Lockheed Martin's Q3 2026 backlog figure, due with earnings on October 22, will reflect continued expansion from the $230.4 billion record at June 30, fueled by multi-billion-dollar awards in the Missiles and Fire Control segment including THAAD and PAC-3 interceptors. Management raised full-year sales guidance to $79.75–81.75 billion after Q2, citing accelerating munitions production and 30% of backlog expected to convert within 12 months. Additional post-Q2 orders, such as the $53.86 billion PAC-3 contract, support further growth in total backlog, which stood at roughly 2.8 times 2026 revenue guidance and carries improving margins. Traders will monitor segment-level order intake and any international or U.S. government framework conversions for signals on the quarter-end total.