Lockheed Martin : Q1 2026 Earnings Release Financial Tables
LMT
Published on 04/23/2026 at 07:26 am EDT
March 29,
2026
March 30,
2025
Sales
$ 18,021
$ 17,963
Operating costs and expenses
(15,943)
(15,640)
Gross profit
2,078
2,323
Other (expense) income, net
(15)
49
Operating profit
2,063
2,372
Interest expense
(269)
(268)
Non-service FAS pension expense
(80)
(98)
Other non-operating income, net
60
30
Earnings before income taxes
1,774
2,036
Income tax expense
(286)
(324)
Net earnings
$ 1,488
$ 1,712
Effective tax rate
16.1%
15.9%
Earnings per common share
Basic
$ 6.47
$ 7.30
Diluted
$ 6.44
$ 7.28
Weighted average shares outstanding
Basic
229.9
234.4
Diluted
231.1
235.3
Common shares reported in stockholders' equity at end of period 230 233
1 The company closes its books and records on the last Sunday of the calendar quarter to align its financial closing with its business processes, which was on March 29, for the first quarter of 2026 and March 30, for the first quarter of 2025. The consolidated financial statements and tables of financial information included herein are labeled based on that convention. This practice only affects interim periods, as the company's fiscal year ends on Dec. 31.
March 29,
March 30,
2026
2025
% Change
Sales
Aeronautics
$ 6,953
$ 7,057
(1%)
Missiles and Fire Control
3,649
3,373
8%
Rotary and Mission Systems
3,991
4,328
(8%)
Space
3,428
3,205
7%
Total sales
$ 18,021
$ 17,963
-%
Operating profit
Aeronautics
$ 619
$ 720
(14%)
Missiles and Fire Control
500
465
8%
Rotary and Mission Systems
423
521
(19%)
Space
281
379
(26%)
Total business segment operating profit
Unallocated items
1,823
2,085
(13%)
FAS/CAS operating adjustment
421
379
Intangible asset amortization expense
(50)
(64)
Other, net
(131)
(28)
Total unallocated items
240
287
(16%)
Total consolidated operating profit
$ 2,063
$ 2,372
(13%)
Operating margin
Aeronautics
8.9%
10.2%
Missiles and Fire Control
13.7%
13.8%
Rotary and Mission Systems
10.6%
12.0%
Space
8.2%
11.8%
Total business segment operating margin
10.1%
11.6%
Total consolidated operating margin
11.4%
13.2%
Consolidated Balance Sheets
(in millions, except par value)
March 29,
2026
Dec. 31,
2025
(unaudited)
Assets
Current assets
Cash and cash equivalents
$ 1,894
$ 4,121
Receivables, net
2,322
3,901
Contract assets
15,885
13,001
Inventories
4,251
3,524
Other current assets
728
815
Total current assets
25,080
25,362
Property, plant and equipment, net
11,283
11,292
Goodwill
11,306
11,314
Intangible assets, net
1,837
1,887
Deferred income taxes
2,802
2,975
Other noncurrent assets
6,930
7,010
Total assets
$ 59,238
$ 59,840
Current liabilities
Accounts payable
$ 4,707
$ 3,630
Salaries, benefits and payroll taxes
2,676
3,184
Contract liabilities
10,735
11,440
Current maturities of long-term debt
168
1,168
Other current liabilities
3,804
3,913
Total current liabilities
22,090
23,335
Long-term debt, net
20,529
20,532
Accrued pension liabilities
3,923
3,915
Other noncurrent liabilities
5,207
5,337
Total liabilities
51,749
53,119
Stockholders' equity
Common stock, $1 par value per share
230
229
Additional paid-in capital
32
-
Retained earnings
14,723
14,034
Accumulated other comprehensive loss
(7,496)
(7,542)
Total stockholders' equity
7,489
6,721
Total liabilities and equity
$ 59,238
$ 59,840
March 29,
March 30,
2026
2025
Operating activities
Net earnings
$ 1,488
$ 1,712
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization
398
397
Stock-based compensation
83
60
Deferred income taxes
161
(34)
Qualified defined benefit pension plans
92
111
Changes in assets and liabilities
Receivables, net
1,579
327
Contract assets
(2,884)
(1,720)
Inventories
(727)
(125)
Accounts payable
1,222
1,680
Contract liabilities
(705)
(420)
Income taxes
103
339
Other, net
(590)
(918)
Net cash provided by operating activities
220
1,409
Investing activities
Capital expenditures
(511)
(454)
Other, net
(30)
24
Net cash used for investing activities
(541)
(430)
Financing activities
Repayments of long-term debt
(1,000)
-
Repurchases of common stock
-
(750)
Dividends paid
(816)
(796)
Other, net
(90)
(113)
Net cash used for financing activities
(1,906)
(1,659)
Net change in cash and cash equivalents
(2,227)
(680)
Cash and cash equivalents at beginning of period
4,121
2,483
Cash and cash equivalents at end of period
$ 1,894
$ 1,803
2026
2025
Outlook
Actual
Total FAS pension expense and CAS cost
FAS pension expense
$ (370)
$ (924)
Less: CAS pension cost
1,735
1,568
Total FAS/CAS pension adjustment
$ 1,365
$ 644
Less: pension settlement charge
-
479
Total FAS/CAS pension adjustment - adjusted1
$ 1,365
$ 1,123
FAS pension service cost
$ (50)
$ (50)
Less: CAS pension cost
1,735
1,568
FAS/CAS pension operating adjustment
1,685
1,518
Non-service FAS pension expense
(320)
(874)
Total FAS/CAS pension adjustment
$ 1,365
$ 644
Less: pension settlement charge
-
479
Total FAS/CAS pension adjustment - adjusted1
$ 1,365
$ 1,123
1
The cost components in the table above relate only to the company's qualified defined benefit pension plans. The company
recognized a noncash, non-operating pretax settlement charge of $479 million in the fourth quarter of 2025.
Backlog
March 29,
2026
Dec. 31,
2025
Aeronautics
$ 55,032
$ 59,435
Missiles and Fire Control
46,565
46,650
Rotary and Mission Systems
45,840
47,715
Space
38,990
39,822
Total backlog
$ 186,427
$ 193,622
Aircraft Deliveries
March 29,
2026
March 30,
2025
F-35
32
47
F-16
-
4
C-130J
1
1
Government helicopter programs
19
9
Commercial helicopter programs
-
1
Number of Weeks in Reporting Period1
2026
2025
First quarter
12
13
Second quarter
13
13
Third quarter
13
13
Fourth quarter
14
13
1 Calendar quarters are typically comprised of 13 weeks. However, the company closes its books and records on the last Sunday of each month, except for the month of Dec., as its fiscal year ends on Dec. 31. As a result, the number of weeks in a reporting quarter may vary slightly during the year and for comparable prior year periods.
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Disclaimer
Lockheed Martin Corporation published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2026 at 11:25 UTC.