Lockheed Martin (LMT) Q1 FY2026 earnings: revenue $18.0 billion, up 0.3% on the year

Lockheed Martin Corp. (LMT) reported revenue of $18.0 billion for Q1 FY2026, the quarter ended 29 March 2026, up 0.3% on the same quarter a year earlier. Net income was $1.5 billion, down 13.1% on the year, and diluted earnings per share $6.44. The figures are the company's own, from the 10-Q it filed with the SEC on 23 April 2026.

Revenue

$18.0 billion

+0.3% on the year · -11.3% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

11.4%

13.2% a year earlier

Q2 FY2024Q1 FY2026

Net income

$1.5 billion

-13.1% on the year · +10.7% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$6.44

-11.5% on the year · +11.0% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 13 kept.

Sales flat, net earnings and EPS lower: Sales were $18,021 million against $17,963 million. Net earnings were $1,488 million against $1,712 million, and diluted EPS was $6.44 against $7.28.
Segment profit down 13% on booking rates: Business segment operating profit was $1,823 million, down $262 million, mainly on lower Aeronautics booking rate adjustments and absent prior-year Space and Aeronautics gains.
Missiles and Fire Control grew on PAC-3: MFC sales rose 8% to $3,649 million, including $190 million of PAC-3 production ramp-up and $75 million on JASSM, LRASM and PrSM. Operating profit rose 8% to $500 million; margin 13.7%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	18,021	20,321	17,963	-11.3%	+0.3%
Cost of revenue	15,943	17,999	15,640	-11.4%	+1.9%
Gross profit	2,078	2,322	2,323	-10.5%	-10.5%
Gross margin	11.5%	11.4%	12.9%
Operating income	2,063	2,331	2,372	-11.5%	-13.0%
Operating margin	11.4%	11.5%	13.2%
Interest expense	269	290	268	-7.2%	+0.4%
Pre-tax income	1,774	1,531	2,036	+15.9%	-12.9%
Income tax	286	187	324	+52.9%	-11.7%
Effective tax rate	16.1%	12.2%	15.9%
Net income	1,488	1,344	1,712	+10.7%	-13.1%
Net margin	8.3%	6.6%	9.5%
Diluted EPS	$6.44	$5.80	$7.28	+11.0%	-11.5%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	220	3,219	1,409	-93.2%	-84.4%
Capital expenditure	511	463	454	+10.4%	+12.6%
Free cash flow	-291	2,756	955
Free cash flow margin	-1.6%	13.6%	5.3%
Cash from investing	-541	-513	-430
Cash from financing	-1,906	-2,055	-1,659
Depreciation and amortisation	398	463	397	-14.0%	+0.3%
Share-based compensation	83.0	89.0	60.0	-6.7%	+38.3%
Buybacks	0.0	750	750
Dividends paid	816	799	796	+2.1%	+2.5%
Dividend per share	$3.45	$3.45	$3.30	0.0%	+4.5%
Diluted shares, weighted	231m	232m	235m	-0.3%	-1.8%
Shares outstanding at period end	231m	229m	234m	+0.7%	-1.6%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	7,489	6,721	6,683	+11.4%	+12.1%
Debt	20,697	21,700	20,304	-4.6%	+1.9%
Operating lease liabilities	n/a	825	n/a
Other liabilities	31,052	30,594	29,682	+1.5%	+4.6%
Total liabilities and equity	59,238	59,840	56,669	-1.0%	+4.5%
Fixed assets	11,283	8,875	8,713	+27.1%	+29.5%
Goodwill	11,306	11,314	11,076	-0.1%	+2.1%
Intangible assets	1,837	1,887	1,952	-2.6%	-5.9%
Trading assets	n/a	2,000	n/a
Cash and equivalents	1,894	4,121	1,803	-54.0%	+5.0%
Receivables	2,322	3,901	2,024	-40.5%	+14.7%
Inventory	4,251	3,524	3,599	+20.6%	+18.1%
Other assets	26,345	24,218	27,502	+8.8%	-4.2%
Total assets	59,238	59,840	56,669	-1.0%	+4.5%

Questions

What was Lockheed Martin's revenue in Q1 FY2026?

