LOCKHEED MARTIN CORP — Form 8-K
Filed October 22, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 42/100
What the filing says
Q3 2026 sales increased $2.1B to $20.7B (+11% YoY); net earnings rose $226M to $1.8B (+14% YoY); diluted EPS increased $1.02 to $7.97. Record backlog grew 27% QoQ to $292.0B, including $52.5B from a new PAC-3 MSE multi-year award. Company raised 2026 full-year guidance for sales ($80.0–$82.0B vs. $79.75–$81.75B prior), EPS ($30.35–$30.75 vs. $29.95–$30.65), and free cash flow ($7.8–$8.0B vs. $7.0–$7.2B). Critical caveat: F-35 Lot 20 costs began exceeding contractual authorization in Q3; without additional government funding, future results will be negatively impacted.
Why this rating
Strong operational growth and backlog surge are positive, but F-35 contract funding shortfall creates material near-term risk. At $106.5B market cap, the raised guidance and backlog are meaningful but offset by disclosed F-35 vulnerability and typical defense cyclicality.
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