Lockheed Martin reported third quarter 2026 sales of $20.7 billion, representing 11% year-over-year growth and exceeding analyst expectations. The performance was characterized by a massive jump in backlog and production ramps in the Missiles and Fire Control segment, leading management to raise full-year 2026 financial guidance for the second consecutive quarter.
Key Highlights
- Missiles and Fire Control revenue surged 24% to $4.5 billion, driven by production ramps for the PAC-3 and THAAD air defense systems.
- Total backlog reached a new record of $292.0 billion, significantly bolstered by a $52.5 billion multi-year award for PAC-3 Missile Segment Enhancement interceptors.
- Full-year 2026 guidance was raised across the board, with the free cash flow midpoint increasing by $800 million to a new range of $7.8 billion to $8.0 billion.
- Aeronautics segment sales grew 13% to $8.2 billion behind higher F-35 production and sustainment volume, though the company warned of potential future impacts if negotiations for F-35 Lot 20 funding remain unresolved.