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LMT · Q2 2026

LOCKHEED MARTIN CORP

Reported 2026-07-23
BEAT
51EarnIQ signal
↗

Confidence rising

Mild quarter-over-quarter shift

Record backlog and raised guidance indicate robust demand, driving higher full-year financial targets.

  • ✓Guidance was raised, with high specificity.
  • ✓Management tone registered as confident (85/100).
  • ✓EarnIQ detected 0 potential management deflections.
Headline–confidence gap

Headline confirmed

Management confidence reinforces the reported beat.

EPS: reported vs expected+10.5%$7.94 vs $7.18
Revenue: reported vs expected—— vs —
Guidance specificityHighRaised
Market expectations supplied by Finnhub · Reported vs consensus estimate

We are delivering on our strategy, achieving a higher trajectory for our business and giving us confidence to raise our full year financial guidance.

Premium intelligence

The evidence behind the signal

Full report
Management language

Why confidence moved

“We delivered strong second‑quarter performance, with over $20 billion in sales – a year‑our‑year increase of 11% – free cash flow of $2.9 billion, and $65 billion of new orders, which takes our backlog to a record $230 billion.”
“We are delivering on our strategy, achieving a higher trajectory for our business and giving us confidence to raise our full year financial guidance.”
“These results are powered by consistent performance on the commitments we’ve made and by our investments to support the missions our customers will face next.”
Guidance specificity
90/100

High specificity

Management raised full year 2026 sales guidance to $79,750-$81,750 million, segment operating profit to $8,500-$8,700 million, and free cash flow to over $7,000 million.

Pressure point
!

Reliance on contracts with the

0 potential deflections detected in management communication.

Narrative break

What changed

Advancing 21st Century Security strategy through major framework transformations like the THAAD multi-year contract and strategic global collaborations with General Motors Defense and Rheinmetall.

Q&A evidence

Management responses

No material Q&A deflections were detected.

Key positives
  • Record backlog of $230 billion, inclusive of the $35 billion multi-year contract for THAAD interceptors.
  • Strong free cash flow generation of $2.9 billion for the quarter, leading to an upward revision of full-year free cash flow guidance to over $7 billion.
  • Accelerated year-over-year sales growth of approximately 8% expected for the full year 2026.
Key risks
  • Reliance on contracts with the U.S. Government, which are dependent on U.S. Government funding and can be terminated for convenience.
  • Unfavorable profit adjustments and potential future cost overruns on major fixed-price development or production programs.
  • Geopolitical and supply chain disruptions impacting global defense manufacturing capabilities and execution schedules.
Topic velocity

Language versus prior quarter

M&ANew
CostNew
ChinaNew
MarginNew
RecordNew
iPhoneNew
Signal composition

What drove the EarnIQ score

Tone+20
Eps Beat+0
Guidance+15
New Signal+8
Miss Penalty+0
Qoq Improvement+8
Deflection Penalty+0