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Brookstone Capital Management reduced its stake in shares of Lockheed Martin Corporation (NYSE:LMT – Free Report) by 4.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,082 shares of the aerospace company’s stock after selling 852 shares during the quarter. Brookstone Capital Management’s holdings in Lockheed Martin were worth $10,227,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of LMT. SeaCrest Wealth Management LLC boosted its stake in Lockheed Martin by 2.9% in the third quarter. SeaCrest Wealth Management LLC now owns 1,621 shares of the aerospace company’s stock valued at $825,000 after acquiring an additional 46 shares during the last quarter. NBT Bank N.A. bought a new stake in shares of Lockheed Martin during the 3rd quarter valued at $4,194,000. Isthmus Partners LLC raised its position in shares of Lockheed Martin by 0.6% during the 3rd quarter. Isthmus Partners LLC now owns 24,384 shares of the aerospace company’s stock valued at $12,418,000 after acquiring an additional 138 shares during the last quarter. Precedent Wealth Partners LLC lifted its stake in shares of Lockheed Martin by 19.3% in the 3rd quarter. Precedent Wealth Partners LLC now owns 5,673 shares of the aerospace company’s stock valued at $2,889,000 after purchasing an additional 919 shares during the period. Finally, Smith Chas P & Associates PA Cpas lifted its stake in shares of Lockheed Martin by 0.8% in the 3rd quarter. Smith Chas P & Associates PA Cpas now owns 88,708 shares of the aerospace company’s stock valued at $48,975,000 after purchasing an additional 668 shares during the period. Institutional investors and hedge funds own 74.19% of the company’s stock.

Lockheed Martin Stock Performance Shares of LMT opened at $604.87 on Friday. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.01 and a current ratio of 1.26. Lockheed Martin Corporation has a twelve month low of $437.25 and a twelve month high of $692.00. The firm’s 50 day moving average price is $538.52 and its two-hundred day moving average price is $542.30. The firm has a market cap of $139.60 billion, a P/E ratio of 21.49, a PEG ratio of 1.27 and a beta of 0.09.

Lockheed Martin (NYSE:LMT – Get Free Report) last announced its earnings results on Thursday, October 22nd. The aerospace company reported $7.97 earnings per share for the quarter, topping analysts’ consensus estimates of $7.52 by $0.45. The firm had revenue of $20.71 billion during the quarter, compared to analyst estimates of $20.48 billion. Lockheed Martin had a net margin of 8.23% and a return on equity of 83.41%. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the prior year, the business earned $6.95 EPS. On average, analysts forecast that Lockheed Martin Corporation will post 30.49 EPS for the current fiscal year. Lockheed Martin Increases Dividend The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Tuesday, December 1st will be paid a dividend of $3.60 per share. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $14.40 annualized dividend and a dividend yield of 2.4%. This is an increase from Lockheed Martin’s previous quarterly dividend of $3.45. Lockheed Martin’s dividend payout ratio (DPR) is 51.15%.

Wall Street Analysts Forecast Growth Several research analysts have recently issued reports on LMT shares. Wall Street Zen lowered Lockheed Martin from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 17th. Vertical Research upgraded Lockheed Martin from a “hold” rating to a “buy” rating and set a $600.00 price objective for the company in a report on Wednesday, October 14th. Morgan Stanley increased 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. Jefferies Financial Group restated a “hold” rating on shares of Lockheed Martin in a report on Wednesday, September 2nd. Finally, Citigroup boosted their target price on Lockheed Martin from $691.00 to $706.00 and gave the stock a “buy” rating in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $632.33.

Get Our Latest Stock Report on Lockheed Martin

Lockheed Martin News Summary Here are the key news stories impacting Lockheed Martin this week:

Positive Sentiment: Q3 beat and raised outlook: Lockheed reported adjusted EPS of $7.97 versus the $7.52 consensus, while revenue rose 11.3% year over year to $20.71 billion. Management now expects 2026 sales of $80 billion-$82 billion and EPS of $30.35-$30.75. Lockheed Martin Reports Third Quarter 2026 Financial Results Positive Sentiment: Record backlog supports future revenue: Total backlog reached approximately $292 billion, up sharply from the prior quarter, with much of the increase coming from PAC-3 and THAAD missile-defense orders. Missiles and Fire Control sales grew 24% as production accelerated, strengthening visibility into long-term growth. Lockheed Martin’s Record $292 Billion Backlog Comes With a Delivery Test Positive Sentiment: Long-term F-35 commitment: The Pentagon and Lockheed announced an initial framework for producing 850 F-35 aircraft over 10 years. The agreement provides greater production visibility and could improve supply-chain efficiency, although Lockheed will invest about $7 billion in supporting projects. Pentagon, Lockheed announce agreement for 850 F-35 jets Positive Sentiment: Cash flow and shareholder returns: Lockheed raised its 2026 free-cash-flow outlook to roughly $7.8 billion-$8.0 billion and recently increased its quarterly dividend 4.4% to $3.60 per share. Lockheed Martin, Interactive Brokers, AEP Hike Dividends on Strong Growth Neutral Sentiment: Industry forecasts point to strong growth in defense electronics and land-based C4ISR, potentially expanding Lockheed Martin’s addressable market, but these reports are third-party projections rather than new company contracts. Negative Sentiment: Execution and funding risks remain: The backlog must be converted into deliveries and cash. F-35 deliveries fell year over year, and Lockheed said spending on the Lot 20 advance contract has exceeded currently authorized funding. Higher contract assets and supply-chain constraints could also delay cash collection or pressure margins. Lockheed is spending its own money before Washington signs off (Free Report)

Lockheed Martin Corporation is a global security and aerospace company headquartered in Bethesda, Maryland. Formed in 1995 through the merger of Lockheed Corporation and Martin Marietta, the company develops and produces advanced defense, aerospace, and technology systems for government and commercial customers.

Its principal business areas include Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space. Products and services include military aircraft such as the F-35 Lightning II, C-130 Hercules, and F-16 Fighting Falcon; missile-defense and precision-strike systems; helicopters and naval systems; command, control, communications, and intelligence technologies; satellites; space exploration systems; and other classified space and defense programs.

Lockheed Martin serves the U.S.

Recommended Stories Five stocks we like better than Lockheed Martin Spotify Soars After Earnings as the Company Touts AI Benefits and Moderating Costs Lockheed Martin’s Record $292 Billion Backlog Comes With a Delivery Test Palantir’s Next Big Test Isn’t a Partnership—It’s the Numbers Kinder Morgan’s $4.7 Billion Pipeline Bet Could Be Bigger Than Its Earnings Beat Want to see what other hedge funds are holding LMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lockheed Martin Corporation (NYSE:LMT – Free Report).

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Key Takeaways Lockheed Martin raises 2026 sales guidance to $80-$82 billion and free cash flow outlook to $7.8-$8 billion.LMT's missile segment revenues and profit jump 24%, while a seven-year PAC-3 deal boosts its record backlog.LMT expects high-single-digit revenue growth in 2027 as missile expansion supports momentum. Lockheed Martin Corporation (LMT - Free Report) emphasized accelerating missile production, multiyear defense contracts and improved revenue visibility during its third-quarter 2026 earnings call. Management raised its annual outlook as demand strengthened across its portfolio.

Executives also discussed F-35 production stability, investments in autonomous systems and protections built into long-term contracts. Analyst questions centered on profitability, cash requirements and growth beyond 2027.

LMT Raises 2026 Outlook on Broad-Based GrowthChief financial officer Evan Scott raised Lockheed Martin's 2026 sales guidance to $80-$82 billion from the previous $79.75-$81.75 billion range. The revised midpoint represents approximately 8% annual growth.

Business segment operating profit is now projected at $8.575-$8.675 billion. Management also increased free cash flow guidance to $7.8-$8 billion from $7-$7.2 billion.

Quarterly earnings of $7.97 per share surpassed the consensus estimate of $7.49. Third-quarter revenues increased to $20.71 billion, exceeding the Zacks Consensus Estimate of $20.43 billion. Scott attributed the stronger outlook primarily to higher missile production volumes and improved program execution.

Lockheed's Missile Expansion Drives Backlog GrowthChairman, president and CEO James Taiclet highlighted accelerating production across the Missiles and Fire Control (“MFC”) business. Segment revenues and operating profit both increased 24% year over year.

Lockheed's backlog reached a record $292 billion, supported by a seven-year PAC-3 agreement valued at up to $58.6 billion. The company's quarterly book-to-bill ratio reached 4.

Scott expects MFC revenues to grow at a mid-teens compound annual rate over the next five years. Management is investing more than $8 billion through 2030 to expand production infrastructure, strengthen suppliers and increase manufacturing capacity.

