$20.1 billion. That's what Lockheed Martin pulled in during Q2 2026, an 11% jump year-over-year, and the number that sent LMT shares flying more than 9% at Thursday's open to $567.76. RTX wasn't far behind, climbing 7% to $208.33 after its own quarterly beat. For two companies that spent the earlier part of 2026 bleeding share value following a U.S.-Iran ceasefire announcement, the rebound landed hard and fast.

Lockheed's missile business does the heavy lifting

The earnings-per-share figure at Lockheed tells the starkest story. Q2 2026 EPS came in at $7.94. In Q2 2025, that same metric sat at $1.46. The gap is not a typo. Missile-related orders drove a significant portion of the beat, and management responded by raising full-year guidance on both ends. Sales are now expected between $79.75 billion and $81.75 billion, up from the prior range of $77.5 billion to $80 billion. Full-year EPS guidance moved to $29.95 $30.65, versus the earlier $29.35 $30.25. The upward revisions are modest in percentage terms, but they signal confidence that missile demand isn't cooling.

RTX clears every bar analysts set

RTX's quarter was a clean double beat. Revenue reached $24.7 billion, up 14.5% year-over-year, against a Wall Street consensus of $22.9 billion. EPS came in at $1.89, a 21.2% annual gain, well above the $1.66 forecast. The company lifted its full-year revenue outlook to $95 96 billion from $92.5 93.5 billion, and pushed EPS guidance to $7.10 $7.25, compared with the previous $6.70 $6.90. Both companies now sit at the upper end of the defense earnings cycle, a sharp contrast to where sentiment was just a few months ago when the ceasefire news knocked the sector broadly lower.

defense stocks don't move in isolation from the broader market mood. Earnings-driven rotation has been a recurring theme this season, with capital chasing companies that actually deliver on guidance rather than just promise growth. Thursday's moves at LMT and RTX fit that pattern exactly.

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