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Lockheed Martin (LMT) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 22, 2026 · Lockheed Martin (LMT) Q3 2026 earnings results →

Q3 2026 Revenue up 11% year over year to $20.7B · 9¢ of every $1 of revenue kept as net profit · operating margin 11.8%

Lockheed Martin made $20.7B in Q3 2026 (+11% Y/Y): Products $17.4B, Services $3.3B. Operating margin 11.8%, net earnings $1.8B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 22, 2026.

Revenue$20.7B
Year over year+11%
Operating margin11.8%
Net earnings$1.8B
Operating cash flow$3.4B

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Lockheed Martin Q3 2026 revenue breakdown: Sankey diagram of revenue (Products, Services), costs, profit and cash flow
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What changed this quarter

Revenue was $20.7B in Q3 2026, up 11% year over year and up 3% from the previous quarter. Products was the largest line at 84% of revenue. Products added $2.1B year over year (up 14%), 101% of the total change.

Gross margin was 11.8%, down 0.3 points from Q3 2025. Operating profit was $2.4B, a 11.8% margin (down 0.5 points year over year). Of the extra revenue versus Q3 2025, 8% reached operating profit, below the 12% margin then. Net earnings were $1.8B, up 14% year over year. The effective tax rate was 15.1%.

Operating cash flow was $3.4B (down 8% year over year), 186% of net earnings. Non-cash charges added back $0.42B of depreciation and amortization and $0.09B of share-based compensation. Working capital and other items added $1.1B. Capital expenditures of $0.44B left free cash flow of $3.0B.

Quarterly history

Lockheed Martin revenue by quarterLockheed Martin revenue by quarter$18.0BQ1 2025$18.2BQ2 2025$18.6BQ3 2025$20.3BQ4 2025$18.0BQ1 2026$20.1BQ2 2026$20.7BQ3 2026
Lockheed Martin net earnings by quarterLockheed Martin net earnings by quarter$1.7BQ1 2025$342MQ2 2025$1.6BQ3 2025$1.3BQ4 2025$1.5BQ1 2026$1.8BQ2 2026$1.8BQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 22, 2026$20.7B+11%11.8%$1.8B$3.4B
Q2 202610-QJul 23, 2026$20.1B+10%12.4%$1.8B$3.2B
Q1 202610-QApr 23, 2026$18.0B+0.3%11.4%$1.5B$220M
Q4 202510-KJan 29, 2026$20.3B+9%11.5%$1.3B$3.2B
Q3 202510-QOct 21, 2025$18.6B+9%12.3%$1.6B$3.7B
Q2 202510-QJul 22, 2025$18.2B+0.2%4.1%$342M$201M
Q1 202510-QApr 22, 2025$18.0B+4%13.2%$1.7B$1.4B

Charts

Lockheed Martin: revenue growth, year over year and quarter over quarterLockheed Martin: revenue growth, year over year and quarter over quarterY/YQ/Q+4%Q1 2025+0%+1%Q2 2025+9%+3%Q3 2025+9%+9%Q4 2025+0%-11%Q1 2026+10%+11%Q2 2026+11%+3%Q3 2026
Latest (Q3 2026): Y/Y +11%, Q/Q +3%.
Lockheed Martin: where the cash came from (+) and went (−), TTM to Q3 2026Lockheed Martin: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$10.1BDividends−$3.2BCash drawn (+) / kept (−)−$2.5BOther financing−$1.8BCapital spending−$1.7BBuybacks−$750MOther investing−$142M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Lockheed Martin: profit against cash, quarter by quarterLockheed Martin: profit against cash, quarter by quarterNet incomeOperating cash flow$527M$1.0BQ4 2024$1.7B$1.4BQ1 2025$342M$201MQ2 2025$1.6B$3.7BQ3 2025$1.3B$3.2BQ4 2025$1.5B$220MQ1 2026$1.8B$3.2BQ2 2026$1.8B$3.4BQ3 2026
Latest (Q3 2026): Net income $1.8B, Operating cash flow $3.4B.
Lockheed Martin: diluted shares by fiscal yearLockheed Martin: diluted shares by fiscal year281MFY2020277MFY2021265MFY2022251MFY2023239MFY2024234MFY2025
-17.0% since FY2020: buybacks shrank the count.
Lockheed Martin in its industry: growth against margin (9 companies, SIC 3760)Lockheed Martin in its industry: growth against margin (9 companies, SIC 3760)revenue growth, year over year →↑ operating marginmedian +11%median -45%KTOSRKLBFLYRDWYSSVOYGHLEOMNTSLMT (+11%, 12%)
Guided Missiles & Space Vehicles & Parts; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