LMT Details Contract Protections and Margin PotentialDuring the Q&A, a Goldman Sachs analyst questioned the financial risks associated with accelerated missile production and evolving contract structures.

Scott explained that customer agreements include cash-flow-neutrality provisions during production ramp-ups. However, final profit terms and delivery schedules remain under negotiation.

Taiclet emphasized that Lockheed intends to preserve or improve historical financial returns. Contract provisions include inflation-linked pricing adjustments, opportunities to retain efficiency-driven profits and mechanisms to recover investments if contracted production volumes decline.

Lockheed Addresses F-35 Timing and ProfitabilityAeronautics revenues increased 13% year over year, supported by higher F-35 production and sustainment activity. However, unfavorable adjustments on F-16 and C-130 programs weighed on profitability.

Management shifted its assumption for certain F-35 contract awards into 2027, lowering Aeronautics' annual outlook. Scott clarified that signing Lot 20 during 2026 would provide upside beyond current guidance.

Responding to a Jefferies analyst, Scott said F-35 production remains margin-accretive. Taiclet explained that the proposed 10-year procurement framework could improve supplier efficiency, sustainment economics and modernization investments.

LMT Accelerates Autonomous Systems DevelopmentTaiclet highlighted Vectis, Lockheed's autonomous aircraft initiative, as evidence of faster internal development. The company plans to build five aircraft using its own investment, with flight demonstrations scheduled for 2027.

During questioning from BofA Securities, Taiclet described Vectis as part of a broader strategy combining upgraded F-22 fighters, improved F-35 capabilities and collaborative combat aircraft.

Management also emphasized digital engineering, artificial intelligence and cross-segment technology integration. These efforts aim to shorten development cycles while positioning Lockheed for future defense programs.

Lockheed Sees Growth Extending Into 2027Responding to a Wolfe Research analyst, Scott indicated that all four business segments should generate revenue growth in 2027, supporting high-single-digit companywide growth.

Cash flow faces an anticipated pension contribution exceeding $1 billion next year. Management is evaluating whether to prefund that obligation during 2026.

Scott also expects continued tax benefits, although smaller than those realized this year. The planned Ultra Maritime acquisition remains on track for a fourth-quarter closing.

LMT Maintains Focus on Execution and CapacityManagement's overall message centered on converting contracted demand into sustained production growth while maintaining financial discipline.

Taiclet emphasized manufacturing expansion, supplier readiness and faster technology deployment. Near-term priorities remain contract execution, production scaling and preserving cash generation through the investment cycle.

What LMT's Zacks Rank and Style Scores IndicateLockheed currently carries a Zacks Rank #3 (Hold), indicating a neutral near-term earnings-revision outlook. Its Growth Score of A and Value Score of B reflect favorable growth and valuation characteristics, while its Momentum Score of F indicates weaker price momentum. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The company's VGM Score of B reflects a favorable combination of value, growth and momentum characteristics. However, the neutral Zacks Rank tempers these favorable style indicators. The Zacks Rank can change as analysts revise their earnings estimates following the third-quarter results.

Shares of Lockheed Martin (LMT +6.96%) climbed nearly 7% on Thursday after the aerospace and defense giant said its contract backlog rose to a whopping $292 billion.

The F-35. Image source: Lockheed Martin.

Broad-based gainsLockheed's sales jumped 11% year over year to $20.7 billion in the third quarter. The defense contractor saw growth in production and sustainment volumes across several of its major platforms, including the F-35 strike fighter, Patriot interceptor missile, and THAAD missile defense system.

$589.91+$38.40 (+6.96%)

NYSE · As of 4:00 PM ET 10/22/26

Lockheed's net earnings, in turn, leaped 14% to $1.8 billion, or $7.97 per share. That surpassed Wall Street's projections, which had called for per-share profits of $7.52.

The aerospace titan also continues to crank out cash. Lockheed generated operating and free cash flow of $3.4 billion and $3 billion, respectively. It passes much of this cash on to its shareholders via a well-funded and steadily growing dividend. Lockheed's shares currently yield a solid 2.4%.

"Our strong third quarter performance underscores Lockheed Martin's continuing leadership in the development and delivery of advanced and reliable defense technology solutions," CEO Jim Taiclet said.

Record backlogThanks in part to the superiority of its technology, Lockheed is winning new contracts at an impressive pace. The company's backlog grew to a staggering $292 billion by the end of the third quarter.

The national security leader now expects full-year sales of roughly $81 billion and earnings per share of $30.35 to $30.75 in 2026.

Lockheed also announced a landmark 10-year deal with the Defense Department to expand production of the U.S. military's F-35 fleet.

Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Lockheed Martin. The Motley Fool has a disclosure policy.

Lockheed Martin Corporation (LMT) Q3 2026 Earnings Call Transcript

Lockheed Martin (LMT - Free Report) came out with quarterly earnings of $7.97 per share, beating the Zacks Consensus Estimate of $7.49 per share. This compares to earnings of $6.95 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +6.41%. A quarter ago, it was expected that this aerospace and defense company would post earnings of $7.22 per share when it actually produced earnings of $7.94, delivering a surprise of +9.97%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Lockheed, which belongs to the Zacks Aerospace - Defense industry, posted revenues of $20.71 billion for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 1.35%. This compares to year-ago revenues of $18.61 billion. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Lockheed shares have added about 14% since the beginning of the year versus the S&P 500's gain of 13.3%.

What's Next for Lockheed?While Lockheed has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Lockheed was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $8.55 on $22.55 billion in revenues for the coming quarter and $30.43 on $80.86 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Aerospace - Defense is currently in the top 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Draganfly Inc. (DPRO - Free Report) , has yet to report results for the quarter ended September 2026.

This company is expected to post quarterly loss of $0.19 per share in its upcoming report, which represents a year-over-year change of -5.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Draganfly Inc.'s revenues are expected to be $3.16 million, up 101.3% from the year-ago quarter.

Should You Invest in Lockheed Martin Corporation (LMT)?

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Zacks Investment Research has been committed to providing investors with tools and independent research since 1978. For more than a quarter century, the Zacks Rank stock-rating system has more than doubled the S&P 500 with an average gain of +24.08% per year. (These returns cover a period from January 1, 1988 through May 6, 2024.)

Lockheed Martin (NYSE: LMT) stock went balistic on Thursday, October 22, after the company announced terrific third-quarter 2026 results, beating both revenue and earnings Street expectations.

The defense contractor posted quarterly revenue of $20.71 billion, up approximately 11% year over year, surpassing analyst expectations of around $20.46 billion. Net earnings rose to approximately $1.85 billion, or $7.97 per share, compared with $6.95 per share in the same period last year. 

Growth was led by the Missiles and Fire Control division, where revenue increased 24%, driven by higher production of PAC-3 and THAAD missile defense systems. Aeronautics revenue climbed 13%, reflecting increased F-35 jet production. 

Now, the company’s backlog sits at a record $292 billion, while free cash flow totaled $3 billion for the quarter. As a result, LMT stock rose 6.33%, trading at $583.12 at press time.

LMT stock price one-day chart. Source: Finbold
Lockheed Martin raises full-year 2026 outlook: Is the stock a buy?
Following its strong quarterly performance, Lockheed Martin raised its full-year 2026 financial guidance for the second consecutive quarter. More precisely, the company now expects revenue of $80 billion to $82 billion, compared with its previous forecast of $79.75 billion to $81.75 billion.

Chairman, President and CEO Jim Taiclet attributed the improved outlook to sustained financial momentum across the company’s business portfolio, supported by strong demand for advanced defense technologies.

Likewise, the company announced a 10-year framework with the U.S. Department of War covering the production, spare parts, modification kits, and maintenance support of 850 U.S. F-35 fighter jets.

Investors immediately welcomed the news, as the company’s strong ties to U.S. government defense spending now provide an additional degree of business stability. Coupled with a dividend yield of around 2.6%, the setup appears to offer an attractive combination of relative value and income. 

Potential risks with Lockheed Martin stock
Despite the appeal, however, contract execution risks are still present, as production challenges and delays have already been an issue earlier this year. Similarly, worries that the outlook might depend on the ongoing geopolitical tensions are likewise difficult to ignore.

Wall Street has also been split on the defense company. Over the past 90 days, analysts have collectively reted Lockheed a “Moderate Buy,” giving it a price target of $613.94, implying a modest 4.41% upside potential, per TipRanks.

LMT stock 12-month forecast. Source: TipRanks
However, the Wall Street consensus and the price target do not as of yet take into consideration the newly released quarterly earnings, meaning the data might tell a different story once the market has had time to digest the news.

Featured image via Shutterstock

Multiyear F-35 production and sustainment strengthens the supply chain, saves billions in taxpayer dollars and improves fleet readiness.

