$LMT · LOCKHEED MARTIN CORP

Lockheed Martin reported Q3 FY2026 revenue of $20.711B (+11.3% YoY) and GAAP EPS of $7.97, up from $6.95 in Q3 FY2025. Net income rose to $1.845B from $1.619B. Operating margin held at 11.8%, matching gross margin. All four segments posted YoY sales growth: Aeronautics $8.214B (+13.2%), Missiles and Fire Control $4.501B (+24.2%), Rotary and Mission Systems $4.511B (+3.2%), and Space $3.485B (+3.8%).

Stock closed regular session at $589.91, +6.96% (+$38.40), reflecting strong defense-sector momentum. Extended-hours trade at $587.77 (-0.36% vs regular close) shows modest profit-taking after the intraday rally. The $136.15B market cap reflects sustained investor confidence in multi-year defense budget tailwinds.

Broad-based double-digit revenue growth and strong cash generation confirm Lockheed's execution on elevated defense budgets and international demand.

Double-digit revenue growth and 24% MFC sales expansion underscore robust demand for missile defense and tactical systems amid elevated global defense spending. Aeronautics strength aligns with F-35 production ramp and international orders. Peer Northrop Grumman and RTX also reporting solid backlog conversion in Q3 2026.

Filing notes supply chain disruptions, inflation, and tariffs as potential headwinds to future program costs. Fixed-price development programs carry estimate risk; cost overruns on select programs could compress margins. No share repurchases YTD 2026 signals capital allocation shift or debt-reduction priority.