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Boeing vs Lockheed Martin: BA and LMT compared
Boeing is the larger company: $24.2B of revenue in its latest quarter (Q3 2026) against $20.7B for Lockheed Martin (Q3 2026). Lockheed Martin is growing faster (+11% against +4% a year earlier). Lockheed Martin is more profitable, with an operating margin of 11.8% against 1.5%.
Where the money goes: BA and LMT
Boeing (BA) · Q3 2026
Boeing, Q3 2026: revenue $24.2B (+4% year over year), operating margin 1.5%, net loss $116M, operating cash flow $1.5B. The chart follows the revenue to costs, profit and cash.
Lockheed Martin (LMT) · Q3 2026
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 follows the revenue to costs, profit and cash.
| Boeing (BA) | Lockheed Martin (LMT) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $24.2B | $20.7B |
| Revenue growth, Y/Y | +4% | +11% |
| Gross margin | — | 11.8% |
| Operating margin | 1.5% | 11.8% |
| Net earnings | −$116M | $1.8B |
| Net margin | -0.5% | 8.9% |
| Operating cash flow | $1.5B | $3.4B |
| Free cash flow | $464M | $3.0B |
| Market value | $136.7B | $133.4B |
| P/E | 17.9× | 20.5× |
| Analysts’ mean target | $233.35 | $660.86 |
Where the revenue comes from
Boeing
- Product: $20.8B (86%)
- Service: $3.4B (14%)
Lockheed Martin
- Products: $17.4B (84%)
- Services: $3.3B (16%)
Questions
Which is bigger, Boeing or Lockheed Martin?
Boeing is the larger company: $24.2B of revenue in its latest quarter (Q3 2026) against $20.7B for Lockheed Martin (Q3 2026).
Is Boeing or Lockheed Martin growing faster?
Lockheed Martin is growing faster (+11% against +4% a year earlier).
Which is more profitable, Boeing or Lockheed Martin?
Lockheed Martin is more profitable, with an operating margin of 11.8% against 1.5%.
More: Boeing earnings · how Boeing makes money · Lockheed Martin earnings · how Lockheed Martin makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 27, 2026; 10-Q filed Oct 22, 2026). Fiscal quarters can end on different dates. Not investment advice.