a global aerospace and defense company that designs, develops and manufactures advanced technology systems for government and commercial customers. Formed through the 1995 merger of Lockheed Corporation and Martin Marietta, the company is headquartered in Bethesda, Maryland, and focuses on providing integrated solutions across air, space, land and sea domains. Its primary customers include the U.S. Department of Defense, NASA and allied governments around the world.
Lockheed Martin’s product and service portfolio spans military aircraft, missile and fire-control systems, missile defense, space systems and satellite technologies, sensors and precision weapons.
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Bank of New York Mellon Corp ve 2. čtvrtletí získala nový podíl v Lockheed Martin za zhruba 645,3 milionu USD a držela 0,55 % firmy. Lockheed Martin zároveň oznámila zisk na akcii za 2. čtvrtletí ve výši 7,94 USD a tržby 20,06 miliardy USD.
Bank of New York Mellon Corp purchased a new stake in Lockheed Martin Corporation (NYSE:LMT – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 1,266,551 shares of the aerospace company’s stock, valued at approximately $645,258,000. Bank of New York Mellon Corp owned 0.55% of Lockheed Martin at the end of the most recent reporting period.
A number of other institutional investors have also recently modified their holdings of LMT. Charles Schwab Investment Management Inc. increased its position in Lockheed Martin by 1.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 8,638,936 shares of the aerospace company’s stock worth $4,178,399,000 after buying an additional 114,900 shares in the last quarter. Morgan Stanley lifted its position in shares of Lockheed Martin by 10.1% in the fourth quarter. Morgan Stanley now owns 5,728,551 shares of the aerospace company’s stock valued at $2,770,729,000 after acquiring an additional 527,523 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Lockheed Martin by 0.6% in the fourth quarter. Franklin Resources Inc. now owns 1,670,284 shares of the aerospace company’s stock valued at $807,866,000 after acquiring an additional 10,349 shares in the last quarter. Deutsche Bank AG boosted its stake in shares of Lockheed Martin by 7.4% during the fourth quarter. Deutsche Bank AG now owns 1,440,840 shares of the aerospace company’s stock valued at $696,891,000 after acquiring an additional 99,403 shares during the last quarter. Finally, AQR Capital Management LLC boosted its stake in shares of Lockheed Martin by 107.3% during the fourth quarter. AQR Capital Management LLC now owns 1,293,823 shares of the aerospace company’s stock valued at $625,784,000 after acquiring an additional 669,604 shares during the last quarter. 74.19% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In Several brokerages recently weighed in on LMT. JPMorgan Chase & Co. cut their target price on shares of Lockheed Martin from $680.00 to $605.00 and set a “neutral” rating for the company in a research note on Tuesday, May 5th. Citigroup raised their price target on shares of Lockheed Martin from $641.00 to $691.00 and gave the stock a “buy” rating in a research note on Thursday, August 13th. BNP Paribas Exane lowered their price target on shares of Lockheed Martin from $770.00 to $680.00 and set an “outperform” rating for the company in a report on Friday, April 24th. Weiss Ratings raised shares of Lockheed Martin from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, August 13th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Lockheed Martin from $615.00 to $575.00 and set a “hold” rating on the stock in a research note on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $632.39.
View Our Latest Stock Report on Lockheed Martin Lockheed Martin Price Performance Lockheed Martin stock opened at $571.60 on Friday. Lockheed Martin Corporation has a 1 year low of $437.25 and a 1 year high of $692.00. The firm has a 50 day moving average price of $547.31 and a 200 day moving average price of $575.81. The company has a market cap of $131.92 billion, a price-to-earnings ratio of 21.07, a PEG ratio of 1.01 and a beta of 0.10. The company has a debt-to-equity ratio of 2.34, a quick ratio of 1.01 and a current ratio of 1.19.
Lockheed Martin (NYSE:LMT – Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The aerospace company reported $7.94 earnings per share for the quarter, beating analysts’ consensus estimates of $7.22 by $0.72. Lockheed Martin had a net margin of 8.16% and a return on equity of 91.42%. The company had revenue of $20.06 billion for the quarter, compared to analyst estimates of $19.34 billion. During the same quarter last year, the business earned $1.46 EPS. Lockheed Martin’s revenue for the quarter was up 10.5% on a year-over-year basis. Lockheed Martin has set its FY 2026 guidance at 29.950-30.650 EPS. Sell-side analysts predict that Lockheed Martin Corporation will post 30.39 earnings per share for the current year.
Lockheed Martin Announces Dividend The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Tuesday, September 1st will be paid a dividend of $3.45 per share. This represents a $13.80 annualized dividend and a yield of 2.4%. The ex-dividend date is Tuesday, September 1st. Lockheed Martin’s payout ratio is currently 50.87%.
Lockheed Martin News Summary Here are the key news stories impacting Lockheed Martin this week:
Positive Sentiment: Lockheed Martin completed the first fully integrated Aegis System Equipped Vessel for Japan, a milestone that expands its role in Japan’s maritime air- and missile-defense infrastructure and supports broader Indo-Pacific defense cooperation. The achievement could strengthen the company’s position for future naval and missile-defense contracts. Lockheed Martin Completes First Japan ASEV In Indo Pacific Defense Milestone Positive Sentiment: Recent activity involving AI-enabled airspace sensing, next-generation missile-defense testing, modular defense systems and responsive space-launch partnerships adds to Lockheed Martin’s growth narrative. The company and its partners also participated in more than $152 million of recent Department of Defense contracts and a $920 million Air Force award pool. Should Lockheed’s AI Sensing and Space Partnerships Shift the Core Investment Case for LMT? Positive Sentiment: A valuation analysis argued that LMT may be approximately 24% undervalued based on discounted-cash-flow and comparable-multiple measures, despite an 87.9% five-year return. This may support the view that long-term defense demand is not fully reflected in the shares. Lockheed Martin Stock May Be 24% Undervalued On Japan Defense System News Neutral Sentiment: Commentary highlighted a potential new entry point in the military naval market, but the reports did not indicate a material near-term revenue or earnings contribution. Why Did Lockheed Martin Stock Drop Today? Neutral Sentiment: Speculation that Lockheed Martin could split its stock if it returns to its recent high is not a fundamental catalyst; a split would change the share count and price denomination, but not the company’s value. Stock-Split Watch: Is Lockheed Martin Next? Lockheed Martin Profile (Free Report)
Lockheed Martin Corporation (NYSE: LMT) is a global aerospace and defense company that designs, develops and manufactures advanced technology systems for government and commercial customers. Formed through the 1995 merger of Lockheed Corporation and Martin Marietta, the company is headquartered in Bethesda, Maryland, and focuses on providing integrated solutions across air, space, land and sea domains. Its primary customers include the U.S. Department of Defense, NASA and allied governments around the world.
Lockheed Martin’s product and service portfolio spans military aircraft, missile and fire-control systems, missile defense, space systems and satellite technologies, sensors and precision weapons.
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Argyle Capital Partners ve 2. čtvrtletí koupila novou pozici v Lockheed Martin: 1 272 akcií za zhruba 648 000 USD. Firma zároveň oznámila čtvrtletní zisk na akcii 7,94 USD a tržby 20,06 miliardy USD, obojí nad odhady.
Argyle Capital Partners LLC bought a new position in Lockheed Martin Corporation (NYSE:LMT – Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 1,272 shares of the aerospace company’s stock, valued at approximately $648,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in LMT. IAG Wealth Partners LLC lifted its holdings in shares of Lockheed Martin by 4,800.0% during the 1st quarter. IAG Wealth Partners LLC now owns 49 shares of the aerospace company’s stock worth $30,000 after acquiring an additional 48 shares during the last quarter. United Financial Planning Group LLC bought a new stake in shares of Lockheed Martin in the third quarter worth about $25,000. Basso Capital Management L.P. bought a new stake in shares of Lockheed Martin in the 4th quarter worth approximately $25,000. Clarity Asset Management Inc. purchased a new position in Lockheed Martin during the 4th quarter valued at $26,000. Finally, TD Capital Management LLC increased its position in shares of Lockheed Martin by 450.0% during the fourth quarter. TD Capital Management LLC now owns 55 shares of the aerospace company’s stock valued at $27,000 after buying an additional 45 shares during the period. 74.19% of the stock is currently owned by institutional investors.
Lockheed Martin Price Performance Shares of Lockheed Martin stock opened at $594.26 on Tuesday. Lockheed Martin Corporation has a 12 month low of $437.25 and a 12 month high of $692.00. The firm has a market cap of $137.15 billion, a PE ratio of 21.90, a PEG ratio of 1.04 and a beta of 0.10. The stock has a 50 day moving average of $544.00 and a 200 day moving average of $576.42. The company has a current ratio of 1.19, a quick ratio of 1.01 and a debt-to-equity ratio of 2.34.
Lockheed Martin (NYSE:LMT – Get Free Report) last posted its earnings results on Thursday, July 23rd. The aerospace company reported $7.94 earnings per share for the quarter, topping analysts’ consensus estimates of $7.22 by $0.72. The firm had revenue of $20.06 billion for the quarter, compared to the consensus estimate of $19.34 billion. Lockheed Martin had a net margin of 8.16% and a return on equity of 91.42%. The business’s quarterly revenue was up 10.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.46 EPS. Lockheed Martin has set its FY 2026 guidance at 29.950-30.650 EPS. On average, research analysts expect that Lockheed Martin Corporation will post 30.39 EPS for the current fiscal year. Lockheed Martin Dividend Announcement The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Tuesday, September 1st will be paid a $3.45 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $13.80 annualized dividend and a yield of 2.3%. Lockheed Martin’s dividend payout ratio (DPR) is presently 50.87%.
Analyst Ratings Changes A number of brokerages have recently commented on LMT. Sanford C. Bernstein restated a “market perform” rating on shares of Lockheed Martin in a report on Friday, May 29th. TD Cowen cut their price target on shares of Lockheed Martin from $600.00 to $560.00 and set a “hold” rating on the stock in a report on Monday, July 13th. Citigroup boosted their target price on Lockheed Martin from $641.00 to $691.00 and gave the stock a “buy” rating in a research report on Thursday. Wells Fargo & Company set a $600.00 price target on Lockheed Martin in a research note on Monday, July 27th. Finally, Bank of America decreased their price target on shares of Lockheed Martin from $660.00 to $600.00 and set a “neutral” rating on the stock in a research report on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $632.39.
Check Out Our Latest Research Report on Lockheed Martin
Lockheed Martin Company Profile (Free Report)
Lockheed Martin Corporation (NYSE: LMT) is a global aerospace and defense company that designs, develops and manufactures advanced technology systems for government and commercial customers. Formed through the 1995 merger of Lockheed Corporation and Martin Marietta, the company is headquartered in Bethesda, Maryland, and focuses on providing integrated solutions across air, space, land and sea domains. Its primary customers include the U.S. Department of Defense, NASA and allied governments around the world.
Lockheed Martin’s product and service portfolio spans military aircraft, missile and fire-control systems, missile defense, space systems and satellite technologies, sensors and precision weapons.
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Lockheed Martin ve 2. čtvrtletí zvýšil tržby divize Space o 6 % na 3,5 miliardy USD díky programům FBM a NGI. Firma otevřela v Alabamě závod pro NGI a do roku 2030 plánuje investice ve výši 8–9 miliard USD.
Key Takeaways Lockheed Martin's Space sales rose 6% to $3.5 billion, driven by FBM and NGI program volumes.Lockheed Martin opened an 88,000-square-foot Alabama facility to expand NGI production capacity.Lockheed Martin plans nearly $8-$9 billion in manufacturing investment through 2030 to expand capacity. Lockheed Martin (LMT - Free Report) is strengthening its position in the rapidly evolving space-defense market, with its Space business benefiting from increased demand for strategic systems and missile-defense technologies. During the second quarter of 2026, Space sales increased 6% year over year to $3.5 billion, with the majority of the increase coming from higher volumes on Fleet Ballistic Missile (“FBM”) and Next Generation Interceptor (“NGI”) programs.
The NGI program represents one of the most important opportunities within Lockheed Martin’s space-defense portfolio. NGI is being developed for the U.S. Missile Defense Agency as part of the country’s layered homeland missile-defense architecture. Lockheed Martin recently opened an 88,000-square-foot purpose-built facility in Alabama dedicated to NGI production, expanding the company’s manufacturing capacity for the program.
The investment is significant because increasing demand for advanced missile-defense systems will require not only sophisticated technology but also greater production capacity. Lockheed Martin has been investing heavily across its manufacturing network, with nearly $8-$9 billion of planned investment through 2030.
In May 2026, the company was selected by the U.S. Space Force’s Space Systems Command to develop capabilities supporting the Space-Based Interceptor program. The effort is designed to create an early engagement layer within a broader integrated missile-defense architecture, leveraging Lockheed Martin’s experience with NGI, THAAD, PAC-3 and missile-warning technologies.
The combination of FBM and NGI also illustrates the broader opportunity for Lockheed Martin. As governments place greater emphasis on homeland defense and the ability to counter increasingly sophisticated missile threats, demand for these capabilities could remain strong over the long term.
Companies Gain From Growing Space & Missile-Defense DemandThe growing emphasis on space-based defense, strategic systems and missile interception could benefit other defense companies with exposure to these markets.
Northrop Grumman’s (NOC - Free Report) portfolio includes systems supporting national security, missile warning and space-based missions, giving the company exposure to rising government investment in next-generation defense capabilities.
RTX Corporation (RTX - Free Report) could also benefit from sustained demand for missile-defense systems, advanced sensors and precision weapons. Its Raytheon business provides a broad portfolio of air and missile-defense solutions, while increasing investment in layered defense architectures could support demand for interceptors, radars and other mission-critical technologies.
LMT Stock’s Earnings EstimatesThe Zacks Consensus Estimate for 2026 and 2027 earnings per share indicates a year-over-year improvement of 31.31% and 8.35%, respectively.
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LMT Stock Trades at a DiscountIn terms of valuation, LMT’s forward 12-month price-to-sales (P/S) is 1.69X, a discount to the industry’s average of 2.66X.
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LMT Stock’s Price PerformanceIn the past three months, the company’s shares have risen 16.7% compared with the industry’s 11.2% growth.
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LMT’s Zacks RankThe company currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Iran war has done a number on U.S. weapons stockpiles -- and finances.
A Center for Strategic and International Studies report released last week estimates that 65% of the 2,330 Patriot missiles the U.S. possessed before the Iran war began have been used up already. Fewer than 800 Patriots remain in U.S. inventories -- four years' worth of production at current rates, but a number we can apparently expend easily in less than three months of fighting.
Damage to U.S. bases in the Mideast was last estimated to have cost taxpayers $25 billion through late April, with a further $25 billion needed to replace lost and expended military hardware. U.S. allies in the region are spending billions of dollars replacing Patriot air defense missiles used to defend themselves from Iranian missile attacks.
And we are, too.
Image source: Getty Images.
Last month, the U.S. Army announced it plans to order $53.9 billion worth of new Patriot Advanced Capability-3 Missile Segment Enhancement (PAC-3 MSE) air defense missiles from Lockheed Martin (LMT +2.59%). That's more money than the entire cost of the rest of the war at last report.
And here's the really surprising thing: At $4 million per missile, simply replacing the 1,500 or so Patriots used so far would cost "only" $6.3 billion. But the military is looking to spend much more than that -- enough to buy perhaps 13,475 missiles. That would replenish all munitions already expended... and add 12,000 more Patriots to the stockpile.
Not all at once, certainly. The Army's contract notes that the $53.9 billion would pay for Patriot production over seven years. Still, this marks a dramatic expansion in Patriot buying, and Patriot production as well, as it implies an annual production rate roughly nine times faster than the current rate.
Better missiles cost more Another curiosity about this announcement is that Lockheed Martin announced last month that it plans to introduce a new version of the Patriot missile that's cheaper and faster to produce.
Dubbed the PAC-3 Adapted Capability Effector (PAC-3 ACE), the new missile would cost as little as $2.5 million. When Lockheed first announced the ACE, investors sold off the stock -- possibly fearing ACE sales would cannibalize MSE sales and hurt the company's profit margin. But here's the thing: Lockheed describes the ACE as "complementary" to the MSE -- not replacing it.
Designed for mass production at affordable prices, ACE will be able to handle a "wide range" of slower, lower-level threats, such as from cruise missiles and short-range ballistic missiles. This will free up MSEs to deal with more serious threats from faster medium- and long-range ballistic missiles -- but the military still needs to buy those MSEs, too.
Long story short, ACE sales will add to Lockheed's revenue and profits -- not hurt MSE sales and subtract from revenue and profits. And last month's $54 billion PAC-3 MSE sale proves it.
Lockheed Martin spouští Strigo™, modulární obranný systém pro RF senzory, datalinky a naváděcí technologie střel. Do Strigo Product Center už investovala 250 milionů USD.
Lockheed Martin Announces Strigo™ and New Product Center of Missile Technology Solutions to Support the Arsenal of Freedom PR Newswire
ORLANDO, Fla., Aug. 10, 2026
, /PRNewswire/ -- Lockheed Martin (NYSE: LMT) announced today the launch of Strigo™ – a new set of modular defense solutions that includes radio-frequency (RF) sensors, missile datalinks and missile seeker technologies built on a common baseline. Leveraging common architectures, Strigo solutions can be reconfigured quickly for a range of missions, from air defense to missile defense to air-to-surface engagements and beyond.
To support the rapid development of Strigo solutions, Lockheed Martin has established a dedicated product center to accelerate the concept-to-delivery pipeline of these new capabilities. The product center serves as a storefront of ready-now and near-ready solutions that can be quickly adapted to, and evolve with, a customer's mission set.
Within the Strigo Product Center, Lockheed Martin conducts proactive research to develop and produce new RF sensor and missile technologies before a requirement is even formalized – ensuring the hardware is available at the pace of evolving threats.
WHAT'S NEW
Established less than two years ago, the Strigo Product Center has already advanced multiple concepts from initial design through successful testing, demonstrating a faster path from innovation to operational capability.Specifically, technologies developed through Lockheed Martin's Strigo family of solutions have informed aspects of the PrSM Increment 2 seeker package.WHY IT MATTERS
Speed to Capability: Driven by speed and Lockheed Martin's extensive expertise in developing sensor solutions, the Strigo Product Center enables concepts to move from sketch to tested solution in months, not years, accelerating delivery of critical capabilities to warfighters.Supporting the Arsenal of Freedom: The Strigo Product Center delivers solutions that can be rapidly adapted to counter emerging threats, helping America and its allies maintain a decisive advantage on the battlefield.Investing with Intent: Lockheed Martin has committed $250 million to date to the Strigo Product Center. This investment fuels proactive innovation that stays ahead of customer requirements while leveraging modular architectures to lower lifecycle costs and guarantee long‑term sustainment.EXPERT PERSPECTIVE
"By putting proactive research and development at the forefront, the Strigo Product Center lets us test and deploy new solutions at unprecedented speed. That's how we turn 'what if' into 'what's next' faster than ever before," said Stacy Kubicek, vice president and general manager, Lockheed Martin Sensors and Global Sustainment. "Leveraging our deep expertise in advanced sensor and missile technologies, this long-term investment reshapes the way we develop and deliver next-generation, mission-ready capabilities, ensuring our warfighters have the solutions they need the moment threats evolve."
WHAT'S NEXT
Lockheed Martin will continue to invest in new RF sensor, missile seeker and missile datalink technologies to accelerate today's munitions acceleration efforts while laying the foundation for the next generation of U.S. military capabilities.
About Lockheed Martin
Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at Lockheedmartin.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/lockheed-martin-announces-strigo-and-new-product-center-of-missile-technology-solutions-to-support-the-arsenal-of-freedom-302847394.html
Lockheed Martin oznámil úspěšný statický test druhého stupně motoru NGI v podmínkách simulujících nízkou oběžnou dráhu. Test potvrdil klíčové parametry pro budoucí protiraketovou obranu.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Lockheed Martin (NYSE: LMT) has announced the Stage 2 rocket motor for the Next Generation Interceptor (NGI) program has successfully completed a static fire test inside a high-vacuum chamber that replicates the conditions of low-Earth orbit, preparing it for its intended future missile defense mission.
