Lockheed Martin Lifts 2026 Guidance as Missile Demand Surges; Backlog Hits Record $292 Billion

Lockheed Martin Corp. raised its full-year 2026 adjusted earnings guidance to $30.35–$30.75 per share from $29.95–$30.65, as rising global defense spending boosted its missile systems portfolio. Even the low end of the new range exceeds Bloomberg-compiled analyst estimates. Shares rose in premarket trading. The missiles and fire control segment posted a 24% year-over-year operating profit increase, driven by demand tied to the wars in Iran and Ukraine. Lockheed's backlog reached a record $292 billion, including about $53 billion tied to PAC-3 MSE production. The company produces roughly 80 PAC-3 MSE interceptors monthly, near a 1,000-a-year pace and on course for 2,000 annually, said COO Frank St. John. The Pentagon said Thursday it plans to buy at least 850 additional F-35 fighter jets, potentially the largest contract in the program's quarter-century history. Lockheed was awarded a $35 billion contract in June to quadruple THAAD interceptor production and a nearly $54 billion, seven-year Patriot production deal in July. CFO Evan Scott said contracts to accelerate PrSM and JATM production are expected next year.