RTX Corporation is an aerospace and defense company serving commercial, military, and government customers worldwide through three segments: Collins Aerospace, Pratt & Whitney, and Raytheon. Collins Aerospace supplies aerospace and defense products and aftermarket services, including power generation and management, environmental and flight control, engine nacelles and components, cabin interiors, connected aviation solutions, and training and simulation systems. Pratt & Whitney supplies aircraft engines and auxiliary power units, along with fleet management and aftermarket maintenance, repair, and overhaul services. Raytheon provides threat detection, tracking, and mitigation capabilities, including sensors, mission orchestration, satellite control products, and software. The company was formerly known as Raytheon Technologies Corporation and changed its name to RTX Corporation in July 2023. It was incorporated in 1934 and is headquartered in Arlington, Virginia.
RTX Wins $1.5B Missile Deals, Sells Space Unit, Faces China Supply Risk
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Raytheon wins $1.5B in missile contracts Raytheon won a $398.7M AMRAAM contract and a $1.1B AIM-9X missile contract, both with foreign military sales funding. These awards add to RTX's record $271B backlog and support revenue growth, pushing the stock up.
New contract wins directly boost future revenue and investor confidence.
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Record $271B backlog and strong defense demand RTX's total backlog hit a record $271B, with defense up 18.5% to $109B. A military expert warned munitions deliveries are years behind, and the FY2027 budget proposes $114B for missiles, signaling sustained demand that supports the stock.
Backlog and budget trends show long-term demand visibility, a key price driver.
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RTX sells Blue Canyon, faces China export curbs RTX is selling its Blue Canyon small-satellite unit for $620M, losing a growth asset. Separately, new Chinese export controls on rare earths and defense materials create supply chain and cost risks, weighing on the stock.
Asset sale and supply chain risks are new negative factors affecting RTX's outlook.
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GM talks and undervaluation signal upside GM held early talks with RTX to boost weapons production, potentially easing supply bottlenecks. Also, one analysis says RTX is 13.2% undervalued based on $90.4B revenue and $7.3B net income, though another model sees it slightly overvalued.
New production partnership and valuation debate influence investor sentiment.
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RTX Backlog Hits $289B as Missile and Engine Demand Surges
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Record $289B Backlog and Strong Cash Flow Outlook CEO Calio said RTX's backlog is about $289 billion, excluding five major munitions framework deals and the $23 billion Tomahawk contract. He guided to roughly $8.6 billion of 2026 free cash flow and 19%-20% Collins margins, signaling years of steady sales and cash generation.
This is the clearest new big-picture signal of RTX's growth runway and financial health.
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New Defense Contracts and International Demand RTX won a $472 million Chinook avionics contract, completed NASAMS delivery to Australia, and the Pentagon added SM-3 interceptor work. A proposed $24.3 billion F-35 sale to Saudi Arabia includes 49 Pratt & Whitney F135 engines. These add future revenue and show global demand for RTX weapons and engines.
These fresh awards and foreign sales directly expand RTX's order book and revenue visibility.
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Pratt & Whitney Aftermarket and Engine Expansion Pratt & Whitney's GTF aftermarket network grew to 21 facilities and shop visits rose 26%, driving recurring maintenance revenue. Pratt also licensed Hermeus to build F100 fighter engines, adding U.S. production capacity. Pratt sales rose to $32.9 billion from $28.1 billion, with operating profit up to $2.6 billion.
This shows RTX's commercial engine business is growing profitably and adding capacity for future demand.
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Trade Tensions Threaten Bombardier Avionics Sales A potential U.S. ban on Bombardier aircraft sales could hurt RTX's Collins Aerospace, which supplies avionics for Bombardier's Global and Challenger jets. The U.S. is Bombardier's largest market, and a ban could disrupt a supply chain involving thousands of U.S. companies, creating uncertainty for RTX's avionics revenue.
This is the main counterweight in the period, showing a real risk to part of RTX's business.
Q3 2026
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RTX Soars on Record Backlog, Tomahawk Deal, and Raised Guidance
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Record $289B Backlog and Major Contract Wins RTX won a $22.9B Tomahawk deal, a £2B UK training contract, and $3.3B in new orders, pushing backlog to a record $289B. This signals strong demand and future revenue growth.
These new contracts and record backlog are key drivers of investor optimism and stock price.
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Q2 Earnings Beat and Raised 2026 Guidance RTX beat Q2 expectations and raised 2026 EPS guidance to $7.10–7.25, with roughly $8.6B free cash flow expected. This reflects operational strength and boosts investor confidence.
Earnings beat and guidance raise directly influence stock price by improving future earnings outlook.
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Pratt & Whitney Aftermarket Growth and F-35 Saudi Sale Pratt & Whitney's aftermarket business grew, and a proposed $24.3B F-35 sale to Saudi Arabia added upside. These developments support revenue and long-term demand.
Aftermarket growth and potential F-35 sale are positive catalysts for RTX's financial performance.
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Risks: Oil Prices, Pentagon Budget Stalemate, F-35 Overruns Oil above $100 and possible Fed rate hikes could squeeze commercial aerospace. A stalled $1.5T Pentagon budget threatens funding timing, while F-35 cost overruns and upgrade delays pressure future orders.
These risks could negatively impact RTX's commercial and defense segments, weighing on the stock.
News & notes movingRTX
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Defense & Geopolitical Fragmentation▲impact 4
RTX Wins $6.3 Billion Munitions Boost in FY2026 Defense Bill
The FY2026 defense appropriations agreement includes more than $6.3 billion for 13 critical munitions and grants conditional multiyear procurement authority for eight of those programs, a tailwind for RTX Corp. as it scales production of AMRAAM air-to-air missiles, Standard Missiles and Tomahawk cruise missiles. RTX's order backlog reached a record $289 billion by the end of second quarter fiscal 2026. The company will spend $25 million to expand its Niepołomice site in Poland, which delivers tubular assemblies for commercial and military engines, following a $100 million capital outlay announced in April for its Rzeszów facility. RTX closed at $185.01 on October 1 with a market capitalization of about $249.3 billion, trading at a trailing P/E of 33.62x and a forward P/E of 24.57. Hedge fund ownership slipped from 95 funds in Q1 2026 to 92 funds in the following quarter, while BlackRock remains the largest institutional stakeholder with 110.53 million shares, or 8.20% ownership.
