Lockheed Martin Sets April 23 Date for First-Quarter 2026 Earnings

A $194 billion backlog built on unprecedented global demand for missile interceptors, fighter jets, and precision munitions sets the stage for Lockheed Martin's first-quarter 2026 earnings call, scheduled for April 23 at 8:30 a.m. Eastern.

The company announced the webcast date on April 1, with chairman and chief executive Jim Taiclet, chief financial officer Evan Scott, and vice president of investor relations Mark Kvasnak slated to present results and field analyst questions. Lockheed will publish first-quarter figures before markets open that morning, with slides and financial charts available at lockheedmartin.com/investor and a replay accessible through May 7.

The company closed 2025 with record full-year revenue of $75 billion, a 6% year-over-year gain, and guided investors toward $77.5 billion to $80.0 billion in 2026 sales. The backlog stood at $194 billion entering the year, representing roughly 2.5 times Lockheed's annual revenue.

War-driven missile consumption is perhaps the sharpest variable heading into April 23. During a 12-day Israel-Iran conflict in June 2025, the United States expended roughly 150 THAAD interceptors, approximately one quarter of the Pentagon's total THAAD inventory ever purchased, along with around 80 SM-3 missiles. That inventory drain has injected urgency into production ramp decisions that Taiclet and Scott will almost certainly address. Lockheed was already on track to produce more than 600 PAC-3 MSE interceptors in 2025 and is ramping toward 650 annually. Javelin production is scaling from 2,400 missiles per year to a planned 3,960 by late 2026.

F-35 delivery pace will draw equal scrutiny. Lockheed delivered 191 F-35s in 2025, a record that shattered the prior high of 142, as the company worked through a backlog of finished jets that had accumulated during a billing dispute with the Pentagon. Lockheed has said it can build 156 F-35s in any given year. With the delivery clearance largely behind it, investors will press management on whether production can hold at or above that annual rate and whether any lingering software or configuration issues threaten the cadence.

Supply-chain constraints and margin risk are the murkier variables. Lockheed is 60% through an eight-year, $6 billion enterprise resource planning overhaul, and the company flagged that the new billing system could produce negative free cash flow in the first quarter even as full-year guidance remains intact. Analysts will want to know whether that timing drag materialized as expected or ran deeper than projected.

The Pentagon's fiscal 2026 budget proposal allocates additional funding for munitions procurement, emphasizing long-range precision-strike and integrated air-and-missile-defense programs. With several NATO members, including Poland and Germany, accelerating weapons purchases, the April 23 call will function as something close to a real-time gauge of how Western defense industrial capacity is holding up under sustained wartime demand. The results will reach investors' terminals well before the opening bell; the harder questions about backlogs, margins, and production ceilings will follow at 8:30.