Lockheed Q3 Sales Up 11% to $20.7B, Guidance Raised Again; F-35 Lot 20 Cost Warning
LMT sits 26% above its 52-week low of $437.25.
Summary
Lockheed posted Q3 sales of $20.7B (+11%) and EPS of $7.97 (+14%), set a record $292.0B backlog, and raised 2026 guidance for the second consecutive quarter — while flagging that F-35 Lot 20 costs now exceed contractual funding.
Key Events · Earnings and Guidance · LMT
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Q3 Sales Up 11% to $20.7B
Sales rose to $20,711M from $18,609M, with growth in all four segments; Missiles and Fire Control led at +24% on PAC-3, THAAD, GMLRS and PrSM production ramps.
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EPS $7.97, Net Earnings $1.8B
Diluted EPS rose to $7.97 from $6.95 and net earnings to $1,845M from $1,619M, driven by higher segment operating profit.
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Record $292.0B Backlog
Total backlog reached $291,984M versus $193,622M at Dec. 31, 2025, including $52.5B tied to the PAC-3 MSE multi-year award.
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2026 Guidance Raised Again
Sales outlook lifted to ~$80.0-82.0B, diluted EPS to ~$30.35-30.75 and free cash flow to ~$7.8-8.0B — the second consecutive quarterly raise.
Analysis · LMT · Manufacturing
Lockheed beat its own prior outlook and raised full-year guidance for the second straight quarter, with record $292.0B backlog giving visibility into 2027 and beyond. Against that, the company disclosed that F-35 Lot 20 costs have begun exceeding contractual authorization and funding — a real risk that future results and cash flow take a hit until the government definitizes the contract. The quarter's growth was broad: all four segments grew, led by Missiles and Fire Control at +24% on PAC-3, THAAD, GMLRS and PrSM ramps.
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At the time of this filing, LMT was trading at $550.00 on NYSE in the Manufacturing sector, with a market capitalization of approximately $127.3B. The 52-week trading range was $437.25 to $692.00. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.