RTX · Demand · Positive FY2026 defense bill includes over $6.3 billion for 13 critical munitions and multiyear procurement authority, boosting RTX's AMRAAM, Standard Missile and Tomahawk programs.
RTX · Capital · Positive RTX will spend $25 million to expand its Niepołomice site in Poland, following a $100 million capital outlay for its Rzeszów facility.
US Navy orders multi-year SM-6 interceptor missile contract from Raytheon worth up to $24.4 billion
The US Navy has placed a multi-year contract with Raytheon, a unit of US defense giant RTX, to produce the Standard Missile 6 (SM-6) interceptor. The contract is worth up to $24.4 billion. It covers five years with an option to extend for another two, aiming to ensure a stable and reliable supply of the SM-6, which can carry out both strike and missile defense missions. The deal is part of a series of large weapons contracts pursued this year as the US Department of Defense seeks to replenish ammunition stockpiles depleted by conflicts in the Middle East and push defense companies to accelerate production. In late September, it signed a $20.7 billion multi-year preliminary contract for Raytheon's AMRAAM air-to-air missile, and in July it awarded Lockheed Martin a $58.6 billion Patriot interceptor missile contract. Industry executives have warned that Congress has not yet approved the funding needed for these contracts, and that defense companies may be unable to make large-scale investments in components and equipment until Congress acts.
RTX · Demand · Positive US Navy awarded RTX's Raytheon a multi-year SM-6 interceptor contract worth up to $24.4 billion, a concrete order for its product.
RTX's Raytheon Wins $50.1 Million Navy Order for EA-18G Jammer Repairs
RTX Corporation's Raytheon business has received a $50.1 million ceiling-priced delivery order to repair 98 Weapon Repairable Assemblies supporting the EA-18G Next Generation Jammer-Mid Band system. The work will be performed in Forest, MS, and El Segundo, CA, and is expected to be completed by March 2030. The award highlights the U.S. Navy's continued focus on maintaining critical electronic warfare equipment and ensuring the availability of systems deployed on the EA-18G Growler, whose Next Generation Jammer-Mid Band system is designed to disrupt or degrade enemy radar and communications. The repair order also demonstrates the recurring opportunities available through lifecycle support of advanced defense systems, and continued support for the Next Generation Jammer program could provide additional opportunities across RTX's broader electronic warfare portfolio. Shares of RTX have surged 11.7% in the past year against the industry's 16.2% decline, and the stock currently carries a Zacks Rank #2 (Buy).
Defense & Geopolitical Fragmentation › Defense Primes — United States ▲Demand
RTX · Demand · Positive Raytheon won a $50.1 million Navy delivery order to repair 98 Weapon Repairable Assemblies for the EA-18G Next Generation Jammer-Mid Band system.
RTX unit Raytheon has secured a multi-year AMRAAM missile production contract worth up to US$20.7b. The agreement supports the Department of War's Arsenal of Freedom initiative to accelerate delivery of advanced air-to-air missiles, and the multi-year award is intended to expand AMRAAM manufacturing capacity to meet large-scale government demand for missile systems. RTX operates as a large US$252.9b aerospace and defense contractor that supplies systems and services to military, commercial, and government customers, so the long-term AMRAAM production agreement fits directly into its core role as a key weapons supplier for US defense programs. The award plugs into an RTX narrative that hinges on converting a US$289b backlog, especially long-duration munitions deals, into tangible revenue and operating profit, and the Arsenal of Freedom scope lines up with earlier commentary on several contracts where missile volumes are expected to rise between 2x and 4x. The key proof point is whether RTX gets AMRAAM output up to the levels implied by this deal while preserving margins, with reported book-to-bill in Raytheon, missile shipment volumes tied to the Arsenal of Freedom initiative, and management's updates on missile capacity within the planned US$10b to US$10.5b 2026 capital program as the metrics to watch.
RTX · Demand · Positive Raytheon won a multi-year AMRAAM missile production contract worth up to $20.7B, expanding capacity to meet large-scale government demand.
RTX's Collins Aerospace wins $249.7M U.S. Navy contract
Rockwell Collins, part of Collins Aerospace under RTX, has won a $249.7M IDIQ contract from the U.S. Navy to provide GPS-based range instrumentation, training systems, equipment, and technical support. The deal also covers sustainment and modernization of existing systems to address obsolescence, improve performance, and add capabilities for aircraft, weapons, and range testing. The work is expected to continue through September 2031. No funds were obligated at award, with funding to be provided through individual orders. The Naval Air Warfare Center Weapons Division is the contracting activity.
Defense & Geopolitical Fragmentation › Defense Primes — United States ▲Demand
RTX · Demand · Positive RTX's Collins Aerospace won a $249.7M U.S. Navy IDIQ contract for GPS-based range instrumentation, training systems, and support.
GE Aerospace to Buy Consolidated Precision Products for $11.75 Billion
GE Aerospace has agreed to acquire Consolidated Precision Products, one of the world's largest makers of precision sand castings, for $11.75 billion in its biggest deal since becoming a standalone company in 2024. The company plans to use $7 billion of cash and fund the remainder with new debt, with the transaction expected to close in the second half of 2027. CPP supplies components for GE's LEAP and GEnx commercial engines, and about 70% of its revenue comes from commercial and defense engines; it is expected to generate roughly $2 billion in revenue in 2027. The deal values CPP at about 26 times its expected 2027 core profit before expected synergies, or roughly 18 times including them. CEO Larry Culp said investment in casting capacity is needed to support simultaneous demand across commercial engines, aftermarket and defense, and GE expects its demand for airfoils to rise more than 30% by 2030 compared with 2026 levels. Vertical Research analyst Robert Stallard told Reuters the deal makes strategic sense given tight engine casting supply, but said it remains to be seen how it will affect CPP's non-GE customers such as RTX's Pratt & Whitney; GE shares were little changed after the announcement while casting rival Howmet Aerospace fell about 8%.
GE · Capital · Positive GE Aerospace agrees to acquire Consolidated Precision Products for $11.75B, its biggest deal since becoming standalone, to secure engine casting capacity.
Consolidated Precision Products · Capital · Positive Consolidated Precision Products is being acquired by GE Aerospace for $11.75 billion.
HWM · Competition · Negative Casting rival Howmet Aerospace fell about 8% as GE vertically integrates casting supply via the CPP acquisition.
RTX · Competition · Neutral Article notes it remains to be seen how the deal affects CPP's non-GE customers such as RTX's Pratt & Whitney.
