Lockheed Martin Reports First Quarter 2026 Financial Results
Rhea-AI Summary
Lockheed Martin (NYSE:LMT) reported Q1 2026 sales of $18.0 billion and net earnings of $1.49 billion ($6.44 diluted EPS). Cash from operations was $220 million and free cash flow was $(291) million. The company reaffirmed 2026 guidance: $77.5–$80.0 billion sales and $6.5–$6.8 billion free cash flow. Lockheed also signed multiyear framework agreements to accelerate munitions production, targeting a 3–4x increase in production rates and supporting investments in production infrastructure, supply chain, and workforce.
Positive
- Signed multiyear framework agreements to scale munitions production
- Reaffirmed 2026 sales guidance of $77.5–$80.0 billion
- 2026 free cash flow guidance of $6.5–$6.8 billion
- Missiles & Fire Control sales +8% year-over-year
- Space sales +7% year-over-year
Negative
- Net earnings declined to $1.49 billion (EPS $6.44)
- Cash from operations down to $220 million (vs $1.4B prior year)
- Free cash flow swung to $(291) million from $955 million
- Total business segment operating profit down 13% ($1,823M vs $2,085M)
- Aeronautics operating profit down $101 million; RMS sales down 8%
Key Figures
Market Reality Check
Peers on Argus
LMT fell 2.89% with several defense peers also weaker (GD -2.05%, NOC -3.51%, HWM -3.65%, TDG -1.67%), while BA gained 1.86%. With no peers in the momentum scanner and mixed moves, trading appears more LMT-specific than a clean sector-wide rotation.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 29 | FY 2025 earnings | Positive | +4.2% | Strong 2025 growth, record backlog and initial 2026 sales, EPS and FCF outlook. |
| Oct 21 | Q3 2025 earnings | Positive | -3.2% | Higher sales, record backlog, capital returns and raised 2025 guidance. |
| Oct 01 | Q3 2025 webcast notice | Neutral | -0.0% | Announcement of timing and access details for Q3 2025 earnings call. |
| Jul 22 | Q2 2025 earnings | Negative | -10.8% | Program losses, sharply lower EPS and cash flow despite slightly higher sales. |
| Jul 01 | Q2 2025 webcast notice | Neutral | -0.7% | Scheduling and access information for upcoming Q2 2025 earnings call. |
Earnings-related headlines often coincided with downside or volatile reactions: average move over the last 5 earnings-tag events was -2.12%, including one double‑digit drop on weaker results.
Recent earnings history for Lockheed Martin shows mixed but generally cautious reactions. Q2 2025 results with major program losses triggered a -10.81% move, while strong full‑year 2025 results and 2026 guidance on Jan 29, 2026 saw shares gain 4.23%. Other quarters with updated guidance and record backlogs still produced modest declines. Against this backdrop, Q1 2026’s flat sales, lower earnings and sharply weaker cash generation alongside reaffirmed 2026 outlook fit a pattern where investors scrutinize margins, cash flow and program execution even when guidance is maintained.
Historical Comparison
Over the past five earnings-related releases, LMT’s average move was -2.12%. Today’s -2.89% reaction to Q1 2026 results sits slightly weaker but broadly in line with that pattern of cautious earnings-day trading.
Earnings news has tracked a path from Q2 2025 program losses and cash pressure, through stabilizing Q3 2025 results and strong full-year 2025 performance with record backlog, into 2026 where guidance is reaffirmed but quarterly cash flow and margins remain key watch points.
Market Pulse Summary
This announcement highlighted stable Q1 2026 sales of $18.0 billion, lower EPS of $6.44, and a sharp decline in free cash flow to $(291) million, while reaffirming 2026 guidance for sales, EPS and free cash flow of $6.5–$6.8 billion. Investors may compare these trends with prior quarters that featured record backlogs but occasional program losses and cash pressure, watching execution, working capital and segment profitability as key metrics in upcoming results.
