Lockheed Martin
Builds military aircraft, missiles, helicopters, naval combat systems and space hardware.
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Profile
Designs, builds and sustains military aircraft, missiles, helicopters, naval combat systems and space systems across aircraft, missile, mission-systems and space businesses. Most sales come from U.S. government contracts, and the F-35 is its largest program.
Designs, manufactures and sustains military aircraft, missiles, helicopters, naval combat systems and space hardware through Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space. Major programs include the F-35, C-130 and F-16; PAC-3, THAAD and HIMARS; Sikorsky Black Hawk and Seahawk helicopters; Aegis; and satellites, strategic missiles and Orion spacecraft.
Runs long-lived production and sustainment programs while integrating sensors, weapons, platforms and command systems across air, land, sea and space. Skunk Works develops advanced aircraft and related technologies, while classified programs span several business areas.
Most sales come from the U.S. government, with international business serving allied governments directly or through foreign military sales. The F-35 alone contributes more than a quarter of sales. Contract awards, appropriations, export controls, program performance and specialized suppliers shape revenue and execution.
Company facts
Key statistics
Year to date +13.4% · Average volume (30d) 1.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 27, 2026 | Wells Fargo | Target | $575 | $600 | ||
| Jul 24, 2026 | UBS | Reiterate | Neutral | $663 | $581 | |
| Jul 24, 2026 | Robert W. Baird | Target | $550 | $700 | ||
| Jul 24, 2026 | Morgan Stanley | Reiterate | Equal Weight | $653 | $690 | |
| Jul 8, 2026 | Wells Fargo | Target | $476 | $575 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 23, 2026Q2 FY26 | $7.22 | $7.94 | +10.0% | $19.34B | $20.06B | +3.7% | +2.46% |
| Apr 23, 2026Q1 FY26 | $6.74 | $6.44 | −4.5% | $18.22B | $18.02B | −1.1% | −3.08% |
| Jan 29, 2026Q4 FY25 | $7.07 | $5.80 | −18.0% | $18.72B | $20.32B | +8.6% | +1.88% |
| Oct 21, 2025Q3 FY25 | $6.38 | $6.95 | +8.9% | $18.55B | $18.61B | +0.3% | −0.48% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $17.96B | $18.16B | $18.61B | $20.33B | $18.02B | $20.06B | |
| Gross profit | $2.32B | $734.0M | $2.24B | $2.32B | $2.08B | $2.45B | |
| Operating income | $2.37B | $748.0M | $2.28B | $2.33B | $2.06B | $2.48B | |
| Net income | $1.71B | $342.0M | $1.62B | $1.34B | $1.49B | $1.84B | |
| Diluted EPS | $7.28 | $1.46 | $6.95 | $5.80 | $6.44 | $7.94 | |
| Gross margin | 12.9% | 4.0% | 12.0% | 11.4% | 11.5% | 12.2% | |
| Operating margin | 13.2% | 4.1% | 12.3% | 11.5% | 11.4% | 12.4% |
Fiscal years (4-quarter sums)FY21 $67.04B · FY22 $65.98B · FY23 $67.57B · FY24 $71.04B · FY25 $75.06B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 28, 2026Cash & short-term investments $3.79B · Total debt $20.54B · Total assets $62.45B · Shareholders' equity $8.77B
Dividends
Raised for 25 straight years — most recently to $3.45 from $3.30 in Dec 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 1, 2026 | Jun 1 | Jun 26 | $3.45 | |
| Mar 2, 2026 | Mar 2 | Mar 27 | $3.45 | |
| Dec 1, 2025 | Dec 1 | Dec 30 | $3.45 | raised from $3.30 |
| Sep 2, 2025 | Sep 2 | Sep 26 | $3.30 | |
| Jun 2, 2025 | Jun 2 | Jun 27 | $3.30 | |
| Mar 3, 2025 | Mar 3 | Mar 28 | $3.30 | |
| Dec 2, 2024 | Dec 2 | Dec 27 | $3.30 | raised from $3.15 |
| Sep 3, 2024 | Sep 3 | Sep 27 | $3.15 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 230.79M · Float 230.57M · 99.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| State Street Corp | 32.98M | 14.29% | 13F | Aug 7, 2026 |
| BlackRock, Inc. | 18.88M | 8.18% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 14.16M | 6.13% | 13F | Aug 13, 2026 |
| Sixth Street Partners Management Company, L.P. | 7.81M | 3.38% | 13F | Aug 14, 2026 |
| Charles Schwab Investment Management Inc | 7.81M | 3.38% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 13, 2026 | John Donovan | director | −3,378 | |
| Aug 12, 2026 | Robert M. JR Lightfoot | officer: President Space | −196 | $600.12 |
| Aug 11, 2026 | Robert M. JR Lightfoot | officer: President Space | −2,410 | |
| Mar 11, 2026 | Timothy S. Cahill | officer: Pres. Missiles & Fire Control | −4,620 | |
| Feb 27, 2026 | Gregory M. Ulmer | officer: President Aeronautics | −2,840 |
Peers
- RTX
Head-to-head across missiles, air defense interceptors, and every F-35 engine and avionics suite.
- Northrop Grumman
Dominates long-range stealth bombing and space systems while supplying F-35 airframe structures.
- Boeing
Rival in tactical fighters, rotorcraft, and bombers; lost FLRAA and B-21 to rivals but contests export slots.
- General Dynamics
Competes in ground combat systems, C4ISR, and defense IT while teaming on solid rocket motors.
- L3Harris Technologies
Rivals in C5ISR, space payloads, electronic warfare, and missile propulsion after Aerojet acquisition.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Lockheed Martin | $564.08 | +0.07% | $130.13B | 20.8 | 17.9 | 1.7 | +10.5% |
| RTX | $212.00 | +0.13% | $285.33B | 37.3 | 28.8 | 3.1 | +14.5% |
| Northrop Grumman | $546.65 | +0.20% | $77.51B | 17.3 | 18.6 | 1.8 | +5.1% |
| Boeing | $209.76 | −0.03% | $165.84B | 90.8 | 152.1 | 1.8 | +8.0% |
| General Dynamics | $376.45 | −0.75% | $102.63B | 23.1 | 21.7 | 1.9 | +8.1% |
| L3Harris Technologies | $262.82 | +0.01% | $48.94B | 26.5 | 21.3 | 2.1 | +8.4% |
| Median | 26.5 | 21.7 | 1.9 | +8.1% |