US Market News
1月前
The Pentagon Has Decided It Has a Hypersonic Problem -- and the Process Discipline to Solve It Is Coming Out of the Commercial SectorMay 19, 2026 12:05 PM
PR Newswire (Canada) Issued on behalf of Starfighters Space, Inc.Defense primes are reporting record backlogs, raised guidance, and accelerating missile and hypersonic program ramps. Capacity, not contracts, is now the binding constraint. Starfighters Space (NYSE American: FJET) just engaged Integrated Launch Solutions to add launch, range, licensing and mission integration depth to its STARLAUNCH pathway — exactly the type of process layer the Pentagon's demand is searching for.CAPE CANAVERAL, Fla., May 19, 2026 /CNW/ -- Equity-Insider.com News Commentary — The Q1 2026 earnings cycle in defense and aerospace has been remarkably consistent on one point: demand for hypersonic, missile defense, and responsive space capabilities is running well ahead of installed capacity. The senior primes have all but said the quiet part out loud — programs are getting funded, framework agreements are getting signed, but the binding constraint is now industrial throughput, integration cycle time, and the availability of seasoned engineering and mission integration teams. That is the context against which Starfighters Space, Inc. (NYSE American: FJET) — the owner and operator of the world's fastest fleet of commercial supersonic aircraft — disclosed that it has engaged Integrated Launch Solutions, Inc. ("ILS") to provide engineering and technical integration support as it advances the STARLAUNCH pathway from design and analysis toward flight and launch services. [1]The work is expected to support program planning, requirements definition, trajectory analysis, licensing strategy, range coordination and related integration activities. ILS will serve as an extension of the Starfighters team, providing subject matter expertise in mission design, analysis, and simulation; systems engineering and technical integration; regulatory and safety compliance; and range integration. [1] The ILS resource pool draws from Boeing, Lockheed Martin, United Launch Alliance, SpaceX and the U.S. Air Force, with prior work supporting the U.S. Air Force, the National Reconnaissance Office, NASA and commercial customers."STARLAUNCH is a pathway, and the pathway depends on execution," said Tim Franta, Chief Executive Officer of Starfighters Space. He framed the ILS engagement as adding "process discipline and execution capacity required to expedite space launch development from concept through flight readiness," paired with the recent appointments of Jose Arias as Vice President, Space Operations, and Catrina L. Medeiros as Director, STARLAUNCH Operations — both senior leaders drawn from Blue Origin's New Glenn program. [1][2]The strategic logic becomes clearer when you look at what the senior defense and aerospace primes have been telling investors over the past four weeks.For more information, please read our full report on Equity-Inisder.com Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) reported Q1 2026 revenue of $371.0 million on May 6, 2026 — up 22.6% year-over-year and 15.8% organically — and raised its full-year 2026 outlook to $1.700 billion to $1.760 billion in revenue. [3] On the earnings call, CEO Eric DeMarco confirmed that what Kratos groups as its "defense rocket support" business — the segment housing its hypersonic work — has an expectation of $400 million in 2026 revenue and $700 million in 2027 revenue. [4] DeMarco linked hypersonic funding visibility to defense budget actions including the reconciliation bill, said Kratos has been verbally informed of success on certain hypersonic program awards, and referenced a separate "$1 billion plus sole source hypersonic program expansion verbal award" that he said the company believes it will receive shortly. [4] Kratos also expects to begin small jet engine LRIP later this year for cruise missiles and powered munitions, with plans to produce "several thousand engines" in 2027. [4]Lockheed Martin Corporation (NYSE: LMT) reported Q1 2026 sales of $18.0 billion on April 23, 2026 and reaffirmed its full-year sales target of $77.5 billion to $80.0 billion. [5] On the same day, the Company was awarded a $365 million contract for Aegis Ballistic Missile Defense and was subsequently selected by the U.S. Space Force as one of 12 vendors eligible for Space-Based Interceptor (SBI) prototype agreements with an aggregate ceiling of up to $3.2 billion under the Golden Dome layered missile defense architecture. [6] Lockheed signed a 7-year framework agreement with the Department of War to ramp PAC-3 Missile Segment Enhancement (MSE) production from approximately 600 to 2,000 missiles annually, structured with provisions for inflation and protection against term adjustments. [7] Strategic and missile defense programs on the Fleet Ballistic Missile and Next Generation Interceptor (NGI) programs were called out as drivers of Q1 segment-level growth at Missiles and Fire Control. [5]Northrop Grumman Corporation (NYSE: NOC) reported Q1 2026 sales of $9.9 billion on April 21, 2026, with diluted EPS of $6.14 — up 85% year over year — and ended the quarter with $96 billion in backlog. [8] Notably, shortly after the close of the quarter, Northrop secured an award to accelerate development of the Glide Phase Interceptor (GPI), bringing the total contract value to $1.3 billion. [8] GPI is designed to intercept hypersonic missiles that can evade traditional missile defense systems — a capability the company described as critical given the proliferation of hypersonic weapons. CEO Kathy Warden told investors on the call that Northrop's missile defense business now accounts for nearly 10% of company sales, that demand in the area has been "exceptionally strong," and that Northrop is "well-positioned to capitalize on significant opportunities such as Golden Dome." [9] Tactical solid rocket motor production capacity has doubled, with further expansion targeted to complete by 2027.Karman Holdings Inc. (NYSE: KRMN) — operating as Karman Space & Defense — has positioned itself as a pure-play supplier of mission-critical systems for launch vehicle, satellite, spacecraft, missile defense, hypersonic and unmanned aircraft systems customers. The Company posted record full-year 2025 results in late March 2026, with revenue up 37% and adjusted EBITDA up 37% year-over-year. [10] Hypersonics and Strategic Missile Defense revenue for the year was reported at $150.0 million, up 30.9% year-over-year. [11] For full-year 2026 the Company raised its expectations to total revenue of $715 million to $730 million and non-GAAP adjusted EBITDA of $207 million to $218 million, representing annual growth of 53% in revenue and 46% in adjusted EBITDA at the midpoints. [10] CEO Jon Rambeau cited "the generational increase in demand for the missile and munitions programs that Karman supports" combined with the U.S. government's efforts to establish multi-year prime procurement contracts as the basis for what he described as a "high-growth trajectory." [10]The pattern is unmistakable. Across Kratos, Lockheed Martin, Northrop Grumman, and Karman, the Q1 2026 prints share the same architecture — record or accelerating backlog, raised guidance, hypersonic and missile defense programs called out as standout growth drivers, and framework agreements being signed to lock in multi-year production ramps that exceed current rates by orders of magnitude.For more information, please read our full report on Equity-Inisder.comWhat is also unmistakable is that none of those primes can flight-test a production-size hypersonic article in real, variable atmospheric conditions in a single 45-minute mission. That capability is being commercialized by Starfighters Space.The Asset Behind the STARLAUNCH PathwayStarfighters Space is the operator of the largest fleet of MACH 2+ capable aircraft in the world, and the only commercial company with the ability to fly payloads at sustained MACH 2+ and with the capability to launch those payloads to space. [1] The Company operates from NASA's Kennedy Space Center, where it maintains a fleet of seven modified F-104 supersonic aircraft configured to act as a first-stage lifting platform carrying payloads up to 45,000 feet for air launch to space.STARLAUNCH 1 is being developed as a sub-orbital vehicle designed to support short-duration microgravity missions and to serve as a pathfinder for future air-launched concepts. The Company has reported wind tunnel testing that demonstrated clean separation from the aircraft platform, followed by a Critical Design Review process. [1] The Wind Tunnel in the Sky service uses the F-104 to fly as an airborne wind tunnel — the platform can fly at MACH 2 for over ten minutes, generating the equivalent of approximately 20 traditional 30-second ground wind tunnel runs, and compressing what would otherwise take about ten days of fixed-facility testing into a single 45-minute flight. [2]That is precisely the kind of throughput economics the Pentagon's hypersonic program managers — and the senior primes feeding those programs — are looking for as installed test capacity becomes the binding constraint on flight cadence.The ILS engagement now puts a deep bench of launch, range, licensing and mission integration experience around that operational asset, with prior work supporting the U.S. Air Force, the National Reconnaissance Office, NASA and commercial customers. Combined with the recent Blue Origin operational hires, Starfighters is building the engineering, regulatory, and execution stack required to move STARLAUNCH from milestone to flight at exactly the moment the customer base — the defense industrial complex — is ramping demand.The primes are signaling the demand is there. The Pentagon is signaling the funding is there. The bottleneck has shifted to capacity and execution. Starfighters Space (NYSE American: FJET) is positioning to be one of the operators that closes that gap.For more information on Starfighters Space, Inc. (NYSE American: FJET), visit equity-insider.com/fjet-landingCONTACT:
Equity Insider
editor @acblanke1Article Sources:[1] Starfighters Space, Inc. press release, "Starfighters Space Engages Integrated Launch Solutions to Advance STARLAUNCH Pathway," May 2026.
