# Lockheed Martin F-35 deliveries in Q3

f-35 aircraft deliveries in Q3 2026

Updated: July 28, 2026

Category: Financials

Tags: Companies
KPIs

HTML: /markets/financials/companies/lockheed-martin-f-35-deliveries-in-q3/

## Short Answer

**Key takeaway.** Both the **model** and the **market** overwhelmingly agree that Lockheed Martin F-35 deliveries in Q3 2026 will be above 20, with only minor residual uncertainty.

## Key Claims (January 2026)

**- - F-35 deliveries likely exceed 20 aircraft, following Q2 2026's 19 units.** - Achieving above 35 units appears challenging due to persistent supply chain issues.
- Deliveries surpassing 40 are notably difficult given ongoing production and engine delays.

### Why This Matters (GEO)

- AI agents extract claims, not arguments.
- Improves citation probability in summaries and answer cards.
- Enables fact stitching across multiple sources.

## Executive Verdict

**Key takeaway.** **Market** at 97c prices Q3 F-35 deliveries 5 points above the **92%** **model**, despite Q2's 19-aircraft decline and ongoing issues.

### Who Wins and Why

| Outcome | Market | Model | Why |
| --- | --- | --- | --- |
| Above 40 | 58.0% | 27.9% | The substantial gap from Q2 2026's 19 deliveries makes achieving over 40 aircraft disproportionately difficult. |
| Above 60 | 5.0% | 2.3% | Severe Q2 2026 delivery drops and ongoing production issues make over 60 aircraft exceptionally challenging. |
| Above 55 | 5.0% | 2.3% | Severe Q2 2026 delivery drops and ongoing production issues make over 55 aircraft exceptionally challenging. |

## Model vs Market

| Outcome | Market Probability | Octagon Model Probability |
| --- | --- | --- |
| Above 40 | 58.0% | 27.9% |
| Above 60 | 5.0% | 2.3% |
| Above 55 | 5.0% | 2.3% |
| Above 30 | 91.0% | 78.2% |
| Above 35 | 79.0% | 57.4% |
| Above 50 | 14.0% | 5.0% |
| Above 20 | 97.0% | 92.0% |
| Above 25 | 0.0% | 78.2% |
| Above 45 | 0.0% | 6.5% |

- Expiration: February 17, 2027

## Market Behavior & Price Dynamics

This market has traded in a narrow 3-point range between 94.0% and 97.0% since its inception. All recorded price action occurred on July 28, 2026, when the price moved from an opening of 94.0% to its current level of 97.0%. The chart indicates stable pricing since that initial adjustment. Given the lack of subsequent price movement, no clear support or resistance levels have been established.

The market's price action is defined by its extremely low volume. With only two contracts traded in total, the price reflects the conviction of a very small number of participants. This low liquidity suggests the current price may not represent a broad consensus and could be susceptible to high volatility if new information or significant trading interest emerges. The high probability assigned to a 'Yes' resolution indicates that the few active traders are confident in this outcome.

The market is pricing an event for Q3 2026, for which official delivery figures are not yet public. According to corporate filings, Lockheed Martin delivered 19 F-35s in Q2 2026, a significant drop from 50 deliveries in Q2 2025. This preceding quarterly performance does not appear to have dampened sentiment in this market for the Q3 outcome. The official figures will be included in the company's Q3 earnings report, which is expected in October 2026.

## Contract Snapshot

This market resolves "Yes" if Lockheed Martin Corporation reports more than 40 F-35 aircraft deliveries in Q3 2026, and "No" if they report 40 or fewer deliveries, with the outcome verified by Fiscal.ai. The market opened on July 27, 2026, and will close early if the event occurs, or by February 16, 2027, at 11:00 PM EST otherwise, with payouts projected 30 minutes after closing. Insider trading is prohibited for employees of source agencies or individuals possessing material, non-public information.

