The earnings call presents a mixed sentiment with strong operational success and international demand offset by significant financial charges and tax disputes. The company highlights robust growth in certain segments and future contract opportunities, but faces challenges in legacy programs and cash flow management.

Company Guidance -

Q3 2025

In the second quarter of 2025, Lockheed Martin reported $18.2 billion in sales, comparable to the previous year, with a sequential increase from the first quarter. Despite recognizing losses of $1.8 billion due to various legacy programs, including $950 million from a classified program and significant charges from Sikorsky programs, the company maintained a strong cash flow outlook, projecting $6.6 to $6.8 billion for the year. The F-35 program delivered 50 aircraft in the quarter, with 97 delivered year-to-date, and international demand remains robust, with countries like the UK and Belgium planning additional purchases. The company is also anticipating significant awards in the second half of the year, including those for the F-35, JASSM LARASM, PAC-3 production, and CH-53K, which could lead to a record backlog by year-end. Despite challenges, Lockheed Martin emphasized its readiness to support national defense priorities and its commitment to shareholder returns, having returned $1.3 billion to shareholders this quarter.

Strong Performance in Combat Operations

Lockheed Martin systems, including the F-35 and F-22, demonstrated high effectiveness in recent US military operations in the Middle East. The PAC-3 missiles successfully intercepted threats, highlighting the reliability of Lockheed Martin's air and missile defense portfolio.

Investment in Infrastructure and Innovation

The company invested $800 million in infrastructure and innovation for growth, reflecting a commitment to future advancements.

International Demand for F-35

Strong international demand continues for F-35s, with the UK planning to procure 12 F-35A's and Belgium adding 11 aircraft to their fleet.

Growth in Space and Missile Programs

Space sales increased by 4% year-over-year, driven by higher volumes in commercial civil space and strategic missile defense programs.

Expansion of Hypersonics Program

The US president's fiscal year 2026 budget requests $400 million for the Air Launched Rapid Response Weapon, Lockheed Martin's first proven hypersonic weapon capable of being launched from an American aircraft.

Lockheed Martin (LMT) Earnings, Revenues Date & History

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LMT Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 28, 2025	2025 (Q3)	6.44 / -	6.84	―	―	―
Jul 22, 2025	2025 (Q2)	6.52 / 1.46	7.11	-79.47% (-5.65)
Apr 22, 2025	2025 (Q1)	6.34 / 7.28	6.33	15.01% (+0.95)
Jan 28, 2025	2024 (Q4)	6.62 / 2.22	7.9	-71.90% (-5.68)
Oct 22, 2024	2024 (Q3)	6.50 / 6.84	6.77	1.03% (+0.07)
Jul 23, 2024	2024 (Q2)	6.46 / 7.11	6.73	5.65% (+0.38)
Apr 23, 2024	2024 (Q1)	5.82 / 6.33	6.43	-1.56% (-0.10)
Jan 23, 2024	2023 (Q4)	7.27 / 7.90	7.79	1.41% (+0.11)
Oct 17, 2023	2023 (Q3)	6.67 / 6.77	6.87	-1.46% (-0.10)
Jul 18, 2023	2023 (Q2)	6.45 / 6.73	1.16	480.17% (+5.57)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

LMT Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 22, 2025	$460.53	$410.74	-10.81%
Apr 22, 2025	$455.19	$458.92	+0.82%
Jan 28, 2025	$496.58	$450.99	-9.18%
Oct 22, 2024	$602.16	$565.29	-6.12%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.