Lockheed raises outlook as record backlog highlights defense delivery-conversion risks

Lockheed Martin’s $292 billion record backlog, strong cash generation and higher guidance are positive, but F-35 delivery and Lot 20 funding remain pressure points. Its initial agreement with the Pentagon for at least 850 F-35s over a decade is not yet an order; multi-year authority, formal terms and proposed company-funded investment remain subject to further action and execution.