J P M O R G A N North America Equity Research 23 July 2026 Lockheed Martin First Look at Q2 Earnings We think Q2 results can spark a positive reaction for LMT, with upside in the quarter, higher guidance, and (mostly) clean execution (see below). The top-line performance and outlook are encouraging, and if there is one area to pick at, the new implied 2026 segment operating margin of 10.7% is 20 bps below prior. We assume that is a topic for the call. Please see our variance table below. Neutral LMT, LMT US ...