GE Aerospace raised its full-year 2026 operating profit guidance to a range of $10.55-$10.75 billion, up from a previous forecast of $9.85-$10.25 billion, even as second-quarter operating margin fell 130 basis points to 21.7%. The company reported second-quarter 2026 operating profit of $2.75 billion, an increase of 18% year over year, but cost of sales surged 26.7% to $8.7 billion, selling, general and administrative expenses rose 10.9% to $1.1 billion, and research and development expenses climbed 28.1% to $460 million, with the margin decline attributed to growth investments and inflation. The updated guidance implies year-over-year growth of 17.6% at the midpoint, and GE expects 2026 top-line and margin performance to benefit from higher LEAP engine deliveries, with high-teens growth in LEAP deliveries expected this year, along with strong aftermarket services demand and operational execution. Among peers, Textron's second-quarter cost of sales rose 4.2% to $3.09 billion and its gross profit margin declined 100 basis points to 17.8% on reduced margin in the Bell segment, while RTX Corporation's total costs and expenses increased 12.8% to $22 billion yet its adjusted operating profit margin expanded 150 basis points to 11.4%.
GE · Capital · Positive GE Aerospace raised its full-year 2026 operating profit guidance to $10.55-$10.75 billion and posted 18% YoY Q2 operating profit growth.
RTX · Capital · Positive RTX's total costs rose 12.8% to $22 billion but its adjusted operating profit margin expanded 150 basis points to 11.4%.
TXT · Capital · Negative Textron's Q2 cost of sales rose 4.2% and gross profit margin declined 100 basis points to 17.8% on reduced Bell segment margin.
Pratt & Whitney Canada, an RTX business, has signed a four-year maintenance, repair, and overhaul agreement with Malaysia's AirBorneo Airways covering the PW127M engines powering its ATR 72-500 regional turboprop fleet through 2030. AirBorneo uses its ATR 72-500 aircraft to support the Rural Air Services network, providing regional air connectivity to remote communities across East Malaysia. Engine maintenance work under the agreement will be centered at Pratt & Whitney Canada's facility in Singapore, following recent infrastructure investments designed to expand the site's turboprop MRO capacity across the Asia-Pacific region. Pratt & Whitney Canada's PW100/PW127 engine family has accumulated over 200 million flight hours across more than 40 years of regional turboprop operations globally.
RTX · Demand · Positive RTX's Pratt & Whitney Canada signed a four-year PW127M MRO agreement with AirBorneo Airways, securing aftermarket service revenue through 2030.
AirBorneo Airways · Supply · Positive AirBorneo secured a four-year MRO agreement ensuring continued maintenance and availability of its ATR 72-500 PW127M engines through 2030.
US Said to Face Critical Shortage of Interceptors and Standoff Missiles
The United States is critically short on air defense interceptors and long-range standoff missiles, the two weapons it would need most in a hypothetical conflict with China, according to a defense analyst speaking on Bloomberg Businessweek. The analyst said President Trump's reference to U.S. missiles and stockpiles in his UN General Assembly address broke with convention, and warned that Beijing would be watching gleefully because the shortfall means the U.S. would be less able to bring its potential military power to bear. The Pentagon's FY 2027 Program Acquisition Costs by Weapon System, dated April 21, 2026, funds a surge in interceptor and precision-munitions buys, and the primes named on those lines stand to gain most. RTX booked over $5 billion in GEM-T Patriot effectors, including its first domestic GEM-T production order in over 30 years, plus $1.8 billion in AMRAAM in the second quarter, and carries a $289 billion backlog. L3Harris controls the sole large-scale solid rocket motor supply for both THAAD and PAC-3, backed by a $12 billion seven-year framework agreement, while Lockheed Martin is the THAAD prime named in the budget document and won a seven-year, $35 billion Missile Defense Agency contract to quadruple THAAD interceptor production. Two catalysts could turn the thesis into results: a promised PAC-3 multi-year contract in the second half of 2026 and congressional action on the administration's $67 billion supplemental weapons-replenishment request and the $1.1 trillion Department of Defense base budget for fiscal 2027.
LHX · Supply · Positive Controls sole large-scale solid rocket motor supply for THAAD and PAC-3, backed by a $12 billion seven-year framework agreement.
LMT · Demand · Positive THAAD prime named in the budget document and won a seven-year, $35 billion MDA contract to quadruple THAAD interceptor production.
RTX · Demand · Positive Booked over $5 billion in GEM-T Patriot effectors and $1.8 billion in AMRAAM, with a $289 billion backlog.
RTX wins $105.6M Air Force contract modification for AMRAAM parts
RTX announced on Tuesday that it won a $105.6M firm-fixed-price contract modification for Advanced Medium Range Air-to-Air Missiles parts purchases. The work will be performed in Tucson, Arizona, with completion expected by August 31, 2027. The award includes $61.6M in fiscal 2025 missile procurement funds, $8.4M in fiscal 2025 Navy weapons procurement funds, and $35.7M in FMS funds. The Air Force Life Cycle Management Center is the contracting activity.
Defense Stocks Slide as Iran Offers to Reopen Strait of Hormuz
Aerospace and defense shares fell Tuesday morning after a Reuters report that Iran has offered to reopen the Strait of Hormuz within seven days if the U.S. takes initial steps toward easing military pressure. Lockheed Martin dropped 3% to $521.05 and RTX fell 3% to $189.40, while Boeing slipped 1% to $198.61, its smaller decline reflecting a revenue mix weighted toward commercial aircraft rather than munitions. The iShares U.S. Aerospace & Defense ETF fell 1% to $213.40 while the SPDR S&P 500 ETF Trust held roughly flat at $773.53, confirming the selling was concentrated in defense primes rather than the broader market. WTI crude oil traded at $91.64 per barrel, down 0.79% over the past 24 hours and lower for a fourth session, as the diplomatic signal compressed the geopolitical risk premium underpinning expectations for sustained munitions demand. The move extends an existing de-rating: RTX has shed 10% and Lockheed Martin 7% over the past month, making the Hormuz headline an accelerant rather than the ignition for the decline.
Defense & Geopolitical Fragmentation › Defense Primes — Europe & Asia ▼Geopolitics
LMT · Geopolitics · Negative Lockheed Martin dropped 3% as Iran's offer to reopen the Strait of Hormuz reduced the geopolitical risk premium underpinning munitions demand.
