Q3 25 EPS
$6.95
BEAT +9.45%
Est. $6.35
Q3 25 Revenue
$18.61B
BEAT +0.47%
Est. $18.52B
vs S&P Since Q3 25
-1.9%
TRAILING MARKET
LMT +5.4% vs S&P +7.4%
Market Reaction
Did LMT Beat Earnings? Q3 2025 Results
Lockheed Martin posted a standout third quarter of fiscal 2025, with diluted EPS of $6.95 beating the $6.35 consensus estimate by 9.45% and revenue of $18.61 billion edging ahead of the $18.52 billion Wall Street expected, representing 8.8% year-over… Read more Lockheed Martin posted a standout third quarter of fiscal 2025, with diluted EPS of $6.95 beating the $6.35 consensus estimate by 9.45% and revenue of $18.61 billion edging ahead of the $18.52 billion Wall Street expected, representing 8.8% year-over-year growth that underscores the defense giant's steady earnings momentum in an increasingly complex production environment. The F-35 program was the central engine of that growth, with the Aeronautics segment surging 12% year-over-year on higher production and sustainment volume, a trajectory that has put Lockheed on pace for a record year of F-35 deliveries, with 143 jets handed off through the first nine months alone and projections pointing to 170–190 for the full year. Free cash flow of $3.35 billion added further confidence, and management rewarded shareholders with a 5% dividend increase to $3.45 per share. Looking ahead, Lockheed raised its full-year EPS guidance to $22.15–$22.35 and narrowed its sales outlook to $74.25–$74.75 billion, reflecting sustained demand across its record $179.07 billion backlog.
Key Takeaways
- • F-35 program higher volume on production and sustainment contracts drove $965 million sales increase in Aeronautics
- • Production ramp-up on JASSM, LRASM, precision fires, and PAC-3 drove Missiles and Fire Control growth of 14%
- • Higher Sikorsky helicopter production volume on Black Hawk programs
- • Higher volume on Fleet Ballistic Missile (FBM) and Next Generation Interceptor (NGI) programs drove Space growth
- • Favorable profit booking rate adjustments on FBM program boosted Space operating profit by 22%
- • Working capital improvement from F-35 Lots 18-19 contract and lower tax payments from the One Big Beautiful Bill Act drove strong cash generation
LMT YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
LMT Revenue by Segment
With YoY comparisons, source: SEC Filings
“Based on the effectiveness and reliability of our products and systems, strong demand from Lockheed Martin's customers—both in the United States and among our allies—continues. As a result of this unprecedented demand, we are increasing production capacity significantly across a wide range of our lines of business.”
— Jim Taiclet, Q3 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% |