Lockheed Martin lifts 2026 forecasts as Pentagon seeks to restock weapons

Demand is expected to remain strong as the U.S. has used more than 50,000 rockets, missiles and rocket-propelled munitions since the start of the Russia-Ukraine conflict in 2022 through the U.S. attack on Iran, according to Pentagon data.

Lockheed's total backlog grew to $230.4 billion, up 38.3% from $166.5 billion last year.

It expects 2026 revenue between $79.75 billion and $81.75 billion, higher than the previous forecast range of $77.5 billion to $80 billion. Analysts on average expect $79.14 billion, according to data compiled by LSEG.

It now expects full-year per-share profit of $29.95 to $30.65, compared with its earlier projection of $29.35 to $30.25, and higher than Wall Street estimates of $29.90.

The Bethesda, Maryland-based company reported a second-quarter profit of $7.94 per share, compared with $1.46 apiece last year, when it was hit by a $1.6 billion charge due to difficulties in the Aeronautics unit and international helicopter programs in its Sikorsky segment.

Revenue for Lockheed's missiles and fire control business rose nearly 20% to $4.1 billion, driven by a production ramp-up of its PAC-3 and Precision Strike missiles, both of which have been used in the war on Iran in the last few months.

The segment was also helped by higher production of its THAAD missile interceptors, after the company signed a $35 billion contract with the U.S. government in June to quadruple output.

Sales in Lockheed's aeronautics segment also rose 9%, partly supported by higher production volume and sales of its F-35 stealth fighters. The F-35 is the Pentagon's largest acquisition program, with lifetime costs estimated at more than $2 trillion to purchase, operate and sustain the aircraft.