RTX · Geopolitics · Negative RTX fell 3% as the Hormuz diplomatic signal compressed the geopolitical risk premium driving defense/munitions demand, extending its month-long de-rating.
WTI · Geopolitics · Negative WTI fell for a fourth session as Iran's offer to reopen the Strait of Hormuz eased supply-disruption fears and compressed the geopolitical risk premium.
BA · Geopolitics · Negative Boeing slipped 1% as the Iran-Hormuz diplomatic signal eased geopolitical tensions that had supported defense demand, though its commercial-heavy revenue mix limited the decline.
RTX CEO Touts $289 Billion Backlog, Sees Growth to $460.5 Billion by 2028
RTX CEO Chris Calio highlighted the company's record $289 billion backlog, or remaining performance obligations, at the Morgan Stanley 14th Annual Laguna Conference last week, pointing to potential growth toward a Wall Street consensus of $460.5 billion by the end of 2028. Calio said the $289 billion RPO at the end of the second quarter does not include the recently awarded $22.9 billion seven-year Tomahawk cruise missile order or the five framework agreements RTX made with the Department of Defense in February, of which he said volumes will rise anywhere from 2 to 4x. The current RPO is split between $170 billion in commercial aerospace and $119 billion in defense, with only 25% set to be recognized in the next 12 months, and Calio noted that approximately 45% of the RPO relates to long-term commercial aerospace maintenance contracts at Pratt & Whitney expected to be realized over a span of up to 20 years. Calio also cited strength in orders across commercial aerospace original equipment, commercial aerospace aftermarket, and defense, noting that Boeing and Airbus have a 15,000 aircraft backlog to execute on and that demand for integrated air and missile defense is top of mind for every country around the world.
RTX · Demand · Positive RTX touts a record $289B backlog plus a $22.9B Tomahawk order and DoD framework agreements with volumes rising 2-4x, signaling strong product demand.
AIR.PA · Demand · Positive RTX points to Airbus's 15,000 aircraft backlog as evidence of strong commercial aerospace OE demand, implying continued orders for Airbus.
BA · Demand · Positive RTX cites Boeing's 15,000 aircraft backlog as evidence of strong commercial aerospace OE demand, implying continued orders for Boeing.
Lockheed Martin Presents Germany's First F-35A as 35-Jet Program Advances
Lockheed Martin Corp. presented Germany's first F-35A Lightning II to the German government at its F-35 production facility, a milestone in a German program of 35 F-35A aircraft that the company says could feed a long-term revenue pipeline spanning training, production and sustainment. The first eight aircraft will be delivered to Ebbing Air National Guard Base in Arkansas beginning this fall for pilot training, while the first German-based F-35s are expected to arrive in Germany in late 2027, with full operational capability not expected until 2029. Lockheed Martin Aeronautics president OJ Sanchez said the F-35 is more than a fighter jet, calling it a strategic capability that enables allies to operate together, adapt faster and stay ahead of emerging threats. The F-35 has now been selected by 20 nations, and Lockheed's Javelin Joint Venture with Raytheon recently signed an MOU with Tata Advanced Systems Limited to explore future co-production of the Javelin All Up Round in India. Hedge fund ownership of the stock fell from 83 funds in the first quarter of 2026 to 75 funds in the second quarter, according to 13F filings tracked by Insider Monkey, while short interest stood at 1.17% and State Street Corporation remained the largest institutional stakeholder with 32.98 million shares, or roughly 14.29% ownership, as of June 30.
Defense & Geopolitical Fragmentation › Defense Primes — United States ▲Demand
Defense & Geopolitical Fragmentation › Defense Primes — Europe & Asia Competition
LMT · Demand · Positive Lockheed presented Germany's first F-35A as part of a 35-jet program feeding a long-term training, production and sustainment revenue pipeline.
Tata Advanced Systems Limited · Demand · Positive Tata Advanced Systems signed an MOU with Lockheed's Javelin Joint Venture to explore future co-production of the Javelin All Up Round in India.
RTX · Demand · Positive Raytheon's Javelin Joint Venture with Lockheed signed an MOU with Tata to explore co-production of the Javelin All Up Round in India.
State Department Approves $24.3B F-35 Sale to Saudi Arabia
The State Department has approved a potential $24.3B sale of F-35 Lightning II stealth fighter jets built by Lockheed Martin to Saudi Arabia. Saudi Arabia requested 48 F-35 Lightning II Joint Strike Fighter aircraft, 49 Pratt & Whitney F135-PW-100 engines and other equipment. The proposed sale, which would require congressional approval, will strengthen Saudi Arabia's homeland defense and improve interoperability with U.S., regional and NATO forces, the State Department said, adding that it will not alter the military balance in the region or adversely impact U.S. defense readiness. The Saudi embassy in Washington said the proposed F-35 sale reflects the strength and enduring nature of the Saudi-U.S. strategic partnership and the continued advancement of defense cooperation. The approval follows other U.S. arms deals cleared with Saudi Arabia this year, including a $5B sale of bombs and guidance kits and a $1.96B sale of Advanced Precision Kill Weapon Systems.
RTX's Pratt & Whitney Invests $25 Million to Expand Poland Engine Parts Plant
RTX Corporation announced on September 4 that its Pratt & Whitney business is investing $25 million to expand its manufacturing facility in Niepołomice, Poland, a site that produces complex tubular assemblies for both military and commercial engines. The expanded facility will begin operations in 2028 and create over 120 jobs, adding to a site that already delivers precision components for engines including the F135, the Pratt & Whitney GTF, and the PW800. The move complements the $100 million investment announced in April to boost production and enhance capabilities at the company's facility in Rzeszów, Poland, and is backed by the Polish government under the Polish Investment Zone Programme, which provides certain tax exemptions. RTX ended the second quarter with a record backlog of $289 billion, up 22% year-over-year, and Poland is already the company's largest presence outside the United States with more than 9,500 employees. As of the close on September 11, RTX carried a forward P/E ratio of 27.29, above the sector median of 19.59 and that of peers including LMT, GD, and NOC.
Defense & Geopolitical Fragmentation › Defense Primes — United States Supply
RTX · Supply · Positive Pratt & Whitney is investing $25M to expand its Poland engine-parts plant, adding capacity for F135, GTF, and PW800 components.
