Munitions / Defense Industrial Base

Where it stands

Each step compares the last four complete quarters with the two years before. A theme usually moves left to right: companies push, Congress and the White House act, the government buys, and markets respond.

1. 1. Companies pushing
   Steady

   108 companies and groups lobbied on it in Q2 2026, against 87 a year earlier.

2. 2. Congress
   Rising

   5 bills introduced and 0 became law in the last four quarters, against 3 and 0 a year before that.

3. 3. White House and agencies
   Falling

   0 proposed rules, 0 final rules and 0 presidential actions in the last four quarters, against 1 a year before that.

4. 4. Government buying
   Steady

   1,066 purchase plans and award notices in the last four quarters, against 909 a year before that (records start October 2023).

5. 5. Markets
   Falling

   0 insider purchases in the theme's companies in the last four quarters, against 1 a year before that. Their stocks: -6% over the same year, against +14% for the S&P 500. Among the 50 largest holdings of the funds we track, these stocks were worth $966.6M at the end of Q1 2026, against $705.5M a year earlier; the figure moves with prices and with how many funds rank them that high.

The setup

The Department of the Army is making substantial investments in expanding and modernizing its munitions industrial base, committing over $3.5 billion to new production facilities and replenishment contracts for key weapon systems. This push began in early 2025 with significant awards for loitering munitions and has since broadened to include critical artillery and anti-tank systems. Concurrently, a late 2026 Executive Order aims to boost demand for ammunition by expanding hunting access and promoting traditional ammunition use.

How this developed

1. Jan 17, 2025Department of the Army awards AeroVironment $218M for Switchblade 300 and 600 loitered munitions.Federal contract
2. May 23, 2025Department of the Army awards Parsons Government Services $176M for a new ammonium nitrate solution tank farm at Holston Army Ammunition Plant.Federal contract
3. Aug 15, 2025Department of the Army awards MSM Group North America $635M to design and build a modern 155mm Load, Assemble, and Pack facility at Iowa Army Ammunition Plant.Federal contract
4. Aug 27, 2025Department of the Army awards Raytheon/Lockheed Martin Javelin JV $675M for urgent replenishment of Javelin weapon systems.Federal contract
5. Sep 23, 2025Department of the Army awards Global Military Products $638M for special ammunition and weapons system requirements.Federal contract
6. Dec 29, 2025Department of the Army awards AeroVironment $254M for Low Altitude Stalking and Strike Ordnance.Federal contract
7. Mar 31, 2026Department of the Air Force awards Boeing $493M for Joint Direct Attack Munitions (JDAM) Lot 30 and Laser JDAM Lot 14.Federal contract
8. Apr 29, 2026Department of the Army awards Lockheed Martin $425M for High Mobility Artillery Rocket Systems (HIMARS) for US Army and FMS.Federal contract
9. May 11, 2026Department of the Army awards General Dynamics OTS $367M to manufacture 155mm M795 metal part assemblies.Federal contract
10. Jun 30, 2026Department of the Army awards American Ordnance $125M to load, assemble, and pack 225,862 155mm M795 TNT loaded projectiles.Federal contract
11. Sep 17, 2026Executive Order 'Reinvigorating America's Hunting Heritage' directs agencies to expand hunting access, allow lead ammunition, and promote hunting education.Executive action
12. Sep 25, 2026Department of the Navy awards ACMI-Austin, LLC $35.4M for the Maryland Energetics Innovation Hub, supporting defense manufacturing.Federal contract

The full story, year by year

* Year to date. Lobbying is the most companies and groups naming the theme in any one quarter. Insider buys are officer and director open-market purchases in NPK, OLN. Fund holdings are the value of these companies among the top 50 positions of the funds whose 13F filings we track, at the latest quarter of each year. Stock returns are an equal-weight basket of the same companies with prices on file, split-adjusted, without dividends, against the S&P 500 over the same quarters.

• Lobbying before 2025 comes from filings that name the theme; the full lobbying archive is still loading.
• Lobbying reports for Q3 2026 are still being filed, so the comparison uses Q2 2026.

Why it matters

• The Department of the Army has committed over $3.5 billion across 10 contracts since January 2025 to replenish and expand its munitions capabilities, indicating a sustained, high-priority effort.
• Significant investments are being made in core artillery (155mm facilities, M795 projectiles) and anti-tank systems (Javelin replenishment), suggesting a focus on conventional ground warfare readiness.
• The Executive Order (E11) to expand hunting access and permit traditional lead ammunition could indirectly stimulate demand for ammunition production, complementing military industrial base efforts.
• The establishment of new facilities like the $635M 155mm LAP facility (E3) and the $176M ammonium nitrate tank farm (E2) points to long-term strategic investments in domestic production capacity, not just procurement.