Defense, drones & government tech money flowDefense, drones & government tech · Primes

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🔄Rotation against the market and its industry (RRG)interactive

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📈Investments: gains and what it boughtinteractive

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Customers and suppliers named in filings

Sells to

Buys from

About Lockheed Martin

We are a global aerospace and defense technology company that builds and sustains the solutions America and its allies need to deter conflict and advance national security and scientific exploration objectives. Our four business areas – Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space – work as one company offering integrated solutions, at scale, across all warfighting domains. Our defense, space, intelligence, homeland security, information technology, and cybersecurity capabilities serve U.S. and international customers in defense, civil and commercial applications. Our principal customers are agencies of the U.S. Government and allies.

In its own words, from its 10-K, filed Jan 29, 2026.

Lockheed Martin against its Guided Missiles & Space Vehicles & Parts peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +11% against the peers' median +11%. Operating margin: 11.8% against the peers' median -44.6%.

CompanyQuarterRevenueY/YOp. margin
LMT Lockheed MartinQ3 2026$20.7B+11%11.8%
KTOS Kratos Defense & Security SolutionsQ3 2026$472M+36%-1.0%
RKLB Rocket LabQ2 2026$234M+62%-24.6%
FLY Firefly AerospaceQ2 2026$118M+657%-80.9%
RDW RedwireQ3 2026$109M+5%-24.1%
YSS York Space SystemsQ2 2026$92.5M+10%-44.6%
VOYG Voyager TechnologiesQ3 2026$88.7M+124%-69.8%
HLEO HelioQ3 FY26$591K-25%-92.5%
MNTS MomentusQ2 2026$25K-87%n/m

Source: Lockheed Martin 10-Q on SEC EDGAR · CIK 936468 · Guided Missiles & Space Vehicles & Parts

Guidance and outlook

Lockheed Martin Revenue: guidance against what was reportedLockheed Martin Revenue: guidance against what was reportedguided rangereported (above / within / below)FY2024$71.0BFY2025$75.0BFY2026
Met or beat 2 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Lockheed Martin Tax rate: guidance against what was reportedLockheed Martin Tax rate: guidance against what was reportedguided rangereported (above / within / below)FY202414.2%
Met or beat 1 of 1 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Lockheed Martin: what its forward-looking statements are about (10-Q filed 2026-10-22)Lockheed Martin: what its forward-looking statements are about (10-Q filed 2026-10-22)Other3Legal & regulation2Demand1Costs1Deals1Financing1
9 statements; tone +0.00 (−1 all cautious, +1 all confident); 2 hedged.
Lockheed Martin: outlook statements against the filing beforeLockheed Martin: outlook statements against the filing beforeNew4Dropped1Confident2Cautious2

13F: who owns LMT and who is buying

Largest holders of LMT (13F)Largest holders of LMT (13F)State Street$16.8BVanguard Group$10.3BBlackRock$9.6BVanguard Capital Management LLC$7.2BCharles Schwab Investment Managem…$4.0BMorgan Stanley$2.9BVanguard Portfolio Management LLC$2.8BGeode Capital Management, LLC$2.7BSanders Capital, LLC$1.5BInvesco$1.2B
Funds' net buying of LMT by quarter (13F)Funds' net buying of LMT by quarter (13F)$65.8M2024-09−$259M2024-12−$599M2025-03$825M2025-06−$2.3B2025-09$771M2025-12$966M2026-03$1.2B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on LMT

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版:洛克希德·马丁(LMT)财报

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