Lockheed Martin Backlog Hits $292 Billion as 2026 Sales Outlook Rises
Key Facts
Lockheed Martin’s backlog reached a record $292 billion at the end of the third quarter of 2026, up 27% from the previous quarter, the company said. Quarterly sales were $20.711 billion, compared with $18.609 billion a year earlier, while diluted earnings per share rose to $7.97 from $6.95. Net earnings also increased to $1.845 billion from $1.619 billion. The company said its backlog “grew 27% since the second quarter of 2026, setting a new record at $292 billion.” The figure highlights the volume of work awaiting execution at the defense contractor, while sales growth was accompanied by an increase in quarterly earnings.
A $52.5 billion portion of the backlog was tied to a multiyear contract for PAC-3 MSE missiles, the company said. Reuters reported that missile unit sales rose 24% as production of PAC-3 and THAAD missiles increased. It added that Aeronautics revenue grew 13%, supported by the F-35 and C-130 programs. These factors linked quarterly sales growth to activity in two major business units, alongside the expansion of recorded backlog at the end of the period. Meanwhile, free cash flow was $2.999 billion during the quarter, compared with $3.347 billion a year earlier.
Lockheed Martin raised its fiscal 2026 sales outlook to a range of $80–82 billion, Reuters reported. It also forecast annual earnings per share of $30.35 to $30.75 and free cash flow of $7.8 to $8 billion. The updated outlook reflects the company’s estimates for full-year sales and cash earnings as missile and aviation program production accelerates. These figures give investors annual metrics to compare with third-quarter results. The company’s shares closed at $604.18 on October 23, 2026, according to EL7 data.
Procter & Gamble, meanwhile, reported results for the first quarter of its fiscal 2027, which ended September 30, 2026, not the third quarter of the calendar year. Net sales were $23.3 billion, up 4% from a year earlier, while core earnings per share reached $2.00, up 1%. Organic sales also grew 4%, but the core operating margin declined 80 basis points from the same period a year earlier. This came despite total productivity savings of 250 basis points, according to the company’s filing. The company kept its fiscal-year outlook for organic sales growth at 1% to 3% and core earnings per share at $6.89 to $7.11.
At the same time, Procter & Gamble raised its estimate of the impact of commodity, energy and transportation costs on fiscal 2027 earnings to about $1.4 billion after tax, from a previous estimate of $1 billion, Reuters reported. The company said commodity cost pressures would intensify over the next two quarters. Despite these pressures, its shares rose about 5% after the better-than-expected results were announced on October 22, according to Reuters. The stock closed at $161.02 on October 23, according to EL7 data. The outlooks diverged between the two companies: Lockheed raised its annual sales estimate, while Procter & Gamble left its organic sales growth and core earnings ranges unchanged.
For Blackstone, the available material does not support describing deal and IPO activity as strong: Bloomberg reported that higher interest rates cooled deals and market volatility slowed the company’s IPOs and transactions. Blackstone declared a quarterly distribution of $1.12 per share, with November 2, 2026, as the record date for shareholders and November 9 as the payment date. Its shares closed at $117.97 on October 23, according to EL7 data. The distribution gives shareholders a specific financial date following the results announcement, while Bloomberg’s report places the company’s activity in the context of slower dealmaking. By comparison, closing data for the same session showed Lockheed Martin at $604.18 and Procter & Gamble at $161.02.