Slide 1: Second Quarter 2026 Conference Call
Second Quarter 2026 Conference Call July 23, 2026 James D. Taiclet Chairman, President and CEO Evan T. Scott Chief Financial Officer Mark D. Kvasnak Vice President, Investor Relations THAAD Interceptor Production 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements This 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 word
Slide 3: 2Q Results: Strong Financial Performance
THAAD Interceptor Launch 2Q Results Strong Financial Performance $230B 3.2x Backlog Book-to-Bill Ratio* $20.1B $2.2B 10.8% Sales Segment Operating Segment Operating Profit* Margin* $7.94 $2.9B $0.9B $0.8B Earnings Per Share Free Cash Flow* Capital Expenditures and Dividends Independent Research & De
Slide 4: 2026 Outlook
2026 Outlook ($M), Except for EPS April Outlook (O/L) July Outlook (O/L) Sales $77,500 - $80,000 $79,750 - $81,750 Segment Operating Profit* 8,425 - 8,675 8,500 - 8,700 Total FAS / CAS Pension Adjustment ~1,365 ~1,365 Diluted EPS ~29.35 - 30.25 ~29.95 - 30.65 Cash From Operations 9,150 - 9,450 9,200
Slide 5: Aeronautics
F-35 Maintenance Operations Aeronautics Q2 Results ($M) Sales +9% (incl. ~500bps from 2Q’25 losses) Sales Operating Profit* • Absence of prior year reach forward losses ($360M) • Higher F35 production volume $8,112 $7,420 Operating Profit* +N/M% due to Q2’25 losses 9.2%$760 • Absence of prior year r
Slide 6: Missiles & Fire Control
ATACMS Missiles & Fire Control Q2 Results ($M) Sales Operating Profit* Sales +19% • Higher volumes on PAC-3, THAAD, PrSM $4,101 $3,433 $594 Operating Profit* +24% 9.2% $479 • Higher volumes • Higher net favorable profit adjustments 2025 2026 2025 2026 Full Year ($M) Sales Operating Profit* Sales +14
Slide 7: Rotary & Mission Systems
F-35 Maintenance First-Ever Operations Sanctum C-UAS Launch Rotary & Mission Systems from GRIZZLY Containerized Q2 Results ($M) Launcher Sales Operating Profit* Sales +9% (incl. ~800bps from 2Q’25 losses) • Absence of prior year reach forward losses ($305M) • Higher volume on MIC2 programs $4,354 $3
Slide 8: Space
Space Space Based Interceptor Q2 Results ($M) Sales Operating Profit* Sales +6% • Increased volume on Next Generation Interceptor (NGI) and Fleet Ballistic Missile (FBM) programs $3,496 $3,307 Operating Profit* +2% 9.2% $362 $371 • Portfolio mix 4.3% 2025 2026 2025 2026 Full Year ($M) Sales Operatin
Slide 9: Summary
PAC-3 MSE Aegis Summary • Delivered Strong 2Q Results • Record backlog provides foundation for higher growth • Cash flow generation fueling capacity & innovation investments • Increased 2026 Guidance • Accelerating growth in all segments • Stage is set for sustained, multi-year expansion • Advanced
Slide 10: Lockheed Martin
LOCKHEED MARTINZ
Slide 11: Appendix I: 2026 Segment Outlook Details
Appendix I: 2026 Segment Outlook Details April Guidance July Guidance 2026 Outlook ($M) 2026 Outlook ($M) Segment Segment Sales Sales Operating Profit* Operating Profit* AERO $30,500 – $31,500 $2,975 – $3,075 AERO $31,700 – $32,700 $3,000 – $3,080 MFC 16,100 – 16,900 2,235 – 2,315 MFC 16,500 – 16,90
Slide 12: Appendix II: Definitions of Non-GAAP Measures
Appendix II: Definitions of Non-GAAP Measures Non-GAAP Financial Measures Disclosure This presentation, and today’s conference call remarks, contain non-Generally Accepted Accounting Principles (GAAP) financial measures (as defined by SEC Regulation G). While management believes that these non-GAAP
Slide 13: Appendix III: Pension
Appendix III: Pension ($M) 2025 2026 Actual Outlook Total FAS expense and CAS cost FAS pension expense $ (924) $ (370) Less: CAS pension cost 1,568 1,735 Net FAS/CAS pension adjustment $ 644 $ 1,365 Service and non-service cost reconciliation FAS pension service cost $ (50) $ (50) Less: CAS pension
Slide 14: Appendix IV: 2026 Outlook Detail
Appendix IV 2026 Outlook (July 2026) ($M), Except for EPS Sales $79,750 - $81,750 Segment Operating Profit* 8,500 - 8,700 Segment Margin* 10.7% FAS/CAS Operating Adjustment** ~1,685 Other, net ~(490) Consolidated Operating Profit 9,495 - 9,695 Net-Operating FAS Pension Income** ~(320) Interest Expen
Slide 15: Appendix V: Acronyms
Appendix V Acronyms ATACMS – Army Tactical Air Control Missile System MSE – Missile Segment Enhancement Capex – Capital Expenditures NGI – Next Generation Interceptor CAS – Cost Accounting Standards N/M – Not Meaningful C-UAS – Counter Unmanned Aerial System OPIR – Overhead Persistent Infrared EPS –