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Defense Earnings Week Sees Raised Forecasts and Record Backlogs

October 21, 2026

2 min read

Key Takeaways

Three major aerospace and defense companies raised full-year guidance.
Two companies reported record backlogs, including a $340 billion order book.
NATO allies committed to investing 5% of GDP in defense by 2035.
US budget request for fiscal year 2027 is $1.5 trillion.

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Strategic Implications

The raised forecasts and record backlogs may indicate confidence in sustained defense spending, which could benefit the aerospace and defense industry. The focus on defense commitments from NATO allies suggests a shift in global defense priorities, which may lead to increased demand for defense products and services.

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What Happened

Aerospace Giants Report Strong Q3 Results Amid Rising Defense Spending

Three major aerospace and defense companies, RTX Corporation, Northrop Grumman Corporation, and GE Aerospace, reported strong third-quarter results, with raised full-year guidance and record backlogs. The reports come amid rising defense commitments from NATO allies and a record US budget request. The earnings season is expected to continue with two more major contractors scheduled to report over the next eight days. According to Equity Insider, the spending story starts with the targets governments have set, with NATO allies committing to invest 5% of GDP in defense by 2035.

Source | Originally Published: October 21, 2026

Companies Mentioned