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How Lockheed Martin (LMT) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/23/2026
Lockheed Martin — The Lockheed Martin Corporation is an American defense and aerospace manufacturer. · Wikipedia
More about the company
It is headquartered in North Bethesda, Maryland, United States. The company was formed by the merger of the Lockheed Corporation with Martin Marietta on March 15, 1995.
Key growth driver: Missiles & Fire Control — the fastest-growing revenue line: $4,101, +20% y/y. · by the Q2 2026 report
How does Lockheed Martin make money?
Lockheed Martin brought in $20.1 billion of revenue in Q2 2026, up 10.5% year over year. The largest source was Aeronautics: $8.11 billion, or 40% of the total, followed by Rotary & Mission Systems ($4.35B, 22%) and Missiles & Fire Control ($4.10B, 20%); other lines add the remaining 17%. Net income for the quarter was $1.84 billion, up 436.8% year over year.
Revenue by source, Q2 2026
- Aeronautics$8.11B · 40% · +9.3%
- Rotary & Mission Systems$4.35B · 22% · +9.0%
- Missiles & Fire Control$4.10B · 20% · +19.5%
- Space$3.50B · 17% · +5.7%
Shares of $20.1B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is LMT’s next earnings date?
Thursday, October 22, 2026confirmed · before market open
Lockheed Martin (LMT) is scheduled to report results for the quarter ending Sep 2026 on Oct 22, 2026. Consensus EPS forecast: $7.25 (7 analysts), vs $6.95 in the same quarter last year.
What time does LMT report? Usually before market open: the last 4 results releases reached the SEC at 6:30 am, 6:36 am, 7:25 am, 7:34 am ET.
Last report: Jul 23, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$20,063
+10.5%
Gross profit
$2,446
+233.2%
12.2% margin
Operating income
$2,479
+231.4%
12.4% margin
Net income
$1,836
+436.8%
$7.94 diluted EPS
Verdict: a sharply improved quarter as the absence of 2025's ~$1.6B classified-program and helicopter reach-forward losses drove operating margin from 4.1% to 12.4% and net income up over 5x, with Aeronautics and MFC (PAC-3/THAAD ramp) the main drivers and no fresh material one-offs this period.
6-mo OCF $3,455M (+$1,845M y/y); free cash flow $2,626M; dividends $1.6B paid ($3.45/sh declared); no share buybacks in Q2 2026 (vs $500M in Q2 2025); pending $3.45B Ultra Maritime acquisition announced July 2026.
Source and notation
* marks non-cash / ≈ estimated. Source: Lockheed Martin Corporation press release / 10-Q (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
LMT earnings history: past report dates
| Jul 23, 2026 Thu | 6:30 ambefore market open | Jun 28, 2026 | $20.1B+11% y/y | $7.94+444% y/y |
| Apr 23, 2026 Thu | 6:36 ambefore market open | Mar 29, 2026 | $18.0B+0% y/y | $6.44−12% y/y |
| Jan 29, 2026 Thu | 7:25 ambefore market open | Dec 31, 2025 | ≈$20.3B+9% y/y | ≈$5.80+156% y/y |
| Oct 21, 2025 Tue | 7:34 ambefore market open | Sep 28, 2025 | $18.6B+9% y/y | $6.95+2% y/y |
| Jul 22, 2025 Tue | 7:32 ambefore market open | Jun 29, 2025 | $18.2B+0% y/y | $1.46−79% y/y |
| Apr 22, 2025 Tue | 7:31 ambefore market open | Mar 30, 2025 | $18.0B+4% y/y | $7.28+14% y/y |
| Jan 28, 2025 Tue | 7:32 ambefore market open | Dec 31, 2024 | ≈$18.6B−1% y/y | ≈$2.27−70% y/y |
| Oct 22, 2024 Tue | 7:31 ambefore market open | Sep 29, 2024 | $17.1B+1% y/y | $6.80+1% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Lockheed Martin: 5-year financials
| 2025 | 75,048 | 7,731 | 5,017 | 3,131 |
| 2024 | 71,043 | 7,013 | 5,336 | 3,059 |
| 2023 | 67,571 | 8,507 | 6,920 | 3,056 |
| 2022 | 65,984 | 8,348 | 5,732 | 3,016 |
| 2021 | 67,044 | 9,123 | 6,315 | 2,940 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
2/2good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Jan 20262025 10-K: a single class of common stock; a 2025 class action over statements about classified programs and the F-35 is disclosed — pending, not settled. sec.gov ↗
- Dec 2025Diluted share count fell 17% over 2020–2025; the dividend rose from $9.80 to $13.35 per share. data.sec.gov ↗
- Feb 2005The shareholder class action In re Lockheed Martin Corp. Securities Litigation was dismissed in 2003, and the dismissal was affirmed on appeal in February 2005. sec.gov ↗
Scoring: 2.0, no deductions: single class of stock, share count −17% over 5 years, dividend raised every year; the 2025 class action is not settled (no deduction under the methodology), the early-2000s suit was dismissed by the court
- Share classes
- Single class — LMT common stock on the NYSE (cover of 2025 10-K).
- Dilution
- Diluted share count 2020→2025 −17.0% (XBRL); SBC 0.4% of revenue.
- Disclosure
- Full 10-K/10-Q reporting.
- Dividends
- Dividend per share raised every year: $9.80 (2020) → $13.35 (2025); buybacks of $3–7.9B a year.
- Lawsuits & regulators
- The 2025 class action (losses on classified programs and the F-35) and a derivative suit are not settled — no deduction; In re Lockheed Martin Securities Litigation was dismissed in 2003 (affirmed on appeal in 2005); no SEC disclosure cases.
- Related parties
- The 2026 proxy lists only the employment of executives' relatives in rank-and-file roles at market pay; no controlling shareholder.
How the score works · checked as of Sep 2026
Lockheed Martin (LMT) earnings: FAQ
How does Lockheed Martin make money?
Lockheed Martin brought in $20.1 billion of revenue in Q2 2026, up 10.5% year over year. The largest source was Aeronautics: $8.11 billion, or 40% of the total, followed by Rotary & Mission Systems ($4.35B, 22%) and Missiles & Fire Control ($4.10B, 20%); other lines add the remaining 17%. Net income for the quarter was $1.84 billion, up 436.8% year over year.
When is LMT's next earnings date?
Lockheed Martin (LMT) is scheduled to report on Oct 22, 2026, before market open.
What time does LMT report earnings?
Lockheed Martin is scheduled to report before market open on Oct 22, 2026. Its last results releases were filed before market open, most recently at 6:30 am ET on Jul 23, 2026.
When did LMT last report earnings?
Lockheed Martin reported Q2 2026 results on Jul 23, 2026.
What is the EPS estimate for LMT's next earnings?
The consensus EPS forecast is $7.25 (7 analysts), vs $6.95 in the same quarter last year.
Where can I find Lockheed Martin's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to LMT's filings; this page breaks the latest report down in a Sankey chart.
What was LMT's net income in Q2 2026?
Lockheed Martin reported net income of $1,836M for Q2 2026 (+436.8% year over year), under US GAAP.
Does Lockheed Martin pay dividends?
Yes. In 2025, Lockheed Martin paid $3,131M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/25/2026. How we make the breakdowns · Report an error
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