, /PRNewswire/ -- The Department of War and Lockheed Martin (NYSE: LMT) unveiled a transformative framework agreement for multiyear F-35 Lightning II production and sustainment. This framework includes 850 U.S. aircraft over 10 years with associated initial spares, 10 years of modification kits and sustainment, and international customer orders across Lots 21-30, at a continued production rate of 156 aircraft per year. 

U.S. Air Force photo by Tech. Sgt. Tiffany A. Emery

"This multiyear framework strengthens the way we can plan and invest in the F-35 enterprise," said Lockheed Martin Chairman, President and CEO Jim Taiclet. "With the greater certainty that comes from the U.S. government's transformative approach to F-35 production and sustainment, we can make the upfront investments needed to expand capacity, improve efficiency, and build a more resilient supply chain. That's good for the taxpayer, good for our suppliers and, most importantly, good for the United States and its allies."

If granted multiyear authority and associated appropriations in the coming months, the F-35 Joint Program Office and Lockheed Martin will work to finalize contract terms, pricing, and schedules through a formal contract award, which will fulfill the government's imperative for a predictable, affordable, and resilient fighter jet enterprise. This effort is expected to save taxpayers billions of dollars over F-35's lifecycle through long-term pricing and industry volume discounts.

The framework agreement directly addresses Department of War and Congressional priorities to improve F-35 readiness by:

Providing predictable, multiyear procurement planning that eliminates the need for supplemental appropriations for, obsolescence management and production tooling.
Delivering high-volume procurement efficiencies and discounts that translate into tangible taxpayer savings.
Ensuring transparent, data driven decision-making through integrated analytics that link budget inputs to readiness outcomes.
Providing real-time visibility into parts inventory and readiness metrics through integrated analytics.
Highlights

Supply Chain Stability – Predictable demand from long-term contracts with suppliers will enable bulk procurement of raw materials and critical parts, slashing turnaround times and reducing logistics bottlenecks. This will result in better mission capable rates by eliminating the annual contracting cycle that has historically strained the industrial base. 
Affordability – The integrated procurement model that pairs aircraft production with purchases of spare and modification parts will deliver high-volume procurement discounts, drive down unit prices and provide the U.S. government the cost predictability it requires.
Economic Impact – The program will support 317,000 U.S. jobs and generate approximately $79 billion in annual economic activity over the next decade, strengthening the nation's industrial base and providing long-term stability for suppliers who have struggled to plan under the previous resourcing model.
Readiness – This framework adds investments in industry capacity and logistics that build upon Lockheed Martin's existing investments that inject parts into the global spares pool and will further improve fleet readiness and rapid repair turnaround for operations. 
International Benefits – The multiyear procurement model enables economies of scale that lower costs and enhance readiness for all F‑35 customers, reinforcing confidence in the global sustainment network and enhancing interoperability across allied fleets.
"Our new multiyear framework gives suppliers stability to plan for the future and invest with confidence, improving readiness across the F-35 fleet," said OJ Sanchez, president of Lockheed Martin Aeronautics. "This, in addition to the investments Lockheed Martin is making to the global spares pool, will directly translate into higher mission capable rates and a more resilient supply chain – critical capabilities the warfighter needs to meet today's mission and prepare for tomorrow's threats."

About the F-35 Lightning II

More than 1,375 F-35s are currently fielded around the globe, and the fleet has surpassed a million flight hours. The combat-proven F-35 operates from 42 bases worldwide, including 13 nations operating on home soil. As adversaries advance and legacy aircraft age, the F-35 is critical to maintaining air dominance into the future.

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.

SOURCE Lockheed Martin Aeronautics

Sales increased 11% to $20.7 billion
Net earnings increased 14% to $1.8 billion, or $7.97 per share
Cash from operations of $3.4 billion and free cash flow of $3.0 billion
Record backlog of $292.0 billion, including $52.5 billion associated with the multi-year award to produce PAC-3 Missile Segment Enhancement (MSE) interceptors
Updates 2026 financial outlook

, /PRNewswire/ -- Lockheed Martin Corporation [NYSE: LMT] today reported third quarter 2026 sales of $20.7 billion, compared to $18.6 billion in the third quarter of 2025. Net earnings in the third quarter of 2026 were $1.8 billion, or $7.97 per share, compared to $1.6 billion, or $6.95 per share. Cash from operations was $3.4 billion in the third quarter of 2026, compared to $3.7 billion in the third quarter of 2025. Free cash flow was $3.0 billion in the third quarter of 2026, compared to $3.3 billion in the third quarter of 2025. Backlog grew 27% since the second quarter of 2026, setting another new record at $292.0 billion.

"Our strong third quarter performance underscores Lockheed Martin's continuing leadership in the development and delivery of advanced and reliable defense technology solutions. Every day, our research, engineering and production teams are putting highly effective and scalable capabilities in the field. We strive to improve mission performance on a continuous basis by combining proven systems like Aegis, F-35, and Hellfire with the latest digital technologies including AI and Autonomy. We are doing this by integrating our internal innovative solutions with those of start-ups, new entrants into our industry, and commercial technology leaders." said Lockheed Martin Chairman, President and CEO Jim Taiclet.  

"By pulling through our existing platforms and systems using innovations from multiple sources and with newly available digital technology, we can drive elevated growth in our financial performance as well. In the third quarter each of our four segments posted growth year-over-year, sales topped $20.7 billion and net earnings exceeded $1.8 billion, increases of 11% and 14% respectively. We delivered $3 billion of free cash flow in the quarter, and increased our backlog to a record $292 billion, allowing us to raise our dividend for the 24th year in a row. The sustained financial momentum across our portfolio gives us confidence to increase our outlook for sales, earnings per share and free cash flow, the second consecutive quarter we have raised our financial guidance."

Summary Financial Results

(in millions, except per share data)

Quarters Ended

Nine Months Ended

Sept. 27,

2026

Sept. 28,

2025

Sept. 27,

2026

Sept. 28,

2025

Sales

$         20,711

$         18,609

$         58,795

$         54,727

Business segment operating profit1

$          2,229

$           2,029

$          6,214

$           4,685

Unallocated items

FAS/CAS pension operating adjustment

421

380

1,264

1,138

Impairment and other charges

—

—

—

(66)

Intangible asset amortization expense

(49)

(70)

(149)

(197)

Other, net

(158)

(59)

(344)

(160)

Total unallocated items

214

251

771

715

Consolidated operating profit

$          2,443

$           2,280

$          6,985

$           5,400

Net earnings

$          1,845

$           1,619

$          5,169

$           3,673

Diluted earnings per share

$            7.97

$            6.95

$          22.36

$           15.69

Cash from operations

$          3,438

$           3,728

$          6,893

$           5,338

Capital expenditures

(439)

(381)

(1,268)

(1,186)

Free cash flow1

$          2,999

$           3,347

$          5,625

$           4,152

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.

Sales: Third quarter 2026 sales increased $2.1 billion, or 11%, driven by growth in each of the company's four business segments.

Business Segment Operating Profit1: Third quarter 2026 business segment operating profit increased $200 million due to munition ramps at Missiles and Fire Control and higher volume at Aeronautics.

Net Earnings and Diluted EPS: Third quarter 2026 net earnings increased $226 million and diluted earnings per share increased $1.02 primarily due to higher consolidated operating profit of $163 million described above.

Cash Flows: Third quarter 2026 cash from operations decreased $290 million and free cash flows decreased $348 million primarily due to the higher customer receipts in the third quarter of 2025. The company's cash activities during the third quarter of 2026 included capital expenditures of $439 million and independent research and development of $599 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, 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

July 2026

Sales

~$80,000 - $82,000

$79,750 - $81,750

Business segment operating profit1

~$8,575 - $8,675

$8,500 - $8,700

Total FAS/CAS pension adjustment

~$1,365

~$1,365

Diluted earnings per share

~$30.35 - $30.75

$29.95 - $30.65

Cash from operations

~$10,000 - $10,200

$9,200 - $9,400

Capital expenditures

~$2,100 - $2,300

$2,000 - $2,400

Free cash flow1

~$7,800 - $8,000

$7,000 - $7,200

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.

F-35 Lots 20-22 Contract Update

The company remains in negotiations with the U.S. Government on the production contracts for F-35 lots 20 and higher. The company's costs incurred began to exceed the current contractual authorization and funding on the Lot 20 advance acquisition contract during the third quarter of 2026. Without additional contractual authorization and funding from the U.S. Government, the company's results of operations, cash flows, and financial condition will be negatively impacted in future periods.

