Lockheed Martin CorporationNYSE: LMT
Industrials · Aerospace & Defense
$513.30
-0.90%
Vol: 1.6M
Research Digest
Friday, May 1, 2026
Lockheed Martin's Q1 earnings miss and 27% stock decline contrast with $186B backlog and accelerated PrSM production awards
Lockheed Martin shares fell 4.6% after Q1 2026 report on April 23, with company reaffirming FY2026 guidance despite execution concerns. Stock has dropped 27% from $692 March peak to $508.60. Q1 revenue flat at $18.0B, free cash flow negative at -$291M (vs. +$955M prior year) due to working capital timing. However, company signed major framework agreements to accelerate munitions production (Patriot, THAAD, PrSM) and won Peru F-16 Block 70 contract. BofA Global Research cut price target to $600 from $660, maintaining Neutral rating and citing need for FH2026 execution proof. Strong $186.43B backlog supports long-term outlook.
Previous Market Intelligence
13 daysApr 30Lockheed Martin shares fall to $508.60 after missing Q1 EPS; secures $7.8B F-35 Navy contractNegative▶
Lockheed Martin stock fell 27% from March all-time high of $692 to current $508.60 after missing Q1 earnings. Q1 revenue $18.02B vs. estimate $18.19B, EPS $6.44 vs. expected $6.69. Company reconfirmed FY26 guidance of $78.75B revenue midpoint. Secured $7.8B contract modification from US Navy for 126 Lot 17 F-35 aircraft and $4.7B Pentagon deal for Patriot interceptor production. Despite 8 consecutive down sessions, company maintains large defense backlog and strong order environment. BofA cut PT to $600 from $660; Jefferies lowered to $595 from $640. Valuation appears attractive at 27.6% discount to DCF intrinsic value of $707.89.
Apr 29Lockheed Martin in 9-day losing streak after Q1 2026 EPS miss at $6.44 vs. $6.74 estimate; lands $1.13B HIMARS contractNegative▶
Lockheed Martin shares fell 4.6% on April 23 after Q1 2026 earnings miss: EPS $6.44 vs. $6.74 estimate, flat YoY sales at $18B, negative free cash flow. Stock on 9-session losing streak, down 16.8% over 30 days. Company cited F-16 design delays and C-130 integration/supply chain challenges. However, received $1.13B undefinitized contract for HIMARS full-rate production and $4.7B Pentagon contract for Patriot interceptor acceleration. Multiple analysts cut targets: BofA to $600, Morgan Stanley to $653, RBC to $575. Full-year guidance reaffirmed.
Apr 16Pentagon awards Lockheed Martin $1.9 billion contract for C-130J training; Orion spacecraft completes Artemis II lunar missionPositive▶
Lockheed Martin secured a 10-year, $1.9 billion Pentagon contract on April 14 to continue C-130J Maintenance and Aircrew Training System (MATS) program. The company also received an $850.41 million contract modification for the TRIDENT II (D5) Life Extension 2 program. Lockheed Martin doubled its venture capital fund to $1 billion on April 14. The Lockheed Martin-built Orion spacecraft successfully completed NASA Artemis II mission on April 10, returning astronauts after traveling 694,481 miles to the Moon. Q1 2026 earnings webcast scheduled for April 23 at 8:30 a.m. ET.
Apr 14$4.7B PAC-3 MSE production contract awarded; stock up 43.6% in Q1Positive▶
Secured $4.7B PAC-3 contract April 10. Stock surged 43.6% in past quarter. 2025 net sales $75B. Q1 earnings April 23.
Apr 13Artemis II mission success; $4.76B PAC-3 missile contract; Q1 earnings April 23Positive▶
Lockheed Martin Orion spacecraft returned astronauts to Earth April 10, completing NASA Artemis II crewed deep space mission (first in 53 years). Secured $4.76 billion U.S. Army contract for PAC-3 MSE missile production through 2030. Q1 2026 earnings webcast April 23 at 8:30 a.m. Stock at $617.00, up 43.6% in last 3 months with 2.2% dividend yield.
