Key Takeaways LMT reported Q4 sales of $20.32B, up 9.1% year over year, while adjusted EPS rose sharply from last year.LMT saw growth across Aeronautics, Missiles and Fire Control, Space, and Rotary and Mission Systems segments.LMT's backlog climbed to $193.62B and 2026 guidance calls for higher sales, earnings, and cash flow.Lockheed Martin Corporation (LMT) reported fourth-quarter 2025 adjusted earnings of $5.80 per share, which missed the Zacks Consensus Estimate of $6.24 by 7.1%. The bottom line increas ...

Group 1 - Deep-pocketed investors are adopting a bullish approach towards Lockheed Martin, indicating potential significant developments ahead [1] - Recent options activity shows 54% of heavyweight investors are bullish while 18% are bearish, with notable trades including $356,238 in puts and $426,621 in calls [2] - The predicted price range for Lockheed Martin is between $380.0 and $540.0 based on recent volume and open interest analysis [3] Group 2 - An analysis of options trading patterns reveals a significant level of activity, with a focus on liquidity and interest for Lockheed Martin's options [4] - The current market status of Lockheed Martin shows an average target price of $521.0 from three analysts, with some downgrades to Neutral and adjusted price targets of $505 and $515 from Citigroup and JP Morgan respectively [10][11] - Lockheed Martin is the world's largest defense contractor, with a major revenue source from the F-35 program, and its segments include aeronautics, rotary and mission systems, missiles and fire control, and space systems [9]

Core Insights - Investors are showing a bullish sentiment towards Lockheed Martin (NYSE:LMT), with significant options trading activity indicating potential upcoming developments [1][2]. Options Trading Activity - Benzinga's options scanner identified 10 unusual options trades for Lockheed Martin, with a split sentiment of 50% bullish and 30% bearish among large investors [2][3]. - The total amount for put options was $143,110, while call options totaled $332,669, indicating a stronger bullish sentiment [3]. - Whales have targeted a price range from $220.0 to $480.0 for Lockheed Martin over the last three months, based on volume and open interest data [4]. Volume and Open Interest - An analysis of the volume and open interest for Lockheed Martin's options reveals significant liquidity and interest, particularly within the strike price range of $220.0 to $480.0 over the past 30 days [5]. Largest Options Trades - Notable options trades include: - A bullish call sweep for a strike price of $480.00, totaling $93.5K with a volume of 254 [9]. - A bearish put trade for a strike price of $470.00, totaling $72.5K with a volume of 19 [9]. Company Overview - Lockheed Martin is the largest defense contractor globally, primarily known for its dominance in high-end fighter aircraft, particularly the F-35 program [10]. - The aeronautics segment accounts for over two-thirds of Lockheed's revenue, with other segments including rotary and mission systems, missiles and fire control, and space systems [10]. Current Performance - Recent insights from industry analysts suggest an average target price of $524.0 for Lockheed Martin, with Citigroup and Morgan Stanley downgrading their ratings to Neutral and Equal-Weight, respectively, setting price targets of $505 and $543 [12][13]. - The current trading volume for LMT is 647,118, with the stock price down by 1.64% to $476.49, indicating potential overbought conditions [15].

