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Lockheed Martin Shares Jump After F-35 Multi-Year Deal With U.S. War Department

Lockheed Martin shares rose as much as 9% after the U.S. market open and were up more than 6% after the company raised its full-year earnings forecast. The defense contractor announced a multi-year F-35 Lightning II production and sustainment framework agreement with the U.S. War Department covering 850 aircraft over 10 years, including initial spares, modification kits and maintenance, plus international orders for Lots 21-30. The deal targets 156 jets per year, pending congressional approval of multi-year procurement authority and funding.

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AI take

The multi-year framework matters less for its headline aircraft count than for what it implies about revenue visibility: a decade-long production and sustainment structure, if Congress authorizes it, converts a politically exposed annual budget cycle into something closer to a programmatic backlog. The raised forecast alongside the announcement suggests management sees the demand signal as durable rather than a one-off order bump. The open question is congressional approval of multi-year procurement authority and funding, which is the actual gate on the 156-per-year target; until that clears, the framework is a commitment of intent, not contracted volume.

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