Lockheed Martin maintains 2026 free cash flow outlook while Boeing reports negative $1.454 billion in Q1 2026.
Lockheed Martin (LMT) reaffirmed its 2026 free cash flow guidance of $6.5 billion to $7 billion, contrasting with Boeing (BA), which burned $1.5 billion in Q1 2026. Lockheed’s defense-focused model remains resilient despite program charges, while Boeing struggles with commercial losses and negative cash flow.
Lockheed reported $6.44 earnings per share, missing expectations of $6.6957, with segment margins compressing to 10.1%. Boeing’s commercial unit posted a $563 million operating loss, though its defense segment grew 21% year-over-year. Lockheed secured framework agreements to expand Patriot and THAAD production, targeting a $25 billion Pentagon request for FY27.
Boeing’s stock trades at 833 times forward earnings, reflecting ongoing challenges in its commercial division. Lockheed’s defense contracts and cash flow stability position it as a stronger near-term play for investors.