[2] Business Wire — "Starfighters Space Adds Blue Origin Leaders to Accelerate STARLAUNCH Development," May 7, 2026 — businesswire.com
[3] StockTitan — "Kratos Q1 revenue up 22.6%, lifts FY26 outlook," May 6, 2026 — stocktitan.net
[4] Investing.com — "Earnings call transcript: Kratos Defense outperforms expectations in Q1 2026," May 7, 2026 — investing.com
[5] Lockheed Martin Corporation press release — "Lockheed Martin Reports First Quarter 2026 Financial Results," April 23, 2026 — news.lockheedmartin.com
[6] StockTitan — "Lockheed Martin Wins U.S. Space Force SBI Contracts," April 2026 — stocktitan.net
[7] TIKR.com — "Lockheed Martin vs. RTX Corporation: Which Defense Stock Is the Smarter Investment?" — tikr.com
[8] Northrop Grumman Corporation press release — "Northrop Grumman Reports First Quarter 2026 Financial Results," April 21, 2026 — SEC.gov
[9] Investing.com — "Earnings call transcript: Northrop Grumman beats Q1 2026 forecasts," April 21, 2026 — investing.com
[10] StockTitan — "Karman Holdings posts record 2025 growth and raises 2026 revenue and EBITDA guidance," March 25, 2026 — stocktitan.net
[11] Karman Holdings Inc. Form 8-K Filing — FY2025 results, SEC.govDISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a digital media distribution and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. This article is being distributed by Equity Insider on behalf of Market IQ Media Group Inc. ("MIQ"). Regarding this publication, MIQ has been paid a fee for Starfighters Space, Inc. advertising and digital media from Creative Direct Marketing Group ("CDMG"). There may be 3rd parties who may have shares of Starfighters Space, Inc., and may liquidate their shares which could have a negative effect on the price of the stock. The owner/operator of MIQ does not currently own shares of Starfighters Space, Inc. but reserves the right to buy and sell, and will buy and sell shares of Starfighters Space, Inc. at any time without any further notice commencing immediately and ongoing. This potential for trading constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this, individuals are strongly encouraged to not use this publication as the basis for any investment decision. Please let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ has been reviewed and approved on behalf of Starfighters Space, Inc. by CDMG. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results.Logo - https://mma.prnewswire.com/media/2840019/Equity_Insider_Logo.jpg View original content to download multimedia:https://www.prnewswire.com/news-releases/the-pentagon-has-decided-it-has-a-hypersonic-problem--and-the-process-discipline-to-solve-it-is-coming-out-of-the-commercial-sector-302775905.htmlSOURCE Equity Insider Original: The Pentagon Has Decided It Has a Hypersonic Problem -- and the Process Discipline to Solve It Is Coming Out of the Commercial Sector
US Market News
2月前
Hypersonic Test Capacity Bottleneck: U.S. Defense Enterprise Signals Demand as Starfighters Space Brings F-104 Fleet to MarketApril 30, 2026 1:02 PM
PR Newswire (Canada)
Issued on behalf of Starfighters Space, Inc.SECTOR INTELLIGENCE BRIEF | The U.S. is developing next-generation hypersonic systems faster than it is building the infrastructure to test them. Federal procurement signals are clear. Starfighters Space's April 30 announcement positions one of the few operationally-available airborne aerodynamic test platforms in the U.S. directly into that demand window.World Street Intelligence News Commentary CAPE CANAVERAL, Fla., April 30, 2026 /CNW/ -- A Department of Defense procurement pattern that began with NASA's first new wind tunnel build in over four decades, broadened through service-level FY2026 budget allocations across the Air Force, Navy, and Army, and intensified through a March 2026 federal sources-sought notice for hypersonic test facility reactivation now extends into the airborne segment of the test infrastructure stack. On April 30, 2026, Starfighters Space, Inc. (NYSE American: FJET) announced the immediate availability of its F-104 Starfighter fleet — described as the world's largest fleet of commercial supersonic aircraft — as an aerodynamic test platform for the U.S. defense and aerospace community.SECTOR SIGNALThe Test-Capacity Gap Is Now a Procurement PriorityThe thesis is straightforward and increasingly visible across DoD budget documents and procurement actions: U.S. hypersonic weapons, vehicles, and propulsion systems are advancing through development at a pace that is structurally outpacing the test infrastructure required to validate them. The signal is not subtle. NASA recently completed its first major new wind tunnel in more than 40 years. The Air Force, Navy, and Army each carry active budget line items for wind tunnel construction, reactivation, or modernization in fiscal year 2026. A federal sources-sought notice for hypersonic test facility reactivation drew industry responses as recently as March 2026.The implication for the defense industrial base is twofold. First, multi-year ground-based capacity expansion — wind tunnel construction, reactivation, modernization — will be funded through capital programs running 5–10+ years. Second, near-term operational capacity that is available immediately becomes structurally valuable inside that build-out window. Starfighters' April 30 announcement positions FJET squarely in that second category.FIRM PROFILEStarfighters Space, Inc. — Operational Today, Expanding GeographyStarfighters Space describes itself as the only commercial company in the world with the ability to fly payloads at sustained MACH 2+ and the capability to launch those payloads to space. The company operates a fleet of modified supersonic F-104 aircraft from its hangar at the Shuttle Landing Facility at NASA's Kennedy Space Center — one of the longest runways in the world. The company is expanding its operational footprint with a second location at the Midland International Air & Space Port in Texas, where aircraft and engines are already on-site.According to the announcement, the F-104 platform replicates the aerodynamic conditions of the first 30 seconds of a vertical rocket launch — historically among the most difficult phases of flight to test accurately in a static environment. The aircraft expose test articles to turbulent, variable atmospheric conditions representative of actual operational flight, and can carry models closer to production size than most ground-based tunnels permit. Test complexity can be layered simultaneously, including g-forces, humidity, and dynamic pressure variations, in a single flight profile. The result is a test environment narrowing the gap between laboratory simulation and real-world flight.CEO Tim Franta in the announcement: "Every generation has a moment where infrastructure either keeps up with ambition, or it does not. We are in that moment for hypersonic development, and Starfighters Space exists precisely to close that gap. We fly tomorrow."Starfighters' published customer list includes Lockheed Martin, GE, Innoveering, Meggitt, Space Florida, and the U.S. Air Force Research Laboratory.CAPITAL CONTEXTFederal Hypersonic Spending Beneficiaries — Comparable SetInvestors evaluating exposure to the broader federal hypersonic and aerospace test infrastructure spending cycle have a defined U.S.-listed comparable set of established defense primes and tier-one suppliers. Each has reported material newsflow within the past month tied to the same federal capital cycle that supports Starfighters' positioning.Lockheed Martin Corporation (NYSE: LMT)Lockheed Martin is the dominant U.S. defense prime and one of Starfighters' published customers. Lockheed reported Q1 2026 financial results on April 23, 2026, with sales of $18.0 billion and reaffirmed FY2026 guidance of $77.5–$80.0 billion in net sales and $29.35–$30.25 in earnings per share. The company maintains an explicit Hypersonic Solutions business unit and continues to deliver across multiple service-branch hypersonic programs. Hypersonic and missile-defense exposure is one of three explicit transformative-technology pillars in Lockheed's "21st Century Security" framework alongside 5G.MIL Solutions and Spectrum Dominance.Northrop Grumman Corporation (NYSE: NOC)Northrop Grumman reported Q1 2026 results on April 21, 2026, beating consensus on both EPS ($6.14 vs. $6.05 estimate) and revenue ($9.88 billion vs. $9.76 billion estimate). The company secured an award shortly after the close of the quarter to accelerate development of its Glide Phase Interceptor (GPI) program, bringing the total contract value to $1.3 billion. GPI is designed to intercept hypersonic missiles during the glide phase of flight — directly tied to the same federal hypersonic capability buildout that drives demand for aerodynamic test infrastructure. Northrop reaffirmed full-year guidance, citing strong demand across defense and aeronautics segments.L3Harris Technologies, Inc. (NYSE: LHX)L3Harris Technologies has emerged as a key partner across the hypersonic propulsion and electronics ecosystem. In late 2025, Kratos Defense issued a Letter of Intent for 60 full-rate production Zeus motors from L3Harris — a multi-year revenue stream for L3Harris' propulsion division tied directly to hypersonic flight test cadence. L3Harris carries an analyst consensus rating profile reflecting Buy positioning across the majority of covering analysts. The company's position across hypersonic propulsion, secure communications, and sensor integration on test platforms makes it one of the most diversified beneficiaries of the federal hypersonic test infrastructure spending cycle.HEICO Corporation (NYSE: HEI)HEICO is an aerospace and defense supplier with a specialized footprint in legacy aircraft modifications, FAA-approved replacement parts, and life-extension components. The relevance to Starfighters' positioning is structural: modified legacy supersonic platforms — including the F-104 — depend on a specialized