Lockheed Martin reports strong Q3 growth as sales top $20B

• Lockheed Martin reported third-quarter 2026 sales of $20.7 billion, up 11% year over year, while net earnings increased 14% to $1.845 billion.
• Diluted earnings per share rose to $7.97 from $6.95, while backlog climbed 27% sequentially to $292 billion, including a $52.5 billion PAC-3 interceptor award.
• Lockheed Martin raised its 2026 sales outlook to $80 billion–$82 billion and warned of potential financial impacts from unresolved F-35 Lot 20 funding requirements.

Lockheed Martin (NYSE:LMT) reported third-quarter 2026 sales of $20.7 billion, up 11%, as defense orders lifted backlog to $292 billion.

Net earnings increased 14% to $1.845 billion from $1.619 billion, while diluted earnings per share rose to $7.97 from $6.95.

Sales growth included increased missile interceptor production and higher F-35 and C-130 program activity, with all four operating segments reporting gains.

Operating cash flow declined to $3.438 billion from $3.728 billion, while free cash flow fell to $2.999 billion from $3.347 billion.

Lockheed raised its 2026 sales forecast to $80 billion–$82 billion and expects diluted EPS of $30.35–$30.75, alongside $7.8 billion–$8 billion in free cash flow.

The company's backlog increased 27% from the second quarter, including $52.5 billion tied to a multiyear PAC-3 missile interceptor award.

Lockheed previously reported second-quarter sales of $20.1 billion and warned that F-35 Lot 20 spending could affect finances without additional government authorization.