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Lockheed Martin vs Kratos Defense & Security Solutions: LMT and KTOS compared
Lockheed Martin is the larger company: $20.7B of revenue in its latest quarter (Q3 2026) against $472M for Kratos Defense & Security Solutions (Q3 2026). Kratos Defense & Security Solutions is growing faster (+36% against +11% a year earlier). Lockheed Martin is more profitable, with an operating margin of 11.8% against -1.0%.
Where the money goes: LMT and KTOS
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.
Kratos Defense & Security Solutions (KTOS) · Q3 2026
Kratos Defense & Security Solutions, Q3 2026: revenue $472M (+36% year over year), operating margin -1.0%, net loss $200K, operating cash flow −$5.2M. The chart follows the revenue to costs, profit and cash.
| Lockheed Martin (LMT) | Kratos Defense & Security Solutions (KTOS) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $20.7B | $472M |
| Revenue growth, Y/Y | +11% | +36% |
| Gross margin | 11.8% | — |
| Operating margin | 11.8% | -1.0% |
| Net earnings | $1.8B | −$200K |
| Net margin | 8.9% | 0.0% |
| Operating cash flow | $3.4B | −$5.2M |
| Free cash flow | $3.0B | — |
| Market value | $133.4B | $6.6B |
| P/E | 20.5× | — |
| Analysts’ mean target | $660.86 | $89.56 |
Where the revenue comes from
Lockheed Martin
- Products: $17.4B (84%)
- Services: $3.3B (16%)
Kratos Defense & Security Solutions
- Product sales: $295M (63%)
- Service revenues: $177M (37%)
Questions
Which is bigger, Lockheed Martin or Kratos Defense & Security Solutions?
Lockheed Martin is the larger company: $20.7B of revenue in its latest quarter (Q3 2026) against $472M for Kratos Defense & Security Solutions (Q3 2026).
Is Lockheed Martin or Kratos Defense & Security Solutions growing faster?
Kratos Defense & Security Solutions is growing faster (+36% against +11% a year earlier).
Which is more profitable, Lockheed Martin or Kratos Defense & Security Solutions?
Lockheed Martin is more profitable, with an operating margin of 11.8% against -1.0%.
More: Lockheed Martin earnings · how Lockheed Martin makes money · Kratos Defense & Security Solutions earnings · how Kratos Defense & Security Solutions makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 22, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.