Lockheed Martin (LMT) reported revenue of $18.0 billion for Q1 FY2026, the quarter ended 29 March 2026, up 0.3% on the same quarter a year earlier.

How much did Lockheed Martin earn in Q1 FY2026?

Net income for Q1 FY2026 was $1.5 billion, down 13.1% on the year, and diluted earnings per share $6.44.

When did Lockheed Martin report Q1 FY2026 results?

Lockheed Martin filed its 10-Q for the quarter ended 29 March 2026 with the SEC on 23 April 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	17,729	14,964	15,446	16,583	18,991	15,126	16,693	16,878	18,874	17,195	18,122	17,104	18,622	17,963	18,155	18,609	20,321	18,021	20,063	20,711
Cost of revenue	15,307	13,055	13,490	14,463	16,689	13,080	14,603	14,830	16,579	15,202	15,992	14,987	17,932	15,640	17,421	16,369	17,999	15,943	17,617	18,275
Gross profit	2,422	1,909	1,956	2,120	2,302	2,046	2,090	2,048	2,295	1,993	2,130	2,117	690	2,323	734	2,240	2,322	2,078	2,446	2,436
Gross margin	14%	13%	13%	13%	12%	14%	13%	12%	12%	12%	12%	12%	4%	13%	4%	12%	11%	12%	12%	12%
Operating income	2,455	1,933	1,963	2,159	2,293	2,037	2,135	2,042	2,293	2,029	2,148	2,140	696	2,372	748	2,280	2,331	2,063	2,479	2,443
Operating margin	14%	13%	13%	13%	12%	13%	13%	12%	12%	12%	12%	13%	4%	13%	4%	12%	11%	11%	12%	12%
Interest expense	146	135	141	145	202	202	223	237	254	255	261	256	264	268	274	286	290	269	266	264
Pre-tax income	2,490	2,061	330	2,099	2,190	1,994	2,006	1,953	2,145	1,835	1,948	1,918	519	2,036	417	1,938	1,531	1,774	2,178	2,172
Tax rate	18%	16%	6%	15%	13%	15%	16%	14%	13%	16%	16%	15%	-2%	16%	18%	16%	12%	16%	16%	15%
Net income	2,049	1,733	309	1,778	1,912	1,689	1,681	1,684	1,866	1,545	1,641	1,623	527	1,712	342	1,619	1,344	1,488	1,836	1,845
Net margin	12%	12%	2%	11%	10%	11%	10%	10%	10%	9%	9%	9%	3%	10%	2%	9%	7%	8%	9%	9%
Diluted EPS	$7.47	$6.44	$1.16	$6.71	$7.40	$6.61	$6.63	$6.73	$7.58	$6.39	$6.85	$6.80	$2.22	$7.28	$1.46	$6.95	$5.80	$6.44	$7.94	$7.97
Operating cash flow	4,268	1,410	1,331	3,133	1,928	1,564	1,100	2,891	2,365	1,635	1,876	2,438	1,023	1,409	201	3,728	3,219	220	3,235	3,438
Capital expenditure	607	268	304	405	693	294	329	364	704	378	370	355	582	454	351	381	463	511	318	439
Free cash flow	3,661	1,142	1,027	2,728	1,235	1,270	771	2,527	1,661	1,257	1,506	2,083	441	955	-150	3,347	2,756	-291	2,917	2,999
Buybacks	2,087	2,000	356	1,338	4,206	500	750	1,750	3,000	1,000	850	850	1,000	750	500	1,000	750	0.0	0.0	0.0
Dividends paid	762	767	744	739	766	784	758	747	767	780	752	749	778	796	771	765	799	816	796	796
Shares outstanding	271m	266m	265m	262m	254m	253m	252m	248m	240m	240m	238m	237m	234m	234m	233m	231m	229m	231m	231m	231m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 29 March 2026, filed 23 April 2026: the filing.