Segment Results

(in millions)

Quarters Ended

Nine Months Ended

Sept. 27,

2026

Sept. 28,

2025

Sept. 27,

2026

Sept. 28,

2025

Sales

Aeronautics

$         8,214

$         7,256

$        23,279

$        21,733

Missiles and Fire Control

4,501

3,624

12,251

10,430

Rotary and Mission Systems

4,511

4,373

12,856

12,696

Space

3,485

3,356

10,409

9,868

Total sales

$        20,711

$        18,609

$        58,795

$        54,727

Operating profit

Aeronautics

$            743

$            682

$          2,122

$          1,304

Missiles and Fire Control

631

510

1,725

1,454

Rotary and Mission Systems

524

506

1,384

855

Space

331

331

983

1,072

Total business segment operating profit

2,229

2,029

6,214

4,685

Unallocated items

FAS/CAS operating adjustment

421

380

1,264

1,138

Impairment and other charges

—

—

—

(66)

Intangible asset amortization expense

(49)

(70)

(149)

(197)

Other, net

(158)

(59)

(344)

(160)

Total unallocated items

214

251

771

715

Total consolidated operating profit

$         2,443

$         2,280

$          6,985

$          5,400

Aeronautics 

(in millions)

Quarters Ended

Nine Months Ended

Sept. 27,

2026

Sept. 28,

2025

Sept. 27,

2026

Sept. 28,

2025

Sales

$       8,214

$       7,256

$     23,279

$     21,733

Operating profit

743

682

2,122

1,304

Operating margin

9.0 %

9.4 %

9.1 %

6.0 %

Third quarter 2026 sales increased $958 million, or 13%, compared to the third quarter of 2025. The increase was primarily due to higher sales of $710 million on the F‑35 program as a result of higher volume on production and sustainment contracts and $270 million on the C-130 program due to the liquidation of pre-contract costs incurred in anticipation of a contract award in the third quarter of 2026. These increases were partially offset by lower sales of $130 million on the F-16 program due to lower production volume and the sales impact of unfavorable profit adjustments recognized.

Third quarter 2026 operating profit increased $61 million, or 9%, compared to the third quarter of 2025. The increase was primarily attributable to the higher sales volume previously described, partially offset by higher unfavorable profit adjustments of $40 million on the F-16 program and $40 million on the C-130 program.

Missiles and Fire Control

(in millions)

Quarters Ended

Nine Months Ended

Sept. 27,

2026

Sept. 28,

2025

Sept. 27,

2026

Sept. 28,

2025

Sales

$       4,501

$       3,624

$     12,251

$     10,430

Operating profit

631

510

1,725

1,454

Operating margin

14.0 %

14.1 %

14.1 %

13.9 %

Third quarter 2026 sales increased $877 million, or 24%, compared to the third quarter of 2025. The increase was primarily attributable to higher sales of $480 million on integrated air and missile defense programs due to production ramps (Patriot Advanced Capability-3 (PAC-3) and Terminal High Altitude Area Defense (THAAD)), and $330 million on tactical and strike missile programs due to production ramps (Guided Multiple Launch Rocket Systems (GMLRS) and Precision Strike Missile (PrSM)).

Third quarter 2026 operating profit increased $121 million, or 24%, compared to the third quarter of 2025. The increase was primarily attributable to higher sales volume previously described.

Rotary and Mission Systems

(in millions)

Quarters Ended

Nine Months Ended

Sept. 27,

2026

Sept. 28,

2025

Sept. 27,

2026

Sept. 28,

2025

Sales

$        4,511

$    4,373

$    12,856

$    12,696

Operating profit

524

506

1,384

855

Operating margin

11.6 %

11.6 %

10.8 %

6.7 %

Third quarter 2026 sales increased $138 million, or 3%, compared to the third quarter of 2025. The increase was attributable to higher sales of $140 million on Sensors, Effectors & Mission Systems (SEMS) programs due to higher volume on radar programs.

Third quarter 2026 operating profit increased $18 million, or 4%, compared to the third quarter of 2025 primarily due to a $40 million favorable profit adjustment upon the resolution of a contracting matter, offset by unfavorable profit adjustments of $45 million on Heavy Lift and Seahawk programs in the third quarter of 2026.

Space

(in millions)

Quarters Ended

Nine Months Ended

Sept. 27,

2026

Sept. 28,

2025

Sept. 27,

2026

Sept. 28,

2025

Sales

$    3,485

$    3,356

$    10,409

$      9,868

Operating profit

331

331

983

1,072

Operating margin

9.5 %

9.9 %

9.4 %

10.9 %

Third quarter 2026 sales increased $129 million, or 4%, compared to the third quarter of 2025. The increase was primarily attributable to higher sales of $185 million on strategic and missile defense programs due to higher volume on the Fleet Ballistic Missile (FBM) and Next Generation Interceptor (NGI) programs, partially offset by lower sales of $115 million for national security space programs due to the program lifecycle on the OPIR mission.

Third quarter 2026 operating profit was comparable to the third quarter of 2025.

Income Taxes

The company's effective income tax rates were 15.1% and 16.5% for the quarters ended September 27, 2026 and September 28, 2025. The decrease was primarily attributable to increased tax deductions for foreign derived deduction eligible income (FDDEI), partially offset by the absence of the favorable resolution of certain federal income tax audit items as compared to the prior year.

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

July 2026

Business segment operating profit (non-GAAP)

~$8,575 - $8,675

$8,500 - $8,700

FAS/CAS operating adjustment1

~1,685

~1,685

Intangible asset amortization expense

~(200)

~(200)

Other, net

~(540)

~(490)

Consolidated operating profit (GAAP)

~$9,520 - $9,620

$9,495 - $9,695

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, October 22, 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, the outcome of contract negotiations, 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, rare earth minerals and microelectronics;
performance and/or financial viability of key suppliers, teammates, joint ventures (including United Launch Alliance, for which the company has provided guarantees and expects to provide additional financial support), 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 develop and integrate artificial intelligence and autonomy technologies into its products and operations, its use of third-party AI providers, unintended performance of AI-enabled systems, and evolving laws, regulations and contract requirements governing AI and autonomous weapon systems;
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 company's 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;
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

Nine Months Ended

Sept. 27,

2026

Sept. 28,

2025

Sept. 27,
2026

Sept. 28,
2025

Sales

$     20,711

$      18,609

$     58,795

$      54,727

Operating costs and expenses

(18,275)

(16,369)

(51,835)

(49,430)

Gross profit

2,436

2,240

6,960

5,297

Other income, net

7

40

25

103

Operating profit

2,443

2,280

6,985

5,400

Interest expense

(264)

(286)

(799)

(828)

Non-service FAS pension expense

(81)

(99)

(241)

(296)

Other non-operating income, net

74

43

179

115

Earnings before income taxes

2,172

1,938

6,124

4,391

Income tax expense

(327)

(319)

(955)

(718)

Net earnings

$       1,845

$       1,619

$       5,169

$       3,673

Effective tax rate

15.1 %

16.5 %

15.6 %

16.4 %

Earnings per common share

Basic

$         8.00

$         6.98

$       22.45

$       15.74

Diluted

$         7.97

$         6.95

$       22.36

$       15.69

Weighted average shares outstanding

Basic

230.5

231.9

230.2

233.3

Diluted

231.5

232.8

231.2

234.1

Common shares reported in stockholders'

  equity at end of period

230

230

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 September 27, for the third quarter of 2026 and September 28, for the third 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.

Lockheed Martin Corporation

Business Segment Summary Operating Results

(unaudited; in millions)

Quarters Ended

Nine Months Ended

Sept. 27,
2026

Sept. 28,
2025

%
Change

Sept. 27,
2026

Sept. 28,
2025

%
Change

Sales

Aeronautics

$      8,214

$      7,256

13 %

$  23,279

$  21,733

7 %

Missiles and Fire Control

4,501

3,624

24 %

12,251

10,430

17 %

Rotary and Mission Systems

4,511

4,373

3 %

12,856

12,696

1 %

Space

3,485

3,356

4 %

10,409

9,868

5 %

Total sales

$    20,711

$    18,609

11 %

$  58,795

$  54,727

7 %

Operating profit

Aeronautics

$        743

$        682

9 %

$   2,122

$   1,304

63 %

Missiles and Fire Control

631

510

24 %

1,725

1,454

19 %

Rotary and Mission Systems

524

506

4 %

1,384

855

62 %

Space

331

331

— %

983

1,072

(8 %)

Total business segment operating profit

2,229

2,029

10 %

6,214

4,685

33 %

Unallocated items

FAS/CAS operating adjustment

421

380

1,264

1,138

Impairment and other charges

—

—

—

(66)

Intangible asset amortization expense

(49)

(70)

(149)

(197)

Other, net

(158)

(59)

(344)

(160)

Total unallocated items

214

251

(15 %)

