Lockheed Martin reports record backlog and Q3 earnings beat

Lockheed Martin has reported third-quarter financial results that exceeded Wall Street estimates, driven by strong demand in its defense and aerospace divisions. The company recorded consolidated sales of approximately $20.7 billion and a 15% year-over-year increase in profits. Earnings per share reached $7.97, surpassing the projected $7.52.

A significant driver of this growth is a new framework agreement with the U.S. Department of Defense for the F-35 fighter jet program. The deal outlines the delivery of 850 aircraft over the next ten years, maintaining a production rate of 156 jets annually for the U.S. military and international allies. This program accounts for roughly 25% of the manufacturer's total revenue.

The company's total backlog of orders has reached a record $292 billion, up from $230 billion at the end of the second quarter. Following these results, Lockheed Martin raised its full-year 2026 earnings guidance. Segment performance showed a 25% increase in missiles and fire control revenue, while the aeronautics division saw a 13% rise in revenue.