Analyst Consensus ?
ConsensusBuy37 ratings
Bullish2259.5%
Neutral1437.8%
Bearish12.7%
Lockheed Martin Corporation · LMT · FY2024 Q4 · Calendar Q1 2025
Lockheed: Record Backlog Supports Growth, but Program Risks Remain
The supplied analysis supports a constructive demand and growth case: record backlog, F-35 deliveries, munitions demand, and international sales provide support. The case remains conditional because program charges, pension cash needs, supply constraints, fixed-price exposure, and Aeronautics margin pressure could offset that operating momentum.
Reported Before market openNYSEIndustrials
$118.14B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $6.58
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $18.74B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-9.2%
Event window
SPY move
+0.9%
Same window
Abnormal move
-10.0%
Stock minus SPY
Volume
3.6×
Versus trailing sessions
Subsequent drift
-3.5%
Up to 20 sessions
LMTSPY benchmark
Ask FN2 about LMT FY2024 Q4
Transcript, numbers and history already loaded
What drove LMT's -9.2% move after FY2024 Q4 earnings?What changed in LMT's guidance and outlook in FY2024 Q4?Give me the bull and bear case for LMT after FY2024 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior analysis, backlog increased from over $165 billion to a record $176 billion, while the current analysis adds $1.8 billion of classified-program charges, stronger 2024 sales, and a stated path toward approximately 11% operating margins in 2025.
Guidance delta
Management retained a raised outlook, targeting 4–5% sales growth and approximately 11% operating margins in 2025, while planning roughly $3–3.5 billion of R&D and capex.
Key takeaways
- Sales grew 5% in 2024 and backlog reached a record $176 billion.
- F-35 deliveries were strong, with 110 aircraft delivered in 2024 and a 2025 target of 170–190.
- The company recorded $1.8 billion of classified-program charges while saying those risks were largely de-risked.
- Management emphasized hypersonics, digital transformation, AI partnerships, and continued capital returns.
Management priorities
- Execute F-35 production and sustainment programs, including Lot 19 and Lot 18 contract work.
- Advance hypersonic capabilities, AI collaborations, and the 1LMX digital-transformation initiative.
- Invest in R&D and capex while maintaining the capital-return program.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$511.88Current
$398Low
$573.68Average
$704High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 13, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| TD Cowen | Hold | Hold | Maintain | Oct 9, 2026 |
| UBS | Buy | Neutral | Upgrade | Sep 8, 2026 |
| Citigroup | Buy | Buy | Maintain | Aug 13, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 24, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 24, 2026 |
| Susquehanna | Positive | Positive | Maintain | Apr 24, 2026 |
| Jefferies | Hold | Hold | Maintain | Apr 7, 2026 |
| Goldman Sachs | Sell | Sell | Maintain | Feb 2, 2026 |
| Truist Securities | Buy | Hold | Upgrade | Jan 9, 2026 |
| JP Morgan | Neutral | Overweight | Downgrade | Dec 19, 2025 |