## Market Discussion

In Q2 2026, Lockheed Martin delivered 19 F-35 aircraft, contributing to 51 total deliveries for the first half of the year, and subsequently raised its full-year 2026 sales guidance [[^]](https://news.lockheedmartin.com/2026-07-23-Lockheed-Martin-Reports-Second-Quarter-2026-Financial-Results)[[^]](https://www.sekbernews.id/en/lockheed-martin-raises-2026-sales-guidance). Prediction markets are currently tracking whether Lockheed Martin will deliver more than 190 F-35 aircraft in the calendar year 2026 [[^]](https://manifold.markets/MikhailTal/will-lockheed-martin-deliver-more-t-ggRCqgElQC). However, no specific information regarding Lockheed Martin F-35 delivery schedules or associated financial key performance indicators for Q3 2026 was retrieved from the provided sources [[^]](https://www.espn.com/college-football/story/_/id/10421511/lockheed-martin-sponsor-armed-forces-bowl)-[[^]](http://espndeportes.espn.com/photos/gallery?id=2556973&image=21).

## Market Data

| Contract | Yes Bid | Yes Ask | Last Price | Volume | Open Interest |
| --- | --- | --- | --- | --- | --- |
| Above 20 | 94% | 97% | 97% | $2 | $2 |
| Above 25 | 92% | 94% | 0% | $0 | $0 |
| Above 30 | 86% | 88% | 91% | $3 | $3 |
| Above 35 | 78% | 81% | 79% | $3 | $3 |
| Above 40 | 58% | 61% | 58% | $6 | $6 |
| Above 45 | 29% | 32% | 0% | $0 | $0 |
| Above 50 | 13% | 15% | 14% | $3 | $3 |
| Above 55 | 4% | 6% | 5% | $4 | $4 |
| Above 60 | 4% | 7% | 5% | $5 | $3 |

## What specific supply chain or production issues reported in H1 2026 pose the greatest risk to Lockheed Martin meeting its F-35 delivery targets for Q3 2026?

F-35 Deliveries Q2 2026 | 19 jets (compared to 50 in Q2 prior year) [[^]](https://www.aerotime.aero/articles/lockheed-martins-q2-2026-profit-jumps-as-prior-year-contract-losses-ease) |
Key Production Risk | Persistent supply chain bottlenecks and production challenges [[^]](https://www.airandspaceforces.com/f-35-engine-production-contract-slips-spring-2026/)[[^]](https://indefencemag.com/f-35-sustainment-reset-faces-industrial-capacity-risk/)[[^]](https://usabusinesstimes.com/lockheed-martins-manufacturing-machine-still-firing-on-all-cylinders/) |
Modernization Program Issues | Technical Refresh 3 (TR-3) and Block 4 software maturity, incomplete airframes [[^]](https://simpleflying.com/why-us-air-force-cut-2026-f-35a-order-nearly-half/)[[^]](https://www.airforcetimes.com/news/your-military/2026/06/24/f-35-program-chief-warns-fleet-has-outgrown-its-support-system-amid-record-low-readiness/) |

**Persistent supply chain and production issues significantly hinder F-35 deliveries**

Persistent supply chain and production issues significantly hinder F-35 deliveries. The greatest risks to Lockheed Martin meeting its F-35 delivery targets for Q3 2026 are largely due to persistent supply chain bottlenecks and production challenges. In the first half of 2026, key issues included ongoing bottlenecks in castings and forgings, widespread labor shortages, and industrial base capacity constraints for critical electronics and spare parts [[^]](https://www.airandspaceforces.com/f-35-engine-production-contract-slips-spring-2026/)[[^]](https://indefencemag.com/f-35-sustainment-reset-faces-industrial-capacity-risk/)[[^]](https://usabusinesstimes.com/lockheed-martins-manufacturing-machine-still-firing-on-all-cylinders/). Furthermore, the propulsion system supply chain, particularly for F135 engines, has experienced chronic delivery delays [[^]](https://www.airandspaceforces.com/f-35-engine-production-contract-slips-spring-2026/).

Modernization efforts introduce significant software and hardware integration challenges. The F-35 program is also heavily impacted by ongoing Technical Refresh 3 (TR-3) and Block 4 modernization initiatives. These efforts have encountered difficulties related to software maturity and the delivery of incomplete airframes, specifically those missing radar sensors [[^]](https://simpleflying.com/why-us-air-force-cut-2026-f-35a-order-nearly-half/)[[^]](https://www.airforcetimes.com/news/your-military/2026/06/24/f-35-program-chief-warns-fleet-has-outgrown-its-support-system-amid-record-low-readiness/). Such issues necessitate a complex and ongoing retrofit strategy to bring the aircraft to full operational capability [[^]](https://simpleflying.com/why-us-air-force-cut-2026-f-35a-order-nearly-half/)[[^]](https://www.airforcetimes.com/news/your-military/2026/06/24/f-35-program-chief-warns-fleet-has-outgrown-its-support-system-amid-record-low-readiness/).

