LMT +3–4%: Q3 beat (EPS $7.97 vs ~$7.52), FY guide raised again, record $292bn backlog and a proposed 10-year F-35 frame

[LondonNewsTrader]

Lockheed is one of the few green large caps on a red tape this morning, so it's worth a look for relative-strength longs.

The numbers (company release / Seeking Alpha)
- Q3 EPS $7.97 vs ~$7.52 consensus. Revenue $20.7bn, +11% y/y, vs ~$20.46bn expected
- FY2026 guide raised for the second quarter running: revenue $80–82bn, EPS $30.35–30.75. FCF outlook lifted to $7.8–8.0bn (from $7.0–7.2bn)
- Record backlog of $292bn, including $52.5bn tied to the multiyear PAC-3 MSE interceptor contract
- Growth came from all four segments, led by Missiles and Fire Control (PAC-3, THAAD, precision weapons)

The F-35 piece
- Framework agreement with the US government for 10 years of F-35 production and sustainment: 850 aircraft for the US, plus international orders, at about 156 jets a year
- The catch: it still needs congressional authorisation, funding and final pricing, so it's visibility rather than signed revenue

Tape: pre-market it was up roughly 3–4% (around $572 per ChartMill). With Brent at $112 and the Saudi/Iran headlines, defence has a macro tailwind today on top of the print. NOC, RTX and GD could trade in sympathy.

For scalpers: I'd watch whether LMT holds the pre-market range while NQ is weak. If the index flushes and LMT doesn't give much back, that's the relative-strength signal. Q3 free cash flow was lower y/y ($3.0bn vs $3.35bn), so that's the bear talking point if it fades.

Sources: [Lockheed Q3 release](https://investors.lockheedmartin.com/ne ... l-results/) | [Seeking Alpha](https://seekingalpha.com/news/4655797-l ... els-growth) | [ChartMill pre-market movers](https://www.chartmill.com/news/DOW/Char ... earch-Fall)

Is anyone using defence as the long side against a short tech book today? And how much do you trust the F-35 framework before Congress signs off?