Key Terms
free cash flow financial
non-gaap financial
deferred compensation plans financial
fas/cas pension operating adjustment financial
intangible asset amortization financial
restricted stock units financial
form 4 regulatory
schedule 13g regulatory
AI-generated analysis. Not financial advice.
- Orion capsule successfully completes historic mission around the moon
- Lockheed Martin and Department of War sign multiyear framework agreements to increase munitions production
- Sales of
$18.0 billion - Net earnings of
$1.5 billion $6.44 - Cash from operations of
$220 million $(291) million - Reaffirms 2026 financial outlook
"Lockheed Martin's superior capabilities in delivering advanced defense technology and systems and in space exploration have been proven again and again in 2026. Our Orion spacecraft safely carried the crew farther from Earth than ever before during NASA's historic Artemis II mission, concluding with a precisely executed re-entry and splashdown. Our superior fifth generation fighter jets, the F-35 and F-22, continue to operate with great effectiveness in contested and difficult missions. Additionally, our layered missile defense architecture, including phased array radars, Aegis integrated command and control system, and the THAAD and advanced Patriot Missile interceptors, protected both military assets and civilians," said Lockheed Martin Chairman, President and CEO Jim Taiclet.
"Given the high level of demand for many of these systems, we also pioneered a number of commercially inspired, long-term business arrangements with
"Our first quarter revenue of more than
Summary Financial Results
The following table presents the company's summary financial results:
(in millions, except per share data) | Quarters Ended | |||||
March 29, 2026 | March 30, 2025 | |||||
Sales | $ 18,021 | $ 17,963 | ||||
Business segment operating profit1 | $ 1,823 | $ 2,085 | ||||
Unallocated items | ||||||
FAS/CAS pension operating adjustment | 421 | 379 | ||||
Intangible asset amortization expense | (50) | (64) | ||||
Other, net2 | (131) | (28) | ||||
Total unallocated items | 240 | 287 | ||||
Consolidated operating profit | $ 2,063 | $ 2,372 | ||||
Net earnings | $ 1,488 | $ 1,712 | ||||
Diluted earnings per share | $ 6.44 | $ 7.28 | ||||
Cash from operations | $ 220 | $ 1,409 | ||||
Capital expenditures | (511) | (454) | ||||
Free cash flow1 | $ (291) | $ 955 | ||||
1 | Business segment operating profit and free cash flow are non-GAAP measures. See the "Use of Non-GAAP Financial Measures" section of | |||||
2 | Other, net for the quarter ended March 29, 2026 included net losses of | |||||
Cash from operations in the quarter ended March 29, 2026 was
The company's cash activities in the quarter ended March 29, 2026, included the following:
- capital expenditures of
$511 million - independent research and development of
$458 million - cash dividends of
$816 million - scheduled long-term debt repayments of
$1.0 billion
2026 Financial Outlook
The company's financial outlook and other sections of this news release contain forward-looking statements, which reflect the company's judgment based on the information available at the time of this news release. It is the company's practice not to incorporate adjustments into its financial outlook for future gains or losses related to changes in valuations of the company's net assets and liabilities for deferred compensation plans or early-stage company investments, pension annuity contracts or discretionary contributions, financing transactions, changes in law, or new accounting standards until such items have been consummated, enacted or adopted. Actual results may differ materially from those projected. For additional factors that may impact the company's actual results, refer to the "Forward-Looking Statements" section in this news release.
(in millions, except per share data) | 2026 Outlook | |||
Sales | ||||
Business segment operating profit1 | ||||
Total FAS/CAS pension adjustment | ||||
Diluted earnings per share | ||||
Cash from operations | ||||
Capital expenditures | ||||
Free cash flow1 | ||||
1 | Business segment operating profit and free cash flow are non-GAAP measures. See the "Use of Non-GAAP Financial Measures" section of | |||
Segment Results
The company operates in four business segments organized based on the nature of products and services offered: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS) and Space. The following table presents summary operating results of the company's business segments and reconciles these amounts to the company's consolidated financial results.