RTX Says NASAMS Air Defense Combat-Ready for Australian Army
RTX said Wednesday that its Raytheon Australia business has completed delivery and preparation of a new air defense system for the Australian Army, declaring the National Advanced Surface-to-Air Missile System, known as NASAMS, combat-ready. The milestone marks the end of a multiyear development and integration project, with equipment delivered, connected and tested and Australian soldiers trained to operate it. Australia's version pairs locally designed radars from CEA Technologies with a Fire Distribution Centre from Norway's Kongsberg, and Raytheon's mobile launcher is mounted on the Australian-built Hawkei protected vehicle. The system can fire several Raytheon missiles, including the standard AMRAAM, the longer-range AMRAAM-ER and the AIM-9X, and is described as a short-range air defense system protecting a limited geographic area. RTX said combat use of NASAMS has contributed to international demand and that it is investing to increase production, though it disclosed no new order value, revenue forecast or additional Australian procurement tied to the announcement and did not specify how much capacity it plans to add or when it will be available.
RTX · Demand · Positive RTX completed delivery of NASAMS to the Australian Army and said combat use has contributed to international demand, prompting production investment.
RTX Corporation is expanding its defense communications capabilities through its subsidiary Collins Aerospace, which in 2025 was awarded a contract to deliver satellite communication systems supporting survivable communications across multiple frequency bands. Collins Aerospace also secured a role as the primary subcontractor for a U.S. Navy solution involving the engineering design and manufacturing of a Very Low Frequency communication subsystem, along with mission command, control and communications infrastructure, and is additionally supporting Advanced Extremely High Frequency and voice communications. The Zacks Consensus Estimate for 2026 and 2027 earnings per share suggests year-over-year growth of 14.79% and 7.60%, respectively. RTX is trading at a premium relative to the industry, with a forward 12-month price-to-sales of 2.62X compared with the industry average of 2.28X, and over the past year RTX shares have rallied 23.5% against the industry's 11.3% decline. RTX currently has a Zacks Rank #2 (Buy).
Defense & Geopolitical Fragmentation › Defense Primes — United States ▲Demand
RTX · Demand · Positive Collins Aerospace won a satellite communications contract and a U.S. Navy VLF subsystem subcontract, adding concrete defense orders.
RTX Names Jill Albertelli President of Pratt & Whitney as Shane Eddy Retires
RTX appointed Jill Albertelli as president of its Pratt & Whitney business, effective January 1. Albertelli will report to RTX Chairman and CEO Chris Calio and succeeds Shane Eddy, who plans to retire after more than 40 years with the company. Eddy will remain through March 2027 as a special adviser to assist with the transition. Albertelli most recently led Pratt & Whitney's Military Engines division, where the company retained its position as the sole-source propulsion provider for the F-35 fighter jet, improved delivery and quality performance for the F135 engine and expanded its military-engine maintenance capacity. Eddy became president in 2022 and oversaw Pratt & Whitney's continuing transformation, including production and maintenance expansion for its Geared Turbofan and F135 engine programs.
RTX · · Neutral RTX appoints Jill Albertelli as Pratt & Whitney president succeeding retiring Shane Eddy; a leadership/transition change with no clear financial or operational driver.
Pentagon Inks Missile Production Deals With Boeing and RTX
The Pentagon announced framework agreements with The Boeing Company and RTX Corporation on August 14 to increase component production for the SM-3 Block IIA and SM-3 Block IB interceptors, part of a group of ship-fired, surface-to-air interceptors underpinning the Aegis Ballistic Missile Defense System. The announcement had little impact on the shares, with Boeing down around 0.4% and RTX down about 1% during the day. The move is part of a broader buildup: RTX alone inked five separate Pentagon deals earlier this year to boost output of Tomahawk cruise missiles, AMRAAM air-to-air missiles, and the Standard Missile family, with Tomahawk production expected to increase sixteenfold, from approximately 60 to 1,000 units per year. Congress has backed the effort, with the 2026 defense spending bill providing multiyear procurement authority for eight critical munitions and more than $6.3 billion for 13 critical munitions, while the Pentagon's fiscal 2027 budget request calls for roughly $95 billion in missile procurement. RTX's backlog reached a record $289 billion by the second quarter of 2026, and Boeing is a key contractor supporting Aegis-related and other interceptor programs, though hedge fund ownership fell for both companies between the first and second quarters, from 99 to 90 funds for Boeing and from 95 to 92 for RTX.
Defense & Geopolitical Fragmentation › Defense Primes — United States ▲Demand
RTX · Demand · Positive Pentagon framework agreement with RTX to boost SM-3 interceptor component production, adding to its record $289B backlog.
BA · Demand · Positive Pentagon framework agreement with Boeing to increase component production for SM-3 interceptors, a concrete order/backlog driver.
RTX Projects Growth on $289B Backlog as Empire State Manufacturing Cools
RTX Chairman and CEO Chris Calio told Morgan Stanley's annual Laguna Conference that the aerospace and defense company holds a backlog of approximately $289 billion, excluding five major munitions framework agreements and a recently awarded seven-year, $23 billion Tomahawk contract. Calio projected medium-term operating margins of 19%-20% for Collins Aerospace and 2026 free cash flow of about $8.6 billion, noting that about 48% of Raytheon's backlog is international, up four percentage points from a year earlier. Separately, the New York Fed's Empire State Manufacturing Index fell to 7.6 in September from 20.6 in August, missing the 14.1 consensus, with new orders slowing sharply to 2.0 from 17.3 and shipments turning negative at -3.2. U.S. Treasury Secretary Scott Bessent told the House Financial Services Committee that the federal deficit-to-GDP ratio declined to 5.7%-5.8% for fiscal year 2026, down from approximately 6.3% inherited from the prior administration. The U.S. FDA also announced the Expedited IND Pilot Program under HHS' Operation TrialBlazer, accepting applications through Oct. 30 and expecting to select eight to 10 sponsor-institution pairs.
RTX · Capital · Positive CEO guided to 19%-20% Collins margins and ~$8.6B 2026 free cash flow, a financial/earnings outlook event.
RTX · Demand · Positive RTX holds a ~$289B backlog plus a $23B Tomahawk contract and rising international Raytheon orders, signaling strong end-demand for its defense products.
