Lockheed Martin stock (US5398301094): Q1 earnings miss, FY guidance lowered

Lockheed Martin reported Q1 2026 earnings on April 23, missing consensus on both EPS and revenue, while trimming full-year guidance below analyst expectations.

Lockheed Martin reported first-quarter 2026 earnings on April 23, 2026, delivering results that fell short of Wall Street expectations on both the bottom and top lines. The defense contractor reported earnings per share of $6.44, missing the consensus estimate of $6.79 by $0.35, according to MarketBeat as of May 12, 2026. Quarterly revenue rose 0.3% year-over-year to $18.02 billion, falling short of analyst expectations of $18.38 billion.

The company also adjusted its full-year 2026 guidance downward. Lockheed Martin provided earnings per share guidance of $29.35–$30.25 for fiscal 2026, compared to the consensus EPS estimate of $29.94, according to MarketBeat as of May 12, 2026. Revenue guidance was set at $77.5 billion–$80.0 billion, below the consensus revenue estimate of $79.1 billion. The stock traded at $512.18 USD on May 11, 2026 on the New York Stock Exchange, up 1.12% for the day.

As of: May 12, 2026

By the editorial team – specialized in equity coverage.

At a glance

• Name: Lockheed Martin Corporation
• Sector/industry: Aerospace & Defense
• Headquarters/country: United States
• Core markets: U.S. government, international defense, space systems
• Key revenue drivers: Missiles and Fire Control, Rotary and Mission Systems, Space, Aeronautics
• Home exchange/listing venue: New York Stock Exchange (NYSE: LMT)
• Trading currency: USD

Lockheed Martin: core business model

Lockheed Martin is one of the largest defense contractors in the United States, generating annual revenue of approximately $75.05 billion with net income of $5.02 billion, according to MarketBeat as of May 12, 2026. The company operates across four primary business segments: Missiles and Fire Control, Rotary and Mission Systems, Space, and Aeronautics. These divisions serve the U.S. Department of Defense, intelligence agencies, and international customers with advanced weapons systems, aircraft, missiles, and space technology.

The company's business model relies heavily on long-term government contracts and multi-year defense spending commitments. Lockheed Martin's trailing price-to-earnings ratio stands at 24.80, with a forward P/E ratio of 17.14, reflecting investor expectations for earnings growth of 7.76% next year, according to MarketBeat as of May 12, 2026.

Main revenue and product drivers for Lockheed Martin

The company's revenue streams are diversified across defense platforms critical to U.S. national security. The Missiles and Fire Control segment produces advanced missile systems and precision weapons. Rotary and Mission Systems manufactures helicopters, combat systems, and integrated warfare solutions. The Space segment develops satellites, launch vehicles, and space infrastructure. The Aeronautics division produces fighter jets, transport aircraft, and advanced aerospace platforms.

Government defense spending, particularly for modernization of military platforms and next-generation weapons systems, remains the primary driver of Lockheed Martin's revenue. The company's exposure to U.S. federal budgets and international defense partnerships creates both stability and growth opportunities for shareholders invested in the aerospace and defense sector.

Conclusion

Lockheed Martin's Q1 2026 earnings miss and reduced full-year guidance signal near-term headwinds for the defense contractor, though the company remains a cornerstone of U.S. aerospace and defense. The stock's modest gain on the day of the earnings announcement reflects investor focus on the company's long-term positioning within the defense industrial base. Investors should monitor upcoming quarterly results and any changes to U.S. defense spending priorities.

Disclaimer: This article does not constitute investment advice. Stocks are volatile financial instruments.