Lockheed Raises Outlook as Missile Output and Record Orders Lift Results
Lockheed Martin reported third-quarter revenue of $20.71 billion and earnings of $7.97 per share, beating expectations, helped by faster missile production. The company raised its 2026 outlook as its order backlog reached $292 billion, and a proposed 10-year F-35 framework added long-term visibility. The agreement still needs congressional funding and final contracts.
Lockheed's quarterly sales rose about 11% to $20.71 billion, and per-share profit reached $7.97, beating analyst estimates. Every segment grew, with the missiles unit posting 24% gains in revenue and operating profit as output of PAC-3, THAAD, GMLRS and PrSM systems accelerated. Aeronautics sales climbed 13%, though F-16 and C-130 adjustments narrowed that unit's margin.
The company lifted its 2026 revenue, earnings and free-cash-flow ranges for a second straight quarter and announced a 24th straight yearly dividend raise. Its $292 billion backlog includes a sizable multiyear missile order, while a tentative decade-long F-35 arrangement for 850 aircraft would add visibility but still depends on lawmakers' appropriations and completed agreements.
Lockheed's stronger results and larger backlog could affect investors through share-price moves and dividends, employees and suppliers through production schedules, and taxpayers and allies through defense procurement. Faster missile output may shorten some delivery timelines, while the pending F-35 arrangement could shape long-term industrial planning. Because funding and contracts remain unresolved, the practical effects may be gradual and uneven.