| Bernstein | Market Perform | Market Perform | Maintain | Oct 20, 2025 |
| Baird | Outperform | Outperform | Maintain | Oct 6, 2025 |
| B of A Securities | Neutral | Neutral | Maintain | Aug 21, 2025 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Apr 8, 2025 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jan 6, 2025 |
| Deutsche Bank | Hold | Buy | Downgrade | Jan 2, 2025 |
| Credit Suisse | Outperform | Outperform | Maintain | Apr 19, 2023 |
| DZ Bank | Buy | Hold | Upgrade | Jan 30, 2023 |
| Wolfe Research | Perform | Peer Perform | Maintain | Oct 11, 2022 |
| Cowen & Co. | Market Perform | Outperform | Downgrade | Sep 29, 2021 |
| Argus Research | Buy | Buy | Maintain | Jul 24, 2020 |
| Seaport Global | Buy | Buy | Maintain | May 19, 2020 |
| Buckingham Research | Buy | Buy | Maintain | Feb 7, 2020 |
| Buckingham | Buy | Buy | Maintain | Feb 7, 2020 |
| Stifel Nicolaus | Buy | Buy | Maintain | Jan 30, 2020 |
| Stifel | Buy | Buy | Maintain | Jan 30, 2020 |
| Alembic Global | Neutral | Overweight | Downgrade | Jan 29, 2020 |
| Vertical Research | Buy | Hold | Upgrade | Jan 10, 2019 |
| Berenberg | Buy | Hold | Upgrade | Jul 26, 2018 |
| Bank of America | Buy | Buy | Maintain | Jul 25, 2018 |
| Argus | Buy | Hold | Upgrade | May 5, 2018 |
| Guggenheim | Buy | Buy | Maintain | Jan 20, 2016 |
| Drexel Hamilton | Buy | Buy | Maintain | Oct 21, 2015 |
| Sterne Agee CRT | Buy | Neutral | Upgrade | Aug 20, 2015 |
| Sterne Agee | Buy | Neutral | Upgrade | Aug 20, 2015 |
| FBR Capital | Outperform | Outperform | Maintain | Jun 19, 2014 |
| CRT Capital | Hold | Sell | Upgrade | Nov 30, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $511.88. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Analyst unavailable | $554 | $507.89 | +8.2% | Oct 8, 2026 |
| Redburn Partners | Analyst unavailable | $650 | $506.63 | +27.0% | Oct 6, 2026 |
| UBS | Gavin Parsons | $674 | $525.28 | +31.7% | Sep 8, 2026 |
| Wells Fargo | Analyst unavailable | $600 | $582.65 | +17.2% | Jul 27, 2026 |
| UBS | Gavin Parsons | $581 | $578.53 | +13.5% | Jul 24, 2026 |
| Robert W. Baird | Analyst unavailable | $700 | $568.59 | +36.8% | Jul 24, 2026 |
| Morgan Stanley | Analyst unavailable | $690 | $568.59 | +34.8% | Jul 24, 2026 |
| Wells Fargo | Analyst unavailable | $575 | $535.38 | +12.3% | Jul 8, 2026 |
| Jefferies | Analyst unavailable | $575 | $504.94 | +12.3% | Jun 25, 2026 |
| Jefferies | Sheila Kahyaoglu | $595 | $513.1 | +16.2% | Apr 26, 2026 |
| Susquehanna | Analyst unavailable | $700 | $509.78 | +36.8% | Apr 24, 2026 |
| Morgan Stanley | Kristine Liwag | $653 | $512.62 | +27.6% | Apr 24, 2026 |
| RBC Capital | Analyst unavailable | $575 | $529.79 | +12.3% | Apr 24, 2026 |
| Bernstein | Douglas Harned | $654 | $620.27 | +27.8% | Feb 6, 2026 |
| Morgan Stanley | Kristine Liwag | $675 | $628.26 | +31.9% | Feb 4, 2026 |
| Goldman Sachs | Analyst unavailable | $517 | $634.22 | +1.0% | Feb 2, 2026 |
| UBS | Analyst unavailable | $663 | $634.22 | +29.5% | Feb 2, 2026 |
| Jefferies | Analyst unavailable | $630 | $634.22 | +23.1% | Feb 1, 2026 |
| Truist Financial | Analyst unavailable | $695 | $635.24 | +35.8% | Jan 30, 2026 |
