Shares of Lockheed Martin surged 10.11% during Thursday's intraday trading session, driven by the company's second-quarter financial results that significantly exceeded market expectations and an upward revision to its full-year 2026 guidance.

The defense giant reported quarterly earnings of $7.94 per share, far above the analyst consensus estimate of $7.19, while sales climbed 11% to $20.06 billion, beating the $19.34 billion forecast. Net income soared to $1.84 billion, recovering sharply from a prior-year period weighed down by large program charges. All four business segments—aeronautics, missiles and fire control, rotary and mission systems, and space—delivered sales and operating profit growth. The missiles and fire control unit saw a nearly 20% revenue jump, fueled by ramped-up production of PAC-3 and THAAD interceptors amid strong Pentagon demand to replenish depleted weapons stockpiles.

Lockheed Martin also raised its 2026 outlook, now projecting earnings per share of $29.95 to $30.65 on revenue of $79.75 billion to $81.75 billion, both ahead of prior estimates. The company's backlog reached a record $230 billion, supported by new orders including a $35 billion multi-year THAAD contract. Additionally, the company disclosed that it will be exempt from the Corporate Alternative Minimum Tax this year, which is expected to reduce federal income tax payments and further improve its profit outlook.