Lockheed Martin stock holds firm on 2026 defense revenue momentum.

Lockheed Martin (ISIN US5398301094) is being read through the lens of its latest reported operating metrics, with defense demand, margin discipline, and cash generation still doing the heavy lifting for investors. The company reported 2025 revenue of $71.0 billion, net earnings of $5.3 billion, and diluted EPS of $22.31, while full-year 2026 guidance calls for sales of about $74.5 billion, EPS of about $27.30, and free cash flow of about $6.6 billion.

2026 sales guide climbs

The most important comparison is the step-up in guidance: 2026 revenue is guided at about $74.5 billion versus 2025 revenue of $71.0 billion, a rise of roughly 4.9%. That same outlook also implies EPS growth from $22.31 in 2025 to about $27.30 in 2026, alongside free cash flow expansion to about $6.6 billion from the prior year base.

For Lockheed Martin stock, that mix matters more than a single quarter. The share case tends to hinge on whether the company can keep converting backlog and program execution into cash, not just revenue scale.

Cash flow remains central

Management has kept free cash flow in the foreground because it is the cleanest bridge between defense contract timing and shareholder returns. A 2026 free cash flow guide of about $6.6 billion gives investors a visible benchmark against 2025 results and the EPS step-up to $27.30.

The margin story is also part of the same setup. With 2025 net earnings of $5.3 billion on $71.0 billion of sales, the company entered 2026 with a profit base that still leaves room for execution surprises in either direction.

What the numbers imply

The market relevance anchor is simple: Lockheed Martin stock is tied to a large, dated guidance package rather than a vague strategic story. Revenue, EPS, and cash flow all point to the same question in 2026 - how much of the guided improvement can actually be delivered on schedule.

That makes the next reported period less about narrative and more about whether the company stays close to its own 2026 framework. If sales track the guided $74.5 billion and free cash flow approaches $6.6 billion, the numbers would reinforce the current operating setup.

F-35 and missile work

The F-35 remains the most representative product line for Lockheed Martin because it sits at the center of the companys defense franchise and program execution. Missile and fire-control work is another important contributor, but the F-35 gives the clearest read on volume, timing, and long-cycle defense demand.

For investors, the product mix matters because it links directly to the 2026 sales guide of about $74.5 billion and the expected EPS of about $27.30. The companys results still depend on converting that program scale into stable margin and cash flow.

Shares trade on guidance

Lockheed Martin stock therefore trades as a guidance story first and a product story second. On 24 July 2026, the stock is best framed against the 2025 base of $71.0 billion in revenue and $22.31 in diluted EPS, plus the 2026 outlook for $74.5 billion in sales and about $6.6 billion in free cash flow.

The combination gives the market three dated checkpoints: 2025 actual revenue, 2025 actual EPS, and 2026 guided sales and cash flow. Those figures are enough to define the current setup without leaning on speculation.

Lockheed Martin stock profile

• Company: Lockheed Martin Corporation
• ISIN: US5398301094
• Ticker: NYSE: LMT
• Trading venue: NYSE
• Sector / Industry: Industrials / Aerospace & Defense
• Index membership: S&P 500