Lockheed Martin Corp

Company facts

Industry

Guided Missiles & Space Vehicles & Parts

Headquarters

Bethesda, Maryland

Most recent report

8-K, filed Aug 28, 2026

Incorporated

Maryland

Filings on record

1,001+ filings

On EDGAR

CIK 936468

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Jun 2026 10-Q

SECSift found 2 of 11 sections worth reading, with 4 positive, 10 notable, and 5 negative flags.

• Financial Statements (Item 1)

  Core financial statements with quantified results, program loss updates, and a new $3.45B acquisition.
  Positive

  • Backlog $230.4B at June 28, 2026, up $36.8B in six months led by THAAD UCA.
  Notable

  • F-35 program 28% of total sales in Q2 2026, unchanged concentration.
  • Contract assets increased $3.0B to $16.0B due to F-35 and MFC programs.
  • TUHP new contracts effective Jan 2026; all export licenses now received.
  • Effective tax rate 15.7% Q2 2026 vs 18.0% Q2 2025, lower due to prior-year losses.
  • Acquiring Ultra Maritime for $3.45B, expected close Q4 2026.
  Negative

  • Unfavorable profit adjustments H1 2026: $125M F-16, $95M C-130, $95M Heavy Lift, $80M Seahawk.
  • Aeronautics classified program cumulative losses $1.8B as of June 28, 2026, $427M accrued.
  • MFC classified program cumulative losses $1.5B, $1.1B accrued. Additional losses possible.
  • CMHP cumulative losses $670M, $365M accrued; restructuring discussions could fail.
  • Guaranteed $500M of ULA borrowings in Q2 2026, recorded $64M obligation.

• Management's Discussion (Item 2)

  Full MD&A with company-specific financials, segment results, and cash flow.
  Positive

  • No longer subject to Corporate Alternative Minimum Tax (CAMT) this year due to Tax Act and Notice.
  • Net earnings $1.8B in Q2 2026 vs $342M a year ago; earnings per share $7.94 vs $1.46.
  • MFC sales up 19% in Q2 2026, driven by production ramps on PAC-3 and THAAD.
  Notable

  • Received $140M in refunds from tariff assessments in H1 2026.
  • FY2027 budget proposal seeks $1.5 trillion for defense, including $760B weapons procurement.
  • Risk of additional losses on programs in Aeronautics, MFC, and RMS segments.
  • Space segment operating profit down 12% in H1 2026, driven by prior-year favorable completions.
  • No common stock repurchases in H1 2026 vs $1.3B in H1 2025.

What changed: Jun 2026 vs. Mar 2026

About 14% of LMT's Jun 2026 10-Q is new information. 38 paragraphs were added, 104 changed, and 34 removed. Below are the most important lines SECSift identified.

• Item 2 58
• Item 1 43
• Item 4 4
• Item 1A 1
• Item 5 1
• Item 6 1