These issues have substantially impacted F-35 delivery numbers. The combined effect of these production and delivery challenges is reflected in Lockheed Martin's reported delivery figures for Q2 2026, with only 19 F-35 jets delivered [[^]](https://www.aerotime.aero/articles/lockheed-martins-q2-2026-profit-jumps-as-prior-year-contract-losses-ease). This represents a sharp decline when compared to the 50 jets delivered in the same quarter of the prior year, indicating significant hurdles to meeting future delivery targets [[^]](https://www.aerotime.aero/articles/lockheed-martins-q2-2026-profit-jumps-as-prior-year-contract-losses-ease).

## What do Lockheed Martin's own financial guidance and executive commentary from the Q2 2026 earnings call imply for Q3 F-35 delivery expectations?

Q2 2026 F-35 Deliveries | 19 aircraft [[^]](https://investors.lockheedmartin.com/news-releases/news-release-details/lockheed-martin-reports-second-quarter-2026-financial-results)[[^]](https://news.lockheedmartin.com/2026-07-23-Lockheed-Martin-Reports-Second-Quarter-2026-Financial-Results)[[^]](https://www.aerotime.aero/articles/lockheed-martins-q2-2026-profit-jumps-as-prior-year-contract-losses-ease) |
Q2 2025 F-35 Deliveries | 50 aircraft [[^]](https://investors.lockheedmartin.com/news-releases/news-release-details/lockheed-martin-reports-second-quarter-2026-financial-results)[[^]](https://news.lockheedmartin.com/2026-07-23-Lockheed-Martin-Reports-Second-Quarter-2026-Financial-Results)[[^]](https://www.aerotime.aero/articles/lockheed-martins-q2-2026-profit-jumps-as-prior-year-contract-losses-ease) |
Q3 2026 F-35 Delivery Targets | Not explicitly provided [[^]](https://www.benzinga.com/news/26/07/60642017/lockheed-martin-reports-q2-2026-results-full-earnings-call-transcript)[[^]](https://www.roic.ai/quote/LMT/transcripts/2026-year/2-quarter) |

**Lockheed Martin provided no specific F-35 delivery targets for Q3 2026**

Lockheed Martin provided no specific F-35 delivery targets for Q3 2026. The company's Q2 2026 earnings call and financial guidance did not explicitly state numerical F-35 delivery expectations for the upcoming quarter [[^]](https://www.benzinga.com/news/26/07/60642017/lockheed-martin-reports-q2-2026-results-full-earnings-call-transcript)[[^]](https://www.roic.ai/quote/LMT/transcripts/2026-year/2-quarter). However, Lockheed Martin's updated full-year 2026 guidance indicates an expected stronger growth rate for its Aeronautics segment in the latter half of the year. This anticipated growth is contingent upon the timely award of contracts for the next production lot of F-35 aircraft [[^]](https://www.benzinga.com/news/26/07/60642017/lockheed-martin-reports-q2-2026-results-full-earnings-call-transcript)[[^]](https://www.roic.ai/quote/LMT/transcripts/2026-year/2-quarter).

Full-year guidance for sales and profit increased despite Q2 F-35 decrease. Lockheed Martin raised its full-year 2026 sales and segment operating profit guidance [[^]](https://www.benzinga.com/news/26/07/60642017/lockheed-martin-reports-q2-2026-results-full-earnings-call-transcript)[[^]](https://www.roic.ai/quote/LMT/transcripts/2026-year/2-quarter). This upward revision was attributed to robust demand and strong production volumes within the Aeronautics segment, particularly impacting the F-35 program [[^]](https://www.benzinga.com/news/26/07/60642017/lockheed-martin-reports-q2-2026-results-full-earnings-call-transcript)[[^]](https://www.roic.ai/quote/LMT/transcripts/2026-year/2-quarter). This updated guidance follows the delivery of 19 F-35 aircraft in Q2 2026, which represents a notable decrease compared to the 50 aircraft delivered in Q2 2025 [[^]](https://investors.lockheedmartin.com/news-releases/news-release-details/lockheed-martin-reports-second-quarter-2026-financial-results)[[^]](https://news.lockheedmartin.com/2026-07-23-Lockheed-Martin-Reports-Second-Quarter-2026-Financial-Results)[[^]](https://www.aerotime.aero/articles/lockheed-martins-q2-2026-profit-jumps-as-prior-year-contract-losses-ease).

