Filing Flows › Lockheed Martin (LMT) › Q3 2026 › vs Q2 2026
Lockheed Martin (LMT) Q3 2026 vs Q2 2026 (quarter over quarter)
Lockheed Martin's revenue rose $648M (+3%) from $20.1B in Q2 2026 to $20.7B in Q3 2026. The biggest changes: Products +$646M (+4%); Services +$2.0M (+0.1%). Gross margin 11.8% against 12.2% (-0.4 pts).
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 draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 11.8% | 12.2% | -0.4 pts |
| Operating margin | 11.8% | 12.4% | -0.6 pts |
| Net margin | 8.9% | 9.2% | -0.2 pts |
| Free cash flow margin | 14.5% | 14.5% | -0.1 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Products | $17.4B | $16.8B | $646M | +4% |
| Services | $3.3B | $3.3B | $2.0M | +0.1% |
| Revenue | $20.7B | $20.1B | $648M | +3% |
| Gross profit | $2.4B | $2.4B | −$10.0M | -0.4% |
| Cost of revenue | $18.3B | $17.6B | $658M | +4% |
| Operating profit | $2.4B | $2.5B | −$36.0M | -1% |
| Operating gains, net of costs | $7.0M | $33.0M | −$26.0M | -79% |
| Pre-tax earnings | $2.2B | $2.2B | −$6.0M | -0.3% |
| Other expense, net | $271M | $301M | −$30.0M | -10% |
| Net earnings | $1.8B | $1.8B | $9.0M | +0.5% |
| Income tax | $327M | $342M | −$15.0M | -4% |
| Depreciation & amortization | $425M | $400M | $25.0M | +6% |
| Share-based compensation | $89.0M | $97.0M | −$8.0M | -8% |
| Working capital & other | $1.1B | $902M | $177M | +20% |
| Operating cash flow | $3.4B | $3.2B | $203M | +6% |
| Free cash flow (OCF − capex) | $3.0B | $2.9B | $82.0M | +3% |
| Capital expenditures | $439M | $318M | $121M | +38% |
Questions
How much did Lockheed Martin's revenue grow quarter over quarter in Q3 2026?
Lockheed Martin's revenue rose $648M (+3%) from $20.1B in Q2 2026 to $20.7B in Q3 2026.
What drove Lockheed Martin's revenue change in Q3 2026?
Products +$646M (+4%); Services +$2.0M (+0.1%).