Lockheed Martin Reports Q2 2026 Results: Full Earnings Call Transcript

Lockheed Martin (NYSE: LMT ) released second-quarter financial results and hosted an earnings call on Thursday.

Read the complete transcript below.

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For comprehensive financial data and transcripts, visit The full earnings call is available at Watch the full earnings call below: Summary Lockheed Martin reported a strong second quarter 2026, with a record backlog of $230 billion and nearly $3 billion in free cash flow, leading to an increased full-year guidance.

The company secured significant contracts, including a $35 billion THAAD interceptor contract and a $3 billion GMLRS contract, emphasizing its strategic focus on munitions capacity and open architecture technology.

Future outlook includes accelerated revenue growth, with sales expected to reach $79.75 billion to $81.75 billion, driven by strong demand in munitions and F-35 production.

Operational highlights include resumed deliveries of the F-16 and increased C-130 output, and the development of new technologies such as the Grizzly counter-UAS solution.

Management emphasized a shift towards proactive investment in technology and manufacturing, leveraging partnerships and AI to enhance production efficiency and scalability.

Full Transcript OPERATOR If you would like to ask a question, please press star then one.

Now at this time for opening remarks and introductions, I would like to turn the call over to Mark Kovasnik, Vice President, Investor Relations.

Please go ahead.

Mark Kovasnik, Vice President, Investor Relations Thank you, Sarah, and good morning.

I'd like to welcome everyone to our second quarter 2026 earnings conference call.

Joining me today on the call are Jim Taiclet, our Chairman, President and Chief Executive Officer, and Evan Scott, our Chief Financial Officer.

Statements made today that are not historical fact are considered forward-looking statements and are made pursuant to the safe harbor provisions of federal securities laws.

Actual results may differ materially from those projected in the forward-looking statements.

Please see Lockheed Martin's SEC filings for a description of some of the factors that may cause actual results to differ materially from those in the forward-looking statements.

We've posted slides on our website today that we plan to address during the call to supplement our comments.

These slides also include information regarding non-GAAP measures that may be used in today's call.

Please access our website at and click on the Investor Relations link to view and follow the slides.

With that, I'll turn the call over to Jim.

Jim Taiclet, Chairman, President & CEO Thanks, Mark.

Good morning, and thank you to everyone on the line for joining our second quarter 2026 earnings call.

As you saw in our press release, Lockheed Martin's second quarter results were strong.

Our backlog reached a new all-time high, now $230 billion.

We generated nearly $3 billion in free cash flow.

We accelerated our revenue growth and turned in higher earnings per share.

Consequently, we are raising our 2026 guidance, reflecting our confidence that our strategy is gaining momentum and we will continue to produce sustained, profitable growth over the next few years.

While these achievements stem from robust customer demand, they were enabled by strategic decisions we made well before this demand materialized.

For the past several years we've been increasing munitions capacity ahead of contracted demand.

We've been pioneering comprehensive open architecture technology initiatives well before they became the standard practice, and we established a manufacturing footprint in allied countries prior to the rise of co-production requirements.

By embedding our core 21st Century Security principles—rapid, data-driven decision making, resilient supply chains, and interoperable AI-enabled systems—we ensured our solutions would be ready for the changing threat landscape that we see today.

To deter armed conflict and prevail when it occurs, U.S. and allied armed forces turn to the partners that already have combat-proven systems.

Also critical is the ability to scale up production, deployment, and sustainment worldwide.

Those strengths of Lockheed Martin have contributed tremendously to this quarter's performance, as you can see most clearly in second quarter contract activity.

In late June, the Missile Defense Agency awarded a seven-year contract for $35 billion to quadruple production of THAAD interceptors, marking the next of the munitions frameworks to transition to a contract.