## How did the F-35's 50% year-over-year delivery decline in Q2 2026 compare to the performance of other major US defense aviation programs, such as Boeing's F-15EX or KC-46?

Lockheed Martin F-35 Deliveries (Q2 2026) | 19 aircraft [[^]](https://filecache.mediaroom.com/mr5mr_lockheedmartin/183966/2Q-2026-Earnings-Release-8-K.pdf)[[^]](https://www.morningstar.com/news/pr-newswire/20260723ph09399/lockheed-martin-reports-second-quarter-2026-financial-results)[[^]](https://www.aerotime.aero/articles/lockheed-martins-q2-2026-profit-jumps-as-prior-year-contract-losses-ease) |
Lockheed Martin F-35 Year-over-Year Decline | 62.00% [[^]](https://octagonai.co/files/sec-filings/936468/0001628280-25-035565/lmt-20250629.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260728%2Fus-east-1%2Fs3%2Faws4_request&X-Amz-Date=20260728T080035Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=22b55a107dba602124a24a32838f2298f09c66f4ee1809790b66f5a65eac0e11#page=43)[[^]](https://octagonai.co/files/sec-filings/936468/0001628280-25-035565/lmt-20250629.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260728%2Fus-east-1%2Fs3%2Faws4_request&X-Amz-Date=20260728T080035Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=22b55a107dba602124a24a32838f2298f09c66f4ee1809790b66f5a65eac0e11#page=15)[[^]](https://octagonai.co/files/sec-filings/936468/0001628280-25-035565/lmt-20250629.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260728%2Fus-east-1%2Fs3%2Faws4_request&X-Amz-Date=20260728T080035Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=22b55a107dba602124a24a32838f2298f09c66f4ee1809790b66f5a65eac0e11#page=38)[[^]](https://octagonai.co/files/transcripts/LMT/LMT_Q2_2025.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260728%2Fus-east-1%2Fs3%2Faws4_request&X-Amz-Date=20260728T080036Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=1843d67fcffa8f8a684cedeacca6f35bbe7a044e1b42deb2b400bc9b473b144f#page=3)[[^]](https://octagonai.co/files/sec-filings/936468/0001628280-25-035565/lmt-20250629.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260728%2Fus-east-1%2Fs3%2Faws4_request&X-Amz-Date=20260728T080034Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=68e8ceb0cc5f303ab1548fc1a59a5b9aa18ccd13c665f2b2c156e2e465b7931e#page=43)[[^]](https://octagonai.co/files/sec-filings/936468/0001628280-25-035565/lmt-20250629.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260728%2Fus-east-1%2Fs3%2Faws4_request&X-Amz-Date=20260728T080034Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=68e8ceb0cc5f303ab1548fc1a59a5b9aa18ccd13c665f2b2c156e2e465b7931e#page=38) |
Boeing Defense Division Deliveries (Q2 2026) | 35 units [[^]](https://boeing.mediaroom.com/2026-07-14-Boeing-Announces-Second-Quarter-Deliveries)[[^]](https://www.airforce-technology.com/news/boeing-defence-delivery-second-quarter/)[[^]](https://defence-industry.eu/boeing-delivers-35-military-aircraft-in-second-quarter-of-2026-as-apache-chinook-and-fighter-shipments-improve/) |