(in millions) | Quarters Ended | |||||
March 29, 2026 | March 30, 2025 | |||||
Sales | ||||||
Aeronautics | $ 6,953 | $ 7,057 | ||||
Missiles and Fire Control | 3,649 | 3,373 | ||||
Rotary and Mission Systems | 3,991 | 4,328 | ||||
Space | 3,428 | 3,205 | ||||
Total sales | $ 18,021 | $ 17,963 | ||||
Operating profit | ||||||
Aeronautics | $ 619 | $ 720 | ||||
Missiles and Fire Control | 500 | 465 | ||||
Rotary and Mission Systems | 423 | 521 | ||||
Space | 281 | 379 | ||||
Total business segment operating profit | 1,823 | 2,085 | ||||
Unallocated items | ||||||
FAS/CAS operating adjustment | 421 | 379 | ||||
Intangible asset amortization expense | (50) | (64) | ||||
Other, net | (131) | (28) | ||||
Total unallocated items | 240 | 287 | ||||
Total consolidated operating profit | $ 2,063 | $ 2,372 | ||||
For information on factors impacting comparability of the company's segment sales, operating profit and operating margins, see "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2025.
Total sales during the quarter ended March 29, 2026 was comparable to the same period in 2025. Higher sales at MFC and Space were offset by lower sales at RMS and Aeronautics.
Total business segment operating profit decreased
Aeronautics
(in millions) | Quarters Ended | |||||
March 29, 2026 | March 30, 2025 | |||||
Sales | $ 6,953 | $ 7,057 | ||||
Operating profit | 619 | 720 | ||||
Operating margin | 8.9 % | 10.2 % | ||||
Sales during the quarter ended March 29, 2026 decreased
Operating profit during the quarter ended March 29, 2026 decreased
Missiles and Fire Control
(in millions) | Quarters Ended | |||||
March 29, 2026 | March 30, 2025 | |||||
Sales | $ 3,649 | $ 3,373 | ||||
Operating profit | 500 | 465 | ||||
Operating margin | 13.7 % | 13.8 % | ||||
Sales during the quarter ended March 29, 2026 increased
Operating profit during the quarter ended March 29, 2026 increased
Rotary and Mission Systems
Effective January 2026, the Integrated Warfare Systems and Sensors (IWSS) and C6ISR lines of business within RMS were restructured and renamed Sensors, Effectors & Mission Systems (SEMS) and Mission Integrated Command and Control (MIC2). This includes realignment of various programs, such as Aegis and River-Class Destroyer (RCD) moving from what was historically IWSS to MIC2, which more closely aligns with C6ISR. SEMS and MIC2 will therefore incorporate an updated mix of existing program portfolios designed to accelerate mission–focused solutions and enhance the company's customers' experience.
(in millions) | Quarters Ended | |||||
March 29, 2026 | March 30, 2025 | |||||
Sales | $ 3,991 | $ 4,328 | ||||
Operating profit | 423 | 521 | ||||
Operating margin | 10.6 % | 12.0 % | ||||
Sales during the quarter ended March 29, 2026 decreased
Operating profit during the quarter ended March 29, 2026 decreased
Space
(in millions) | Quarters Ended | |||||
March 29, 2026 | March 30, 2025 | |||||
Sales | $ 3,428 | $ 3,205 | ||||
Operating profit | 281 | 379 | ||||
Operating margin | 8.2 % | 11.8 % | ||||
Sales during the quarter ended March 29, 2026 increased
Operating profit during the quarter ended March 29, 2026 decreased
Income Taxes
The company's effective income tax rates were
On February 18, 2026, the
Use of Non-GAAP Financial Measures
This news release contains the following non-generally accepted accounting principles (non-GAAP) financial measures (as defined by
Business segment operating profit
Business segment operating profit represents operating profit from the company's business segments before unallocated income and expense. This measure is used by the company's senior management in evaluating the performance of its business segments and is a performance goal in the company's annual incentive plan. Business segment operating margin is calculated by dividing business segment operating profit by sales. The table below reconciles the non-GAAP measure business segment operating profit with the most directly comparable GAAP financial measure, consolidated operating profit.
