Lockheed Martin Corp.

Record backlog + strong demand signals (good/surprising): - Backlog hit an all-time high of $230B, up about $64B vs. Q2 2025. - Book-to-bill: 3.2x in Q2. - Major awards cited included $35B / 7-year MDA contract to quadruple fat interceptor production, plus an Army $3B” dimer” production contract, a RADAR award up to $1.1B, and additional space/strategic wins.

Q2 financial performance: accelerating revenue + margin + cash flow (good): - Sales: $20.1B, +11% YoY (+7% YoY excluding prior-year unfavorable adjustments). - Segment operating margin: 10.8%, with profit $2.2B (improved YoY). - EPS: $7.94 (up YoY). - Free cash flow: $2.9B vs - $150M in Q2 2025 (improved from timing of receipts and lower taxes; ERP-related dip from last quarter “restored”).

Raised 2026 guidance across the board (forecast/upside): - Total sales: raised to $79.75B–$81.75B (~8% YoY at midpoint, vs prior ~5%). - Segment operating profit: raised to $8.5B–$8.7B. - Free cash flow: raised to $7.0B–$7.2B. - EPS: $29.95–$30.65 (higher profits + lower effective tax rate). - Capex guidance: $2.0B–$2.4B (noted as benefiting from efficiencies in munition buildout). - Management highlighted that H2 2026 growth should accelerate (back half high single digits / possibly low double digits YoY, vs mid-single-digit in H1).