Published: November 10, 2025
Lockheed Martin is pushing for its strongest F‑35 production year yet, with multiple outlets and company disclosures indicating a stretch goal of as many as 200 jets in 2025 as global demand accelerates and the order book swells to a record $179 billion. The latest developments span fresh international activity, a thicker backlog, and ongoing recovery from last year’s TR‑3 delays—setting up a pivotal fourth quarter for the world’s largest defense contractor. Defence Industry Europe
At a glance
- Deliveries: Management and trade-press reporting point to 175–190 F‑35s for 2025, with some coverage citing a stretch target up to 200—roughly “one plane for every working day.” Through Q3, Lockheed reported 143 F‑35 deliveries. Media – Lockheed Martin
- Backlog & outlook:Backlog: $179B; 2025 EPS guidance: $22.15–$22.35; Sales outlook: $74.25–$74.75B (updated Oct. 21). Media – Lockheed Martin
- Contracts fueling growth: Finalization of F‑35 Lots 18–19, a $12.5B Pentagon deal tied to 296 jets, plus major awards for CH‑53K and PAC‑3 MSE. Reuters
- Fresh international activity today:KAI selected to upgrade KF‑16 simulators in partnership with Lockheed Martin (South Korea). Korea Joongang Daily
- Additional demand signals (recent):Germany moving to buy 15 more F‑35s, reinforcing Europe’s rearmament trend. Reuters
F‑35 production: from recovery to record pace
After clearing the 2024 bottleneck caused by Technology Refresh 3 (TR‑3) integration issues, Lockheed’s F‑35 assembly lines have accelerated. Company commentary and industry reporting indicate 175–190 deliveries for 2025, with several outlets now framing 200 jets as an upper‑bound target if fourth‑quarter cadence holds. Lockheed said it delivered 46 aircraft in Q3 and is pacing toward “one aircraft delivery every working day.” Defense One
Trade-press coverage this weekend reiterated the 200‑jet stretch ambition and noted the company’s progress catching up from storage inventory accumulated during the TR‑3 pause. Lockheed’s own Q3 disclosure confirmed 143 F‑35s delivered through Q3, underscoring both the recovered flow and the heavy lift still ahead in Q4 to hit higher scenarios. Defence Industry Europe
Context on the numbers: Earlier briefings and October coverage centered on 175–190 as the official band; the 200 figure should be viewed as an aggressive outcome contingent on fourth‑quarter execution and partner acceptance rates. Defense One
Backlog, guidance and where the growth is coming from
Lockheed closed Q3 with record backlog of $179 billion, which executives describe as more than two and a half years of sales. The company simultaneously lifted its 2025 earnings outlook to $22.15–$22.35 per share and nudged the sales range to $74.25–$74.75 billion, citing robust global demand for aircraft and munitions. Media – Lockheed Martin
That demand is translating into concrete awards: Lockheed finalized F‑35 Lots 18–19 contracts early in Q4; secured a $12.5 billion Pentagon package tied to 296 F‑35 airframes; and highlighted its largest‑ever program wins for CH‑53K heavy‑lift helicopters and PAC‑3 MSE Patriot interceptors. Reuters
International tailwinds: new orders, upgrades and European rearmament
Global procurement remains the primary engine behind the step‑up in F‑35 throughput:
- Germany is moving to add 15 additional F‑35s beyond the 35 already ordered, reinforcing long‑term European fleet plans and NATO nuclear‑sharing requirements. Reuters
- South Korea (today):Korea Aerospace Industries (KAI) said it was selected by Lockheed Martin to upgrade nine KF‑16 simulators to the latest F‑16 Viper configuration under a six‑year contract, extending decades of F‑16/T‑50 collaboration. Korea Joongang Daily
These moves, combined with previously reported interest from other European operators, keep the international pipeline deep and diversify demand beyond U.S. budget cycles. Defense One