supply chain for parts, engine components, and modifications. In April 2026, HEICO announced an acquisition of an 80% interest in Sherwood's defense MRO business, further expanding its defense aerospace aftermarket footprint. HEICO's broader exposure to the defense aerospace aftermarket and component supply chain provides indirect exposure to the operational sustainment requirements of platforms like Starfighters' fleet.TransDigm Group Incorporated (NYSE: TDG)TransDigm operates one of the highest-margin component supply businesses in U.S. defense aerospace, with a portfolio focused on highly engineered, often sole-sourced components used across military and commercial aircraft platforms — including supersonic and tactical aircraft. On April 7, 2026, TransDigm completed its previously announced acquisition of Jet Parts Engineering and Victor Sierra Aviation Holdings for approximately $2.2 billion in cash. The earlier 2026 acquisition of Stellant Systems added advanced microwave and RF capabilities for defense platforms. TransDigm's pricing power and margin profile on long-cycle defense aerospace components has made it a structural beneficiary of multi-year defense capital cycles, with exposure overlapping the operational sustainment of platforms like the F-104 fleet.BOTTOM LINEDirect Play on a Federal Spending Cycle Already UnderwayThe U.S. defense enterprise has signaled, through both budget allocation and procurement activity, that hypersonic test capacity is one of the most consequential infrastructure constraints of the current capability cycle. The federal funding response — a multi-service FY2026 wind tunnel construction, reactivation, and modernization commitment, plus the first new NASA wind tunnel in 40+ years — establishes the spending signal. The procurement response — sources-sought notices and accelerated contract awards — establishes the timing.Starfighters Space's April 30 announcement positions FJET's F-104 fleet directly into that demand window with operational capacity available today rather than capacity dependent on capital build-out. The customer base is established (Lockheed Martin, GE, AFRL among others), the operational footprint is expanding (Kennedy Space Center primary, Midland Texas in motion), and the broader corporate identity — only commercial company in the world with sustained MACH 2+ payload-to-space capability — provides additional optionality across the broader commercial space air-launch architecture.For investors evaluating exposure to the federal hypersonic capability buildout, the comparable set above (LMT, NOC, LHX, HEI, TDG) represents the established prime and supplier beneficiaries. Starfighters Space represents the airborne test platform component — a different angle on the same underlying spending cycle.For more information on Starfighters Space, Inc., visit https://starfightersspace.com/ or the investor profile at usanewsgroup.com/fjet-profile/.CONTACT:
Market IQ Media Group
info @acblanke1DISCLAIMER/DISCLOSURE:Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a digital media distribution and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. This article is being distributed for World Street Intelligence on behalf of Market IQ Media Group Inc. ("MIQ"). Regarding this publication, MIQ has been paid a fee for Starfighters Space, Inc. advertising and digital media from Creative Direct Marketing Group ("CDMG"). There may be 3rd parties who may have shares of Starfighters Space, Inc., and may liquidate their shares which could have a negative effect on the price of the stock. The owner/operator of MIQ also owns shares of Starfighters Space, Inc., that were purchased in the open market and reserves the right to buy and sell, and will buy and sell shares of Starfighters Space, Inc. at any time without any further notice commencing immediately and ongoing. This potential for trading constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this, individuals are strongly encouraged to not use this publication as the basis for any investment decision. Please let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ has been reviewed and approved by the company directly (Starfighters Space, Inc.), and CDMG.While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.FORWARD-LOOKING STATEMENTS:This publication contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward looking statements in this publication include that demand for U.S. aerodynamic and hypersonic test infrastructure will continue to accelerate; that Starfighters Space, Inc.'s F-104 platform will provide testing capabilities at the cadence and conditions described; that the Company's expansion to Midland, Texas will proceed as planned; that the Company will retain and grow its existing customer base; that comparable companies will perform as expected. The forward-looking information contained herein is provided for the purpose of assisting the reader to understand the Company's business, however such information may not be appropriate for other purposes. Risks that could change or prevent these statements from coming to fruition include changing governmental laws and policies; the Company's ability to obtain and retain necessary licensing; political and competitive risks; failure of forecasts and assumptions to come to fruition; and other unforeseen circumstances. The publisher of this article does not take responsibility for the accuracy of any statements made by the issuing company or its representatives. Readers are cautioned not to place undue reliance on these forward-looking statements, and the publisher undertakes no obligation to update or revise any forward-looking statements except as required by applicable law.
View original content:https://www.prnewswire.com/news-releases/hypersonic-test-capacity-bottleneck-us-defense-enterprise-signals-demand-as-starfighters-space-brings-f-104-fleet-to-market-302759198.htmlSOURCE World Street Intelligence
Original: Hypersonic Test Capacity Bottleneck: U.S. Defense Enterprise Signals Demand as Starfighters Space Brings F-104 Fleet to Market
US Market News
2月前
Lockheed Martin Reports First Quarter 2026 Financial ResultsApril 23, 2026 6:30 AM
PR Newswire (US)
Orion capsule successfully completes historic mission around the moonLockheed Martin and Department of War sign multiyear framework agreements to increase munitions productionSales of $18.0 billionNet earnings of $1.5 billion, or $6.44 per shareCash from operations of $220 million and free cash flow of $(291) millionReaffirms 2026 financial outlookBETHESDA, Md., April 23, 2026 /PRNewswire/ -- Lockheed Martin Corporation [NYSE: LMT] today reported first quarter 2026 sales of $18.0 billion, compared to $18.0 billion in the first quarter of 2025. Net earnings in the first quarter of 2026 were $1.5 billion, or $6.44 per share, compared to $1.7 billion, or $7.28 per share, in the first quarter of 2025. Cash from operations was $220 million in the first quarter of 2026, compared to $1.4 billion in the first quarter of 2025. Free cash flow was $(291) million in the first quarter of 2026, compared to $955 million in the first quarter of 2025.
"Lockheed Martin's superior capabilities in delivering advanced defense technology and systems and in space exploration have been proven again and again in 2026. Our Orion spacecraft safely carried the crew farther from Earth than ever before during NASA's historic Artemis II mission, concluding with a precisely executed re-entry and splashdown. Our superior fifth generation fighter jets, the F-35 and F-22, continue to operate with great effectiveness in contested and difficult missions. Additionally, our layered missile defense architecture, including phased array radars, Aegis integrated command and control system, and the THAAD and advanced Patriot Missile interceptors, protected both military assets and civilians," said Lockheed Martin Chairman, President and CEO Jim Taiclet."Given the high level of demand for many of these systems, we also pioneered a number of commercially inspired, long-term business arrangements with U.S. government leadership. In the first quarter, we signed several framework agreements to accelerate and scale munitions production, including advanced Patriot Missile, THAAD, and PrSM. We anticipate that these groundbreaking agreements will benefit both industry and the government and serve as the example for future contracting initiatives. The multi-year demand commitments defined in these framework agreements will in turn support strategic investments in production infrastructure, bolster our supply chain, and enhance our workforce to increase production rates of these critical systems by 3-4 times current rates," continued Taiclet."Our first quarter revenue of more than $18 billion, segment operating profit of $1.8 billion, and substantial backlog were a result of both strong customer demand, our continued commitment to operational performance and focused risk management. We reaffirm our 2026 full year guidance with anticipated sales and operating profit growth of approximately 5% and 25% year-over-year, respectively, and expected free cash flow between $6.5 and $6.8 billion."Summary Financial ResultsThe following table presents the company's summary financial results:
(in millions, except per share data)
Quarters Ended
March 29,2026
March 30,2025
Sales
$ 18,021
$ 17,963
Business segment operating profit1
$ 1,823
$ 2,085
Unallocated items
FAS/CAS pension operating adjustment
421
379
Intangible asset amortization expense
(50)
(64)
Other, net2
(131)
(28)
Total unallocated items
240
287
Consolidated operating profit
$ 2,063
$ 2,372
Net earnings
$ 1,488
$ 1,712
Diluted earnings per share
$ 6.44
$ 7.28
Cash from operations
$ 220
$ 1,409
Capital expenditures
(511)
(454)
Free cash flow1
$ (291)
$ 955
1Business segment operating profit and free cash flow are non-GAAP measures. See the "Use of Non-GAAP Financial Measures" section of
this news release for more information.
