Shares of Lockheed Martin LMT have gained 9.6% following the defense giant's better-than-expected third-quarter 2026 results on Oct. 22. The rally was driven by revenue and earnings beats, along with a record backlog count, which reached an all-time high of $292 billion. The backlog was boosted by a massive $52.5 billion multi-year award for PAC-3 Missile Segment Enhancement interceptors, reflecting surging global demand for missile defense systems. The company's raised full-year forecast likely further bolstered investor sentiment, contributing to the stock's climb. However, the company's cash flow situation presented a nuanced picture.
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