Analyst Consensus ?
ConsensusBuy37 ratings
Bullish2362.2%
Neutral1335.1%
Bearish12.7%
Lockheed Martin Corporation · LMT · FY2026 Q2 · Calendar Q3 2026
Lockheed Martin Q2 2026: Record $230B Backlog, Raised Guidance, Ultra Maritime Acquisition
Lockheed Martin's Q2 2026 results mark an inflection point for the franchise. The company beat consensus on both the top and bottom lines, posted a record $230 billion backlog, and raised full-year 2026 guidance across revenue, operating profit, and free cash flow — a shift from the maintained stance held through Q1. The strategic portfolio broadened meaningfully with the Ultra Maritime acquisition (undersea sensing and autonomous sea-drone capabilities) and a partnership with General Motors Defense to apply automotive-grade high-rate manufacturing to defense production. The 10.5% market move, against a declining broader market, signals investor recognition that multiyear munitions demand, F-35 sustainment, and capacity expansion are translating into durable earnings power rather than a single-quarter beat.
Reported Before market openNYSEIndustrials
$133.86B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$7.94
Consensus $7.22
EPS surprise
+10.0%
Reported versus consensus
Reported revenue
$20.06B
Consensus $19.34B
Revenue surprise
+3.7%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+10.5%
Event window
SPY move
-1.2%
Same window
Abnormal move
+11.8%
Stock minus SPY
Volume
2.8×
Versus trailing sessions
Subsequent drift
+2.2%
Up to 20 sessions
LMTSPY benchmark
Ask FN2 about LMT FY2026 Q2
Transcript, numbers and history already loaded
Why did LMT rise 10.5% after beating EPS estimates in FY2026 Q2?What changed in LMT's guidance and outlook in FY2026 Q2?Give me the bull and bear case for LMT after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Guidance moved from maintained (Q1) to raised (Q2). Backlog reached an all-time high of $230 billion. New strategic moves include the Ultra Maritime acquisition for undersea sensing and autonomous sea-drone capabilities, a partnership with General Motors Defense to apply high-rate automotive manufacturing to defense production, and a 500-kilowatt containerized laser weapon award — the highest-power transportable laser system to date. New production facilities are underway in Cortland, Alabama (missile assembly), Troy, Alabama (munitions center), and Titusville, Florida (TRID-2 missile). The geographic footprint expanded deeper into Europe (Germany, Netherlands, Poland, Sweden) and Asia (Japan). Capex outlook shifted from increasing in Q1 to stable in Q2, suggesting the initial capacity-investment wave is largely funded.
Guidance delta
Full-year 2026 guidance was raised across revenue, operating profit, and free cash flow, compared with the prior quarter's unchanged stance. In Q1, the company reaffirmed FCF targets of $6.5-$6.8 billion; Q2 generated $2.9 billion in free cash flow alone. Capex outlook moved from increasing (Q1) to stable (Q2), indicating the first round of capacity build-out is substantially funded.
Key takeaways
- EPS of $7.94 beat consensus of $7.22 by 10%; revenue of $20.1 billion beat estimates of $19.3 billion by 3.7%.
- Backlog reached an all-time high of $230 billion, providing multi-year revenue visibility.
- Full-year 2026 guidance raised for revenue, operating profit, and free cash flow.
- Ultra Maritime acquisition expands undersea sensing and autonomous sea-drone capabilities.
- Partnership with General Motors Defense aims to bring high-rate automotive manufacturing discipline to defense production.
- Free cash flow of $2.9 billion in the quarter supports continued dividend returns and capital investment.
