Lockheed Martin Corporation · LMT · Next earnings

Lockheed Martin Corporation reports Tuesday, Oct 20, 2026

LMT reports before market open with consensus EPS at $7.54 and revenue at $20.45B. Last quarter: Lockheed Martin Q2 2026: Record $230B Backlog, Raised Guidance, Ultra Maritime Acquisition

Reports Before market open30 days awayDate estimated Industrials

What the street expects

Consensus for the coming report
Consensus EPS $7.54 Calendar consensus
Consensus revenue $20.45B Calendar consensus
Report date Oct 20, 2026 Tuesday, date estimated
Session Before market open 30 days away

Where LMT left off: FY2026 Q2

Full report

Lockheed Martin Q2 2026: Record $230B Backlog, Raised Guidance, Ultra Maritime Acquisition

EPS surprise +10.0% Reported $7.94 vs $7.22
Revenue surprise +3.7% Reported $20.06B vs $19.34B
Stock move +10.5% Event window
Subsequent drift +2.2% Up to 20 sessions

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.

What to watch on the call

Carried forward from the last transcript

Risks management flagged

  • Potential margin dilution during rapid production ramp-up of new munitions contracts
  • Technical risk in classified hypersonic and space programs
  • Dependence on evolving government acquisition policies and multiyear framework agreements
  • Supply-chain constraints for critical components despite AI-enabled resiliency efforts

Questions analysts left open

  • Timeline and capital allocation for scaling up manufacturing of new weapons
  • Durability of the commercial-style acquisition model under future administrations
  • Margin trajectory for large framework agreements
  • Progress and milestones for classified programs in Arrow and MFC

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Recent LMT quarters

All LMT earnings
+10.5%FY2026 Q2

Sources

  1. FN2 corporate events calendar, resolved from the earnings calendar feed
  2. FN2 earnings calendar analyst consensus
  3. Earnings call transcript analysis, FY2026 Q2

Methodology

The report date comes from FN2's resolved corporate-events calendar and is marked estimated until the company confirms it. Consensus figures are the calendar's latest analyst estimates for the fiscal period and are not an FN2 forecast.

Risks and open questions are carried forward verbatim from FN2's structured analysis of the previous earnings call. Missing values stay missing and are never estimated.

By FN2 Research · Updated . For educational purposes only; not investment advice.