Earnings Call
Jul 23, 2026
Q2 FY2026
EPS Estimate
7.22
EPS Actual
7.94
Post-Earnings Close
$568.59
Earnings Reaction
+10.5%
Lockheed Martin's second quarter 2026 results were defined by a single headline figure that reframes the investment thesis: a $230 billion backlog, up roughly $64 billion year-over-year, representing a 3.2x book-to-bill ratio in a single quarter. That number is not an abstraction, it reflects the FAD interceptor multiyear contract worth $35 billion, a $3 billion HIMARS production award, a $2.3 billion radar contract, and a cascade of other wins that together signal a structural shift in defense procurement rather than a cyclical uptick. Revenue of $20.1 billion came in well ahead of the $19.3 billion consensus estimate, growing 11% year-over-year, while EPS of $7.94 beat the $7.19 estimate by a meaningful margin. Free cash flow swung from negative $150 million in Q2 2025 to positive $2.9 billion, partly reflecting the recovery from last quarter's ERP-related disruption and favorable timing of customer receipts.
Report generated on Jul 24, 2026
AI-generated earnings analysis. Not investment advice.
Chief Executive Officer
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
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