Q2 25 EPS
$1.46
MISS 77.79%
Est. $6.57
Q2 25 Revenue
$18.16B
MISS 2.30%
Est. $18.58B
vs S&P Since Q2 25
+9.5%
BEATING MARKET
LMT +24.1% vs S&P +14.6%
Market Reaction
Did LMT Beat Earnings? Q2 2025 Results
Lockheed Martin delivered a deeply disappointing second quarter, with diluted EPS of just $1.46 falling 77.79% short of the $6.57 consensus estimate as a wave of program charges overwhelmed what was otherwise a functionally stable revenue quarter. Sa… Read more Lockheed Martin delivered a deeply disappointing second quarter, with diluted EPS of just $1.46 falling 77.79% short of the $6.57 consensus estimate as a wave of program charges overwhelmed what was otherwise a functionally stable revenue quarter. Sales of $18.16 billion came in 2.30% below expectations and were nearly flat year-over-year, up just 0.2%, as the company absorbed $1.60 billion in pre-tax program losses that sent shares sharply lower after results hit. The largest single blow was a $950 million reach-forward loss on a classified Aeronautics program plagued by design, integration, and testing challenges, compounded by a $570 million loss on the Canadian Maritime Helicopter Program. Together, those charges reduced diluted EPS by $5.83 and pushed both the Aeronautics and Rotary and Mission Systems segments into operating losses for the period. Management trimmed full-year EPS guidance to $21.70–$22.00 from a prior $27.00–$27.30, while reaffirming its revenue outlook of $73.75–$74.75 billion and a class action lawsuit alleging inadequate internal controls added further pressure to the company's credibility with investors.
Key Takeaways
- • F-35 production ramp-up driving Aeronautics sales growth of $470 million
- • JASSM, LRASM, and precision fires production ramp-up driving 11% MFC sales growth
- • $1.6 billion in program losses on classified Aeronautics program, CMHP, and TUHP significantly impacting profitability
- • $66 million fixed asset write-off from NGAD down-select decision
- • $103 million charge related to IRS uncertain tax position
- • Working capital increases driven by F-35 receivables timing, contract asset milestones, Sikorsky inventory, and Space billing cycles reduced cash from operations
LMT YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
LMT Revenue by Segment
With YoY comparisons, source: SEC Filings
“Over the course of the past few months, Lockheed Martin systems and platforms once again proved highly effective in combat operations and in deterring further aggression. Our F-35s, F-22s, PAC-3, THAAD, Aegis and many others, crewed by the soldiers, aircrews, sailors, marines and guardians of the U.S. and its Allies, and supported by our own dedicated teammates, performed extremely well in the most crucial and challenging situations.”
— Jim Taiclet, Q2 2025 Earnings Press Release
LMT Earnings Trends
LMT vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
LMT EPS Trend
Earnings per share: estimate vs actual
LMT Revenue Trend
Quarterly revenue: estimate vs actual
LMT Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $6.44 | — | $18.02B | — |
| Q4 25 BEAT FY | $5.75 | $5.80 | +0.87% | $20.32B | — |
| FY Full Year | $21.46 | $21.49 | +0.14% | $75.05B | +0.62% |
| Q3 25 BEAT | $6.35 | $6.95 | +9.45% | $18.61B | +0.47% |
| Q2 25 MISS | $6.57 | $1.46 | -77.79% | $18.16B | -2.30% |
| Q1 25 BEAT | $6.31 | $7.28 | +15.30% | $17.96B | +0.89% |