New orders totaled $65 billion, lifting backlog to a record $230.42 billion, including a $35 billion multi-year THAAD interceptor contract.
Lockheed Martin raised its 2026 outlook to sales of about $79.75 billion to $81.75 billion, EPS of about $29.95 to $30.65, and free cash flow of about $7 billion to $7.2 billion.
Q2 earnings, sales and cash flow
Lockheed Martin Q2 2026 net earnings rose to $1.84 billion, or $7.94 per diluted share, on 11% higher sales of $20.06 billion.
Operating profit climbed to $2.48 billion as prior-year results included $1.6 billion of reach-forward program losses and $169 million of other charges.
Cash from operations increased to $3.24 billion, driving free cash flow of $2.92 billion, versus negative free cash flow a year earlier.
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