Investor angle: “Geopolitical beta” plus operational catch‑up
Investor coverage over the past week has leaned into two themes: surging orders from conflict‑driven rearmament and Lockheed’s visible production runway as the F‑35 moves past its TR‑3 trough. Sentiment pieces emphasize the record backlog and the potential for the strongest F‑35 delivery year of the decade, while noting that execution in Q4 and sustainment profitability will remain under scrutiny. TipRanks
Risks and watch‑items
- TR‑3 / Block 4 modernization: Government auditors have flagged schedule/cost pressure around Block 4; any slippage can influence acceptance, retrofit cadence, and unit economics. Defense One
- Q4 cadence dependence: Reaching the top end—or the 200‑jet stretch—requires sustained throughput and customer acceptance in the final weeks of the year. Defense One
- Budget & program mix: While the backlog cushions volatility, margins will hinge on mix across aeronautics, missiles, rotary systems, and space—areas where Lockheed also highlighted major wins (e.g., PAC‑3 MSE, CH‑53K). Media – Lockheed Martin
What to watch next
- Fourth‑quarter delivery tally: Final F‑35 numbers will determine whether 2025 lands in the 175–190 range or approaches the 200‑jet stretch. Defense One
- International order flow: Follow‑on European buys (e.g., Germany) and Asia‑Pacific sustainment/upgrade deals (e.g., South Korea’s simulator program) support multi‑year volume. Reuters
- Missile defense and “Golden Dome” positioning: Lockheed is vying for work on the U.S. strategic missile shield and continues to book record Patriot/PAC‑3 MSE demand—both meaningful long‑term catalysts. Reuters
FAQ
How many F‑35s has Lockheed delivered in 2025 so far?
Lockheed reported 143 F‑35 deliveries through the end of Q3 2025. The company described a pace of roughly one jet per working day heading into Q4. Media – Lockheed Martin
Is 200 F‑35 deliveries in 2025 official?
October briefings cited 175–190 as the expected range. Trade‑press reporting in November frames 200 as an aspirational stretch target dependent on Q4 execution and customer acceptance. Defense One
What’s driving the backlog to a record $179B?
Finalized F‑35 production lots, large awards in missile defense (PAC‑3 MSE) and rotary systems (CH‑53K), and persistent international demand. Lockheed also raised its 2025 guidance alongside these wins. Media – Lockheed Martin
What new Lockheed‑related news posted today (Nov. 10, 2025)?
South Korea’s KAI announced a six‑year partnership with Lockheed to upgrade KF‑16 simulators to the latest Viper standard—extending the firms’ long‑standing F‑16/T‑50 ties. Korea Joongang Daily
Sources
- Defence Industry Europe: Lockheed Martin aims to deliver 200 F‑35 jets in 2025 as global demand reaches record high (Nov. 9, 2025). Defence Industry Europe
- Lockheed Martin Q3 2025 results press release (Oct. 21, 2025). Media – Lockheed Martin
- Defense One: Lockheed basks in F‑35 delivery win (Oct. 21, 2025). Defense One
- Reuters: Lockheed Martin lifts 2025 forecasts on robust defense demand (Oct. 21, 2025); Germany plans to order 15 more U.S.-made F‑35 jets (Oct. 20, 2025). Reuters
- TipRanks: Lockheed Martin (LMT) Soars on Geopolitical Tailwinds and Record F‑35 Deliveries (Nov. 5, 2025). TipRanks
- Korea JoongAng Daily: KAI to upgrade KF‑16 simulators under ties with Lockheed Martin (Nov. 10, 2025). Korea Joongang Daily
Editorial note: Figures such as delivery ranges and targets vary across sources; where differences exist (e.g., 175–190 vs. up to 200), this article reflects both the company’s last formal guidance and subsequent trade‑press reporting as of November 10, 2025. Defense One
Tags: Lockheed Martin, LMT, F‑35, PAC‑3 MSE, CH‑53K, defense stocks, aerospace & defense, Germany F‑35, South Korea KAI, TR‑3, Block 4