2Other, net for the quarter ended March 29, 2026 included net losses of $44 million ($33 million, or $0.14 per share, after-tax) due to changes
in fair value of net assets and liabilities for deferred compensation plans, compared to net gains of $29 million ($22 million, or $0.09 per share,
after-tax) for the quarter ended March 30, 2025.
Cash from operations in the quarter ended March 29, 2026 was $220 million with free cash flow of $(291) million compared to $1.4 billion with $955 million of free cash flow in the quarter ended March 30, 2025. The decrease in cash from operations was primarily due to higher working capital largely as a result of timing of billing activities.The company's cash activities in the quarter ended March 29, 2026, included the following:capital expenditures of $511 million;independent research and development of $458 million;cash dividends of $816 million; andscheduled long-term debt repayments of $1.0 billion.2026 Financial OutlookThe company's financial outlook and other sections of this news release contain forward-looking statements, which reflect the company's judgment based on the information available at the time of this news release. It is the company's practice not to incorporate adjustments into its financial outlook for future gains or losses related to changes in valuations of the company's net assets and liabilities for deferred compensation plans or early-stage company investments, pension annuity contracts or discretionary contributions, financing transactions, changes in law, or new accounting standards until such items have been consummated, enacted or adopted. Actual results may differ materially from those projected. For additional factors that may impact the company's actual results, refer to the "Forward-Looking Statements" section in this news release.
(in millions, except per share data)
2026 Outlook
Sales
$77,500 - $80,000
Business segment operating profit1
$8,425 - $8,675
Total FAS/CAS pension adjustment
~$1,365
Diluted earnings per share
$29.35 - $30.25
Cash from operations
$9,150 - $9,450
Capital expenditures
$2,500 - $2,800
Free cash flow1
$6,500 - $6,800
1Business segment operating profit and free cash flow are non-GAAP measures. See the "Use of Non-GAAP Financial Measures" section of
this news release for more information.
Segment ResultsThe company operates in four business segments organized based on the nature of products and services offered: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS) and Space. The following table presents summary operating results of the company's business segments and reconciles these amounts to the company's consolidated financial results.
(in millions)
Quarters Ended
March 29,2026
March 30,2025
Sales
Aeronautics
$ 6,953
$ 7,057
Missiles and Fire Control
3,649
3,373
Rotary and Mission Systems
3,991
4,328
Space
3,428
3,205
Total sales
$ 18,021
$ 17,963
Operating profit
Aeronautics
$ 619
$ 720
Missiles and Fire Control
500
465
Rotary and Mission Systems
423
521
Space
281
379
Total business segment operating profit
1,823
2,085
Unallocated items
FAS/CAS operating adjustment
421
379
Intangible asset amortization expense
(50)
(64)
Other, net
(131)
(28)
Total unallocated items
240
287
Total consolidated operating profit
$ 2,063
$ 2,372
For information on factors impacting comparability of the company's segment sales, operating profit and operating margins, see "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2025.Total sales during the quarter ended March 29, 2026 was comparable to the same period in 2025. Higher sales at MFC and Space were offset by lower sales at RMS and Aeronautics.Total business segment operating profit decreased $262 million, or 13% primarily due to lower net profit booking rate adjustments at Aeronautics in the first quarter of 2026 and the absence of favorable performance in the first quarter of 2025 upon completion on certain commercial civil space programs at Space and a classified program at Aeronautics.Aeronautics
(in millions)
Quarters Ended
March 29,2026
March 30,2025
Sales
$ 6,953
$ 7,057
Operating profit
619
720
Operating margin
8.9 %
10.2 %
Sales during the quarter ended March 29, 2026 decreased $104 million, or 1%, compared to the same period in 2025. The decrease was primarily attributable to lower sales of approximately $325 million on classified programs due to lower volume; and approximately $145 million for the F-16 program due to the sales impact of unfavorable profit adjustments recognized in first quarter of 2026 and lower production volume. These decreases were partially offset by higher sales of approximately $325 million for the F-35 program due to higher volume on sustainment contracts.Operating profit during the quarter ended March 29, 2026 decreased $101 million, or 14%, compared to the same period in 2025, primarily due to a $95 million decrease in profit booking rate adjustments. This decrease in profit book rate adjustments reflects $125 million of unfavorable profit adjustments on the F-16 program as a result of production performance and development delays; $55 million of net unfavorable profit adjustments on the C-130 program as a result of continued diminishing manufacturing source integration challenges and associated delivery delays; and the absence of an $80 million adjustment that occurred in the quarter ended March 30, 2025 resulting from favorable performance at completion on a classified program. These decreases in profit booking rate adjustments were partially offset by $130 million of higher favorable profit adjustments on the F-35 program.Missiles and Fire Control
(in millions)
Quarters Ended
March 29,2026
March 30,2025
Sales
$ 3,649
$ 3,373
Operating profit
500
465
Operating margin
13.7 %
13.8 %
Sales during the quarter ended March 29, 2026 increased $276 million, or 8%, compared to the same period in 2025. This increase was primarily attributable to production ramp-up of $190 million at integrated air and missile defense programs (existing contracts on PAC-3) and $75 million at tactical and strike missile programs (Joint Air-to-Surface Standoff Missile (JASSM), Long Range Anti-Ship Missile (LRASM) and Precision Strike Missile (PrSM)).Operating profit during the quarter ended March 29, 2026 increased $35 million, or 8%, compared to the same period in 2025. This increase was primarily attributable to higher sales volume previously described.Rotary and Mission SystemsEffective?January 2026, the Integrated Warfare Systems and Sensors (IWSS) and C6ISR lines of business within RMS were restructured and renamed Sensors, Effectors & Mission Systems (SEMS) and Mission Integrated Command and Control (MIC2). This includes realignment of various programs, such as Aegis and River-Class Destroyer (RCD) moving from what was historically IWSS to MIC2, which more closely aligns with C6ISR. SEMS and MIC2 will therefore incorporate an updated mix of existing program portfolios designed to accelerate mission–focused solutions and enhance the company's customers' experience.
(in millions)
Quarters Ended
March 29,2026
March 30,2025
Sales
$ 3,991
$ 4,328
Operating profit
423
521
Operating margin
10.6 %
12.0 %
Sales during the quarter ended March 29, 2026 decreased $337 million, or 8% compared to the same period in 2025. The decrease was primarily attributable to lower net sales of $170 million on SEMS programs due to lower volume on radar programs; and $110 million on Sikorsky helicopter programs (CH-53K, Seahawk and Black Hawk) primarily due to lower volume and the sales impact of unfavorable profit adjustments recognized in the quarter ended March 29, 2026.Operating profit during the quarter ended March 29, 2026 decreased $98 million, or 19%, compared to the same period in 2025. This was primarily attributable to a $50 million decrease in profit booking rate adjustments largely driven by unfavorable profit adjustments on the CH-53K and Seahawk programs; and the absence of a $50 million cost recovery related to an intellectual property license arrangement that occurred in the quarter ended March 30, 2025.Space
(in millions)
Quarters Ended
March 29,2026
March 30,2025
Sales
$ 3,428
$ 3,205
Operating profit
281
379
Operating margin
8.2 %
11.8 %
Sales during the quarter ended March 29, 2026 increased $223 million, or 7%, compared to the same period in 2025. This increase was primarily attributable to higher sales volume of $245 million for strategic and missile defense programs on the FBM and Next Generation Interceptor (NGI) programs.Operating profit during the quarter ended March 29, 2026 decreased $98 million, or 26%, compared to the same period in 2025. This decrease was primarily attributable to a $125 million decrease in profit booking rate adjustments driven by favorable performance at completion on certain commercial civil space programs for the quarter ended March 30, 2025; partially offset by an increase from higher sales volume previously described.Income TaxesThe company's effective income tax rates were 16.1% and 15.9% for the quarters ended March 29, 2026 and March 30, 2025. The rates for all periods benefited from the tax deductions for foreign derived deduction eligible income (formerly known as foreign derived intangible income), research and development tax credits, dividends paid to the company's defined contribution plans with an employee stock ownership plan feature and employee equity awards.On February 18, 2026, the U.S. Department of Treasury issued Notice 2026-7 (the Notice) providing additional interim guidance regarding the application of the CAMT. The company is continuing to evaluate the impacts of the One Big Beautiful Bill Act and the Notice and there could be additional impacts to its financial results or cash flows.Use of Non-GAAP Financial MeasuresThis news release contains the following non-generally accepted accounting principles (non-GAAP) financial measures (as defined by U.S. Securities and Exchange Commission (SEC) Regulation G). While management believes that these non-GAAP financial measures may be useful in evaluating the financial performance of the company, this information should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. In addition, the company's definitions for non-GAAP financial measures may differ from similarly titled measures used by other companies or analysts.Business segment operating profitBusiness segment operating profit represents operating profit from the company's business segments before unallocated income and expense. This measure is used by the company's senior management in evaluating the performance of its business segments and is a performance goal in the company's annual incentive plan. Business segment operating margin is calculated by dividing business segment operating profit by sales. The table below reconciles the non-GAAP measure business segment operating profit with the most directly comparable GAAP financial measure, consolidated operating profit.
