Equity Profile

LMT

Lockheed Martin Corporation

IndustrialsAerospace & Defense$120.8B

Jul21Tue

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

Lockheed Martin Corporation (LMT) is a leading aerospace and defense company that plays a crucial role in national security and advanced technology. With a market cap of $121 billion, it focuses on developing innovative solutions for military and civilian applications, making it significant in the industrial sector.

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of profitability, and investors will be looking for signs of growth or decline compared to previous quarters.

N/A

Revenue Growth

Revenue growth reflects the company's ability to secure contracts and expand its market presence, which is vital for future performance.

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, missing estimates by 3.46%. The stock reacted negatively, dropping 4.62% the next day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall, expectations are mixed as Lockheed Martin has had a history of both beating and missing EPS estimates. Investors are cautious but hopeful for a turnaround this quarter.

Bull Case

If Lockheed Martin secures significant new defense contracts and shows strong revenue growth, it could lead to a positive market reaction and a recovery in stock price.

Bear Case

Conversely, if the company continues to miss EPS estimates and fails to secure new contracts, it could lead to further declines in stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the expected revenue from new defense contracts this quarter?

This will indicate the company's ability to grow and secure its market position amidst increasing competition.

How does management plan to address the recent EPS misses?

Understanding management's strategy to improve profitability will be crucial for investor confidence moving forward.

Edge

What the Street Is Missing

Why consensus could be wrong

The market may be underestimating Lockheed Martin's potential for securing new contracts, especially given the increased defense spending globally.

Supporting Evidence

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

Recent defense spending trends suggest a growing demand for Lockheed Martin's products and services.

Key Risk

If new contract announcements exceed $5 billion, it could significantly alter the market's perception of Lockheed Martin's growth potential.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core thesis revolves around Lockheed Martin's ability to secure new contracts and improve profitability after recent misses.

Bull Confirmed If

Securing new defense contracts worth over $5 billion would confirm the bull case.

Bear Confirmed If

An EPS below $6.00 would confirm 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 moderate move, suggesting that investors expect some volatility around the earnings announcement.

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)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter miss + options pricing cheap setup in Industrials

n=30

Fade rate: 12 of 30 (40%)

This setup has occurred 30 times across Industrials in the last 2 years. 12 of 30 faded and 18 held — no strong directional bias after the initial reaction. The average absolute 1-day move is 6.5%, with a raw directional average of +1.3% (modestly positive historical bias).

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Lockheed Martin beats expectations, history suggests a potential average move of +0.73% the next day, confirming a positive outlook.

In-Line / Cautious

If results are in line with expectations but management is cautious, the stock may experience a muted reaction as investors reassess future growth.

Miss

If the company misses expectations again, history suggests an average decline of -5.10% the next day, indicating ongoing concerns about profitability.

Preparation

Congressional Activity

House & Senate STOCK Act disclosures over the trailing 6 months.

Trades

0 buys·1 sell

Members

House only

Est. Notional

$1,001.00–$15,000.00

disclosed dollar ranges

Most Active Members

D-CAGilbert CisnerosRep.
1

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on new defense contracts and their expected revenue impact.
2Management's strategy to improve profitability after recent EPS misses.
3Any commentary on market conditions and competitive landscape.
4Insights into future guidance and expected challenges.
5Details on cost management and operational efficiencies.

See the full picture

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Company Snapshot

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of profitability, and investors will be looking for signs of growth or decline compared to previous quarters.

N/A

Revenue Growth

Revenue growth reflects the company's ability to secure contracts and expand its market presence, which is vital for future performance.

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, missing estimates by 3.46%. The stock reacted negatively, dropping 4.62% the next day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall, expectations are mixed as Lockheed Martin has had a history of both beating and missing EPS estimates. Investors are cautious but hopeful for a turnaround this quarter.

Bull Case

If Lockheed Martin secures significant new defense contracts and shows strong revenue growth, it could lead to a positive market reaction and a recovery in stock price.

Bear Case

Conversely, if the company continues to miss EPS estimates and fails to secure new contracts, it could lead to further declines in stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the expected revenue from new defense contracts this quarter?

This will indicate the company's ability to grow and secure its market position amidst increasing competition.

How does management plan to address the recent EPS misses?

Understanding management's strategy to improve profitability will be crucial for investor confidence moving forward.

Edge

What the Street Is Missing

Why consensus could be wrong

The market may be underestimating Lockheed Martin's potential for securing new contracts, especially given the increased defense spending globally.

Supporting Evidence

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

Recent defense spending trends suggest a growing demand for Lockheed Martin's products and services.

Key Risk

If new contract announcements exceed $5 billion, it could significantly alter the market's perception of Lockheed Martin's growth potential.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core thesis revolves around Lockheed Martin's ability to secure new contracts and improve profitability after recent misses.

Bull Confirmed If

Securing new defense contracts worth over $5 billion would confirm the bull case.

Bear Confirmed If

An EPS below $6.00 would confirm 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 moderate move, suggesting that investors expect some volatility around the earnings announcement.

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)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter miss + options pricing cheap setup in Industrials

n=30

Fade rate: 12 of 30 (40%)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Lockheed Martin beats expectations, history suggests a potential average move of +0.73% the next day, confirming a positive outlook.

In-Line / Cautious

If results are in line with expectations but management is cautious, the stock may experience a muted reaction as investors reassess future growth.

Miss

If the company misses expectations again, history suggests an average decline of -5.10% the next day, indicating ongoing concerns about profitability.

Preparation

Congressional Activity

House & Senate STOCK Act disclosures over the trailing 6 months.

Trades

0 buys·1 sell

Members

House only

Est. Notional

$1,001.00–$15,000.00

disclosed dollar ranges

Most Active Members

D-CAGilbert CisnerosRep.
1

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on new defense contracts and their expected revenue impact.
2Management's strategy to improve profitability after recent EPS misses.
3Any commentary on market conditions and competitive landscape.
4Insights into future guidance and expected challenges.
5Details on cost management and operational efficiencies.