| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | July 29, 2026 | 4/12 | 3 high, 4 medium, 3 low flags | 2 | 2 | Call sheet → |
| Q1'26 | April 30, 2026 | 10/12 | 1 high, 4 medium, 1 low flags | 5 | 0 | Call sheet → |
| Q4'25 | January 29, 2026 | 9/12 | 3 medium, 3 low flags | 4 | 1 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | On‑track | Maintain segment operating margin low 16% for FY Current margin 16% (up 10 bps). |
| Q2'26 | Pending | Secure $25 bn of MAC framework orders Negotiations ongoing; no firm contracts disclosed. |
| Q2'26 | Pending | Achieve positive free cash flow in FY2026 Quarterly FCF positive; FY‑wide still uncertain. |
| Q2'26 | Delivered | Invest 20%+ in CapEx and R&D CapEx up >20%, R&D spend up >20% YoY. |
| Q2'26 | Delivered | Double backlog to >$40 bn Backlog now $42 bn. |
| Q2'26 | Missed | Deliver 15% organic revenue growth YoY in 2026 Q2 shows 8% YoY; guidance now 8‑10%. |
| Q2'26 | Missed | File S‑1 and spin off missile solutions in 2026 S‑1 filed in Q1 but IPO now pushed to mid‑2027. |
| Q1'26 | Delivered | Strong international tactical comms growth $460M international orders this quarter with three NATO allies |
| Q1'26 | Pending | Clear delinquent rocket motor deliveries Still ramping production, building 60+ factories suggests ongoing capacity constraints |
| Q1'26 | Delivered | Stabilize challenging space programs Q4 mentioned stabilized performance, Q1 shows 460 bps margin expansion in space |
| Q1'26 | Delivered | Continue to win SDA competitions Won SDA Tranche 3 with 18 satellites, maintaining perfect record across all tranches |
| Q1'26 | Exceeded | LHX NEXT $1 billion savings commitment Completed one year ahead of plan, now embedded in operations |
| Q1'26 | Delivered | 2026 guidance exceeds ambitious targets from December 2023 Investor Day Confirmed guidance of $23-23.5B revenue and low 16% margins exceeds prior framework |
| Q4'25 | Delivered | Continue expanding space and missile capacity 60+ factories under construction, $600M CapEx commitment |
| Q4'25 | Delivered | Record backlog and strong organic growth $38B+ backlog, 7% organic growth guidance exceeds framework |
| Q4'25 | Missed | Awards expected soon for reconciliation spending Government shutdown pushed awards, now expecting 2026 |
| Q4'25 | Delivered | Sales for '26 to exceed current financial framework $23-23.5B guidance vs framework, confirmed the beat |
| Q4'25 | Pending | 2025 free cash flow guidance of $2.65 billion Reaffirmed despite Q3 softness, banking on Q4 milestone payments |
| Q4'25 | Exceeded | LHX NEXT $1 billion savings commitment Delivered one year ahead of schedule, now embedded in operations |
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