**Lockheed Martin's F-35 deliveries significantly decreased in Q2 2026**

Lockheed Martin's F-35 deliveries significantly decreased in Q2 2026. The company delivered 19 F-35 aircraft during this quarter [[^]](https://filecache.mediaroom.com/mr5mr_lockheedmartin/183966/2Q-2026-Earnings-Release-8-K.pdf)[[^]](https://www.morningstar.com/news/pr-newswire/20260723ph09399/lockheed-martin-reports-second-quarter-2026-financial-results)[[^]](https://www.aerotime.aero/articles/lockheed-martins-q2-2026-profit-jumps-as-prior-year-contract-losses-ease). This figure represents a **62.00%** year-over-year decline, a substantial decrease when compared to the 50 F-35s delivered in the second quarter of 2025 [[^]](https://octagonai.co/files/sec-filings/936468/0001628280-25-035565/lmt-20250629.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260728%2Fus-east-**1%**2Fs3%2Faws4_request&X-Amz-Date=20260728T080035Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=22b55a107dba602124a24a32838f2298f09c66f4ee1809790b66f5a65eac0e11#page=43)[[^]](https://octagonai.co/files/sec-filings/936468/0001628280-25-035565/lmt-20250629.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260728%2Fus-east-**1%**2Fs3%2Faws4_request&X-Amz-Date=20260728T080035Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=22b55a107dba602124a24a32838f2298f09c66f4ee1809790b66f5a65eac0e11#page=15)[[^]](https://octagonai.co/files/sec-filings/936468/0001628280-25-035565/lmt-20250629.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260728%2Fus-east-**1%**2Fs3%2Faws4_request&X-Amz-Date=20260728T080035Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=22b55a107dba602124a24a32838f2298f09c66f4ee1809790b66f5a65eac0e11#page=38)[[^]](https://octagonai.co/files/transcripts/LMT/LMT_Q2_2025.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260728%2Fus-east-**1%**2Fs3%2Faws4_request&X-Amz-Date=20260728T080036Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=1843d67fcffa8f8a684cedeacca6f35bbe7a044e1b42deb2b400bc9b473b144f#page=3)[[^]](https://octagonai.co/files/sec-filings/936468/0001628280-25-035565/lmt-20250629.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260728%2Fus-east-**1%**2Fs3%2Faws4_request&X-Amz-Date=20260728T080034Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=68e8ceb0cc5f303ab1548fc1a59a5b9aa18ccd13c665f2b2c156e2e465b7931e#page=43)[[^]](https://octagonai.co/files/sec-filings/936468/0001628280-25-035565/lmt-20250629.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260728%2Fus-east-**1%**2Fs3%2Faws4_request&X-Amz-Date=20260728T080034Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=68e8ceb0cc5f303ab1548fc1a59a5b9aa18ccd13c665f2b2c156e2e465b7931e#page=38).

Boeing's defense division saw an increase in total deliveries. In contrast to the F-35's performance, Boeing's defense sector reported 35 units delivered in Q2 2026, marking an increase from 29 units in Q1 2026 [[^]](https://boeing.mediaroom.com/2026-07-14-Boeing-Announces-Second-Quarter-Deliveries)[[^]](https://www.airforce-technology.com/news/boeing-defence-delivery-second-quarter/)[[^]](https://defence-industry.eu/boeing-delivers-35-military-aircraft-in-second-quarter-of-2026-as-apache-chinook-and-fighter-shipments-improve/). Specific deliveries within this total included 3 F-15 models and 4 KC-46 tankers [[^]](https://boeing.mediaroom.com/2026-07-14-Boeing-Announces-Second-Quarter-Deliveries)[[^]](https://www.airforce-technology.com/news/boeing-defence-delivery-second-quarter/)[[^]](https://defence-industry.eu/boeing-delivers-35-military-aircraft-in-second-quarter-of-2026-as-apache-chinook-and-fighter-shipments-improve/).

