Lockheed Martin Q1 EPS Misses Consensus, Backlog Falls to $186.4 B; Peru Orders 12 F-16 Block 70 Jets
Lockheed Martin reported Q1 adjusted EPS of $6.44 versus $6.67 expected and revenue of $18.02 billion, while backlog fell to $186.4 billion from $193.6 billion. The company kept its full-year 2026 targets at $77.5-80.0 billion revenue and $29.35-30.25 EPS, and secured a 12-jet F-16 Block 70 order from Peru.
1. Q1 Results and Backlog
Lockheed Martin’s first-quarter adjusted EPS came in at $6.44, below the $6.67 consensus, while revenue climbed 0.3% year-over-year to $18.02 billion. Backlog stood at $186.4 billion at March end, down from $193.6 billion a year earlier, reflecting a smaller order cushion despite steady aerospace and defense demand.
2. Full-Year 2026 Outlook Unchanged
Management reaffirmed sales guidance of $77.5 billion to $80.0 billion and adjusted EPS of $29.35 to $30.25. The company also projects operating cash flow of $9.15 billion to $9.45 billion and free cash flow of $6.5 billion to $6.8 billion for the full year.
3. Peru F-16 Block 70 Contract
Lockheed Martin secured a contract to deliver 12 F-16 Block 70 multirole fighters to Peru, enhancing its backlog and international footprint. The newest F-16 variant offers extended service life, advanced avionics and lower lifecycle costs, strengthening long-term industrial collaboration opportunities.