L3Harris conducts successful hot fire test of the Stage 2 solid rocket motor for Lockheed Martin’s Next Generation Interceptor program. (IMAGE COURTESY L3HARRIS TECHNOLOGIES) The test demonstrated the L3Harris Technologies' Stage 2 motor will sustain the extreme thermal and pressure stresses expected during interceptor missions, confirming key performance metrics such as thrust, chamber pressure and combustion stability.
"This successful static fire test is a significant milestone on the path to the Critical Design Review and confirms our confidence that the NGI motor will meet the demanding performance envelope required for fielding by 2030," Christopher Jewell, Lockheed Martin NGI vice president said. "The data gathered will directly inform the final interceptor design and accelerate integration with the Ground-Based Midcourse Defense architecture."
Why It Matters
An on-time fielding of NGI answers the call for an advanced missile defense capability. A successful outcome of the static-fire test reflects the program's forward trajectory, hitting a key milestone to CDR. Other factors pushing NGI toward deployment completion include:
Advanced design and speed: Leveraging NGI's "born‑digital" foundation, designs that once required years of physical iteration are now produced, fabricated and validated in a matter of months. Capital investments: Lockheed Martin is investing millions to construct or expand purpose-built manufacturing facilities in Alabama. This includes incorporating advanced manufacturing techniques, production lines, tooling and plant layouts to meet urgent production demand. Whole of Industry Support: Lockheed Martin is leveraging significant supply chain capabilities across the nation to deliver NGI. About NGI
NGI is being built to enable a much more capable Ground-Based Midcourse Defense architecture and will serve as a critical piece of a next generation missile defense solution. NGI greatly increases the nation's firepower against the most destructive ballistic missile threats to the nation.
About Lockheed Martin
Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at www.Lockheedmartin.com.
Lockheed Martin má rekordní backlog ve výši 230 miliard USD a získal sedmiletou zakázku až za 58,62 miliardy USD na výrobu PAC-3 MSE. Akcie za poslední tři měsíce vzrostly o 15,5 %.
Key Takeaways Lockheed Martin's record $230B backlog and major awards support long-term revenue visibility and growth.LMT is expanding missile production and international partnerships to meet sustained defense demand.LMT trades below industry valuation, but execution risks and elevated debt warrant investor caution. Lockheed Martin’s (LMT - Free Report) shares have risen 15.5% over the past three months, outperforming the Zacks Aerospace-Defense industry’s growth of 12.2%. The company’s record backlog, expanding munitions capacity and alignment with U.S. and allied defense priorities support durable growth.
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Shares of other defense stocks, such as General Dynamics (GD - Free Report) and RTX Corporation (RTX - Free Report) , have also risen during the same period. Shares of General Dynamics and RTX have risen 10.5% and 26.1%, respectively, over the same time frame.
Considering Lockheed Martin’s outperformance, investors might be left wondering if this is a good time to add LMT stock to their portfolio. Let's examine the factors that contributed to the share price gain and assess the stock's investment prospects to make an informed decision.
Tailwinds for LMT StockLockheed Martin stands out for its broad portfolio and the scale of its established franchises, including the F-35, PAC-3, THAAD, PrSM, HIMARS, Aegis and strategic space programs. Its combat-proven systems and willingness to invest in production capacity before formal awards also strengthen its ability to respond quickly as customer priorities shift.
LMT is converting elevated demand into longer-duration awards that improve revenue visibility and support capacity planning. Backlog reached a record $230 billion as of June 28, 2026, after the company booked $65 billion of second-quarter orders and achieved a 3.2 book-to-bill ratio. The total includes a seven-year, $35 billion contract to quadruple THAAD interceptor production, alongside new GMLRS, HIMARS, radar and space awards. Management said this contract base should fuel sales growth for years.
International customers represented 28% of LMT’s 2025 sales, providing a broad demand base beyond U.S. programs. The company is extending that presence through co-production and regional sustainment initiatives. It signed an agreement with Rheinmetall to pursue ATACMS production in Europe and is supporting exploration of a dedicated European PAC-3 maintenance facility.
On July 29, the U.S. Department of War awarded Lockheed Martin a seven-year, multiyear contract worth up to $58.62 billion to produce PAC-3 MSE Patriot interceptor missiles under its Acquisition Transformation Strategy. The funding also supports LMT’s plan to triple PAC-3 MSE production by 2030 and expand employment at its Camden, AR, facility by roughly 50%. This improves operating leverage while positioning the company to benefit from sustained global demand for advanced air and missile defense systems amid rising geopolitical tensions.
Challenges for LMT StockLockheed Martin remains exposed to cost-estimate and schedule risk on complex programs, especially under fixed-price arrangements. Second-quarter 2026 results benefited from the absence of the $1.6 billion in reach-forward losses recorded in the prior-year period, rather than reflecting the elimination of the underlying execution risk. Aeronautics also recorded $160 million of lower net favorable profit adjustments.
Management cited F-16 and C-130 program challenges as factors affecting Aeronautics margins, while lower initial booking rates on new contracts may weigh on profitability. The company also retains existing classified and helicopter program exposures on its balance sheet, which could continue to generate additional program losses over time if cost, scope or approval assumptions deteriorate.
Estimates for LMT StockThe Zacks Consensus Estimate for 2026 earnings per share (EPS) indicates year-over-year growth of 31.1%. LMT’s long-term (three to five years) earnings growth rate is 19.19%.
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The Zacks Consensus Estimate for General Dynamics’ 2026 EPS indicates year-over-year growth of 9.2%. GD’s long-term earnings growth rate is 10.2%. The Zacks Consensus Estimate for RTX’s 2026 EPS indicates year-over-year growth of 14.6%. RTX’s long-term earnings growth rate is 11.64%.
LMT’s Earnings Surprise HistoryThe company beat on earnings in three of the trailing four quarters and missed in one, delivering an average surprise of 8.85%.
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LMT’s Debt PositionCurrently, the company’s total debt to capital is 70.08%, higher than the industry’s average of 47.1%.
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LMT Stock Trades at a DiscountIn terms of valuation, LMT’s forward 12-month price-to-sales (P/S) is 1.64X, a discount to the industry’s average of 2.69X. This suggests the stock is trading at a lower valuation relative to its projected sales growth compared with its peer group.
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What Should an Investor Do Now?Lockheed Martin continues to strengthen its leadership in missile defense and advanced military systems through a broad portfolio, expanding international partnerships, and long-term contract wins that enhance revenue visibility and support sustained production growth. The company is also increasing manufacturing capacity and investing in its industrial base, positioning it to capitalize on rising global demand for air and missile defense solutions driven by higher defense spending and geopolitical tensions.
Considering its financial pressures and current debt levels, new investors should wait and watch for a better entry point. Investors who already own this Zacks Rank #3 (Hold) stock may consider retaining it, given the company’s earnings growth outlook and price performance.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Lockheed Martin Skunk Works a U.S. Air Force Test Pilot School předvedly na X-62 VISTA autonomně řízené zachycení cíle pomocí reálných senzorových dat. Během osmi letů provedl X-62 celkem 27 interceptů řízených umělou inteligencí.
Partnership with U.S. Air Force Test Pilot School expands autonomy into live mission system flight tests on the X-62 VISTA.
, /PRNewswire/ -- In a landmark step toward the future of airborne autonomy, Lockheed Martin Skunk Works® (NYSE: LMT), the U.S. Air Force Test Pilot School (TPS) and industry partners demonstrated sensor-driven autonomy on a fighter aircraft. An artificial intelligence (AI) agent used targeting information from an operational sensor to execute successful air intercepts against a live target. Across eight flights, the X-62 Variable In-flight Simulation Test Aircraft (VISTA) executed 27 AI-controlled intercepts.
THE OBJECTIVE
The X-62A VISTA takes off for an AI flight test at Edwards Air Force Base, Calif. with the Legion Pod ® installed. Photo by U.S. Air Force. Demonstrate that the X-62 and its integrated autonomy architecture can successfully use real sensor data to inform AI behavior, validating the full test cycle from development and simulation through training and flight execution.
THE SUCCESS AND WHY IT MATTERS
Closed‑loop AI combat test: X‑62 equipped with the Lockheed Martin Legion Pod® tracks a live T‑38 jet and feeds secure data to an AI agent that autonomously pilots the fighter into a tactical intercept position. Real‑world sensor data: Moves AI testing from simulated target data to real-time, on‑board sensor streams, mirroring the data environment pilots will face in future high-stakes engagements. Accelerated autonomy: Skunk Works' "Supermassive" AI agent generation capability dramatically improves speed and agility. Full integration and ground test of the agents with the X-62 occurred in just three months. Strategic partnership: Connects the cutting‑edge of the U.S. Air Force test community with industry expertise, expanding the TPS's AI and autonomy test portfolio to include mission‑critical onboard systems. Enhanced pilot survivability: By delegating complex tasks to AI, pilots gain bandwidth to focus on tactical information that increases their effectiveness and survivability. EXPERT PERSPECTIVES
"Our ongoing partnership with TPS is driving important progress with this latest flight test series demonstrating that our AI can effectively and reliably close the sensor‑to‑action loop aboard an operational combat aircraft," said Ron Fehlen, vice president and general manager, Lockheed Martin Skunk Works®. "Our autonomous agents consumed classified infrared search and track feeds and executed combat‑critical maneuvers in real time. This achievement marks a decisive advance toward delivering AI‑augmented air dominance for the United States."
"Our ability to provide reliable sensor data is critical, but the real advantage comes when that data can connect seamlessly with AI to take action," said Stacy Kubicek, vice president and general manager, Lockheed Martin Sensors and Global Sustainment. "This project demonstrates how sensing and autonomous AI can come together as a force multiplier to make faster, more informed action in complex environments."
FUTURE OUTLOOK AND NEXT STEPS
Skunk Works has been a key partner and integrator on X-62 for decades, providing open software and hardware architectures that enable pathfinding flight tests. Leveraging the proven framework from this experiment, the X-62's Mission Systems Upgrade will enable the aircraft to demonstrate seamless integration of combat systems, sensors and airborne AI agents within a next‑generation mesh network.
The path forward is exciting as this team aggressively executes technology roadmaps, in close coordination and partnership with operators, to guarantee American leadership in AI and autonomy. Skunk Works engineers are the best in the world, and their work to transform the future of air combat is ensuring air dominance now and for the years to come.
Learn more about recent X-62 flight test activity here.
ABOUT LOCKHEED MARTIN
Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at Lockheedmartin.com.
Axiom Investment Management v prvním čtvrtletí koupila nový podíl ve společnosti Lockheed Martin: 2 575 akcií za zhruba 1,556 milionu USD. Firma tím drží LMT jako 22. největší pozici.
Axiom Investment Management LLC bought a new stake in shares of Lockheed Martin Corporation (NYSE:LMT – Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 2,575 shares of the aerospace company’s stock, valued at approximately $1,556,000. Lockheed Martin makes up about 1.2% of Axiom Investment Management LLC’s holdings, making the stock its 22nd largest position.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Cerro Pacific Wealth Advisors LLC lifted its position in shares of Lockheed Martin by 1.2% in the fourth quarter. Cerro Pacific Wealth Advisors LLC now owns 1,376 shares of the aerospace company’s stock valued at $665,000 after acquiring an additional 16 shares in the last quarter. Garner Asset Management Corp raised its stake in Lockheed Martin by 0.9% in the 4th quarter. Garner Asset Management Corp now owns 1,735 shares of the aerospace company’s stock valued at $839,000 after purchasing an additional 16 shares during the last quarter. Davis R M Inc. lifted its holdings in Lockheed Martin by 1.3% in the 4th quarter. Davis R M Inc. now owns 1,264 shares of the aerospace company’s stock valued at $612,000 after purchasing an additional 16 shares in the last quarter. Broadway Wealth Solutions Inc. lifted its holdings in Lockheed Martin by 3.6% in the 4th quarter. Broadway Wealth Solutions Inc. now owns 484 shares of the aerospace company’s stock valued at $234,000 after purchasing an additional 17 shares in the last quarter. Finally, Aspire Growth Partners LLC boosted its stake in Lockheed Martin by 0.7% during the 4th quarter. Aspire Growth Partners LLC now owns 2,515 shares of the aerospace company’s stock worth $1,217,000 after purchasing an additional 17 shares during the last quarter. Institutional investors and hedge funds own 74.19% of the company’s stock.
Lockheed Martin Trading Up 1.6% NYSE:LMT opened at $583.42 on Friday. Lockheed Martin Corporation has a 52-week low of $412.55 and a 52-week high of $692.00. The company has a quick ratio of 1.01, a current ratio of 1.19 and a debt-to-equity ratio of 2.34. The company has a market capitalization of $134.65 billion, a PE ratio of 21.50, a P/E/G ratio of 0.99 and a beta of 0.11. The stock’s 50 day moving average price is $528.91 and its 200 day moving average price is $575.29.
Lockheed Martin (NYSE:LMT – Get Free Report) last announced its earnings results on Thursday, July 23rd. The aerospace company reported $7.94 EPS for the quarter, beating analysts’ consensus estimates of $7.22 by $0.72. The business had revenue of $20.06 billion during the quarter, compared to analysts’ expectations of $19.34 billion. Lockheed Martin had a net margin of 8.16% and a return on equity of 91.42%. The business’s revenue was up 10.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.46 earnings per share. Lockheed Martin has set its FY 2026 guidance at 29.950-30.650 EPS. On average, research analysts anticipate that Lockheed Martin Corporation will post 30.31 EPS for the current year.
Lockheed Martin Announces Dividend The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Tuesday, September 1st will be paid a $3.45 dividend. This represents a $13.80 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Tuesday, September 1st. Lockheed Martin’s payout ratio is currently 50.87%.
Analysts Set New Price Targets A number of brokerages have recently commented on LMT. Sanford C. Bernstein reiterated a “market perform” rating on shares of Lockheed Martin in a research report on Friday, May 29th. JPMorgan Chase & Co. reduced their target price on Lockheed Martin from $680.00 to $605.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 5th. UBS Group reaffirmed a “neutral” rating and set a $581.00 price objective on shares of Lockheed Martin in a research report on Friday, July 24th. DZ Bank upgraded shares of Lockheed Martin from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Finally, Robert W. Baird set a $700.00 price target on Lockheed Martin in a report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $626.33.
Get Our Latest Stock Analysis on Lockheed Martin
More Lockheed Martin News Here are the key news stories impacting Lockheed Martin this week:
Positive Sentiment: The U.S. Army awarded Lockheed Martin a seven-year contract modification valued at up to $53.86 billion for PAC-3 Missile Segment Enhancement interceptors. Including a previously awarded $4.7 billion first-year contract, the total potential value reaches $58.62 billion—the largest Patriot missile award to date. US awards Lockheed Martin $58.6 billion in largest-ever Patriot missile deal Positive Sentiment: Lockheed Martin plans to triple PAC-3 production, creating additional jobs and expanding manufacturing capacity. CEO Jim Taiclet said the award could help push the company’s backlog toward approximately $300 billion, improving long-term revenue visibility. Lockheed Martin Gets a Mega Missile Contract Positive Sentiment: Escalating U.S.-Iran tensions and missile use are depleting American weapons inventories, increasing the likelihood of sustained Pentagon replenishment orders. Lockheed Martin is viewed as a key beneficiary because of its leading position in missile defense. Iran Tensions Illustrate Defense Supply Shortages Neutral Sentiment: The contract is described as “undefinitized,” meaning final terms and pricing remain subject to negotiation. Investors may therefore focus on execution, production ramp-up costs and eventual contract profitability rather than the headline value alone. Lockheed Martin’s Missile Contract Brings More Jobs, Higher Production Lockheed Martin Company Profile (Free Report)
Lockheed Martin Corporation (NYSE: LMT) is a global aerospace and defense company that designs, develops and manufactures advanced technology systems for government and commercial customers. Formed through the 1995 merger of Lockheed Corporation and Martin Marietta, the company is headquartered in Bethesda, Maryland, and focuses on providing integrated solutions across air, space, land and sea domains. Its primary customers include the U.S. Department of Defense, NASA and allied governments around the world.
Lockheed Martin’s product and service portfolio spans military aircraft, missile and fire-control systems, missile defense, space systems and satellite technologies, sensors and precision weapons.
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Napětí s Íránem přimělo Pentagon uzavřít sedmileté dohody s L3Harris a Lockheed Martin na rozšíření výroby pohonů pro interceptory Patriot a THAAD. Cílem je řešit nedostatek systémů protiraketové obrany.
Ongoing tensions with Iran led the U.S. Defense Department to announce on July 27 two seven-year agreements with L3Harris Technologies (LHX -8.61%) and Lockheed Martin (LMT +0.86%) to expand propulsion capacity for Patriot and Terminal High Altitude Area Defense (THAAD) interceptors. The point is to address an ongoing shortage of missile defense systems.
The need to address the shortage also benefits RTX (RTX -0.40%), a key contractor and supplier of the Patriot and THAAD interceptors. All three defense stocks are up so far this year, but while L3Harris is up only 3%, RTX and Lockheed Martin are up by more than 17% and 19%, respectively. The run is likely to continue, though. Why I like each of these stocks:
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Lockheed has a big backlog and a big dividend Lockheed is the prime contractor and system integrator responsible for manufacturing the overall THAAD system and its hit-to-kill interceptor missiles. As of the second quarter, the company had a record backlog of $230 billion, led by its multibillion-dollar awards for THAAD hit-to-kill interceptors and Patriot PAC-3 MSE missiles. This provides extraordinary multiyear revenue predictability.
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Lockheed maintains a near monopoly in integrated upper-tier kinetic missile defense for the U.S. and international allies. That gives it strong margin protection.
In the second quarter, it reported revenue of $20.1 billion, up 11% year over year, and earnings per share (EPS) of $7.94, up 443% over the same quarter a year ago. The company has four segments: space, aeronautics, missiles and fire control, and rotary and mission systems. Missiles and fire control led the way in the quarter with an operating margin of 14.5%.
Management has raised its dividend for 22 consecutive years, including a 5% increase last year, to $3.45 per quarter. Its yield, even with the stock's increase this year, is 2.36% at its current share price, more than double the S&P 500 average yield. As production bottlenecks resolve and its operating margins expand, its free cash flow generation will continue to grow.
L3Harris benefits from missile demand, regardless of contracts Through its Aerojet Rocketdyne business, L3Harris supplies essential solid-rocket motors and thrust-vector control systems for the THAAD and Patriot missiles. This allows the company to capture upside from missile demand regardless of which prime contractor wins specific program awards. The Pentagon's new seven-year deal calls for it to nearly triple production of propulsion parts for Patriot munitions and quadruple its manufacturing of crucial components for THAAD interceptors over the next seven years.
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L3Harris specializes in high-margin technology segments -- including space payloads, electronic warfare, tactical communications, and night vision systems -- that drive higher overall segment operating margins.
In the second quarter, the company's cost-control initiatives and debt reduction led to improved profitability. It reported revenue of $5.9 billion, up 8% year over year, while the operating margin rose 60 basis points over the same period last year to 11.1%. EPS climbed 28% year over year to $3.13.
L3Harris continues to convert record order flow into an expanding backlog of $42 billion, while aggressive cost initiatives and asset sales support debt reduction and accelerating EPS. It also has a dividend yield of 1.61% at its current share price, and it increased its dividend by 4% this year, the 25th consecutive year it has boosted it.
RTX's Patriot missiles are in high demand here and abroad RTX, through its Raytheon segment, is the main system architect and radar provider for the Patriot system, providing high-margin, long-term recurring revenue through U.S. and international military sales, maintenance contracts, software retrofits, and next-generation radar upgrades.
