Defense Giants Post Record Backlogs As Iran War Drains America’s Missile Stockpiles

Two of America’s largest defense contractors reported record order backlogs Tuesday, with RTX securing nearly $23 billion in Tomahawk cruise missile contracts as the Pentagon faced mounting costs to replace weapons expended during the war with Iran.

RTX disclosed a record $340 billion companywide backlog, including $164 billion in defense orders, while Northrop Grumman reported a record $109.6 billion in outstanding contracts. Although neither company attributed its overall backlog to the Iran conflict, RTX secured major orders for Tomahawk missiles and missile defense interceptors, weapons the U.S. military expended during the fighting.

RTX reported quarterly revenue climbed 11% to nearly $25 billion, according to its earnings release. Its Raytheon defense division generated $8 billion in sales, a 14% increase from a year earlier, driven by higher production volumes on naval weapons, Patriot air defense systems, Standard Missiles and Tomahawk cruise missiles.

Raytheon’s operating profit jumped 32% to $1.13 billion, while RTX secured more than $81 billion in new commercial aerospace and defense awards during the quarter.

RTX CEO Chris Calio said approximately $23 billion in Tomahawk contracts and more than $14 billion in AMRAAM missile orders accounted for the majority of the company’s nearly $59 billion in quarterly defense bookings. The Tomahawk orders included a $22.9 billion contract awarded in August to expand production for the U.S. Navy.

Northrop Grumman reported third-quarter revenue increased 7% to $11.1 billion, with its Aeronautics Systems division recording 14% growth and Defense Systems sales climbing 12%, according to its financial results.

The company secured $16.4 billion in new contracts during the quarter, including $2 billion for the Sentinel nuclear missile program, $1.4 billion for Virginia-class submarines and $1.3 billion for F-35 fighter aircraft. Those awards reflected broader military spending rather than contracts specifically identified as replacements for weapons used in Iran.

Northrop’s backlog increased 15% from the end of 2025, reaching $109.6 billion. Company filings showed approximately $50.1 billion of those orders were funded, while another $59.5 billion remained unfunded, illustrating how large contract backlogs do not necessarily translate into immediately available defense equipment.

The expanding defense business comes as American military operations in Iran have consumed substantial quantities of expensive weapons.