Lockheed Martin stock gains on record backlog and strong Q2 2026 figures

Lockheed Martin stock (ISIN US5398301094) is trading above 520 dollars as of September 5, 2026, supported by strong second quarter 2026 figures and a record order backlog of around 230 billion dollars according to recent analyst commentary.

Q2 2026 results show double digit growth

In its latest reported quarter, Q2 2026, Lockheed Martin generated revenue of 20.06 billion dollars, up 10.5% compared to the same quarter a year earlier, according to data compiled by MarketBeat based on the company’s July 23, 2026 earnings release.

The aerospace and defense group reported earnings per share of 7.94 dollars in Q2 2026, beating the analyst consensus estimate of 7.22 dollars by 0.72 dollars and highlighting both operational leverage and improved program performance.

Lockheed Martin achieved a net margin of 8.16% in that quarter and a return on equity of 91.42%, figures that underline the capital intensive but highly profitable nature of its portfolio of long term defense contracts.

Analysts tracking the company expect full year 2026 earnings per share of 30.39 dollars, with Lockheed’s own guidance set in a range of 29.95 to 30.65 dollars EPS, indicating that management sees relatively tight but achievable targets for the current fiscal year.

Record backlog and missile demand underpin outlook

Recent commentary highlights that Lockheed Martin is benefiting from one of the highest demand levels in its history, with a total backlog of about 230 billion dollars across programs such as the F 35 fighter jet, missile and air defense systems and logistics agreements.

According to a Stocktwits news article published on September 5, 2026, the company booked around 65 billion dollars in new orders in Q2 2026, contributing to that record backlog and driven by contracts including an expanded THAAD interceptor production program and a 10.5 billion dollar logistics agreement with U.S. Special Operations Command.

The same report notes that Lockheed Martin generated 2.9 billion dollars in free cash flow during Q2 2026, supported by approximately 3.2 billion dollars in operating cash flow, a sharp turnaround from the 150 million dollar cash outflow in the prior year’s Q2 and illustrating how cash generation has rebounded as legacy program losses roll off.

External analysis describes the stock as benefiting from robust missile and air defense demand, with the pullback from earlier 2026 price peaks seen as an opportunity given the combination of rising sales, record backlog and upgraded free cash flow guidance toward roughly 7 to 7.2 billion dollars for 2026.

Analyst view and market valuation

MarketBeat data as of September 6, 2026 indicate that the consensus rating on Lockheed Martin is currently Hold, with an average price target of 632.39 dollars, only modestly above the latest trading levels and suggesting that analysts expect limited upside from here without additional positive surprises.

The same overview shows that shares of Lockheed Martin stock opened at 524.58 dollars on Friday, September 4, 2026 on the New York Stock Exchange, placing the stock somewhat below recent highs around 531.55 dollars but still well above levels seen earlier in the year.

Based on that opening price, and assuming roughly 238 million shares outstanding, this would imply a market capitalization in the region of 125 billion dollars, underscoring the company’s status as one of the largest global defense contractors alongside European peers such as BAE Systems.

A Stocktwits article notes that despite edging 0.2% lower in overnight trading into September 5, 2026, Lockheed Martin stock has climbed more than 11% over the course of the week, a move supported by the strong Q2 2026 results and broader investor interest in defense names.

Flagship F 35 program remains central

A key product for Lockheed Martin is the F 35 Lightning II fighter jet program, which spans multiple variants and is sold to U.S. services and allied nations and contributes a significant portion of the company’s aeronautics segment revenue.

Recent commentary highlights that demand for the F 35 remains solid, with aircraft deliveries and sustainment contracts feeding into the broader backlog and supporting long term cash flows for the group.

Stock price and trading venue

Lockheed Martin stock is listed on the New York Stock Exchange under the ticker LMT, with the shares opening at 524.58 dollars on September 4, 2026 and trading in United States dollars; this level stands below the recent closing price around 531.55 dollars reported in early September but still reflects double digit percentage gains over the latest week.