Lockheed Martin Q3 2026 Earnings Lift Outlook

Lockheed Martin Q3 2026 earnings topped expectations, and the company raised its full-year outlook on Oct. 22, 2026, after reporting a record backlog that executives said supports stronger revenue and cash-flow projections.

Results, Guidance, and Backlog

Lockheed Martin Corp. (LMT) reported third-quarter sales of $20.7 billion for the quarter ended Sept. 27, 2026, an 11.0% increase from $18.6 billion a year earlier. Net earnings rose to $1.8 billion, or $7.97 a share, compared with $1.6 billion, or $6.95, in the prior-year quarter. These results exceeded cited Wall Street estimates for both earnings per share and revenue.

The company filed its Form 8-K with the Securities and Exchange Commission on Oct. 22, 2026, at 06:26:08 ET, covering results of operations, financial statements, and exhibits. Operating cash from operations was $3.4 billion, and free cash flow was $3.0 billion for the quarter.

Following the strong quarter, Lockheed Martin raised its full-year 2026 guidance. It boosted the sales range to about $80.0 billion to $82.0 billion, lifted diluted earnings-per-share guidance to about $30.35 to $30.75, and raised free cash flow and cash from operations ranges to about $7.8 billion to $8.0 billion and $10.0 billion to $10.2 billion, respectively. The company attributed the increases to growth across all four segments and sustained portfolio momentum. Jim Taiclet, chairman, president, and CEO, said, "The sustained financial momentum across our portfolio gives us confidence to increase our outlook for sales, earnings per share and free cash flow."

Backlog reached a record $292.0 billion as of Sept. 27, 2026, up 27.0% from the second quarter. Of that, $52.5 billion was tied to a multiyear PAC-3 Missile Segment Enhancement interceptor award. This backlog provides extended revenue visibility that underpins the raised outlook and informs near-term production and capital plans.

All four business segments posted year-over-year sales growth. Missiles and Fire Control sales rose 24.0% to about $4.5 billion, while Aeronautics increased 13.0% to about $8.2 billion.

Lockheed Martin remains in negotiations with the U.S. government over F-35 Lots 20 and higher. The company noted that additional contractual authorization and funding could affect future operations and cash flow. Management also indicated that fourth-quarter capital spending is expected to increase, primarily to expand munitions-production capacity.