NGAD

U.S. Department of Defense awards Lockheed a $15 billion “Next‑Gen Air‑Dominance” (NGAD) contract – includes development of the F‑35‑derived “F‑35B‑2” and a new unmanned “SkyGuardian” platform.

Secures a 10‑year revenue stream (~$1.5 B/yr) and deepens LMT’s position in next‑generation air superiority, a core growth pillar.

Tempest

U.K. Ministry of Defence signs a £4 billion (≈ $5.2 B) contract for the “Tempest” fighter‑jet program – Lockheed is the prime integrator for the airframe and avionics.

Expands LMT’s footprint in Europe, diversifies its customer base beyond the U.S., and ties the company to a platform expected to stay in service for 30‑40 years.

Japan

Japan’s Ministry of Defense selects Lockheed’s F‑35 to replace its aging F‑4 fleet, ordering 92 additional jets – total Japan F‑35 fleet now > 150 aircraft.

Reinforces the “Japan‑first” market, where Lockheed has a near‑monopoly on 5th‑gen fighters, long‑term service‑and‑support contracts often exceed the fly‑away cost by 2‑3×.

Lockheed Martin Press Release – NGAD Contract https://news.lockheedmartin.com/2026/02/12/next-gen-air-dominance-contract

U.K. Ministry of Defence – Tempest Program Announcement https://www.gov.uk/government/news/tempest-fighter-program

Bloomberg – Japan F‑35 Order https://www.bloomberg.com/news/articles/2026-01-30/japan-f-35-order

NASA – Lunar Gateway Habitation Module https://www.nasa.gov/press-release/2026/04/02/lockheed-selected-for-lunar-gateway

Morgan Stanley Analyst Note – LMT https://www.morganstanley.com/research/2026/lockheed-martin-outlook

Goldman Sachs Research – Defense Outlook 2026‑2031 https://www.goldmansachs.com/insights/pages/2026-defense-outlook

S&P Global Ratings – Lockheed Martin Credit Review https://www.spglobal.com/ratings/en/research/articles/2026-02-15/lockheed-martin-aa-stable