BA — The Boeing Company

RTX Corporation is one of the largest aerospace and defense companies globally, formed through the 2020 merger of Raytheon and United Technologies. The company operates three segments: Collins Aerospace (aircraft systems, avionics, and interiors), Pratt & Whitney (jet engines for commercial and military aircraft), and Raytheon (missiles, air defense systems, sensors, and cyber). Pratt & Whitney's GTF engine programs have faced significant quality issues requiring accelerated inspections, creating headwinds. Raytheon's missiles and air defense systems (Patriot, StormBreaker) are in high demand given increased global defense spending.

Lockheed Martin is the world's largest defense contractor by revenue, producing advanced fighter jets (F-35, F-16), helicopters (Black Hawk, via Sikorsky), missiles and fire control systems, and space and hypersonic technologies. The F-35 Joint Strike Fighter program — the most expensive military acquisition program in history — is the cornerstone of Lockheed's revenue. Lockheed serves the U.S. military and allies across 50+ countries. The company is a critical supplier for NATO nations modernizing their air power capability.

Northrop Grumman is a leading global aerospace and defense technology company known for advanced stealth aircraft, space systems, and autonomous and electronic warfare capabilities. The company is the prime contractor for the B-21 Raider stealth bomber — America's next-generation long-range strike aircraft — and the Ground Based Strategic Deterrent (GBSD) intercontinental ballistic missile program. Northrop has a particularly strong position in space systems, cyber operations, and classified intelligence programs.

General Dynamics is a global aerospace and defense company operating across four segments: Aerospace (Gulfstream business jets), Marine Systems (nuclear submarines), Combat Systems (Abrams tanks, Stryker vehicles), and Technologies (IT services and C4ISR systems). Gulfstream is the world's leading large-cabin business jet manufacturer, providing commercial revenue diversification from the defense segments. General Dynamics' submarine business is uniquely positioned given massive U.S. Navy Virginia-class and Columbia-class submarine programs.