771

715

8 %

Total consolidated operating profit

$      2,443

$      2,280

7 %

$   6,985

$   5,400

29 %

Operating margin

Aeronautics

9.0 %

9.4 %

9.1 %

6.0 %

Missiles and Fire Control

14.0 %

14.1 %

14.1 %

13.9 %

Rotary and Mission Systems

11.6 %

11.6 %

10.8 %

6.7 %

Space

9.5 %

9.9 %

9.4 %

10.9 %

Total business segment operating
margin

10.8 %

10.9 %

10.6 %

8.6 %

Total consolidated operating margin

11.8 %

12.3 %

11.9 %

9.9 %

Lockheed Martin Corporation

Consolidated Balance Sheets

(in millions, except par value)

Sept. 27,

2026

Dec. 31,

2025

(unaudited)

Assets

Current assets

Cash and cash equivalents

$          5,960

$          4,121

Receivables, net

3,096

3,901

Contract assets

16,899

13,001

Inventories

3,987

3,524

Other current assets

1,059

815

Total current assets

31,001

25,362

Property, plant and equipment, net

11,524

11,292

Goodwill

11,299

11,314

Intangible assets, net

1,737

1,887

Deferred income taxes

1,819

2,975

Other noncurrent assets

7,130

7,010

Total assets

$        64,510

$        59,840

Liabilities and equity

Current liabilities

Accounts payable

$          5,005

$          3,630

Salaries, benefits and payroll taxes

3,349

3,184

Contract liabilities

12,644

11,440

Current maturities of long-term debt

—

1,168

Other current liabilities

3,542

3,913

Total current liabilities

24,540

23,335

Long-term debt, net

20,498

20,532

Accrued pension liabilities

3,938

3,915

Other noncurrent liabilities

5,471

5,337

Total liabilities

54,447

53,119

Stockholders' equity

Common stock, $1 par value per share

230

229

Additional paid-in capital

451

—

Retained earnings

16,802

14,034

Accumulated other comprehensive loss

(7,420)

(7,542)

Total stockholders' equity

10,063

6,721

Total liabilities and equity

$        64,510

$        59,840

Lockheed Martin Corporation

Consolidated Statements of Cash Flows

(unaudited; in millions)

Nine Months Ended

Sept. 27,
2026

Sept. 28,
2025

Operating activities

Net earnings

$          5,169

$         3,673

Adjustments to reconcile net earnings to net cash provided by operating activities

Depreciation and amortization

1,223

1,224

Stock-based compensation

269

215

Deferred income taxes

1,114

72

Impairment and other charges

—

66

Reach-forward losses on select programs

—

1,615

Qualified defined benefit pension plans

277

334

Changes in assets and liabilities

Receivables, net

805

(1,493)

Contract assets

(3,898)

(1,231)

Inventories

(463)

(511)

Accounts payable

1,488

1,644

Contract liabilities

1,204

38

Income taxes

(244)

(100)

Other, net

(51)

(208)

Net cash provided by operating activities

6,893

5,338

Investing activities

Capital expenditures

(1,268)

(1,186)

Other, net

(92)

(278)

Net cash used for investing activities

(1,360)

(1,464)

Financing activities

Issuance of long-term debt, net of related costs

—

1,985

Repayments of long-term debt

(1,168)

(142)

Repurchases of common stock

—

(2,250)

Dividends paid

(2,408)

(2,332)

Other, net

(118)

(148)

Net cash used for financing activities

(3,694)

(2,887)

Net change in cash and cash equivalents

1,839

987

Cash and cash equivalents at beginning of period

4,121

2,483

Cash and cash equivalents at end of period

$          5,960

$         3,470

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

Sept. 27,

2026

Dec. 31,

2025

Aeronautics

$        57,331

$        59,435

Missiles and Fire Control

142,517

46,650

Rotary and Mission Systems

49,435

47,715

Space

42,701

39,822

Total backlog

$       291,984

$       193,622

Quarters Ended

Nine Months Ended

Aircraft Deliveries

Sept. 27,
2026

Sept. 28,
2025

Sept. 27,
2026

Sept. 28,
2025

F-35

43

46

94

143

F-16

4

5

6

12

C-130J

2

—

10

2

Government helicopter programs

16

22

51

55

Commercial helicopter programs

—

1

—

2

International military helicopter programs

7

6

7

6

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.

SOURCE Lockheed Martin Corporation

Lockheed Martin reports third-quarter earnings per share of $7.97 from sales of $20.7 billion. Wall Street was looking for profit of $7.52 from sales of $20.5 billion.

The defense contractor's third-quarter profit came in at $1.85 billion, or $7.97 a share, compared with $1.62 billion, or $6.95 a share, a year earlier.

Defense company Lockheed Martin (NYSE:LMT) looks to win investors back over with shares down more than 20% from all-time highs set in March when the company reports third-quarter financial results Thursday before market close.

Lockheed Martin Corporation (NYSE:LMT) will release its third quarter earnings report before the opening bell on Thursday, Oct. 22.

Ukrainian President Volodymyr Zelenskiy said ​on Monday he had ‌discussed ways of speeding up supplies of ​the Patriot ​system, vital to countering Russia ⁠ballistic missiles, ​with representatives of the ​US company Lockheed Martin.

"It is their Patriot systems ​and F-16 planes ​that play an important role ‌in ⁠defending against Russian ballistic missiles and jet-powered drones," Zelenskiy ​said ​on ⁠Telegram.

"And things are not easy ​on both fronts ​right ⁠now. We talked about how we ⁠can ​expand and ​increase supplies."

Key Takeaways BAESY unveiled MDACS and HPM at AUSA 2026 to strengthen U.S. Army missile and drone defense capabilities.HPM uses more than 99% commercial off-the-shelf components to provide sustained defense against drone swarms.BAESY's 35-plus years of missile seeker expertise bolster precision interceptor guidance. BAE Systems plc (BAESY - Free Report) recently unveiled two next-generation defense technologies, the Multi-Domain Artillery Cannon System (“MDACS”) and High Power Microwave (“HPM”), at the Association of the United States Army (“AUSA”) 2026 exhibition. These systems are designed to strengthen the U.S. Army's counter-unmanned aircraft systems (C-UAS) and counter-missile capabilities.

The newly introduced technologies combine precision-guided kinetic weapons with directed-energy capabilities to counter increasingly sophisticated aerial threats, including coordinated drone swarms. These systems are designed to provide sustained, cost-efficient protection for critical installations and military forces.

MDACS is an air-transportable artillery system capable of engaging aerial and ground targets using precision-guided munitions. For air defense, it fires the Hypervelocity Projectile (“HVP”), while its Scorpio-XR munition offers twice the range of existing 155mm cannon-launched projectiles.

Meanwhile, HPM uses directed energy to defeat drone swarms without relying on conventional ammunition. Built with more than 99% commercial off-the-shelf components, the system can provide continuous defensive capability as long as power remains available.

An Overview of BAESY’s Missile Seeker TechnologyBAE Systems' missile seeker technology plays an important role in ballistic missile defense by providing advanced guidance capabilities for precision interceptors. With more than 35 years of experience in developing missile seekers, the company supports defense programs through seeker development, prototyping, manufacturing, integration and testing.

The company's 14,000-square-foot production facility in Nashua, NH, supports high-rate missile seeker manufacturing. Its advanced testing capabilities include optical alignment, sensor performance evaluation and environmental stress screening. These technologies help enhance the accuracy and reliability of missile defense systems against sophisticated ballistic threats. Such capabilities are likely to support sustained demand for BAE Systems' missile defense technologies.

Growth Potential for BAESYRising geopolitical tensions and increasingly sophisticated aerial threats are encouraging countries worldwide to strengthen their air and missile defense capabilities. The growing use of unmanned aircraft, ballistic missiles and precision-guided weapons is accelerating demand for advanced interception technologies and layered defense systems.

The Mordor Intelligence firm predicts that the global market for missiles and missile defense systems will witness a CAGR of 5.58% between 2026 and 2031. This outlook bodes well for BAE Systems, which boasts a diversified portfolio of advanced defense technologies, including MDACS, HPM, HVP and precision-guided munitions.

Opportunities for Other Defense CompaniesOther defense contractors poised to benefit from the growth opportunities in the missiles and missile defense systems market include the following:

RTX Corporation (RTX - Free Report) : The company's Raytheon business offers advanced air and missile defense solutions, including Global Patriot, NASAMS, LTAMDS, Coyote C-UAS and HELWS. These systems provide layered protection against aircraft, drones, cruise missiles and ballistic threats.

The company's LTAMDS is a next-generation radar designed to detect advanced threats, including hypersonic weapons. Equipped with three antenna arrays, it provides 360-degree coverage to track multiple threats simultaneously. Its advanced capabilities position RTX to benefit from growing demand for integrated air and missile defense systems.

