Lockheed Martin set for July 23 earnings, with analysts calling for a modest year-over-year EPS dip

Lockheed Martin will report its fiscal 2026 second-quarter earnings on July 23, a date that frames a near-term test for the company’s profitability as the U.S. and allied defense budgets continue to support large program execution. Ahead of the release, analyst expectations point to a modest step down in earnings, even as consensus estimates indicate growth over the full fiscal year.

According to Barchart, Wall Street expects Lockheed Martin to post earnings of $7.28 per share for the quarter. That figure implies a marginal decline from the year-ago quarter. The same outlook notes that Lockheed Martin has a recent track record of meeting or exceeding expectations, beating analysts’ bottom-line estimates in three of the last four quarters, with one miss during that span.

Barchart’s earnings snapshot also includes forward-looking consensus views. For fiscal 2026 overall, analysts project earnings per share of $29.88, which would represent about 4.8% year-over-year growth. For fiscal 2027, the outlook calls for a further increase in EPS to $32.22, implying roughly 7.8% growth from the prior year.

Investors are likely to focus on what drives the difference between a quarter that is expected to show a slight EPS decline and a full-year plan that still calls for growth. In defense manufacturing, quarterly swings can reflect the timing of milestone completions, contract billing patterns, and labor and supply-chain dynamics tied to specific programs and government customer schedules.

The market’s pre-earnings positioning also matters. Barchart reports that Lockheed Martin shares have gained about 18% over the past 12 months, compared with about a 20.2% return for the S&P 500 and about a 24.1% return for the State Street Industrial Select Sector SPDR ETF. That relative performance backdrop can heighten scrutiny of guidance and any commentary on delivery pacing heading into the back half of the fiscal year.

Beyond the headline earnings-per-share number, the July 23 report is expected to be where management addresses issues that analysts typically try to reconcile in defense primes: margin trajectory, cash generation, and how the company’s backlog and contract wins translate into revenue and earnings recognition.

Lockheed Martin did not provide additional details in the pre-release market preview beyond the expected timing and the consensus figures cited in the market coverage. The company has not, in this context, indicated whether any major business segment is expected to outperform or underperform the broader estimate set, leaving investors to wait for the actual quarterly update and management’s discussion during the earnings materials.

After the report, the immediate watch items are likely to include whether quarterly EPS tracks consensus, whether revenue and margin trends align with the full-year trajectory, and whether management’s commentary supports the projected fiscal 2027 growth implied by the current estimates. Any changes to guidance or updated expectations would be central to how the stock trades in the days following the release.