Core Viewpoint - Lockheed Martin's recent earnings report shows a positive trend in earnings and sales, despite a slight decline in share price over the past month, leading to questions about future performance leading up to the next earnings release [1][2]. Financial Performance - Lockheed Martin reported Q3 2025 adjusted earnings of $6.95 per share, exceeding the Zacks Consensus Estimate of $6.33 by 9.8%, and up 2.2% from $6.80 in the same quarter last year [2]. - Net sales reached $18.61 billion, surpassing the Zacks Consensus Estimate of $18.56 billion by 0.3%, and increased 8.8% from $17.10 billion year-over-year [3]. Operational Highlights - The backlog as of September 28, 2025, was $179.07 billion, up from $176.04 billion at the end of 2024, with significant contributions from various segments: Aeronautics ($47.51 billion), Missiles and Fire Control ($45.91 billion), Rotary and Mission Systems ($47.27 billion), and Space ($38.39 billion) [4]. - Segment performance included: - Aeronautics: Sales increased 11.9% to $7.26 billion, driven by the F-35 program, with an operating profit of $682 million [5]. - Missiles and Fire Control: Sales improved 14.1% to $3.62 billion, with an operating profit of $510 million [6]. - Space: Sales rose 9.1% to $3.36 billion, with an operating profit of $331 million [7]. - Rotary and Mission Systems: Revenues increased 0.1% to $4.37 billion, with an operating profit of $506 million [7]. Financial Condition - Cash and cash equivalents totaled $3.47 billion as of September 28, 2025, up from $2.48 billion at the end of 2024, while cash from operating activities was $5.34 billion compared to $5.95 billion a year ago [8]. - Long-term debt decreased to $20.52 billion from $19.63 billion as of December 31, 2024 [8]. Guidance and Estimates - Lockheed expects 2025 sales in the range of $74.25-$74.75 billion, slightly narrower than the previous estimate, with the Zacks Consensus Estimate at $74.20 billion [9]. - Adjusted EPS guidance has been raised to a range of $22.15-$22.35, compared to the earlier guidance of $21.70-$22.00, with the consensus estimate at $21.86 [10]. - The company anticipates generating approximately $8.50 billion in cash from operations and a free cash flow of about $6.60 billion [11]. Market Sentiment - Estimates for Lockheed Martin have trended downward over the past month, indicating a potential shift in market sentiment [12]. - The company holds a VGM Score of B, with a Growth Score of B, a Momentum Score of F, and a Value Score of B, placing it in the second quintile for value investors [13]. - Lockheed has a Zacks Rank 3 (Hold), suggesting an expectation of an in-line return from the stock in the coming months [14].

Core Insights - Lockheed Martin Corporation (LMT) reported third-quarter 2025 adjusted earnings of $6.95 per share, exceeding the Zacks Consensus Estimate of $6.33 by 9.8% and reflecting a 2.2% increase from the previous year's $6.80 [1][8] - The company's net sales reached $18.61 billion, surpassing the Zacks Consensus Estimate of $18.56 billion by 0.3% and marking an 8.8% increase from $17.10 billion in the same quarter last year [2][8] Operational Highlights - LMT's backlog as of September 28, 2025, was $179.07 billion, up from $176.04 billion at the end of 2024, with significant contributions from various segments: Aeronautics ($47.51 billion), Missiles and Fire Control ($45.91 billion), Rotary and Mission Systems ($47.27 billion), and Space ($38.39 billion) [3] - Segment performance showed notable growth: - Aeronautics sales increased 11.9% year over year to $7.26 billion, driven by the F-35 program, with an operating profit of $682 million [4] - Missiles and Fire Control sales rose 14.1% to $3.62 billion, with an operating profit of $510 million [5] - Space segment sales improved 9.1% to $3.36 billion, with an operating profit of $331 million [6] - Rotary and Mission Systems revenues increased slightly by 0.1% to $4.37 billion, with an operating profit of $506 million [6] Financial Condition - Cash and cash equivalents totaled $3.47 billion as of September 28, 2025, compared to $2.48 billion at the end of 2024, while cash from operating activities was $5.34 billion, down from $5.95 billion a year ago [9] - Long-term debt decreased to $20.52 billion from $19.63 billion at the end of 2024 [9] 2025 Guidance - Lockheed Martin raised its 2025 sales guidance to a range of $74.25-$74.75 billion, compared to the previous estimate of $73.75-$74.75 billion, with the Zacks Consensus Estimate at $74.20 billion [10] - The adjusted EPS guidance was also raised to $22.15-$22.35 from $21.70-$22.00, with the consensus estimate at $21.86 per share [11] - The company expects to generate approximately $8.50 billion in cash from operations and a free cash flow of about $6.60 billion [12]

