Is Lockheed Martin Entering a New Growth Cycle Through Missile Defense?

Lockheed Martin's LMT Missiles and Fire Control ("MFC") segment is becoming an important contributor to the company's current growth. Second-quarter 2026 MFC sales increased 19% year over year to $4.1 billion, while segment operating profit increased 24% to $594 million. The company attributed the sales increase primarily to higher volumes on the PAC-3, THAAD and PrSM programs. THAAD is particularly important to Lockheed Martin's backlog expansion. The company's backlog reached $230.4 billion as of June 28, 2026, marking an increase of $36.8 billion during the first six months of the year. Lockheed Martin said the increase was primarily driven by an undefinitized contractual action awarded for the THAAD program within MFC.