The Pentagon has finalized a $24.3 billion agreement with Lockheed Martin for nearly 300 F-35 Joint Strike Fighters, wrapping up more than two years of negotiations, the Defense Department announced Monday.
The contract covers 148 airframes each in production Lots 18 and 19, with deliveries scheduled to begin in 2026.
The deal covers only the fighter jets. Engines, produced by RTX subsidiary Pratt & Whitney, are awarded separately by the Joint Program Office (JPO).
The JPO did not provide a per-aircraft cost breakdown. Lockheed said in its press release that the “increase in price per jet in Lot 18-19 from previous years was less than the rate of inflation.”
The Pentagon previously noted that Lot 18 faced “significant price increases” due to inflation and rising raw material costs.
The finalized contract follows an undefinitized contract action awarded to Lockheed in December to initiate Lot 18 production.
“The F-35 Lot 18-19 contract represents continued confidence in the most affordable and capable fighter aircraft in production today,” said Chauncey McIntosh, vice president and general manager of the F-35 Lightning II program at Lockheed Martin. “We are proud to support our customers and further solidify the F-35’s role in enabling peace through strength.”
In addition, the Pentagon awarded Lockheed $101 million to secure parts at risk of shortage, $137 million for Lot 17 engineering changes, and $11.6 million to redesign a sensor circuit card assembly by 2027.
More than 1,230 F-35s are currently in service worldwide across 12 nations, including Israel and South Korea.
