LMT
New quarter, same giant defense machine
Lockheed Martin rolled out first-quarter 2026 results, and the headline is basically: the behemoth is still behemothing. Sales came in at $18.0 billion, flat with a year ago, while net earnings landed at $1.5 billion, or $6.44 per share.
The cash flow part is where you lean in
The company said cash from operations was $220 million and free cash flow was $(291) million. That’s the kind of number that makes investors squint a little harder, because revenue alone doesn’t pay the bills if the cash is being stubborn. Lockheed also reaffirmed its 2026 financial outlook, which is management-speak for: “we’re not changing the story yet, please keep calm.”
Defense demand stays noisy, but very real
There were a couple of shiny side quests in the release too: the Orion capsule successfully completed its historic mission around the moon, and Lockheed signed multiyear framework agreements with the Department of War to increase munitions production. Translation? The company is still very much in the middle of the national-security mega-theme, with space programs and munitions both giving the business some extra fuel.
Big picture
For investors, this is less “wow, breakout growth” and more “steady giant with plenty of government work, but the cash conversion engine still needs a tune-up.” In other words: the defense franchise is intact, but the market will want cleaner execution from here.