Core Viewpoint - Lockheed Martin's recent earnings report shows a mixed performance, with adjusted earnings beating estimates but a decline in GAAP earnings, leading to a downward revision in future EPS guidance. Financial Performance - Adjusted earnings for Q2 2025 were $7.29 per share, exceeding the Zacks Consensus Estimate of $6.49 by 12.3% and up 2.5% from $7.11 in the prior year [2] - GAAP earnings were reported at $1.46 per share, significantly lower than $6.85 in the same quarter last year [2] - Net sales reached $18.16 billion, missing the consensus estimate of $18.56 billion by 2.2%, but slightly up 0.2% from $18.12 billion year-over-year [4] Operational Highlights - The decline in earnings was attributed to lower consolidated operating profit compared to the previous year [3] - Backlog as of June 29, 2025, was $166.53 billion, down from $172.97 billion as of March 30, 2024, and below the projected $174.48 billion [5] - Aeronautics segment sales increased 2% to $7.42 billion, driven by the F-35 program, but incurred an operating loss of $98 million [6] - Missiles and Fire Control segment saw a 10.7% increase in sales to $3.43 billion, with operating profit rising 6.4% to $479 million [7] - Space segment revenues improved 3.5% to $3.31 billion, with operating profit increasing 4.6% to $362 million [8] - Rotary and Mission Systems segment revenues declined 12.2% to $4 billion, resulting in an operating loss of $172 million [9][10] Financial Condition - Cash and cash equivalents totaled $1.29 billion, down from $2.48 billion at the end of 2024 [11] - Cash from operating activities was $1.61 billion, compared to $3.51 billion a year ago [11] - Long-term debt decreased to $18.52 billion from $19.63 billion as of December 31, 2024 [11] Guidance and Estimates - The company expects 2025 sales in the range of $73.75-$74.75 billion, with a consensus estimate of $74.32 billion [12] - Adjusted EPS guidance was lowered to $21.70-$22.00 from the previous $27.00-$27.30, with the consensus estimate at $27.21 [13] - Free cash flow is expected to be in the range of $6.60-$6.80 billion [14] Market Outlook - Estimates for Lockheed Martin have been trending downward since the earnings release, indicating a potential in-line return in the coming months [15][17] - The company currently holds a Zacks Rank 3 (Hold) [17] Industry Comparison - Lockheed Martin is part of the Zacks Aerospace - Defense industry, where GE Aerospace reported a 23.4% year-over-year revenue increase to $10.15 billion [19] - GE's EPS for the same period was $1.66, up from $1.20 a year ago, and it holds a Zacks Rank 1 (Strong Buy) [20]

