Equity Profile

LMT

Lockheed Martin Corporation

IndustrialsAerospace & Defense$138.2B

Jul21Tue

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

Lockheed Martin Corporation (LMT) is a leading aerospace and defense company that provides advanced technology systems and services to government and commercial customers. With a market cap of $138 billion, it plays a crucial role in national security and defense innovation, making it a key player in the industrial sector.

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a critical measure of profitability and will indicate how well the company is managing costs and generating income.

N/A

Defense Contract Revenue

As a major defense contractor, revenue from government contracts is vital for Lockheed Martin's growth and stability.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

LMT Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

50%

Avg EPS Surprise

-14.87%

Avg Stock Reaction

-2.91%

Last Quarter Recap

In Q1-2026, Lockheed Martin reported an EPS of $6.44, falling short of expectations by 3.46%. The stock reacted negatively, declining by 4.62% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall expectations for Lockheed Martin are mixed, given the recent earnings performance and lack of analyst estimates. Investors are keen to see if the company can rebound from its recent misses.

Bull Case

If Lockheed Martin can deliver strong earnings and demonstrate growth in defense contracts, it could regain investor confidence and drive the stock higher.

Bear Case

Conversely, if the company continues to miss earnings expectations and shows weakness in key revenue areas, it could lead to further declines in stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the EPS for Q2-2026?

The EPS figure will be crucial in determining if the company can recover from its recent earnings misses and meet investor expectations.

How is Lockheed Martin performing in securing new defense contracts?

New contracts are essential for future growth, and any insights into this area will be closely watched by investors.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating Lockheed Martin's potential for a rebound in defense spending, particularly given recent geopolitical tensions.

Supporting Evidence

The options market is pricing a 4% move, which is below the historical average of 5.58%.

Lockheed Martin has a mixed earnings history, with a 50% beat rate, suggesting potential for upside surprises.

Recent defense spending trends indicate increased government budgets that could benefit Lockheed Martin.

Key Risk

If the company reports strong new contract wins, it could shift the narrative and lead to a reassessment of growth potential.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter centers around Lockheed Martin's ability to meet or exceed earnings expectations and secure new contracts.

Bull Confirmed If

A positive EPS surprise of over $6.67 would confirm the bull case.

Bear Confirmed If

An EPS below $6.44 would reinforce the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±4.0%

Historical Avg

±5.6%

Pricing cheap

The options market is pricing in a modest move of around 4% in either direction following the earnings report.

Options are pricing ±4.0% while LMT has averaged ±5.6% over the last 8 prints — setup is pricing cheap.

Detail

ATM IV

0.3%

30d HV

25.7%

Calls (730K)P/C Ratio: 0.42Puts (244K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Lockheed Martin beats expectations, history suggests the stock could rise by around 0.73% on the first day, confirming a positive outlook.

In-Line / Cautious

If results are in line, the stock may see a muted reaction as investors await further commentary from management.

Miss

A miss could lead to a decline of approximately 5.10% based on historical patterns, indicating continued investor concern.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on new defense contracts and their potential impact on revenue.
2Any changes in guidance regarding future earnings expectations.
3Insights into international sales growth and market expansion.
4Management's commentary on cost management and operational efficiency.
5Responses to questions about recent geopolitical developments affecting defense spending.

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Company Snapshot

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a critical measure of profitability and will indicate how well the company is managing costs and generating income.

N/A

Defense Contract Revenue

As a major defense contractor, revenue from government contracts is vital for Lockheed Martin's growth and stability.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

LMT Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

50%

Avg EPS Surprise

-14.87%

Avg Stock Reaction

-2.91%

Last Quarter Recap

In Q1-2026, Lockheed Martin reported an EPS of $6.44, falling short of expectations by 3.46%. The stock reacted negatively, declining by 4.62% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall expectations for Lockheed Martin are mixed, given the recent earnings performance and lack of analyst estimates. Investors are keen to see if the company can rebound from its recent misses.

Bull Case

If Lockheed Martin can deliver strong earnings and demonstrate growth in defense contracts, it could regain investor confidence and drive the stock higher.

Bear Case

Conversely, if the company continues to miss earnings expectations and shows weakness in key revenue areas, it could lead to further declines in stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the EPS for Q2-2026?

The EPS figure will be crucial in determining if the company can recover from its recent earnings misses and meet investor expectations.

How is Lockheed Martin performing in securing new defense contracts?

New contracts are essential for future growth, and any insights into this area will be closely watched by investors.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating Lockheed Martin's potential for a rebound in defense spending, particularly given recent geopolitical tensions.

Supporting Evidence

The options market is pricing a 4% move, which is below the historical average of 5.58%.

Lockheed Martin has a mixed earnings history, with a 50% beat rate, suggesting potential for upside surprises.

Recent defense spending trends indicate increased government budgets that could benefit Lockheed Martin.

Key Risk

If the company reports strong new contract wins, it could shift the narrative and lead to a reassessment of growth potential.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter centers around Lockheed Martin's ability to meet or exceed earnings expectations and secure new contracts.

Bull Confirmed If

A positive EPS surprise of over $6.67 would confirm the bull case.

Bear Confirmed If

An EPS below $6.44 would reinforce the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±4.0%

Historical Avg

±5.6%

Pricing cheap

The options market is pricing in a modest move of around 4% in either direction following the earnings report.

Options are pricing ±4.0% while LMT has averaged ±5.6% over the last 8 prints — setup is pricing cheap.

Detail

ATM IV

0.3%

30d HV

25.7%

Calls (730K)P/C Ratio: 0.42Puts (244K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Lockheed Martin beats expectations, history suggests the stock could rise by around 0.73% on the first day, confirming a positive outlook.

In-Line / Cautious

If results are in line, the stock may see a muted reaction as investors await further commentary from management.

Miss

A miss could lead to a decline of approximately 5.10% based on historical patterns, indicating continued investor concern.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on new defense contracts and their potential impact on revenue.
2Any changes in guidance regarding future earnings expectations.
3Insights into international sales growth and market expansion.
4Management's commentary on cost management and operational efficiency.
5Responses to questions about recent geopolitical developments affecting defense spending.