Hermeus to Build Pratt & Whitney F100-PW-229 Engines Under New License
Pratt & Whitney, an RTX business, and Hermeus have signed a Production License Agreement authorizing Hermeus to manufacture F100-PW-229 engines, one of the U.S. military's most widely fielded fighter propulsion systems. The deal creates a new qualified production source for the F100 engine, expanding U.S. capacity to build combat-proven fighter engines. Hermeus will produce the engines using its rapid-build production model while adhering to Pratt & Whitney's global standards for quality, safety and site activation. The F100 has accumulated more than 32 million flight hours and has powered the U.S. Air Force's F-15 and F-16 fighter jets for more than five decades. The engine also powers Hermeus' Quarterhorse aircraft, which achieved supersonic flight earlier this year, making it the world's first privately developed unmanned supersonic jet. Jessica Villardi, vice president of Fighter & Mobility Programs at Pratt & Whitney, said the partnership expands U.S. production capacity to meet growing customer demand, while Hermeus CEO Zach Shore said the company becomes the first vertically integrated airframer with the in-house propulsion capability required to scale Quarterhorse.
RTX · Demand · Positive Pratt & Whitney licenses Hermeus to manufacture F100-PW-229 engines, expanding U.S. production capacity to meet growing customer demand for its fighter engines.
Hermeus · Technology · Positive Hermeus gains in-house F100-PW-229 production capability, becoming the first vertically integrated airframer able to scale its Quarterhorse aircraft.
BofA Warns Bombardier U.S. Sales Ban Would Hit Largest Market
A potential ban on Bombardier aircraft sales in the United States could hit the Canadian jet maker's largest market and disrupt an aerospace supply chain spanning thousands of U.S. companies, BofA analysts said. The issue follows President Donald Trump's statement that Bombardier should no longer sell aircraft in the U.S., where its jets are certified by the Federal Aviation Administration and most aerospace goods produced in Canada and Mexico are exempt from U.S. tariffs. The U.S. accounts for about 45% of the global business-jet market and is Bombardier's largest individual market, with the company delivering roughly 80 to 100 aircraft there annually out of total deliveries of around 155, while its 2026 guidance calls for more than 157 aircraft. A halt to U.S. sales could also affect American suppliers, as Bombardier's supply chain includes roughly 2,800 U.S. companies across 47 states and generates about $2.5 billion in annual U.S. purchases. GE Aerospace supplies engines for Bombardier's Global 7500 and 8000 aircraft, Honeywell powers the Challenger 300, 350 and 3500 family, and RTX's Collins Aerospace supplies avionics across the Global and Challenger ranges. Trade tensions could also affect U.S. defense contractors if Canada shifts future procurement toward European or Asian suppliers, with programs potentially exposed including Canada's planned purchase of 88 Lockheed Martin F-35A fighters, which carries an acquisition budget of about C$27.7 billion, of which only 16 are firmly ordered and Ottawa has considered Saab's Gripen as a possible partial alternative. Canada also has commitments involving Boeing's P-8A Poseidon and General Atomics' MQ-9B SkyGuardian drones, and while a complete cancellation of Canada's outstanding U.S. defense contracts is considered unrealistic, future purchases could gradually shift toward other suppliers if trade relations deteriorate.
Defense & Geopolitical Fragmentation › Defense Primes — United States Geopolitics
Bombardier Inc. · Regulation · Negative A potential U.S. ban on Bombardier aircraft sales would hit its largest market, where it delivers roughly 80-100 aircraft annually.
GE · Supply · Negative Bombardier's supply chain includes ~2,800 U.S. companies and GE Aerospace supplies engines for the Global 7500/8000, so a U.S. sales ban would hit its engine orders.
HON · Supply · Negative Honeywell powers Bombardier's Challenger 300/350/3500 family, so a halt to Bombardier U.S. sales would reduce demand for its engines.
RTX · Supply · Negative RTX's Collins Aerospace supplies avionics across Bombardier's Global and Challenger ranges, so a U.S. sales ban would hit that supply relationship.
LMT · Geopolitics · Negative Canada could shift procurement away from U.S. defense contractors, potentially exposing its planned purchase of 88 Lockheed Martin F-35A fighters.
RTX Expands GTF Aftermarket Network to 21 Facilities as PW1100G-JM Output Jumps 26%
RTX Corporation is expanding its commercial aerospace aftermarket opportunity as Pratt & Whitney increases support capabilities for its Geared Turbofan engine family, with the GTF aftermarket network reaching 21 facilities worldwide in 2025 and PW1100G-JM shop-visit output rising approximately 26% year over year. The GTF family powers more than 2,600 aircraft operated by more than 90 operators across the Airbus A320neo family, Airbus A220 and Embraer E-Jets E2 platforms, creating recurring maintenance, repair and overhaul demand. In 2025, the GTF Advantage engine received certification for the Airbus A320neo family, designed to deliver higher takeoff thrust while reducing fuel consumption versus the current GTF engine. Pratt & Whitney generated $32.9 billion in sales in 2025, up from $28.1 billion a year earlier, while operating profit increased to $2.6 billion from $2 billion. The Zacks Consensus Estimate points to RTX earnings per share growth of 14.79% in 2026 and 7.60% in 2027, and the stock carries a Zacks Rank #2 (Buy).
RTX · Capital · Positive Pratt & Whitney sales rose to $32.9B from $28.1B and operating profit to $2.6B from $2B, with consensus EPS growth and a Zacks Rank #2 (Buy).
RTX · Demand · Positive GTF aftermarket network expands to 21 facilities and PW1100G-JM shop-visit output rises ~26%, driving recurring MRO demand for RTX's Pratt & Whitney engines.
RTX Corporation, through its Collins Aerospace business, has secured a contract worth up to $472 million to provide engineering services for the modernization and sustainment of the U.S. Army's CH-47 Chinook fleet. The contract focuses on avionics upgrades to integrate new capabilities, address obsolete systems, and strengthen the Chinook's avionics architecture, supporting mission readiness and enabling more efficient technology incorporation. The award also promotes commonality across the Army's aviation fleet through open and reusable avionics architectures, which can be integrated across multiple aircraft to reduce complexity and improve cost and schedule efficiency. This contract underscores Collins Aerospace's long-standing relationship with the U.S. Army and positions RTX to benefit from sustained demand for advanced avionics and modernization services as the military extends the service lives of existing aircraft. RTX shares have surged 30.2% in the past year, and the company holds a Zacks Rank #2 (Buy).
