Lockheed Martin is expected to report Q2 2026 revenue of $19.52 billion (+7.5% YoY) and EPS of $7.28 (-0.1% YoY), with shares currently trading at $510.19 compared to a $606.68 analyst price target. Investors are primarily focused on the F-35 program's delivery trajectory and the resulting performance of the company's Aeronautics segment.
While Lockheed achieved record deliveries in 2025, margins remain under significant scrutiny due to the high costs of the TR-3 technology refresh and inflationary pressures on fixed-price contracts. Recent developments, including significant new missile defense framework agreements and sustained international momentum in Europe and the Middle East, provide a supportive backdrop for long-term backlog expansion.