lmt-20260329

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 29, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission file number: 1-11437

LOCKHEED MARTIN CORPORATION

(Exact name of registrant as specified in its charter)

Maryland

52-1893632

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer Identification No.)

6801 Rockledge Drive,

Bethesda,

Maryland

20817

(Address of principal executive offices)

(Zip Code)

(301) 897-6000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $1 par value	LMT	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non–accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b–2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ Non–accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

There were 230,563,608 shares of our common stock, $1 par value per share, outstanding as of April 20, 2026.

Table of Contents

Lockheed Martin Corporation

Form 10-Q

For the Quarterly Period Ended March 29, 2026

Table of Contents


			Page

PART I. FINANCIAL INFORMATION

	ITEM 1.	Financial Statements (Unaudited)

		Consolidated Statements of Earnings for the Quarters Ended March 29, 2026 and March 30, 2025	3

		Consolidated Statements of Comprehensive Income for the Quarters Ended Ended March 29, 2026 and March 30, 2025	4

		Consolidated Balance Sheets as of March 29, 2026 and December 31, 2025	5

		Consolidated Statements of Cash Flows for the Quarters Ended March 29, 2026 and March 30, 2025	6



		Consolidated Statements of Equity for the Quarters Ended March 29, 2026 and March 30, 2025	7

		Notes to Consolidated Financial Statements	8

		Report of Independent Registered Public Accounting Firm	23

	ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24

	ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	34

	ITEM 4.	Controls and Procedures	35

PART II. OTHER INFORMATION

	ITEM 1.	Legal Proceedings	37

	ITEM 1A.	Risk Factors	37

	ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38

	ITEM 5.	Other Information	38

	ITEM 6.	Exhibits	39

SIGNATURE			40

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

Lockheed Martin Corporation

Consolidated Statements of Earnings

(unaudited; in millions, except per share data)



	Quarters Ended
		March 29, 2026			March 30, 2025
Sales
Products			$	14,831		$	14,936
Services			3,190			3,027
Total sales			18,021			17,963
Operating costs and expenses
Products			(13,398)			(13,284)
Services			(2,784)			(2,640)

Other unallocated, net			239			284
Total operating costs and expenses			(15,943)			(15,640)
Gross profit			2,078			2,323
Other (expense) income, net			(15)			49
Operating profit			2,063			2,372
Interest expense			(269)			(268)
Non-service FAS pension expense			(80)			(98)


Other non-operating income, net			60			30
Earnings before income taxes			1,774			2,036
Income tax expense			(286)			(324)


Net earnings			$	1,488		$	1,712

Earnings per common share
Basic			$	6.47		$	7.30



Diluted			$	6.44		$	7.28

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Lockheed Martin Corporation

Consolidated Statements of Comprehensive Income

(unaudited; in millions)



	Quarters Ended
		March 29, 2026		March 30, 2025
Net earnings		$	1,488	$	1,712
Other comprehensive income, net of tax
Retirement benefits

Amortization of net actuarial losses and prior service costs, net of tax of $16 million in 2026 and $17 million in 2025		62		64

Other, net of tax of $1 million in 2026 and $6 million in 2025		(16)		65
Other comprehensive income, net of tax		46		129
Comprehensive income		$	1,534	$	1,841

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Lockheed Martin Corporation

Consolidated Balance Sheets

(in millions, except par value)


	March 29, 2026		December 31, 2025
	(unaudited)
Assets
Current assets
Cash and cash equivalents	$	1,894	$	4,121
Receivables, net	2,322		3,901
Contract assets	15,885		13,001
Inventories	4,251		3,524
Other current assets	728		815
Total current assets	25,080		25,362
Property, plant and equipment, net	11,283		11,292
Goodwill	11,306		11,314
Intangible assets, net	1,837		1,887
Deferred income taxes	2,802		2,975

Other noncurrent assets	6,930		7,010
Total assets	$	59,238	$	59,840
Liabilities and equity
Current liabilities
Accounts payable	$	4,707	$	3,630
Salaries, benefits and payroll taxes	2,676		3,184
Contract liabilities	10,735		11,440
Current maturities of long-term debt	168		1,168
Other current liabilities	3,804		3,913
Total current liabilities	22,090		23,335
Long-term debt, net	20,529		20,532
Accrued pension liabilities	3,923		3,915
Other noncurrent liabilities	5,207		5,337
Total liabilities	51,749

SEC Form 10-Q filed by Lockheed Martin Corporation