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Lockheed Martin shares jump after strong Q2 earnings and new Pentagon deals
The company reported Q2 revenue of $20.1 billion, up 11% year over year, and said it booked Pentagon contracts worth up to $44.6 million for Navy submarine upgrades and $23.1 million for F-35 maintenance depots.
Lockheed Martin shares surged more than 10% on July 23 after the defense contractor posted strong Q2 2026 earnings and secured additional Pentagon business. The stock is also up more than 15% year to date, as investors responded to the company’s ability to translate its large backlog into growth, according to Yahoo Finance.
Lockheed reported Q2 revenue of $20.1 billion, an 11% increase year over year, with earnings of $7.94 per share. The company also raised its full-year outlook after results that exceeded Wall Street expectations.
Yahoo Finance also pointed to two specific Pentagon contract awards totaling $67.7 million. One contract covers U.S. Navy submarine systems upgrades and is worth up to $44.6 million, while the other covers F-35 fighter jet maintenance depots for allied nations and is worth $23.1 million.
The momentum comes amid a broader rise in global defense spending, with NATO allies pushing to meet or exceed 2% of GDP defense commitments and the U.S. proposing a $1.5 trillion military budget for FY2027. Yahoo Finance said replenishment needs tied to ongoing conflicts are driving demand for weapons and advanced defense systems, supporting continued business for large contractors like Lockheed Martin.