(in millions) | 2026 Outlook | |||
Business segment operating profit (non-GAAP) | ||||
FAS/CAS operating adjustment1 | ~1,685 | |||
Intangible asset amortization expense | ~(200) | |||
Other, net | ~(475) | |||
Consolidated operating profit (GAAP) | ||||
1 | Reflects the amount by which total CAS pension cost of | |||
Free cash flow
Free cash flow is a non-GAAP financial measure that the company defines as cash from operations less capital expenditures. The company's capital expenditures are comprised of equipment and facilities infrastructure and information technology (inclusive of costs for the development or purchase of internal-use software that are capitalized). The company uses free cash flow to evaluate its business performance and overall liquidity. While management believes that free cash flow as a non-GAAP financial measure may be useful in evaluating the company's financial performance, it should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP and may not be comparable to similarly titled measures used by other companies.
Webcast and Conference Call Information
Lockheed Martin Corporation will webcast live the earnings results conference call (listen-only mode) on Thursday, April 23, 2026, at 8:30 a.m. ET on the Lockheed Martin Investor Relations website at www.lockheedmartin.com/investor. The accompanying presentation slides and relevant financial charts are also available at www.lockheedmartin.com/investor.
For additional information, visit the company's website: www.lockheedmartin.com.
About Lockheed Martin
Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at www.lockheedmartin.com.
Forward-Looking Statements
This news release contains statements that, to the extent they are not recitations of historical fact, constitute forward-looking statements within the meaning of the federal securities laws, and are based on Lockheed Martin's current expectations and assumptions. The words "believe," "estimate," "anticipate," "project," "intend," "expect," "plan," "outlook," "scheduled," "forecast" and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks and uncertainties. Actual results may differ materially due to factors such as:
- the company's reliance on contracts with the
U.S. Government, which are dependent onU.S. Government funding and can be terminated for convenience, and the company's ability to negotiate favorable contract terms; - budget uncertainty, the risk of future budget cuts, the impact of continuing resolution funding mechanisms, the debt ceiling and government shutdowns, and changing funding and acquisition priorities;
- risks related to the development, production, sustainment, performance, schedule, cost and requirements of complex and technologically advanced programs, including the F-35 program;
- planned production rates and orders for significant programs, compliance with stringent performance and reliability standards, and materials availability, including government furnished equipment and rare earth minerals;
- the timing of contract awards or contract definitization, decisions by government customers to impose contract terms following undefinitized contract actions, achievement of performance milestones, customer acceptance of product deliveries, and receipt of customer payments;
- the company's ability to recover costs under
U.S. Government contracts, the mix of fixed-price and cost-reimbursable contracts and the risks inherent in preparing estimates for fixed-price contracts (particularly for complex and technologically advanced programs); - customer procurement and other policies, laws, regulations and executive actions that affect the company and its industry, programs, future opportunities, and financial performance, including those relating to mission priorities, competing domestic and international spending, contracting terms (such as fixed-price requirements), acquisition process reforms, treatment of contractor performance issues, and contractor access to competitive opportunities;
