Lockheed Martin Corporation (LMT) Earnings Call Transcripts

Lockheed Martin Corporation's Latest Earnings Call - Q2 FY2026

In the second quarter of 2026, Lockheed Martin Corporation reported strong financial results, with revenue of $20.1 billion, reflecting an 11% year-over-year increase. Earnings per share rose to $7.94, and the company generated nearly $3 billion in free cash flow. Management raised its full-year guidance, projecting total sales between $79.75 billion and $81.75 billion, up from a previous estimate of 5% growth to now 8%, indicating robust demand and operational momentum across all segments.

Reported metrics

Guidance from management

Management raised its full-year guidance, now expecting total sales of $79.75 billion to $81.75 billion, an increase from the previous 5% growth estimate to 8%. Free cash flow guidance was also raised to a range of $7 billion to $7.2 billion.

What management said

Thanks, Mark. Overall, the second quarter delivered very solid performance, highlighted by historic backlog and accelerating top line and strong free cash flow, paving the way for sustainable growth and confirming that our strategy and execution are strengthening the fundamentals of the business. We remain confident that our proven and expanding capabilities will continue to be in high demand. and then our execution ...

Sure, Rob. . We expect it to be consistent with our historic munitions production margins. I think, generally speaking, with these big ramps -- and when we have very large growth, there can be a little bit of near-term dilution just based on the long nature of the programs and the fact that we tend to step up our profit booking rate over time as we take risk reduction milestones and make deliveries while there could...

What analysts pressed on

Analysts expressed concerns regarding the sustainability of the current growth trajectory and the potential impact of geopolitical risks on future contracts. There were questions about the execution risks associated with rapidly scaling production capabilities and the long-term durability of new commercial acquisition models.

Main topics on the call

• Record Backlog — Lockheed Martin's backlog reached an all-time high of $230 billion, an increase of approximately $64 billion year-over-year. This growth was driven by significant contract wins, including a $35 billion contract from the ...
• Increased Guidance — Management raised its full-year 2026 sales guidance to $79.75 billion to $81.75 billion, reflecting an 8% year-over-year increase at the midpoint. This is up from the prior guidance of 5%, indicating strong momentum in s...
• Free Cash Flow Improvement — Free cash flow improved significantly to $2.9 billion, compared to a negative $150 million in the same quarter last year. This improvement was attributed to favorable timing of customer receipts and lower tax payments.
• Segment Performance — All segments showed growth, with Missiles and Fire Control (MFC) leading at a 19% sales increase. Aeronautics and Rotary and Mission Systems also reported strong performance, contributing to the overall revenue growth.

Read the full Lockheed Martin Corporation transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 64 Lockheed Martin Corporation earnings call transcripts on record, spanning January 28, 2020 to July 23, 2026. Based on this history, Lockheed Martin Corporation reports quarterly. The most recent call on file is dated July 23, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

LMT

Exchange

NYSE

Country

US

Sector

Industrials

Industry

Aerospace and Defense

Calls on record

64

First call

January 28, 2020

Most recent

July 23, 2026

Reporting cadence

quarterly