LMT
Big quarter, bigger backlog
Lockheed Martin showed up this morning with a pretty loud flex: second-quarter sales rose 11% to $20.1 billion, net earnings came in at $1.8 billion, and free cash flow landed at $2.9 billion. If you’re keeping score at home, that’s the kind of result that makes defense investors sit up a little straighter in their chairs.
The real headline: the backlog monster
The most eye-catching number wasn’t even the quarter itself. It was the record $230 billion backlog, which includes a multi-year contract to produce THAAD interceptors. Translation: Lockheed doesn’t just have today’s business; it has a very chunky line of sight into tomorrow’s.
A backlog that size matters because it can smooth out the roller coaster ride that usually comes with government contractors. For investors, that means more confidence that revenue isn’t just a one-quarter fireworks show.
Guidance check
Lockheed also updated its 2026 financial outlook, and that’s where the market will be peeking for clues about margins, program timing, and whether the defense spending machine is humming or just making polite noises. When a company this size raises or trims its forecast, the stock tends to notice.
Big picture: this was the classic defense-contractor combo meal — solid current results, healthy cash generation, and a backlog that says the pipeline isn’t running dry anytime soon.