F-35 Breaks Delivery Record, Continues Combat Success in 2025
Rhea-AI Summary
Lockheed Martin (NYSE:LMT) reported a record F-35 production year in 2025, delivering 191 aircraft versus the prior record of 142. Annual production now runs at a pace the company says is five times faster than other allied fighters, and the program surpassed one million flight hours. The program completed TR-3 software and sustained a global fleet of about 1,300 aircraft. International orders grew with Italy adding 25 jets and Denmark 16. In September, the F-35 Joint Program Office and Lockheed Martin finalized Lots 18-19 for up to 296 F-35s for $24 billion and agreed an Air Vehicle Sustainment Contract for 2025 and beyond.
The release highlights operational use in 2025, including deployment flight hours and reported combat engagements, and emphasizes continued production, sustainment, and global demand.
Positive
- Deliveries: 191 F-35s delivered in 2025 (record)
- Program scale: Fleet of ~1,300 aircraft worldwide
- Flight hours: Program exceeded 1,000,000 flight hours
- Contracting: Lots 18-19 finalized for up to 296 jets worth $24 billion
- Sustainment: Agreed an Air Vehicle Sustainment Contract for 2025+
Negative
- None.
News Market Reaction
On the day this news was published, LMT declined 4.82%, reflecting a moderate negative market reaction. Argus tracked a peak move of +5.0% during that session. Our momentum scanner triggered 24 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $6.36B from the company's valuation, bringing the market cap to $125.56B at that time. Trading volume was elevated at 2.9x the daily average, suggesting increased selling activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
LMT gained
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 05 | Earnings webcast notice | Neutral | +2.9% | Announced date and speakers for Q4 and full-year 2025 earnings call. |
| Dec 19 | SDA contract win | Positive | +0.8% | Won SDA deal for 18 Tranche 3 Tracking Layer satellites worth more than $1B. |
| Dec 18 | Autonomy demo | Positive | -1.0% | Skunk Works and XTEND showcased multi-UAS autonomy and command-and-control integration. |
| Dec 16 | Finland F-35 rollout | Positive | -1.5% | Debut of Finland’s first F-35A and outline of 64-aircraft program of record. |
| Dec 15 | F-16 Block 70 milestone | Positive | +0.9% | Completed initial F-16 Block 70 fleets for Bulgaria and Slovakia under FMS. |
Recent news has produced mostly modest moves, with some positive contract wins followed by gains and certain aerospace program milestones seeing short-term sell-offs.
Over the past month, LMT has reported several aerospace and defense milestones. A webcast announcement on Jan. 5, 2026 preceded a 2.92% gain. A Space Development Agency contract on Dec. 19, 2025 with potential value of more than $1 billion saw a 0.85% rise. F-35 and F-16 program developments on Dec. 16 and Dec. 15 generated mixed reactions, including moves of -1.52% and 0.87%. Today’s record F-35 deliveries build directly on those fighter-program updates.
Market Pulse Summary
This announcement highlights record F-35 deliveries of 191 aircraft, growing international demand from Italy and Denmark, and a $24 billion production agreement for up to 296 jets. It builds on recent fighter milestones in Finland and F-16 Block 70 progress. Investors may track how these backlog and production trends feed into upcoming earnings on Jan. 29, 2026, alongside pension de‑risking actions and the new $3.0 billion revolving credit facility disclosed in recent filings.
AI-generated analysis. Not financial advice.
Annual F-35 production is now running at a pace five times faster than any other allied fighter currently in production, underscoring the program's scale and maturity.
The milestone comes on the heels of the program reaching one million flight hours earlier in the year. In 2025, the program team also delivered the most advanced software to date with the completion of TR-3, as they sustained the global fleet of almost 1,300 aircraft and growing.
Most importantly, the F-35 continued to prove its performance in real-world combat operations, including:
- Playing a key role in suppressing
Iran's air defenses during Operation Midnight Hammer; - Recording nearly 5,000 mishap-free flight hours during a
U.S. Marine Corps F-35B deployment; - Eliminating Russian drones over
Poland , marking the first time NATO F-35s have engaged threats in allied airspace.
Growing global demand
Customers displayed continued confidence in the F-35 as they expanded their fleet size, with
Finland celebrated the rollout of its first F-35.Belgium welcomed its first in-country aircraft.Norway completed deliveries of its F-35 fleet.
In September, the F-35 Joint Program Office (JPO) and Lockheed Martin reached final agreement of Lots 18-19 for the production and delivery of up to 296 F-35s for
"I'm immensely proud of the F-35 enterprise for delivering on our production commitments, performing with excellence and growing our global partnerships in 2025," said Chauncey McIntosh, Vice President and General Manager of the F-35 Lightning II Program. "As our warfighters continue to employ the F-35 to protect the interests of America and our allies around the world, we're committed to continuing to push the latest technology into the hands of the warfighter to defeat any threat."
About the F-35
With 12 nations operating the F-35 across the global fleet, and almost 1,300 aircraft in service, the F-35 is delivering on its promise of unmatched reliability and lethality. Lockheed Martin is positioned to keep the fleet at the cutting edge of technology and support our allies as they expand their capabilities worldwide to ensure the F-35 remains an indispensable contributor to global security for decades to come.
Learn more at F35.com.
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SOURCE Lockheed Martin Aeronautics
FAQ
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