Lockheed Martin enters its Q3 2026 earnings release, expected around October 22, with backlog at a record $230.4 billion as of June 28, 2026, up sharply from $193.6 billion at year-end 2025. Elevated U.S. and allied defense spending continues to drive multi-year awards in the Missiles and Fire Control segment, including recent PAC-3 MSE and PrSM contracts that support production ramps and sustainment. Consensus Q3 revenue of approximately $20.43 billion implies steady backlog conversion, while new order momentum from THAAD and related programs could offset or exceed recognized sales. Traders will focus on the book-to-bill ratio and any updates to full-year guidance when the company reports segment-level order activity and remaining performance obligations.