Lockheed Martin's Order Backlog Reaches Record $230 Billion

Lockheed Martin's Q2 2026 results show a record $230 billion backlog, fueled by missile and air-defense demand. A $4.7 billion PAC-3 MSE contract in April and quadrupled Precision Strike Missile capacity in March were key drivers. Backlog — contracted work not yet delivered — gives Lockheed multi-year revenue visibility as global defense spending climbs.