Lockheed Martin reported strong Q2 2026 results with record backlog ($230B), 11% revenue growth, and raised full-year guidance across all segments. Management emphasized a culture shift toward investing ahead of demand, commercial-like acquisition frameworks, and partnerships (GM, Rheinmetall) to scale munitions production rapidly. The tone was bullish on multi-year demand but noted near-term margin dilution from ramp investments. Record backlog of $230B, book-to-bill of 3.2x, driven by $35B THAAD multi-year contract.
Lockheed Martin reported strong Q2 2026 results with record backlog ($230B), 11% revenue growth, and raised full-year guidance across all segments. Management emphasized a culture shift toward investing ahead of demand, commercial-like acquisition frameworks, and partnerships (GM, Rheinmetall) to scale munitions production rapidly. The tone was bullish on multi-year demand but noted near-term margin dilution from ramp investments. Record backlog of $230B, book-to-bill of 3.2x, driven by $35B THAAD multi-year contract.
Management expressed strong confidence driven by record backlog, accelerated revenue growth, and raised guidance across all metrics, with Jim Taic emphasizing a mindset change and 'sustained, profitable growth over the next few years.'
Record backlog of $230 billion. Management expressed strong confidence driven by record backlog, accelerated revenue growth, and raised guidance across all metrics, with Jim Taic emphasizing a mindset change and 'sustained, profitable growth over the next few years.'
Guidance · revenue to $80.75B
CapEx guidance lowered to $2.0-2.4B due to efficiencies and leasing vs buying decisions, but total $8-9B munitions investment unchanged.
Jim Taic stated that they 'now embed artificial intelligence capabilities directly into our production lines' with 'AI-driven analytics optimize equipment performance' and 'machine learning-guided quality checks that streamline the inspection process.' Evan Scott added they are investing in 'AI-enabled autonomous manufacturing infrastructure' and 'AI-driven analytics that improve mission planning
Record backlog of $230 billion. Management expressed strong confidence driven by record backlog, accelerated revenue growth, and raised guidance across all metrics, with Jim Taic emphasizing a mindset change and 'sustained, profitable growth over the next few years.'
Evan Scott reported updating capital expenditure guidance to a range of $2 to $2.4 billion, 'reflecting efficiencies realized in MFC's munitions build-out,' and noted 'our commitment to invest a total between eight to nine billion dollars of capital in munition scaling is unchanged.'
Management expressed strong confidence driven by record backlog, accelerated revenue growth, and raised guidance across all metrics, with Jim Taic emphasizing a mindset change and 'sustained, profitable growth over the next few years.'
“Our joint objective with GM is to explore applying the automotive industry's high-rate manufacturing and supply chain expertise to defense production.”
“the Missile Defense Agency awarded a seven-year contract for $35 billion to quadruple production of THAAD interceptors”
“reduced ULA equity earnings because of the ongoing technical investigation of the Vulcan launch anomaly experienced earlier this year.”
| Показатель | Период | Диапазон | Середина | Статус |
|---|---|---|---|---|
| Capex | FY2026 | $2B–$2.4B | $2.2B | LOWERED |
| EPS | FY2026 | $29.95–$30.65 | $30.30 | RAISED |
| Free cash flow | FY2026 | $7B–$7.2B | $7.1B | RAISED |
| Op marginMISSILES_AND_FIRE_CONTRO | FY2026 | 13%–14% | 13.5% | MAINTAINED |
| Revenue | FY2026 | $79.75B–$81.75B | $80.75B | RAISED |
| RevenueAERONAUTICS | FY2026 | $31.7B–$32.7B | $32.2B | RAISED |
| Дата прогноза | Показатель | Целевой период | Прогноз | Факт | Результат |
|---|---|---|---|---|---|
| FY2025 Q3 | EPS | FY2025 | $22.15–$22.35 | $21.49 | Missed |
| FY2025 Q3 | Free cash flow | FY2025 | $6.6B | $6.9B | Met / beat |
| FY2025 Q3 | Revenue | FY2025 | $74.25B–$74.75B | $75B | Met / beat |
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.”
… solution. This will enable the U.S. Navy to deploy this new capability on its existing ships relatively rapidly. We've demonstrated this system's integration discipline across our new Sanctum counter UAS system, and every missile Aegis has fielded for more than 40 years. We are also extending this forward-thinking approach to partnering with some of America's greatest manufacturing leaders, as evidenced by 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. We hope this effort will provide us more access to the speed and scale of America's commercial industrial base to help significantly accelerate output as demand grows. Now, behind every one of our achievements this quarter is a steady long-term commitment to the physical backbone of the company, new factories, advanced automation, and state-of-the-art tooling and robotics. We enhanced that infrastructure with strategic partnerships among the nation's leading technology and manufacturing firms, and we now embed artificial intelligence capabilities directly into our …
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.”
… on our new production facility in Titusville, Florida, which will support critical development of the Trident II missile. Our pace of discipline investment for growth has continued since the end of the quarter. In the span of a few weeks, we signed an agreement to acquire Ultramaritime. This acquisition will enhance our advanced undersea sensing and autonomous sea drone capabilities, a domain where there is growing demand. At the NATO summit, we signed a memorandum of understanding with Rheinmetall toward the first European center of excellence for ATACMS production. And we welcome the commitment of the United States, Germany, the Netherlands, to explore a dedicated PAC-3 missile facility in Europe for maintenance, putting allied capability closer to allied needs. Last month, Secretary Hegseth highlighted the success of the first milestone test of Golden Dome for America, noting that Lockheed Martin's directed energy laser weapon had cued, targeted, and eliminated a full spectrum of incoming threats, which was a true milestone achievement. Just two weeks later, the U.S. government awarded us a joint laser weapon system contract to develop a containerized 500 kilowatt laser. This …
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.
… and continued production ramps at Sikorsky. Wrapping up with space on slide eight. In the second quarter, space grew sales 6% and profits 2% year-over-year. We now anticipate 2026 sales of between 13.85% and 14.05 billion, supported by key wins on the Next Generation Interceptor, Fleet Ballistic Missile and several classified national security programs. The space full-year profit outlook was lowered to between 1.34 and 1.38 billion due to reduced ULA equity earnings because of the ongoing technical investigation of the Vulcan launch anomaly experienced earlier this year. Growth rates at space will follow the same trend as each of the other segments. The second half of 2026 will be stronger than the first half. At this updated outlook level, the mid-single digit year-over-year sales growth that space posted in the first half will step up to the high single digits in the back half. So the takeaway is this. Our RAISE guidance is broad-based. Every segment has updated higher 2026 full-year sales outlooks, and three out of four segments have higher profit outlooks. On a year-over-year basis, every segment will grow faster in the second half of 2026, continuing the acceleration we …