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L3Harris missile orders run far ahead of revenue

Missile Solutions posted an 11.8x book-to-bill ratio, and L3Harris listed seven-year contracts to scale missile-defense propulsion production.

L3Harris's Missile Solutions segment booked orders worth 11.8 times its revenue in the third quarter of 2026. Companywide orders reached $19.3 billion, bringing backlog to $53.2 billion.1

Missile Solutions was 11.8x

Third-quarter book-to-bill by segment

Missile Solutions11.8x

Third-quarter book-to-bill by segment: Space & Mission Systems 1.0x, Communications & Spectrum Dominance 1.9x, Missile Solutions 11.8x

L3Harris defines orders as funded and unfunded awards, excluding unexercised options and potential IDIQ-type orders

Source: L3Harris third-quarter 2026 results, SEC Exhibit 99.1. As of October 29, 2026.

Sources
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L3Harris counts funded and unfunded awards as orders, excluding unexercised options and potential orders under ordering-type contracts.1

Among its third-quarter and recent business highlights, L3Harris listed seven-year undefinitized contracts to scale propulsion production for two missile-defense programs. The Terminal High Altitude Area Defense (THAAD) contract is worth $6.3 billion, excluding escalations. The PAC-3 Missile Segment Enhancement interceptor contract is worth $4.7 billion, excluding escalations. The release does not specify how much of either contract's value entered third-quarter orders.1

Across the company, management raised the bottom of its annual revenue guidance range to $23.5 billion from $23.2 billion. The upper end stayed at $23.7 billion.1

Pointing to the record companywide backlog, President and CEO Sam Mehta said in L3Harris's Oct. 29, 2026 earnings release, “Our priority now is to convert that demand into results.”1

Sources (1)
  1. L3Harris Exhibit 99.1, third-quarter 2026 results (SEC 8-K, Oct. 29, 2026) www.sec.gov
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    Industry · Prime contractors

    Lockheed's missiles segment sales rise 24% with margin nearly steady

    Missiles and Fire Control accounts for most of Lockheed's backlog increase from year-end through the third-quarter close.

    Lockheed Martin's Missiles and Fire Control segment increased sales 24% in third-quarter 2026.1 Sales reached $4.5 billion. Its operating margin edged down to 14.0% from 14.1% a year earlier.2 Companywide, sales rose 11% to $20.7 billion.1

    Lockheed's missiles segment outpaces companywide sales growth

    Year-over-year sales growth, third quarter 2026 (%)

    Missiles and Fire Control24%
    Lockheed Martin companywide11%

    Companywide sales include Missiles and Fire Control.

    Source: Lockheed Martin third-quarter 2026 financial results. As of Oct. 22, 2026.

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    Lockheed attributed the segment's sales increase primarily to production ramps on Patriot Advanced Capability-3, Terminal High Altitude Area Defense, Guided Multiple Launch Rocket Systems and Precision Strike Missile programs.1

    Also announced

    Costs on the F-35 Lot 20 advance acquisition contract began exceeding current contractual authorization and funding during the quarter. Production contracts for lots 20 and higher remain under negotiation. Lockheed warned that without additional authorization and funding from the government, its operating results, cash flows and financial condition will suffer in future periods.1

    Missiles and Fire Control accounted for about 97% of Lockheed's backlog increase from the prior year-end through the third-quarter close, by our calculation.2 Total backlog reached $292.0 billion.1–2 It included $52.5 billion associated with the multi-year award to produce PAC-3 Missile Segment Enhancement interceptors.1

    Sources (2)
    1. Lockheed Martin Reports Third Quarter 2026 Financial Results news.lockheedmartin.com
    2. Lockheed Martin 8-K, Exhibit 99.1, Oct. 22, 2026 www.sec.gov
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    Industry · Rocket motors

    L3Harris opens GMLRS rocket motor plant designed to double capacity

    The Camden, Arkansas, facility is part of a $216 million federal agreement covering several sites. Arkansas’ governor said motor production at the new plant would begin soon.

    L3Harris opened its Arsenal of Freedom solid rocket motor facility in Camden, Arkansas, on Oct. 20, 2026. The company designed the plant to double current capacity, with room for additional growth. Together with additional propellant processing facilities, it will support production for the Army’s Guided Multiple Launch Rocket System (GMLRS).1

    L3Harris designed its Camden plant to double current capacity

    Arsenal of Freedom solid rocket motor facility, October 2026

    Double current capacityDesign goal for the Camden facility
    $216 millionMulti-site cooperative agreement signed in 2023

    The facility is part of the agreement, which also covers new facilities in Orange County, Virginia, and equipment and digital upgrades in Huntsville, Alabama.

    Source: L3Harris, Oct. 20, 2026. As of Oct. 21, 2026.

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    Arkansas Gov. Sarah Huckabee Sanders said motor production at the new plant would begin soon. L3Harris did not give a baseline capacity, output rate or production start date for the plant with the opening.1

    The facility’s completion is part of a $216 million Defense Production Act Title III cooperative agreement L3Harris signed in 2023 to support increased demand for tactical missiles, including Javelin, Stinger and GMLRS. That agreement also covered new facilities in Orange County, Virginia, and equipment and digital upgrades in Huntsville, Alabama.1

    The GMLRS facility is one part of a broader propulsion expansion at Camden, where L3Harris is also executing the Arkansas Advanced Propulsion Facilities project and two new facilities to support PAC-3 propulsion production.1 The company says more than $1 billion of its multibillion-dollar investment in solid rocket motor capacity expansion is designated for the Camden site.2

    Sources (2)
    1. L3Harris release, Oct. 20, 2026 www.l3harris.com
    2. L3Harris, Arkansas Advanced Propulsion Facilities build-out accelerates, Oct. 1, 2026 www.l3harris.com
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