Lockheed Martin Q1 2026 Earnings Preview: Defense Giant Reports as Iran War Elevates Backlog

# Lockheed Martin Q1 2026 Earnings Preview: Defense Giant Reports as Iran War Elevates Backlog

> **Quick answer:** Lockheed Martin (LMT) reports Q1 2026 earnings before the market opens on Thursday, April 23, 2026. Analyst consensus is $6.73 EPS on $18.24 billion in revenue. The company enters the quarter with a record $194 billion backlog — and a newly urgent mandate to quadruple THAAD missile production following the Iran conflict that drained U.S. interceptor stockpiles. Full-year 2026 guidance targets $77.5–$80.0 billion in revenue.

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Lockheed Martin Q1 2026 earnings land at 8:30 a.m. ET Thursday — the final major defense name to report in a sector that has largely delivered beats this cycle. With RTX, Northrop Grumman, and GE Aerospace already in the books, all eyes turn to the world's largest defense contractor: the maker of the F-35, THAAD, PAC-3, and virtually every air-dominance system the U.S. military deploys. The geopolitical backdrop — an Iran conflict that burned through more than 25% of the U.S. THAAD arsenal in under two weeks — is the single most significant demand driver LMT has seen in years.

## What Analysts Expect From LMT Q1 2026

Wall Street's consensus for Q1 2026 is nuanced: expectations are deliberately modest, which is often the setup for a beat.