Lockheed Martin Corp. (NYSE:LMT) is having its biggest single-day rally in more than six years.

Shares jumped as much as 12% Thursday and traded up 9% at $563 at the time of writing, after the defense contractor beat second-quarter estimates and raised its full-year outlook.

Lockheed booked $65 billion of new orders in the quarter, lifting total backlog to a record $230 billion from $193.6 billion at the end of 2025.

Missiles and Fire Control did most of the work. That unit’s backlog nearly doubled to $87.9 billion after a $35 billion multi-year THAAD interceptor contract with the Missile Defense Agency.

Despite Thursday’s rally, the stock is still roughly 19% below the record it set in March.

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