(in millions)
2026 Outlook
Business segment operating profit (non-GAAP)
$8,425 - $8,675
FAS/CAS operating adjustment1
~1,685
Intangible asset amortization expense
~(200)
Other, net
~(475)
Consolidated operating profit (GAAP)
$9,435 - $9,685
1Reflects the amount by which total CAS pension cost of $1.7 billion exceeds FAS pension service cost and excludes non-service FAS pension
expense. Refer to the supplemental table "Selected Financial Data" included in this news release for a detail of the FAS/CAS operating
adjustment.
Free cash flowFree cash flow is a non-GAAP financial measure that the company defines as cash from operations less capital expenditures. The company's capital expenditures are comprised of equipment and facilities infrastructure and information technology (inclusive of costs for the development or purchase of internal-use software that are capitalized). The company uses free cash flow to evaluate its business performance and overall liquidity. While management believes that free cash flow as a non-GAAP financial measure may be useful in evaluating the company's financial performance, it should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP and may not be comparable to similarly titled measures used by other companies.Webcast and Conference Call InformationLockheed Martin Corporation will webcast live the earnings results conference call (listen-only mode) on Thursday, April 23, 2026, at 8:30 a.m. ET on the Lockheed Martin Investor Relations website at www.lockheedmartin.com/investor. The accompanying presentation slides and relevant financial charts are also available at www.lockheedmartin.com/investor. For additional information, visit the company's website: www.lockheedmartin.com. About Lockheed MartinLockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at www.lockheedmartin.com. Forward-Looking StatementsThis news release contains statements that, to the extent they are not recitations of historical fact, constitute forward-looking statements within the meaning of the federal securities laws, and are based on Lockheed Martin's current expectations and assumptions. The words "believe," "estimate," "anticipate," "project," "intend," "expect," "plan," "outlook," "scheduled," "forecast" and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks and uncertainties. Actual results may differ materially due to factors such as:the company's reliance on contracts with the U.S. Government, which are dependent on U.S. Government funding and can be terminated for convenience, and the company's ability to negotiate favorable contract terms;budget uncertainty, the risk of future budget cuts, the impact of continuing resolution funding mechanisms, the debt ceiling and government shutdowns, and changing funding and acquisition priorities;risks related to the development, production, sustainment, performance, schedule, cost and requirements of complex and technologically advanced programs, including the F-35 program;planned production rates and orders for significant programs, compliance with stringent performance and reliability standards, and materials availability, including government furnished equipment and rare earth minerals;the timing of contract awards or contract definitization, decisions by government customers to impose contract terms following undefinitized contract actions, achievement of performance milestones, customer acceptance of product deliveries, and receipt of customer payments;the company's ability to recover costs under U.S. Government contracts, the mix of fixed-price and cost-reimbursable contracts and the risks inherent in preparing estimates for fixed-price contracts (particularly for complex and technologically advanced programs);customer procurement and other policies, laws, regulations and executive actions that affect the company and its industry, programs, future opportunities, and financial performance, including those relating to mission priorities, competing domestic and international spending, contracting terms (such as fixed-price requirements), acquisition process reforms, treatment of contractor performance issues, and contractor access to competitive opportunities;performance and/or financial viability of key suppliers, teammates, joint ventures (including United Launch Alliance), joint venture partners, subcontractors and customers;changes in economic, capital market and political conditions in the U.S. and globally;the impact of inflation and other cost pressures;government actions that restrict or prevent the sale or delivery of the company's products (such as delays in approvals for exports requiring Congressional notification);foreign policy and international trade actions taken by governments such as tariffs, sanctions, embargoes, export and import controls, buying preferences, and other trade restrictions;the company's success expanding into and doing business in adjacent markets and internationally and the risks posed by international sales, including potential effects from fluctuations in currency exchange rates;changes in non-U.S. national priorities and government budgets and planned orders;the competitive environment for the company's products and services;the company's ability to develop and commercialize new technologies and products, including emerging digital and network technologies and capabilities;the company's ability to benefit fully from or adequately protect its intellectual property rights;the company's ability to attract and retain a highly skilled workforce and the impact of work stoppages or other labor disruptions;cyber or other security threats or other disruptions faced by the company or its suppliers;the company's ability to implement and continue, and the timing and impact of, capitalization changes such as share repurchases, dividend payments and financing transactions, including as a result of presidential executive orders;the accuracy of the company's estimates and projections;changes in pension plan assumptions and actual returns on pension assets; cash funding requirements and pension annuity contracts and associated charges;realizing the anticipated benefits of acquisitions or divestitures, investments, joint ventures, teaming arrangements or internal reorganizations, and market volatility affecting the fair value of investments that are marked to market;the company's efforts to fund and increase production capabilities and the efficiency of its operations and improve the affordability of its products and services, including through digital transformation and cost reduction initiatives;the risk of an impairment of the company's assets, including the potential impairment of goodwill and intangibles;the availability and adequacy of the company's insurance and indemnities;compliance with laws, regulations, policies, and customer requirements relating to environmental matters;the impact of public health crises, natural disasters and other severe weather conditions on the company's business and financial results, including supply chain disruptions and delays, employee absences, and program delays;changes in accounting, U.S. or foreign tax, export or other laws, regulations, and policies and their interpretation or application, and changes in the amount or reevaluation of uncertain tax positions; andthe outcome of legal proceedings, bid protests, environmental remediation efforts, audits, administrative reviews, government investigations or government allegations that the company has failed to comply with law, other contingencies and U.S. Government identification of deficiencies in its business systems.These are only some of the factors that may affect the forward-looking statements contained in this news release. For a discussion identifying additional important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, see the company's filings with the U.S. Securities and Exchange Commission including, but not limited to, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in the company's most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q. The company's filings may be accessed through the Investor Relations page of its website, www.lockheedmartin.com/investor, or through the website maintained by the SEC at www.sec.gov.The company's actual financial results likely will be different from those projected due to the inherent nature of projections. Given these uncertainties, forward-looking statements should not be relied on in making investment decisions. The forward-looking statements contained in this news release speak only as of the date of its issuance. Except where required by applicable law, the company expressly disclaims a duty to provide updates to forward-looking statements after the date of this news release to reflect subsequent events, changed circumstances, changes in expectations, or the estimates and assumptions associated with them. The forward-looking statements in this news release are intended to be subject to the safe harbor protection provided by the federal securities laws.Lockheed Martin CorporationConsolidated Statements of Earnings1(unaudited; in millions, except per share data)
Quarters Ended
March 29,2026
March 30,2025
Sales
$ 18,021
$ 17,963
Operating costs and expenses
(15,943)
(15,640)
Gross profit
2,078
2,323
Other (expense) income, net
(15)
49
Operating profit
2,063
2,372
Interest expense
(269)
(268)
Non-service FAS pension expense
(80)
(98)
Other non-operating income, net
60
30
Earnings before income taxes
1,774
2,036
Income tax expense
(286)
(324)
Net earnings
$ 1,488
$ 1,712
Effective tax rate
16.1 %
15.9 %
Earnings per common share
Basic
$ 6.47
$ 7.30
Diluted
$ 6.44
$ 7.28
Weighted average shares outstanding
Basic
229.9
234.4
Diluted
231.1
235.3
Common shares reported in stockholders' equity at end of period
230
233
1The company closes its books and records on the last Sunday of the calendar quarter to align its financial closing with its business processes,
which was on March 29, for the first quarter of 2026 and March 30, for the first quarter of 2025. The consolidated financial statements and
tables of financial information included herein are labeled based on that convention. This practice only affects interim periods, as the company's
fiscal year ends on Dec. 31.