Lockheed Martin's Javelin JV Signs Co-Production MOU With Tata Advanced Systems
Lockheed Martin's Javelin Joint Venture, a partnership with Raytheon, has signed a memorandum of understanding with Tata Advanced Systems Limited to explore co-production of the Javelin All Up Round missile system in India. The agreement, signed on August 30, follows JJV's selection of Tata as its prime partner for future in-country co-production, and calls for establishing a final assembly and integration facility in India along with local manufacturing of components. Lockheed's Troy, Alabama plant will continue producing sub-assembly kits under existing multiyear agreements, even as final assembly shifts overseas. With over 55,000 Javelin missiles and 12,000 Command Launch Units produced to date, the partnership aims to meet expanding global demand while deepening ties with Raytheon and Tata. However, the deal faces uncertainties from India's defense procurement landscape, technology transfer concerns, and competitive pressure from other suppliers or domestic missile programs.
LMT · Demand · Positive Lockheed's Javelin JV signs MOU with Tata to co-produce Javelin missiles in India, aiming to meet expanding global demand.
Tata Advanced Systems Limited · Demand · Positive Tata Advanced Systems signed an MOU to co-produce the Javelin All Up Round in India, becoming JJV's prime partner for in-country production.
RTX · Demand · Positive Raytheon is Lockheed's partner in the Javelin Joint Venture, which signed the India co-production MOU to meet expanding global demand.
Defense ETFs to Watch Amid Renewed US-Iran Tensions
Renewed US-Iran tensions, marked by US strikes on Iranian rocket launchers in the Strait of Hormuz and retaliatory attacks on US bases in Jordan, have created a compelling investment opportunity in the defense industry. Defense contractors like Lockheed Martin, RTX, and Northrop Grumman are poised to benefit from multi-billion-dollar procurement cycles, including Lockheed's $59 billion contract to triple Patriot missile production and RTX's $22.9 billion Navy contract for Tomahawk missiles. For diversified exposure, investors may consider defense ETFs such as the iShares U.S. Aerospace & Defense ETF (ITA), Invesco Aerospace & Defense ETF (PPA), and State Street SPDR S&P Aerospace & Defense ETF (XAR), each up 8.5% year to date and holding a Zacks ETF Rank #2 (Buy). Global defense spending is projected to reach $2.6 trillion by the end of 2026, supporting sustained demand for these funds.
RTX wins $240.75M Navy contract for F135 engine work
RTX announced Thursday it won a not-to-exceed $240.75 million contract modification from the U.S. Navy to support the F135 engine for the F-35 Joint Strike Fighter program. The modification covers engineering work to mature the engine, address operational issues, and improve readiness, as well as supporting the F135 engine core upgrade and long-lead hardware for a spare test engine. Work is expected to be completed by March 2028, with about $214.16 million in fiscal 2025 funds from the Air Force, Navy, and F-35 program partners obligated at award. Naval Air Systems Command is the contracting activity.
Raytheon completes $50 million Mississippi facility expansion
Raytheon, an RTX business, has completed a 17,000 square-foot expansion of its Forest, Mississippi manufacturing facility, supported by a $50 million capital investment. The project will boost production capacity for critical electronic warfare and radar systems and is expected to create 100 high-skill jobs by 2028. The Forest site now encompasses 445,000 square feet of manufacturing space, making it one of the largest defense plants in the state. Over the past decade, Raytheon has completed three expansions totaling $280 million in capital investment, including a 20,000 square-foot addition in 2013 and a 50,000 square-foot radar facility in 2020. The latest expansion will serve as a hub for production of Next Generation Jammer Mid-Band pods for the U.S. Navy and Australian government, as well as other airborne radar programs.
The U.S. military has awarded RTX Corporation's Raytheon business a $22.9 billion contract to accelerate Tomahawk missile production, a key part of replenishing depleted stockpiles. The seven-year deal will boost annual output to 1,000 missiles from 60, and it builds on a framework agreement signed in February. RTX ended Q2 with a record backlog of $289 billion, including $119 billion in defense, and raised its full-year sales guidance to $95–96 billion. However, the production ramp-up poses execution risks, and the stock trades at a premium valuation. Hedge funds increased their stakes in Q1, with Fisher Asset Management holding the largest position.
The projected cost of acquiring the Pentagon's F-35 fighter fleet has risen by about $51 billion since late 2023, bringing the total to approximately $536 billion, a 10% increase from $485 billion, according to a government report and the F-35 program office. The increase includes roughly $32 billion for aircraft and engine procurement and $19 billion for research and development, and reflects a shift by the Marine Corps from some F-35B jets to the more expensive carrier-based F-35C. As of late July, 872 of the 2,470 aircraft planned for the U.S. military had been delivered. The cost increase underscores the program's importance to Lockheed Martin, which builds the aircraft, and major suppliers including RTX's Pratt & Whitney and Northrop Grumman. Another $900 million was added after reassessing the Block 4 modernization package, which is years behind schedule. The $536 billion figure covers acquisition and is separate from an estimated $1.5 trillion in operating and support expenses, putting the F-35's total cost near $2 trillion over roughly 90 years.
RTX Unit Collins Aerospace Completes F-35 EPACS Altitude Testing
RTX unit Collins Aerospace has completed altitude testing of its Enhanced Power and Cooling System, or EPACS, for the F-35 aircraft. The testing validated EPACS performance in high altitude operating conditions relevant to real-world flight. EPACS is designed as a next-generation power and thermal management system to support ongoing technology upgrades across the F-35 program. RTX is a large US aerospace and defense company with a market value of about $282.9b, and Collins Aerospace sits within this broader group as a key supplier of advanced systems for programs such as the F-35.
Raytheon's AIM-424 Malice missile with 300-mile range begins testing
RTX Corp. subsidiary Raytheon has begun testing a new long-range air-to-air missile called the AIM-424 Malice, which has a range of nearly 300 miles. The missile can be carried by fighter jets such as the F-35 and F-22, according to Bloomberg. It debuted Saturday at the Tailhook Association's annual symposium in Reno, Nevada. The Navy did not say when the Malice would be deployed.
Rocket Lab Secures Record $266 Million Space Force Contract
Rocket Lab has secured a $266 million contract from the U.S. Space Force to provide around a dozen suborbital launches, with an option for more, marking the company's largest launch contract award ever. The first launch is expected by the end of 2026. Earlier this year, the Pentagon awarded Rocket Lab a $190 million contract to support hypersonic flight testing, and the company is working with RTX on the proposed Golden Dome missile defense initiative. Hedge fund sentiment was mixed in the first quarter, with the number of funds holding Rocket Lab shares dipping to 43 from 45, though Marshall Wace raised its stake by 1,213% to $120.8 million and Tudor Investment Corp opened a new position of about $27.3 million.