Core Insights - Lockheed Martin Corporation (LMT) reported second-quarter 2025 adjusted earnings of $7.29 per share, exceeding the Zacks Consensus Estimate of $6.49 by 12.3% and showing a 2.5% increase from the previous year's figure of $7.11 [1][2][8] - The company’s GAAP earnings were reported at $1.46 per share, significantly lower than the prior year's $6.85 [1] Financial Performance - Net sales for the quarter were $18.16 billion, missing the Zacks Consensus Estimate of $18.56 billion by 2.2%, but reflecting a slight increase of 0.2% from $18.12 billion in the same quarter last year [3] - The year-over-year sales growth was primarily driven by increases in various business segments, except for Rotary and Mission Systems [3] Backlog and Segment Performance - As of June 29, 2025, LMT's backlog was $166.53 billion, down from $172.97 billion as of March 30, 2024, and below the projected $174.48 billion [4] - The Aeronautics segment accounted for $52.17 billion of the backlog, while Missiles and Fire Control contributed $40.25 billion, Rotary and Mission Systems $38.58 billion, and Space $35.53 billion [4] Segment Highlights - **Aeronautics**: Sales increased by 2% year over year to $7.42 billion, driven by the F-35 program, but the segment incurred an operating loss of $98 million compared to a profit of $751 million in the previous year [5] - **Missiles and Fire Control**: Sales rose 10.7% year over year to $3.43 billion, with operating profit increasing 6.4% to $479 million, although the operating margin contracted by 50 basis points to 14% [6] - **Space**: Revenue improved by 3.5% year over year to $3.31 billion, with operating profit rising 4.6% to $362 million and an operating margin expansion of 10 basis points to 10.9% [7] - **Rotary and Mission Systems**: Revenues declined 12.2% year over year to $4 billion, with an operating loss of $172 million compared to a profit of $495 million in the prior year [9][10] Financial Condition - Cash and cash equivalents totaled $1.29 billion as of June 29, 2025, down from $2.48 billion at the end of 2024, with cash from operating activities amounting to $1.61 billion compared to $3.51 billion a year ago [11] - Long-term debt decreased to $18.52 billion from $19.63 billion as of December 31, 2024 [11] 2025 Guidance - Lockheed Martin updated its 2025 guidance, expecting sales in the range of $73.75-$74.75 billion, with the Zacks Consensus Estimate at $74.32 billion [12] - The adjusted EPS guidance was lowered to $21.70-$22.00 from the previous $27.00-$27.30, with the consensus estimate at $27.21 per share [13] - The company continues to expect cash from operations between $8.50-$8.70 billion and capital expenditure of approximately $1.90 billion [13][14]

Core Insights - Lockheed Martin Corporation (LMT) reported first-quarter 2025 earnings of $7.28 per share, exceeding the Zacks Consensus Estimate of $6.34 by 14.8% and reflecting a 15% increase from the previous year's $6.33 per share [1] - The company's net sales reached $17.96 billion, surpassing the Zacks Consensus Estimate of $17.76 billion by 1.1% and showing a 4.5% year-over-year growth from $17.20 billion [2] Operational Highlights - The year-over-year sales growth was driven by increased performance across most business segments, with the exception of Space [2] - LMT's backlog as of March 30, 2025, was $172.97 billion, down from $176.04 billion at the end of 2024, and below the projected $178.46 billion [3] Segment Performance - **Aeronautics**: Sales increased 3.1% year over year to $7.06 billion, attributed to higher sales volume from the F-35 program. Operating profit rose 6% to $720 million, with an operating margin of 10.2% [4] - **Missiles and Fire Control**: Sales improved 12.7% year over year to $3.37 billion, driven by tactical and strike missile programs. Operating profit surged 49.5% to $465 million, with an operating margin of 13.8% [4][5] - **Space**: Sales decreased 2% year over year to $3.21 billion due to lower sales from national security space programs. Operating profit increased 16.6% to $379 million, with an operating margin of 11.8% [5] - **Rotary and Mission Systems**: Revenues rose 5.9% to $4.33 billion, primarily from integrated warfare systems and Sikorsky helicopter programs. Operating profit increased 21.2% to $521 million, with an operating margin of 12% [6] Financial Condition - Cash and cash equivalents totaled $1.80 billion as of March 30, 2025, down from $2.48 billion at the end of 2024. Cash from operating activities was $1.41 billion, compared to $1.64 billion a year ago [8] - Long-term debt decreased to $18.66 billion from $19.63 billion as of December 31, 2024 [8] 2025 Guidance - Lockheed Martin reiterated its 2025 sales guidance, expecting to generate between $73.75 billion and $74.75 billion, with the Zacks Consensus Estimate at $74.23 billion [9] - The company projects adjusted earnings per share in the range of $27.00 to $27.30, with the consensus estimate at $27.17 per share [9] - Expected cash from operations is projected to be between $8.50 billion and $8.70 billion, with capital expenditure around $1.90 billion and free cash flow between $6.60 billion and $6.80 billion [10]