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Lockheed Martin (LMT) guidance and outlook
Lockheed Martin (LMT) raised some and lowered other parts of its guidance on Oct 22, 2026: Revenue $80.0B–$82.0B for FY2026; EPS $30.35–$30.75 for FY2026; Capital expenditures $2.1B–$2.3B for FY2026; Free cash flow $1.0M for FY2026. Lockheed Martin's 10-Q filed Oct 22, 2026 makes 9 forward-looking statements, 4 of them new and 1 no longer said since the filing before.
Guidance and outlook
Latest guidance
| Metric | Period | Range | Change |
|---|---|---|---|
| Revenue | FY2026 | $80.0B–$82.0B | raised |
| Operating income | FY2026 | $1.0M | new |
| EPS | FY2026 | $30.35–$30.75 | raised |
| Capital expenditures | FY2026 | $2.1B–$2.3B | reaffirmed |
| Free cash flow | FY2026 | $1.0M | lowered |
From the earnings release filed Oct 22, 2026 (8-K on EDGAR).
Forward-looking statements, 10-Q filed Oct 22, 2026
- Government, international partners, and our supply chain with the objective of increasing capacity and enhancing our ability to scale operations to contracted or anticipated demand.
- new · In 2026, we have entered into multi-year contracts with the DoW intended to increase production quantities and accelerate delivery schedules for the Patriot Advanced Capability-3 Missile Segment Enhancement (PAC-3 MSE) and Terminal High Altitude Area Defense (THAAD) programs.
- While we continue to monitor these developments and pursue mitigation strategies where appropriate, excluding the near-term cash flow impact, we do not currently expect existing tariffs to have a material long-term impact on our results of operations.
- Despite the Administration indicating their desire for a significant increase in defense spending in FY 2027, we anticipate the federal budget, additional potential tax law changes, and regulatory environment will continue to be subject to debate and compromise shaped by, among other things, the Administration and Congress, heightened political tensions, the global security environment, inflationary pressures,…
- As a result of the Tax Act and the Notice, we are no longer subject to CAMT this year and expect to make reduced federal income tax payments for 2026.
- new · Government, our results of operations, cash flows, and financial condition will be negatively impacted in future periods.
- new · We expect to fund the pending $3.45 billion acquisition of Ultra Maritime with cash on hand.
- new · We have guaranteed $750 million of certain United Launch Alliance (ULA) borrowings and expect to provide additional financial support.
- We actively manage our pension obligations and expect to continue doing so opportunistically through discretionary contributions, the purchase of group annuity contracts using assets from the pension trust, or other actions.
Lockheed Martin's latest quarter
Lockheed Martin, Q3 2026: revenue $20.7B (+11% year over year), operating margin 11.8%, net earnings $1.8B, operating cash flow $3.4B. The chart follows the revenue to costs, profit and cash.
Questions
Did Lockheed Martin raise or lower its guidance?
Lockheed Martin (LMT) raised some and lowered other parts of its guidance on Oct 22, 2026: Revenue $80.0B–$82.0B for FY2026; EPS $30.35–$30.75 for FY2026; Capital expenditures $2.1B–$2.3B for FY2026; Free cash flow $1.0M for FY2026.
What does Lockheed Martin expect?
In 2026, we have entered into multi-year contracts with the DoW intended to increase production quantities and accelerate delivery schedules for the Patriot Advanced Capability-3 Missile Segment Enhancement (PAC-3 MSE) and Terminal High Altitude Area Defense (THAAD) programs. Government, our results of operations, cash flows, and financial condition will be negatively impacted in future periods. We expect to fund the pending $3.45 billion acquisition of Ultra Maritime with cash on hand.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.