Lockheed Martin Corp.

Strong Q3 results + cash flow + backlog momentum - Sales: $20.7B (+11% YoY) across all segments (F-35 volume/sustainment, MFC munitions ramp, RMS radar/C2 growth, Space FBM & NGI). - Profitability: Operating profit $2.2B; margin 10.8% (double-digit earnings growth; RMS favorable adjustment on a contracting matter). - EPS: $7.97 vs $6.95 (+15% YoY). - Cash: Operating cash $3.4B; Free cash flow $3.0B (solid working-capital collections). - Backlog: Record $292B, + $113B YoY; book-to-bill 4x (notably driven by PAC-3 seven-year award).

Raised full-year 2026 guidance (forecasts) - Sales: $80B–$82B (~+8% YoY at midpoint), raised vs prior range. - Segment operating profit: $8.575B–$8.675B (also raised). - Cash from ops: $10B–$10.2B; Free cash flow: $7.8B–$8.0B. - Key drivers for the raise: MFC production ramp/munitions growth outpacing a timing-related offset in F-35 lot award assumptions. - Segment nuance: Aeronautics sales outlook slightly pressured by F-35 award timing shifting into 2027 (top-end of earlier assumption moved).

Segment outlook highlights (what management sees next) - Aeronautics: Q3 +13% YoY sales; FY26 sales $31.1B–$32.5B; profit $2.92B–$2.95B. Expect mid-single-digit sales growth (3%–7% YoY); profitability partially offset by unfavorable adjustments. - MFC (Missiles & Fire Control): Q3 sales and profit +24% YoY; FY26 sales $17.25B–$17.45B; profit $2.395B–$2.425B; ~20% YoY growth expected. This is the clearest growth engine. - RMS: FY26 sales $17.7B–$18.0B (low single-digit growth), profit $1.88B–$1.9B (range tightened / raised). - Space: FY26 sales $13.95B–$14.05B (+7% to +8% YoY); profit $1.38B–$1.4B. No ULA equity earnings included in Q4 2026 (explicitly stated).