Companies exposed to this theme

The record · 12 items, oldest first

• Jan 17, 2025Federal contractAEROVIRONMENT, INC: LOITERED MUNITIONS, SWITCHBLADE 300 AND 600 ALL UP ROUNDS
• May 23, 2025Federal contractPARSONS GOVERNMENT SERVICES INC: NEW AMMONIUM NITRATE SOLUTION TANK FARM AT THE HOLSTON ARMY AMMUNITION PLANT IN KINGSPORT TENNESSEE
• Aug 15, 2025Federal contractMSM GROUP NORTH AMERICA INC.: DESIGN, BUILD, AND COMMISSION A MODERN 155MM LOAD, ASSEMBLE, AND PACK (LAP) FACILITY AT THE IOWA ARMY AMMUNITION PLANT (IAAAP)
• Aug 27, 2025Federal contractRAYTHEON/LOCKHEED MARTIN JAVELIN JV: THIS ACTION IS TO SATISFY AN URGENT NEED FOR REPLENISHMENT OF THE JAVELIN WEAPONS SYSTEM. THIS T.O. WILL EXECUTE A UCA FOR DO 003 (FY25 BUY)
• Sep 23, 2025Federal contractGLOBAL MILITARY PRODUCTS INC: SPECIAL AMMUNITION AND WEAPONS SYSTEM REQUIREMENT
• Dec 29, 2025Federal contractAEROVIRONMENT, INC: LOW ALTITUDE STALKING AND STRIKE ORDNANCE SCD IS A
• Mar 31, 2026Federal contractTHE BOEING COMPANY: JOINT DIRECT ATTACK MUNITIONS LOT 30 AND LASER JOINT DIRECT ATTACK MUNITIONS LOT 14
• Apr 29, 2026Federal contractLOCKHEED MARTIN CORPORATION: PURCHASE HIGH MOBILITY ARTILLERY ROCKET SYSTEMS (HIMARS) FOR UNITED STATES (US) ARMY AND FOREIGN MILITARY SALES (FMS).
• May 11, 2026Federal contractGENERAL DYNAMICS OTS (WILKES BARRE), LLC: MANUFACTURE AND DELIVER 155MM M795 METAL PART ASSEMBLIES
• Jun 30, 2026Federal contractAMERICAN ORDNANCE LLC: ORDER W519YTC26F0141 IS FOR THE CONTRACTOR TO LOAD, ASSEMBLE, AND PACK A QUANTITY OF 225,862 155MM M795 TNT LOADED PROJECTILES.
• Sep 17, 2026Executive actionExecutive Order: Reinvigorating America's Hunting Heritage
• Sep 25, 2026Federal contractACMI-AUSTIN, LLC: $35.4M Department of Defense Federal Award

Some keyword matches were judged unrelated to this theme and are excluded from the record above.

How this story evolved

• Oct 16, 2026, 5:14 AM ETreal109 recordslatest record Sep 30, 2026

  Army commits over $3.5B to replenish Javelin, HIMARS, and 155mm munitions, while investing in domestic production facilities.

  The US Army is undertaking a significant, multi-year effort to rebuild its munitions stockpiles and enhance domestic production capabilities. This initiative, starting in early 2025, involves substantial contracts for key weapon systems like Javelin and HIMARS, alongside major investments in manufacturing infrastructure for artillery shells and propellants. The Department of Defense is driving this expansion to meet urgent replenishment needs and strengthen the defense industrial base.

• Oct 15, 2026, 5:14 AM ETreal490 recordslatest record Oct 14, 2026

  DoD commits over $7.5B to munitions production, including howitzers, JDAMs, and rocket systems, alongside new R&D for drone payloads.

  The US government is significantly investing in its defense industrial base, with over $7.5 billion in contracts awarded for munitions and related systems since early 2025. This surge in procurement, driven primarily by the Department of Defense, spans traditional artillery, precision-guided munitions, and emerging drone-based weapon systems. The activity indicates a concerted effort to replenish and modernize military stockpiles and capabilities.

• Oct 14, 2026, 5:16 AM ETreal20 recordslatest record Sep 30, 2026

  DoD commits over $7.5B to missile and ammunition production, bolstering defense industrial base.

  The US Department of Defense is significantly investing in its munitions and missile production capabilities, awarding over $7.5 billion in contracts since April 2025. This surge in procurement spans air-to-ground missiles, artillery, grenade systems, and rocket launchers, indicating a concerted effort to strengthen the defense industrial base. The activity is primarily driven by the Department of the Army and the Defense Contract Management Agency.

• Oct 13, 2026, 5:14 AM ETreal20 recordslatest record Sep 30, 2026

  DoD commits over $7.5B to munitions production, including HIMARS and JDAM, amidst legislative efforts to restrict arms transfers.

