Lockheed Martin Q1 2026: EPS $6.44 Misses, FCF Collapses to -$291M — But Backlog Hits Record $186.4B

# Lockheed Martin Q1 2026: EPS $6.44 Misses, FCF Collapses to -$291M — But Backlog Hits Record $186.4B

> **Quick answer:** Lockheed Martin (LMT) posted Q1 2026 EPS of $6.44 — missing the $6.73–$6.79 consensus by $0.29–$0.35 — on revenue of $18.021 billion versus the $18.24 billion estimate. Free cash flow collapsed to negative $291 million from positive $955 million a year ago. The headline misses are real. But the buried number is the one that matters for long-term investors: backlog surged to a record $186.4 billion (+7.8% year-over-year), and management fully reaffirmed full-year 2026 guidance including $6.5–$6.8 billion in free cash flow. Stock fell 1.6% to $572.

*This article is for informational purposes only and does not constitute financial advice. Consult a qualified financial advisor for personal financial decisions.*

Lockheed Martin Q1 2026 earnings landed Thursday morning with a headline that spooked the market: an EPS miss, a revenue miss, and free cash flow that went deeply negative. LMT stock dropped 1.6% to $572, a reaction that is understandable in isolation — and potentially overblown in context. This is the full picture of what actually happened, why the FCF collapse is less alarming than it looks, and what the record backlog signals for the rest of 2026.

## The Numbers: What LMT Actually Reported

Here are the confirmed Q1 2026 actuals versus estimates: