Filing Flows › Lockheed Martin (LMT) › Q2 2026 › vs Q2 2025
Lockheed Martin (LMT) Q2 2026 vs Q2 2025 (year over year)
Lockheed Martin's revenue rose $1.9B (+11%) from $18.2B in Q2 2025 to $20.1B in Q2 2026. The biggest changes: Products +$1.6B (+11%); Services +$274M (+9%). Gross margin 12.2% against 4.0% (+8.1 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 12.2% | 4.0% | +8.1 pts |
| Operating margin | 12.4% | 4.1% | +8.2 pts |
| Net margin | 9.2% | 1.9% | +7.3 pts |
| Free cash flow margin | 14.5% | -0.8% | +15.4 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Products | $16.8B | $15.1B | $1.6B | +11% |
| Services | $3.3B | $3.0B | $274M | +9% |
| Revenue | $20.1B | $18.2B | $1.9B | +11% |
| Gross profit | $2.4B | $734M | $1.7B | +233% |
| Cost of revenue | $17.6B | $17.4B | $196M | +1% |
| Operating profit | $2.5B | $748M | $1.7B | +231% |
| Operating gains, net of costs | $33.0M | $14.0M | $19.0M | +136% |
| Pre-tax earnings | $2.2B | $417M | $1.8B | +422% |
| Other expense, net | $301M | $331M | −$30.0M | -9% |
| Net earnings | $1.8B | $342M | $1.5B | +437% |
| Income tax | $342M | $75.0M | $267M | +356% |
| Depreciation & amortization | $400M | $399M | $1.0M | +0.3% |
| Share-based compensation | $97.0M | $81.0M | $16.0M | +20% |
| Working capital & other | $902M | −$621M | $1.5B | — |
| Operating cash flow | $3.2B | $201M | $3.0B | 16× |
| Free cash flow (OCF − capex) | $2.9B | −$150M | $3.1B | — |
| Capital expenditures | $318M | $351M | −$33.0M | -9% |
Questions
How much did Lockheed Martin's revenue grow year over year in Q2 2026?
Lockheed Martin's revenue rose $1.9B (+11%) from $18.2B in Q2 2025 to $20.1B in Q2 2026.
What drove Lockheed Martin's revenue change in Q2 2026?
Products +$1.6B (+11%); Services +$274M (+9%).