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Led by rising demand to replenish depleted global missile inventories, RTX holds a record backlog of $289 billion through the second quarter. This order intake supports ongoing upward revisions to management's full-year earnings and free cash flow guidance.
In the second quarter, the company reported revenue of $24.7 billion, up 14% year over year, and EPS of $1.57, up 29% from the second quarter of 2025. Profit margin was 11.4%, up from 9.9% in the same period a year ago.
RTX's dividend yields around 1.27% at its current share price. It has increased its payout for 22 consecutive years, including a 6% raise this year to $0.73 per quarter.
Riding the military momentum An unprecedented surge in global defense demand has pushed all three contractors to record order backlogs. With allied nations aggressively replenishing depleted missile stockpiles and upgrading air defense infrastructure, these companies have long-term revenue visibility well into the next decade. Their highly complementary relationship in crucial programs such as THAAD and Patriot ensures that all three capture steady top-line growth as defense budgets expand worldwide.
These defense majors present an attractive balance of cash flow generation, margin expansion, and above-average dividends. As supply chain bottlenecks ease, factory expansions come on line, and high-volume production accelerates, operating margins are expanding across munitions and aerospace segments.
Combined with growing free cash flows, low customer credit risk, and a proven track record of dividend hikes and share buybacks, all three stocks offer defense-focused value and resilient earnings compounders.
Americká armáda zadala společnosti Lockheed Martin kontrakt až za 58,6 miliardy USD na výrobu interceptorů Patriot. Jde o největší zakázku v historii systému Patriot.
Item 1 of 2 A man looks at a Patriot Advanced Capability (PAC-3) Missile Segment Enhancement (MSE) model by Lockheed Martin at an international military fair in Kielce, Poland September 7, 2017. REUTERS/Kacper Pempel/File Photo
[1/2]A man looks at a Patriot Advanced Capability (PAC-3) Missile Segment Enhancement (MSE) model by Lockheed Martin at an international military fair in Kielce, Poland September 7, 2017. REUTERS/Kacper... Purchase Licensing Rights, opens new tab Read more
WASHINGTON, July 29 (Reuters) - The U.S. Army awarded Lockheed Martin (LMT.N), opens new tab a contract worth up to $58.6 billion to produce Patriot interceptor missiles, the Pentagon said on Wednesday, as conflicts in Iran and Ukraine strain U.S. weapons stockpiles.
The U.S. has supplied large quantities of weapons to allies while also using munitions in its own military operations in Iran, raising concerns about inventories of key air defense and precision-guided weapons.
The Reuters Iran Briefing newsletter keeps you informed with the latest developments and analysis of the Iran war. Sign up here.
The Lockheed award converts a previous one-year deal worth $4.7 billion awarded in April into a seven-year draft agreement, creating a multiyear procurement plan for the interceptors from fiscal 2026 through 2032, the Army said.
Pentagon negotiators are pressing contractors to move much faster, with tentative production agreements struck earlier this year at the center of efforts to increase missile output. The administration of President Donald Trump has also steadily increased pressure on defense contractors to prioritize production over shareholder payouts. Trump signed an executive order in January to identify contractors deemed to be underperforming on government contracts while continuing to distribute profits to shareholders.
Industry executives have welcomed the production agreements, but said Congress must first appropriate funding before companies can invest more heavily in components and production capacity.
Exact terms and delivery dates for many Pentagon munitions deals are still under negotiation.
A similar framework deal had been struck with Raytheon's parent company RTX (RTX.N), opens new tab to boost production of Tomahawk cruise missiles from the current rate of about 60 per year for the U.S. to eventually 1,000 units annually.
Lockheed, a Bethesda, Maryland-based defense contractor, said the funding would allow it to follow through on a promise to triple PAC-3 MSE production capacity by the end of 2030 and increase jobs at its Camden, Arkansas, plant by 50%, to about 1,850 from 1,200. Lockheed previously announced Patriot PAC-3 missile interceptor production would go to 2,000 units annually.
Lockheed Martin said it is investing $8 billion to $9 billion through 2030 to modernize more than 20 U.S. facilities, including new munitions centers in Alabama and Arkansas.
PAC-3 MSE is a hit-to-kill interceptor used within the Patriot air defense system to counter ballistic missiles, cruise missiles and aircraft.
The Center for Strategic and International Studies, a Washington-based think tank, estimated this week that the U.S. military has fewer than 1,000 Patriot interceptors on hand and fewer than 250 THAAD interceptors -- two key air defense systems. Both have seen recent heavy use in the Middle East.
Reporting by Mike Stone in Washington; editing by Chris Sanders
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Mike Stone is a Reuters reporter covering the U.S. arms trade and defense industry. Most recently Mike has been focused on the Golden Dome missile defense shield. Mike also spends a lot of his time writing on Ukraine and how industry has adapted, or faltered as it supports that conflict. Mike, a New Yorker, has extensively covered how the U.S. has supplied Ukraine with weapons, the cadence, decisions and milestones that have had battlefield impacts. Before his time in Washington Mike’s coverage focused on mergers and acquisitions for oil and gas companies, financial institutions, defense companies, consumer product makers, retailers, real estate giants, and telecommunications companies.
Lockheed Martin získal sedmiletý kontrakt až za 53,86 mld. USD na výrobu interceptorů PAC-3 MSE; celková hodnota zakázky vzrostla na 58,62 mld. USD. Firma chce do konce roku 2030 ztrojnásobit kapacitu.
, /PRNewswire/ -- Today, the U.S. government awarded Lockheed Martin (NYSE: LMT) a seven-year undefinitized contract action (UCA) modification for up to $53.86 billion for PAC-3 Missile Segment Enhancement (MSE) interceptors, supporting the Department of War's Acquisition Transformation Strategy. The award brings the total multiyear contract value to $58.62 billion, following the $4.7 billion UCA awarded in April for year one.
In recent years, Lockheed Martin proactively increased production of PAC-3 MSE to address the soaring demand from U.S. and partner nations. The new funding further enables Lockheed Martin to supercharge PAC-3 MSE production and triple capacity by the end of 2030. It also supports a 50% increase in jobs, from 1,200 to approximately 1,850, just in Camden, Arkansas, home to Lockheed Martin's final all-up round production of PAC-3 MSE interceptors.
WHY IT MATTERS
PAC-3 MSE has solidified itself as the most advanced air and missile defense interceptor through proven performance in real-world operations. In recent years, Lockheed Martin proactively increased production of PAC-3 MSE to address the soaring demand from U.S. and partner nations.
Today's multiyear award showcases the Department of War and Lockheed Martin's shared commitment to strengthen the Arsenal of Freedom and deliver the nation's most advanced air-defense capabilities at unprecedented speed and scale.
By embracing a multiyear procurement model, Lockheed Martin is expanding its production footprint, fortifying the defense industrial base and delivering critical interceptors into the hands of warfighters at unmatched speed.
EXPERT PERSPECTIVE
"Today's announcement turns concept into reality, providing industry with the long-term demand signals it needs to build a resilient supply chain, scale production, and deliver critical capabilities to our Warfighters at the speed of relevance," said Michael P. Duffey, Under Secretary of War for Acquisition and Sustainment.
"This is a once-in-a-generation moment, and we are moving with wartime urgency to deliver the Arsenal of Freedom," said Lockheed Martin Chairman, President and CEO Jim Taiclet. "Lockheed Martin is sparing no effort with our investment, hiring and facility upgrades as we deliver on the government's acquisition transformation."
ADDITIONAL CONTEXT
Accelerating Munitions Acquisition Reform: Lockheed Martin was the first in the industry to announce a framework agreement and one of the first companies to receive a contract for munitions acceleration under the Department of War's Acquisition Transformation Strategy. This contract marks the second major multiyear contract for Lockheed Martin under the DoW's new acquisition model, following the $35 billion contract to accelerate production for Terminal High Altitude Air Defense (THAAD) interceptors. Investing in America's Defense Industrial Base: Lockheed Martin is investing $8 to $9 billion through 2030 to modernize more than 20 U.S. facilities and rapidly scale munitions output. The company has already celebrated two munitions facility groundbreakings this year, including the Munitions Production Center Building 47 in Troy, Alabama, supporting THAAD and future work with Next-Generation Interceptor, and the Munitions Acceleration Center in Camden, Arkansas, supporting PAC-3. Proven, Advanced Technology: PAC-3 MSE provides an advanced, accurate shield against evolving threats. In operational environments during Operation Epic Fury, Ukraine and missions around the world, PAC-3 MSE performed beyond specifications to protect critical assets. About Lockheed Martin
Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at Lockheedmartin.com.
RTX i Lockheed Martin ve 2. čtvrtletí překonaly odhady EPS i tržeb a zvýšily rekordní backlog. RTX navíc zvedla celoroční výhled a akcie po výsledcích vyskočily o 7 %.
The war trade has resumed in July, and earnings from two of the U.S.’s most prominent defense contractors are leading the tape. After weak Q1 reports and a tenuous Iran ceasefire, aerospace and defense stocks deepened their drawdowns as the market repriced the re-stock trade and institutional selling intensified. But now that the war is back on and Q2 reports from defense companies are rolling in, the repricing is being repriced. Does the defense trade have staying power this time?
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What RTX and Lockheed Martin Earnings Tell Us About the Defense Trade’s Path ForwardLockheed Martin Inc. NYSE: LMT and RTX Inc. NYSE: RTX are two of the largest U.S. defense contractors, and both their stocks soared at the start of the year. But the outbreak of the Iran war in late February actually marked the top of the defense trade, and shares of both companies declined 25% and 19% peak to trough, respectively, after making all-time highs in Q1. Poor Q1 earnings from Lockheed drove the deeper decline, while higher commodity prices also weighed on RTX’s commercial order book.
The Q2 reports flipped the script, with both companies beating earnings-per-share (EPS) and revenue estimates and adding to their record backlogs. And crucially, not a dollar of earnings or backlog space has factored in the resumption of hostilities in Iran.
One crucial caveat to the thesis: the 2027 National Defense Authorization Act (NDAA) has not yet been enacted following a failed cloture vote in the Senate. The debate is likely just noise and posturing between the Trump administration and Congress. Still, if the NDAA isn’t signed by October 1, no multiyear contracts for defense procurement can be distributed, and these contracts are the backbone of the RTX and LMT backlogs.
RTX: Clean Earnings Beat Has Stock Primed for New HighsThe drawdown in RTX shares is officially over following its Q2 2026 results. The beat was highlighted by 14.5% year-over-year (YOY) revenue growth, which topped analysts’ estimates by more than 8%. EPS of $1.89 also crushed the expected $1.66, and the backlog grew 22% YOY to a record $289 billion.
RTX Today
$213.10 +3.94 (+1.88%)
As of 07/24/2026 03:59 PM Eastern
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52-Week Range$150.61▼
$214.89Dividend Yield1.37%
P/E Ratio37.52
Price Target$218.63
More than $43 billion worth of new orders were booked in the quarter, including $20 billion for the Raytheon division (i.e., defense). This is the company’s 8th consecutive beat, which may be why investors are willing to pay 30 times forward earnings for the stock.
An 8% earnings beat is rare, even for RtX, and it gave management the confidence to raise guidance for full-year sales, EPS, and free cash flow. The company now projects total 2026 EPS of $7.10 to $7.25, a 5% increase over its previous high-end estimate.
RTX shares jumped 7% on the release, but a looming issue clouds the celebration. The backlog is a mix of commercial and defense contracts, and the Collins Aerospace and Pratt & Whitney divisions account for $170 billion of the $289 billion total. Collins and Pratt are the aerospace wings of the company, with Raytheon making the weaponry, which means more than 58% of the total backlog is exposed to commodity risk through higher fuel prices and lower airline capacity—two factors exacerbated by the Iran war.
RTX shares are just a hair below their previous all-time high following the 7% earnings pop, and the technical signals are pointing toward more short-term gains. The stock now trades comfortably above the 50-day and 200-day moving averages, which are converging into a Golden Cross. The MACD indicator has also reached positive territory above the histogram, and a bullish cross hints at more upside to come.
Lockheed Martin: Headline Numbers Mislead, But Backlog Stronger Than EverOn first glance, Lockheed Martin blew the market away in Q2 2026, beating top and bottom line estimates with EPS of $7.94 on $1.8 billion in net income.
Lockheed Martin Today
LMT
Lockheed Martin
$582.73 +14.14 (+2.49%)
As of 07/24/2026 03:59 PM Eastern
52-Week Range$412.55▼
$692.00Dividend Yield2.37%
P/E Ratio21.48
Price Target$624.94
This represents more than 400% YOY earnings growth, but that figure is flattered by the $1.6 billion losses absorbed by Lockheed in Q2 2025, which depressed the year-ago base. Still, the stock popped 10% on the day for a reason.
First, the backlog continues to reach record levels, growing to $230 billion, up from $193 billion at the end of 2025. The Q2 haul was especially impressive as Lockheed booked $65 billion in new orders in the period. Missiles and Fire Control (MFC) remains the shining segment, with a backlog of $87 billion for THAAD interceptors, GMLRS, HIMARS, and radar systems.
Additionally, Lockheed’s cash pile shows very real gains over the previous year’s quarter. Operating cash flow was $3.2 billion, and quarterly free cash flow came in at $2.25 billion. Management also boosted the top end of full-year revenue guidance to $81.75 billion, up from $80 billion in the previous quarter.
LMT shares had a deeper drawdown this spring, falling from an all-time high of $676 on March 2 to $491 by the end of June. The stock declined more steeply than RTX due to its poor Q1 earnings, but it may also have more upside given its unique exposure to the war in Iran. The company’s backlog is nearly all defense, meaning limited commodity risk compared to RTX.
The chart also shows a violent reversal, with the 10% pop breaking through both the 50-day and 200-day moving averages. The Relative Strength Index (RSI) has also moved above 50 into bullish territory, but the stock is still about 16% below the March all-time high. At 19 times forward earnings, LMT is cheaper than RTX, but its backlog is less diversified, and another sudden ceasefire would pressure Lockheed’s Q3 guidance.
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Lockheed Martin už nečeká na objednávky od Pentagonu a vyvíjí zbraně a zároveň navyšuje výrobu před uzavřením kontraktů. Nový systém Sanctum přešel od konceptu k ostrému testu za méně než 45 dnů.
Lockheed Martin Q2 Earnings Call RevelationSpeaking on the company’s second-quarter earnings call, CEO Jim Taiclet described what may be one of the biggest strategic shifts underway at the world’s largest defense contractor. Rather than waiting for formal Pentagon requests, Lockheed is increasingly developing weapons and expanding manufacturing capacity before contracts are awarded, betting it can anticipate the military’s future needs.
“We’re not waiting for orders or contracts to close evident mission gaps,” Taiclet said, adding that the company is building technology roadmaps designed to predict customer requirements before they make their way through the government’s procurement process.
The approach is already showing results.
Concept to Testing in 45 DaysTaiclet highlighted Lockheed’s new Sanctum counter-drone system, which progressed from concept to successful live-fire testing in less than 45 days by combining existing technologies—including radar, launchers and missiles—rather than designing an entirely new platform from scratch.
The company is taking the same proactive approach to manufacturing.
Lockheed has been expanding missile production capacity ahead of contracted demand, investing in new factories, automation, robotics and artificial intelligence while increasing international co-production capabilities. Those investments helped position the company to secure a seven-year, $35 billion contract to quadruple production of THAAD missile interceptors, along with several other major awards announced during the quarter.
The mindset extends beyond factories.
Discussing internally funded drone defense programs, Taiclet recalled telling engineers, “Build 1,000 of these,” even before customer orders materialized. The goal, he said, is to demonstrate operational capability first and secure contracts afterward, rather than waiting for government procurement cycles to begin.
For investors, the strategy signals Lockheed’s effort to shape future defense demand through earlier investment, rapid prototyping and internally funded innovation.
As geopolitical tensions continue driving military spending higher, Lockheed appears increasingly willing to spend its own capital to ensure it already has the next generation of weapons ready when governments decide they need them.
Photo courtesy: Shutterstock
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Lockheed Martin Corporation (LMT) Q2 2026 Earnings Call July 23, 2026 8:30 AM EDT
Company Participants
Mark Kvasnak - Vice President of Investor Relations
James Taiclet - Chairman, President & CEO
Evan Scott - Chief Financial Officer
Conference Call Participants
Scott Deuschle - Deutsche Bank AG, Research Division
Scott Mikus - Melius Research LLC
John Godyn - Citigroup Inc., Research Division
Gautam Khanna - TD Cowen, Research Division
Sheila Kahyaoglu - Jefferies LLC, Research Division
Robert Stallard - Vertical Research Partners, LLC
Matthew Akers - BNP Paribas, Research Division
Kristine Liwag - Morgan Stanley, Research Division
Gavin Parsons - UBS Investment Bank, Research Division
Presentation
Operator
Good day, and welcome, everyone, to the Lockheed Martin Second Quarter 2026 Earnings Results Conference Call. Today's call is being recorded. [Operator Instructions] At this time, for opening remarks and introductions, I would like to turn the call over to Mark Kvasnak, Vice President, Investor Relations. Please go ahead.
Mark Kvasnak
Vice President of Investor Relations
Thank you, Sarah, and good morning. I'd like to welcome everyone to our second quarter 2026 earnings conference call. Joining me today on the call are Jim Taiclet, our Chairman, President and Chief Executive Officer; and Evan Scott, our Chief Financial Officer. Statements made today that are not historical facts are considered forward-looking statements and are made pursuant to the safe harbor provisions of federal securities laws. Actual results may differ materially from those projected in the forward-looking statements.
Please see Lockheed Martin's SEC filings for a description of some of the factors that may cause actual results to differ materially from those in the forward-looking statements. We posted slides on our website today that we plan to address during the call to supplement our comments. These slides also include information regarding non-GAAP measures that may be used in today's call. Please access our website at www.lockheedmartin.com and click
Two of America’s top war stocks – Lockheed Martin (NYSE: LMT) and RTX Corporation (NYSE: RTX) – enjoyed a particularly strong market open on Thursday, July 23.
Specifically, LMT shares soared more than 9% as the regular session started to their press-time price of $567.76, while RTX saw a slightly smaller, 7% rally to $208.33.
RTX and LMT stock rallies following latest earnings. Source: Google The moves offered a reprieve to the defense companies following a sharp drop they suffered earlier in 2026 after a ceasefire between the U.S. and Iran was announced and came as a result of the firm’s latest earnings.
Lockheed Martin now expects up to $81.75 billion in sales on strong missile growth To begin with, Lockheed Martin announced its revenue soared 11% compared to the same period in the previous year and hit $20.1 billion, while earnings per share (EPS) proved even more impressive at $7.94.
For comparison, in the second quarter (Q2) of 2025, the figure stood at $1.46.
Guidance – which was, much like the Q2 results – was partially bolstered by strong growth in missile-related orders and was lifted to between $79.75 billion and $81.75 billion for sales, and to an EPS between $29.95 and $30.65 for the whole year.
Previously, the ranges stood at $77.5 billion to $80 billion and $29.35 to $30.25, respectively.
RTX calls for $96 billion in sales after YoY rise of 14.5% Elsewhere, RTX’s results were just as impressive. The corporation’s revenue soared 14.5% year-over-year (YoY) to $24.7 billion, and EPS rose 21.2% to $1.89, signalling the firm managed a double beat.
Indeed, analysts were forecasting that the defense giant would hit $22.9 billion in sales and an EPS of $1.66.
RTX also gladdened shareholders with full-year outlook upgrades. Specifically, the company now expects its revenue to come in the range between $95 billion and $96 billion, and EPS between $7.10 and $7.25.
Previously, RTX called for $92.5 billion to $93.5 billion in sales, and an EPS somewhere between $6.70 and $6.90.
