The F-35 Lightning II from Lockheed Martin - a classic fighter jet program still shaping US defense budgets

F-35 Lightning II from Lockheed Martin now anchors long-term contracts across the US services, with more than 990 aircraft delivered worldwide and ongoing upgrades in the pipeline. Anyone holding Lockheed Martin stock (NYSE: LMT, ISIN US5398301094) should know this product.

By Elena Vance, ad hoc news Classics & Longsellers Desk. Reviewed July 05, 2026, 3:45 AM ET. Details in the imprint.

F-35 Lightning II from Lockheed Martin is the kind of product you feel before you see, with a low growl building as the jet arcs overhead during a demo at Luke Air Force Base. A young captain beside me adjusts his headset as the aircraft banks, its matte gray skin catching the Arizona sun. Even on the ground, the heat shimmer from the exhaust rolls across the viewing stand like a physical wall.

Still the backbone of US fighter procurement

Official US government data describes the F-35 Lightning II as the Department of Defense’s largest weapons program, built in three variants for the Air Force, Marine Corps, and Navy. Lockheed Martin reports more than 990 aircraft delivered to customers worldwide as of early 2026, with the program’s total planned production now above 3,000 jets across US and partner orders. Representatives from the Joint Program Office say the F-35 fleet has logged over 750,000 cumulative flight hours, with US and allied pilots flying routine missions from bases in the continental US, Europe, Asia, and the Middle East.

The aircraft’s key selling point is its combination of low observable stealth shaping, advanced sensors, and data fusion that feeds information to pilots via a large panoramic cockpit display and helmet-mounted system. Lockheed Martin’s product page highlights the AN/APG-81 AESA radar, distributed aperture system, and electro-optical targeting suite as central to the jet’s situational awareness, enabling pilots to track and engage threats at long range. In practical terms, that means a pilot like Major Chris “Knuckles” Taylor can glance at his helmet display and see a fused view of air and ground targets without juggling multiple older instruments. The system effectively turns the F-35 into a flying sensor node in a wider combat network.

Upgrades and block modernization keep it current

The F-35 program is not a static product; it rolls through continuous modernization under a block upgrade system that Lockheed Martin and the Pentagon call Technology Refresh 3 and Block 4. Technology Refresh 3 introduces a more powerful onboard computer, new memory, and an improved panoramic cockpit display, all necessary to support the expanding list of Block 4 capabilities. According to Pentagon briefings, Block 4 is slated to add new weapons integrations, advanced electronic warfare features, and upgraded sensor performance across all three variants, keeping the jet aligned with emerging threats through the 2030s. A recent Government Accountability Office report notes cost and schedule pressure around Block 4, but confirms that the software and hardware path is still central to the US plan to keep the F-35 fleet relevant for decades.

Three variants for different US services

Lockheed Martin builds three F-35 variants: the F-35A conventional takeoff and landing model for the Air Force, F-35B short-takeoff/vertical-landing model for the Marine Corps, and F-35C carrier variant for the Navy. The manufacturer’s data sheets show the F-35A with an internal weapons bay and the lowest cost per unit, while the F-35B uses a Rolls-Royce-designed lift fan for vertical landings and the F-35C features larger wings and strengthened landing gear for carrier operations. That configuration means a Marine Corps pilot like Lt. Col. Michael “Tuna” Fisher can bring a stealthy jet onto small-deck ships and austere forward bases, while Navy aviators use the C-model’s bigger wing to trap onto carriers at sea.

For US taxpayers and investors, the variant spread translates into different procurement profiles. The Air Force is the largest buyer, targeting more than 1,700 F-35As over the program life, while the Marines and Navy plan for smaller fleets of Bs and Cs. Congressional Budget Office summaries point out that per-unit procurement costs have trended down compared with early low-rate production batches, but long-term sustainment costs remain substantial as the fleet grows. Those sustainment costs cover everything from spare parts and engine overhauls to software maintenance for mission systems, and they show up in multi-year contracts with Lockheed Martin and engine-maker Pratt & Whitney.

