Filing Flows › Lockheed Martin (LMT) › Q2 2026 › vs Q1 2026
Lockheed Martin (LMT) Q2 2026 vs Q1 2026 (quarter over quarter)
Lockheed Martin's revenue rose $2.0B (+11%) from $18.0B in Q1 2026 to $20.1B in Q2 2026. The biggest changes: Products +$2.0B (+13%); Services +$90.0M (+3%). Gross margin 12.2% against 11.5% (+0.7 pts).
Lockheed Martin, Q2 2026: revenue $20.1B (+10% year over year), operating margin 12.4%, net earnings $1.8B, operating cash flow $3.2B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 12.2% | 11.5% | +0.7 pts |
| Operating margin | 12.4% | 11.4% | +0.9 pts |
| Net margin | 9.2% | 8.3% | +0.9 pts |
| Free cash flow margin | 14.5% | -1.6% | +16.2 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Products | $16.8B | $14.8B | $2.0B | +13% |
| Services | $3.3B | $3.2B | $90.0M | +3% |
| Revenue | $20.1B | $18.0B | $2.0B | +11% |
| Gross profit | $2.4B | $2.1B | $368M | +18% |
| Cost of revenue | $17.6B | $15.9B | $1.7B | +10% |
| Operating profit | $2.5B | $2.1B | $416M | +20% |
| Pre-tax earnings | $2.2B | $1.8B | $404M | +23% |
| Other expense, net | $301M | $289M | $12.0M | +4% |
| Net earnings | $1.8B | $1.5B | $348M | +23% |
| Income tax | $342M | $286M | $56.0M | +20% |
| Depreciation & amortization | $400M | $398M | $2.0M | +0.5% |
| Share-based compensation | $97.0M | $83.0M | $14.0M | +17% |
| Working capital & other | $902M | −$1.7B | $2.7B | — |
| Operating cash flow | $3.2B | $220M | $3.0B | 15× |
| Free cash flow (OCF − capex) | $2.9B | −$291M | $3.2B | — |
| Capital expenditures | $318M | $511M | −$193M | -38% |
Questions
How much did Lockheed Martin's revenue grow quarter over quarter in Q2 2026?
Lockheed Martin's revenue rose $2.0B (+11%) from $18.0B in Q1 2026 to $20.1B in Q2 2026.
What drove Lockheed Martin's revenue change in Q2 2026?
Products +$2.0B (+13%); Services +$90.0M (+3%).