Lockheed Martin reported third-quarter 2026 sales of $20.7B, up 11%, and EPS of $7.97 on October 22, with backlog at a record $292.0B - up 27% from the second quarter and $113B from a year earlier, a book-to-bill of about four - including $52.5B from the multi-year award to produce PAC-3 MSE interceptors. It raised 2026 guidance for a second straight quarter to sales of $80-82B, EPS of $30.35-30.75 and free cash flow of $7.8-8.0B. The PAC-3 multi-year, flagged as expected in the second half, has now been contracted.