Direct comparison of specific program deliveries remains unfeasible. A comprehensive program-by-program comparison between Lockheed Martin's F-35 and Boeing's F-15EX or KC-46 programs cannot be fully completed using the available sources. This limitation arises from a lack of verified Q2 2026 delivery figures for specific Boeing programs [[^]](https://octagonai.co/files/sec-filings/936468/0001628280-25-035565/lmt-20250629.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260728%2Fus-east-**1%**2Fs3%2Faws4_request&X-Amz-Date=20260728T080035Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=22b55a107dba602124a24a32838f2298f09c66f4ee1809790b66f5a65eac0e11#page=43)[[^]](https://octagonai.co/files/sec-filings/936468/0001628280-25-035565/lmt-20250629.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260728%2Fus-east-**1%**2Fs3%2Faws4_request&X-Amz-Date=20260728T080035Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=22b55a107dba602124a24a32838f2298f09c66f4ee1809790b66f5a65eac0e11#page=15)[[^]](https://octagonai.co/files/sec-filings/936468/0001628280-25-035565/lmt-20250629.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260728%2Fus-east-**1%**2Fs3%2Faws4_request&X-Amz-Date=20260728T080035Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=22b55a107dba602124a24a32838f2298f09c66f4ee1809790b66f5a65eac0e11#page=38)[[^]](https://octagonai.co/files/transcripts/LMT/LMT_Q2_2025.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260728%2Fus-east-**1%**2Fs3%2Faws4_request&X-Amz-Date=20260728T080036Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=1843d67fcffa8f8a684cedeacca6f35bbe7a044e1b42deb2b400bc9b473b144f#page=3)[[^]](https://octagonai.co/files/sec-filings/936468/0001628280-25-035565/lmt-20250629.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260728%2Fus-east-**1%**2Fs3%2Faws4_request&X-Amz-Date=20260728T080034Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=68e8ceb0cc5f303ab1548fc1a59a5b9aa18ccd13c665f2b2c156e2e465b7931e#page=43)[[^]](https://octagonai.co/files/sec-filings/936468/0001628280-25-035565/lmt-20250629.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260728%2Fus-east-**1%**2Fs3%2Faws4_request&X-Amz-Date=20260728T080034Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=68e8ceb0cc5f303ab1548fc1a59a5b9aa18ccd13c665f2b2c156e2e465b7931e#page=38). The Boeing-related outputs consulted primarily provided financial ratios, indicating that operational metrics like specific program deliveries were not covered by the financial reporting endpoints [[^]](https://octagonai.co/files/sec-filings/936468/0001628280-25-035565/lmt-20250629.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260728%2Fus-east-**1%**2Fs3%2Faws4_request&X-Amz-Date=20260728T080035Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=22b55a107dba602124a24a32838f2298f09c66f4ee1809790b66f5a65eac0e11#page=43)[[^]](https://octagonai.co/files/sec-filings/936468/0001628280-25-035565/lmt-20250629.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260728%2Fus-east-**1%**2Fs3%2Faws4_request&X-Amz-Date=20260728T080035Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=22b55a107dba602124a24a32838f2298f09c66f4ee1809790b66f5a65eac0e11#page=15)[[^]](https://octagonai.co/files/sec-filings/936468/0001628280-25-035565/lmt-20250629.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260728%2Fus-east-**1%**2Fs3%2Faws4_request&X-Amz-Date=20260728T080035Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=22b55a107dba602124a24a32838f2298f09c66f4ee1809790b66f5a65eac0e11#page=38)[[^]](https://octagonai.co/files/transcripts/LMT/LMT_Q2_2025.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260728%2Fus-east-**1%**2Fs3%2Faws4_request&X-Amz-Date=20260728T080036Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=1843d67fcffa8f8a684cedeacca6f35bbe7a044e1b42deb2b400bc9b473b144f#page=3)[[^]](https://octagonai.co/files/sec-filings/936468/0001628280-25-035565/lmt-20250629.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260728%2Fus-east-**1%**2Fs3%2Faws4_request&X-Amz-Date=20260728T080034Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=68e8ceb0cc5f303ab1548fc1a59a5b9aa18ccd13c665f2b2c156e2e465b7931e#page=43)[[^]](https://octagonai.co/files/sec-filings/936468/0001628280-25-035565/lmt-20250629.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260728%2Fus-east-**1%**2Fs3%2Faws4_request&X-Amz-Date=20260728T080034Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=68e8ceb0cc5f303ab1548fc1a59a5b9aa18ccd13c665f2b2c156e2e465b7931e#page=38).

## What data from the Department of Defense and key F-35 suppliers, like BAE Systems and Pratt & Whitney, can serve as a leading indicator for Q3 2026 deliveries?

Engine Delivery Delays | Up to 238 days (2024) [[^]](https://www.gao.gov/assets/gao-25-107632.pdf)[[^]](https://www.airandspaceforces.com/f-35-engine-production-contract-slips-spring-2026/)[[^]](https://www.gao.gov/products/gao-25-107632) |
DoD Production Evaluation | June 2026 [[^]](https://www.gao.gov/products/gao-25-107632) |
Q2 2026 F-35 Deliveries | 19 aircraft [[^]](https://www.aerotime.aero/articles/lockheed-martins-q2-2026-profit-jumps-as-prior-year-contract-losses-ease)[[^]](https://finance.yahoo.com/markets/stocks/articles/lockheed-martin-sales-increased-2-203426189.html) |

