Lockheed Martin (LMT) Earnings: Q3 2026 Results and Next Report Date

The quarter ended September 27, 2026 and Lockheed Martin published the results on October 22, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Lockheed Martin closes its interim quarters on the last Sunday of the calendar quarter, so Q3 2026 ended September 27. In 2026 the first quarter had 12 weeks and the fourth quarter will have 14, against 13 each in 2025.
• Lockheed Martin reports only GAAP EPS. The non-GAAP figures in its release are business segment operating profit and free cash flow.

Source: Lockheed Martin Q3 2026 results, October 22, 2026. Also in the Form 10-Q for the quarter ended September 27, 2026. Figures as reported; checked against the release on November 10, 2026.

How Lockheed Martin splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Lockheed Martin's Aeronautics revenue was $8.2 billion in Q3 2026, up 13% from $7.3 billion in Q3 2025, 40% of total revenue.
• Lockheed Martin's Missiles and Fire Control revenue was $4.5 billion in Q3 2026, up 24% from $3.6 billion in Q3 2025, 22% of total revenue.
• Lockheed Martin's Rotary and Mission Systems revenue was $4.5 billion in Q3 2026, up 3% from $4.4 billion in Q3 2025, 22% of total revenue.
• Lockheed Martin's Space revenue was $3.5 billion in Q3 2026, up 4% from $3.4 billion in Q3 2025, 17% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Lockheed Martin's updated 2026 outlook table: sales of about $80,000 million to $82,000 million (July: $79,750 million to $81,750 million), diluted EPS of about $30.35 to $30.75 (July: $29.95 to $30.65) and free cash flow of about $7,800 million to $8,000 million (July: $7,000 million to $7,200 million).

In its Q3 2026 release, Lockheed Martin said:

“The sustained financial momentum across our portfolio gives us confidence to increase our outlook for sales, earnings per share and free cash flow, the second consecutive quarter we have raised our financial guidance.”

“It is the company's practice not to incorporate adjustments in its financial outlook for proposed acquisitions, divestitures, joint ventures, changes in tax laws, or special items until such items have been consummated or enacted.”

“The company remains in negotiations with the U.S. Government on the production contracts for F-35 lots 20 and higher.”

Source: Lockheed Martin Q3 2026 release, Oct 22, 2026.

This is the company's own guidance as of Oct 22, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the LMT forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP sales and diluted EPS, each as first reported in that quarter's release. Q1 2026 had 12 weeks.

Lockheed Martin's next report is expected around January 26, 2027, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q3 2026 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 22, 2026

Lockheed Martin reports sales in four business segments. In Q3 2026 Aeronautics brought in $8,214 million of the $20,711 million total, Rotary and Mission Systems $4,511 million, Missiles and Fire Control $4,501 million and Space $3,485 million. Lockheed Martin said each of the four grew. (Lockheed Martin Q3 2026 release, Oct 22, 2026)

The F-35 is Lockheed Martin's largest program, at approximately 27% of total consolidated sales in the quarter, against 26% a year earlier. In 2025 it generated 67% of Aeronautics' sales. Aeronautics sales rose $958 million, primarily on $710 million more F-35 production and sustainment sales and $270 million on the C-130 program, partly offset by $130 million less on the F-16. (Lockheed Martin Form 10-Q, Q3 2026, Oct 22, 2026; Lockheed Martin Form 10-K, 2025, Jan 29, 2026; Lockheed Martin Q3 2026 release, Oct 22, 2026)

Missiles and Fire Control was the fastest-growing segment, with sales up $877 million, or 24%. Lockheed Martin attributed $480 million to production ramps on integrated air and missile defense programs (PAC-3 and THAAD) and $330 million to tactical and strike missiles (GMLRS and PrSM). (Lockheed Martin Q3 2026 release, Oct 22, 2026)

The U.S. Government is Lockheed Martin's main customer: $14,291 million of Q3 2026 sales, with international customers at $6,361 million and U.S. commercial and other at $59 million. By region, Europe accounted for $2,780 million and Asia Pacific $2,216 million. Fixed-price contracts produced $12,516 million of sales and cost-reimbursable contracts $8,195 million. (Lockheed Martin Form 10-Q, Q3 2026, Oct 22, 2026)

Lockheed Martin reports only GAAP EPS. Diluted EPS was $7.97 in Q3 2026 against $6.95 a year earlier, and Lockheed Martin said the $1.02 increase came primarily from $163 million of higher consolidated operating profit. Business segment operating profit, a non-GAAP measure, was $2,229 million. (Lockheed Martin Q3 2026 release, Oct 22, 2026)

Pension accounting adds to Lockheed Martin's reported operating profit. The FAS/CAS pension operating adjustment contributed $421 million in the quarter, which reflects the amount by which CAS pension cost exceeds FAS pension service cost. Intangible asset amortization was $49 million. (Lockheed Martin Q3 2026 release, Oct 22, 2026)

Lockheed Martin made no share repurchases in the first nine months of 2026, against $2.3 billion spent on 5.0 million shares in the same period of 2025. Diluted weighted average shares were 231.5 million against 232.8 million. The effective tax rate was 15.1%, against 16.5%, which Lockheed Martin attributed mainly to larger deductions for foreign derived deduction eligible income. (Lockheed Martin Form 10-Q, Q3 2026, Oct 22, 2026; Lockheed Martin Q3 2026 release, Oct 22, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Lockheed Martin publishes a full-year outlook table in its release and updates it each quarter. In October 2026 it raised 2026 sales to about $80,000 million to $82,000 million, diluted EPS to about $30.35 to $30.75 and free cash flow to about $7,800 million to $8,000 million, the second quarter in a row it raised guidance. (Lockheed Martin Q3 2026 release, Oct 22, 2026)

The outlook excludes proposed acquisitions, divestitures and special items until they happen. Lockheed Martin also flagged that its costs on the F-35 Lot 20 advance acquisition contract began to exceed contractual authorization and funding during Q3 2026, and that without more funding from the U.S. Government its results would be negatively impacted in future periods. (Lockheed Martin Q3 2026 release, Oct 22, 2026)

A consensus figure is the average of the models published by the analysts who cover Lockheed Martin, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Lockheed Martin's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning LMT is on is LMT a buy or a sell?, what analysts expect next is on the LMT forecast, and what the company does is on the Lockheed Martin (LMT) stock page.

Every number on this page can be traced to a document Lockheed Martin published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.