Management priorities
- Scale munitions production capacity with new facilities in Cortland and Troy, Alabama, and Titusville, Florida
- Integrate Ultra Maritime to expand undersea and autonomous sea-drone capabilities
- Apply General Motors Defense partnership to bring automotive-grade high-rate manufacturing to defense production
- Develop next-generation hypersonic glide body and space-based interceptor prototypes
- Establish a European Center of Excellence for co-production with allied nations
- Deploy AI across manufacturing and weapon-system capabilities to improve efficiency and supply-chain resiliency
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$635.2Previous close
$398Low
$579.08Average
$835High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 27, 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 |
|---|---|---|---|---|
| Morgan Stanley | Overweight | Equal Weight | Upgrade | Oct 26, 2026 |
| UBS | Buy | Buy | Maintain | Oct 23, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Oct 23, 2026 |
| Citigroup | Buy | Buy | Maintain | Oct 23, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Oct 23, 2026 |
| Bernstein | Market Perform | Market Perform | Maintain | Oct 14, 2026 |
| TD Cowen | Hold | Hold | Maintain | Oct 9, 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 |
| 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 |
| 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 previous close $635.2. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $620 | $604.18 | -2.4% | Oct 26, 2026 |
| Morgan Stanley | Analyst unavailable | $835 | $604.18 | +31.5% | Oct 25, 2026 |
| Jefferies | Sheila Kahyaoglu | $615 | $604.18 | -3.2% | Oct 25, 2026 |
| UBS | Analyst unavailable | $692 | $594.05 | +8.9% | Oct 23, 2026 |
| Barclays | Anthony Valentini | $560 | $589.91 | -11.8% | Oct 23, 2026 |
| UBS | Gavin Parsons | $653 | $548.07 | +2.8% | Oct 16, 2026 |
| Bernstein | Analyst unavailable | $564 | $504.02 | -11.2% | Oct 14, 2026 |
| Vertical Research | Robert Stallard | $600 | $504.02 | -5.5% | Oct 14, 2026 |
| Barclays | Analyst unavailable | $554 | $507.89 | -12.8% | Oct 8, 2026 |
| Redburn Partners | Analyst unavailable | $650 | $506.63 | +2.3% | Oct 6, 2026 |
| UBS | Gavin Parsons | $674 | $525.28 | +6.1% | Sep 8, 2026 |
| Wells Fargo | Analyst unavailable | $600 | $582.65 | -5.5% | Jul 27, 2026 |
| UBS | Gavin Parsons | $581 | $578.53 | -8.5% | Jul 24, 2026 |
| Robert W. Baird | Analyst unavailable | $700 | $568.59 | +10.2% | Jul 24, 2026 |
| Morgan Stanley | Analyst unavailable | $690 | $568.59 | +8.6% | Jul 24, 2026 |
| Wells Fargo | Analyst unavailable | $575 | $535.38 | -9.5% | Jul 8, 2026 |
| Jefferies | Analyst unavailable | $575 | $504.94 | -9.5% | Jun 25, 2026 |
| Jefferies | Sheila Kahyaoglu | $595 | $513.1 | -6.3% | Apr 26, 2026 |
| Susquehanna | Analyst unavailable | $700 | $509.78 | +10.2% | Apr 24, 2026 |
| Morgan Stanley | Kristine Liwag | $653 | $512.62 | +2.8% | Apr 24, 2026 |
| RBC Capital | Analyst unavailable | $575 | $529.79 | -9.5% | Apr 24, 2026 |
| Bernstein | Douglas Harned | $654 | $620.27 | +3.0% | Feb 6, 2026 |
