Filing Flows › Lockheed Martin (LMT) › Q3 2026 › vs Q3 2025
Lockheed Martin (LMT) Q3 2026 vs Q3 2025 (year over year)
Lockheed Martin's revenue rose $2.1B (+11%) from $18.6B in Q3 2025 to $20.7B in Q3 2026. The biggest changes: Products +$2.1B (+14%); Services −$16.0M (-0.5%). Gross margin 11.8% against 12.0% (-0.3 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 11.8% | 12.0% | -0.3 pts |
| Operating margin | 11.8% | 12.3% | -0.5 pts |
| Net margin | 8.9% | 8.7% | +0.2 pts |
| Free cash flow margin | 14.5% | 18.0% | -3.5 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Products | $17.4B | $15.3B | $2.1B | +14% |
| Services | $3.3B | $3.3B | −$16.0M | -0.5% |
| Revenue | $20.7B | $18.6B | $2.1B | +11% |
| Gross profit | $2.4B | $2.2B | $196M | +9% |
| Cost of revenue | $18.3B | $16.4B | $1.9B | +12% |
| Operating profit | $2.4B | $2.3B | $163M | +7% |
| Operating gains, net of costs | $7.0M | $40.0M | −$33.0M | -82% |
| Pre-tax earnings | $2.2B | $1.9B | $234M | +12% |
| Other expense, net | $271M | $342M | −$71.0M | -21% |
| Net earnings | $1.8B | $1.6B | $226M | +14% |
| Income tax | $327M | $319M | $8.0M | +3% |
| Depreciation & amortization | $425M | $428M | −$3.0M | -0.7% |
| Share-based compensation | $89.0M | $74.0M | $15.0M | +20% |
| Working capital & other | $1.1B | $1.6B | −$528M | -33% |
| Operating cash flow | $3.4B | $3.7B | −$290M | -8% |
| Free cash flow (OCF − capex) | $3.0B | $3.3B | −$348M | -10% |
| Capital expenditures | $439M | $381M | $58.0M | +15% |
Questions
How much did Lockheed Martin's revenue grow year over year in Q3 2026?
Lockheed Martin's revenue rose $2.1B (+11%) from $18.6B in Q3 2025 to $20.7B in Q3 2026.
What drove Lockheed Martin's revenue change in Q3 2026?
Products +$2.1B (+14%); Services −$16.0M (-0.5%).