FMS Update: Foreign Demand Remains A Bright Spot

研报英文原文证据摘录

FMS Update: Foreign Demand Remains A Bright Spot

TD Securities (USA) LLC POLICY NOTE

July 1, 2026

■WRG Aerospace & Defense FMS Update: Foreign Demand Remains A

Bright Spot

Roman Schweizer THE TD COWEN INSIGHT

202 868 5305

DoS announced 15 FMS cases totaling $7.5B in Jun.

roman.schweizer@tdsecurities.com

Largest sale was Anduril cUAS platforms for KUW ($2.0B) followed by 5 Lockheed MH-60RLiz Huseynov

646 562 1421 helos for NZL ($1.5B) & 12 Lockheed UH-60M helos for AUT ($1.5B). It's first time a private co.

liz.huseynov@tdsecurities.com took top slot.

For FY YTD, Lockheed has highest est. value ($29.2B), then RTX ($21.4B), and Lockheed/RTX

split FMS ($19.3B).

Impact: Very positive for USA defense FMS

Bottom Line Up Front

DoS flagged $7.5B in potential cases in Jun. FY26 YTD is $109.5B vs. $80.5B (FY25), $76.1B

(FY24), $78.0 (FY23), $50.5B (FY22).

NATO Summit Preview (Jul 7-8): NATO leaders gather in Ankara next week w/ defense

spending, industrial capacity, and support for UKR at top of the agenda. President Trump

has confirmed he will attend, putting added focus on burden-sharing and implementation of

NATO's 5% defense spending commitment. Alliance officials have also signaled new defense

investment announcements and contract activity tied to the summit.

UK Defense Spending: GBR released its new Defense Investment Plan, outlining £298B four-

year plan that shifts investment toward capabilities shaped by UKR lessons & evolving NATO

requirements. Key initiatives incl. >£5B for adv. uncrewed systems, incl. £1.5B for Royal Navy's

new Hybrid Navy & £1.6B for drones & Project ASGARD, alongside £3.2B for space, £2.5B for

cyber/electromagnetic warfare, £790M for homeland air and missile defense, and continued

investment in the nuclear enterprise and Global Combat Air Program.