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Lockheed Martin vs Firefly Aerospace: LMT and FLY compared
Lockheed Martin is the larger company: $20.7B of revenue in its latest quarter (Q3 2026) against $118M for Firefly Aerospace (Q2 2026). Firefly Aerospace is growing faster (+657% against +11% a year earlier). Lockheed Martin is more profitable, with an operating margin of 11.8% against -80.9%.
Where the money goes: LMT and FLY
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.
Firefly Aerospace (FLY) · Q2 2026
Firefly Aerospace, Q2 2026: revenue $118M (+657% year over year), operating margin -80.9%, net loss $92.3M, operating cash flow −$81.6M. The chart follows the revenue to costs, profit and cash.
| Lockheed Martin (LMT) | Firefly Aerospace (FLY) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $20.7B | $118M |
| Revenue growth, Y/Y | +11% | +657% |
| Gross margin | 11.8% | — |
| Operating margin | 11.8% | -80.9% |
| Net earnings | $1.8B | −$92.3M |
| Net margin | 8.9% | -78.4% |
| Operating cash flow | $3.4B | −$81.6M |
| Free cash flow | $3.0B | — |
| Market value | $133.4B | — |
| P/E | 20.5× | — |
| Analysts’ mean target | $660.86 | — |
Where the revenue comes from
Lockheed Martin
- Products: $17.4B (84%)
- Services: $3.3B (16%)
Firefly Aerospace
- Spacecraft Solutions Revenue: $108M (92%)
- Launch Revenue: $9.4M (8%)
Questions
Which is bigger, Lockheed Martin or Firefly Aerospace?
Lockheed Martin is the larger company: $20.7B of revenue in its latest quarter (Q3 2026) against $118M for Firefly Aerospace (Q2 2026).
Is Lockheed Martin or Firefly Aerospace growing faster?
Firefly Aerospace is growing faster (+657% against +11% a year earlier).
Which is more profitable, Lockheed Martin or Firefly Aerospace?
Lockheed Martin is more profitable, with an operating margin of 11.8% against -80.9%.
More: Lockheed Martin earnings · how Lockheed Martin makes money · Firefly Aerospace earnings · how Firefly Aerospace makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 22, 2026; 10-Q filed Aug 11, 2026). Fiscal quarters can end on different dates. Not investment advice.