Lockheed Martin enters its Q3 2026 earnings cycle with a record $230 billion total backlog reported at the end of Q2, reflecting a 19% year-to-date increase driven by $65 billion in new orders, including a major multi-year THAAD interceptor contract. Elevated demand for munitions such as PAC-3 and missile defense systems, combined with a 3.2:1 book-to-bill ratio and raised full-year sales guidance to $79.75–81.75 billion, supports continued backlog expansion. Traders will focus on order intake trends, segment-level growth in Missiles and Fire Control, and any framework-to-contract conversions when results are released around October 20–22. Geopolitical factors and U.S. defense budget execution remain key swing variables for the quarter’s final figure.