- performance and/or financial viability of key suppliers, teammates, joint ventures (including United Launch Alliance), joint venture partners, subcontractors and customers;
- changes in economic, capital market and political conditions in the
U.S. and globally; - the impact of inflation and other cost pressures;
- government actions that restrict or prevent the sale or delivery of the company's products (such as delays in approvals for exports requiring Congressional notification);
- foreign policy and international trade actions taken by governments such as tariffs, sanctions, embargoes, export and import controls, buying preferences, and other trade restrictions;
- the company's success expanding into and doing business in adjacent markets and internationally and the risks posed by international sales, including potential effects from fluctuations in currency exchange rates;
- changes in non-
U.S. national priorities and government budgets and planned orders; - the competitive environment for the company's products and services;
- the company's ability to develop and commercialize new technologies and products, including emerging digital and network technologies and capabilities;
- the company's ability to benefit fully from or adequately protect its intellectual property rights;
- the company's ability to attract and retain a highly skilled workforce and the impact of work stoppages or other labor disruptions;
- cyber or other security threats or other disruptions faced by the company or its suppliers;
- the company's ability to implement and continue, and the timing and impact of, capitalization changes such as share repurchases, dividend payments and financing transactions, including as a result of presidential executive orders;
- the accuracy of the company's estimates and projections;
- changes in pension plan assumptions and actual returns on pension assets; cash funding requirements and pension annuity contracts and associated charges;
- realizing the anticipated benefits of acquisitions or divestitures, investments, joint ventures, teaming arrangements or internal reorganizations, and market volatility affecting the fair value of investments that are marked to market;
- the company's efforts to fund and increase production capabilities and the efficiency of its operations and improve the affordability of its products and services, including through digital transformation and cost reduction initiatives;
- the risk of an impairment of the company's assets, including the potential impairment of goodwill and intangibles;
- the availability and adequacy of the company's insurance and indemnities;
- compliance with laws, regulations, policies, and customer requirements relating to environmental matters;
- the impact of public health crises, natural disasters and other severe weather conditions on the company's business and financial results, including supply chain disruptions and delays, employee absences, and program delays;
- changes in accounting,
U.S. or foreign tax, export or other laws, regulations, and policies and their interpretation or application, and changes in the amount or reevaluation of uncertain tax positions; and - the outcome of legal proceedings, bid protests, environmental remediation efforts, audits, administrative reviews, government investigations or government allegations that the company has failed to comply with law, other contingencies and
U.S. Government identification of deficiencies in its business systems.
These are only some of the factors that may affect the forward-looking statements contained in this news release. For a discussion identifying additional important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, see the company's filings with the