Polymarket's public ledger may be leaking military secrets
New research suggests Polymarket's public blockchain may be structurally built to leak military secrets, with 152 wallets winning $8 million on military and defense markets at a 97.2% win rate. The Anti-Corruption Data Collective analyzed every settled Polymarket market through May 5, 2026, and identified 556 'Orca' wallets that staked at least $2,500 on long-shot outcomes within a single hour. Within that group, 152 wallets concentrated on military and defense markets, collectively winning $8 million with an average win rate of 97.2%, far above the roughly 52% win rate across military markets broadly. The research also found that Orca bets often attract fast-following wagers from larger 'Whale' accounts and automated trading bots, amplifying the signal; for example, hours before Israel's June 2025 strikes on Iran, an Orca bet was followed by a bot wager of $200,000 and a whale wager of $100,000 on the same outcome. Master Sgt. Gannon Ken Van Dyke turned roughly $33,000 into more than $400,000 once the raid was confirmed, according to the Department of Justice, and his case became the public face of insider trading on prediction markets, though he was not among the 152 Orcas because he built his position more gradually. The House Oversight Committee opened a probe into Polymarket and Kalshi in May, and the CFTC has brought a civil complaint against Van Dyke, while Polymarket says it has referred dozens of suspicious wallets to authorities.
LMT · Regulation · Negative Polymarket's potential leak of military secrets could lead to stricter regulation of prediction markets, indirectly affecting defense stocks like Lockheed Martin.
NOC · Regulation · Negative Similar to Lockheed, Northrop Grumman may face indirect negative impact from regulatory scrutiny on prediction markets.
RTX · Regulation · Negative RTX also could be indirectly affected by regulatory actions on prediction markets due to national security concerns.
Motorola Solutions to Acquire D-Fend Solutions for $1.5 Billion
Motorola Solutions is acquiring counter-drone technology firm D-Fend Solutions in a deal valued at $1.5 billion. The acquisition adds D-Fend's counter-unmanned aerial systems capabilities, which can detect and safely take control of unauthorized drones and direct them to a designated landing area, to Motorola's public-safety portfolio. D-Fend's technology is deployed across airports, critical infrastructure, stadiums, military bases and borders in more than 30 countries, creating cross-selling opportunities for Motorola. The company faces competition from Axon Enterprise and RTX Corporation in the counter-drone space. Motorola stock has declined 2.4% over the past year, and its shares trade at 25.58 times forward earnings, below the wireless equipment industry's 31.44.
Raytheon Wins $22.9 Billion Tomahawk Production Contract
RTX subsidiary Raytheon has been awarded a seven-year, $22.9 billion contract to accelerate Tomahawk cruise missile production for the U.S. Navy and allies. Under the agreement, Raytheon plans to raise annual Tomahawk output to more than 1,000 missiles and provide associated support, having already delivered three times more Tomahawks in the first half of 2026 than in the same period of 2025. The company will invest in workforce, technology, supply chain, and facilities, working with hundreds of small and mid-sized U.S. suppliers to scale production. The multi-year award provides long-term visibility and could make the Tomahawk program an increasingly important contributor to Raytheon's defense growth.
RTX Wins $22.9 Billion Tomahawk Deal and Raises Guidance
RTX Corporation's Raytheon unit secured a US$22.90 billion, seven-year Tomahawk cruise missile contract with the U.S. Navy and reported Q2 2026 results that exceeded expectations alongside higher full-year guidance and continued dividend growth. The long-duration defense award and stronger-than-expected quarterly performance underline RTX's ability to convert its sizeable backlog into contracted, cash-generating programs. The new contract reinforces near-term earnings visibility, while the biggest ongoing risk remains the company's dependence on government budgets that could shift away from high-cost hardware. RTX's narrative projects $111.8 billion revenue and $10.9 billion earnings by 2029, with a fair value estimate of $232.27, a 5% upside to its current price.
Pentagon procurement surge to benefit major defense contractors
The Pentagon is pushing defense contractors to rapidly scale production of missile interceptors, munitions, and drones following significant inventory depletion, creating a broad procurement surge across the U.S. defense industrial base. Deputy Defense Secretary Steve Feinberg gave industry leaders 21 days to submit proposals for faster deliveries, while President Donald Trump has pressed contractors to direct more capital toward production capacity rather than buybacks and dividends. Within the roughly $1.5 trillion defense budget request, autonomous vehicles and drone defense at $122 billion and missiles and missile defense at $123.7 billion represent the two largest growth areas. Lockheed Martin and Northrop Grumman are the dominant large contractors with direct interceptor and drone program exposure, while Kratos Defense & Security Solutions and AeroVironment offer more focused drone and counter-drone exposure. Lockheed Martin posted $65 billion in new orders in its most recent quarter, pushing its backlog to a record $230.4 billion, and Boeing and RTX reached framework agreements with the Pentagon to boost production of SM-3 Block IIA and Block IB interceptor components.
Boeing Signs Seven-Year Frameworks to Expand SM-3 Output
Boeing signed seven-year framework agreements with the US Department of War and Raytheon, an RTX business, to increase production of avionics and ejector assemblies for the Standard Missile-3, the sea-based interceptor designed to hit missile threats outside the atmosphere. Boeing, the DoW and prime contractor Raytheon will ramp production ahead of contract while they negotiate a multi-year award under the frameworks, committing capacity before the money is locked in. The output rise covers hardware for the SM-3 Block IB and Block IIA variants. Bob Ciesla, vice president of Boeing Precision Engagement Systems, said the deal gives a clear demand signal to build and deliver SM-3 interceptors. No financial terms were disclosed. The arrangement follows a similar structure Boeing agreed with the DoW and Lockheed Martin to increase output of PAC-3 Missile Segment Enhancement seekers.
The Pentagon is pressing U.S. defense contractors to dramatically accelerate weapon production, with deputy defense secretary Steve Feinberg giving major contractors 21 days to submit plans for significantly faster delivery schedules. This directive follows critical munition shortages, with some key missile inventories depleted by over 65% after five months of war with Iran, and the Center for Strategic and International Studies estimates replenishment could take more than three years. The production push is expected to benefit defense majors like Lockheed Martin, RTX, Boeing, and General Dynamics, and investors may consider diversified defense ETFs such as iShares U.S. Aerospace & Defense ETF, Invesco Aerospace & Defense ETF, and State Street SPDR S&P Aerospace & Defense ETF to capture the upcoming rally.
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