LMT Q3 deep dive: backlog surges as munitions and F-35 contracts drive growth

What happened: Lockheed Martin reported Q3 2026 revenue of $20.71 billion, up 11.3% year on year, and lifted full year revenue guidance to about $81 billion at the midpoint. Backlog reached $292 billion at quarter end. Key numbers: Revenue $20.71 billion vs $20.44 billion estimated. GAAP EPS $7.97 vs $7.52 estimated. Full year GAAP EPS guidance $30.55 at midpoint. Why it matters: Management pointed to munitions contracts and the 10-year F-35 agreement as drivers, with the CEO saying momentum is accelerating and the CFO citing substantial visibility into future performance from the backlog. Market: +0.9% today ($595.38), +21.2% YTD, 0.4x vol — as of 15:47 UTC Verified: Q3_2026 (Oct 22) EPS $7.97 vs $7.52 est, +6.0% beat; next print ~Jan 21

Lockheed Martin reported Q3 2026 revenue of $20.71 billion, up 11.3% year on year, and lifted full year revenue guidance to about $81 billion at the midpoint. Backlog reached $292 billion at quarter end.

Management pointed to munitions contracts and the 10-year F-35 agreement as drivers, with the CEO saying momentum is accelerating and the CFO citing substantial visibility into future performance from the backlog. Market: +0.9% today ($595.38), +21.2% YTD, 0.4x vol — as of 15:47 UTC Verified: Q3_2026 (Oct 22) EPS $7.97 vs $7.52 est, +6.0% beat; next print ~Jan 21