Featured image via Shutterstock
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Lockheed Martin (LMT - Free Report) reported $20.06 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 10.5%. EPS of $7.94 for the same period compares to $7.29 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $19.43 billion, representing a surprise of +3.26%. The company delivered an EPS surprise of +9.97%, with the consensus EPS estimate being $7.22.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Lockheed performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Sales- Aeronautics: $8.11 billion compared to the $7.66 billion average estimate based on three analysts. The reported number represents a change of +9.3% year over year.Sales- Rotary and Mission Systems: $4.35 billion versus the three-analyst average estimate of $4.39 billion. The reported number represents a year-over-year change of +9%.Sales- Missiles and Fire Control: $4.1 billion compared to the $4.03 billion average estimate based on three analysts. The reported number represents a change of +19.5% year over year.Sales- Space: $3.5 billion versus the three-analyst average estimate of $3.45 billion. The reported number represents a year-over-year change of +5.7%.Operating profit (loss)- Aeronautics: $760 million versus the three-analyst average estimate of $723.83 million.Operating profit (loss)- Space: $371 million compared to the $345.8 million average estimate based on three analysts.Operating profit (loss)- Rotary and Mission Systems: $437 million compared to the $459.79 million average estimate based on three analysts.Operating profit (loss)- Missiles and Fire Control: $594 million versus the three-analyst average estimate of $559.2 million.View all Key Company Metrics for Lockheed here>>>
Shares of Lockheed have returned +4.6% over the past month versus the Zacks S&P 500 composite's +0.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Lockheed Martin ve 2. čtvrtletí zvýšila tržby o 11 % na 20,1 mld. USD a čistý zisk na 1,8 mld. USD. Backlog dosáhl rekordu 230,4 mld. USD a firma zvýšila celoroční výhled.
Sales increase of 11% to $20.1 billion Net earnings of $1.8 billion, or $7.94 per share Cash from operations of $3.2 billion and free cash flow of $2.9 billion Record backlog of $230 billion, inclusive of the multi-year contract to produce THAAD interceptors Updates 2026 financial outlook , /PRNewswire/ -- Lockheed Martin Corporation (NYSE: LMT) today reported second quarter 2026 sales of $20.1 billion, compared to $18.2 billion in the second quarter of 2025. Net earnings in the second quarter of 2026 were $1.8 billion, or $7.94 per share, compared to $342 million, or $1.46 per share, including $1.6 billion of program losses and $169 million of other charges, in the second quarter of 2025. Cash from operations was $3.2 billion in the second quarter of 2026, compared to $201 million in the second quarter of 2025. Free cash flow was $2.9 billion in the second quarter of 2026, compared to $(150) million in the second quarter of 2025.
"We delivered strong second‑quarter performance, with over $20 billion in sales – a year‑over‑year increase of 11% – free cash flow of $2.9 billion, and $65 billion of new orders, which takes our backlog to a record $230 billion. This continued performance reflects more than just increased customer demand – it is evidence that our 21st Century Security® strategy, and its focus on integration, partnerships and operational excellence is working, resulting in increased business, and advancing the security needs of our nation and allies. We are delivering on our strategy, achieving a higher trajectory for our business and giving us confidence to raise our full year financial guidance. We now anticipate accelerated year‑over‑year sales growth of approximately 8%, driving 28% higher segment operating profit, and increased free cash flow, now projected to be over $7 billion," said Lockheed Martin Chairman, President and CEO Jim Taiclet.
"These results are powered by consistent performance on the commitments we've made and by our investments to support the missions our customers will face next. Over the quarter, we took a major step forward in transforming munitions production, putting the framework agreements we announced earlier this year into action by signing a $35 billion multi-year contract with the Missile Defense Agency for THAAD. We continue to innovate at the speed our customers' missions demand, taking our Sanctum counter-drone system from concept to successful live fire testing in just 45 days by combining a battle manager, radar, launcher, and combat-proven missile into one engagement chain. And, we are investing strategically to strengthen global defense manufacturing capabilities through our collaboration with General Motors Defense in the U.S. and our agreement with Rheinmetall to co-produce ATACMS in Europe."
Summary Financial Results
(in millions, except per share data)
Quarters Ended
Six Months Ended
June 28,
2026
June 29,
2025
June 28,
2026
June 29,
2025
Sales
$ 20,063
$ 18,155
$ 38,084
$ 36,118
Business segment operating profit1
$ 2,162
$ 571
$ 3,985
$ 2,656
Unallocated items
FAS/CAS pension operating adjustment
422
379
843
758
Impairment and other charges
—
(66)
—
(66)
Intangible asset amortization expense
(50)
(63)
(100)
(127)
Other, net2
(55)
(73)
(186)
(101)
Total unallocated items
317
177
557
464
Consolidated operating profit
$ 2,479
$ 748
$ 4,542
$ 3,120
Net earnings
$ 1,836
$ 342
$ 3,324
$ 2,054
Diluted earnings per share
$ 7.94
$ 1.46
$ 14.38
$ 8.75
Cash from operations
$ 3,235
$ 201
$ 3,455
$ 1,610
Capital expenditures
(318)
(351)
(829)
(805)
Free cash flow1
$ 2,917
$ (150)
$ 2,626
$ 805
1
Business segment operating profit and free cash flow are non-GAAP measures. See the "Use of Non-GAAP Financial Measures" section of this news
release for more information.
2
Other, net for the quarters ended June 28, 2026 and June 29, 2025 included net gains of $36 million ($27 million, or $0.12 per share, after-tax)
and $18 million ($14 million,or $0.06 per share, after tax) due to changes in fair value of net assets and liabilities for deferred compensation plans.
Sales: Second quarter 2026 sales increased $1.9 billion, or 11%, driven by growth across all segments reflecting increased volume and munitions ramps.
Consolidated Operating Profit: Second quarter 2026 consolidated operating profit increased $1.7 billion largely driven by combined prior year reach-forward losses of $1.6 billion on a classified program at Aeronautics, and on the Canadian Maritime Helicopter Program (CMHP) and the Turkish Utility Helicopter Program (TUHP) at Rotary and Mission Systems; prior year write-off of $66 million for fixed assets; and a $43 million increase in the FAS/CAS operating adjustment.
Business Segment Operating Profit: Second quarter 2026 business segment operating profit increased $1.6 billion due to the prior year reach-forward losses described above and munition ramps at Missiles and Fire Control.
Net Earnings and Diluted EPS: Second quarter 2026 net earnings increased $1.5 billion and diluted earnings per share increased $6.48 primarily due to higher consolidated operating profit of $1.7 billion described above, partially offset by a $267 million increase in income tax expense.
Cash Flows: Second quarter 2026 cash from operations and free cash flows increased $3.0 billion primarily due to the timing of customer receipts and lower tax payments. The company's cash activities during the second quarter of 2026 included capital expenditures of $318 million and independent research and development of $558 million.
2026 Financial Outlook
The following guidance table contains forward-looking statements, which are based on the company's expectations at the time of this news release. Actual results may differ materially from those projected. It is the company's practice not to incorporate adjustments in its financial outlook for proposed acquisitions (such as the recently announced agreement to acquire Ultra Maritime), divestitures, joint ventures, changes in tax laws, or special items until such items have been consummated or enacted. Refer to the "Forward-Looking Statements" section contained in this press release and Form 10-Q for factors that may impact the company's ability to achieve guidance or meet expectations.
(in millions, except per share data)
Current Update
April 2026
Sales
~$79,750 - $81,750
$77,500 - $80,000
Business segment operating profit1
~$8,500 - $8,700
$8,425 - $8,675
Total FAS/CAS pension adjustment
~$1,365
~$1,365
Diluted earnings per share
~$29.95 - $30.65
$29.35 - $30.25
Cash from operations
~$9,200 - $9,400
$9,150 - $9,450
Capital expenditures
~$2,000 - $2,400
$2,500 - $2,800
Free cash flow1
~$7,000 - $7,200
$6,500 - $6,800
1
Business segment operating profit and free cash flow are non-GAAP measures. See the "Use of Non-GAAP Financial Measures" section of this
news release for more information.
Segment Results
(in millions)
Quarters Ended
Six Months Ended
June 28,
2026
June 29,
2025
June 28,
2026
June 29,
2025
Sales
Aeronautics
$ 8,112
$ 7,420
$ 15,065
$ 14,477
Missiles and Fire Control
4,101
3,433
7,750
6,806
Rotary and Mission Systems
4,354
3,995
8,345
8,323
Space
3,496
3,307
6,924
6,512
Total sales
$ 20,063
$ 18,155
$ 38,084
$ 36,118
Operating profit (loss)
Aeronautics
$ 760
$ (98)
$ 1,379
$ 622
Missiles and Fire Control
594
479
1,094
944
Rotary and Mission Systems
437
(172)
860
349
Space
371
362
652
741
Total business segment operating profit
2,162
571
3,985
2,656
Unallocated items
FAS/CAS operating adjustment
422
379
843
758
Impairment and other charges
—
(66)
—
(66)
Intangible asset amortization expense
(50)
(63)
(100)
(127)
Other, net
(55)
(73)
(186)
(101)
Total unallocated items
317
177
557
464
Total consolidated operating profit
$ 2,479
$ 748
$ 4,542
$ 3,120
Aeronautics
(in millions)
Quarters Ended
Six Months Ended
June 28,
2026
June 29,
2025
June 28,
2026
June 29,
2025
Sales
$ 8,112
$ 7,420
$ 15,065
$ 14,477
Operating profit (loss)
760
(98)
1,379
622
Operating margin
9.4 %
(1.3 %)
9.2 %
4.3 %
Second quarter 2026 sales increased $692 million, or 9%, compared to the second quarter of 2025. The increase was primarily due to higher sales of $475 million on the F‑35 program as a result of higher volume on production contracts, and $360 million due to the sales impact of the reach-forward loss recognized on a classified contract in 2025. These increases were partially offset by lower sales of $120 million on F-16 and C-130 programs due to lower volume on sustainment contracts.
Second quarter 2026 operating profit increased $858 million compared to the second quarter of 2025. The increase was attributable to the $950 million reach-forward loss recognized on a classified contract in 2025, and higher sales volume on F-35 production contracts. The increases were partially offset by $160 million of lower net favorable profit adjustments across the portfolio.
Missiles and Fire Control
(in millions)
Quarters Ended
Six Months Ended
June 28,
2026
June 29,
2025
June 28,
2026
June 29,
2025
Sales
$ 4,101
$ 3,433
$ 7,750
$ 6,806
Operating profit
594
479
1,094
944
Operating margin
14.5 %
14.0 %
14.1 %
13.9 %
Second quarter 2026 sales increased $668 million, or 19%, compared to the second quarter of 2025. The increase was primarily attributable to higher sales of $560 million on integrated air and missile defense programs due to production ramps (PAC-3 and THAAD), and $100 million on tactical and strike missile programs due to production ramps (Precision Strike Missile (PrSM)).
Second quarter 2026 operating profit increased $115 million, or 24%, compared to the second quarter of 2025. The increase was primarily attributable to higher sales volume previously described, and $60 million due to higher net favorable profit adjustments.
Rotary and Mission Systems
(in millions)
Quarters Ended
Six Months Ended
June 28,
2026
June 29,
2025
June 28,
2026
June 29,
2025
Sales
$ 4,354
$ 3,995
$ 8,345
$ 8,323
Operating profit (loss)
437
(172)
860
349
Operating margin
10.0 %
(4.3 %)
10.3 %
4.2 %
Second quarter 2026 sales increased $359 million, or 9%, compared to the second quarter of 2025. The increase was attributable to higher sales of $255 million on Sikorsky helicopter programs due to the sales impact of the reach-forward loss recognized on the Canadian Maritime Helicopter Program (CMHP) and the Türkish Utility Helicopter Program (TUHP) in 2025, and $115 million on Mission Integrated Command & Control (MIC2) programs due to higher volume on undersea combat systems programs and the River Class Destroyer program.
Second quarter 2026 operating profit increased $609 million compared to the second quarter of 2025. The increase was attributable to the $570 million reach-forward loss recognized on the CMHP program and the $95 million reach-forward loss recognized on the TUHP program in 2025. This increase was offset by unfavorable profit adjustments of $65 million on Heavy Lift and $50 million on Seahawk programs, partially offset by higher net favorable profit adjustments across the portfolio.
Space
(in millions)
Quarters Ended
Six Months Ended
June 28,
2026
June 29,
2025
June 28,
2026
June 29,
2025
Sales
$ 3,496
$ 3,307
$ 6,924
$ 6,512
Operating profit
371
362
652
741
Operating margin
10.6 %
10.9 %
9.4 %
11.4 %
Second quarter 2026 sales increased $189 million, or 6%, compared to the second quarter of 2025. The increase was primarily attributable to higher sales of $190 million on strategic and missile defense programs due to increased volume (Fleet Ballistic Missile (FBM) and Next Generation Interceptor (NGI)).
Second quarter 2026 operating profit was comparable to the second quarter of 2025.
Income Taxes
The company's effective income tax rates were 15.7% and 18.0% for the quarters ended June 28, 2026 and June 29, 2025. The lower effective income tax rate for the quarter ended June 28, 2026 was primarily attributable to lower interest expense on the company's uncertain tax position and the reach-forward losses recognized in 2025. The rates for all periods benefited from the tax deductions for foreign derived deduction eligible income, research and development tax credits, dividends paid to the company's defined contribution plans with an employee stock ownership plan feature and employee equity awards.
On February 18, 2026, the U.S. Department of Treasury issued Notice 2026-7 (the Notice) providing additional interim guidance regarding the application of the CAMT. As a result of the One Big Beautiful Bill Act (the Tax Act) and the Notice, the company is no longer subject to CAMT this year and expects to make reduced federal income tax payments for 2026.
Use of Non-GAAP Financial Measures
This news release contains the following non-generally accepted accounting principles (non-GAAP) financial measures (as defined by U.S. Securities and Exchange Commission (SEC) Regulation G). While management believes that these non-GAAP financial measures may be useful in evaluating the financial performance of the company, this information should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. In addition, the company's definitions for non-GAAP financial measures may differ from similarly titled measures used by other companies or analysts.
Business segment operating profit
Business segment operating profit represents operating profit from the company's business segments before unallocated income and expense. This measure is used by the company's senior management in evaluating the performance of its business segments and is a performance goal in the company's annual incentive plan. Business segment operating margin is calculated by dividing business segment operating profit by sales. The table below reconciles the non-GAAP measure business segment operating profit with the most directly comparable GAAP financial measure, consolidated operating profit.
(in millions)
Current Update
April 2026
Business segment operating profit (non-GAAP)
~$8,500 - $8,700
$8,425 - $8,675
FAS/CAS operating adjustment1
~1,685
~1,685
Intangible asset amortization expense
~(200)
~(200)
Other, net
~(490)
~(475)
Consolidated operating profit (GAAP)
~$9,495 - $9,695
$9,435 - $9,685
1
Reflects the amount by which total CAS pension cost of $1.7 billion exceeds FAS pension service cost
and excludes non-service FAS pension expense. Refer to the supplemental table "Selected Financial Data"
included in this news release for a detail of the FAS/CAS operating adjustment.
Free cash flow
Free cash flow is a non-GAAP financial measure that the company defines as cash from operations less capital expenditures. The company's capital expenditures are comprised of equipment and facilities infrastructure and information technology (inclusive of costs for the development or purchase of internal-use software that are capitalized). The company uses free cash flow to evaluate its business performance and overall liquidity. While management believes that free cash flow as a non-GAAP financial measure may be useful in evaluating the company's financial performance, it should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP and may not be comparable to similarly titled measures used by other companies.
Webcast and Conference Call Information
Lockheed Martin Corporation will webcast live the earnings results conference call (listen-only mode) on Thursday, July 23, 2026, at 8:30 a.m. ET on the Lockheed Martin Investor Relations website at www.lockheedmartin.com/investor. The accompanying presentation slides and relevant financial charts are also available at www.lockheedmartin.com/investor.
For additional information, visit the company's website: www.lockheedmartin.com.
About Lockheed Martin
Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at www.lockheedmartin.com.
Forward-Looking Statements
This news release contains statements that, to the extent they are not recitations of historical fact, constitute forward-looking statements within the meaning of the federal securities laws, and are based on Lockheed Martin's current expectations and assumptions. The words "believe," "estimate," "anticipate," "project," "intend," "expect," "plan," "outlook," "scheduled," "forecast" and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks and uncertainties. Actual results may differ materially due to factors such as:
the company's reliance on contracts with the U.S. Government, which are dependent on U.S. Government funding and can be terminated for convenience, and the company's ability to negotiate favorable contract terms; budget uncertainty, the risk of future budget cuts, the impact of continuing resolution funding mechanisms, the debt ceiling and government shutdowns, and changing funding and acquisition priorities; risks related to the development, production, sustainment, performance, schedule, cost and requirements of complex and technologically advanced programs, including the F-35 program; the timing of contract awards or contract definitization, decisions by government customers to impose contract terms following undefinitized contract actions, achievement of performance milestones, customer acceptance of product deliveries, and receipt of customer payments; the company's ability to recover costs under U.S. Government contracts, the mix of fixed-price and cost-reimbursable contracts and the risks inherent in preparing estimates for fixed-price contracts (particularly for complex and technologically advanced programs); customer procurement and other policies, laws, regulations and executive actions that affect the company and its industry, programs, future opportunities, and financial performance, including those relating to mission priorities, competing domestic and international spending, contracting terms (such as fixed-price requirements), acquisition process reforms, treatment of contractor performance issues, and contractor access to competitive opportunities; planned production rates and orders for significant programs, compliance with stringent performance and reliability standards, and materials availability, including government furnished equipment and rare earth minerals; performance and/or financial viability of key suppliers, teammates, joint ventures (including United Launch Alliance, for which the company has provided and expects to provide additional financial guarantees), joint venture partners, subcontractors and customers; changes in economic, capital market and political conditions in the U.S. and globally; the impact of inflation and other cost pressures; government actions that restrict or prevent the sale or delivery of the company's products (such as delays in approvals for exports requiring Congressional notification); foreign policy and international trade actions taken by governments such as tariffs, sanctions, embargoes, export and import controls, buying preferences, and other trade restrictions; the company's success expanding into and doing business in adjacent markets and internationally and the risks posed by international sales, including potential effects from fluctuations in currency exchange rates; changes in non-U.S. national priorities and government budgets and planned orders; the competitive environment for the company's products and services; the company's ability to develop and commercialize new technologies and products, including emerging digital and network technologies and capabilities; the company's ability to benefit fully from or adequately protect its intellectual property rights; the company's ability to attract and retain a highly skilled workforce and the impact of work stoppages or other labor disruptions; cyber or other security threats or other disruptions faced by the company or its suppliers; the company's ability to implement and continue, and the timing and impact of, capitalization changes such as share repurchases, dividend payments and financing transactions, including as a result of presidential executive orders; the accuracy of the company's estimates and projections; changes in pension plan assumptions and actual returns on pension assets; cash funding requirements and pension annuity contracts and associated charges; realizing the anticipated benefits of acquisitions or divestitures, investments, joint ventures, teaming arrangements or internal reorganizations, and market volatility affecting the fair value of investments that are marked to market; the satisfaction of conditions to (including regulatory approvals) and consummation of the company's announced acquisition of Ultra Maritime, if at all, the timing and terms of any financing for such acquisition and the impact thereof on its indebtedness and capital allocation, its ability to successfully integrate the Ultra Maritime business and realize synergies and other expected benefits of the transaction and the potential for disruption to its or Ultra Maritime's business, customer and supplier relationships, and retention of key personnel during the pendency of the transaction; the company's efforts to fund and increase production capabilities and the efficiency of its operations and improve the affordability of its products and services, including through digital transformation and cost reduction initiatives; the risk of an impairment of the company's assets, including the potential impairment of goodwill and intangibles; the availability and adequacy of the company's insurance and indemnities; compliance with laws, regulations, policies, and customer requirements relating to environmental matters; the impact of public health crises, natural disasters and other severe weather conditions on the company's business and financial results, including supply chain disruptions and delays, employee absences, and program delays; changes in accounting, U.S. or foreign tax, export or other laws, regulations, and policies and their interpretation or application, and changes in the amount or reevaluation of uncertain tax positions; and the outcome of legal proceedings, bid protests, environmental remediation efforts, audits, administrative reviews, government investigations or government allegations that the company has failed to comply with law, other contingencies and U.S. Government identification of deficiencies in its business systems. These are only some of the factors that may affect the forward-looking statements contained in this news release. For a discussion identifying additional important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, see the company's filings with the U.S. Securities and Exchange Commission including, but not limited to, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in the company's most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q. The company's filings may be accessed through the Investor Relations page of its website, www.lockheedmartin.com/investor, or through the website maintained by the SEC at www.sec.gov.
