Lockheed Martin awarded $1.14 billion contract for F-35 fighter jets

Investing.com -- Lockheed Martin Corp. (NYSE: LMT) has been awarded a $1.14 billion contract modification to procure materials for F-35 fighter jets for the U.S. military and international customers.

The U.S. Department of War announced the modification to a previously awarded fixed-price incentive contract on Friday. The funding will support long lead materials, parts, and components for 65 Lot 20 production aircraft and adds scope for 133 Lot 21 production aircraft.

The aircraft will be produced for the U.S. Air Force, Navy and Marine Corps, as well as F-35 cooperative program partners and Foreign Military Sales customers.

Work will be performed across multiple locations, with 59% taking place in Fort Worth, Texas. Other significant work sites include El Segundo, California (14%), Warton, United Kingdom (9%), and Cameri, Italy (4%).

The contract is expected to be completed by December 2030. Funding comes from various sources, including $188 million from fiscal 2026 Air Force aircraft procurement funds, $115.79 million from fiscal 2026 Navy aircraft procurement funds, and $16.23 million from fiscal 2025 Air Force aircraft procurement funds.

Additional funding includes $38.89 million from fiscal 2025 Navy aircraft procurement funds, $556.6 million from Foreign Military Sales customer funds, and $225.7 million from cooperative program partner funds.

The Naval Air Systems Command in Patuxent River, Maryland, is serving as the contracting activity. The Department of War noted that the contract was not competed.

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