F-35 Lifecycle Cost Falls Below $2 Trillion While Procurement Costs Rise

WASHINGTON — The Defense Department reports that while the purchase price of the F‑35 Joint Strike Fighter has increased in recent years, the overall projected lifetime expense is now expected to be lower than previously forecast.

The Pentagon’s modernized Selected Acquisition Report (MSAR) for 2025 estimates total acquisition costs of roughly $536.3 billion for the planned F‑35 fleet, up from $485.2 billion in the 2024 report. These figures include development and procurement expenses.

Lifecycle cost projections, which factor in inflation, now total about $1.93 trillion—slightly under the $2.06 trillion estimate from the 2024 MSAR—despite the eye‑popping scale.

The lifecycle estimate, a 60‑year projection, incorporates fuel, personnel, sustainment, upgrades, and other operational expenses. It reflects variables such as affordability initiatives, material price shifts, and manpower assumptions that can affect overall spending.

The F‑35 family includes the conventional‑takeoff/land‑based A model, the short‑takeoff/vertical‑landing B variant, and the carrier‑capable C version, operated by the Air Force, Marine Corps and Navy. Produced by Lockheed Martin with engines from RTX’s Pratt & Whitney, the stealth fighter is used by 19 allied nations as well as the United States.

Lockheed Martin noted that the latest MSAR indicates the combat‑proven F‑35 program has entered full‑rate production, with high‑volume deliveries and expanding global demand. The focus is now shifting to major modernization, fleet readiness and long‑term sustainment. Pratt & Whitney directed questions to the DoD’s F‑35 Joint Program Office, whose spokesperson confirmed the acquisition cost rise. Of the $51 billion increase, roughly $19 billion reflects higher development costs for the aircraft and engine, while $32 billion is tied to procurement expenses such as additional spare parts, improved readiness kits and an advanced radar. Radar delays have forced the Pentagon to accept aircraft without the nose‑mounted sensor, according to prior reporting.

The Pentagon is pursuing several upgrade initiatives for the F‑35, including engine enhancements and a new power‑and‑thermal‑management system to improve cooling. A separate Block 4 modernization effort—currently over budget and behind schedule—is intended to add new capabilities. However, Block 4’s Technology Refresh 3 computing core remains uncertified for combat, limiting aircraft delivered in recent years to training use.

The Joint Program Office confirmed that the program’s projected lifecycle cost has slipped below $2 trillion, down from a $2 trillion‑plus figure cited in a 2024 Government Accountability Office review. Such estimates remain fluid, as the latest MSAR covers 2025 and does not incorporate potential costs from intensified operations in ongoing conflicts. Moreover, planners regularly revise service‑life assumptions; while the 2023 MSAR projected F‑35A operations through 2088, the current estimate extends to 2083.

The recent MSAR concludes, “The $2 trillion price tag often cited in the media does not capture the full picture. Growing global demand demonstrates the F‑35’s unmatched value proposition.”

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