Lockheed Martin

MFC sales increased 14% full-year to $14.5 billion, with Q4 up 18%, delivering the 750th HIMARS and record 120 PAC-3 MSEs, with at least double-digit CAGR projected through decade-end.

Capital and IRAD approaching $5 billion in 2026, a 35% year-over-year increase, including multibillion-dollar munitions capacity investment across five states and $1 billion strategic F-35 sustainment investment.

Management signaling dynamic capital allocation with elevated CAPEX and R&D potentially reducing share buybacks, while exploring vertical integration and M&A opportunities.

Corporate-level R&D pivoting to operational prototypes including space-based interceptors for 2028, autonomous Black Hawk, COMET low-cost cruise missile, and CCA drone wingman.