The company's actual financial results likely will be different from those projected due to the inherent nature of projections. Given these uncertainties, forward-looking statements should not be relied on in making investment decisions. The forward-looking statements contained in this news release speak only as of the date of its issuance. Except where required by applicable law, the company expressly disclaims a duty to provide updates to forward-looking statements after the date of this news release to reflect subsequent events, changed circumstances, changes in expectations, or the estimates and assumptions associated with them. The forward-looking statements in this news release are intended to be subject to the safe harbor protection provided by the federal securities laws.
Lockheed Martin Corporation
Consolidated Statements of Earnings1
(unaudited; in millions, except per share data)
Quarters Ended
Six Months Ended
June 28,
2026
June 29,
2025
June 28,
2026
June 29,
2025
Sales
$ 20,063
$ 18,155
$ 38,084
$ 36,118
Operating costs and expenses
(17,617)
(17,421)
(33,560)
(33,061)
Gross profit
2,446
734
4,524
3,057
Other income, net
33
14
18
63
Operating profit2
2,479
748
4,542
3,120
Interest expense
(266)
(274)
(535)
(542)
Non-service FAS pension expense
(80)
(99)
(160)
(197)
Other non-operating income, net
45
42
105
72
Earnings before income taxes
2,178
417
3,952
2,453
Income tax expense
(342)
(75)
(628)
(399)
Net earnings
$ 1,836
$ 342
$ 3,324
$ 2,054
Effective tax rate
15.7 %
18.0 %
15.9 %
16.3 %
Earnings per common share
Basic
$ 7.98
$ 1.46
$ 14.45
$ 8.78
Diluted
$ 7.94
$ 1.46
$ 14.38
$ 8.75
Weighted average shares outstanding
Basic
230.2
233.5
230.1
234.0
Diluted
231.1
234.3
231.1
234.8
Common shares reported in stockholders'
equity at end of period
230
232
1
The company closes its books and records on the last Sunday of the calendar quarter to align its financial closing with its business processes, which was on June 28, for the second quarter of 2026 and June 29, for the second quarter of 2025. The consolidated financial statements and tables of financial information included herein are labeled based on that convention. This practice only affects interim periods, as the company's fiscal year ends on Dec. 31.
2
As previously described, operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) on a classified program at its Aeronautics business segment, and $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment.
Lockheed Martin Corporation
Business Segment Summary Operating Results
(unaudited; in millions)
Quarters Ended
Six Months Ended
June 28,
2026
June 29,
2025
%
Change
June 28,
2026
June 29,
2025
%
Change
Sales
Aeronautics
$ 8,112
$ 7,420
9 %
$ 15,065
$ 14,477
4 %
Missiles and Fire Control
4,101
3,433
19 %
7,750
6,806
14 %
Rotary and Mission Systems
4,354
3,995
9 %
8,345
8,323
— %
Space
3,496
3,307
6 %
6,924
6,512
6 %
Total sales
$ 20,063
$ 18,155
11 %
$ 38,084
$ 36,118
5 %
Operating profit (loss)
Aeronautics1
$ 760
$ (98)
NM*
$ 1,379
$ 622
122 %
Missiles and Fire Control
594
479
24 %
1,094
944
16 %
Rotary and Mission Systems2
437
(172)
NM*
860
349
146 %
Space
371
362
2 %
652
741
(12 %)
Total business segment operating profit
2,162
571
279 %
3,985
2,656
50 %
Unallocated items
FAS/CAS operating adjustment
422
379
843
758
Impairment and other charges
—
(66)
—
(66)
Intangible asset amortization expense
(50)
(63)
(100)
(127)
Other, net
(55)
(73)
(186)
(101)
Total unallocated items
317
177
79 %
557
464
20 %
Total consolidated operating profit
$ 2,479
$ 748
231 %
$ 4,542
$ 3,120
46 %
Operating margin
Aeronautics
9.4 %
(1.3 %)
9.2 %
4.3 %
Missiles and Fire Control
14.5 %
14.0 %
14.1 %
13.9 %
Rotary and Mission Systems
10.0 %
(4.3 %)
10.3 %
4.2 %
Space
10.6 %
10.9 %
9.4 %
11.4 %
Total business segment operating margin
10.8 %
3.1 %
10.5 %
7.4 %
Total consolidated operating margin
12.4 %
4.1 %
11.9 %
8.6 %
1
As previously described, operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) at its Aeronautics business segment.
2
As previously described, operating profit for the quarter ended June 29, 2025 included losses of $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment.
*
NM - not meaningful
Lockheed Martin Corporation
Consolidated Balance Sheets
(in millions, except par value)
June 28,
2026
Dec. 31,
2025
(unaudited)
Assets
Current assets
Cash and cash equivalents
$ 3,791
$ 4,121
Receivables, net
3,356
3,901
Contract assets
16,038
13,001
Inventories
4,411
3,524
Other current assets
805
815
Total current assets
28,401
25,362
Property, plant and equipment, net
11,390
11,292
Goodwill
11,298
11,314
Intangible assets, net
1,787
1,887
Deferred income taxes
2,414
2,975
Other noncurrent assets
7,160
7,010
Total assets
$ 62,450
$ 59,840
Liabilities and equity
Current liabilities
Accounts payable
$ 4,915
$ 3,630
Salaries, benefits and payroll taxes
3,003
3,184
Contract liabilities
12,151
11,440
Current maturities of long-term debt
—
1,168
Other current liabilities
3,740
3,913
Total current liabilities
23,809
23,335
Long-term debt, net
20,538
20,532
Accrued pension liabilities
3,931
3,915
Other noncurrent liabilities
5,404
5,337
Total liabilities
53,682
53,119
Stockholders' equity
Common stock, $1 par value per share
230
229
Additional paid-in capital
247
—
Retained earnings
15,759
14,034
Accumulated other comprehensive loss
(7,468)
(7,542)
Total stockholders' equity
8,768
6,721
Total liabilities and equity
$ 62,450
$ 59,840
Lockheed Martin Corporation
Consolidated Statements of Cash Flows
(unaudited; in millions)
Six Months Ended
June 28,
2026
June 29,
2025
Operating activities
Net earnings
$ 3,324
$ 2,054
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization
798
796
Stock-based compensation
180
141
Deferred income taxes
538
(561)
Impairment and other charges
—
66
Reach-forward losses on select programs
—
1,615
Qualified defined benefit pension plans
184
223
Changes in assets and liabilities
Receivables, net
545
(955)
Contract assets
(3,037)
(2,178)
Inventories
(887)
(461)
Accounts payable
1,409
1,500
Contract liabilities
711
(360)
Income taxes
43
251
Other, net
(353)
(521)
Net cash provided by operating activities
3,455
1,610
Investing activities
Capital expenditures
(829)
(805)
Other, net
(61)
(340)
Net cash used for investing activities
(890)
(1,145)
Financing activities
Repayments of long-term debt
(1,168)
(142)
Proceeds from commercial paper, net
—
1,449
Repurchases of common stock
—
(1,250)
Dividends paid
(1,612)
(1,567)
Other, net
(115)
(145)
Net cash used for financing activities
(2,895)
(1,655)
Net change in cash and cash equivalents
(330)
(1,190)
Cash and cash equivalents at beginning of period
4,121
2,483
Cash and cash equivalents at end of period
$ 3,791
$ 1,293
Lockheed Martin Corporation
Selected Financial Data
(unaudited; in millions)
2026
Outlook
2025
Actual
Total FAS pension expense and CAS cost
FAS pension expense
$ (370)
$ (924)
Less: CAS pension cost
1,735
1,568
Total FAS/CAS pension adjustment
$ 1,365
$ 644
Less: pension settlement charge
—
479
Total FAS/CAS pension adjustment - adjusted1
$ 1,365
$ 1,123
Service and non-service cost reconciliation
FAS pension service cost
$ (50)
$ (50)
Less: CAS pension cost
1,735
1,568
FAS/CAS pension operating adjustment
1,685
1,518
Non-service FAS pension expense
(320)
(874)
Total FAS/CAS pension adjustment
$ 1,365
$ 644
Less: pension settlement charge
—
479
Total FAS/CAS pension adjustment - adjusted1
$ 1,365
$ 1,123
1
The cost components in the table above relate only to the company's qualified defined benefit pension plans. The company recognized a
noncash, non-operating pretax settlement charge of $479 million in the fourth quarter of 2025.
Lockheed Martin Corporation
Other Financial and Operating Information
(unaudited; in millions, except for aircraft deliveries and weeks)
Backlog
June 28,
2026
Dec. 31,
2025
Aeronautics
$ 54,356
$ 59,435
Missiles and Fire Control
87,882
46,650
Rotary and Mission Systems
48,454
47,715
Space
39,724
39,822
Total backlog
$ 230,416
$ 193,622
Quarters Ended
Six Months Ended
Aircraft Deliveries
June 28,
2026
June 29,
2025
June 28,
2026
June 29,
2025
F-35
19
50
51
97
F-16
2
3
2
7
C-130J
7
1
8
2
Government helicopter programs
16
24
35
33
Commercial helicopter programs
—
—
—
1
Number of Weeks in Reporting Period1
2026
2025
First quarter
12
13
Second quarter
13
13
Third quarter
13
13
Fourth quarter
14
13
1
Calendar quarters are typically comprised of 13 weeks. However, the company closes its books and records on the last Sunday of each month, except for the month of Dec., as its fiscal year ends on Dec. 31. As a result, the number of weeks in a reporting quarter may vary slightly during the year and for comparable prior year periods.
Lockheed Martin (NYSE:LMT – Get Free Report) will likely be releasing its Q2 2026 results before the market opens on Thursday, July 23rd. Analysts expect the company to announce earnings of $7.22 per share and revenue of $19.3654 billion for the quarter. Lockheed Martin has set its FY 2026 guidance at 29.350-30.250 EPS. Parties may visit the the company’s upcoming Q2 2026 earning summary page for the latest details on the call scheduled for Thursday, July 23, 2026 at 8:30 AM ET.
Lockheed Martin (NYSE:LMT – Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The aerospace company reported $6.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.79 by ($0.35). Lockheed Martin had a return on equity of 101.64% and a net margin of 6.38%.The firm had revenue of $18.02 billion during the quarter, compared to analysts’ expectations of $18.38 billion. During the same quarter in the previous year, the business earned $7.28 earnings per share. The company’s revenue for the quarter was up .3% compared to the same quarter last year. On average, analysts expect Lockheed Martin to post $30 EPS for the current fiscal year and $32 EPS for the next fiscal year.
Lockheed Martin Trading Down 0.6% Lockheed Martin stock opened at $506.23 on Wednesday. The company has a quick ratio of 0.94, a current ratio of 1.14 and a debt-to-equity ratio of 2.74. Lockheed Martin has a 52 week low of $410.11 and a 52 week high of $692.00. The company has a market capitalization of $116.72 billion, a price-to-earnings ratio of 24.51, a price-to-earnings-growth ratio of 0.91 and a beta of 0.11. The stock has a 50-day moving average price of $521.59 and a 200 day moving average price of $572.42.
Lockheed Martin Announces Dividend The business also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Monday, June 1st were paid a dividend of $3.45 per share. The ex-dividend date was Monday, June 1st. This represents a $13.80 dividend on an annualized basis and a dividend yield of 2.7%. Lockheed Martin’s dividend payout ratio (DPR) is presently 66.83%.
Hedge Funds Weigh In On Lockheed Martin A number of hedge funds have recently bought and sold shares of the business. Davis R M Inc. boosted its holdings in shares of Lockheed Martin by 1.3% in the 4th quarter. Davis R M Inc. now owns 1,264 shares of the aerospace company’s stock valued at $612,000 after purchasing an additional 16 shares during the last quarter. Insigneo Advisory Services LLC grew its stake in shares of Lockheed Martin by 0.6% during the 4th quarter. Insigneo Advisory Services LLC now owns 2,884 shares of the aerospace company’s stock valued at $1,395,000 after buying an additional 17 shares during the period. Triumph Capital Management increased its holdings in shares of Lockheed Martin by 66.7% during the 4th quarter. Triumph Capital Management now owns 55 shares of the aerospace company’s stock worth $26,000 after buying an additional 22 shares during the last quarter. Richmond Investment Services LLC increased its holdings in shares of Lockheed Martin by 5.1% during the 4th quarter. Richmond Investment Services LLC now owns 456 shares of the aerospace company’s stock worth $220,000 after buying an additional 22 shares during the last quarter. Finally, Wimmer Associates 1 LLC raised its position in shares of Lockheed Martin by 0.5% in the 4th quarter. Wimmer Associates 1 LLC now owns 4,990 shares of the aerospace company’s stock worth $2,414,000 after buying an additional 24 shares during the period. Hedge funds and other institutional investors own 74.19% of the company’s stock.
Analyst Upgrades and Downgrades Several brokerages have recently issued reports on LMT. JPMorgan Chase & Co. decreased their price objective on Lockheed Martin from $680.00 to $605.00 and set a “neutral” rating for the company in a report on Tuesday, May 5th. Wells Fargo & Company set a $575.00 target price on Lockheed Martin in a report on Wednesday, July 8th. Bank of America reduced their price target on Lockheed Martin from $660.00 to $600.00 and set a “neutral” rating for the company in a research report on Friday, April 24th. DZ Bank raised Lockheed Martin from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Finally, Citigroup raised Lockheed Martin from a “neutral” rating to a “buy” rating and boosted their price target for the company from $571.00 to $582.00 in a report on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $615.78.
Check Out Our Latest Analysis on Lockheed Martin
More Lockheed Martin News Here are the key news stories impacting Lockheed Martin this week:
Positive Sentiment: Lockheed Martin secured a $10.5 billion, 12-year U.S. Special Operations Command logistics and sustainment contract for its GLSS2 program, reinforcing its long-term backlog and supporting the investment case for the shares. Is Lockheed Martin (LMT) Undervalued On Its $10.5b GLSS2 Contract Win? Positive Sentiment: The company also unveiled PAC-3 ACE, a lower-cost Patriot interceptor priced at less than half of the current PAC-3 MSE, which could help Lockheed stay competitive as demand for air defenses rises globally. Lockheed to make cheaper Patriot interceptors as air defense demand soars Positive Sentiment: Lockheed Martin also announced new defense-tech collaborations, including work with Venus Aerospace on next-generation propulsion, which highlights continued investment in future weapons and space capabilities. Lockheed Martin and Venus Aerospace Collaborate to Advance Next-Generation Propulsion for Long-Range Precision Fires About Lockheed Martin (Get Free Report)
Lockheed Martin Corporation (NYSE: LMT) is a global aerospace and defense company that designs, develops and manufactures advanced technology systems for government and commercial customers. Formed through the 1995 merger of Lockheed Corporation and Martin Marietta, the company is headquartered in Bethesda, Maryland, and focuses on providing integrated solutions across air, space, land and sea domains. Its primary customers include the U.S. Department of Defense, NASA and allied governments around the world.
Lockheed Martin’s product and service portfolio spans military aircraft, missile and fire-control systems, missile defense, space systems and satellite technologies, sensors and precision weapons.
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Lockheed Martin a Venus Aerospace uzavřely dohodu o vývoji technologie RDRE pro budoucí dlouhodosahové přesné zbraně. Cílem je dostat pohon z letových testů do operačního nasazení.
, /PRNewswire/ -- Lockheed Martin (NYSE: LMT) and Venus Aerospace announced a joint technology development agreement to evaluate and mature Rotating Detonation Rocket Engine (RDRE) technology for future long-range precision fires applications, accelerating the transition of advanced propulsion from flight demonstration to operational capability.
Venus Aerospace successfully completed the first U.S. flight test of a rotating detonation rocket engine (RDRE). Lockheed Martin and Venus Aerospace announced a collaboration to evaluate precision fires applications for the advanced propulsion technology. Photo Credit: Venus Aerospace. The collaboration combines Venus Aerospace's flight-tested propulsion technology with Lockheed Martin's expertise in developing, integrating and rapidly fielding advanced defense systems. Together, the companies will assess how this emerging propulsion architecture could support next-generation precision fires capabilities that require greater range, speed and operational flexibility.
THE BIG PICTURE
As threats evolve and mission demands multiply, the U.S. Department of War is seeking technologies that deliver meaningful performance improvements while remaining affordable, manufacturable and scalable. By combining emerging propulsion technologies with proven launch systems, precision guidance and production expertise, Lockheed Martin continues to expand the pipeline of future capabilities available to the U.S. and its allies.
WHY IT MATTERS
Rotating detonation propulsion could enable future precision fires systems to achieve significantly greater range and speed while remaining compatible with the Army's need for affordable, scalable production. Unlike conventional rocket engines that rely on subsonic combustion, RDREs generate thrust through continuously traveling detonation waves. This approach has the potential to improve propulsion efficiency while reducing complexity, enabling systems to travel farther and respond faster to emerging threats. The agreement enables Lockheed Martin to evaluate RDRE technology within the context of operational military requirements to transition the advanced propulsion concept from a subsystem demonstration environment into practical missile applications. Lockheed Martin's expertise in system integration and advanced manufacturing allows advanced technologies to move more quickly from laboratory development into deployable defense solutions that can be produced at scale. By working with innovative U.S. technology companies, Lockheed Martin is strengthening the nation's defense industrial base and helping accelerate advanced manufacturing capabilities critical to future readiness. EXPERT PERSPECTIVE
"Lockheed Martin is focused on rapidly delivering advanced capabilities that strengthen deterrence and provide decisive advantages for the warfighter," said Tim Cahill, president, Lockheed Martin Missiles and Fire Control. "Our collaboration with Venus Aerospace allows us to evaluate a promising propulsion technology and determine how it can be integrated into future precision fires solutions. Partnerships like this help accelerate innovation, reduce risk and rapidly advance from emerging technology to operational capability." "Defense customers are asking for more than incremental gains from legacy propulsion," said Sassie Duggleby, co-founder and CEO of Venus Aerospace. "Our RDRE technology offers a different propulsion architecture for systems that need more range, more speed and a realistic path to production. This agreement with Lockheed Martin moves our breakthrough closer to real precision fires applications." About Lockheed Martin
Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at Lockheedmartin.com.
U Lockheed Martin se za 2. čtvrtletí očekávají tržby 19,52 miliardy USD, což představuje meziroční růst o 7,54 %. Zisk na akcii má klesnout na 7,28 USD.
Key Takeaways Lockheed Martin is expected to post higher Q2 revenues, supported by strong defense demand.LMT may benefit from higher missile and aircraft deliveries, though margin recovery is expected later in 2026.LMT trades at a valuation discount to its industry, supported by healthy liquidity and long-term demand. Lockheed Martin (LMT - Free Report) is expected to report second-quarter 2026 results on July 23, before market open.
The Zacks Consensus Estimate for earnings is pegged at $7.28 per share, indicating a year-over-year decline of 0.14%. The Zacks Consensus Estimate for revenues is pinned at $19.52 billion, indicating growth of 7.54% from the year-ago reported figure.
