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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Gautam Khanna | TD Cowen | 6 questions · 0% challenging |
| Kristine Liwag | Morgan Stanley | 6 questions · 0% challenging |
| Scott Deuschle | Deutsche Bank | 5 questions · 20% challenging |
| Scott Mikus | Melius Research | 5 questions · 0% challenging |
| Rob Stallard | Vertical Research Partners | 5 questions · 20% challenging |
| Richard Safran | Seaport Research Partners | 5 questions · 0% challenging |
| Ron Epstein | Bank of America | 4 questions · 25% challenging |
| Michael Ciarmoli | Truist Securities | 4 questions · 0% challenging |
| Myles Walton | Wolfe Research | 4 questions · 50% challenging |
| Sheila Kahyaoglu | Jefferies | 4 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Morgan Stanley | 1 analyst | 6 questions · 0% challenging |
| TD Cowen | 1 analyst | 6 questions · 0% challenging |
| Deutsche Bank | 1 analyst | 5 questions · 20% challenging |
| Melius Research | 1 analyst | 5 questions · 0% challenging |
| Seaport Research Partners | 1 analyst | 5 questions · 0% challenging |
| Vertical Research Partners | 1 analyst | 5 questions · 20% challenging |
| Jefferies | 1 analyst | 4 questions · 0% challenging |
| Bernstein | 1 analyst | 4 questions · 75% challenging |
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.
Calendar quarter Q1 2026Earnings call Apr 23, 2026
FY2026 Q1 in brief
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.
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for Lockheed Martin (LMT), FY2026 Q1: 4/10. Scores: Lockheed Martin’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: LMT daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
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 |
GAAP revenue YoY +0.32% → base 5. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
Reported Thursday, Oct 22. Earnings call pending.
A pre-earnings brief is ready for LMT: the setup, what peers and partners said this season, and which analysts to watch.Reading it is a Tellvest Pro feature.
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| 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 | -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 | $20.32B | +9.1% | $5.80 | +161.3% | 11.4% | 11.5% | 6.6% | $2.76B |
| FY2026 Q1Selected | $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% | $2.92B |
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 said about other companies on its FY2026 Q1 call, and what other companies said about LMT on their calls covering the same calendar quarter (Q1 2026). Each company's own fiscal quarter is shown next to its name. 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, you know, to the two major primes, Lockheed Martin 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 | Headline |
|---|---|---|---|---|
| LMTLockheed Martin | 4 | +0.3% | Munitions Production Ramp Accelerates | |
| ACHRArcher Aviation Inc. | 5 | n/a | Archer Aviation, a pre-commercial eVTOL developer, remained pre-revenue and deeply loss-making in Q1 (GAAP EPS of -$0.28) while emphasizing execution across its civil, defense and software lines | |
| AXONAxon Enterprise Inc. | 10 | +33.8% | AI Era Plan Driving Explosive Adoption | |
| BAThe Boeing Company | 7 | +14.0% | 737 production stabilized at 42/month, rate 47 this summer | |
| GDGeneral Dynamics | 8 | +10.3% | Strong Revenue Growth Across All Segments | |
| GEGE Aerospace | 7 | +24.7% | Exceptional Commercial Services Growth | |
| HIIHuntington Ingalls Industries | 6 | +13.3% | Strong Shipbuilding Revenue Growth Continues at 18% | |
| HWMHowmet Aerospace | 9 | +19.1% | Record Q1 Revenue Up 19% with 32% EBITDA Margin | |
| LHXL3Harris | 8 | +11.9% | Revenue surged to $5.7 billion with 15% organic growth and broad-based strength across all segments, while GAAP EPS of $2.72 rose 33% year-over-year | |
| LUNRIntuitive Machines, Inc. | 3 | +198.7% | Intuitive Machines reported record first-quarter revenue of $186.7 million, roughly 3x the prior-year quarter, though the increase was driven almost entirely by the January 2026 Lanteris acquisition rather than organic growth | |
| NOCNorthrop Grumman | 6 | +4.4% | B-21 Production Rate Acceleration | |
| RKLBRocket Lab USA, Inc. | 8 | +63.5% | Rocket Lab delivered its strongest first quarter ever, with record revenue of $200.3 million, up 63.5% year-over-year and just above the high end of guidance, led by Space Systems at $136.7 million (up 57.2%) | |
| RTXRTX Corporation | 9 | +8.7% | Strong Organic Growth Across All Three Channels | |
| SPCXSpace Exploration Technologies Corp. | Has not reported Q1 2026 | n/a | Has not reported Q1 2026 | |
| TDGTransDigm Group | 10 | +18.3% | TransDigm delivered a beat-and-raise second quarter, with GAAP revenue up roughly 18% year over year (organic growth of approximately 11%) as all three channels grew: commercial aftermarket rose about 14%, commercial OEM about 12%, and defense about 11% | |
| TXTTextron | 7 | +11.8% | Industrial Separation Announced to Create Pure-Play A&D |
Munitions Production Ramp Accelerates
Archer Aviation, a pre-commercial eVTOL developer, remained pre-revenue and deeply loss-making in Q1 (GAAP EPS of -$0.28) while emphasizing execution across its civil, defense and software lines
737 production stabilized at 42/month, rate 47 this summer
| Company | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|---|
| LMT | 6 | 7 | 6 | 8 | 7 | 4 |
| ACHR | 5 | 5 | 5 | 5 | 5 | 5 |
| AXON | 8 | 8 | 8 | 8 | 10 | 10 |
| BA | 2 | 8 | 8 | 8 | 9 | 7 |
| GD | 8 | 8 | 8 | 8 | 6 | 8 |
| GE | 6 | 8 | 9 | 9 | 9 | 7 |
| HII | 3 | 5 | 7 | 9 | 9 | 6 |
| HWM | 9 | 9 | 9 | 9 | 9 | 9 |
| LHX | 8 | 5 | 7 | 8 | 7 | 8 |
| LUNR | 8 | 3 | 5 | 2 | 3 | 3 |
| NOC | 6 | 1 | 7 | 8 | 9 | 6 |
| RKLB | 8 | 8 | 8 | 8 | 8 | 8 |
| RTX | 9 | 6 | 5 | 9 | 7 | 9 |
| SPCX | No score | No score | No score | No score |
Strong Revenue Growth Across All Segments
Strong Shipbuilding Revenue Growth Continues at 18%
Revenue surged to $5.7 billion with 15% organic growth and broad-based strength across all segments, while GAAP EPS of $2.72 rose 33% year-over-year
Intuitive Machines reported record first-quarter revenue of $186.7 million, roughly 3x the prior-year quarter, though the increase was driven almost entirely by the January 2026 Lanteris acquisition rather than organic growth
Rocket Lab delivered its strongest first quarter ever, with record revenue of $200.3 million, up 63.5% year-over-year and just above the high end of guidance, led by Space Systems at $136.7 million (up 57.2%)
Has not reported Q1 2026
TransDigm delivered a beat-and-raise second quarter, with GAAP revenue up roughly 18% year over year (organic growth of approximately 11%) as all three channels grew: commercial aftermarket rose about 14%, commercial OEM about 12%, and defense about 11%
| No score |
| No score |
| TDG | 9 | 7 | 8 | 9 | 7 | 10 |
|---|
| TXT | 3 | 5 | 5 | 7 | 9 | 7 |
|---|