The company's actual financial results likely will be different from those projected due to the inherent nature of projections. Given these uncertainties, forward-looking statements should not be relied on in making investment decisions. The forward-looking statements contained in this news release speak only as of the date of its issuance. Except where required by applicable law, the company expressly disclaims a duty to provide updates to forward-looking statements after the date of this news release to reflect subsequent events, changed circumstances, changes in expectations, or the estimates and assumptions associated with them. The forward-looking statements in this news release are intended to be subject to the safe harbor protection provided by the federal securities laws.
Lockheed Martin Corporation | |||||
Consolidated Statements of Earnings1 | |||||
(unaudited; in millions, except per share data) | |||||
Quarters Ended | |||||
March 29, 2026 | March 30, 2025 | ||||
Sales | $ 18,021 | $ 17,963 | |||
Operating costs and expenses | (15,943) | (15,640) | |||
Gross profit | 2,078 | 2,323 | |||
Other (expense) income, net | (15) | 49 | |||
Operating profit | 2,063 | 2,372 | |||
Interest expense | (269) | (268) | |||
Non-service FAS pension expense | (80) | (98) | |||
Other non-operating income, net | 60 | 30 | |||
Earnings before income taxes | 1,774 | 2,036 | |||
Income tax expense | (286) | (324) | |||
Net earnings | $ 1,488 | $ 1,712 | |||
Effective tax rate | 16.1 % | 15.9 % | |||
Earnings per common share | |||||
Basic | $ 6.47 | $ 7.30 | |||
Diluted | $ 6.44 | $ 7.28 | |||
Weighted average shares outstanding | |||||
Basic | 229.9 | 234.4 | |||
Diluted | 231.1 | 235.3 | |||
Common shares reported in stockholders' equity at end of period | 230 | 233 | |||
1 | The company closes its books and records on the last Sunday of the calendar quarter to align its financial closing with its business processes, | ||||
Lockheed Martin Corporation | |||||||
Business Segment Summary Operating Results | |||||||
(unaudited; in millions) | |||||||
Quarters Ended | |||||||
March 29, 2026 | March 30, 2025 | % | |||||
Sales | |||||||
Aeronautics | $ 6,953 | $ 7,057 | (1 %) | ||||
Missiles and Fire Control | 3,649 | 3,373 | 8 % | ||||
Rotary and Mission Systems | 3,991 | 4,328 | (8 %) | ||||
Space | 3,428 | 3,205 | 7 % | ||||
Total sales | $ 18,021 | $ 17,963 | — % | ||||
Operating profit | |||||||
Aeronautics | $ 619 | $ 720 | (14 %) | ||||
Missiles and Fire Control | 500 | 465 | 8 % | ||||
Rotary and Mission Systems | 423 | 521 | (19 %) | ||||
Space | 281 | 379 | (26 %) | ||||
Total business segment operating profit | 1,823 | 2,085 | (13 %) | ||||
Unallocated items | |||||||
FAS/CAS operating adjustment | 421 | 379 | |||||
Intangible asset amortization expense | (50) | (64) | |||||
Other, net | (131) | (28) | |||||
Total unallocated items | 240 | 287 | (16 %) | ||||
Total consolidated operating profit | $ 2,063 | $ 2,372 | (13 %) | ||||
Operating margin | |||||||
Aeronautics | 8.9 % | 10.2 % | |||||
Missiles and Fire Control | 13.7 % | 13.8 % | |||||
Rotary and Mission Systems | 10.6 % | 12.0 % | |||||
Space | 8.2 % | 11.8 % | |||||
Total business segment operating margin | 10.1 % | 11.6 % | |||||
Total consolidated operating margin | 11.4 % | 13.2 % | |||||
Lockheed Martin Corporation | |||||
Consolidated Balance Sheets | |||||
(in millions, except par value) | |||||
March 29, 2026 | Dec. 31, 2025 | ||||
(unaudited) | |||||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | $ 1,894 | $ 4,121 | |||
Receivables, net | 2,322 | 3,901 | |||
Contract assets | 15,885 | 13,001 | |||
Inventories | 4,251 | 3,524 | |||
Other current assets | 728 | 815 | |||
Total current assets | 25,080 | 25,362 | |||
Property, plant and equipment, net | 11,283 | 11,292 | |||
Goodwill | 11,306 | 11,314 | |||
Intangible assets, net | 1,837 | 1,887 | |||
Deferred income taxes | 2,802 | 2,975 | |||
Other noncurrent assets | 6,930 | 7,010 | |||
Total assets | $ 59,238 | $ 59,840 | |||
Liabilities and equity | |||||
Current liabilities | |||||
Accounts payable | $ 4,707 | $ 3,630 | |||
Salaries, benefits and payroll taxes | 2,676 | 3,184 | |||
Contract liabilities | 10,735 | 11,440 | |||
Current maturities of long-term debt | 168 | 1,168 | |||
Other current liabilities | 3,804 | 3,913 | |||
Total current liabilities | 22,090 | 23,335 | |||
Long-term debt, net | 20,529 | 20,532 | |||
