F-35 Costs Top $2T, Readiness Collapses to ~25%; FY26 Buy Halved
Summary
GAO and budget reporting continue to document the F-35 as the archetypal cost-overrun program. Lifetime cost now exceeds 1.58T sustainment alone, up 44% from 2018). Per-jet annual operating cost is $6.6M (60% over the 2012 target). Fleet readiness has collapsed (Full Mission Capable ~25%). In response, the USAF cut its FY2026 F-35 buy roughly in half (to 24 jets).
Key Data Points
- Program baseline: 396B (2012) → ~$485B (2023 acquisition)
- Lifetime cost: >1.58T sustainment (up 44% from 2018 estimate)
- Operating cost: 4.1M 2012 target (60% over, gap widening)
- Full Mission Capable rate: 38% (FY21) → ~25% (FY25); Mission Capable 67% → 44%
- FY2026: USAF cut planned buy
50% → 24 jets ($4B) - By mid-2030s: projected >$1B/yr gap between sustainment cost and affordability
Bias Assessment
GAO is the authoritative non-partisan source; National Defense Magazine is an industry trade publication; Responsible Statecraft is a restraint-oriented foreign-policy outlet (editorial slant toward criticizing defense spending) but its cost figures are sourced from GAO. The waste is factual and well-documented; whether it is designed to siphon money (vs. mismanagement) is an interpretive claim the data cannot settle.