| RBC Capital | Analyst unavailable | $650 | $629.08 | +27.0% | Jan 30, 2026 |
| Seaport Global | Analyst unavailable | $664 | $587.68 | +29.7% | Jan 22, 2026 |
| Susquehanna | Analyst unavailable | $660 | $568.75 | +28.9% | Jan 15, 2026 |
| UBS | Analyst unavailable | $580 | $565.8 | +13.3% | Jan 15, 2026 |
| Jefferies | Analyst unavailable | $540 | $548.24 | +5.5% | Jan 12, 2026 |
| Bernstein | Analyst unavailable | $586 | $549.78 | +14.5% | Jan 12, 2026 |
| Truist Financial | Analyst unavailable | $605 | $518.44 | +18.2% | Jan 9, 2026 |
| Morgan Stanley | Kristine Liwag | $543 | $484.42 | +6.1% | Dec 16, 2025 |
| UBS | Analyst unavailable | $513 | $489.5 | +0.2% | Oct 22, 2025 |
| UBS | Analyst unavailable | $545 | $495.15 | +6.5% | Oct 20, 2025 |
| Truist Financial | Michael Ciarmoli | $500 | $500.18 | -2.3% | Oct 15, 2025 |
| Morgan Stanley | Analyst unavailable | $630 | $505.18 | +23.1% | Oct 15, 2025 |
| Susquehanna | Analyst unavailable | $590 | $514.02 | +15.3% | Oct 9, 2025 |
| Deutsche Bank | Analyst unavailable | $519 | $511.07 | +1.4% | Oct 8, 2025 |
| Robert W. Baird | Analyst unavailable | $550 | $504.49 | +7.4% | Oct 6, 2025 |
| Vertical Research | Robert Stallard | $460 | $410.52 | -10.1% | Jul 22, 2025 |
| Bernstein | Douglas Harned | $551 | $473.57 | +7.6% | Jul 14, 2025 |
| Truist Financial | Michael Ciarmoli | $554 | $467.51 | +8.2% | Jul 11, 2025 |
| RBC Capital | Analyst unavailable | $480 | $442.28 | -6.2% | Mar 27, 2025 |
| Wells Fargo | Analyst unavailable | $476 | $473.65 | -7.0% | Mar 7, 2025 |
| Robert W. Baird | Peter Arment | $540 | $463.96 | +5.5% | Jan 14, 2025 |
| Bernstein | Douglas Harned | $548 | $468.05 | +7.1% | Jan 10, 2025 |
| Jefferies | Sheila Kahyaoglu | $580 | $546.8 | +13.3% | Oct 30, 2024 |
| Jefferies | Sheila Kahyaoglu | $590 | $571.1 | +15.3% | Oct 24, 2024 |
| Susquehanna | Charles Minervino | $695 | $576.98 | +35.8% | Oct 23, 2024 |
| RBC Capital | Ken Herbert | $665 | $576.98 | +29.9% | Oct 23, 2024 |
| Goldman Sachs | Noah Poponak | $434 | $576.98 | -15.2% | Oct 23, 2024 |
| Deutsche Bank | Scott Deuschle | $611 | $576.98 | +19.4% | Oct 23, 2024 |
| RBC Capital | Ken Herbert | $675 | $605.13 | +31.9% | Oct 7, 2024 |
| Deutsche Bank | Scott Deuschle | $620 | $603.79 | +21.1% | Oct 3, 2024 |
| Melius Research | Robert Spingarn | $704 | $568.1 | +37.5% | Sep 3, 2024 |
| Morgan Stanley | Kristine Liwag | $599 | $551.62 | +17.0% | Aug 9, 2024 |
| RBC Capital | Ken Herbert | $600 | $548.77 | +17.2% | Aug 5, 2024 |
| Bank of America Securities | Ronald Epstein | $635 | $537.66 | +24.1% | Jul 31, 2024 |
| Barclays | David Strauss | $505 | $527.64 | -1.3% | Jul 30, 2024 |
| Deutsche Bank | Scott Deuschle | $600 | $526.72 | +17.2% | Jul 26, 2024 |
| RBC Capital | Ken Herbert | $500 | $503.24 | -2.3% | Jul 24, 2024 |
| Wells Fargo | Matthew Akers | $480 | $459.14 | -6.2% | Apr 25, 2024 |
| Deutsche Bank | Scott Deuschle | $487 | $459.14 | -4.9% | Apr 24, 2024 |
| Jefferies | Sheila Kahyaoglu | $485 | $453.08 | -5.3% | Apr 15, 2024 |
| Credit Suisse | Scott Deuschle | $510 | $464.51 | -0.4% | Feb 7, 2023 |
| Goldman Sachs | Noah Poponak | $332 | $461.74 | -35.1% | Jan 13, 2023 |
