Filing Flows › Lockheed Martin (LMT) › Q1 2026
Lockheed Martin (LMT) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 23, 2026
Lockheed Martin (LMT) reported revenue of $18.0B for the first quarter 2026 (Q1 2026), +0.3% from a year earlier and -11% from the quarter before. Operating margin was 11.4%, net earnings $1.5B (8.3% of revenue).
Lockheed Martin, Q1 2026: revenue $18.0B (+0.3% year over year), operating margin 11.4%, net earnings $1.5B, operating cash flow $220M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $18.0B | -11% | +0.3% |
| Gross profit | $2.1B | -11% | -11% |
| Operating profit | $2.1B | -11% | -13% |
| Net earnings | $1.5B | +11% | -13% |
| Operating cash flow | $220M | -93% | -84% |
What changed
Revenue was $18.0B in Q1 2026, roughly flat year over year and down 11% from the previous quarter. Products was the largest line at 82% of revenue. Services added $0.16B year over year (up 5%), 281% of the total change. Products declined 1%.
Gross margin was 11.5%, down 1.4 points from Q1 2025. Operating profit was $2.1B, a 11.4% margin (down 1.8 points year over year). Operating profit fell $0.31B even though revenue rose $0.06B versus Q1 2025, so costs grew faster than sales. Net earnings were $1.5B, down 13% year over year. The effective tax rate was 16.1%.
Operating cash flow was $0.22B (down 84% year over year), 15% of net earnings. Non-cash charges added back $0.40B of depreciation and amortization and $0.08B of share-based compensation. Working capital and other items used $1.7B. Capital expenditures of $0.51B exceeded it, leaving free cash flow of −$0.29B.
Questions
What was Lockheed Martin's revenue in the first quarter 2026?
Lockheed Martin (LMT) reported revenue of $18.0B for the first quarter 2026 (Q1 2026), +0.3% from a year earlier and -11% from the quarter before.
Was Lockheed Martin profitable in the first quarter 2026?
Operating profit was $2.1B (11.4% of revenue) and net earnings $1.5B.
Source: Lockheed Martin 10-Q on SEC EDGAR.