LMT earnings analysis — 8-K, guidance, statement tablesLockheed Martin Corporation (LMT) 财报解读 — 8-K、量化指引、最新财务报表
Lockheed Martin Corporation (LMT) Q2 2026 Earnings Follow-Up Analysis
1. Actual vs. Consensus Performance: Per the official press release and initial earnings snapshot, GAAP diluted EPS came in at $7.94, beating the consensus estimate of $7.22 by 10.0%, while revenue hit $20.1B, exceeding the $19.3B consensus by 3.7%. Both core metrics outperformed market expectations. Note that the initial financial snapshot noted a -11.4% YoY revenue growth metric, while official 8-K filings show 11% YoY growth vs. Q2 2025; the discrepancy likely stems from different comparison periods.
2. Revenue and Profitability Quality: Official 8-K filings show Q2 2026 gross margin of 12.2%, operating margin of 12.4%, and EBITDA margin of 12.4%. Net income was $1.8B, with a 9.2% net margin. The Aeronautics segment swung to operating profit from a year-ago loss, driving a sharp rise in total segment operating profit.
3. Cash Conversion and Capital Deployment: Q2 2026 operating cash flow totaled $3.2B, capital expenditures were $318M, and free cash flow hit $2.9B. Ending cash reserves stood at $3.8B, with zero total debt and negative net debt of $3.8B, reflecting strong cash positions. Free cash flow improved significantly vs. Q2 2025.
4. Guidance Update: The company raised its full-year 2026 guidance: revenue range increased to $79.75B–$81.75B from $77.5B–$80B, GAAP diluted EPS range lifted to $29.95–$30.65 from $29.35–$30.25, and non-GAAP segment operating profit and free cash flow guidance were also upgraded. Free cash flow guidance was raised to $7.0B–$7.2B from $6.5B–$6.8B.
5. GAAP vs. Non-GAAP Measures: The release disclosed GAAP metrics including EPS and net income, and clearly labeled non-GAAP measures such as segment operating profit and free cash flow, with accompanying adjustment details.
6. Management Commentary: Official filings noted progress on the THAAD interceptor multi-year contract and munitions production ramps, but no earnings call transcript is available for additional granular details.
7. Unresolved Investor Questions: Unavailable details include segment-level deferred revenue, order fulfillment timelines, capex alignment with full-year guidance, breakdown of new orders excluding THAAD, full breakdown of year-ago one-time program losses, and undisclosed 10-Q filing details.
洛克希德·马丁公司（LMT）2026年第二季度收益后续分析
1. 业绩与预期对比：根据官方新闻稿与初始业绩快照，本季度GAAP摊薄EPS为7.94美元，超出市场预期7.22美元10.0%；营收201亿美元，超出预期193亿美元3.7%，两项核心指标均超市场共识。需注意，初始业绩快照显示营收同比下滑11.4%，但官方8-K文件显示本季度营收同比2025年第二季度增长11%，差异或源于对比周期不同。
2. 营收与盈利质量：官方8-K文件显示，本季度毛利率12.2%，营业利润率12.4%，EBITDA利润率12.4%，净利润18亿美元，净利率9.2%。航空板块（Aeronautics）本季度营业利润扭亏为盈，带动整体板块营业利润显著提升。
3. 现金流与资本配置：本季度经营现金流32亿美元，资本支出3.18亿美元，自由现金流29亿美元；期末现金38亿美元，总债务为0，净债务-38亿美元，现金流状况强劲，自由现金流同比2025年同期大幅改善。
4. 业绩指引更新：公司上调2026全年指引，营收区间从此前775-800亿美元上调至797.5-817.5亿美元，GAAP摊薄EPS区间从29.35-30.25美元上调至29.95-30.65美元，非GAAP板块营业利润及自由现金流指引同步上调，自由现金流指引上调至700-720亿美元（此前650-680亿美元）。
5. GAAP与非GAAP指标：本次披露GAAP EPS、净利润等GAAP指标，同时标注了非GAAP的板块营业利润、自由现金流，并提供了调整说明。
6. 管理层评论：官方文件提及THAAD拦截器多年期合同、弹药产能扩张等进展，但暂无收益电话会议纪要可供进一步拆解细节。
7. 未明确信息：尚未披露细分板块递延收入、订单履约进度、资本支出与全年指引的匹配细节、除THAAD外的新订单拆分、2025年同期一次性项目损失的完整拆解，以及未公开的10-Q文件相关细节。
This analysis was generated by InvestLog AI based on SEC filings, Form 4 insider transactions, Form 144 planned-sale notices, 13F institutional holdings, analyst ratings, and market data. It is for informational purposes only and does not constitute investment advice.这篇研究由 InvestLog AI 基于 SEC 披露、Form 4 内部人交易、Form 144 计划减持、13F 机构持仓、分析师评级和市场数据生成。内容仅供参考，不构成投资建议。