Global customers and US export controls

Beyond US services, the F-35 Lightning II has become a central export product tightly controlled by Washington. Lockheed Martin’s program overview lists more than a dozen operator nations, including the United Kingdom, Italy, the Netherlands, Australia, Norway, Denmark, Israel, Japan, South Korea, Belgium, and Poland, with additional potential customers in Europe and the Middle East. Each foreign sale runs through US foreign military sales channels or direct commercial sales approved by the State Department and Pentagon, tying the aircraft directly to US foreign policy and alliance management.

For example, Japan and South Korea decided to buy the F-35 to maintain interoperability with US forces in the Indo-Pacific, while European NATO members cite the jet’s ability to operate in contested airspace and share data across coalition fleets. Pilots from those countries train on US ranges and at their own bases, using the same software baselines and mission data as US crews. From a sensory standpoint, coalition exercises produce a distinctive scene: multiple F-35s from different air forces taxiing in sequence, their edges and angles aligned, weapons bays closed, moving with a restrained, almost clinical precision compared with older fourth-generation jets.

Industrial footprint and US jobs

Lockheed Martin emphasizes that the F-35 program supports tens of thousands of US jobs across its factories in Fort Worth, Texas, and a broad supply chain. The company’s industrial participation notes that more than 1,800 suppliers in 45 states contribute components, ranging from structural elements to avionics and software. Northrop Grumman and BAE Systems serve as principal partners, responsible for the center fuselage and electronic systems respectively. This industrial web is a key reason members of Congress pay close attention to F-35 production rates and budget decisions, as local economies depend heavily on steady output and follow-on contracts.

Inside the Fort Worth facility, the production line is described in trade coverage as a mix of automated drilling systems, robotic coating booths, and human teams fitting wiring harnesses and mission hardware. Engineers like program manager Bridget Lauderdale walk the floor checking on progress, monitoring takt times, and reviewing quality metrics on digital dashboards. The sensory impression is almost the opposite of the noisy flight line: bright white overhead lighting, the smell of sealants and lubricants, and the rhythmic click of tools as workers fit panels whose edges must meet within tight tolerances to preserve stealth characteristics.

US budget debates and cost per flight hour

For US retail investors, the most relevant angle on the F-35 today is its long shadow over defense budgeting and the ongoing scrutiny of its sustainment costs. The Pentagon has spent hundreds of billions of dollars on development, procurement, and operations, and recent Government Accountability Office reports flag that the program’s cost per flight hour remains above original targets. Lockheed Martin and the Joint Program Office argue that maintenance practices and software improvements will gradually bring costs down as the fleet matures, while critics point to engine issues and spare parts logistics as stubborn challenges.

A Congressional Research Service briefing describes the F-35’s cost per aircraft as higher than legacy fighters, but notes that the jet is meant to replace multiple older platforms with one multi-role fleet. For a retail investor looking at Lockheed Martin stock, that means the F-35 program is both a stable revenue anchor and a policy lightning rod: lawmakers can adjust annual procurement quantities, tweak sustainment contract terms, or push for alternative designs, but there is no short-term substitute for the F-35’s role in US and allied plans. The tension between financial stability and political risk is a core part of the product’s long-term story.

How the F-35 shapes Lockheed Martin’s profile

Shares of Lockheed Martin (NYSE: LMT) are closely tied to the F-35 program, which accounts for a significant portion of the company’s aeronautics segment revenue and underpins long-range earnings visibility in US dollars even as budgets and modernization timelines shift.

Key facts on F-35 Lightning II

• Product: F-35 Lightning II
• Manufacturer: Lockheed Martin Corp.
• Category: Classics & Longsellers fighter aircraft program
• Launch: Initial operational capability in mid-2010s for US services
• MSRP / Price: Recent lots reported around USD 80 million to USD 90 million per aircraft depending on variant and configuration
• Availability: In service with US Air Force, Marine Corps, Navy and multiple allied air forces worldwide; deliveries ongoing
• Target audience: US and allied defense ministries requiring fifth-generation multirole combat aircraft
• Standout / USP: Stealth design combined with advanced sensor fusion and networked combat capabilities across three service-specific variants

This article was AI-assisted and editorially reviewed. Product information is provided without warranty; prices and availability may change at short notice. Not investment advice and not a buy or sell recommendation. Securities trading carries risks up to total loss.