Image Source: Zacks Investment Research
LMT’s Earnings Surprise HistoryThe company beat on earnings in three of the trailing four quarters and missed in one, delivering an average surprise of 9.44%.
Image Source: Zacks Investment Research
What Our Quantitative Model PredictsOur proven model does not predict an earnings beat for Lockheed Martin this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here as you will see below.
Earnings ESP: The company’s Earnings ESP is -2.33%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Currently, Lockheed Martin carries a Zacks Rank #2. You can see the complete list of today's Zacks #1 Rank stocks here.
Stocks Worth a LookSome stocks from the industry that have the combination of factors indicating an earnings beat are RTX Corporation (RTX - Free Report) and Northrop Grumman (NOC - Free Report) . RTX and Northrop Grumman have an Earnings ESP of +2.02% and +0.22%, respectively. RTX has a Zacks Rank #2 and NOC carries a Zacks Rank #3 at present.
Factors That Might Have Impacted LMT’s Q2 PerformanceLockheed Martin entered the second quarter with robust demand across nearly all of its core franchises, positioning the company for sequential revenue growth following the first quarter. Management noted that first-quarter sales were partly affected by a shortened fiscal period and timing-related factors and expects sales to have rebounded in the second quarter.
The Missiles and Fire Control segment is expected to have remained a key growth driver as Lockheed Martin continues to ramp up production of high-demand missile programs, including PAC-3, JASSM, LRASM, and Precision Strike Missile (PrSM). The company has already increased PAC-3 production by more than 60% over the past two years and expects output to accelerate further as new production facilities become operational.
LMT’s Aeronautics unit is likely to have shown improvement relative to the first quarter as several temporary execution issues began to normalize. The company indicated that flight-test issues affecting the new F-16 configuration had been resolved and deliveries had resumed. In addition, C-130 deliveries resumed following the resolution of supplier-related disruptions. These improvements should have enhanced profitability in the to-be-reported quarter.
The company’s second-quarter results are expected to benefit from continued U.S. government and allied support for defense spending — particularly in missile defense, air dominance, and space systems.
Strong backlog and demand momentum are expected to boost second-quarter results. The backlog is supported by sustained global defense demand, particularly for flagship programs like the F-35, missile systems (PAC-3, THAAD), and space-based capabilities. As a result, second-quarter performance might have benefited from ongoing conversion of this backlog into revenues.
Margin recovery across the company is expected to be gradual rather than immediate. Management stated that the most significant margin improvements are anticipated in the second half of 2026, as production milestones are achieved and program risks are retired. Consequently, second-quarter profitability might have remained below historical levels despite improving revenues.
LMT Stock Price PerformanceIn the past three months, the stock has lost 11% compared with the industry’s decline of 0.5%.
Image Source: Zacks Investment Research
LMT Stock Trading at a DiscountLockheed Martin is currently trading at a discount compared to its industry on a forward 12-month P/S basis.
Image Source: Zacks Investment Research
RTX is trading at a premium compared to its industry on a forward 12-month P/S basis. Northrop Grumman is trading at a discount compared to its industry on a forward 12-month P/S basis.
LMT Stock’s LiquidityThe company’s current ratio is 1.14 compared with the industry’s average of 1.12. The ratio of more than one suggests a healthy liquidity position where the business can meet its immediate financial obligations without selling long-term assets.
Image Source: Zacks Investment Research
Investment ThesisLockheed Martin is well positioned for sustained long-term growth, supported by strong demand across its core defense franchises and a substantial backlog that provides excellent revenue visibility. The company continues to win contracts for flagship programs such as the F-35 Lightning II, integrated missile defense systems, military helicopters, and precision-guided munitions, driving growth across its business segments. In addition, rising defense budgets among the U.S. and allied nations, coupled with increasing international demand for advanced military capabilities, create a favorable environment for continued revenue expansion, healthy backlog growth, and resilient cash flow generation.
However, Lockheed Martin continues to face execution risk on several complex fixed-price development programs, where production delays, technical challenges, and cost overruns can pressure profitability.
End NoteLMT benefits from its broad portfolio of advanced defense systems, which helps secure major contracts and maintain a strong order backlog. Key programs across space, aeronautics and naval defense continue to support growth.
Given its attractive valuation, revenue growth and strong liquidity, investors might consider adding LMT stock to their portfolios right now.
Lockheed Martin představil PAC-3 ACE, levný interceptor za méně než polovinu ceny PAC-3 MSE. Má posílit protivzdušnou a protiraketovou obranu proti více typům hrozeb.
, /PRNewswire/ -- Lockheed Martin (NYSE: LMT) today announced the introduction of the PAC-3® Adapted Capability Effector (PAC-3 ACE™), a low-cost interceptor built to defeat a wide range of air and missile threats for less than half the cost of a PAC-3 MSE per unit.
A rendering of Lockheed Martin’s PAC-3 ACE interceptor. PAC-3 ACE will give allied forces a rapidly fielded, complementary air defense effector option that can be deployed in record time. To achieve this, Lockheed Martin will collaborate with American and European industry partners and suppliers, enhancing the resilience of the U.S. defense industrial base worldwide.
THE BIG PICTURE
Built on the proven PAC‑3 fire‑control system and fully linked to the Patriot weapon system and the Integrated Battle Command System (IBCS), PAC‑3 ACE speeds up development, testing and deployment far beyond traditional programs. It also ensures allied forces can field a common interceptor and bolster the PAC‑3 network at the same time.
WHY IT MATTERS
Cost-effective performance: Significantly lowers the cost-per-kill against a wide range of threats, with the reliability PAC-3 is known for, while providing magazine depth the current global climate necessitates. Rapid fielding: Uses highly effective and battle-proven PAC-3 software and IBCS integration to shorten development cycles and achieve rapid initial production. Multi-threat coverage: Designed to counter airbreathing threats, cruise missiles, close-range and short-range ballistic missiles within a single platform. Allied resilience: Joint development and production with European partners creates a shared, interoperable interceptor that strengthens transatlantic defense posture. EXPERT PERSPECTIVE
"American and allied warfighters need a solution that is battle-tested and budget-smart, and PAC-3 ACE delivers exactly that by building on the unrivaled performance of the PAC-3 MSE," said Tim Cahill, president, Lockheed Martin Missiles and Fire Control. "As we look to partner with our allies, we can further enhance resiliency and ensure our forces can swiftly counter emerging threats today and tomorrow."
About Lockheed Martin
Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at Lockheedmartin.com.
Lockheed Martin uzavřela s vládou USA dohody na rozšíření výroby Patriot PAC-3, THAAD a PrSM. Firma čeká, že kapacita vzroste v příštích letech zhruba třikrát až čtyřikrát.
Key Takeaways Lockheed Martin signed U.S. agreements to expand Patriot PAC-3, THAAD and PrSM production capacity.LMT expects these agreements to lift production rates by roughly three to four times over the coming years.Lockheed Martin's Missiles and Fire Control sales rose 8.2% on higher missile defense production. Lockheed Martin (LMT - Free Report) appears well positioned to benefit from one of the fastest-growing areas of global defense spending — air and missile defense. With a broad portfolio spanning Patriot PAC-3 interceptors, THAAD, Precision Strike Missile (PrSM) and other advanced missile systems, Lockheed Martin is positioned to capitalize on the long-term modernization cycle.
During the first quarter of 2026, the company signed several long-term framework agreements with the U.S. government to accelerate production of Patriot PAC-3, THAAD and PrSM systems. These agreements provide greater demand visibility and are expected to support investments in production facilities, supplier capacity and workforce expansion. Management expects these initiatives to drive a threefold to fourfold increase in production rates over the coming years.
Lockheed Martin’s Missiles and Fire Control business reported an 8.2% year-over-year increase in sales, driven primarily by higher production on integrated air and missile defense programs, including PAC-3, as well as tactical missile programs such as JASSM, LRASM and PrSM. The growth demonstrates that increasing customer demand is already translating into stronger operating performance.
The broader defense spending environment also remains supportive. The United States and allied nations continue prioritizing integrated air and missile defense as a core national security objective. Increased investments in layered defense architectures, precision strike capabilities and advanced interceptors are expected to remain a key component of defense budgets for years to come. These structural trends could support sustained demand across Lockheed Martin's missile portfolio.
Defense Companies Benefiting From Rising Missile DemandAlong with Lockheed Martin, several other defense companies are also positioned to benefit from growing investments in missile defense and precision weapons, as discussed below:
RTX Corporation (RTX - Free Report) continues to benefit through its role in the Patriot air and missile defense system and its expanding portfolio of advanced missile technologies.
Northrop Grumman (NOC - Free Report) is strengthening its position through missile defense sensors, strategic deterrence programs and next-generation hypersonic technologies.
LMT Stock’s Earnings EstimatesThe Zacks Consensus Estimate for 2026 and 2027 earnings per share indicates a year-over-year improvement of 29.5% and 8.02%, respectively.
Image Source: Zacks Investment Research
LMT Stock Trades at a DiscountIn terms of valuation, LMT’s forward 12-month price-to-sales (P/S) is 1.47X, a discount to the industry’s average of 2.54X.
Image Source: Zacks Investment Research
LMT Stock’s Price PerformanceIn the past six months, the company’s shares have lost 11.8% compared with the industry’s 11.4% decline.
Image Source: Zacks Investment Research
LMT’s Zacks RankThe company currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Lockheed Martin získal od USSOCOM 12letý kontrakt za 10,5 miliardy USD na logistickou a provozní podporu speciálních sil. Pokryje údržbu letadel a vozidel, IT i elektroniku.
, /PRNewswire/ -- As part of a historic investment to rebuild the Arsenal of Freedom, the Department of War named Lockheed Martin (NYSE: LMT) the prime contractor of U.S. Special Operations Command's (USSOCOM) next-generation logistics and sustainment support program.
SOF GLSS 2 provides a wide range of mission-critical services, including aircraft and vehicle maintenance, IT and electronics support to the U.S. Special Operations community. The $10.5 billion, 12-year contract funds the Special Operations Forces Global Logistics Support Services II (GLSS2), a competitive follow-on contract to previous ones managed by Lockheed Martin since 2010 to ensure U.S. Special Operations has the sustainment and life-cycle management to support rapid deployment and mission overmatch.
THE BIG PICTURE
Under the new contract, Lockheed Martin will continue to execute day-to-day activities and conduct sustainment and life-cycle management of:
Global supply chain of parts, warehouses and depots; Aircraft, vehicle and equipment repair, maintenance and modifications; and Critical infrastructure support and business process transformation. EXPERT PERSPECTIVE
"Lockheed Martin is deeply honored to stand beside the men and women of our Special Operations Forces," said Vic Torla, vice president, Lockheed Martin SOF GLSS. "For more than 16 years, our teams have relentlessly delivered the logistics and sustainment expertise required to accomplish our nation's most critical missions. We recognize the urgency of every operation, and our dedicated personnel, parts, and services are positioned to meet the SOF warfighter's needs. Building on the proven success with the SOF CLSS and SOF GLSS programs, we are poised to further transform SOF logistics worldwide, ensuring our exceptional operators always have what they need, when they need it." WHY IT MATTERS
SOF GLSS 2 is USSOCOM's largest service contract vehicle, providing a wide range of mission-critical services, including aircraft and vehicle maintenance, IT and electronics support to the U.S. Special Operations community.
ADDITIONAL CONTEXT
The Lockheed Martin-led Global Logistics Support Services team includes numerous subcontractor partners that provide capabilities to benefit special operations forces and ensure they receive the highest possible level of support. Lockheed Martin SOF GLSS is located at Bluegrass Station in Lexington, Kentucky, and employs over 3,300 employees worldwide. The company continues to expand its sustainment and logistics services to military and government agencies worldwide, and has a global network of people, facilities, suppliers and partners supporting around-the-clock operations. About Lockheed Martin
Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at Lockheedmartin.com.
Lockheed Martin Ventures otevře kancelář v Londýně a plánuje investovat nejméně 100 milionů USD do obranných technologií ve Spojeném království a Evropě.
, /PRNewswire/ -- Lockheed Martin (NYSE: LMT) is expanding the reach of its venture capital fund to support development of promising defense technologies in British and European markets. Lockheed Martin Ventures, the company's $1 billion startup investment arm, is opening a London office with the goal of investing at least $100 million of its funding in the United Kingdom and Europe.
"We are reaching even deeper into the investing ecosystem, meeting our potential partners where they are," said Chris Moran, vice president and general manager, Lockheed Martin Ventures. "Our presence will help us seize opportunities for investing earlier in the startup lifecycle, ensure technical interoperability with existing platforms, and better support our allied customers."
The decision follows the largest boost in available capital in the fund's history, when the company announced in April that it would boost investment capacity from $400 million to $1 billion. Using a portion of that enhanced funding capacity, Lockheed Martin Ventures Europe will accelerate the insertion of new technologies into defense technology — part of the company's commitment to strengthen the transatlantic defense industrial base.
"We are looking to invest in technologies that complement the company's national security capabilities and help advance solutions to meet current and future customer mission needs, while further strengthening the transatlantic defense industrial base," said Dan Tenney, senior vice president of Global Business Development and Strategy. "We expect our investment strategy to evolve as technologies emerge and the startup environment matures in markets where we do business around the world."
Why it Matters
The decision by Lockheed Martin Ventures leverages rapid increases in venture capital investment, particularly in the United Kingdom and Europe. European customers increasingly seek sovereign capabilities, and as the world's largest aerospace and defense company, Lockheed Martin is uniquely positioned to accelerate their development. The investments will help strengthen the defense industrial base and increase the resilience of our supply chain, generating economic benefits for the United States and our allies. Lockheed Martin Ventures has already invested in a number of promising companies in Europe, with more deals expected to close soon. Facts and Figures
Lockheed Martin Ventures is one of the most active and longest continuously operated Aerospace and Defense corporate venture capital firms in the United States. Since its founding it has matured 60 companies to become suppliers. Lockheed Martin Ventures was founded in 2007 with initial funding of $100 million. To date, it has invested more than $500 million in more than 120 companies, including several in European markets. Over the past two years alone, 25 companies have been added to the portfolio. Companies seeking more information about Lockheed Martin Ventures opportunities can contact the team here.
About Lockheed Martin Ventures
Lockheed Martin Ventures makes strategic investments in companies that are developing cutting edge technologies in core businesses and new segments of the national security market important to Lockheed Martin.
More than a source of capital, Lockheed Martin Ventures provides portfolio companies with access resources such as our world-class engineering talent, state-of-the-art technologies and research, and the full suite of Lockheed Martin's business and technical expertise
For additional information about Lockheed Martin Ventures, visit
www.lockheedmartinventures.com.
About Lockheed Martin
Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at www.lockheedmartin.com.
Lockheed Martin získal od amerického námořnictva zakázku za téměř 49 mil. USD na elektronické bojové systémy pro ponorky. Systém AN/BLQ-10(V) zvyšuje detekci hrozeb a přežití ponorek.
Key Takeaways Lockheed Martin won a nearly $49 million U.S. Navy contract for submarine electronic warfare systems.Its AN/BLQ-10(V) system boosts threat detection, situational awareness and submarine survivability.Naval modernization and geopolitical tensions are driving demand for advanced undersea technologies. Lockheed Martin (LMT - Free Report) continues to strengthen its position in the global submarine market through its portfolio of advanced combat systems, electronic warfare solutions and undersea mission technologies. As navies worldwide modernize their submarine fleet to address evolving maritime threats, the company remains well-positioned to benefit from the rising demand for next-generation underwater defense capabilities.
This is reflected in the company's latest progress, with the U.S. Navy recently awarding LMT a contract valued at nearly $49 million to manufacture submarine electronic warfare systems for both new-construction and in-service submarines. The award highlights the Navy's continued reliance on the company's advanced undersea electronic warfare capabilities.
One of LMT's key offerings is the AN/BLQ-10(V) Submarine Electronic Warfare System, which enhances submarine survivability by providing advanced situational awareness and rapid threat detection. The system receives, analyzes and reports critical electronic signals, enabling submarine crews to identify and respond to potential threats while operating in highly contested environments. Its scalable architecture also supports technology upgrades as mission requirements evolve.
Beyond electronic warfare, LMT contributes to advanced undersea combat capabilities through integrated combat systems, sonar processing technologies and command-and-control solutions that improve the effectiveness of modern submarine operations. These technologies support intelligence gathering, surveillance, anti-submarine warfare and precision strike missions while maintaining a low observable profile.
Growing geopolitical tensions and naval modernization efforts are driving demand for advanced submarine technologies worldwide. LMT's broad portfolio of submarine mission systems and strong relationships with the U.S. Navy and allied customers position it well to capitalize on this trend.
Other Submarine Stocks to Keep on the WatchlistOther aerospace and defense companies strengthening their presence in the submarine market are discussed below:
Huntington Ingalls Industries (HII - Free Report) : Through its Newport News Shipbuilding division, HII builds and supports the Columbia-class and Virginia-class submarines for the U.S. Navy. The company also provides modernization, maintenance and lifecycle support services for nuclear-powered submarines.
BAE Systems (BAESY - Free Report) : BAE Systems plays a key role in the United Kingdom's submarine programs through the design and production of Astute-class nuclear-powered submarines. The company also supports submarine sustainment and next-generation undersea defense capabilities, strengthening its position in the global submarine market.
The Zacks Rundown for LMTShares of LMT have risen 9.2% in the past year against the industry’s 2% decline.
Image Source: Zacks Investment Research
The company shares are trading at a discount on a relative basis, with its forward 12-month Price/Earnings being 16.49X compared with its industry’s average of 32.46X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for LMT’s 2026 and 2027 earnings has moved north over the past 60 days.
Image Source: Zacks Investment Research
LMT stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Lockheed Martin oznámil rekordní backlog ve výši 194 miliard USD, tedy asi 2,5násobek ročních tržeb. Firma tak má silnou viditelnost tržeb na další roky.
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$194 billion. That is the order backlog Lockheed Martin (NYSE:LMT | LMT Price Prediction) carried on its books at the end of 2025, disclosed alongside its Q4 2025 report on January 29, 2026. CEO Jim Taiclet framed it plainly on the earnings call: “We finished the year with a record high backlog of $194 billion, about two and a half times annual sales.” It is the fourth consecutive year the figure has grown, and it lands with a book-to-bill ratio of 1.2 for the full year.
What It Means A backlog worth roughly 2.5 years of sales is a visibility number, not a vanity one. It tells long-term holders that revenue for 2026 and beyond is largely spoken for before the year begins. The company’s backlog itself grew by $17.3 billion, or 17%. And CFO Evan Scott noted the additions were concentrated in the company’s signature franchises: F-35, PAC-3, JASSM, LRASM, and CH-53K.
The operating picture backs up a bullish story around this defense name. Lockheed’s full-year 2025 revenue came in at $75.05 billion, Q4 revenue was $20.321 billion against a $19.858 billion estimate, and diluted EPS of $5.80 beat the $5.75 consensus. Impressively, Missiles and Fire Control grew 18% in the quarter, F-35 deliveries hit 191 aircraft in 2025 (up from 110 in 2024), and Government helicopter deliveries reached 90 (up from 72).
Market Reaction Shares closed the Q4 filing day at $626.83 on January 29, 2026, rose to $676.70 thirty days later, then gave the move back. The stock is at $545.91 as of July 2, 2026. Even after the pullback, LMT is up 14.2% year to date and 21.23% over one year, with a 4.62% gain on July 2 alone.
Bull Case Lockheed’s backlog is the anchor, but the structure underneath it is what makes this a long-term thesis rather than a one-quarter story. The company signed a seven-year framework agreement for PAC-3 missiles in early Q1 2026, and management announced a similar agreement for THAAD on the same call. Taiclet said the PAC-3 arrangement will “increase annual production capacity from approximately 600 to 2,000 per year”. He also flagged make-whole provisions that protect returns if procurement strategy changes.