Lockheed Martin CorporationBusiness Segment Summary Operating Results(unaudited; in millions)
Quarters Ended
March 29,2026
March 30,2025
%
Change
Sales
Aeronautics
$ 6,953
$ 7,057
(1 %)
Missiles and Fire Control
3,649
3,373
8 %
Rotary and Mission Systems
3,991
4,328
(8 %)
Space
3,428
3,205
7 %
Total sales
$ 18,021
$ 17,963
— %
Operating profit
Aeronautics
$ 619
$ 720
(14 %)
Missiles and Fire Control
500
465
8 %
Rotary and Mission Systems
423
521
(19 %)
Space
281
379
(26 %)
Total business segment operating profit
1,823
2,085
(13 %)
Unallocated items
FAS/CAS operating adjustment
421
379
Intangible asset amortization expense
(50)
(64)
Other, net
(131)
(28)
Total unallocated items
240
287
(16 %)
Total consolidated operating profit
$ 2,063
$ 2,372
(13 %)
Operating margin
Aeronautics
8.9 %
10.2 %
Missiles and Fire Control
13.7 %
13.8 %
Rotary and Mission Systems
10.6 %
12.0 %
Space
8.2 %
11.8 %
Total business segment operating margin
10.1 %
11.6 %
Total consolidated operating margin
11.4 %
13.2 %
Lockheed Martin CorporationConsolidated Balance Sheets(in millions, except par value)
March 29,2026
Dec. 31,2025
(unaudited)
Assets
Current assets
Cash and cash equivalents
$ 1,894
$ 4,121
Receivables, net
2,322
3,901
Contract assets
15,885
13,001
Inventories
4,251
3,524
Other current assets
728
815
Total current assets
25,080
25,362
Property, plant and equipment, net
11,283
11,292
Goodwill
11,306
11,314
Intangible assets, net
1,837
1,887
Deferred income taxes
2,802
2,975
Other noncurrent assets
6,930
7,010
Total assets
$ 59,238
$ 59,840
Liabilities and equity
Current liabilities
Accounts payable
$ 4,707
$ 3,630
Salaries, benefits and payroll taxes
2,676
3,184
Contract liabilities
10,735
11,440
Current maturities of long-term debt
168
1,168
Other current liabilities
3,804
3,913
Total current liabilities
22,090
23,335
Long-term debt, net
20,529
20,532
Accrued pension liabilities
3,923
3,915
Other noncurrent liabilities
5,207
5,337
Total liabilities
51,749
53,119
Stockholders' equity
Common stock, $1 par value per share
230
229
Additional paid-in capital
32
—
Retained earnings
14,723
14,034
Accumulated other comprehensive loss
(7,496)
(7,542)
Total stockholders' equity
7,489
6,721
Total liabilities and equity
$ 59,238
$ 59,840
Lockheed Martin CorporationConsolidated Statements of Cash Flows(unaudited; in millions)
Quarters Ended
March 29,2026
March 30,2025Operating activities
Net earnings
$ 1,488
$ 1,712Adjustments to reconcile net earnings to net cash provided by operating
activities
Depreciation and amortization
398
397Stock-based compensation
83
60Deferred income taxes
161
(34)Qualified defined benefit pension plans
92
111Changes in assets and liabilities
Receivables, net
1,579
327Contract assets
(2,884)
(1,720)Inventories
(727)
(125)Accounts payable
1,222
1,680Contract liabilities
(705)
(420)Income taxes
103
339Other, net
(590)
(918)Net cash provided by operating activities
220
1,409
Investing activities
Capital expenditures
(511)
(454)Other, net
(30)
24Net cash used for investing activities
(541)
(430)
Financing activities
Repayments of long-term debt
(1,000)
—Repurchases of common stock
—
(750)Dividends paid
(816)
(796)Other, net
(90)
(113)Net cash used for financing activities
(1,906)
(1,659)
Net change in cash and cash equivalents
(2,227)
(680)Cash and cash equivalents at beginning of period
4,121
2,483Cash and cash equivalents at end of period
$ 1,894
$ 1,803
Lockheed Martin CorporationSelected Financial Data(unaudited; in millions)
2026Outlook
2025Actual
Total FAS pension expense and CAS cost
FAS pension expense
$ (370)
$ (924)
Less: CAS pension cost
1,735
1,568
Total FAS/CAS pension adjustment
$ 1,365
$ 644
Less: pension settlement charge
—
479
Total FAS/CAS pension adjustment - adjusted1
$ 1,365
$ 1,123
Service and non-service cost reconciliation
FAS pension service cost
$ (50)
$ (50)
Less: CAS pension cost
1,735
1,568
FAS/CAS pension operating adjustment
1,685
1,518
Non-service FAS pension expense
(320)
(874)
Total FAS/CAS pension adjustment
$ 1,365
$ 644
Less: pension settlement charge
—
479
Total FAS/CAS pension adjustment - adjusted1
$ 1,365
$ 1,123
1The cost components in the table above relate only to the company's qualified defined benefit pension plans. The company recognized anoncash, non-operating pretax settlement charge of $479 million in the fourth quarter of 2025.
Lockheed Martin CorporationOther Financial and Operating Information(unaudited; in millions, except for aircraft deliveries and weeks)
Backlog
March 29,2026
Dec. 31,2025
Aeronautics
$ 55,032
$ 59,435
Missiles and Fire Control
46,565
46,650
Rotary and Mission Systems
45,840
47,715
Space
38,990
39,822
Total backlog
$ 186,427
$ 193,622
Quarters Ended
Aircraft Deliveries
March 29,2026
March 30,2025
F-35
32
47
F-16
—
4
C-130J
1
1
Government helicopter programs
19
9
Commercial helicopter programs
—
1
Number of Weeks in Reporting Period1
2026
2025
First quarter
12
13
Second quarter
13
13
Third quarter
13
13
Fourth quarter
14
13
1Calendar quarters are typically comprised of 13 weeks. However, the company closes its books and records on the last Sunday of each month,
except for the month of Dec., as its fiscal year ends on Dec. 31. As a result, the number of weeks in a reporting quarter may vary slightly during
the year and for comparable prior year periods.
View original content to download multimedia:https://www.prnewswire.com/news-releases/lockheed-martin-reports-first-quarter-2026-financial-results-302750718.htmlSOURCE Lockheed Martin
Original: Lockheed Martin Reports First Quarter 2026 Financial Results
US Market News
4月前
China's Rare Earth Grip on the U.S. Military Is About to BreakMarch 2, 2026 9:58 AM
PR Newswire (Canada)
OilPrice.com Market CommentaryNEW YORK, March 2, 2026 /CNW/ -- In a typical Chinese rare earth processing plant, 200 workers move through a maze of massive chemical tanks, risking life and limb to produce the materials that power everything from fighter jets and missile components to cellphones. Hundreds of these facilities operate across China, and they give Beijing overwhelming control over the single most critical choke point in the modern industrial economy. Companies mentioned in this release include: REalloys Inc. (ALOY), Lockheed Martin Corporation (NYSE: LMT), RTX Corporation (NYSE: RTX), The Boeing Company (NYSE: BA), Northrop Grumman Corporation (NYSE: NOC), General Dynamics Corporation (NYSE: GD).But now, in Saskatchewan, Canada, a hi-tech plant of engineers and chemists is beginning to break that monopoly.The facility is built around an AI enabled operating system that minimizes waste, reduces exposure to hazardous materials, and creates a cleaner, more secure processing chain.And one company has locked in exclusive rights to the vast majority of what that plant produces. That company is REalloys (ALOY).It operates in the part of the rare earth supply chain that barely exists outside China - the step where strategic independence is actually won or lost.As President Trump pointed out, it isn't rare earths that are critical to national security, it's the "rare processing" industry.Digging minerals out of the ground is relatively easy. Turning them into finished metals and alloys for fighter jets, drones, missile guidance systems, and advanced radar is something else entirely. That's where Western supply chains break down, and where REalloys is fighting to make a difference.The company operates its own metallization facility in Euclid, Ohio, built on nearly a decade of R&D with the U.S. Department of Energy and Department of Defense. It also holds an exclusive offtake agreement with the Saskatchewan Research Council (SRC), the government-backed group behind the AI-powered processing plant.Here's how the chain works: SRC refines rare earth feedstock sourced from allied nations across four continents. REalloys takes delivery in Ohio, converts those metals into defense-grade alloys and magnets, and has confirmed contracts with the U.S. defense industrial base.Every critical step happens on North American soil - with no Chinese chemicals, no Chinese technology, and no Chinese capital.As REalloys' Head of R&D, Andy Sherman, puts it: "Concentrates are commodities. Materials are commitments."The Pentagon doesn't buy rocks. It buys finished, defense-qualified materials.And that's exactly what this supply chain delivers.How China Accidentally Created Its Biggest CompetitionWhen REalloys (ALOY) processing partner began developing its first commercial rare earth separation facility, China controlled the overwhelming majority of global export technology. Following China's 2020 export control law, access to that technology became restricted.So the team ultimately designed and built its own separation, control and automation systems domestically – establishing independent Western rare earth processing capability.What they ended up with was an alternative to Chinese technology with better output and without the supply chain risk. As a result, the facility has automated the most labor-intensive step of rare earth processing, separating up to 17 chemically similar elements into the specific rare earths you need.In a Chinese plant, this process requires over 200 workers managing chemical tanks and adjusting valves manually. The Saskatchewan facility was able to reduce this by approximately 80 workers and an AI that receives thousands of data points every second and can make the necessary adjustments that no human team could coordinate.The plant was deliberately built at about 25-30% the capacity of a full-scale Chinese commercial facility, essentially a demonstration plant to prove the technology. At a fraction of the size, however, it already has the capability to produce much higher purity metals and higher output than Chinese plants.Commercial production is expected to start in early 2027, once the plant reaches full production REalloys (ALOY) expects to receive approximately 460 tonnes of defense-grade rare earth metals per year. That material becomes the permanent magnets inside the next generation of Western defense systems like fighter jets, missiles, and drones.Why This Matters Right NowMost people have heard that China dominates the rare earths market, about 90% of