Demand
← Отчётные звонки
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Тон
AI
Капзатраты
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LMT
FY2026 Q1
В пределах ожиданий
Отчётный звонок Lockheed Martin Corporation
Вывод Buzzberg
Peru orders 12 F-16s, first direct commercial sale in decades
Lockheed Martin reported solid Q1 2026 results with $18B revenue, maintained full-year guidance, and highlighted massive production ramp-ups in missiles (PAC-3) funded by multi-year government agreements. Key cross-company signals include supplier commitments from Boeing (seekers), L3Harris (rocket motors), Northrop (potential new source), and a joint venture with General Dynamics on solid rocket motors. F-35 demand remains strong with increased budget quantities. The call focused on execution, scaling capacity, and supply chain resilience. PAC-3 production to triple from 650 to 2,000 units per year over 3-4 years, underpinned by multi-year commercial-style contracts with government clawback protection.
Вывод Buzzberg Peru orders 12 F-16s, first direct commercial sale in decades Lockheed Martin reported solid Q1 2026 results with $18B revenue, maintained full-year guidance, and highlighted massive production ramp-ups in missiles (PAC-3) funded by multi-year government agreements. Key cross-company signals include supplier commitments from Boeing (seekers), L3Harris (rocket motors), Northrop (potential new source), and a joint venture with General Dynamics on solid rocket motors. F-35 demand remains strong with increased budget quantities. The call focused on execution, scaling capacity, and supply chain resilience. PAC-3 production to triple from 650 to 2,000 units per year over 3-4 years, underpinned by multi-year commercial-style contracts with government clawback protection. Читать полный анализСвернуть анализ
Lockheed Martin reported solid Q1 2026 results with $18B revenue, maintained full-year guidance, and highlighted massive production ramp-ups in missiles (PAC-3) funded by multi-year government agreements. Key cross-company signals include supplier commitments from Boeing (seekers), L3Harris (rocket motors), Northrop (potential new source), and a joint venture with General Dynamics on solid rocket motors. F-35 demand remains strong with increased budget quantities. The call focused on execution, scaling capacity, and supply chain resilience. PAC-3 production to triple from 650 to 2,000 units per year over 3-4 years, underpinned by multi-year commercial-style contracts with government clawback protection.
- L3Harris spinning out SRM business with government support; Boeing investing in seeker capacity; Northrop exploring Patriot SRM entry; Lockheed/GD joint venture on solid rocket motors.
- F-35 remains dominant: budget request increased to 85 units (from 47), and aircraft demonstrated unmatched combat networking in recent operations.
- Lockheed is subcontractor to Palantir and Anduril on some programs, showing cooperative dynamics with new entrants.
Выручка$18.021B-11% к/к
EPS$6.44+11% к/к
Валовая маржа11.53%Факт
Операционная маржа11.45%Факт
6 подтверждённых тезисов
Что важно сейчас
Самые значимые изменения по итогам звонка.
Capex
PAC-3 production to quadruple; new $4.8B contract signed
Execution
Artemis II mission successful; Orion spacecraft performed flawlessly
Показать ещё 3 тезиса
Demand
F-35 proves combat value; budget requests 85 units
Execution
C-130 deliveries resume; four aircraft delivered
Guidance
Cash flow expected to improve; IRS guidance supports upper end
Отчётный период
Фактические результаты
| Показатель | Факт | Изменение |
|---|---|---|
| Выручка | $18.021B | -11% к/к |
| EPS | $6.44 | +11% к/к |
| Валовая маржа | 11.53% | Факт |
| Операционная маржа | 11.45% | Факт |
| Свободный денежный поток | $-0.291B | Факт |
| Капзатраты | $0.511B | Факт |
Прогнозные данные
Прогноз компании
| Показатель | Период | Диапазон | Середина | Статус |
|---|---|---|---|---|
| Капзатраты | FY2026 | $2.5B–$2.8B | $2.65B | Подтверждён |
| Свободный денежный поток | FY2026 | $6.5B–$6.8B | $6.65B | Подтверждён |
| Операционная маржа | FY2026 | $8.4B–$8.7B | $8.55B | Подтверждён |
AI, капзатраты и спрос
Оценка менеджмента
Confident
Management expressed confidence in demand, execution, and risk mitigation, citing strong operational performance and supportive government partnerships.
Оценка AI от менеджмента
Management discussed deploying AI both internally for business processes and into products like target recognition and battle management, using a centralized AI center with external models on secured infrastructure, and highlighted AI-assisted targeting for F-35.
Инвестиции и мощности
Management is significantly expanding production capacity and investing heavily in facilities for munitions ramps, with a $4.8 billion PAC-3 contract and construction/modernization of over 20 facilities, and full-year 2026 capex guidance of $2.5-2.8 billion.
все упомянутые компании ниже: 6
Компаниис момента звонка
Клиенты
PLTR
+6.2%
ANDURIL
Клиенты
Jim Taklett
Lockheed acts as a subcontractor to Palantir, indicating a cooperative rather than purely competitive dynamic in certain defense programs.
Доказательства
“We're a subcontractor to Palantir and Anduril in some cases, frankly.”
Партнёры
Партнёры
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.
Доказательства
“General Dynamics, Lockheed Martin teaming on solid rocket motors.”
Поставщики
Поставщики
Jim Taklett
Northrop Grumman may become a second source for Patriot solid rocket motors, reducing single-supplier risk for Lockheed's missile ramp.
Доказательства
“Northrop Grumman is looking at expanding its solid rocket motor business potentially into Patriot.”
Поставщики
Jim Taklett
L3Harris is restructuring its solid rocket motor business with government backing, directly enabling Lockheed's PAC-3 production acceleration.
Доказательства
“L3Harris is spinning out its SRM business and also has support from the U.S. government to finance and fund their expansion.”
Поставщики
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.
Доказательства
“Boeing has similarly made a public commitment and one to the government that says, hey, we're going to invest in that seeker business.”
Внешние сигналы
Альфа цепочки поставок · 2с момента звонка
Solid rocket motor capacity is the key bottleneck for PAC-3 ramp; L3Harris is spinning out its SRM business with government support, Northrop is evaluating entry, and Lockheed/GD are joint-venturing to add capacity. This is a multi-year supply chain build-out.
Доказательства
“General Dynamics, Lockheed Martin teaming on solid rocket motors. L3Harris is spinning out its SRM business and also has support from the U.S. government.”
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.
Методология и полнота
Анализ основан только на заявлениях менеджмента. Показаны все подтверждённые упоминания компаний: 6. Фактические результаты и прогнозы разделены. Публичные доказательства ограничены восемью короткими атрибутированными цитатами. AI-анализ может быть неполным или ошибочным — проверяйте важные утверждения по первоисточнику.