Lockheed Martin raises 2026 outlook on strong Q2 performance and record backlog
Lockheed Martin raised its full-year 2026 financial guidance on July 23, citing strong second-quarter results and a record $230 billion backlog. The company now expects sales of approximately $79.75 billion to $81.75 billion (up from $77.5 billion to $80 billion), business segment operating profit of approximately $8.5 billion to $8.7 billion (up from $8.425 billion to $8.675 billion), and free cash flow of approximately $7 billion to $7.2 billion (up from $6.5 billion to $6.8 billion). Diluted earnings per share guidance was raised to approximately $29.95 to $30.65 from $29.35 to $30.25.
- Record backlog of $230 billion, inclusive of the multi-year contract to produce THAAD interceptors
- Q2 2026 sales of $20.1 billion, a year-over-year increase of 11%
- $35 billion multi-year contract with the Missile Defense Agency for THAAD signed in Q2
- Free cash flow raised to approximately $7 billion to $7.2 billion from $6.5 billion to $6.8 billion
- Segment operating profit raised to approximately $8.5 billion to $8.7 billion from $8.425 billion to $8.675 billion
- Net earnings of $1.8 billion, or $7.94 per share in Q2 2026 vs. $342 million, or $1.46 per share in Q2 2025
- Cash from operations of $3.2 billion in Q2 2026 vs. $201 million in Q2 2025
- Diluted EPS guidance raised to approximately $29.95 to $30.65 from $29.35 to $30.25
The raised outlook reflects accelerating demand for defense systems driven by geopolitical priorities, with the $35 billion THAAD contract and record backlog signaling sustained revenue and profit growth through the remainder of 2026.
Derived from 8-K filed 2026-07-23. Not investment advice. Figures are extracted from the filing; prose is AI-assisted. View the source filing on SEC.gov →