Companies
Northrop’s $3 Billion Framework Makes It PAC-3’s Second Rocket-Motor Source
Northrop’s ~$2B PAC-3 SRM and ~$1B THAAD structure frameworks cast the company as a second solid-rocket-motor source—exactly the redundancy the Pentagon wants.
Defense Stocks
Aerospace
RTX’s Pratt Lands a $1.3 Billion F135 Spares Order for the Global F-35 Fleet
A $1.295 billion UCA modification for F135 spare parts—not new engine lots—underscores how F-35 readiness, not just production, feeds RTX’s military engines franchise.
Naval
GD’s Marine Systems Growth and 1.4x Book-to-Bill Underscore the Submarine Supercycle
General Dynamics posted $14.1B revenue (+8.1%) and $4.24 EPS, with Marine Systems at $4.660B (+10.4%), Aerospace at $3.525B (+15.1%), and a 1.4x book-to-bill on $14.7B of defense orders.
Companies
Lockheed’s $58.62 Billion PAC-3 Ceiling Is a Demand Signal, Not Cash in the Bank
War.gov and Lockheed put a $58.62 billion multiyear face value on PAC-3 MSE—but no funds were obligated at award. Here’s how investors should read the ceiling.
Aerospace
Boeing Defense Grew 13%—Then Gave It Back on Air Force One
Boeing’s BDS unit posted $7.483B revenue (+13%) but a $15M operating loss after $280M in VC-25B charges. MQ-25A hit first flight and Milestone C; T-7A entered LRIP; backlog ~$85B with 27% non-U.S.
Funding
L3Harris Will Nearly Triple PAC-3 Motors and Quadruple THAAD Propulsion
L3Harris’s seven-year PAC-3 and THAAD propulsion frameworks disclose no dollar values—only rate targets. For LHX investors, the signal is capacity, not backlog.
Drones
Ukraine's Six-Month Window: How the Drone War Turning Point Is Reshaping Defense Spending
Something has shifted on the battlefield in Ukraine. After more than four years of grinding attrition, the Institute for the Study of War assessed in…
Policy and Budgets
The $1.2 Trillion Question: What the Golden Dome Cost Gap Means for Defense Investors
There is a number that has been quietly reshaping the calculus of every major defense contractor in America: $1.2 trillion. That is the Congressional…
Weekly Brief
Pentagon Contracts, AI Warfare, and Space Defense Drive Sector Momentum
The defense sector remained in focus this week as investors continued to digest a wave of major Pentagon contract awards, accelerating military AI…
Policy and Budgets
Europe Goes Bilateral and Congress Goes to $1.1 Trillion: The Week That Redrew the Defense Budget Map
The UK and Poland signed the Northolt Treaty on May 27. The House Armed Services Committee released its FY27 defense bill on May 29. Together, these two events tell the same story: the global defense budget architecture is being rebuilt from scratch.
Drones
ONDAS Holdings: How a Small-Cap Defense Rollup Just Printed $110 Million in a Single Quarter
Ondas Inc. just announced $110 million in Q2 orders on May 29 - on top of a record Q1 and a guidance raise to $390 million. Here is what the ONDS story means for defense investors watching the autonomous systems space.
Drones
Pentagon Bets on Drone Startups: Inside the $210 Billion Push to Close America's Drone Gap
The Trump administration is negotiating equity stakes in American drone startups. Here is what the Pentagon's $210 billion push to close the U.S. drone manufacturing gap means for investors and the defense sector.