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Lockheed Martin's (NYSE: LMT) F-35 Lightning II stealth fighter jet is the gift that keeps on giving. Estimated to be worth $1 trillion in total lifetime value, the F-35 warplane remains easily Lockheed's most important product. And this was demonstrated once again just late last year, when the week before Christmas saw the Pentagon deliver three gifts to Lockheed Martin worth $15.5 billion in total.

Two gifts for Lockheed Martin

The first and by far biggest gift arrived Dec. 20, when the Pentagon's daily digest of contract awards showed Lockheed winning orders for 145 F-35 fighter jets worth $11.8 billion. Reported as a contract from the U.S. Navy, this order actually involves deliveries of F-35s for the U.S. Navy, Marine Corps, and Air Force, as well as for U.S. allies Italy and Japan, like so:

• For the Air Force: 48 conventional take-off and landing F-35As

• For the Marine Corps: 16 short take-off and vertical landing (STOVL) F-35Bs, and five carrier-landing F-35Cs

• For the Navy: 14 F-35C aircraft

• For "non-U.S. Department of Defense program partners" that helped Lockheed develop the F-35 (in this case, Italy): 15 F-35As and one F-35B

• For "Foreign Military Sales" customers who are not program partners on the F-35 (namely, Japan): 39 F-35As and seven F-35Bs

The Department of Defense noted that all planes ordered under this contract are due for delivery by June 2027, so the $11.8 billion covered by this contract will be paid out over the next two and a half years. That's about $4.7 billion per year in additional revenue for Lockheed. But that's not all Lockheed is getting.

On Dec. 23, the Pentagon awarded Lockheed two more contracts, also routed through Navy funding, for $3.4 billion and $335.7 million, respectively. These additional contracts cover logistics support, including ground maintenance, supply chain management, and training services, as well as various engineering services and specialized testing and tooling equipment for the F-35. Both run through the end of 2025, adding $3.7 billion in total spending.

In total, that's $15.5 billion worth of new F-35 revenue for Lockheed, front-loaded so that about $8.4 billion of it shows up in 2025.

How big of a deal is this for Lockheed Martin stock?

So we're talking some objectively big numbers here. But let's put them in the context of the company we're talking about: Lockheed Martin, the world's largest pure-play defense contractor. How big of a deal are these contracts for a company of Lockheed's size?

Referring to data provided by S&P Global Market Intelligence, the additional $8.4 billion Lockheed will receive from these contracts in 2025 amounts to 30% of the $27.8 billion that Lockheed's Aeronautics division collected in 2023, the last full year for which we have data. It amounts to only 12.4% of the $67.6 billion in revenue that all of Lockheed Martin collected that year, granted. But even that seems like a big bump in revenue for a company that, according to most stock market analysts, is only growing earnings at about 3% annually over the next five years.