Slide 1: Second Quarter 2026 Earnings Presentation
SECOND QUARTER 2026 EARNINGS PRESENTATION July 29, 2026
Slide 2: Robust Q2 Results: 2Q26 Key Metrics & Highlights
ROBUST Q2 RESULTS 2Q26 - Key Metrics & Highlights Orders $7.3B 1.2x book-to-bill $455M revenue increase, Revenue $5.9B 8% growth $210M year-over-year Free Cash Flow 1 $771M increase, 37% growth GAAP EPS $3.13 28% EPS increase 1) NGFM - reference the 2Q26 earnings release for a reconciliation to comp
Slide 3: Q2 Financial Highlights
Q2 FINANCIAL HIGHLIGHTS 22% INVESTMENT INCREASE IN INNOVATION & CAPACITY3 $7.3B 1.2x $42.0B $5.9B $108M Orders Book-to-Bill Total Backlog 2 Revenue Capital Expenditures 23% YoY Growth $38M MSL Capital Expenditures 65% YoY Growth $942M 16.0% $3.13 $771M Segment Operating Income1 Segment Operating Mar
Slide 4: Space & Mission Systems
SPACE & MISSION SYSTEMS ($ millions) Revenue Operating Income and Margin $5,956 $603 ACCELERATED MISSILE DEFENSE $5,181 TRANCHE 3 (AMDT3) SATELLITE $527 $2,770 $2,966 15% $289 $290 10.1% 10.2% 7% 10.4% 9.8% 2Q25 QTD 2Q26 QTD 2Q25 YTD 2Q26 YTD 2Q25 QTD 2Q26 QTD 2Q25 YTD 2Q26 YTD 2Q26 DRIVERS Revenue:
Slide 5: Communications & Spectrum Dominance
COMMUNICATIONS & SPECTRUM DOMINANCE ($ millions) Revenue Operating Income and Margin $987 $901 $3,670 $3,798 24.6% 26.0% $522 $1,861 $1,943 $458 3% 26.9% 4% 24.6% 2Q25 QTD 2Q26 QTD 2Q25 YTD 2Q26 YTD 2Q25 QTD 2Q26 QTD 2Q25 YTD 2Q26 YTD 2Q26 DRIVERS Revenue: increased 4% Margin: increased 230 basis po
Slide 6: Missile Solutions
MISSILE SOLUTIONS ($ millions) Revenue Operating Income and Margin $2,044 $1,765 $254 $212 AUTHORIZED $800M IN FACILITY AND EQUIPMENT ORDERS WITH $180M SPENT THROUGH 2Q26 $1,054 $925 16% $116 $130 12.0% 12.4% 14% 12.5% 12.3% 2Q25 QTD 2Q26 QTD 2Q25 YTD 2Q26 YTD 2Q25 QTD 2Q26 QTD 2Q25 YTD 2Q26 YTD 2Q2
Slide 7: 2026 Guidance
2026 GUIDANCE CONSOLIDATED SEGMENT Segment Operating Revenue Operating Margin Revenue1 Margin2 SPACE & ~$11.7B mid 10% $23.2B - $23.7B MISSION (Prior: ~$11.5B) (Prior: $23B - $23.5B) SYSTEMS low 16% ~9% COMMUNICATIONS Organic growth at midpoint2 ~$8.0B mid 25% & SPECTRUM (Prior: ~25%) DOMINANCE GAAP
Slide 8: 2026 Supplemental Information
2026 SUPPLEMENTAL INFORMATION 2026 2026 Guidance Prior FAS/CAS operating adjustment $20 million $20 million Non-service FAS pension income $290 million $290 million Net FAS/CAS pension $310 million $310 million Net interest expense $560 million $590 million Effective tax rate on GAAP earnings 15% 15
Slide 9: Forward-Looking Statements; Non-GAAP Measures
Forward-Looking Statements; Non-GAAP Measures This presentation contains forward-looking statements within the meaning of federal securities laws made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Examples include, but are not limited to: statemen