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US agrees to buy at least 850 more F-35 fighter jets from Lockheed. 22 Oct 2026, 09:43 pm A Lockheed Martin Corp F-35 fighter jet. (Oct 22): The Pentagon plans to buy at least 850 additional Lockheed Martin Corp F-35 fighter jets, in what would be the biggest contract in the programme's quarter-century history that signals the stealth warplane will remain a major part of the US arsenal for many years. The contract, which is not yet final, also includes procurement of initial spare parts and modification kits, plus sustainment of the global F-35 fleet over 10 years, the Defense Department said in a statement on Thursday morning. The Pentagon statement did not provide a value for the contract. The jet, which has three variants, costs about US$100 million (RM407.88 million) each. Lockheed Martin will self-fund "at least US$7 billion in initiatives that support" the programme, the Pentagon added. The framework is intended to stabilise prices, insure adequate spare parts supplies and improved reliability in the face of emerging threats like artificial intelligence and drones. Many US fourth-generation jets, like F-15s and F-16s, have been in service for decades and will be retired before the next generation F-47 and F/A-XX aircraft are in production. The renewed award is a vote of confidence in the F-35, after the aircraft became a prime target of criticism under President Donald Trump. Elon Musk said in late 2024 that "some idiots are still building manned fighter jets like the F-35" in a new era of warfare focused on autonomous flight. Previous F-35 contracts have been finalised in "blocks" typically of three years, but Lockheed Martin, which 25 years ago this month won a contest with Boeing Co to build the fighter, has for years sought a larger, multi-year contract because it almost guarantees - subject to annual congressional appropriations - a stable revenue stream and orders for hundreds of subcontractors. In this case, the framework calls for producing 156 jets per year over a decade. The US this year approved similar deals to increase production of critical munitions such as air defence interceptors. "We have fundamentally changed how we stabilise the American defense industrial base to produce at speed and scale," Under Secretary for Acquisition Michael Duffey said in a statement on Thursday. "This agreement with Lockheed Martin proves it." Lockheed Martin president and chief executive officer Jim Taiclet said in a statement that "with the greater certainty that comes from the US government's transformative approach to F-35 production and sustainment, we can make the upfront investments needed to expand capacity, improve efficiency, and build a more resilient supply chain." "In the coming months, the F-35 Joint Program Office and Lockheed Martin will work to finalise contract terms, pricing, and schedules through a formal contract award," the company said. The US midterm elections in just a few weeks might give Democrats control of Congress, however, which may change spending plans as new lawmakers take up budgets. The F-35 programme has been hampered by repeated instances of low combat readiness or "mission capable rates" and major delays delivering a new software and hardware upgrade called TR3. The cost of the warplane programme - already the most expensive in US history - has risen by about US$51 billion, or roughly 10%, since late 2023 because of software, readiness, spare parts and engine power improvements. More than 1,375 F-35s are in service with militaries around the world - most with the US - and the fleet has surpassed a million flight hours. The warplane has also flown numerous missions during the war with Iran. The F-35 "is the foundation of the Air Force's fighter force structure," the service said in a report to Congress last Friday on the service's long-range fighter plans. Lockheed Martin "continues to produce and modernize F-35s for the Air Force but is currently delivering aircraft with significant combat system gaps," according to the report, obtained by Bloomberg News. Boeing was chosen to build both the F-47 and F/A-XX, while Northrop Grumman Corp is producing the next-generation US bomber, the B-21 Raider. Uploaded by Felyx Teoh

NOC stock eyes third green week: Northrop Grumman CEO sees strong demand across defense and space as backlog surges to $110B. Published: Oct 21 2026, 12:00 PM IST * FB * TW * Linkdin * Whatsapp * GNFollow Us Record backlog, higher revenue, and raised guidance signal strong defense demand. * Northrop Grumman CEO Kathy Warden said the company's Q3 book-to-bill ratio reached 1.5 times, lifting its backlog to a record $110 billion. * Warden highlighted strong demand for defense, space and autonomous technologies. * The company advanced Sentinel missile development, completing a key assembly milestone in Q3. Northrop Grumman Corp. (NOC) stock is heading for its third straight weekly gain as the defense contractor reported strong demand across its aerospace and defense businesses. CEO Kathy Warden highlighted a record $110 billion backlog, while fiscal third-quarter (Q3) 2026 sales rose 7% year-on-year and the company raised its 2026 outlook. Northrop Grumman stock edged 0.3% lower overnight ahead of Wednesday, after a nearly 5% gain in regular session. The stock is up 2.7% so far this week. Northrop's record backlog reflects strong customer demand. Speaking during the Q3 earnings call, Northrop Grumman CEO Kathy Warden said customers are more frequently relying on Northrop Grumman for advanced capabilities designed to operate in challenging security environments. "We have leading roles in the strategic triad, space superiority, microelectronics and homeland defense. We also offer innovative and cost-effective solutions in emerging market segments, including counter-UAS and autonomous systems," said Warden. Northrop Grumman received more orders than the revenue it earned in Q3, with a 1.5 book-to-bill ratio. This pushed its total backlog to a record $110 billion. Sentinel and satellite network expansion gains momentum. Northrop's Sentinel intercontinental ballistic missile program continues to progress through development and testing. "In the quarter, we completed the first full vertical assembly of an inert missile at Vandenberg Space Force Base and gained approval from the U.S. Air Force on Sentinel design maturity for first flight to proceed in 2027. This program is a key growth driver this year and throughout the 2030s as we complete the development and transition into production," said Warden. Northrop Grumman's Space Systems division provides satellites and ground equipment for a U.S. military network designed to improve communications and tracking from space. "In the next 6 months, we expect a sustained cadence of launches with nearly 50 of our 150 satellites planned for deployment to support transport and tracking missions." Northrop Grumman's higher revenue and earnings. In Q3, the Virginia-based defense contractor reported $11.1 billion in revenue with $7.89 earnings per share. While revenue matched Street expectations, earnings beat the $7.18 estimate, according to Fiscal.ai. The company secured $16.4 billion in new awards during the quarter. Major awards included $2 billion for the Sentinel program, $1.4 billion tied to Virginia-class submarines, and $1.3 billion for the F-35 program. Northrop increased its segment operating income range to $4.94 billion - $5.04 billion from $4.85 billion - $5 billion. NOC stock: retail view. On Stocktwits, retail sentiment around the stock improved to 'extremely bullish' from 'bullish' territory the previous day. The stock saw a whopping 1,650% surge in message volume over the past week, with watchers up 0.3%. A user said, "STRONG BULLISH CATALYST. Defense momentum is accelerating!" For updates and corrections, email newsroom[at]stocktwits[dot]com.< Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App from the Android Play Store and iPhone App Store to stay ahead in business. 0 Comments / 0 New