| Morgan Stanley | Kristine Liwag | $675 | $628.26 | +6.3% | Feb 4, 2026 |
| Goldman Sachs | Analyst unavailable | $517 | $634.22 | -18.6% | Feb 2, 2026 |
| UBS | Analyst unavailable | $663 | $634.22 | +4.4% | Feb 2, 2026 |
| Jefferies | Analyst unavailable | $630 | $634.22 | -0.8% | Feb 1, 2026 |
| Truist Financial | Analyst unavailable | $695 | $635.24 | +9.4% | Jan 30, 2026 |
| RBC Capital | Analyst unavailable | $650 | $629.08 | +2.3% | Jan 30, 2026 |
| Seaport Global | Analyst unavailable | $664 | $587.68 | +4.5% | Jan 22, 2026 |
| Susquehanna | Analyst unavailable | $660 | $568.75 | +3.9% | Jan 15, 2026 |
| UBS | Analyst unavailable | $580 | $565.8 | -8.7% | Jan 15, 2026 |
| Jefferies | Analyst unavailable | $540 | $548.24 | -15.0% | Jan 12, 2026 |
| Bernstein | Analyst unavailable | $586 | $549.78 | -7.7% | Jan 12, 2026 |
| Truist Financial | Analyst unavailable | $605 | $518.44 | -4.8% | Jan 9, 2026 |
| Morgan Stanley | Kristine Liwag | $543 | $484.42 | -14.5% | Dec 16, 2025 |
| UBS | Analyst unavailable | $513 | $489.5 | -19.2% | Oct 22, 2025 |
| UBS | Analyst unavailable | $545 | $495.15 | -14.2% | Oct 20, 2025 |
| Truist Financial | Michael Ciarmoli | $500 | $500.18 | -21.3% | Oct 15, 2025 |
| Morgan Stanley | Analyst unavailable | $630 | $505.18 | -0.8% | Oct 15, 2025 |
| Susquehanna | Analyst unavailable | $590 | $514.02 | -7.1% | Oct 9, 2025 |
| Deutsche Bank | Analyst unavailable | $519 | $511.07 | -18.3% | Oct 8, 2025 |
| Robert W. Baird | Analyst unavailable | $550 | $504.49 | -13.4% | Oct 6, 2025 |
| Vertical Research | Robert Stallard | $460 | $410.52 | -27.6% | Jul 22, 2025 |
| Bernstein | Douglas Harned | $551 | $473.57 | -13.3% | Jul 14, 2025 |
| Truist Financial | Michael Ciarmoli | $554 | $467.51 | -12.8% | Jul 11, 2025 |
| RBC Capital | Analyst unavailable | $480 | $442.28 | -24.4% | Mar 27, 2025 |
| Wells Fargo | Analyst unavailable | $476 | $473.65 | -25.1% | Mar 7, 2025 |
| Robert W. Baird | Peter Arment | $540 | $463.96 | -15.0% | Jan 14, 2025 |
| Bernstein | Douglas Harned | $548 | $468.05 | -13.7% | Jan 10, 2025 |
| Jefferies | Sheila Kahyaoglu | $580 | $546.8 | -8.7% | Oct 30, 2024 |
| Jefferies | Sheila Kahyaoglu | $590 | $571.1 | -7.1% | Oct 24, 2024 |
| Susquehanna | Charles Minervino | $695 | $576.98 | +9.4% | Oct 23, 2024 |
| RBC Capital | Ken Herbert | $665 | $576.98 | +4.7% | Oct 23, 2024 |
| Goldman Sachs | Noah Poponak | $434 | $576.98 | -31.7% | Oct 23, 2024 |
| Deutsche Bank | Scott Deuschle | $611 | $576.98 | -3.8% | Oct 23, 2024 |
| RBC Capital | Ken Herbert | $675 | $605.13 | +6.3% | Oct 7, 2024 |
| Deutsche Bank | Scott Deuschle | $620 | $603.79 | -2.4% | Oct 3, 2024 |
| Melius Research | Robert Spingarn | $704 | $568.1 | +10.8% | Sep 3, 2024 |
| Morgan Stanley | Kristine Liwag | $599 | $551.62 | -5.7% | Aug 9, 2024 |
| RBC Capital | Ken Herbert | $600 | $548.77 | -5.5% | Aug 5, 2024 |
| Bank of America Securities | Ronald Epstein | $635 | $537.66 | -0.0% | Jul 31, 2024 |
| Barclays | David Strauss | $505 | $527.64 | -20.5% | Jul 30, 2024 |
| Deutsche Bank | Scott Deuschle | $600 | $526.72 | -5.5% | Jul 26, 2024 |