  The US government is significantly investing in its munitions industrial base, with over $7.5 billion in contracts awarded for critical systems like HIMARS, JDAM, and various ammunition types. This push for increased production and innovation is occurring concurrently with legislative attempts to restrict certain arms transfers, highlighting a complex and evolving defense posture. The Department of Defense is driving these efforts through large-scale procurement.

• Oct 12, 2026, 5:14 AM ETreal21 recordslatest record Sep 30, 2026

  DoD commits over $7.5B to munitions production, including HIMARS and JDAM, amidst legislative efforts to restrict arms transfers.

  The US government is significantly investing in its munitions industrial base, with over $7.5 billion in contracts awarded for critical systems like HIMARS, JDAM, and various ammunition types. This push for increased production and innovation is occurring concurrently with legislative attempts to restrict certain arms transfers, highlighting a complex and evolving defense posture. The Department of Defense is driving these efforts through large-scale procurement.

• Oct 11, 2026, 5:14 AM ETreal422 recordslatest record Oct 9, 2026

  DOD commits over $7.5B to missile and ammunition production, expanding capacity for HIMARS, JDAM, and grenade systems.

  The Department of Defense is making substantial investments in its munitions industrial base, committing billions to increase production of key missile and ammunition systems. This effort, spanning multiple branches of the military, aims to bolster existing inventories and fulfill both domestic and foreign military sales requirements. The focus is on established platforms like HIMARS, JDAM, and various grenade systems, indicating a strategic push to enhance conventional firepower.

• Oct 10, 2026, 5:14 AM ETreal23 recordslatest record Sep 30, 2026

  DoD commits over $7.5B to munitions production, including HIMARS and JDAM, amidst legislative efforts to restrict arms transfers.

  The US government is significantly investing in its munitions industrial base, with over $7.5 billion in contracts awarded for critical systems like HIMARS, JDAM, and various ammunition types. This push for increased production and innovation is occurring concurrently with legislative attempts to restrict certain arms transfers, highlighting a complex and evolving defense posture. The Department of Defense is driving these efforts through large-scale procurement.

• Oct 9, 2026, 5:14 AM ETreal413 recordslatest record Oct 7, 2026

  DOD commits over $7.5B to missile and rocket production, signaling sustained demand for munitions.

  The Department of Defense is making substantial investments in missile and rocket systems, with over $7.5 billion in contracts awarded since April 2025. This surge in procurement, primarily from the Army, indicates a clear strategy to bolster the US munitions industrial base. The focus is on established systems like JAGM, JDAM, HIMARS, and Hydra-70, alongside ongoing solicitations for smaller components.

• Oct 8, 2026, 5:14 AM ETreal403 recordslatest record Oct 6, 2026

  DOD commits over $7.5B to missile and ammunition production, signaling a major push to rebuild munitions stockpiles.

  The US Department of Defense is making substantial investments in its munitions industrial base, committing billions to the production of missiles, rockets, and various ammunition systems. This effort, spanning multiple branches of the military, indicates a strategic push to replenish and expand critical defense stockpiles. The activity began in late 2024 and has significantly accelerated through 2025 and 2026.

• Oct 7, 2026, 5:41 AM ETreal400 recordslatest record Oct 5, 2026

  DOD commits over $7.5B to missile, rocket, and grenade production, alongside an Executive Order expanding hunting access and ammunition use.

  The Department of Defense is significantly investing in the production of various munitions, including missiles, rockets, and grenade systems, with over $7.5 billion in contracts awarded since late 2025. This surge in procurement is complemented by an Executive Order aimed at expanding hunting access and promoting traditional ammunition use, indicating a broader governmental push related to munitions and their applications.

• Oct 6, 2026, 5:14 AM ETreal2006 recordslatest record Oct 5, 2026

  DoD awards $7.5B in munitions contracts, while Congress considers restricting arms to Israel.

  The US Department of Defense is significantly investing in munitions production, awarding over $7.5 billion in contracts for missiles, rockets, and ammunition systems since April 2025. This surge in procurement is occurring amidst legislative efforts to potentially restrict certain defense article transfers to Israel, creating a complex landscape for defense contractors. The executive branch is also taking steps to expand hunting access, which could indirectly boost demand for certain types of ammunition.

• Oct 5, 2026, 5:14 AM ETreal272 recordslatest record Oct 4, 2026

  DoD commits $7.5B to missile and ammunition production, while a bill seeks to restrict specific bomb sales to Israel.

  The US Department of Defense is making significant investments in missile and ammunition production, with over $7.5 billion in contracts awarded to major defense contractors since April 2025. This push for increased munitions capacity is occurring concurrently with legislative efforts to restrict the transfer of certain defense articles to Israel, creating a complex landscape for defense primes. The activity suggests a dual focus on bolstering domestic production and navigating geopolitical sensitivities.