Lockheed Martin (NYSE:LMT) Issues FY 2026 Earnings Guidance

Key Points

• Lockheed Martin issued FY 2026 guidance of $30.35–$30.75 in EPS and $80–$82 billion in revenue, broadly in line with analyst expectations. Free cash flow is also expected to reach approximately $7.8–$8.0 billion.
• The company’s latest quarter exceeded expectations, with EPS of $7.97 and revenue of $20.71 billion, up 11.3% year over year. Its backlog reached a record $292 billion, driven by missile-defense awards and increased production.
• Lockheed raised its quarterly dividend to $3.60 per share from $3.45, equivalent to a $14.40 annualized payout and a 2.4% yield. Analysts maintain a “Moderate Buy” consensus, though investors continue to monitor F-35 deliveries, production capacity and cash conversion.

Lockheed Martin (NYSE:LMT - Get Free Report) issued an update on its FY 2026 earnings guidance on Friday. The company provided earnings per share guidance of 30.350-30.750 for the period, compared to the consensus earnings per share estimate of 30.420. The company issued revenue guidance of $80.0 billion-$82.0 billion, compared to the consensus revenue estimate of $81.0 billion.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on LMT. Wall Street Zen lowered shares of Lockheed Martin from a "strong-buy" rating to a "buy" rating in a research report on Saturday, October 17th. Royal Bank Of Canada reiterated a "sector perform" rating on shares of Lockheed Martin in a research report on Friday. Weiss Ratings upgraded Lockheed Martin from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, October 9th. Jefferies Financial Group reiterated a "hold" rating on shares of Lockheed Martin in a report on Wednesday, September 2nd. Finally, Sanford C. Bernstein dropped their price target on shares of Lockheed Martin from $629.00 to $564.00 and set a "market perform" rating for the company in a research report on Wednesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $627.38.

Lockheed Martin Stock Up 1.0%

LMT traded up $6.19 during trading hours on Friday, hitting $596.10. 126,200 shares of the company's stock were exchanged, compared to its average volume of 1,442,339. The firm has a market cap of $137.57 billion, a P/E ratio of 21.98, a price-to-earnings-growth ratio of 1.19 and a beta of 0.09. Lockheed Martin has a 12-month low of $437.25 and a 12-month high of $692.00. The company has a current ratio of 1.19, a quick ratio of 1.01 and a debt-to-equity ratio of 2.34. The firm has a 50 day moving average of $538.59 and a 200 day moving average of $541.86.

Lockheed Martin (NYSE:LMT - Get Free Report) last announced its quarterly earnings data on Thursday, October 22nd. The aerospace company reported $7.97 EPS for the quarter, topping analysts' consensus estimates of $7.52 by $0.45. Lockheed Martin had a return on equity of 91.42% and a net margin of 8.16%. The business had revenue of $20.71 billion during the quarter, compared to the consensus estimate of $20.48 billion. During the same period in the previous year, the company posted $6.95 earnings per share. The business's revenue for the quarter was up 11.3% on a year-over-year basis. Analysts predict that Lockheed Martin will post 30.43 EPS for the current fiscal year.

Lockheed Martin Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Tuesday, December 1st will be issued a $3.60 dividend. The ex-dividend date of this dividend is Tuesday, December 1st. This is an increase from Lockheed Martin's previous quarterly dividend of $3.45. This represents a $14.40 annualized dividend and a dividend yield of 2.4%. Lockheed Martin's dividend payout ratio is currently 50.87%.

Key Lockheed Martin News

Here are the key news stories impacting Lockheed Martin this week:

• Positive Sentiment: Quarterly results exceeded expectations. Lockheed reported third-quarter earnings of $7.97 per share versus the $7.52 consensus estimate, while revenue rose 11.3% year over year to $20.71 billion, ahead of expectations. Net earnings increased 14% to $1.85 billion. Lockheed Martin Reports Third Quarter 2026 Financial Results
• Positive Sentiment: Management raised its full-year forecast. Lockheed now expects 2026 sales of approximately $80 billion to $82 billion and adjusted earnings of $30.35 to $30.75 per share. Free-cash-flow guidance also increased to roughly $7.8 billion to $8.0 billion. Lockheed lifts annual forecast as missile, jet production ramps up
• Positive Sentiment: Backlog reached a record $292 billion. Growth was driven primarily by a major PAC-3 missile-defense award, while Missiles and Fire Control sales rose 24% as PAC-3, THAAD, GMLRS and Precision Strike Missile production ramped. Defense Giant Lockheed Martin Raises 2026 Outlook, Backlog Hits Record $292 Billion
• Positive Sentiment: A long-term F-35 agreement adds revenue visibility. The Pentagon and Lockheed announced a framework for producing 850 F-35 aircraft over 10 years, with Lockheed committing approximately $7 billion to supporting projects. Pentagon, Lockheed announce agreement for 850 F-35 jets
• Neutral Sentiment: The backlog creates substantial opportunity but also an execution test. Investors must monitor whether suppliers, materials and manufacturing capacity can support the planned production increase and convert orders into revenue and cash.
• Negative Sentiment: F-35 deliveries and cash conversion remain concerns. Lockheed delivered fewer F-35s year over year, while unresolved funding for Lot 20 and beyond could pressure future results. Contract assets also increased, indicating that reported revenue is running ahead of customer billings, and fixed-price programs remain exposed to cost overruns. Lockheed Martin Q3 Sparked Euphoria, But Factory Physics Matters More Than Paper Billions

Lockheed Martin Company Profile

Lockheed Martin Corporation is a global security and aerospace company headquartered in Bethesda, Maryland. Formed in 1995 through the merger of Lockheed Corporation and Martin Marietta, the company develops and produces advanced defense, aerospace, and technology systems for government and commercial customers.

Its principal business areas include Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space. Products and services include military aircraft such as the F-35 Lightning II, C-130 Hercules, and F-16 Fighting Falcon; missile-defense and precision-strike systems; helicopters and naval systems; command, control, communications, and intelligence technologies; satellites; space exploration systems; and other classified space and defense programs.

Lockheed Martin serves the U.S.

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