the world's rare earths are processed there. What they haven't thought through is what that actually means when the supply gets cut off.Japan figured this out decades ago and built strategic stockpiles covering two to three years of national consumption. The United States, however, has stockpiled nothing. Neither has Europe.We've been running on just-in-time supply from a country that issues rare earth export licenses on a monthly basis. If Beijing is happy with you this month, you get your allocation. If they're not, they cut it.When China briefly restricted exports last year, a Ford plant was forced to shut down almost immediately. When Trump threatened 100% tariffs, China's response was simple: no more processed rare earths. Trump backed off very quickly.Now consider the effects on the military side. In 2024, Ukraine produced 1.2 million combat drones, every single magnet in every one of them was manufactured in China. An F-35 carries 435 kilos of rare earths. A next-gen U.S. destroyer needs 4.5 tons. A nuclear submarine needs 1.5 tons.Without a secure supply of these materials, none of those systems get built, which means China effectively holds a kill switch over Western defense production.The Pentagon knows it, too. That's why new procurement rules taking effect January 1, 2027, will ban Chinese-sourced rare earths from the entire U.S. defense supply chain, from the mine all the way through to the finished product. That means every defense contractor in the country will need a qualified, non-Chinese source. REalloys is positioning to be that source."1% Reliance on China Is 100% Reliance on China"There's a reality in the rare earth industry that most companies haven't seemed to fully consider: 1% reliance on China is 100% reliance on China. If any single input in your supply chain comes from Beijing, your entire operation is one phone call away from shutting down. REalloys' (ALOY) supply chain has no Chinese inputs at any stage, processing technology, furnaces, chemicals, AI systems, or consumables. All of it is sourced outside China.Most of the competition can't say the same. You can mine rare earths in the U.S., build your own processing plant, and still be one supply disruption away from a shutdown. That's because critical parts like graphite anodes need replacing several times a week, and right now they only come from China. Starting from zero, it would realistically take five to seven years to build what REalloys already has.What Makes This Opportunity DifferentREalloys has exclusive rights to defense-grade rare earth metals through the Saskatchewan facility, including the heavy rare earths, Dysprosium and Terbium, that dramatically increase a magnet's performance. Light rare earths go into washing machines and consumer EVs. Heavy rare earths, on the other hand, go into F-35 fighter jet engines and missile guidance systems. REalloys plays the scarcer, more strategically critical end of the market, at a fraction of the valuation.Their Ohio facility converts those metals into finished alloys and magnets, and scaled production is expected to scale up to 18,000 tonnes per year of heavy rare earth permanent magnets. At that level, REalloys expects to become the largest producer of refined Dysprosium and Terbium outside of China.Washington has taken notice as well. REalloys has secured a $200 million letter of intent from the U.S. EXIM Bank. And the board reads less like a commodities company and more like a national security briefing, including a former Vice Chief of Staff of the U.S. Army, the President of GM Defense, an executive formerly from top defense companies like Raytheon and Boeing, the former Premier of Saskatchewan, and the President of Palantir Canada.The Pentagon's deadline is now months away, while competitors are still 5 to 7 years behind. REalloys (ALOY) expects to be the only company with a fully operational, non-Chinese, mine-to-magnet supply chain when it arrives, powered by six people and an AI that outperforms plants with 80 workers on the floor.Despite what most believe, the rare earth story was never about who has the raw material in the ground. It's about who can turn the raw material into something the Pentagon can actually use, and right now, that answer seems to be REalloys.Here are other companies in the defense sector that people should be watching closely over the coming months:Lockheed Martin Corporation (NYSE: LMT) remains the backbone of the U.S. defense industrial base, anchored by its leadership in advanced combat aircraft, missile systems, and integrated air and missile defense. The company's F-35 Lightning II program continues to serve as the single largest weapons system program in the world, supplying not only the U.S. military but also a growing list of allied nations.Beyond fighter jets, Lockheed is deeply embedded in missile defense architecture through systems such as THAAD and PAC-3 interceptors, both of which have seen rising demand amid renewed Middle East and Indo-Pacific tensions.RTX Corporation (NYSE: RTX), formed from the merger of Raytheon and United Technologies, has evolved into one of the most diversified defense and aerospace platforms globally. Its portfolio spans missile defense systems, advanced radars, aircraft engines, avionics, and cybersecurity solutions, giving it exposure across air, land, sea, and space domains.Raytheon's Patriot missile system remains one of the most widely deployed air defense platforms worldwide and has seen renewed demand amid heightened missile threats. RTX has also benefited from increased orders for interceptors and replenishment contracts, particularly as governments seek to strengthen layered defense systems.The company has recently focused on stabilizing margins following supply chain disruptions and cost overruns that impacted certain aerospace programs. With backlog levels remaining robust, RTX's revenue visibility remains strong, supported by long-term government contracts and allied defense procurement.While The Boeing Company (NYSE: BA) is widely known for commercial aviation, its defense, space, and security division remains a cornerstone of U.S. military procurement. The company manufactures the P-8 Poseidon maritime patrol aircraft, the KC-46 aerial refueling tanker, Apache helicopters, and various satellite and space systems critical to U.S. defense infrastructure.As geopolitical tensions elevate demand for surveillance, refueling capacity, and integrated aerospace systems, Boeing's defense division provides an important stabilizing component to the broader company profile. While commercial aviation cycles remain volatile, Boeing's defense segment ensures long-duration contract visibility and sustained Pentagon exposure.Northrop Grumman Corporation (NYSE: NOC) occupies a critical role in high-end aerospace and strategic systems. The company is the prime contractor for the B-21 Raider stealth bomber, one of the most strategically significant modernization programs in the U.S. Air Force's history. That program alone provides decades of potential production and sustainment revenue.Northrop also leads in unmanned aerial systems, missile defense integration, and space-based sensor technologies. Its exposure to next-generation aerospace and advanced stealth platforms places it at the center of U.S. long-term deterrence strategy.General Dynamics Corporation (NYSE: GD) combines shipbuilding, combat vehicles, aerospace, and IT systems under one diversified umbrella. The company's Electric Boat division produces Virginia-class submarines and Columbia-class ballistic missile submarines — programs that anchor U.S. naval deterrence.Recent submarine contracts extend production visibility well into the next decade, while geopolitical tensions continue to emphasize naval force projection and undersea capability. GD's land systems division.By. Tom KoolIMPORTANT NOTICE AND DISCLAIMER FORWARD LOOKING STATEMENTS
This publication contains forward-looking statements, including statements regarding expected continual growth of the featured companies and/or industry. The Publisher notes that statements contained herein that look forward in time, which include everything other than historical information, involve risks and uncertainties that may affect the companies' actual results of operations. Factors that could cause actual results to differ include, but are not limited to, changing governmental laws and policies concerning, among other things, recreational and medical cannabis sales, success of the company's proprietary technology, the size and growth of the market for the company's products and services, the company's ability to fund its capital requirements in the near term and long term, pricing pressures, etc. SHARE OWNERSHIP
Neither the author nor the publisher, Oilprice.com, was paid to publish this communication concerning REalloys (ALOY). However, the owner of Oilprice.com owns shares and/or stock options of the featured company and therefore has an incentive to see the featured company's stock perform well. The owner of Oilprice.com may buy or sell shares of the featured company at any time including at or near the time you receive this communication. This share ownership should be viewed as a major conflict with our ability to be unbiased. This is why we stress that you conduct extensive due diligence as well as seek the advice of your financial advisor or a registered broker-dealer before investing in any securities.This communication is not, and should not be construed to be, an offer to sell or a solicitation of an offer to buy any security. Neither this communication nor the Publisher purport to provide a complete analysis of any company or its financial position. The Publisher is not, and does not purport to be, a broker-dealer or registered investment adviser. This communication is not, and should not be construed to be, personalized investment advice directed to or appropriate for any particular investor. Any investment should be made only after consulting a professional investment advisor and only after reviewing the financial statements and other pertinent corporate information about the company. Further, readers are advised to read and carefully consider the Risk Factors identified and discussed in the advertised company's SEC, SEDAR and/or other government filings. Investing in securities is speculative and carries a high degree of risk. Past performance does not guarantee future results. This communication is based on information generally available to the public and does not contain any material, non-public information. The information on which it is based is believed to be reliable. Nevertheless, the Publisher cannot guarantee the accuracy or completeness of the information.INDEMNIFICATION/RELEASE OF LIABILITY
