Lockheed Martin Stock Outlook Boosted by THAAD Plan

Lockheed Martin on Jan. 29, 2026 said it expects a stronger-than-expected 2026 outlook and signed a framework to boost THAAD interceptor production, developments that put Lockheed Martin stock squarely in focus.

Quarter Results and 2026 Outlook

Lockheed Martin reported fourth-quarter 2025 earnings per share of $5.80 and revenue of $20.3 billion, up 9.1% year-over-year. Record F-35 deliveries and a growing order backlog helped drive the gains. The company said these factors support a more aggressive outlook for 2026.

The 2026 guidance calls for sales of $77.5 billion to $80.0 billion and earnings per share of $29.35 to $30.25, with midpoints above consensus. Management attributed the outlook to sustained demand for combat-proven platforms such as fighter jets and missiles amid heightened geopolitical tensions.

Executives signaled a significant increase in capital spending, with capital expenditures rising to at least $2.5 billion in 2026 from about $1.6 billion in 2025. Total investment, including internal research and development (IR&D), will approach $5 billion. The company said it has invested more than $7 billion in priority systems since the previous administration, including about $2 billion in munitions, and plans a multibillion-dollar expansion over the next three years to add capacity at more than 20 facilities across five states.

THAAD Framework and Manufacturing Buildout

Lockheed Martin said it signed a framework agreement with the Department of War to increase THAAD interceptor production from 96 to 400 units per year over seven years. Definitization and an initial contract award are expected in the final quarter of fiscal 2026, subject to Congressional appropriations. The program covers more than 340,000 square feet of U.S. operations and employs over 2,000 people.

The company also announced a groundbreaking for a Munitions Acceleration Center in Camden, Arkansas, to support expanded THAAD and PAC-3 missile production. Earlier in January 2026, Lockheed Martin signed a PAC-3 MSE framework agreement to support broader missile-defeat production.

Company materials show munitions deliveries have increased about 220% since 2016, with planned PAC-3 and THAAD activity representing roughly a 245% increase. The workforce has grown about 60% since the previous administration, with an additional 50% increase projected by 2030. These expansions underpin the company’s guidance and investment plans.

Chairman, President, and CEO Jim Taiclet said, "Today's agreement to quadruple THAAD production means we will have more interceptors available than ever before to deter our adversaries."