Lockheed Martin Corporation (LMT - Free Report) : The company develops advanced missile defense systems, including THAAD, PAC-3 interceptors and the Aegis Combat System. Its portfolio combines sensors, interceptors and command-and-control technologies to counter evolving aerial threats.

LMT's THAAD system protects against short-, medium- and intermediate-range ballistic missiles. It is the only U.S. system capable of intercepting targets both inside and outside the atmosphere. THAAD undergoes continuous capability enhancements to improve its effectiveness against existing and emerging threats.

The Boeing Company (BA - Free Report) : The company provides advanced air and missile defense solutions, including Ground-Based Midcourse Defense, Aegis Ballistic Missile Defense components, directed-energy technologies and PAC-3 seekers. Its portfolio helps counter drones, cruise missiles and long-range ballistic threats.

Boeing's Ground-Based Midcourse Defense system supports U.S. homeland security by intercepting long-range ballistic missiles during midcourse flight. The company oversees system integration, testing and operational readiness, positioning it to benefit from continued missile defense modernization.

Key Takeaways Lockheed Martin wins a $117.1M contract for Apache radar support services, with work running through 2031.The contract supports Apache radar threat detection and situational awareness.Geopolitical tensions and military modernization boost demand for Lockheed Martin's defense technologies.
Lockheed Martin (LMT - Free Report) recently secured a $117.1 million contract to provide post-production support services for Generation II radar frequency interferometers for Apache attack helicopters. The contract was awarded by the Army Contracting Command, Redstone Arsenal, AL.

Work locations and funding will be determined with each order placed under the contract. The work is expected to be completed by Oct. 12, 2031.

Importance of LMT’s Apache Radar ContractThe Generation II radar frequency interferometer supports the Apache attack helicopter’s electronic warfare capabilities by helping detect and identify radar emissions from potential threats. Such systems support threat awareness and situational awareness, enabling crews to respond to hostile radar activity in complex operational environments.

The contract’s focus on post-production support highlights the importance of maintaining and sustaining existing defense systems throughout their operational lives. Continued support services can help preserve equipment readiness and reliability as the U.S. Army operates its Apache helicopter fleet.

Lockheed Martin’s Growth OpportunitiesRising geopolitical tensions, military modernization initiatives and sustained demand for advanced combat capabilities are supporting growth opportunities for defense contractors like Lockheed Martin. The company’s broad portfolio of aerospace and defense technologies, coupled with long-term relationships with the U.S. military and international customers, positions it to benefit from ongoing defense procurement and sustainment requirements.

Lockheed Martin’s defense portfolio includes the Patriot Advanced Capability-3 (PAC-3) missile defense system, the Terminal High Altitude Area Defense (THAAD) system, the F-35 fighter jet and the Apache helicopter. Contracts involving equipment support and sustainment also provide opportunities to maintain customer relationships beyond the initial delivery of defense platforms.

Opportunities for Other Defense StocksOther defense contractors that provide electronic warfare, radar and related defense technologies may also benefit from continued investment in military modernization and equipment sustainment.

RTX Corporation (RTX - Free Report) : RTX develops advanced radar and electronic warfare systems for air and missile defense, aircraft and naval platforms. Its portfolio includes the AN/SPY-6 family of naval radars and the AN/TPY-2 radar, which supports ballistic missile defense missions.

The company’s radar and sensor technologies address evolving military requirements for threat detection, tracking and situational awareness.

Northrop Grumman (NOC - Free Report) : Northrop Grumman develops advanced radar, electronic warfare and surveillance technologies for military applications. Its portfolio includes the AN/TPS-80 Ground/Air Task-Oriented Radar (G/ATOR) and other systems designed to support air defense, surveillance and battlefield awareness.

These capabilities position the company to address defense requirements for detecting and tracking threats across multiple operational environments.

L3Harris Technologies (LHX - Free Report) : L3Harris provides electronic warfare, surveillance and radar technologies for military platforms. Its offerings include tactical air surveillance and long-range surveillance radar systems, along with solutions designed to support threat detection and situational awareness.

Continued demand for advanced sensing and electronic warfare capabilities may create opportunities for the company as military forces modernize their defense systems.

B. Riley Wealth Advisors Inc. grew its stake in shares of Lockheed Martin Corporation (NYSE:LMT – Free Report) by 52.1% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,804 shares of the aerospace company’s stock after acquiring an additional 960 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in Lockheed Martin were worth $1,428,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. IAG Wealth Partners LLC grew its stake in shares of Lockheed Martin by 4,800.0% in the 1st quarter. IAG Wealth Partners LLC now owns 49 shares of the aerospace company’s stock valued at $30,000 after buying an additional 48 shares in the last quarter. Burnham & Co LLC acquired a new position in Lockheed Martin in the second quarter worth approximately $25,000. Basso Capital Management L.P. acquired a new position in Lockheed Martin in the fourth quarter worth approximately $25,000. Field & Main Bank bought a new position in Lockheed Martin during the second quarter valued at approximately $26,000. Finally, TD Capital Management LLC raised its position in 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 acquiring an additional 45 shares in the last quarter. 74.19% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes Several research analysts have recently commented on LMT shares. Citigroup increased 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. Weiss Ratings raised shares of Lockheed Martin from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, October 9th. Wells Fargo & Company set a $600.00 price objective on shares of Lockheed Martin in a research note on Monday, July 27th. TD Cowen decreased their price objective on shares of Lockheed Martin from $600.00 to $570.00 and set a “hold” rating for the company in a report on Friday, October 9th. Finally, Sanford C. Bernstein decreased their price objective on shares of Lockheed Martin from $629.00 to $564.00 and set a “market perform” rating for the company in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $628.10.

View Our Latest Research Report on LMT More Lockheed Martin News Here are the key news stories impacting Lockheed Martin this week:

Positive Sentiment: Lockheed Martin announced a $300 million expansion of its Grand Prairie, Texas, advanced-munitions facility and plans to create approximately 6,000 U.S. jobs. The investment is intended to increase production of critical missile systems, including PAC-3 MSE interceptors, supporting longer-term revenue visibility as governments replenish inventories. Lockheed Martin Expands Advanced Munitions Manufacturing in Texas Positive Sentiment: The company raised its quarterly dividend 4.3% to $3.60 per share, or $14.40 annualized, extending its dividend-growth streak to 24 years. The increase reinforces the investment case for income-focused shareholders. This Defense Stock Just Raised Its Dividend by 4.3% Positive Sentiment: Lockheed Martin is expanding technology cooperation with the Royal Netherlands Aerospace Centre and discussing F-16 upgrades with Ukraine’s air force. The initiatives could support international defense relationships and future program opportunities. Skunk Works and the Royal Netherlands Aerospace Centre Expand Strategic Collaboration Positive Sentiment: Analysts and market commentary point to potential earnings strength next week, supported by recent contract activity, missile-production expansion and sustained defense spending. Lockheed’s current fiscal-year EPS guidance is $29.95 to $30.65. Lockheed Martin Earnings Expected to Grow Neutral Sentiment: Bernstein maintained a Hold rating, while RBC reduced its price target from $600 to $550 and assigned a Sector Perform rating. The revised target still implies limited potential upside but signals caution after the recent rebound. Negative Sentiment: Investors remain focused on valuation, cash-flow conversion and the risk of cost overruns on fixed-price programs. Comparisons with RTX also highlight concerns about Lockheed’s leverage and exposure to individual defense programs. Lockheed Martin Trading Up 2.2% Shares of Lockheed Martin stock opened at $533.65 on Friday. The company’s fifty day simple moving average is $542.60 and its 200-day simple moving average is $543.79. Lockheed Martin Corporation has a 1 year low of $437.25 and a 1 year high of $692.00. The company has a current ratio of 1.19, a quick ratio of 1.01 and a debt-to-equity ratio of 2.34. The company has a market cap of $123.16 billion, a price-to-earnings ratio of 18.16, a PEG ratio of 1.13 and a beta of 0.09.

Lockheed Martin (NYSE:LMT – Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The aerospace company reported $7.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.22 by $0.72. Lockheed Martin had a return on equity of 91.42% and a net margin of 8.16%. The firm had revenue of $20.06 billion for the quarter, compared to analyst estimates of $19.34 billion. During the same period in the previous year, the company posted $1.46 earnings per share. 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, sell-side analysts expect that Lockheed Martin Corporation will post 30.44 EPS for the current year.

Lockheed Martin Increases Dividend The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Tuesday, December 1st will be issued a dividend of $3.60 per share. This represents a $14.40 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, December 1st. This is a positive change from Lockheed Martin’s previous quarterly dividend of $3.45. Lockheed Martin’s payout ratio is 50.87%.

Lockheed Martin Profile (Free Report)

Lockheed Martin Corporation is a global aerospace, defense and technology company headquartered in Bethesda, Maryland. The company develops and produces advanced systems for government and commercial customers, with the U.S. Department of Defense and other U.S. government agencies representing its primary customers.

