Lockheed Martin enters its October 22 earnings release with a record $230.4 billion backlog at the end of Q2 2026, driven by $65 billion in new orders including a $35 billion multi-year THAAD contract and accelerated PAC-3 production. Missile and fire control segment momentum, F-35 sustainment, and elevated Pentagon and allied procurement continue to support book-to-bill ratios well above 1.0. Roughly 30% of the backlog is expected to convert to revenue within 12 months, providing visibility into sales growth guided higher for the full year. Q3 backlog will reflect the balance between fresh contract awards and recognized revenue amid ongoing supply-chain execution and margin recovery.