Quarter Comparison
Revenue
Operating Income
Gross Margin
Net Margin
Free Cash Flow
Income Statement
Cash Flow Statement
Balance Sheet
Operating metrics disclosed this quarter
Read from the filing itself — XBRL does not carry these, so no standard financial dataset has them.
Ending Backlog
$230.4
Backlog Backlog (i.e., unfulfilled or remaining performance obligations) represents the sales we expect to recognize for our products and services for which control has not yet transferred to the customer. It is converted into sales in future periods as work is performed or deliveries are made. For our cost-reimbursable and fixed-priced-incentive contracts, the estimated consideration we expect to receive pursuant to the terms of the contract may exceed the contractual award amount. The estimated consideration is determined at the outset of the contract and is continuously reviewed throughout the contract period. In determining the estimated consideration, we consider the risks related to the technical, schedule and cost impacts to complete the contract and an estimate of any variable consideration. Periodically, we review these risks and may increase or decrease backlog accordingly. As the risks on such contracts are successfully retired, the estimated consideration from customers may be reduced, resulting in a reduction of backlog without a corresponding recognition of sales. As of June 28, 2026, our ending backlog was $ 230.4 billion. The increase in backlog of $ 36.8 billion during the six months ended June 28, 2026 was primarily due to an undefinitized contractual action (UCA) awarded for the THAAD program at our MFC business segment. We expect to recognize approximately 30 % of our backlog over the next 12 months and a total of approximately 50 % over the next 24 months as revenue with the remainder recognized thereafter.
F-35 Aircraft Backlog
317
Aeronautics’ sales during the quarter ended June 28, 2026 increased $692 million, or 9%, compared to the same period in 2025. The increase was primarily due to higher sales of $475 million on the F‑35 program as a result of higher volume on production contracts, and $360 million due to the sales impact of the reach-forward loss recognized on a classified contract in 2025. These increases were partially offset by lower sales of $120 million on F-16 and C-130 programs due to lower volume on sustainment contracts. Aeronautics’ operating profit during the quarter ended June 28, 2026 increased $858 million compared to the same period in 2025. The increase was attributable to the $950 million reach-forward loss recognized on a classified contract in 2025, and higher sales volume on F-35 production contracts. The increases were partially offset by $160 million of lower net favorable profit adjustments across the portfolio. Aeronautics’ sales during the six months ended June 28, 2026 increased $588 million , or 4%, compared to the same period in 2025. The increase was primarily due to higher sales of $795 million on the F‑35 program as a result of higher volume on production and sustainment contracts; partially offset by lower sales of $225 million on the F-16 program due to the sales impact of unfavorable profit adjustments recognized in first quarter of 2026 and lower production volume, and 33 Table of Contents $110 million on the C-130 program due to the sales impact of lower net favorable profit adjustments. Sales for classified programs were comparable as lower volume was mostly offset by the reach-forward loss recognized on a classified contract in 2025. A eronautics ’ operating profit during the six months ended June 28, 2026 increased $757 million compared to the same period in 2025. The increase was attributable to the $950 million reach-forward loss recognized on a classified contract in 2025; partially offset by $125 million of unfavorable profit adjustments on the F-16 program recognized in first quarter of 2026 and $130 million of lower net favorable profit adjustments across the portfolio. Additionally, during the quarter ended June 28, 2026 , we delivered 19 F-35 aircraft. Since the program inception through June 28, 2026, we delivered 1,344 production F-35 aircraft, including 956 F-35A variants, 250 F-35B variants and 138 F-35C variants, and our backlog as of that date was 317 aircraft.