Slide 1: First Quarter 2026 Conference Call
First Quarter 2026 Conference Call April 23, 2026 James D. Taiclet Chairman, President and CEO Evan T. Scott Chief Financial Officer Mark D. Kvasnak Vice President, Investor Relations PHOTO: NASA
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation 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: Acquisition Transformation in Action
Acquisition Transformation in Action Partnering to Accelerate Munitions Production Increasing & Accelerating Production PAC-3 MSE PAC-3: Triple / THAAD: Quadruple / PrSM: Quadruple Enabling Long-Term Planning & Investment $8-9B through 2030 incl. $2-3B of CapEx / Bolster Supply Chain / Improve Effic
Slide 4: 1Q 2026 Financial Highlights
1Q 2026 Financial Highlights GPS III Launch $18.0B $1.8B 10.1% Sales Segment Operating Profit* Segment Operating Margin* $6.44 ($291M) $511M $458M Earnings Per Share Free Cash Flow* Capital Research & Expenditures Development 4 *See Chart 11 for Definitions of Non-GAAP Measures and Other Performance
Slide 5: Aeronautics
Aeronautics F-35 Refuels from KC-130 First Quarter ($M) Sales Operating Profit* $7,057 $6,953 $720 $619 2025 2026 2025 2026 Sales: Decreased 1% Operating Profit: Decreased 14% Lower volume on classified and F-16 programs, Net unfavorable profit adjustments this year partially offset by increased vol
Slide 6: Missiles & Fire Control
HIMARS equipped with PrSM Missiles & Fire Control First Quarter ($M) Sales Operating Profit* $3,649 $3,373 $500 $465 2025 2026 2025 2026 Sales: Increased 8% Operating Profit: Increased 8% Production ramp-up on PAC-3 and Tactical Higher sales volume and Strike Missile programs 6 *See Chart 11 for Def
Slide 7: Rotary & Mission Systems
Delivery of First MATRIX -enabled Rotary & Mission Systems Autonomous BLACK HAWK® First Quarter ($M) Sales Operating Profit* $4,328 $3,991 $521 $423 2025 2026 2025 2026 Sales: Decreased 8% Operating Profit: Decreased 19% Lower volume on radar and Sikorsky programs IP license cost recoveries in 2025
Slide 8: Space
Artemis II Launch Space First Quarter ($M) Sales Operating Profit* $3,428 $3,205 $379 $281 2025 2026 2025 2026 Sales: Increased 7% Operating Profit: Decreased 26% Higher volume on Fleet Ballistic Missile and Absence of favorable program completion Next Generation Interceptor programs events on comme
Slide 9: Outlook
Outlook 2026 ($M), Except for EPS Outlook Sales $77,500 - $80,000 YoY Growth +5% Segment Operating Profit* 8,425 - 8,675 Total FAS/CAS Pension Adjustment ~1,365 Diluted EPS 29.35 - 30.25 Cash from Operations 9,150 - 9,450 Capital Expenditures 2,500 - 2,800 Free Cash Flow* 6,500 – 6,800 Reaffirming F
Slide 10: Lockheed Martin
LOCKHEED MARTINZ
Slide 11: Definitions of Non-GAAP Measures
Definitions of Non-GAAP Measures Non-GAAP Financial Measures Disclosure This presentation, and today’s conference call remarks, contain non-Generally Accepted Accounting Principles (GAAP) financial measures (as defined by SEC Regulation G). While management believes that these non-GAAP financial mea
Slide 12: Appendix I – Guidance Detail
Appendix I – Guidance Detail 2026 Outlook ($M), Except for EPS Sales $77,500 - $80,000 Segment Operating Profit* $8,425 - $8,675 Segment Margin* 10.9% FAS/CAS Operating Adjustment** ~$1,685 Other, net ~($675) Consolidated Operating Profit $9,435 - 9,685 Net-Operating FAS Pension Income** ~($320) Int
Slide 13: Appendix II – Business Area Guidance
Appendix II – Business Area Guidance Segment ($M) Sales Operating Profit* AERO $30,500 – 31,500 $2,975 – 3,075 MFC $16,100 – 16,900 $2,235 – 2,315 RMS $17,400 – 17,800 $1,830 – 1,870 SPACE $13,500 – 13,800 $1,385 – 1,415 LM Total $77,500 – 80,000 $8,425 – 8,675 13 *See Chart 11 for Definitions of No
Slide 14: Appendix III – Pension
Appendix III - Pension 2025 2026 Actual Outlook Total FAS (expense) and CAS costs FAS pension (expense) $ (924) $ (370) Less: CAS pension cost $ 1,568 $ 1,735 Total FAS/CAS pension adjustment $ 644 $ 1,365 Service and non-service cost reconciliation FAS pension service cost $ (50) $ (50) Less: CAS p
Slide 15: Appendix IV – Acronyms
Appendix IV Acronyms GAAP – Generally Accepted Accounting Principles PrSM – Precision Strike Missiles EPS – Earnings per Share ULA – United Launch Alliance FAS – Financial Accounting Standards SRM – Solid Rocket Motor CAS – Cost Accounting Standards GPS – Global Positioning Satellite MFC – Missile a