Lockheed Martin Outlook Raised to Positive, Fueled by $186B Order Backlog

S&P Global Ratings revised Lockheed Martin’s outlook to positive from stable. The agency affirmed the company’s 'A-' long-term issuer credit rating. Improving credit metrics and strong defense demand drove the revision.

S&P expects Lockheed Martin to maintain leverage below 2x. The company is projected to keep funds from operations to debt above 45%. S&P forecasts revenue growth of 4% to 5% for 2026 and 2027.

High demand for F-35 jets and Sikorsky helicopters supports this growth. The forecast includes precision munitions such as PAC-3 and THAAD missile systems. Lockheed Martin maintains a total order backlog of approximately $186 billion.