Loading
Sentiment · FY2026 Q2
Sales of $18 billion were in line with the prior year as F-16 and C-130 program losses pressured Aeronautics margins, while EPS of $6.44 declined 12% against tough prior-year comparisons. Munitions production ramp accelerated with $7 billion in PAC-3 contract awards, and F-35 combat performance in active theaters validated the platform's franchise value. Full-year 2026 guidance was reiterated unchanged at mid-single-digit sales growth.
Demand | Revenue Growth | Margin | Capital Allocation | Capex Investment | Regulation Policy | Cost Pressure | Competitive Dynamics | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 4 | 5 | 3 | 1 | 4 | 3 | 1 |
| 2025Q1 | 3 | 2 | 2 | 2 | 1 | 2 | ||
| 2025Q2 | 3 | 2 | 3 | 3 | 3 | 2 | ||
| 2025Q3 | 2 | 6 | 5 | 2 | 3 | 1 | 2 | |
| 2025Q4 | 3 | 2 | 2 | 5 | 3 | 1 | 1 | 1 |
| 2026Q1 | 2 | 4 | 2 | 2 | 4 | 1 | 2 | 3 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 6 | 3 | 3 | 2 | 3 | 2 |
| Revenue Growth | 4 | 2 | 6 | 2 | 4 | |
| Margin | 5 | 2 | 5 | 2 | 2 | |
| Capital Allocation | 3 | 3 | 2 | 5 | 2 | |
| Capex Investment | 1 | 2 | 3 | 3 | 4 | |
| Regulation Policy | 4 | 2 | 3 | 1 | 1 | 1 |
| Cost Pressure | 3 | 1 | 3 | 2 | 1 | 2 |
| Competitive Dynamics | 1 | 2 | 2 | 1 | 3 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Gautam Khanna | TD Cowen | 6 (0%) |
| Kristine Liwag | Morgan Stanley | 6 (0%) |
| Scott Deuschle | Deutsche Bank |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $18.62B | -1.3% | $2.22 | -70.7% | 3.7% | 3.7% | 2.8% | $441M |
| FY2025 Q1 | $17.96B | +4.5% | $7.28 | +13.9% | 12.9% | 13.2% | 9.5% | $955M |
| FY2025 Q2 | $18.16B | +0.2% | $1.46 |
| Scott Mikus | Melius Research | 5 (0%) |
| Rob Stallard | Vertical Research Partners | 5 (20%) |
| Richard Safran | Seaport Research Partners | 5 (0%) |
| Ron Epstein | Bank of America | 4 (25%) |
| Michael Ciarmoli | Truist Securities | 4 (0%) |
| Myles Walton | Wolfe Research | 4 (50%) |
| Sheila Kahyaoglu | Jefferies | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Morgan Stanley | 1 | 6 (0%) |
| TD Cowen | 1 | 6 (0%) |
| Deutsche Bank | 1 | 5 (20%) |
| Melius Research | 1 | 5 (0%) |
| Seaport Research Partners | 1 | 5 (0%) |
| Vertical Research Partners | 1 | 5 (20%) |
| Jefferies | 1 | 4 (0%) |
| Bernstein | 1 | 4 (75%) |
| -78.7% |
| 4.0% |
| 4.1% |
| 1.9% |
| $-150M |
| FY2025 Q3 | $18.61B | +8.8% | $6.95 | +2.2% | 12.0% | 12.3% | 8.7% | $3.35B |
| FY2025 Q4 | $20.33B | +9.2% | $5.80 | +161.3% | 11.4% | 11.5% | 6.6% | $2.76B |
| FY2026 Q1 | $18.02B | +0.3% | $6.44 | -11.5% | 11.5% | 11.4% | 8.3% | $-291M |
| FY2026 Q2 | $20.06B | +10.5% | $7.94 | +443.8% | 12.2% | 12.4% | 9.2% | $3.44B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What LMT and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Lockheed Martin selected OCI high-performance compute to scale AI across their environments efficiently.”
Lockheed Martin is cited as a new OCI infrastructure customer win, using Oracle compute to scale AI.
“the majority of the revenue is coming from other satellite manufacturers that we sell to like Lockheed and Airbus and others.”
Rocket Lab sells the majority of its solar output to third-party satellite manufacturers including Lockheed Martin, making Lockheed a merchant customer of its Space Systems business.
“as a supplier providing the solid rocket motors to the 2 major primes, Lockheed and Raytheon specifically”
L3Harris supplies solid rocket motors to Lockheed Martin as a subcontractor on Munitions Acceleration Council programs (e.g. PAC-3, THAAD), implying strong munitions demand at Lockheed.
“Thirdly, General Dynamics partnership with us is another good sign as far as SRM”
Lockheed is teaming with General Dynamics on solid rocket motors, a positive signal for GD's munitions/SRM capacity expansion.
“Northrop Grumman is looking at expanding a solid rocket motor business potentially into Patriot”
Northrop Grumman is a potential expanding source of solid rocket motors for the Patriot/PAC-3 supply chain, easing a key production pinch point.
“we rely on Boeing for seekers”
Boeing supplies seekers for the PAC-3 program and has made a public commitment to the government to invest in and scale its seeker business.
“we rely on L3Harris for solid rocket motors”
L3Harris is a key PAC-3 supplier for solid rocket motors and has publicly committed to invest in scaling capacity alongside Lockheed's production ramp.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
LMT Lockheed Martin | 4 | +0.3% | |
| AXON Axon Enterprise Inc. | 10 | +33.8% | |
| BA The Boeing Company | 7 | +14.0% | |
| GD General Dynamics | 8 | +10.3% | |
| GE GE Aerospace | 7 | +24.7% | |
| HII Huntington Ingalls Industries | 6 | +13.3% | |
| LHX L3Harris | 8 | +11.9% | |
| NOC Northrop Grumman | 6 | +4.4% | |
| RKLB Rocket Lab USA, Inc. | 8 | +63.5% | |
| RTX RTX Corporation | 9 | +8.7% | |
| SPCX Space Exploration Technologies Corp. | · | n/a | |
| TDG TransDigm Group | 10 | +18.3% | |
| TXT Textron | 7 | +11.8% |