The earnings call presented a mixed outlook. While Lockheed Martin demonstrated strong sales, international demand, and operational success, significant financial challenges and programmatic issues overshadowed these achievements. The company is taking steps to address these challenges, but the impact on financial results and future cash flow remains a concern.

Company Guidance

During the Lockheed Martin Second Quarter 2025 Earnings Results Conference Call, the company provided updated guidance reflecting both challenges and opportunities. The quarterly results showed $18 billion in sales, with $800 million invested in infrastructure and innovation and $1.3 billion returned to shareholders. However, the company recognized losses of $1.8 billion across several legacy programs, primarily due to issues with the Canadian Maritime Helicopter Program, Turkish Utility Helicopter Program, and a classified aeronautics program. Despite these setbacks, Lockheed Martin reaffirmed its sales guidance of $73.75 billion to $74.75 billion for the year and maintained a free cash flow range of $6.6 billion to $6.8 billion. Additionally, the company highlighted strong demand and growth potential for its F-35 program, with 97 deliveries so far and a target of 170 to 190 deliveries for the year. The call also noted significant investments in hypersonic weapons and missile defense capabilities, with expectations for increased production and new government contracts, including those related to the Air Launched Rapid Response Weapon and the CH-53K multiyear procurement.

Record Sales and Investment in Growth

Lockheed Martin reported $18 billion in sales for Q2 2025, invested $800 million in infrastructure and innovation, and returned $1.3 billion to shareholders.

Strong Demand for Key Programs

The US Navy intends to purchase PAC-3 for the first time, and the US Army requested quadrupling the production of PAC-3 missiles. Additionally, the president's FY26 budget request includes $400 million for the Air Launched Rapid Response Weapon.

Successful Operational Deployments

Lockheed Martin's systems, including the F-35 and PAC-3 missiles, were crucial in recent US military operations in the Middle East, validating their effectiveness in combat.

Increased International Demand for F-35

The UK plans to procure 12 F-35A's, Belgium will add 11 aircraft, and Denmark has expressed intentions to acquire more.

Solid Backlog and Future Growth Prospects

The company expects to end 2025 with a record backlog and has significant awards expected in the second half of the year.

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)	6.38 / -	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.