| RBC Capital | Ken Herbert | $500 | $503.24 | -21.3% | Jul 24, 2024 |
| Wells Fargo | Matthew Akers | $480 | $459.14 | -24.4% | Apr 25, 2024 |
| Deutsche Bank | Scott Deuschle | $487 | $459.14 | -23.3% | Apr 24, 2024 |
| Jefferies | Sheila Kahyaoglu | $485 | $453.08 | -23.6% | Apr 15, 2024 |
| Credit Suisse | Scott Deuschle | $510 | $464.51 | -19.7% | Feb 7, 2023 |
| Goldman Sachs | Noah Poponak | $332 | $461.74 | -47.7% | Jan 13, 2023 |
| Morgan Stanley | Analyst unavailable | $542 | $485.19 | -14.7% | Dec 15, 2022 |
| J.P. Morgan | Analyst unavailable | $505 | $482.67 | -20.5% | Dec 12, 2022 |
| RBC Capital | Ken Herbert | $460 | $426.41 | -27.6% | Aug 30, 2022 |
| Susquehanna | Charles Minervino | $539 | $413.81 | -15.1% | Jul 30, 2022 |
| Wells Fargo | Matthew Akers | $406 | $413.81 | -36.1% | Jul 30, 2022 |
| Wells Fargo | Matthew Akers | $406 | $395.22 | -36.1% | Jul 20, 2022 |
| Morgan Stanley | Analyst unavailable | $525 | $416.37 | -17.3% | Jul 12, 2022 |
| Wells Fargo | Matthew Akers | $496 | $445.79 | -21.9% | Apr 25, 2022 |
| Argus Research | John Eade | $500 | $453.87 | -21.3% | Apr 20, 2022 |
| UBS | Myles Walton | $465 | $426.18 | -26.8% | Mar 20, 2022 |
| Jefferies | Sheila Kahyaoglu | $505 | $439.04 | -20.5% | Mar 12, 2022 |
| Wells Fargo | Matthew Akers | $486 | $444.36 | -23.5% | Mar 10, 2022 |
| Wolfe Research | Michael Maugeri | $467 | $458.15 | -26.5% | Mar 5, 2022 |
| Bank of America Securities | Ronald Epstein | $410 | $386.42 | -35.5% | Jan 27, 2022 |
| Wells Fargo | Matthew Akers | $400 | $391.24 | -37.0% | Jan 26, 2022 |
| J.P. Morgan | Seth Seifman | $420 | $388.56 | -33.9% | Jan 26, 2022 |
| Bernstein | Douglas Harned | $401 | $388.56 | -36.9% | Jan 26, 2022 |
| Susquehanna | Charles Minervino | $445 | $388.56 | -29.9% | Jan 26, 2022 |
| Wells Fargo | Matthew Akers | $379 | $372.62 | -40.3% | Jan 15, 2022 |
| Goldman Sachs | Noah Poponak | $402 | $339.04 | -36.7% | Sep 23, 2021 |
| Credit Suisse | Robert Spingarn | $398 | $366.46 | -37.3% | Jul 27, 2021 |
| Stifel Nicolaus | Joseph DeNardi | $468 | $359.93 | -26.3% | Jul 26, 2021 |
Track every rating change on LMT the moment it posts. Free to start.
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
Who reports nextBeat on EPS
- VZFY2026 Q3 · October 26, 2026+3.1% EPS-3.5% move
- CXFY2026 Q3 · October 26, 2026+12.0% EPS-0.1% move
- CDNSFY2026 Q3 · October 26, 2026+2.9% EPS+1.8% move
- BAHFY2027 Q2 · October 23, 2026+18.9% EPS-0.3% move
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
Missed on EPS
- KOFFY2026 Q3 · October 26, 2026-9.0% EPS-1.9% move
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
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Sources
- Earnings call transcript and parsed analysis · 2026-07-23T17:04:27.340937+00:00
- FN2 earnings calendar · 2026-07-28T01:23:15.070317+00:00
- Polygon adjusted daily market bars · 2026-07-28T21:51:10.536826+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T21:51:10.534220+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 2026-07-28. For educational purposes only; not investment advice.