Lockheed Martin raises 2026 outlook as backlog hits a record $292 billion

Lockheed Martin raised its 2026 outlook on Oct 22 after third-quarter sales rose 11% to $20.7 billion and its backlog reached a record $292.0 billion [1]. Net earnings rose 14% to $1.8 billion, or $7.97 per share, from $6.95 a year earlier, and the company raised its dividend for a 24th straight year [1]. The backlog grew 27% from the second quarter and includes $52.5 billion from a multi-year award to build Patriot Advanced Capability-3 (PAC-3) interceptors [1].

• Lockheed now expects 2026 sales of about $80 billion to $82 billion, up from $79.75 billion to $81.75 billion [1][2].
• Earnings per share guidance rose to about $30.35 to $30.75 from $29.95 to $30.65 [1][2].
• Free cash flow guidance rose to about $7.8 billion to $8.0 billion from $7.0 billion to $7.2 billion [1].
• Missiles and Fire Control sales rose 24% on PAC-3 and Terminal High Altitude Area Defense (THAAD) demand, among other programs [3].
• Aeronautics sales rose 13% to $8.21 billion, mainly on higher F-35 volume [3].

RTX reported a record $340 billion backlog and raised its 2026 outlook on Oct 20 [4]. Northrop Grumman raised its 2026 earnings guidance the same day and reported a record $109.6 billion backlog [5]. General Dynamics, which carries a record $136.5 billion backlog, reports third-quarter results on Oct 30 [6].