Two major defense contractors, RTX Corp. (NYSE:RTX) and Lockheed Martin Corp. (NYSE:LMT) are set to report fourth-quarter financial results ahead of Tuesday's opening bell. Here's a look at what investors will be watching in the reports.
RTX: RTX has seen solid order growth due to rising defense budgets. Analysts expect the trend to continue through 2025, despite some expressing concerns about the newly created Department of Government Efficiency.
Also, President Donald Trump has called for NATO allies to increase military spending to a proposed goal of 5% of GDP, up from the current goal of 2%, which could benefit both RTX and Lockheed Martin.
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Investors will be looking for updates on RTX's defense and aviation business segments, including its F-135 engine core upgrade program. The Pratt & Whitney segment will also be in focus as it reported significant growth in RTX's last quarterly report.
Analysts expect RTX, formerly Raytheon, to report quarterly earnings of $1.38 per share on revenue of $20.53 billion, according to data from Benzinga Pro. RTX has exceeded analysts' expectations on the top and bottom lines for seven consecutive quarters.
LMT: Truist Securities analyst Michael Ciarmoli recently initiated coverage on Lockheed Martin with a Buy rating and price target of $579, representing significant upside potential from current levels.
Ciarmoli downplayed DOGE’s role as only an advisory board and noted that lawmakers and the appropriations committee still “call the shots” on budget and spending decisions. He also said Truist sees U.S. and NATO defense budgets increasing in 2026.
Investors will be watching the performance of Lockheed Martin’s key segments, including aeronautics, missiles and fire control, rotary and mission systems and space systems.
According to estimates from Benzinga Pro, analysts expect Lockheed Martin to report quarterly earnings of $6.64 per share on revenue of $18.91 billion. The company beat earnings expectations last quarter, but slightly missed the consensus revenue estimate.
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