Accrued pension liabilities | 3,923 | 3,915 | |||
Other noncurrent liabilities | 5,207 | 5,337 | |||
Total liabilities | 51,749 | 53,119 | |||
Stockholders' equity | |||||
Common stock, | 230 | 229 | |||
Additional paid-in capital | 32 | — | |||
Retained earnings | 14,723 | 14,034 | |||
Accumulated other comprehensive loss | (7,496) | (7,542) | |||
Total stockholders' equity | 7,489 | 6,721 | |||
Total liabilities and equity | $ 59,238 | $ 59,840 | |||
Lockheed Martin Corporation | ||||
Consolidated Statements of Cash Flows | ||||
(unaudited; in millions) | ||||
Quarters Ended | ||||
March 29, 2026 | March 30, 2025 | |||
Operating activities | ||||
Net earnings | $ 1,488 | $ 1,712 | ||
Adjustments to reconcile net earnings to net cash provided by operating | ||||
Depreciation and amortization | 398 | 397 | ||
Stock-based compensation | 83 | 60 | ||
Deferred income taxes | 161 | (34) | ||
Qualified defined benefit pension plans | 92 | 111 | ||
Changes in assets and liabilities | ||||
Receivables, net | 1,579 | 327 | ||
Contract assets | (2,884) | (1,720) | ||
Inventories | (727) | (125) | ||
Accounts payable | 1,222 | 1,680 | ||
Contract liabilities | (705) | (420) | ||
Income taxes | 103 | 339 | ||
Other, net | (590) | (918) | ||
Net cash provided by operating activities | 220 | 1,409 | ||
Investing activities | ||||
Capital expenditures | (511) | (454) | ||
Other, net | (30) | 24 | ||
Net cash used for investing activities | (541) | (430) | ||
Financing activities | ||||
Repayments of long-term debt | (1,000) | — | ||
Repurchases of common stock | — | (750) | ||
Dividends paid | (816) | (796) | ||
Other, net | (90) | (113) | ||
Net cash used for financing activities | (1,906) | (1,659) | ||
Net change in cash and cash equivalents | (2,227) | (680) | ||
Cash and cash equivalents at beginning of period | 4,121 | 2,483 | ||
Cash and cash equivalents at end of period | $ 1,894 | $ 1,803 | ||
Lockheed Martin Corporation | |||||
Selected Financial Data | |||||
(unaudited; in millions) | |||||
2026 Outlook | 2025 Actual | ||||
Total FAS pension expense and CAS cost | |||||
FAS pension expense | $ (370) | $ (924) | |||
Less: CAS pension cost | 1,735 | 1,568 | |||
Total FAS/CAS pension adjustment | $ 1,365 | $ 644 | |||
Less: pension settlement charge | — | 479 | |||
Total FAS/CAS pension adjustment - adjusted1 | $ 1,365 | $ 1,123 | |||
Service and non-service cost reconciliation | |||||
FAS pension service cost | $ (50) | $ (50) | |||
Less: CAS pension cost | 1,735 | 1,568 | |||
FAS/CAS pension operating adjustment | 1,685 | 1,518 | |||
Non-service FAS pension expense | (320) | (874) | |||
Total FAS/CAS pension adjustment | $ 1,365 | $ 644 | |||
Less: pension settlement charge | — | 479 | |||
Total FAS/CAS pension adjustment - adjusted1 | $ 1,365 | $ 1,123 | |||
1 | The cost components in the table above relate only to the company's qualified defined benefit pension plans. The company recognized a noncash, non-operating pretax settlement charge of | ||||
Lockheed Martin Corporation | |||||
Other Financial and Operating Information | |||||
(unaudited; in millions, except for aircraft deliveries and weeks) | |||||
Backlog | March 29, 2026 | Dec. 31, 2025 | |||
Aeronautics | $ 55,032 | $ 59,435 | |||
Missiles and Fire Control | 46,565 | 46,650 | |||
Rotary and Mission Systems | 45,840 | 47,715 | |||
Space | 38,990 | 39,822 | |||
Total backlog | $ 186,427 | $ 193,622 | |||
Quarters Ended | |||||
Aircraft Deliveries | March 29, 2026 | March 30, 2025 | |||
F-35 | 32 | 47 | |||
F-16 | — | 4 | |||
C-130J | 1 | 1 | |||
Government helicopter programs | 19 | 9 | |||
Commercial helicopter programs | — | 1 | |||
Number of Weeks in Reporting Period1 | 2026 | 2025 | |||
First quarter | 12 | 13 | |||
Second quarter | 13 | 13 | |||
Third quarter | 13 | 13 | |||
Fourth quarter | 14 | 13 | |||
1 | Calendar quarters are typically comprised of 13 weeks. However, the company closes its books and records on the last Sunday of each month, | ||||
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SOURCE Lockheed Martin