Its principal activities include the design and manufacture of military aircraft, missiles, air and missile defense systems, radar and sensor technologies, naval and rotary-wing systems, satellites, space exploration systems, and cybersecurity and information technology solutions.

Further Reading Five stocks we like better than Lockheed Martin ASML Can’t Keep Up With AI Demand—Why That’s a Good Thing Enovix’s 100,000-Battery Drone Order Sets Up a Test of Its Production Plans AMD’s Support Could Help Fermi Stock Overcome Its Biggest Hurdle Beyond the GPU: Credo Paves the Next AI Data Superhighway

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Key Takeaways Lockheed Martin is expected to post Q3 2026 earnings of $7.48 per share and revenues of $20.35 billion.Record backlog, rising missile defense demand and higher F-35 production are expected to drive growth.ULA-related earnings pressure, high debt and program execution risks could constrain profitability.
Lockheed Martin (LMT - Free Report) is expected to report third-quarter 2026 results on Oct. 22, before market open.

The Zacks Consensus Estimate for earnings is pegged at $7.48 per share, indicating year-over-year growth of 7.6%. The Zacks Consensus Estimate for revenues is pinned at $20.35 billion, indicating growth of 9.4% 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 8.85%.

Image Source: Zacks Investment Research

What Our Quantitative Model PredictsOur proven model predicts 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 the case here as you will see below.

Earnings ESP: The company’s Earnings ESP is +0.27%. 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 #3. You can see the complete list of today's Zacks #1 Rank stocks here.

Other Stocks Worth a LookSome other industry stocks with a combination of factors indicating an earnings beat are RTX Corporation (RTX - Free Report) and Howmet Aerospace (HWM - Free Report) . RTX and Howmet Aerospace have an Earnings ESP of +0.15% and +0.21%, respectively. RTX has a Zacks Rank #2 and HWM sports a Zacks Rank #1 at present.

Factors That Might Have Impacted LMT’s Q3 PerformanceLockheed Martin’s record order backlog provides a solid foundation for revenue growth, supported by demand for missile defense systems, precision munitions, fighter aircraft and space-based defense technologies. The company’s expanding production agreements for THAAD, PAC-3 and GMLRS, alongside new radar and strategic space awards, should support higher production volumes and revenue visibility.

Missiles and Fire Control is positioned to remain a major growth driver as production ramps up for PAC-3, THAAD and PrSM. Aeronautics should benefit from stronger F-35 production and sustainment activity, while Rotary and Mission Systems is expected to gain from new radar contracts and higher Sikorsky helicopter production. Space revenues should have been supported by the Next Generation Interceptor, Fleet Ballistic Missile and classified national security programs. Management expects growth to accelerate across all four business segments in the second half of 2026, providing a favorable backdrop for the third quarter.

The company’s third-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.

Management highlighted progress in improving production efficiency through robotics, AI-enabled manufacturing and partnerships with suppliers and international allies. These initiatives could help the company meet rising customer demand, improve delivery schedules and support profitability.

The company’s Space business faces pressure from reduced equity earnings associated with United Launch Alliance (“ULA”) following the technical investigation into the Vulcan launch anomaly. Although higher volumes in strategic missile defense and national security programs are expected to support sales, weaker contributions from ULA could limit profit growth. This creates a potential headwind to consolidated earnings even if the segment continues to record higher revenues.

LMT Stock Price PerformanceIn the past three months, the stock has risen 3.7% against the industry’s decline of 11.5%.

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 and Howmet Aerospace are trading at a premium compared to its industry on a forward 12-month P/S basis.

LMT’s Debt PositionCurrently, the company’s total debt to capital is 70.08%, higher than the industry’s average of 46.68%.

Image Source: Zacks Investment Research

Investment ThesisLockheed Martin 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. LMT’s portfolio is concentrated in areas receiving increasing funding and procurement priority, including munitions, integrated air and missile defense, hypersonics, space-based interceptors and counter-drone systems.

Lockheed Martin remains exposed to cost overruns and schedule delays on complex programs, particularly under fixed-price contracts. Production challenges, lower initial profitability on new contracts and unfavorable adjustments across several defense programs continue to pressure margins. Ongoing execution risks in classified and helicopter programs could lead to further charges if costs, project scope or delivery timelines deteriorate.

End NoteLockheed Martin’s diversified defense offerings strengthen its competitive position in securing large-scale government contracts and sustaining robust future demand. Its presence across aerospace, space technologies and maritime defense provides multiple avenues for continued business expansion.

However, considering its high debt levels and execution risks, new investors should wait and look for a better entry point.

, /PRNewswire/ -- A new era of strategic airborne command and control capability for the U.S. Navy has officially begun with Lockheed Martin (NYSE:LMT) delivering a C-130J-30 Super Hercules aircraft destined to become the future of the Take Charge and Move Out (TACAMO) mission, at the company's Marietta, Georgia, facility on Oct. 15.

Lockheed Martin delivered a C-130J-30 Super Hercules aircraft to the U.S. Navy at the company’s Marietta, Georgia, facility on Oct. 15. The Super Hercules is destined to become the future of the Take Charge and Move Out (TACAMO) mission. TACAMO is the U.S. Navy’s airborne nuclear command and control support mission. Photo by: Damien Guarnieri/Lockheed Martin.

The C-130J-30 Super Hercules will be modified into the E-130J Phoenix II, the Navy's next‑generation TACAMO mission platform, fulfilling an added mission for the Super Hercules. TACAMO is the U.S. Navy's airborne nuclear command‑and‑control support mission.

The Super Hercules provides the Navy with a domestically produced, reliable, long-endurance, four-engine platform with the proven performance to successfully carry out the TACAMO mission. With advanced avionics, increased power, greater range, fuel efficiency and payload capacity, the C‑130J‑30 delivers the capabilities and endurance this critical mission demands.

"This delivery marks a historic milestone for the U.S. Navy, Lockheed Martin, and the nation's strategic communications network," said Trish Pagan, vice president of Lockheed Martin's Air Mobility & Maritime Missions. "The C-130J-30 Super Hercules continues to evolve and adapt to the needs of our customers, carrying the proven reliability of its lineage while transforming into a new, strategic mission set. It is built to deliver the capabilities our joint force demands and built to last through any operational challenge."

The delivery re-establishes the link between the TACAMO mission and the Hercules family. For three decades, the EC-130Q variant served as the Navy's TACAMO platform, flying the mission successfully from 1963 until 1993. The new Super Hercules builds on that legacy while adding advanced avionics, communications and survivability enhancements.

"The C-130J platform has a storied history supporting our strategic communications mission, and accepting this first C-130J-30 marks an exciting new chapter," said U.S. Navy Capt. Roger Davis, Airborne Strategic Command, Control and Communications program manager (PMA-271). "Lockheed Martin's delivery of this battle-proven airframe provides the structural and performance backbone our mission requires as we transition into mission systems integration to field the E-130J Phoenix II."

As part of the Super Hercules' transformation, the aircraft will be transferred to Northrop Grumman, the mission systems integrator, where the E-130J TACAMO industry team will complete the conversion that will see the airframe enter service as the E‑130J Phoenix II.

About the C-130J Super Hercules
The C-130J Super Hercules is the latest generation of the legendary C-130 Hercules. Built with advanced avionics, increased range and speed, and enhanced survivability, the C-130J is certified across 20 different mission sets — including airdrop, search and rescue, firefighting, medevac, ISR, special operations, among others. It is the only tactical airlifter with a global fleet of more than 570 aircraft and continues to serve as the backbone of air mobility worldwide.

For additional information, visit our website: https://www.lockheedmartin.com/en-us/products/c130.html. 

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.

SOURCE Lockheed Martin Aeronautics

Tim Cahill, president of missiles and fire control at Lockheed Martin, said that the new generation of Patriot interceptor is designed to take on threats the US military will face in next three to five years and give the military and allies a 'much broader range of options' for missile defense. Cahill said that when it comes to cost, its important to find a 'sweet spot' between making systems affordable and still capable to withstand a launch environment.

Lockheed Martin and RTX both raised full-year guidance on the same July morning, but their balance sheets and business mixes tell two very different stories about which dividend survives a budget freeze or a single bad program charge.

, /PRNewswire/ -- Lockheed Martin Skunk Works® (NYSE: LMT) and The Royal Netherlands Aerospace Centre (NLR) today announced a broadening of their strategic partnership at NL-US Defense Industry Days. What began two years ago as an exploratory Memorandum of Understanding (MoU) has matured into a high-impact collaboration, rapidly transitioning advanced technologies from the research lab into operational solutions that directly support the mission readiness of the Royal Netherlands Air Force.

