Second-quarter results topped analyst estimates as munitions demand accelerated, operating margin rebounded sharply and backlog climbed to $230.4 billion.
Lockheed Martin lifted its full-year guidance after reporting stronger second-quarter results driven by accelerating munitions demand and broad-based execution across its businesses. Revenue rose 10.5% year on year to $20.06 billion, beating analyst estimates of $19.33 billion, while GAAP earnings per share came in at $7.94 versus expectations of $7.20. Operating margin improved to 12.4% from 4.1% a year earlier, and backlog increased 38.4% to $230.4 billion at quarter end. The company raised its full-year revenue outlook to $80.75 billion at the midpoint from $78.75 billion and guided to GAAP EPS of $30.30 at the midpoint, above analyst expectations. Management said early investments in advanced manufacturing, automation and production capacity helped position the company to meet rising demand, particularly in munitions, while analyst questions focused on how quickly framework agreements convert into production contracts, the pace of scale-up across munitions, F-35 and hypersonic weapons programs, and execution in classified programs.