Defense budgets feel permanent now. LMT is built for that.

Lockheed’s backlog hit about $194B and 2026 guidance points to steady growth, even if the economy wobbles.  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

June 04, 2026 The world is building permanent defense networks. Lockheed is a main supplier. Record backlog, long-cycle programs, and budget priorities that do not look temporary. Sponsored First a note from InvestorPlace Media Hi, Every bank in America is now facing an imminent crisis. One that could see trillions of dollars rush out of the traditional financial sector... and into a new store of wealth (not crypto). Ultimately, this could trigger a collapse of the entire banking system. The catalyst isn't the war in Iran, rate cuts, or pumped-up AI stocks... It's Elon Musk. And not in the way you might think... This has nothing to do with SpaceX... or his $61 million "monster" mortgages (he's leveraged up to the gills)... or Tesla share buy backs... This is to do with a new project he's just launched that almost no one is talking about (except this one banking insider). It's a direct threat to every bank in America, including yours. That's because Elon's beating old school bankers at their own game. He's offering a safe place for your money (up to $250,000) that pays 15X what normal banks do. Better yet, Elon's actions are also giving you the opportunity to make hundreds, even thousands of percent in the coming weeks and months... That's if you follow the simple move I've laid out for you (I've helped people get in on Palantir Technologies before it rose 1,200%... AMD before it soared 13,500%... And Nvidia well before it became the most valuable AI company on the planet)... You can find all the details on my next money move here. Regards, Luke Lango Senior Investment Analyst, InvestorPlace P.S. The news is rife with stories about Elon. How he's launching satellites into space... how he's letting AI companies use his supercomputer to train their AIs... his legal battle with OpenAI's Sam Altman... But this is the Elon story you WON'T see on the front pages. That means two things: One, it will blindside most Americans - setting them on a losing path, possibly for years to come... And two, if you act quickly, you have the chance to get on the right side of this and make a lot of money. Just make this one move while there's still time. This ad is sent on behalf of InvestorPlace Media at 1125 N. Charles Street, Baltimore, Maryland 21201.  FEATURED The world is building permanent defense networks. Lockheed is a main supplier. It used to be popular to say defense spending moves in cycles. Lately it looks more like infrastructure spending, just in a different uniform. Nations are building communications that survive jamming, satellites that can be replaced quickly, and interceptors that can respond faster than a press conference. That matters for Lockheed Martin (LMT) because their biggest programs are not “nice to have.” They are central to deterrence planning, and those plans tend to stretch across decades. Quick scoreboard (latest reported) 2025 sales: about $75B, up roughly 6% year over year Backlog: record about $194B at year end 2025 2025 free cash flow: about $6.9B 2026 outlook (company guidance): sales about $77.5B to $80.0B and free cash flow about $6.5B to $6.8B Here’s the real point: a backlog that large is not just “future revenue.” It is a signal that sovereign customers are reserving industrial capacity. In plain English, they are getting in line early because they do not want to be stuck waiting later. Slight tangent, but it matters. In most industries, customers hate long lead times. In defense, long lead times can actually reinforce the relationship, because once a platform is fielded, upgrades, sustainment, and training become a long-running ecosystem. Why LMT fits the “permanent deterrence” world Lockheed is the prime contractor for the F-35, which is basically a coalition program with a global sustainment footprint. They are also deeply involved in missile defense and hypersonic work, including continuing support on the Navy’s Conventional Prompt Strike effort. That is the kind of program that does not get turned off because consumers are buying fewer smartphones. The risk, of course, is execution. Big defense programs can run late, get re-scoped, or face political friction. And even “non-cyclical” revenue can be lumpy quarter to quarter due to program timing. But if you want one defense name that is tied to long-lived platforms, sustained demand, and a backlog that looks like a multi-year work order, LMT belongs on the short list. Worth a closer look, especially if you’re building the boring part of a portfolio on purpose. This content is for informational purposes only and should not be considered financial advice. Investing involves risk. The Cheap Investor is a publication of Investing Media Solutions, LLC. To view our full policies: Disclaimer | Privacy Policy | Terms & Conditions Update your email preferences or unsubscribe here © 2026 The Cheap Investor 203 N La Salle Suite 2100 Chicago , Illinois 60601, United States Powered by beehiiv Terms of Service