Lockheed Martin is the world's largest defense contractor. Its core business is developing, producing, and sustaining advanced weapons systems for the U.S. military and allied governments. The F-35 Lightning II stealth multirole fighter jet is its single most important product, accounting for 27% of revenue, with over 1,200 aircraft delivered toward a planned global fleet of 3,500+. The F-35 drives both near-term production revenue and a growing sustainment tail as the fleet expands. Beyond the F-35, Lockheed Martin is a leading producer of missiles and air defense systems, including the PAC-3 and THAAD interceptors, JASSM, LRASM, HIMARS, and Javelin. The company operates through four segments: Aeronautics (~40% of revenue), Rotary and Mission Systems (~23%), Missiles and Fire Control (~19%), and Space (~17%). Lockheed Martin sells almost exclusively to the U.S. Department of Defense and allied governments through long-term contracts and the U.S. government's Foreign Military Sales program. Contracts are split between cost-plus (~40% of revenue) and fixed-price (~60%). The company's growth is currently driven by a sharp ramp in munitions and missile defense demand, with MFC growing 14% in FY25 and management targeting double-digit CAGR through the end of the decade. Lockheed Martin ended FY25 with a record $194B backlog, roughly 2.5x annual revenue.