Results from leading U.S. and European defense contractors show that tanks, fighter jets and traditional missiles continue to drive growth despite surging demand for drones, artificial intelligence and counter-drone systems. Lockheed Martin reported a 24% increase in missile revenue in the third quarter, while Renk saw orders for military vehicles rise 46% during the first nine months of the year. Drones are transforming existing platforms rather than replacing them, as tanks increasingly become part of connected battlefield networks, with NATO, Morningstar and Hensoldt reporting strong demand for sensors, optronics and air defense. NATO plans to invest more than $40 billion over five years in counter-drone capabilities, but project delays and stretched valuations weighed on defense stocks this year.
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