Management is putting capital behind the demand signal. Lockheed deployed more than $3.5 billion in 2025 into production capacity and next-generation technology, and is guiding capital and IRAD spending toward approaching $5 billion in 2026. Missiles and Fire Control has line of sight to at least double-digit compound annual sales growth through the end of the decade. On the F-35 side, contract awards tied to Lots 18 through 21 and full-year sustainment total more than $15 billion.
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Shareholder returns are steady rather than showy. Lockheed repurchased $3.0 billion of stock (6.6 million shares) in 2025 and has raised its dividend for 23 consecutive years. The current dividend is $13.50 per share at a 2.65% yield. Analyst consensus target sits at $617.05, above the current price, with a forward P/E of 17.
Bottom Line I think that Q1 2026 gave shareholders a reminder that quarter-to-quarter defense results can be lumpy. Lockheed’s EPS came in at $6.44 versus a $6.70 estimate, hit by $125 million in unfavorable F-16 adjustments, and free cash flow was negative $291 million. That said, the company’s management team reaffirmed 2026 sales guidance of $77.5 billion to $80.0 billion, diluted EPS of $29.35 to $30.25, and free cash flow of $6.5 billion to $6.8 billion.
The next earnings report is the forward catalyst investors should watch, because it will test whether the backlog is converting on schedule.
For retirement-focused holders, the case rests on the $194 billion already contracted, the seven-year framework agreements layered on top, and a dividend record that has now stretched across more than two decades. One number does not guarantee the next quarter. It does tell you what the next several years look like.
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Goldman Sachs získal mandát na správu 70 miliard USD v penzijních aktivech pro Verizon a Lockheed Martin. Z toho 30 miliard USD připadá na penze a 40 miliard USD na plány definovaných příspěvků Verizon.
Goldman Sachs said Thursday it won deals to manage a combined $70 billion in retirement assets for Verizon Communications and Lockheed Martin, one of the larger recent announcements in the fast-growing market for outsourced corporate investing.
The mandates include about $30 billion in pension assets for Verizon and Lockheed Martin and $40 billion in Verizon defined-contribution retirement assets, which are typically 401(k)s, according to Goldman.
The moves underscore how some of America's largest employers are increasingly handing responsibility for managing retirement assets to outside firms such as Goldman as portfolios become more complex and require expertise across public and private markets.
Competition in the multitrillion-dollar market for retirement assets is fierce among managers including Goldman, BlackRock, Russell Investments and Mercer, because the long-term institutional mandates generate steady fee revenue.
By growing that business, Goldman hopes to increase its share of revenues that are seen as stable and recurring, unlike the more volatile trading and investment banking operations.
"Large plan sponsors are consolidating responsibilities with one partner with the investment expertise and depth of platform to manage their bespoke needs," Marc Nachmann, Goldman's global head of asset and wealth management, said in a statement.
Goldman's outsourced chief investment officer business had about $480 billion in assets as of March 31, while the firm's broader asset and wealth management division oversees roughly $3.7 trillion worth of investments.
Lockheed Martin získal nové zakázky od amerického ministerstva obrany za 607,4 milionu USD a jeho backlog dosáhl rekordních 194 miliard USD. Firma zároveň koupila Ultra Maritime za 3,45 miliardy USD.
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52-Week Range$410.11▼
$692.00Dividend Yield2.66%
P/E Ratio25.15
Price Target$609.68
Global rearmament cycles are actively reshaping the physical economy. Investors are witnessing a rapid transition in which government defense budgets shift from discretionary spending debates to mandatory restocking mandates.
When sovereign nations realize their munitions and aircraft are depleted, capital flows into the defense sector with absolute certainty. Lockheed Martin NYSE: LMT currently operates more like a highly regulated, government-backed utility than a traditional aerospace manufacturer.
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Powering Up the Ultimate Defense Utility GridThink of a public utility. Consumers pay their water bill regardless of economic conditions because the service is essential. Defense spending has entered this paradigm. Governments are prioritizing national security above all other fiscal concerns, effectively guaranteeing revenue for prime contractors.
Lockheed Martin sits at the center of this structural shift, turning geopolitical tension into predictable, compounding cash flow. Lockheed Martin recently added $607 million in localized Department of Defense contracts to an already record-breaking $194 billion revenue backlog. Despite recent index exclusions and fixed-price margin compression, a strategic $3.45 billion sub-sea acquisition and an impending second-quarter earnings rebound position Lockheed Martin for potential multiple expansion. The underlying data reveals a business engineered for multi-decade revenue visibility. This provides a unique opportunity for those evaluating capital deployment in an increasingly fractured geopolitical landscape.
Building an Impenetrable Revenue FortressRevenue visibility is the lifeblood of institutional capital. Lockheed Martin effectively secured its near-term cash flow with a two-pronged DoD award totaling $607.4 million. The bulk of this capital is a $502.4 million Army contract focused on sustainment for the AH-64 Apache's targeting and night-vision systems. A secondary $105 million Air Force order secures upgrades to GPS ground control.
Sustainment contracts carry significant weight for fundamental investors. Selling an airframe generates revenue once. Sustaining its avionics and targeting systems generates recurring cash flow for decades. This $194 billion backlog serves as an impenetrable moat, insulating Lockheed Martin from the typical macroeconomic demand destruction.
International developments are providing secondary tailwinds. Following the July 2026 NATO Summit in Ankara, Lockheed Martin established a PAC-3 Missile Sustainment Facility in Europe. This localized footprint, paired with fresh joint ventures to scale missile production alongside industry peers, ensures Lockheed Martin remains entrenched in European rearmament logistics.
The broader market heavily discounts the value of these long-tail sustainment facilities. Yet, they consistently provide the baseline cash flow required to fund dividend growth and share repurchases. When evaluating Lockheed Martin's fundamental strength, investors should look beyond the initial point of sale and recognize the multi-decade service agreements that keep allied forces operational.
Ultra Maritime Drops Anchor on New GrowthA pragmatic evaluation of any equity requires acknowledging fundamental friction. The first quarter of 2026 delivered operational headwinds for Lockheed Martin. Earnings per share landed at $6.44 against a consensus estimate of $6.79, while segment operating margins compressed from 11.6% down to 10.1%.
This margin decay traces directly back to unfavorable adjustments on F-16 production and cost pressures within classified aeronautics programs. Inflationary environments are notoriously hostile to fixed-price government contracts. When supply chain costs rise, the defense contractor absorbs the difference, squeezing margins before the contract can be renegotiated.
Management is actively pivoting to offset these aeronautics losses through aggressive vertical integration. The recent $3.45 billion acquisition of Ultra Maritime brings highly specialized anti-submarine warfare technologies into Lockheed Martin's Rotary and Mission Systems portfolio.
Acquiring advanced sonobuoy and acoustic countermeasure manufacturing allows Lockheed Martin to capture high-margin naval defense market share. The global demand for anti-submarine capabilities is surging as naval theaters become more contested.
Integrating Ultra Maritime directly addresses this need, offering investors a clear pathway to margin expansion that circumvents the bottleneck of traditional aircraft assembly lines. This strategic maneuver moves the revenue mix slightly away from heavily scrutinized fixed-price aircraft programs and toward consumable, high-tech maritime defense systems that command stronger pricing power.
Lockheed Martin’s Low Beta and Strong Dividend Support Its Defensive AppealInvestors analyzing recent price action might notice localized weakness that seems disconnected from the broader defense sector rally. Understanding the mechanics of institutional rebalancing clarifies this discrepancy.
Overall MarketRank™97th Percentile
Analyst RatingHold
Upside/Downside17.2% Upside
Short Interest LevelHealthy
Dividend StrengthStrong
News Sentiment0.82 Insider TradingN/A
Proj. Earnings Growth7.99%
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Lockheed Martin was recently dropped from the Russell 1000 Value-Defensive Index. Index exclusions trigger forced liquidations in passive funds and exchange-traded funds that track that specific benchmark. This creates a temporary supply glut of shares on the open market, depressing the price independently of Lockheed Martin's actual financial health.
Surface-level insider trading data also shows a cluster of executive selling over the past six months, particularly within the Aeronautics division. Context changes the narrative entirely. Aeronautics President Greg Ulmer retired on June 1, 2026, handing leadership to Orlando Sanchez, Jr. Executive retirements frequently trigger the liquidation of vested stock options for tax and estate planning purposes. Framing this routine action as a bearish sign of internal confidence is a misreading of standard corporate succession mechanics.
While passive funds rebalance and executives transition, the underlying equity mechanics remain highly defensive. The stock carries a heavily muted Beta of 0.11. A Beta this low indicates the equity moves almost completely independently of broader market volatility. When paired with a robust $13.80 annualized dividend payout, recently reinforced by a $3.45 per share second-quarter payout on June 26, Lockheed Martin presents a structural floor. Investors often utilize this specific low-Beta, high-yield combination as a portfolio hedge to mitigate downside risk during periods of macroeconomic uncertainty.
Will Q2 Earnings Turn the Fundamental Tide?The true test of management's ability to halt margin decay arrives with the second-quarter earnings report on July 23, 2026. Analysts expect consensus earnings of $7.23 per share, demanding a sharp operational recovery from the first-quarter miss.
Hitting or exceeding this target will validate the thesis that fixed-price contract friction has peaked and that the Ultra Maritime acquisition is already providing margin relief. Conversely, a subsequent miss could signal that supply chain costs remain sticky, potentially testing the company's foundational support levels.
Investors evaluating defensive allocations might consider watching the upcoming earnings call closely to see if management can successfully translate a record-breaking $194 billion backlog into expanded operating margins and predictable cash flow. The data suggests the backlog is unshakeable, but the execution of converting that backlog into bottom-line profitability will dictate the next major move for Lockheed Martin.
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USA plánují v roce 2026 utratit za obranu 1 bilion USD a v roce 2027 žádají zhruba 1,5 bilionu USD, což by byl největší meziroční nárůst v historii. Z toho mohou těžit Lockheed Martin a RTX díky obřím zakázkám a dlouhodobým kontraktům.
The U.S. plans to spend $1 trillion for defense in 2026, and the 2027 funding request stands at about $1.5 trillion, which would mark the largest year-over-year increase ever if approved. Rising military spending comes amid rising geopolitical tensions, including the U.S.-Iran and Ukraine-Russia conflicts. The U.S. is also looking to modernize the military and bolster the defense industrial base and has allocated capital for space-based missile defense initiatives.
Defense contractors should benefit from growing order books and long-term contracts that provide insight into future earnings. Against this capital-intensive backdrop, defense stocks Lockheed Martin (LMT 1.21%) and RTX Corporation (RTX 0.17%) stand out as beneficiaries due to their strong positions in the industry. Here's what investors need to know.
Image source: Getty Images.
Lockheed Martin's growing platform makes it a defense spending winner Lockheed Martin is a behemoth in the defense industry, boasting a backlog exceeding $186 billion from long-term government contracts. The company has a broad portfolio of offerings, anchored by its flagship F-35 Lightning II jet fighter program, which provides a strong moat that translates into predictable, long-term revenue.
Its F-35 program is projected to cost $2.1 trillion during its 94-year lifecycle and generate roughly a third of Lockheed's revenue. The size and stability of this long-term program help buffer Lockheed's earnings against economic recessions and market volatility and lock in long-term revenue from both jet sales and aftermarket services, including maintenance, repairs, upgrades, and pilot training.
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In addition to the F-35, Lockheed holds a strong position in high-altitude missile defense, serving as the sole prime contractor for the Terminal High Altitude Area Defense (THAAD) weapon system. In late June, the U.S. government formally awarded it a contract for as much as $35 billion over seven years to quadruple the production of its THAAD interceptors.
In another major move, on July 6, Lockheed Martin signed an agreement to acquire Ultra Maritime Solutions for $3.45 billion, giving it a strong foothold in the rapidly growing undersea weapons market. Lockheed acquired the company from Advent International and now controls key undersea defense technologies, including sonobuoys for submarine detection, torpedo defense systems, and uncrewed underwater vehicles.
As military spending ramps up, Lockheed Martin is a top defense contractor that stands to benefit. Its position provides it with steady, predictable revenue that powers steady long-term growth. The company has raised its dividend for 23 consecutive years and yields about 2.6%, making Lockheed a top pick for investors looking to capitalize on growing global defense budgets.
RTX combines defense upside with commercial aerospace stability RTX Corporation boasts an even more impressive backlog of $271 billion, up 25% during the past year. RTX's business spans commercial aerospace and defense, operating three segments: Raytheon, Pratt & Whitney, and Collins Aerospace. As a result, RTX has a more diverse portfolio than pure-play military contractors, balancing defense awards with commercial contracts. Like Lockheed, RTX benefits from its huge backlog that ensures long-term revenue consistency years down the road.
Through Pratt & Whitney, RTX provides aircraft propulsion systems for both commercial aircraft and Lockheed Martin's F-35 Lightning II Joint Strike Fighter, generating high-margin recurring aftermarket revenue. Through Raytheon, the company manufactures the Patriot air defense system, advanced missiles, naval and land radars, and directed-energy weapons. The segment accounts for $109 billion of its enormous backlog.
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The company is seeing robust demand for its air defense systems, and on July 7, it announced it would partner with European manufacturers in Germany and the Netherlands to double the global production capacity for its Stinger surface-to-air missiles. In addition, in late June, it announced a $1.1 billion contract modification to replenish American stockpiles and arm allied nations with tactical missiles.
RTX's large backlog ensures rising earnings in the years ahead, and the company stands to benefit from growing military budgets and long-term demand for aftermarket services through its aerospace business, making it another top defense stock for investors to consider scooping up today.
Lockheed Martin získal nové zakázky za přibližně 7 miliard USD a rozšířil backlog i viditelnost tržeb. Akcie za poslední měsíc vzrostly o 2,9 %, ale zaostaly za odvětvím.
Key Takeaways LMT added major missile, space and naval defense contracts, expanding backlog and revenue visibility.LMT faces program losses, production delays and integration challenges on key defense programs.LMT trades below the industry's forward P/S average, while long-term contracts support future growth. Lockheed Martin’s (LMT - Free Report) shares have risen 2.9% over the past month, underperforming the Zacks Aerospace-Defense industry’s growth of 7.3%. However, the company remains one of the largest U.S. defense contractors with a steady order flow from the Pentagon and other U.S. allies.
Image Source: Zacks Investment Research
Other defense stocks, such as The Boeing Company (BA - Free Report) and Northrop Grumman (NOC - Free Report) , have also underperformed the industry during the same period. Shares of Boeing and Northrop Grumman have risen 7.2% and 1.5%, respectively, during the same time frame.
With Lockheed Martin lagging its industry, investors are likely questioning the stock’s near-term direction. A closer look at the company's strengths, challenges and growth drivers can help assess whether the recent weakness presents a buying opportunity or warrants caution.
Tailwinds for LMT StockLockheed Martin continues to strengthen its long-term revenue outlook by securing substantial contract awards across its core defense programs. During the first quarter of 2026, the company received approximately $7 billion in new awards within its Missiles and Fire Control segment, highlighted by a $4.8 billion fully funded undefinitized contract for the PAC-3 missile program. It also obtained contracts for long-lead materials supporting F-35 production under Lots 20 and
21.
Recently, the company was awarded $3 billion by the U.S. Army to produce both standard and Extended-Range Guided Multiple Launch Rocket System (“GMLRS”) rockets. This is expected to provide several long-term benefits for Lockheed Martin. The contract also reinforces Lockheed Martin's leadership in precision-guided rocket systems, an area experiencing sustained demand as the U.S. and allied nations replenish munitions stockpiles and strengthen long-range strike capabilities.
In June 2026, the company won a $514 million contract by U.S. Space Force for GPS IIIF Space Vehicles 23 and 24. This expands the company's funded backlog and extends production of the GPS IIIF constellation to 14 satellites, strengthening revenue visibility over the coming years. The award also reinforces Lockheed Martin's leadership in military space systems and positions it to benefit from the U.S. Space Force's ongoing modernization of the GPS network as older satellites are replaced.
Lockheed Martin also secured a $200.8 million contract from the U.S. Navy to continue providing Aegis Combat System operator and maintenance training for six international naval customers through 2031. This award benefits Lockheed Martin by extending a stable source of recurring revenues and strengthening its long-term relationships with international Aegis users. As the original developer of the Aegis Combat System, the company is well positioned to provide ongoing training, software updates, system enhancements, and lifecycle support throughout the program's duration.
Challenges for LMT StockLockheed Martin continues to face execution and cost-estimate risk on complex programs, particularly where fixed-price elements magnify the impact of schedule and performance issues. In the first quarter of 2026, the company recorded unfavorable profit adjustments on the F-16 program due to production performance and development delays, as well as on the C-130 program because of ongoing integration challenges and delivery delays.
The company also reported cumulative losses of approximately $1.8 billion on a classified Aeronautics program and approximately $1.46 billion on a classified program in MFC. Both programs continue to carry accrued losses on the balance sheet and could incur additional losses if scope, schedule or cost estimates move further.
Estimates for LMT StockThe Zacks Consensus Estimate for 2026 earnings per share (EPS) indicates year-over-year growth of 29.46%. LMT’s long-term (three to five years) earnings growth rate is 18.48%.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Boeing’s 2026 EPS indicates year-over-year growth of 98.6%. The Zacks Consensus Estimate for Northrop Grumman’s 2026 EPS indicates year-over-year growth of 6.2%. NOC’s long-term earnings growth rate is 5.25%.
LMT’s Earnings Surprise HistoryThe company beat on earnings in three of the trailing four quarters and missed in one, delivering an average surprise of 9.44%.
Image Source: Zacks Investment Research
LMT Stock’s LiquidityThe company’s current ratio is 1.14 compared with the industry’s average of 1.12. The ratio of more than one suggests a healthy liquidity position where the business can meet its immediate financial obligations without selling long-term assets.
Image Source: Zacks Investment Research
LMT Stock Trades at a DiscountIn terms of valuation, LMT’s forward 12-month price-to-sales (P/S) is 1.53X, a discount to the industry’s average of 2.67X. This suggests that investors would be paying a lower price relative to the company’s expected sales growth compared with its peer group.
Image Source: Zacks Investment Research
What Should an Investor Do Now?Lockheed Martin continues to strengthen its long-term growth outlook through a steady flow of contract awards across its missile systems, fighter aircraft, military space, and naval defense businesses, reinforcing demand for its core platforms. These awards expand backlog, improve multi-year revenue visibility, and create opportunities for recurring production, modernization, training, and sustainment work, supporting durable long-term growth.
Considering its financial pressures and current price underperformance, new investors should wait and watch for a better entry point. Investors who already hold this Zacks Rank #3 (Hold) stock may consider retaining it, given the company’s earnings growth outlook and strong liquidity.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Lockheed Martin a Rheinmetall podepsaly memorandum o porozumění o společné výrobě střel ATACMS v Německu, poprvé mimo USA. Výroba má probíhat v závodě Rheinmetallu v Unterlüssu v severním Německu.
Item 1 of 2 An Army Tactical Missile System (ATACMS) is displayed during the inauguration of a new artillery plant of ammunition maker Rheinmetall, in Unterluess, Germany August 27, 2025. REUTERS/Annegret Hilse
[1/2]An Army Tactical Missile System (ATACMS) is displayed during the inauguration of a new artillery plant of ammunition maker Rheinmetall, in Unterluess, Germany August 27, 2025. REUTERS/Annegret Hilse Purchase Licensing Rights, opens new tab
CompaniesANKARA, July 7 (Reuters) - U.S. defence company Lockheed Martin (LMT.N), opens new tab and Germany's Rheinmetall (RHMG.DE), opens new tab signed a memorandum of understanding on Tuesday to jointly produce ATACMS missiles in Germany, a move that would mark the first manufacture of the short-range ballistic missile outside the United States.
