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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.
Drawing the Sankey…
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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
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 22, 2026 | $20.7B | +11% | 11.8% | $1.8B | $3.4B |
| Q2 2026 | 10-Q | Jul 23, 2026 | $20.1B | +10% | 12.4% | $1.8B | $3.2B |
| Q1 2026 | 10-Q | Apr 23, 2026 | $18.0B | +0.3% | 11.4% | $1.5B | $220M |
| Q4 2025 | 10-K | Jan 29, 2026 | $20.3B | +9% | 11.5% | $1.3B | $3.2B |
| Q3 2025 | 10-Q | Oct 21, 2025 | $18.6B | +9% | 12.3% | $1.6B | $3.7B |
| Q2 2025 | 10-Q | Jul 22, 2025 | $18.2B | +0.2% | 4.1% | $342M | $201M |
| Q1 2025 | 10-Q | Apr 22, 2025 | $18.0B | +4% | 13.2% | $1.7B | $1.4B |
Charts
In supply chains and themes
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
- U.S. government — 72% of its revenue · Stated in 10-K (sentence) · source
- foreign · named in a filing
- usgov · named in a filing
Buys from
- IA — 36% of the supplier’s revenue · Stated in 10-K (sentence) · source
- AIRI — 32% of the supplier’s revenue · Stated in 10-K (customer table) · source
- CVU — 20% of the supplier’s revenue · Stated in 10-K (sentence) · source
- RKLB — 16% of the supplier’s revenue · Stated in 10-K (customer table) · source
- MRCY — 11% of the supplier’s revenue · Stated in 10-K (sentence) · source
- DCO — 4% of the supplier’s revenue · Stated in 10-K (customer table) · source
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%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| LMT Lockheed Martin | Q3 2026 | $20.7B | +11% | 11.8% |
| KTOS Kratos Defense & Security Solutions | Q3 2026 | $472M | +36% | -1.0% |
| RKLB Rocket Lab | Q2 2026 | $234M | +62% | -24.6% |
| FLY Firefly Aerospace | Q2 2026 | $118M | +657% | -80.9% |
| RDW Redwire | Q3 2026 | $109M | +5% | -24.1% |
| YSS York Space Systems | Q2 2026 | $92.5M | +10% | -44.6% |
| VOYG Voyager Technologies | Q3 2026 | $88.7M | +124% | -69.8% |
| HLEO Helio | Q3 FY26 | $591K | -25% | -92.5% |
| MNTS Momentus | Q2 2026 | $25K | -87% | n/m |
Source: Lockheed Martin 10-Q on SEC EDGAR · CIK 936468 · Guided Missiles & Space Vehicles & Parts
Guidance and outlook
13F: who owns LMT and who is buying
More on LMT
- How Lockheed Martin makes money: revenue by segment
- Lockheed Martin stock forecast, price target and fair value
- Who owns Lockheed Martin stock: holders, funds and Congress trades
- Lockheed Martin guidance and outlook
- Is Lockheed Martin a takeover target? LBO and rumors
- Lockheed Martin recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Lockheed Martin guidance history: guided vs reported
- Lockheed Martin gross margin by quarter
- Lockheed Martin operating margin by quarter
- Lockheed Martin net income by quarter
- Lockheed Martin free cash flow by quarter
- Lockheed Martin capital expenditures by quarter
- Lockheed Martin Products revenue by quarter
- Lockheed Martin Services revenue by quarter
