US Aerospace & Defense 2Q26 Earnings Preview

研报英文原文证据摘录

US Aerospace & Defense 2Q26 Earnings Preview

contribution improving and execution on core; see FCF reiterated but less steep 4Q

seasonality this year.

Transdigm: beat/raise with another quarter of double digit aftermarket growth

demonstrating F2Q was no outlier; lower bar than most other aftermarket names.

Acquisitions could begin to contribute more to EBITDA.

Woodward: beat/raise with continued strength in commercial aftermarket (LRU/

spares durability) and improving Aero incrementals as investment normalizes,

supporting multi-year upside to estimates.

Amentum: in-line quarter with a lift to the low-end of guidance, with strong

bookings momentum and lower AI risk/exposure supporting a positive reaction at

a depressed valuation.

CACI: EBITDA beat with accelerating organic growth (JTMS/BEAGLE ramps), with

FY27 guidance bracketing consensus conservative extrapolating F4Q results;

double digit organic growth potential here.

General Dynamics: beat/raise driven by strong Gulfstream deliveries + margins,

plus continued Marine growth. Delivery tracker points to upside vs. consensus

deliveries.

Kratos: beat/raise driven by KGS growth backed by bookings visibility, continued

strong bookings plus guidance raise should be enough for a relief rally in the stock

even with valuation above the multi-year average.

L3Harris: slight beat/raise supported by sustained >1.2X book-to-bill conversion,

with SRM acceleration and international/ISR awards. If absent one-timers, margins

could also be a source of upside.

Leidos: beat and EPS guide raise, with clarity on VBA/DHMSM and stronger

Defense hardware growth/bookings helping drive a relief rally from a very

depressed valuation.

Lockheed Martin: beat/raise with strong bookings momentum (THAAD/PrSM)