| Morgan Stanley | Analyst unavailable | $542 | $485.19 | +5.9% | Dec 15, 2022 |
| J.P. Morgan | Analyst unavailable | $505 | $482.67 | -1.3% | Dec 12, 2022 |
| RBC Capital | Ken Herbert | $460 | $426.41 | -10.1% | Aug 30, 2022 |
| Susquehanna | Charles Minervino | $539 | $413.81 | +5.3% | Jul 30, 2022 |
| Wells Fargo | Matthew Akers | $406 | $413.81 | -20.7% | Jul 30, 2022 |
| Morgan Stanley | Kristine Liwag | $522 | $396.18 | +2.0% | Jul 20, 2022 |
| Morgan Stanley | Analyst unavailable | $525 | $416.37 | +2.6% | Jul 12, 2022 |
| Wells Fargo | Matthew Akers | $496 | $445.79 | -3.1% | Apr 25, 2022 |
| Argus Research | John Eade | $500 | $453.87 | -2.3% | Apr 20, 2022 |
| UBS | Myles Walton | $465 | $426.18 | -9.2% | Mar 20, 2022 |
| Jefferies | Sheila Kahyaoglu | $505 | $439.04 | -1.3% | Mar 12, 2022 |
| Wells Fargo | Matthew Akers | $486 | $444.36 | -5.1% | Mar 10, 2022 |
| Wolfe Research | Michael Maugeri | $467 | $458.15 | -8.8% | Mar 5, 2022 |
| Bank of America Securities | Ronald Epstein | $410 | $386.42 | -19.9% | Jan 27, 2022 |
| UBS | Myles Walton | $425 | $391.24 | -17.0% | Jan 26, 2022 |
| J.P. Morgan | Seth Seifman | $420 | $388.56 | -17.9% | Jan 26, 2022 |
| Bernstein | Douglas Harned | $401 | $388.56 | -21.7% | Jan 26, 2022 |
| Susquehanna | Charles Minervino | $445 | $388.56 | -13.1% | Jan 26, 2022 |
| Wells Fargo | Matthew Akers | $379 | $372.62 | -26.0% | Jan 15, 2022 |
| Goldman Sachs | Noah Poponak | $402 | $339.04 | -21.5% | Sep 23, 2021 |
| Credit Suisse | Robert Spingarn | $398 | $366.46 | -22.2% | Jul 27, 2021 |
| Stifel Nicolaus | Joseph DeNardi | $468 | $359.93 | -8.6% | Jul 26, 2021 |
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Start freeCompany context
Snapshot as of publicationLockheed Martin Corporation stands as a prominent global security and aerospace enterprise, specializing in the comprehensive lifecycle of advanced technological systems. Its expertise spans the research, design, development, manufacturing, integration, and ongoing sustainment of cutting-edge products and services across the world. The company's diverse operations are structured into four key segments: Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space. The Aeronautics division is responsible for creating and producing leading-edge combat and air mobility aircraft, alongside unmanned aerial vehicles and their related innovations. The Missiles and Fire Control segment delivers sophisticated air and missile defense systems; tactical and precision air-to-ground weapon systems; comprehensive logistics; advanced fire control; mission operations, readiness, engineering support, and integration services; both crewed and uncrewed ground vehicles; and energy management solutions.…
Historical context
All LMT earningsIndustrials peers this season
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Latest beats and misses
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-01-14T00:00:50.895859+00:00
- Polygon adjusted daily market bars · 2026-10-13T02:40:43.205934+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-13T02:40:43.202980+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-13. For educational purposes only; not investment advice.