Lockheed Martin Corp: 2Q26 earnings beat; Results look solid on strong general demand and restocking

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Lockheed Martin Corp: 2Q26 earnings beat; Results look solid on strong general demand and restocking

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Lockheed Martin Corp

2Q26 earnings beat; Results look solid on

strong general demand and restocking

Earnings Review

2Q26 earnings beat 24 July 2026

Lockheed Martin (LMT) 2Q26 results: 2Q EPS was $7.74 vs Bloomberg est of $7.09. High Grade

Results look solid on strong general demand and restocking; business segment operating United States

profit of $2,162mn, up significantly YoY driven by the absence of prior year reach- Capital Goods -Aerospace/Defense

forward losses at Aeronautics and Rotary & Mission Systems and higher munitions

production at Missiles & Fire Control. Record backlog increased to $230.4bn, including Douglas Karson Research Analyst

the recently awarded multi-year THAAD interceptor production contract. BofAS

+1 646 855 7405

2Q segment results – Growth across all segments doug.karson@bofa.comSomaia Barakah

Aeronautics (Aero): Sales +9% YoY to $8,112mn; operating profit of $760mn vs. a loss Research Analyst

of $(98)mn YoY; operating margin 9.4% vs. (1.3)% YoY. Missiles & Fire Control (MFC): BofASsomaia.barakah@bofa.com

Sales +19% YoY to $4,101mn; operating profit +24% YoY to $594mn; operating margin Shane Steinlauf

14.5% vs. 14.0% YoY. Rotary & Mission Systems (RMS): Sales +9% YoY to $4,354mn; Research Analyst

BofAS

operating profit of $437mn vs. a loss of $(172)mn YoY; operating margin 10.0% vs. shane.steinlauf@bofa.com

(4.3)% YoY. Space: Sales +6% YoY to $3,496mn; operating profit +2% YoY to $371mn;

operating margin 10.6% vs. 10.9% YoY.

Table 1: Ratings & Recommendations

FY26 guidance raised LMT Ratings and Recommendations

FY26 Guidance: Diluted EPS increased to ~$29.95 to $30.65 (from $29.35 to $30.25);

Mdys/S&P/Fitch A2/A-/A