**Engine delivery delays and upcoming evaluations pose significant risks to F-35 schedules**

Engine delivery delays and upcoming evaluations pose significant risks to F-35 schedules. Pratt & Whitney's F-35 engine delivery performance has consistently served as a bottleneck, with historical data from 2024 indicating average delays of up to 238 days. This ongoing issue is a critical leading indicator for potential impacts on Q3 2026 delivery schedules [[^]](https://www.gao.gov/assets/gao-25-107632.pdf)[[^]](https://www.airandspaceforces.com/f-35-engine-production-contract-slips-spring-2026/)[[^]](https://www.gao.gov/products/gao-25-107632). Further clarity regarding Lockheed Martin's capacity to meet delivery targets for the remainder of 2026 will stem from a Department of Defense evaluation of its F-35 production capabilities, which is set for June 2026 [[^]](https://www.gao.gov/products/gao-25-107632).

Recent F-35 delivery shortfalls and new contracts highlight production challenges. Lockheed Martin delivered only 19 F-35 aircraft in Q2 2026, representing a sharp year-over-year decline. This performance signals persistent production or acceptance testing challenges heading into Q3 2026 [[^]](https://www.aerotime.aero/articles/lockheed-martins-q2-2026-profit-jumps-as-prior-year-contract-losses-ease)[[^]](https://finance.yahoo.com/markets/stocks/articles/lockheed-martin-sales-increased-2-203426189.html). To bolster delivery schedules, the Department of Defense awarded Lockheed Martin an **$879** million contract in May 2026. The execution and funding status of this specific contract will be a key factor to monitor for Q3 2026 throughput [[^]](https://finance.yahoo.com/markets/stocks/articles/lockheed-martin-sales-increased-2-203426189.html).

## How have historical Q3 F-35 delivery numbers for Lockheed Martin typically compared to Q2 numbers in previous fiscal years (2023-2025)?

Q3 2024 F-35 deliveries | 48 units [[^]](https://news.lockheedmartin.com/2025-10-21-Lockheed-Martin-Reports-Third-Quarter-2025-Financial-Results)[[^]](https://www.defensenews.com/air/2024/10/22/lockheed-feels-financial-pinch-from-f-35-upgrade-contract-delays/) |
Q3 2025 F-35 deliveries | 46 units [[^]](https://news.lockheedmartin.com/2025-10-21-Lockheed-Martin-Reports-Third-Quarter-2025-Financial-Results) |
Annual 2023 F-35 deliveries | 98 units [[^]](https://www.defensenews.com/air/2026/01/15/lockheed-delivered-record-191-f-35s-as-it-cleared-out-tr-3-backlog/) |

**F-35 delivery numbers show significant variability, especially in 2024**

F-35 delivery numbers show significant variability, especially in 2024. Lockheed Martin's F-35 delivery numbers demonstrate considerable variability, significantly influenced by external factors like government-imposed halts. In 2024, Q3 deliveries totaled 48 units [[^]](https://news.lockheedmartin.com/2025-10-21-Lockheed-Martin-Reports-Third-Quarter-2025-Financial-Results). This marked the first F-35 deliveries of the year, as a prior halt prevented any deliveries during Q1 or Q2 [[^]](https://news.lockheedmartin.com/2025-10-21-Lockheed-Martin-Reports-Third-Quarter-2025-Financial-Results)[[^]](https://www.defensenews.com/air/2024/10/22/lockheed-feels-financial-pinch-from-f-35-upgrade-contract-delays/). A significant factor impacting deliveries was a halt specifically for TR-3 configured aircraft, which extended from July 2023 through July 2024, directly influencing delivery numbers for both 2023 and 2024 [[^]](https://www.defensenews.com/air/2026/01/15/lockheed-delivered-record-191-f-35s-as-it-cleared-out-tr-3-backlog/)[[^]](https://www.airandspaceforces.com/f-35-deliveries-soared-to-new-record-in-2025/)[[^]](https://simpleflying.com/how-many-f-35-us-produce-annually/).

Q3 F-35 deliveries in 2025 were 46 units. For 2025, Lockheed Martin delivered 46 F-35 aircraft in Q3 [[^]](https://news.lockheedmartin.com/2025-10-21-Lockheed-Martin-Reports-Third-Quarter-2025-Financial-Results). While specific Q2 figures for 2025 were not provided, Q1 saw 47 units delivered, contributing to a total of 143 by the end of Q3 [[^]](https://news.lockheedmartin.com/2025-10-21-Lockheed-Martin-Reports-Third-Quarter-2025-Financial-Results). In 2023, annual F-35 deliveries reached 98 units; however, precise Q2 or Q3 figures for that year were not detailed in the available information [[^]](https://www.defensenews.com/air/2026/01/15/lockheed-delivered-record-191-f-35s-as-it-cleared-out-tr-3-backlog/).