In a joint statement, the companies said the agreement, backed by the U.S. and German governments, was a step toward establishing a joint venture to create a European hub for the manufacture, integration and distribution of ATACMS missiles for NATO members and allied countries.
The Reuters Iran Briefing newsletter keeps you informed with the latest developments and analysis of the Iran war. Sign up here.
The guided missiles will be made at Rheinmetall's artillery plant in Unterluess, northern Germany, Rheinmetall CEO Armin Papperger said.
The memorandum, signed at a NATO Industry Forum on the sidelines of the alliance's summit in Ankara, reflects efforts by the United States and its European allies to expand defence industrial capacity and replenish weapons stockpiles strained by conflicts in Ukraine and the Middle East.
Reporting by Sabine Siebold, writing by Emanuele Berro, editing by Miranda Murray
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Lockheed Martin je podle článku lepší obranná akcie pro rok 2026 díky zakázkám na protiraketový štít Golden Dome a backlogu téměř 194 miliard USD. Palantir sice roste, ale jeho ocenění je už velmi vysoko.
The defense trade of the past few years has split into two stories. One is about software -- the code that turns a flood of sensor data into a targeting decision. The other is about steel -- the interceptors, aircraft, and factories that fill a shooting war's shopping list.
Palantir Technologies (PLTR +2.51%) owns the first story. Lockheed Martin (LMT 1.45%) owns the second. Both are winning work, and the contrast between them says a lot about where defense budgets are heading in 2026.
Image source: Getty Images.
What Palantir is doing in defense Palantir has moved from a data vendor to the decision layer of the U.S. and allied militaries. Its Maven Smart System is built on the company's Artificial Intelligence Platform, which sifts sensor feeds and flags targets, and the Pentagon made it an official program of record in 2026.
That status matters because it signals lasting, budgeted demand rather than a pilot that could vanish. The Army folded some 75 separate contracts into a single enterprise agreement with a $10 billion ceiling over 10 years, the largest deal in the company's history, and both NATO and the U.K. have signed on for their own Maven deployments. Palantir is embedding itself as the software spine that other systems plug into, a durable place to sit as warfare becomes software-defined.
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What Lockheed Martin is doing in defense Lockheed Martin is building the hardware as needed. The center of gravity is the Golden Dome, the national missile shield that has become the defining U.S. defense program of the decade.
Lockheed landed a $35.5 billion award to produce THAAD interceptors, agreed to triple PAC-3 output and quadruple THAAD production under multiyear deals, and won prototype work on space-based interceptors designed to strike missiles after launch. Around the shield, the company keeps upgrading the F-35 with new sensors and electronic warfare capabilities, pairs the jet with autonomous drone wingmen, and pushes ahead with hypersonic weapons. It closed 2025 with a backlog of nearly $194 billion, more than two and a half years of sales on the books at the year's start.
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The case for each defense stock, and the risks Palantir's momentum is real, and its software could ride every platform in the field. The catch is that the stock trades at a level that assumes years of flawless growth, so a single quarter that misses the bar can punish the shares. It sells software into budgets that fund hardware first, which caps how large the defense slice can grow in a given year.
Lockheed carries its own scars. It lost the next-generation fighter contract to a rival, its fixed-price programs have a history of cost overruns, and the space-interceptor race for the Golden Dome includes a dozen competitors chasing the same dollars.
Neither name is a clean bet, and an investor should weigh the flaws in both before choosing.
The tiebreaker for me is what 2026 funds. The money in this budget cycle flows to the missile shield and the magazines of interceptors behind it, and Lockheed Martin sits at the center of both, with multiyear contracts and a backlog that turns today's headlines into years of booked revenue.
Palantir may prove the better business over a longer arc, and its software keeps spreading across the same programs Lockheed builds. For the year ahead, though, the visibility of funded programs and the price an investor pays to own them tilt the decision toward the hardware maker.
Palantir is also caught up in the broader AI trade, where any stock with an artificial intelligence story gets bid higher on the theme rather than the results underneath it. That link cuts both ways: If sentiment around AI names cools, Palantir could sell off alongside them even if its defense contracts keep landing on schedule.
This means Lockheed Martin is the better defense stock to own in 2026, with Palantir as the one to watch as the software layer continues to grow. Investors who want defense exposure with a clear line of sight into next year's revenue have the stronger setup in Lockheed. Those who buy Palantir should size their positions to its valuation and treat the swings as the cost of admission.
Defense heavyweight Lockheed Martin is leading the race to buy naval defense group Ultra Maritime, CNBC has learned.
The deal to acquire Ultra is roughly $3.5 billion, and Guggenheim and JPMorgan are advising on the sell side, according to sources close to CNBC.
Ultra is owned by private equity firm Advent International, and specializes in anti-submarine technology. The company makes radar and electronic warfare systems, as well as torpedo defense countermeasures.
A Financial Times report last week said that talks were still ongoing and a deal could be announced as early as this week.
Advent was reportedly put up for sale earlier in 2026 for more than 3 billion pounds, or $4 billion.
Lockheed Martin is one of the world's largest defense firms, producing planes such as the F-35 Lightning II fighter jet and munitions like the Patriot air defense missile.
Defense stocks have enjoyed a bumper year in 2026, as conflicts from Ukraine to Iran increase demand for munitions worldwide.
In April, the Stockholm International Peace Research Institute said global defense outlays in 2025 climbed to a staggering $2.89 trillion, led by massive spending by European nations.
With the artificial intelligence (AI) trade captivating investors' hearts and minds (and their dollars), it's not surprising that some market participants may be overallocated to that theme. These days, it's an understatement to say tech stocks are prominent.
Just look at the S&P 500 (^GSPC +0.00%). A once-diverse collection of large-cap U.S. companies, the index is heavily weighted toward AI and tech. Each of its top 10 holdings, which account for more than 34% of the index's weight, touches AI in some form.
Most of those are low-yielding stocks, and some don't even pay dividends. So investors seeking the benefits of sector diversification and equity income should augment their tech holdings with some different "flavors," one of which is Lockheed Martin (LMT +4.45%).
Image source: Lockheed Martin.
Lockheed Martin may be an inviting entry point As things stand today, Lockheed Martin is arguably a good-news/bad-news stock. In an effort to finish on an upbeat note, let's dispense with the bad news.
Investors expecting this aerospace stock to benefit from the war in Iran are disappointed. Over the past 90 days, the stock has fallen 15.7% and is 27% below its 52-week high, putting it in bear-market territory.
Those are ominous statistics, but there are bright sides to the story. For example, the company has a $194 billion backlog, confirming it remains one of Uncle Sam's go-to large-scale defense contractors. That's valuable at a time when the White House is seeking $1.5 trillion in fiscal 2027 defense spending, roughly half of which will be allocated to weapons modernization and procurement, areas of Lockheed's expertise.
Adding to the case for this industrial stock, particularly for long-term investors, is the dividend. Lockheed yields 2.7%, or more than double the dividend yields of the S&P 500 and the largest industrial exchange-traded fund (ETF). The defense giant is committed to that payout, as evidenced by the fact that the dividend hike unveiled last October marked the 23rd consecutive year the dividend was increased.
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Investors may find comfort in knowing that the industrial sector's shareholder yield, a combination of buybacks and dividends, is above that of the S&P 500 and the technology sector.
Lockheed has some tech inroads To be sure, Lockheed Martin isn't a tech stock, but it does have some exposure to tech themes that resonate with investors. Included in the Pentagon's budget is $66 billion for overall tech spending and $13.4 billion for AI, marking the first time the department is breaking out dedicated AI expenditures.
Much of that spending is slated for autonomous systems, an area of focus for Lockheed. The company's ability to integrate autonomous systems across a variety of frontiers, including air, cyber, land, and sea, makes it a valuable long-term provider to the U.S. government.
While Lockheed isn't a tech company in the traditional sense, tech is very much a part of the long-term growth story. So investors are getting a stock with the potential to benefit from tech and one committed to dividend growth. That may just be a win-win.
Lockheed Martin logo is seen in this illustration taken July 26, 2025. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab
July 2 (Reuters) - Lockheed Martin (LMT.N), opens new tab is leading the race to acquire Ultra Maritime, owned by private-equity firm Advent International, in a deal that could value the naval defence business at about $3.5 billion, the Financial Times reported on Thursday, citing people familiar with the matter.
Talks are ongoing, and a deal could be announced as early as next week, the report said, adding that several other bidders remain interested in Ultra Maritime as part of a competitive auction process.
The Reuters Iran Briefing newsletter keeps you informed with the latest developments and analysis of the Iran war. Sign up here.
Lockheed Martin and Advent did not immediately respond to Reuters requests for comment.
Ultra Maritime, which specializes in anti-submarine warfare and undersea defence technologies, is part of Cobham Ultra, a group created after Advent acquired British aerospace Cobham in 2019 and later combined it with Ultra Electronics following its 2022 takeover.
The potential deal comes as defence contractors seek to expand their military technology portfolios amid heightened geopolitical tensions and increased defence spending driven by conflicts, including the war in Ukraine and fighting in the Middle East.
Shares of Lockheed Martin were down marginally in extended trading.
Reporting by Apratim Sarkar in Bangalore; Editing by Vijay Kishore
Our Standards: The Thomson Reuters Trust Principles., opens new tab
, /PRNewswire/ -- Lockheed Martin (NYSE: LMT) will webcast live its second quarter 2026 earnings results conference call (listen-only mode) on Thursday, July 23, 2026, at 8:30 a.m. ET. Jim Taiclet, chairman, president and CEO; Evan Scott, chief financial officer; and Mark Kvasnak, vice president, Investor Relations, will discuss second quarter 2026 earnings results, provide updates on key topics and answer questions. Second quarter 2026 earnings results will be published prior to the market opening on July 23.
The live webcast will be available at www.lockheedmartin.com/investor and the accompanying presentation slides and relevant financial charts will also be available on the same website prior to market open.
An on-demand replay of the webcast will be available through Thursday, August 6, 2026, at www.lockheedmartin.com/investor, and a podcast will be available here.
For additional information, visit the company's website: www.lockheedmartin.com.
About Lockheed Martin
Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at LockheedMartin.com.
Lockheed Martin získal dvě zakázky od amerického ministerstva obrany v hodnotě 8,2 miliardy USD a 35,3 miliardy USD. Tyto kontrakty mají do roku 2032 výrazně zvýšit jeho tržby.
Lockheed Martin (LMT +2.85%) stock jumped 2.8% through 1:15 p.m. ET Thursday on no obvious good news.
No obvious good news today, that is to say. But if you scroll back just a couple of days through the defense contract announcements posted by the U.S. Department of Defense on its website, I think you'll quickly find the reason why investors are so keen on LockMart stock today.
Image source: Getty Images.
An $8.2 billion contract -- and Lockheed stock falls On Tuesday, DOD announced an $8.2 billion contract will go to Lockheed Martin to increase the number of Precision Strike Missiles (PrSMs) it can produce per year, and also the number of PrSMs the Army buys from Lockheed Martin.
Granted, the contract is spread over six years, ending in 2032, making the annual revenue increase only about $1.4 billion. Still, it seems strange that this news sent Lockheed Martin's stock down 2.4% yesterday!
A $35.3 billion contract, and Lockheed stock barely budges Speaking of yesterday, yesterday's headline was Lockheed winning a $35.3 billion Missile Defense Command contract to produce Terminal High Altitude Area Defense (THAAD) Interceptor missiles -- used to shoot down exoatmospheric ballistic missiles -- also through 2032. Priced near $12.7 million per unit (about three times the cost of a Patriot missile), this contract envisions Lockheed producing an astounding 2,800 THAAD interceptors.
And over the next six years, it will add nearly $5.9 billion to Lockheed's annual revenue haul.
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What it means for Lockheed stock So two days of contracts just grew Lockheed's annual revenue haul by about $7.3 billion. Even on the defense giant's already sizable $75.1 billion revenue stream, that's close to a 10% increase. And Lockheed stock is only back to flat because of it?
Sounds like a buying opportunity to me.
Rich Smith has no position in any of the stocks mentioned. The Motley Fool recommends Lockheed Martin. The Motley Fool has a disclosure policy.
Lockheed Martin zvýšil dividendu už 23. rok v řadě a na konci roku 2025 vykázal rekordní backlog ve výši 194 miliard USD. Volný peněžní tok dosáhl 6,908 miliardy USD a firma čeká 6,5 až 6,8 miliardy USD v roce 2026.
Lockheed Martin (NYSE:LMT | LMT Price Prediction) is a stock worth owning for decades because its revenue is effectively underwritten by the U.S. government and a global alliance system that does not negotiate down its threat environment to suit a recession. For a retirement investor who has already paid tuition chasing momentum, it fits the profile of a long-duration anchor position to research for reinvestment and patience.
Pillar 1: A Business Built Like Infrastructure Lockheed ended 2025 with a record $194 billion backlog, more than 2.5 years of sales, anchored by sole-source and duopoly franchises: the F-35, PAC-3, THAAD, Aegis, Sikorsky rotorcraft, and the Orion spacecraft. Customers are locked into these platforms for decades. CEO Jim Taiclet noted on the Q1 2026 call that factory production is already up more than 60% from just two years ago, supported by seven-year framework agreements on Patriot and PrSM that aim to lift munitions output three to four times current rates. The Pentagon’s FY 2027 budget request totals $756.8 billion for procurement and RDT&E, with $52.9 billion earmarked for critical munitions. That is the demand stream feeding the backlog.
Pillar 2: Income That Compounds Without Drama Lockheed has now raised the dividend for 23 consecutive years, with the quarterly payout climbing from $0.22 in 1999 to $3.45 in 2026 and zero cuts through the 2008 crisis, COVID, or the 2022 rate shock. The current yield sits near 2.64%, and management returned $3.0 billion in buybacks during 2025 with $9.1 billion of repurchase authorization in place. FY2025 free cash flow reached $6.908 billion, and 2026 guidance calls for $6.5 billion to $6.8 billion. That cash funds the payout, the buyback, and roughly $2.5 billion to $2.8 billion in capital expenditures without straining the balance sheet.
Pillar 3: It Survives Cycles Other Stocks Do Not Defense outlays are tied to geopolitics, not GDP. The beta of 0.106 reflects that decoupling. Allied procurement is structural: Goldman Sachs flagged the +€800 billion ReArm Europe Plan 2030 as a megatrend, and Lockheed is positioned as lead integrator for the Golden Dome missile defense initiative. The F-35 is, as Taiclet put it, “superior to every other airplane in the world today that we face”, and the Pentagon’s request includes 855 F-35 aircraft over the program horizon.
The Scenario Where It Underperforms Fixed-price classified programs can blow up. Q2 2025 was the proof: EPS came in at $1.46 against a $6.57 estimate after $1.6 billion in pre-tax program losses, including a $950 million reach-forward charge on a classified Aeronautics program. Yet revenue barely moved, the backlog still grew to a record by year-end, the dividend was raised anyway, and Q3 and Q4 returned to beats. Program charges are episodic. The Department of War demand cycle is structural, and that asymmetry is the entire point.
Lockheed Martin’s rising dividend and the structural geopolitical demand cycle frame it as a long-duration anchor position for investors prioritizing income compounding over trading.
Vláda USA zadala Lockheed Martin sedmiletou zakázku až za 35 miliard USD na zčtyřnásobení výroby interceptorů THAAD. Jde o jeden z prvních velkých víceročních kontraktů podle nové strategie akvizic.
, /PRNewswire/ -- Today, the U.S. government awarded Lockheed Martin (NYSE: LMT) a seven-year undefinitized contract action (UCA) for up to $35 billion to quadruple production of Terminal High Altitude Area Defense (THAAD) interceptors. The award is one of the first major multiyear procurement contracts executed under the Department of War's Acquisition Transformation Strategy and represents one of the first full-scale transitions from framework agreement to contract execution under the initiative. It demonstrates Lockheed Martin's commitment to building the Arsenal of Freedom.
The $35 billion THAAD seven-year procurement award propels acceleration of critical missile defense interceptor production.
THAAD is a highly effective, combat-proven defense against short, medium and intermediate-range ballistic missile threats. The contract puts into action the THAAD framework agreement signed in January between the Department of War and Lockheed Martin, providing the long-term demand signal needed to accelerate production capacity, strengthen the defense industrial base and deliver critical missile defense capability at speed and scale for the U.S. and its allies.
The award comes weeks after Lockheed Martin broke ground on a new Munitions Production Center in Troy, Alabama, as part of the company's more than $9 billion investment through 2030. This investment is already delivering tangible results to meet heightened munitions demand, including more than 20 new or modernized facilities across the United States. Lockheed Martin also recently opened the Next Generation Interceptor facility in Courtland, Alabama, and the Munitions Acceleration Center in Camden, Arkansas.
WHY IT MATTERS
THAAD is the only U.S. system designed to intercept threats both inside and outside the atmosphere, providing a critical layer of missile defense. Its performance has been demonstrated in operations including Operation Epic Fury, where it continues to defend forces and key infrastructure against evolving threats.
EXPERT PERSPECTIVE
"This award reflects our shared vision with the Department of War to strengthen America's Arsenal of Freedom through a transformational shift to multiyear procurement," said Tim Cahill, president, Lockheed Martin Missiles and Fire Control. "This new approach propels our efforts to strengthen the defense industrial base, expand production and deliver capabilities to the American warfighter at unprecedented speed and scale."
ADDITIONAL CONTEXT
Acquisition Transformation Leadership: Lockheed Martin was the first in the industry to announce a framework agreement for munitions acceleration under the Department of War's Acquisition Transformation Strategy. Since January, landmark framework agreements have been established to expand production capacity for PAC-3® MSE, the THAAD interceptor and Precision Strike Missile (PrSM). In April, the U.S. government awarded Lockheed Martin a $4.7 billion contract to continue critical accelerated production of PAC-3 MSE this year. American Job Growth: Lockheed Martin continues to expand its workforce, creating tens of thousands of high-quality American jobs across manufacturing, engineering and skilled trades. These investments ensure America and its allies have the proven capabilities needed to protect people, infrastructure and freedom around the globe. Supply Chain Resilience: Lockheed Martin is strengthening resilience of our supply chain, deepening collaboration with suppliers and driving innovation across operations. Lockheed Martin is engaging regularly with suppliers critical to scaling munitions production, focusing on building stronger relationships, emphasizing speed and driving solutions to better prepare for current and future threats. About Lockheed Martin
Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at Lockheedmartin.com.
Forward-Looking Statements
This news release contains statements that, to the extent they are not recitations of historical fact, constitute forward-looking statements within the meaning of the federal securities laws, and are based on the Company's current expectations and assumptions, including statements about the expected value and duration of the THAAD procurement award, the expected acceleration and quadrupling of production capacity and Lockheed Martin's investments through 2030 and expected results from facility and workforce expansion, supplier collaboration and production scaling. Actual results may differ materially due to factors such as: the availability, timing, and amount of U.S. government and allied government funding; changes in government priorities, budgets, acquisition strategies, contract terms, or procurement schedules; the risk that UCAs, multiyear procurement arrangements, or expected follow-on awards may be modified, delayed, reduced, terminated, or not fully funded; supply chain constraints, supplier performance, inflationary pressures and labor availability; challenges associated with increasing output at speed and scale; and delays in facility expansion. For a discussion identifying additional important factors that could cause actual results to vary materially from those anticipated in the forward-looking statements, see the Company's filings with the U.S. Securities and Exchange Commission ("SEC") including "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent Quarterly Reports on Form 10-Q. The Company's filings may be accessed through the Investor Relations page of its website, www.lockheedmartin.com/investor, or through the website maintained by the SEC at www.sec.gov. Except where required by applicable law, the Company expressly disclaims a duty to provide updates to forward-looking statements after the date of this filing to reflect subsequent events, changed circumstances, changes in expectations, or the estimates and assumptions associated with them. The forward-looking statements in this filing are intended to be subject to the safe harbor protection provided by the federal securities laws.
