Lockheed Martin earned $7.94 a share, against $1.46 a year ago when program losses gutted the quarter
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The comparison does most of the work. Lockheed Martin earned $7.94 a share in the second quarter, against $1.46 in the same quarter of 2025, and the gap sits mostly in last year, not this one. The 2025 figure carried $1.6bn of program losses and $169m of other charges.
Sales rose 11 percent to $20.1bn from $18.2bn. Net earnings were $1.8bn. Cash from operations reached $3.2bn, against $201m a year earlier, and free cash flow was $2.9bn, against negative $150m. Backlog set a record at $230bn, including a multi-year contract to produce THAAD interceptors.
New orders in the quarter came to $65bn. The company raised its 2026 outlook to sales of about $79.75bn to $81.75bn, up from a range that topped out at $80bn in April, and diluted earnings of about $29.95 to $30.65 a share. Chairman, President and CEO Jim Taiclet tied the result to the company's 21st Century Security strategy. Lockheed also noted a pending agreement to acquire Ultra Maritime, which the guidance does not yet include.