By reading this communication, you acknowledge that you have read and understand this disclaimer, and further that to the greatest extent permitted under law, you release the Publisher, its affiliates, assigns and successors from any and all liability, damages, and injury from this communication. You further warrant that you are solely responsible for any financial outcome that may come from your investment decisions.TERMS OF USE
By reading this communication you agree that you have reviewed and fully agree to the Terms of Use found here http://oilprice.com/terms-and-conditions If you do not agree to the Terms of Use http://oilprice.com/terms-and-conditions, please contact Oilprice.com to discontinue receiving future communications.INTELLECTUAL PROPERTY
Oilprice.com is the Publisher's trademark. All other trademarks used in this communication are the property of their respective trademark holders. The Publisher is not affiliated, connected, or associated with, and is not sponsored, approved, or originated by, the trademark holders unless otherwise stated. No claim is made by the Publisher to any rights in any third-party trademarks.Contact:
OilPrice.com
+44 203 239 4080
info@oilprice.com
View original content:https://www.prnewswire.com/news-releases/chinas-rare-earth-grip-on-the-us-military-is-about-to-break-302701143.htmlSOURCE OilPrice.com
Original: China's Rare Earth Grip on the U.S. Military Is About to Break
US Market News
5月前
Lockheed Martin, PG&E Corporation, Salesforce and Wells Fargo Launch EMBERPOINT™ to Transform America's Wildfire Prevention, Detection and ResponseJanuary 26, 2026 6:00 PM
PR Newswire (US)
WASHINGTON, Jan. 26, 2026 /PRNewswire/ -- Today, Lockheed Martin (NYSE:LMT), PG&E Corporation (NYSE:PCG), Salesforce (NYSE:CRM) and Wells Fargo (NYSE:WFC) announced the launch of EMBERPOINTTMLLC, a purpose-built venture that will integrate next-generation wildfire solutions to help first responders detect, prevent and fight catastrophic wildfires. This partnership will set a new standard in wildfire safety, enabling more progress than a single company can achieve alone.
EMBERPOINTTM will use artificial intelligence, autonomous systems, and integrated command-and-control technologies to help first responders detect fires earlier, prevent their spread and enhance coordination for mitigation efforts. Agencies and utilities will gain access to proven, state-of-the-art systems without the burden of development costs, enabling communities to benefit from advanced, affordable wildfire prevention.Lockheed Martin will contribute its cutting-edge layered approach to prediction and detection, as well as military-grade autonomous response and suppression capabilities, enabling firefighters to rapidly identify and directly intervene at the earliest stages of wildfire ignition.Pacific Gas and Electric Company1, a subsidiary of PG&E Corporation, will bring deep wildfire mitigation experience, with proven layers of protection and a track record of deploying effective risk management programs across geographically-diverse communities. Contributions or information from Pacific Gas and Electric Company are subject to regulatory approval.Salesforce will contribute to the digital foundation for EMBERPOINTTM, integrating disparate data streams into a unified, real-time response engine. Leveraging the power of Agentforce and Slack, Salesforce will enable seamless cross-organization coordination to accelerate wildfire response.Wells Fargo is helping to fund the venture through a capital investment.WHY IT MATTERSThe risk of wildfires is an escalating national crisis, with wildfires devastating communities, economies, and ecosystems across America and the world. Fires are growing larger, more intense and more frequent, causing billions of dollars in damage each year and placing increasing strain on utility customers and taxpayers.As heroic firefighters put their lives on the line, further integrated technologies and data can help them respond faster and stay safer. This effort seeks to build upon the remarkable contributions of the firefighting community by equipping firefighters and emergency responders with advanced tools and coordinated solutions to more effectively combat wildfire threats.LEADERSHIP INSIGHT"It's time to change the way we think about wildfires and bring the best of American technology and know-how to this growing threat to lives and property. Devastating wildfires are on the rise and this new partnership brings four leading companies in the aerospace, electrical power, tech, and financial industries together to address this national problem," said Lockheed Martin Chairman, President and CEO Jim Taiclet. "Building on Lockheed?Martin's leading-edge capabilities in space and ground-based sensing systems, autonomous air and land drones,?and command and control systems, EMBERPOINT™ aims to combine these skills along with those of our partners to address what is a true national security mission.""This partnership underscores our commitment to ending catastrophic wildfires," said PG&E Corporation CEO, Patti Poppe. "We plan to seek regulatory approval to pair Pacific Gas and Electric Company's on-the-ground experience with our partners' advanced technology, and properly scale how we identify risk, prevent incidents, and protect the people and ecosystems we serve for the benefit of all society—while staying fully focused on providing safe and reliable energy to our customers. Today's announcement marks the next step in a broader, multi-phase effort to end catastrophic wildfires.""Agentforce and Slack are powerful tools that can be used to solve the most pressing challenges," said John Somorjai, Chief Corporate Development and Investments Officer, Salesforce. "We look forward to integrating our world-class AI capabilities with the specialized expertise of our partners to combat the escalating threat of wildfires."WHAT'S NEXTThe EMBERPOINTTM team and technologies will be built out in the coming months, targeting demonstrations in 2026. About Lockheed Martin
Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at Lockheedmartin.com.About PG&E Corporation
PG&E Corporation (NYSE: PCG) is a holding company headquartered in Oakland, California. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. For more information, visit http://www.pgecorp.com.About Salesforce
Salesforce helps organizations of any size become agentic enterprises - integrating humans, agents, apps, and data on a trusted, unified platform to unlock unprecedented growth and innovation. Visit www.salesforce.com for more information. About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $2.1 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 33 on Fortune's 2025 rankings of America's largest corporations. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.Cautionary Statement Regarding Forward-Looking StatementsThis news release contains forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans and strategies of PG&E Corporation or Lockheed Martin Corporation (together, the "Companies"), including regarding the solutions of EMBERPOINTTM and the effectiveness of those solutions. These statements are based on current expectations and assumptions of management of the Companies ('management"), which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include: Pacific Gas and Electric Company's receipt of regulatory approval in a satisfactory time and manner; the effectiveness of technological solutions that EMBERPOINTTM intends to use; the parties' ability to realize anticipated benefits from collaboration; risks associated with new business areas and activities, including ability of EMBERPOINTTM to execute its business plan, scale its operations, and hire skilled personnel; the risks associated with joint ventures and strategic investments, including governance, control matters, and the parties' ability to work together effectively; the ability of EMBERPOINTTM to procure financing, including from other investors; prevailing economic, market, regulatory or business conditions, or changes in such conditions, negatively affecting the parties; potential customers' interest in the services that EMBERPOINTTM intends to offer, including the risk of competition and the risks inherent to contracts with government agencies; reliance on key business partners and suppliers; the ability of EMBERPOINTTM to protect its intellectual property; changes in wildfire risk mitigation technologies; and changes in legislation or regulations. The companies undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law. Potential customers or collaborators seeking to learn more about the EMBERPOINTTM solution?
Contact: info@emberpoint.co1 EMBERPOINTTM is not the same company as Pacific Gas and Electric Company, the utility; EMBERPOINTTM is not regulated by the California Public Utilities Commission; and you do not have to buy EMBERPOINTTM's products in order to continue to receive quality regulated services from the utility.
View original content to download multimedia:https://www.prnewswire.com/news-releases/lockheed-martin-pge-corporation-salesforce-and-wells-fargo-launch-emberpoint-to-transform-americas-wildfire-prevention-detection-and-response-302670208.htmlSOURCE Lockheed Martin
Original: Lockheed Martin, PG&E Corporation, Salesforce and Wells Fargo Launch EMBERPOINT™ to Transform America's Wildfire Prevention, Detection and Response
Hot Features
プレミアム
登録してリアルタイムのアラート、カスタムポートフォリオ、市場の動きを入手してください。
iHub News
2月前
mm41
3月前
nowwhat2
4月前
EarningsCentral
11月前
BottomBounce
1年前
MannSinger
1年前
Monksdream
2年前
Bountiful_Harvest
2年前
bubka
2年前
メールアドレスで登録