## What Could Change the Odds

**Lockheed Martin delivered 19 F-35 aircraft in Q2 2026, bringing the total for the first half of 2026 to 51 units [[^]](https://news.lockheedmartin.com/2026-07-23-Lockheed-Martin-Reports-Second-Quarter-2026-Financial-Results)[[^]](https://www.sec.gov/Archives/edgar/data/936468/000162828026049277/ex991q22026.htm).** Prediction markets are tracking Q3 2026 F-35 deliveries, with a threshold set at 40 aircraft [[^]](https://kalshi.com/markets/kxlmt/lockheed-martin-kpi/kxlmt-26octf35). Following Q2 results, Lockheed Martin raised its full-year 2026 financial guidance, projecting approximately **8%** sales growth and over **$7B** in free cash flow [[^]](https://www.aerotime.aero/articles/lockheed-martins-q2-2026-profit-jumps-as-prior-year-contract-losses-ease).

**Key takeaway.** Bullish catalysts include a record **$230** billion backlog and strong international demand [[^]](https://warwingsdaily.com/the-f-35-in-crisis-chronic-availability-issues-and-out-of-control-costs/)[[^]](https://www.webpronews.com/lockheed-martins-230-billion-backlog-signals-years-of-defense-spending-surge/)[[^]](https://www.tradingkey.com/news/**market**-movers/261979836-**market**-movers-lmt-20260621).

**Key takeaway.** Bearish catalysts include chronic software maturity issues (TR-3), mission-capable rate declines, and reduced procurement orders for fiscal 2026 [[^]](https://warwingsdaily.com/the-f-35-in-crisis-chronic-availability-issues-and-out-of-control-costs/)[[^]](https://www.webpronews.com/lockheed-martins-230-billion-backlog-signals-years-of-defense-spending-surge/)[[^]](https://www.tradingkey.com/news/**market**-movers/261979836-**market**-movers-lmt-20260621).

## Key Dates & Catalysts

- **Expiration:** February 17, 2027
- **Closes:** February 17, 2027

## Decision-Flipping Events

- Lockheed Martin delivered 19 F-35 aircraft in Q2 2026, bringing the total for the first half of 2026 to 51 units [^] [^] .
- Prediction markets are tracking Q3 2026 F-35 deliveries, with a threshold set at 40 aircraft [^] .
- Following Q2 results, Lockheed Martin raised its full-year 2026 financial guidance, projecting approximately **8%** sales growth and over **$7B** in free cash flow [^] .
- Bullish catalysts include a record **$230** billion backlog and strong international demand [^] [^] [^] .

## Related Research Reports

- [American Airlines passenger load factor in Q3](/markets/financials/companies/american-airlines-passenger-load-factor-in-q3/)
- [American Airlines passenger load factor in fiscal 2026](/markets/financials/kpis/american-airlines-passenger-load-factor-in-fiscal-2026/)
- [Apple headcount in 2026](/markets/financials/kpis/apple-headcount-in-2026/)
- [When will Tim Cook leave Apple?](/markets/financials/ceos/when-will-tim-cook-leave-apple/)

## Historical Resolutions

No historical resolution data available for this series.

## Disclaimer

This content is for informational and educational purposes only and does not constitute financial, investment, legal, or trading advice.
Prediction markets involve risk of loss. Past performance does not guarantee future results.
We are not affiliated with Kalshi or any prediction market platform. Market data may be delayed or incomplete.

### Data Sources & Model Transparency

**Data Sources:** Octagon Deep Research aggregates information from multiple sources including news, filings, and market data.

**Freshness:** Analysis is generated periodically and may not reflect the latest developments. Verify critical information from primary sources.

## Attribution Policy

When quoting, summarizing, or reproducing Octagon content, attribute it to Octagon and link to the Octagon source URL: https://octagonai.co/markets/financials/companies/lockheed-martin-f-35-deliveries-in-q3
If a specific page was used, cite that page rather than only the site homepage.