Lockheed Martin (LMT) Stock Wins $10.5B Deal as Earnings Approach July 23

TLDR

• Lockheed Martin was awarded a $10.5B, 12-year contract by U.S. Special Operations Command for logistics and sustainment support
• The contract, called SOF GLSS 2, is the largest service contract vehicle for USSOCOM
• Options data suggests LMT stock could move around 4% when earnings drop on July 23
• LMT has beaten its implied earnings move in six of its last eight reports — though not always in the right direction
• The $10.5B award represents roughly 14% of Lockheed’s annual revenue of $75.11B

Lockheed Martin (LMT) picked up a major contract win on Thursday, scoring a $10.5 billion, 12-year deal from the U.S. Special Operations Command. The contract covers logistics and sustainment support for Special Operations Forces and is the follow-on to agreements Lockheed has managed since 2010.

.@LockheedMartin has secured a $10.5 B, 12‑year contract to provide next‑generation logistics and sustainment for @USSOCOM. SOF GLSS 2 will manage global supply chains, aircraft/vehicle maintenance and critical infrastructure, ensuring the warfighter has what they need. ⬇️

— Lockheed Martin News (@LMNews) July 16, 2026

LMT stock was trading around $515.96, up 0.29% on the day.

Lockheed Martin Corporation, LMT

The program, known as Special Operations Forces Global Logistics Support Services II (SOF GLSS 2), is USSOCOM’s largest service contract vehicle. It covers global supply chain management, aircraft and vehicle maintenance, equipment repair, IT and electronics support, and infrastructure operations.

Lockheed’s SOF GLSS team is based at Bluegrass Station in Lexington, Kentucky, and employs more than 3,300 people worldwide. Multiple subcontractors are also involved in delivering support to U.S. special operations forces.

The $10.5B award is not a small line item. It represents roughly 14% of Lockheed’s $75.11B in annual revenue. The company carries a market cap of around $118.66B.

Vice President Vic Torla noted that Lockheed has been providing logistics and sustainment to Special Operations Forces for over 16 years, making this a continuation of a long-running relationship rather than a new one.

Earnings on Deck for July 23

With the contract news out, attention now turns to earnings. Lockheed is set to report Q2 results before the market opens on July 23.

Options markets are pricing in a move of around 4% in either direction. Historically, LMT has moved more than the implied amount in six of its last eight earnings releases — so a 4% move may be the floor, not the ceiling.

The most recent quarter, reported April 23, saw an implied move of 4.8%. The actual result was a 13.3% drop. In January 2026, the stock rose 6.2% against an implied move of 3.5%.

A Rough Run on Earnings Days

Looking further back, the pattern holds. In July 2025, LMT dropped 13.3% against a 4.4% implied move. In October 2025, it fell 2.8% versus a 4.4% implied. January 2025 saw a 6.7% decline against a 3.8% implied move.

The one bright spot in recent memory: July 2024, when the stock gained 8.1% on a 2.7% implied move.

InvestingPro data currently shows LMT as undervalued relative to its Fair Value estimate.

In other recent contract activity, Lockheed was also awarded a deal worth over $502M by the U.S. Department of War for post-production support on AH-64 helicopter systems. The company also signed an MOU with Rheinmetall to establish a joint venture for ATACMS missile production in Europe.

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