Lockheed Martin Bumps Up Fiscal Year Outlook as Backlog Hits Record — Update

By Kelly Cloonan

Lockheed Martin raised its forecast for the year as its backlog continued to grow in the third quarter, notching a fresh record.

The defense contractor separately said Thursday that Pentagon leaders pledged to buy its F-35 jet fighters over the next 10 years, the longest commitment among recent Trump administration efforts to set its suppliers on a wartime footing.

The new framework agreement covers 850 F-35 Lightning II aircraft for the U.S. military, hundreds more for international customers and a suite of spare parts and other gear. The deal would lock in the defense contractor's plan to produce 156 jets annually in the coming years.

Chief Executive Jim Taiclet said Lockheed's results benefit from efforts to pull through its existing platforms and systems using a variety of innovations as well as new digital technology.

Lockheed now projects full-year earnings per share of $30.35 to $30.75, up from its prior outlook of $29.95 to $30.65 a share. It also expects sales of $80 billion to $82 billion for the year, compared with $79.75 billion to $81.75 billion previously.

The updated guidance comes as the company recorded higher profit and revenue in the latest quarter, topping Wall Street's expectations.

Lockheed's third-quarter profit came in at $1.85 billion, or $7.97 a share, compared with $1.62 billion, or $6.95 a share, a year earlier. Analysts polled by FactSet expected earnings of $7.52 a share.

Revenue climbed 11% to $20.71 billion, topping analyst estimates of $20.48 billion.

The increase was driven by growth in each of the company's business segments: aeronautics, missiles and fire control, space, and rotary and mission systems.

Lockheed said its backlog grew 27% since the second quarter, setting another record at $291.98 billion.

Shares were up 3.9% in premarket trading, at $573.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

October 22, 2026 08:11 ET (12:11 GMT)