$LMT · LOCKHEED MARTIN CORP
Lockheed Martin reported Q3 2026 results with sales of $20.7B (+11% YoY), net earnings of $1.845B (+14%), and diluted EPS of $7.97. The company raised its full-year 2026 outlook for the second consecutive quarter: sales ~$80B-$82B, EPS ~$30.35-$30.75, and free cash flow ~$7.8B-$8.0B. Backlog hit a record $292.0B, including $52.5B from the PAC-3 MSE multi-year award.
- Q3 sales rose 11% YoY to $20.7B, with all four business segments posting growth.
- Net earnings increased 14% to $1.845B; diluted EPS of $7.97 vs $6.95 a year ago.
- Record backlog of $292.0B, up 27% sequentially, including $52.5B for PAC-3 MSE interceptors.
- Full-year guidance raised: sales ~$80B-$82B, EPS ~$30.35-$30.75, free cash flow ~$7.8B-$8.0B.
- F-35 Lots 20-22 remain in negotiation; costs exceeded contractual authorization on Lot 20 in Q3.
Extended-hours trading shows LMT at $571.99, up +3.71% vs the regular-session close of $551.51, reflecting strong positive reaction to the beat-and-raise quarter and record backlog.
A second consecutive guidance raise, record backlog, and double-digit top-and-bottom-line growth confirm Lockheed Martin is a prime beneficiary of the global defense spending supercycle.
Lockheed's broad-based growth across all four segments — particularly the 24% sales jump in Missiles and Fire Control driven by PAC-3, THAAD, GMLRS, and PrSM production ramps — reflects the sustained global defense spending upcycle benefiting the entire prime contractor peer group.
F-35 Lots 20-22 production contracts remain unsigned; costs on Lot 20 advance acquisition contract exceeded funding in Q3 2026. Without additional U.S. Government authorization, results of operations, cash flows, and financial condition will be negatively impacted.
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