On its third quarter of 2026 earnings call, held on Oct. 22, 2026, Lockheed Martin (NYSE:LMT) raised its full-year sales guidance after sales grew 11% year over year to $20.7 billion. Multiyear government defense commitments provide durable revenue visibility that insulates the business from short-term budget shifts. Three takeaways from management's remarks explain how this execution secures future growth. The defense contractor expanded its backlog, or the total value of signed contracts waiting to be fulfilled, to $292 billion. Book-to-bill, the ratio of new orders received to products delivered, reached 4x, showing that demand for military hardware is outpacing current factory output.
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