LMT · Earnings call · 2026Q3T · Full report

Guidance and Outlook

LOCKHEED MARTIN CORP · 2026-10-22 · Importance 80 · Surprise 68 · In source text

Lockheed Martin raised 2026 sales guidance to $80 billion–$82 billion, implying approximately 8% growth at the midpoint, and raised segment operating profit guidance to $8.575 billion–$8.675 billion. The company expects cash from operations of $10 billion–$10.2 billion and free cash flow of $7.8 billion–$8 billion, citing collections, improved working capital, and IRS tax-guidance benefits. MFC’s 2026 sales outlook increased to $17.25 billion–$17.45 billion and profit outlook to $2.395 billion–$2.425 billion; Aeronautics sales guidance is $31.1 billion–$32.5 billion, while its profit outlook is $2.92 billion–$2.95 billion. RMS expects sales of $17.7 billion–$18 billion and profit of $1.88 billion–$1.9 billion; Space expects sales of $13.95 billion–$14.05 billion and profit of $1.38 billion–$1.4 billion.

Key facts

Lockheed Martin expected full-year 2026 sales of $80 billion to $82 billion, representing approximately 8% growth at the midpoint.
Lockheed Martin expected 2026 Space sales of $13.95 billion to $14.05 billion, representing 7% to 8% year-over-year growth, and profit of $1.38 billion to $1.4 billion.
Lockheed Martin expected full-year 2026 segment operating profit of $8.575 billion to $8.675 billion.
Lockheed Martin expected 2026 cash from operations of $10 billion to $10.2 billion and free cash flow of $7.8 billion to $8 billion.
Lockheed Martin raised MFC 2026 sales guidance to $17.25 billion to $17.45 billion and profit guidance to $2.395 billion to $2.425 billion.
Lockheed Martin expected 2026 RMS sales of $17.7 billion to $18 billion and segment operating profit of $1.88 billion to $1.9 billion.
Lockheed Martin’s 2026 Aeronautics sales guidance was $31.1 billion to $32.5 billion, and profit guidance was $2.92 billion to $2.95 billion, slightly below July guidance because of revised timing expectations for the next F-35 lots.
Lockheed Martin sees clear line of sight to high-single-digit company revenue growth in 2027.

Impact estimates

metric	direction	stage	expected	basis
revenue	positive	committed	—	Lockheed Martin expected full-year 2026 sales of $80 billion to $82 billion, representing approximately 8% growth at the midpoint.
operating_income	unclear	committed	—	Lockheed Martin expected full-year 2026 segment operating profit of $8.575 billion to $8.675 billion.
cash	positive	committed	—	Lockheed Martin expected 2026 cash from operations of $10 billion to $10.2 billion and free cash flow of $7.8 billion to $8 billion.
cash	positive	committed	—	Lockheed Martin expected 2026 cash from operations of $10 billion to $10.2 billion and free cash flow of $7.8 billion to $8 billion.
revenue	positive	probable	—	Lockheed Martin sees clear line of sight to high-single-digit company revenue growth in 2027.
revenue	positive	committed	—	Lockheed Martin raised its full-year 2026 expectations for sales, earnings, and cash in Q3 2026.
net_income	positive	committed	—	Lockheed Martin raised its full-year 2026 expectations for sales, earnings, and cash in Q3 2026.
cash	positive	committed	—	Lockheed Martin raised its full-year 2026 expectations for sales, earnings, and cash in Q3 2026.
revenue	positive	committed	—	For 2027, Lockheed Martin expects all four segments to grow on a top-line basis.