Lockheed Martin Corporation (NYSE:LMT) shares are trading lower Wednesday after the company after the Pentagon reportedly reduced its Air Force F-35 fighter jet request from 48 to 24 aircraft.
What To Know: The Air Force's latest budget request to Congress includes just 24 F-35 jets for fiscal-year 2026, down from the 48 initially projected, according to Bloomberg. The change was detailed in a procurement document sent to Capitol Hill this week and marks a significant reduction in the service's request for Lockheed Martin's flagship aircraft.
The Air Force is the largest customer for the F-35 program, and the proposed cut reflects an effort to scale back projected defense spending.
The Pentagon is also requesting fewer F-35s for the Navy and Marine Corps compared to current-year funding levels. The Navy is seeking $1.95 billion for 12 carrier variants, down from 17, while the Marines would receive $1.78 billion for 11 jets, two fewer than this year.
The full F-35 budget request remains subject to change as it moves through Congress.
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LMT Price Action: At the time of writing, Lockheed shares are trading 4.68% lower at $454.57, according to data from Benzinga Pro.
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