RTX, Lockheed Martin, Northrup Grumman Report Earnings Tuesday: What To Watch

Three major U.S. defense contractors — RTX Corp. RTX, Northrop Grumman Corp. NOC and Lockheed Martin Corp. LMT — are all scheduled to report earnings before the market opens on Tuesday. Here’s a look at what to watch in the reports. 

What To Know: The Trump administration has signaled potentially historic defense spending, with reports suggesting a Pentagon budget near $1 trillion, which could benefit all three contractors. However, President Donald Trump has sent mixed messages by advocating for increased allied purchases of U.S. weapons while discussing the possibility of cutting U.S. military spending. 

The administration’s push for efficiency, led by Elon Musk at the Department of Government Efficiency, introduces more uncertainty for defense contractors, as many major programs are under review. 

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RTX: Investors will be looking for continued growth in RTX’s Collins Aerospace and Pratt & Whitney units, which both recently announced a slew of new deals and led 2024’s gains.

The company’s backlog will also be monitored for continued growth after reaching a record $218 billion at the end of 2024. 

According to estimates from Benzinga Pro, analysts expect the company to report earnings of $1.35 per share and revenue of $19.79 billion for the quarter. 

NOC: Investors will be watching the performance of Northrop’s four main business segments: Aeronautics Systems, Defense Systems, Mission Systems and Space Systems, as well as updates on 2025 revenue and free cash flow guidance. 

Current expectations are for revenue between $42 billion and $42.5 billion and free cash flow of between $2.9 billion and $3.3 billion. 

Earlier in April, Goldman Sachs analyst Noah Poponak upgraded Northrop Grumman stock from Sell to Neutral and raised the price target from $424 to $521. Analysts expect the company to report earnings of $6.26 per share on revenue of $9.94 billion, according to estimates from Benzinga Pro. 

LMT: Last week, Evan Scott was named as Lockheed Martin’s CFO, succeeding Jesus Malave, effective immediately. In a press release, the company said it will be reaffirming its previously issued 2025 guidance and will provide updates on other key topics and answer questions with its first quarter earnings release. 

Investors will be watching the company’s Aeronautics segment, driven by the F-35 program, which is expected to post solid sales. Analysts expect Lockheed Martin to report earnings of $6.34 per share on revenue of $17.8 billion for the first quarter. 

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