Key Takeaways RTX ended 2025 with a defense backlog of about $107 billion, reflecting strong Pentagon and allied demand.Lockheed Martin closed 2025 with a $193.6 billion backlog, led by the F-35 and rising missile output.Boeing booked about $15 billion in defense orders in Q4 2025, lifting backlog to roughly $85 billion.The conflict in the Middle East is in its fourth week and continues to evolve. While recent reports suggest that the United States has sent Iran a 15-point proposal aimed at ending the war, ...