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08:30
Jul 23 ◎

LMT FY2026 Q2 Watch

Lockheed Martin Corporation (LMT) FY2026 Q2 Earnings Call

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Evan Scott

Broad-based revenue acceleration, record backlog ($230B), and strong free cash flow generation underpin raised guidance across all segments.

"We are raising our outlook across every key metric. Building on the momentum we generated in Q2, we now expect total sales of 79.75 billion to 81.75 billion, representing an 8% year-over-year increase at the midpoint."

LMT WATCH

Jim Taic

Lockheed is leveraging GM's automotive manufacturing expertise to address defense production bottlenecks, signaling potential capacity constraints in traditional defense supply chains. — Could accelerate Lockheed's ramp and reduce per-unit costs, but also implies that current defense manufacturing velocity is insufficient for demand.

"our recent collaboration with General Motors Defense. Our joint objective with GM is to explore applying the automotive industry's high-rate manufacturing and supply chain expertise to defense production."

GM WATCH

Jim Taic

Co-production in Europe expands Lockheed's allied manufacturing footprint and may reduce domestic capex needs for ATACMS.

"signed a memorandum of understanding with Rheinmetall toward the first European center of excellence for ATACMS production."

RNMBF WATCH

Evan Scott

The ULA Vulcan launch anomaly is reducing Lockheed's equity earnings in space, indicating potential launch delays or technical issues that could affect satellite deployment schedules. — Boeing (co-owner of ULA) faces similar earnings impact and potential reputation risk; launch customers may face delays.

"reduced ULA equity earnings because of the ongoing technical investigation of the Vulcan launch anomaly experienced earlier this year."

BA WATCH

HIGH

08:30
Apr 23 ◎

LMT FY2026 Q1 Watch

Lockheed Martin Corporation (LMT) FY2026 Q1 Earnings Call

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Jim Taklett

Northrop Grumman may become a second source for Patriot solid rocket motors, reducing single-supplier risk for Lockheed's missile ramp.

"Northrop Grumman is looking at expanding its solid rocket motor business potentially into Patriot."

NOC WATCH

Jim Taklett

Lockheed and GD are jointly developing solid rocket motor capacity, a strategic partnership to de-risk the most critical supply chain element for PAC-3.

"General Dynamics, Lockheed Martin teaming on solid rocket motors."

GD WATCH

Jim Taklett

Lockheed acts as a subcontractor to Palantir, indicating a cooperative rather than purely competitive dynamic in certain defense programs.

"We're a subcontractor to Palantir and Anduril in some cases, frankly."

PLTR WATCH

Evan Scott

Lockheed maintained its full-year 2026 guidance with cautious optimism, citing strong demand and production ramps but no upward revision. Margins are expected to improve in the second half.

"Our 2026 financial outlook remains consistent with the expectations we shared in January, including mid-single-digit sales growth, profit of 8.4 to 8.7 billion, and free cash flow range of 6.5 to 6.8 billion."

LMT WATCH

Jim Taklett

Lockheed supplies Anduril on certain programs, highlighting the blurring lines between prime contractors and new entrants.

"We're a subcontractor to Palantir and Anduril in some cases, frankly."

ANDURIL WATCH

Jim Taklett

L3Harris is restructuring its solid rocket motor business with government backing, directly enabling Lockheed's PAC-3 production acceleration.

"L3Harris is spinning out its SRM business and also has support from the U.S. government to finance and fund their expansion."

LHX WATCH

Jim Taklett

Boeing is making a public commitment to invest in PAC-3 seeker capacity, a critical component for Lockheed's plan to triple PAC-3 production from 650 to 2,000 units per year. — Boeing's seeker ramp is a direct enabler of Lockheed's production surge; failure or delay would ripple through the entire missile supply chain.

"Boeing has similarly made a public commitment and one to the government that says, hey, we're going to invest in that seeker business."

BA WATCH

HIGH

08:30
Jan 29 ◎

LMT FY2025 Q4 Watch

Lockheed Martin Corporation (LMT) FY2025 Q4 Earnings Call

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Jim Taklett

Management's guidance for 2026 is strongly positive, driven by record backlog, multi-year framework agreements, and significant production capacity expansion, indicating a sustained growth trajectory.

"we expect year-over-year sales growth to be approximately 5% at the midpoint, with the year-over-year reported segment operating profit growth to be more than 25%."

LMT WATCH

HIGH

11:00
Oct 21 ◎

LMT FY2025 Q3 Watch

Lockheed Martin Corporation (LMT) FY2025 Q3 Earnings Call

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Jim Taklett

NOC is increasing investment in solid rocket motor capacity, directly benefiting from Lockheed's PAC-3 and other missile production ramps.

"Northrop Grumman made a big commitment, again, to investment on the SRMs"

NOC WATCH

Jim Taklett

GD's JV with Lockheed will provide a third source for solid rocket motors, likely translating into new production revenue for GD's defense segment.

"we've got a joint venture now with General Dynamics where we will have an ability to have a third supplier to bolster those two in the future"

GD WATCH

Jim Taklett

RTX is a named subsystem supplier on F-35 Block 4, confirming ongoing collaboration but without new directional signal.

"RTX is the distributed aperture system"

RTX WATCH

Jim Taklett

BAE is a key F-35 electronic warfare subsystem supplier; program momentum supports BAE's defense electronics revenue.

"BAE is the EW system"

BAESY WATCH

HIGH

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