Lockheed Martin

Lockheed Martin reported third quarter 2026 sales of $20.7 billion (20,711 million), up 11% from $18.6 billion in the third quarter of 2025. GAAP net earnings were $1.8 billion (1,845 million), up 14%, with diluted EPS of $7.97 versus $6.95. Consolidated operating profit was $2.44 billion (2,443 million) versus $2.28 billion, and gross profit was $2.44 billion on sales. Cash from operations was $3.4 billion and free cash flow (non-GAAP) was $3.0 billion, both down from the prior-year quarter. Backlog reached a record $292.0 billion, including $52.5 billion tied to a multi-year PAC-3 MSE interceptor award. Missiles and Fire Control sales rose 24% on production ramps; Aeronautics rose 13% on F-35 volume. The company disclosed that F-35 Lot 20 advance acquisition costs began exceeding contractual authorization and funding in the quarter, and that results will be negatively affected in future periods without additional U.S. Government funding. Full-year 2026 outlook was raised: sales $80.0–82.0 billion, diluted EPS $30.35–30.75, free cash flow (non-GAAP) $7.8–8.0 billion, and business segment operating profit (non-GAAP) $8.575–8.675 billion. The company also declared a dividend increase, its 24th consecutive annual raise.