Apr 10Lockheed Martin outlines space strategy and secures major defense contracts ahead of Q1 earnings on April 23.Positive▶
Lockheed Martin detailed strategic space technology roadmap on April 8, highlighting pivot toward proliferated military satellite architectures. Secured $1.84 billion Andromeda contract for space-based domain awareness. Artemis II mission with Orion spacecraft launched successfully. Q1 2026 earnings announced for April 23. Stock up 26% year-to-date.
Apr 9Lockheed Martin surges on defense contracts; Artemis II spacecraft successfully launchesPositive▶
Lockheed Martin stock surged 43.6% in the last three months driven by strong defense spending proposals and successful Artemis II mission. NASA's Orion spacecraft, built by Lockheed, carried four astronauts on a 10-day journey around Earth and beyond the Moon. U.S. Army announced $2B for Precision Strike Missiles and Navy awarded $1.36B hypersonics contract. Company has $194B backlog (2.5x annual revenue). Consensus rating is "Hold" with $634.74 price target.
Apr 8Lockheed Martin secures $1.36B hypersonic missile contract; PAC-3 production tripled.Positive▶
DoD awarded $1.36 billion contract to advance Conventional Prompt Strike hypersonic missile program. Framework agreement to triple PAC-3 production from 600 to 2000 annually. THAAD interceptor production to quadruple from 96 per year. Defense sector momentum strong.
Apr 7Lockheed Martin reaches record $194B backlog while Pentagon awards new missile production framework amid Congressional scrutiny of defense budget.Positive▶
Lockheed Martin secured record $194B backlog (2.5x annual sales), insulating from industrial cycles. Pentagon framework agreements expand Patriot and Precision Strike Missile production. Stock up 19.3% over 90 days and 48.5% YoY to $638.92. Earnings expected April 23 with consensus projection of $6.73 EPS (down 7.6% YoY) despite strong backlog. Citi raised target to $675 from $573 (Neutral). Key risk: Senator Tim Kaine signaling Congressional review of Trump's proposed $1.5T Pentagon budget creates timing and F-35 program appropriation risk. Analyst consensus Moderate Buy with 7 Strong Buy/16 Hold/1 Sell ratings.
Apr 6Lockheed-built NASA Orion launches Artemis II; PrSM and THAAD production quadrupling.Positive▶
NASA Orion (built by Lockheed) launched April 1 on Artemis II crewed moon mission. LMT signed framework agreements with DoD to quadruple Precision Strike Missile and THAAD interceptor production. Q1 2026 earnings April 23. Defense budget environment supports $1T+ allocation.
Apr 3Lockheed Martin completes SPY-7 radar live tracking test with U.S. Department of Defense and Japan.Positive▶
Lockheed Martin completed its first live target tracking exercise using SPY-7 radar with the U.S. and Japan. The company reported 2025 sales of $75.0 billion (up 6%) with record backlog of $194 billion, and 2026 guidance of $77.5-$80.0 billion. Citigroup maintains Neutral rating with $675 price target. Wells Fargo initiated with Equal Weight and $650 target. Stock surged 43.6% in past quarter. Q1 earnings April 23.
Apr 1Lockheed Martin opens Rapid Fielding Center and secures Pentagon agreements to quadruple THAAD and Precision Strike Missile production.Positive▶
Lockheed Martin opened its Rapid Fielding Center in Dallas on March 31, 2026. The company signed framework agreements with the Department of War to quadruple THAAD interceptor production from 96 to 400 per year. Lockheed achieved $75 billion in 2025 sales with a record $194 billion backlog and free cash flow of $6.9 billion. Part of consortium for Pentagon's $185 billion Golden Dome missile defense integration program. LMT shares are up 30% in 2026. Earnings scheduled for April 21.
Mar 31Lockheed Martin quadruples Precision Strike Missile production; stock surges 38% YTD on $3.5B capacity expansion.Positive▶
LMT quadrupled PrSM production to 550 missiles/year. THAAD expanded from 96 to 400 annually. Tripled PAC-3 MSE. Record $194B backlog, 525% FCF growth. 2026 guidance $77.5B-$80B. Stock up 38% YTD. Truist Buy with $605 target. $3.5B capacity expansion.
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Price below 200d MA — bearish structure.