The Royal Netherlands Aerospace Centre

Tineke van der Veen, CEO of NLR, and Ron Fehlen, Vice President and General Manager of Skunk Works, sign an MOU to continue collaborating on advancing new defense technologies. This agreement between the two like-minded organizations highlights the power of combined world-class expertise with global industry leadership to accelerate critical technological breakthroughs. Skunk Works has a more than 80-year history of developing groundbreaking aerospace systems and continues to deliver cutting-edge solutions globally for America and allied nations. Skunk Works' visionary focus on innovation aligns with NLR's mission of making aerospace technology more sustainable, safer, more efficient, and more effective.

Proven results driving future innovation

Since the inception of this MOU, the two organizations have successfully navigated complex operational and security environments inherent to confidential high-tech development. By establishing robust joint frameworks, workshops, and specialized working groups, NLR and Skunk Works have bridged distinct organizational cultures. This operational success has unlocked more opportunities, paving the way for a deeper and more ambitious roadmap.

"We believe that modern aerospace development relies on global integration rather than isolation, making cross-border partnerships essential to deliver systems that no single nation can build alone," said Tineke van der Veen, CEO at Royal NLR. "Referring to the Dutch Defence White Paper 2026, NATO is the cornerstone of our defense, with the United States as our most important ally. Together with Skunk Works, we're committed to cooperate to solve the highest priorities of the air force for the challenges ahead of us."

"Lockheed Martin is excited about continued partnership with NLR through expansion of this MOU," said Ron Fehlen, vice president and general manager of Skunk Works. "We have matured specific projects with cutting-edge technologies, such as Thermoplastics, and through our continued collaboration, we will develop new solutions to address pressing aerospace and defense challenges."

In this next phase, we'll focus on four key pillars. These include connectivity to the Dutch industrial base, coordination on military operational analysis, alignment on technology roadmaps, and collaboration on Unmanned Aerial Systems (UAS). We'll position the Dutch defense industrial base within the international supply chain, bridge the gap between mission needs and capability requirements, and work together on enabling technologies.

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.

About Royal NLR – Netherlands Aerospace Centre

Royal NLR operates as an objective and independent research centre, making aerospace more sustainable, safer, more efficient and more effective. As part of this, NLR offers innovative solutions and technical expertise, creating a strong competitive position for the commercial sector. More information at www.nlr.org.

SOURCE Lockheed Martin Aeronautics

Lockheed Martin (NYSE: LMT) stock jumped 3.3% through 1:55 p.m. ET on Wednesday.

You can thank Vertical Research for that.

Image source: Lockheed Martin.

Vertical Research loves Lockheed Martin stockTwo separate research notes came out on Lockheed Martin this morning. Investment bank Bernstein took the under, cutting its price target on the defense stock to $564 amid worries about potential delays in defense funding in Congress this year and concerns that "the path to a budget remains uncertain," as TheFly.com reports.

Not to worry, though, says Vertical Research analyst Robert Stallard. "While there is much uncertainty about the outlook for the U.S. defense budget," one place where funding seems secure is spending to acquire missiles for air defense after the Iran war severely eroded stockpiles of Patriot missiles.

And Lockheed Martin, of course, builds the Patriot.

Premium Feature

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What's next for Lockheed stock?The need to buy new missiles to replace those that have been used up means a large part of Lockheed Martin's revenue pipeline is probably secure, whatever happens to the rest of the defense budget. And with Lockheed stock down 23% since its highs earlier this year -- and down 14% over just the last two months-- now may be a good time to get in and buy some Lockheed stock.

In fact, that's exactly what Stallard recommends -- initiating coverage of Lockheed stock with a buy rating and a $600 price target.

With Lockheed stock priced below 20 times earnings today, paying a 2.9% dividend, and expected to grow earnings better than 17% annually over the next five years, the price looks right to me, too.

Lockheed Martin stock is a buy.

Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Lockheed Martin. The Motley Fool has a disclosure policy.

Ben Watson of @CharlesSchwab has his eye on Lockheed Martin (LMT) forming a head and shoulders pattern in its stock chart. He explains how price action can fall back in favors of the bulls.

Lockheed Martin and Avio Announce Strategic Cooperation Agreement for Solid Rocket Motor Production
Lockheed Martin (NYSE: LMT) and Avio announced a strategic cooperation agreement for the production of solid rocket motors (SRMs). This collaboration will accelerate and expand the SRM industrial base with key manufacturing capabilities, bringing resiliency to a vital U.S. supply chain.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261013766935/en/

Avio USA CEO James Syring (L) and Lockheed Martin MFC President Tim Cahill announce a strategic cooperation agreement for the production of solid rocket motors at AUSA Annual Meeting 2026.

THE BIG PICTURE

After qualification, initial work will focus on the production of solid rocket motors for the Extended Range GMLRS® (ER GMLRS) and the Precision Strike Missile (PrSM). SRM production for these essential programs will be performed at Avio USA’s new state-of-the-art facility in Hurt, Virgina, drawing on the longstanding solid propulsion expertise of its parent company, Avio S.p.A. (EXM: AVIO).

WHY IT MATTERS

SRM supply chain resiliency: This agreement provides Lockheed Martin access to a share of Avio’s merchant supply capacity for ER GMLRS and PrSM production, ensuring flexibility and creating surety of supply in the crucial SRM supply chain to meet accelerating customer demand and guarantee uninterrupted mission readiness across global operations.Increased production capacity: By augmenting the defense industrial base, this effort demonstrates Lockheed Martin’s agile response to heightened production requirements, supporting the expansion of dedicated lines and resources to fulfill emerging operational needs for SRM production.Accelerated ER GMLRS and PrSM manufacturing capabilities: By leveraging expanded SRM production capacity, Lockheed Martin is creating the opportunity to accelerate ER GMLRS and PrSM output to deliver increased munition volumes faster to support warfighters and combatant commands.EXPERT PERSPECTIVE

“A reliable and diverse supply chain for solid rocket motors is fundamental to our strategy for a stronger defense industrial base. This strategic cooperation agreement with Avio enables us to speed up production of essential capabilities, ensuring our customers maintain their competitive edge against emerging threats,” said Tim Cahill, president of Lockheed Martin Missiles and Fire Control.“This agreement is a major milestone for Avio USA and for the facility and team we are building in Virginia,” said James Syring, CEO of Avio USA. “The Lockheed Martin programs contribute to a strong foundation for the factory operations. It gives us tremendous momentum as we continue construction, grow our U.S. workforce and prepare to begin manufacturing.”“Avio has launched an investment of over $500M in new production capacity for SRMs in the United States with a view to become a merchant supplier to the various defense customers. In this context, Avio is excited to be able to support Lockheed Martin in their effort to increase production volumes and resiliency and will put all its expertise at work to accelerate towards this goal,” said Giulio Ranzo, Chief Executive Officer of Avio.ADDITIONAL DETAILS

This strategic cooperation agreement between Lockheed Martin and Avio USA will strengthen the U.S. SRM industrial base, bolstering the defense supply chain and enabling our troops to have access to reliable, high-performance munitions to defend our nation and its allies.

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.

About Avio USA

Avio USA Inc., headquartered in Arlington, Virginia, is a subsidiary of Avio S.p.A. structured to operate in compliance with U.S. security and export-control regulations. The company is governed by a U.S.-based board of directors and led by CEO James Syring, a retired U.S. Navy Vice Admiral and former Director of the U.S. Missile Defense Agency. Avio USA is building a growing U.S. engineering, manufacturing and operations presence, leveraging Avio’s global propulsion expertise to expand domestic production and serve as an independent supplier to U.S. defense customers and industry partners. Learn more at AvioUSA.com.

About Avio

Avio S.p.A. (EXM: AVIO) is a leading international group engaged in the manufacturing and development of space launchers and solid, liquid and cryogenic propulsion systems. The experience and know-how built up over more than 50 years puts Avio at the cutting edge of the space launcher sector and defense programs. Avio is present in Italy, France, the United States and French Guiana, employing more than 1,500 highly qualified personnel. Avio is the prime contractor for the Vega program and a subcontractor for the Ariane program, as well as a leading solid rocket motor subcontractor for the design and manufacturing of major European tactical missile programs. Learn more at Avio.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261013766935/en/

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.

Click for the complete disclosure

WASHINGTON--(BUSINESS WIRE)-- #Avio--Lockheed Martin (NYSE: LMT) and Avio announced a strategic cooperation agreement for the production of solid rocket motors (SRMs). This collaboration will accelerate and expand the SRM industrial base with key manufacturing capabilities, bringing resiliency to a vital U.S. supply chain.THE BIG PICTUREAfter qualification, initial work will focus on the production of solid rocket motors for the Extended Range GMLRS® (ER GMLRS) and the Precision Strike Missile (PrSM). S.