What You Need To Know Ahead of Lockheed Martin's Earnings Release

With a market cap of $118.2 billion, Lockheed Martin Corporation (LMT) is the world’s largest defense contractor specializing in aerospace, defense, space, intelligence, and advanced technology solutions. The company operates through four core segments: Aeronautics; Missiles and Fire Control (MFC); Rotary and Mission Systems (RMS); and Space. 

The Bethesda, Maryland-based company is expected to announce its fiscal Q3 2026 results soon. Ahead of this event, analysts forecast LMT to report a profit of $7.25 per share, up 4.3% from $6.95 per share in the year-ago quarter. It has surpassed Wall Street's earnings estimates in three of the last four quarters while missing on another occasion.

For fiscal 2026, analysts predict the world’s largest defense contractor to report an EPS of $30.44, a rise of 6.7% from $28.52 in fiscal 2025. Moreover, EPS is anticipated to grow 8.5% year-over-year to $33.02 in fiscal 2027. 

Shares of Lockheed Martin have risen 4.1% over the past 52 weeks, lagging behind both the S&P 500 Index's ($SPX) 15.2% gain and the State Street Industrial Select Sector SPDR ETF’s (XLI) 10.5% return over the same period. 

Lockheed Martin shares climbed 10.5% on Jul. 23 after the company raised its 2026 revenue outlook to $79.75 billion - $81.75 billion and full-year EPS guidance to $29.95 - $30.65. The stronger outlook was supported by nearly 20% growth in Missiles & Fire Control revenue to $4.1 billion, driven by higher PAC-3, Precision Strike and THAAD production, including a $35 billion THAAD contract to quadruple output.

Lockheed’s total backlog surged 38.3% to $230.4 billion and Q2 2026 EPS jumped to $7.94, reflecting exceptionally strong defense demand amid heightened global military activity.

Analysts' consensus view on Lockheed Martin’s stock is cautiously optimistic, with a "Moderate Buy" rating overall. Among 22 analysts covering the stock, nine recommend "Strong Buy," 12 suggest "Hold," and one advises "Strong Sell." This configuration is slightly more bullish than three months ago, with eight analysts suggesting a "Strong Buy."

 The average analyst price target for LMT is $646.33, suggesting a potential upside of 26.2% from current levels.