Lockheed Martin (LMT) Faces An Earnings Test As Backlog Strength Meets Undervalued View

Lockheed Martin (LMT) is heading into its October 22, 2026 earnings report with the stock recently falling 2.14% and trailing the broader market, which keeps investor focus squarely on whether expectations still look realistic. Over the past year, Lockheed Martin has delivered a modest 2.61% total shareholder return. However, the share price has recently lost momentum, with a 30-day share price return of a 5.27% decline and a 90-day share price return of a 2.93% decline, even as fresh missile contracts, record backlog commentary and new production partnerships continue to shift investor views on its long-term risk and growth profile.