US defense contractor Raytheon, the world's largest producer of guided missiles, has seen significant profits from military supplies to Ukraine since the war began in February 2022, reversing its previous sales struggles. 

Raytheon Missiles & Defense (RMD), a subsidiary of RTX Corporation focused on missile production, has delivered National Advanced Surface-to-Air Missile Systems (NASAMS) directly to Ukraine.

Since the fourth quarter of 2022, Raytheon has reported five consecutive quarters of revenue growth after facing declines prior. The company’s backlog of signed but unfulfilled defense contracts has increased from $63 billion at the end of 2021 to $77 billion by the end of the second quarter of this year, demonstrating its ability to capitalize on the heightened demand driven by ongoing US military support for Ukraine.

Raytheon has had five consecutive quarters of revenue increase since the fourth quarter of 2022, after dealing with sales declines for four quarters prior, according to the company's most recent financial report.

RMD experienced a downturn in new orders starting in the fourth quarter of 2021, with an 8% year-on-year reduction. By the second quarter of 2022, RMD faced its third consecutive revenue decline, down 11% compared to the previous year. However, this quarter marked a shift as new orders began to reflect increased demand due to the escalating conflict in Ukraine, with $3.56 billion in new sales, including $662 million from Stinger missile replenishments for the US Army.

By the fourth quarter of 2022, RMD reported a 6% year-on-year sales growth, driven by the demand for missiles linked to Ukraine. A significant $698 million contract for the National Advanced Surface-to-Air Missile System (NASAMS) accounted for 17% of its $4.1 billion in new sales for that quarter. As the US continued to supply missiles to Ukraine, RMD saw a steady stream of new orders in the following months.

In June 2023, RMD secured its largest AMRAAM deal to date, valued at $1.15 billion, to supply AIM-120 D-3 and C-8 missiles to 18 nations, including Ukraine. This contract contributed 28.8% to RMD's $4 billion in new sales during the second quarter of 2023.

Despite RTX's announcement to merge RMD with Raytheon Intelligence & Space, the revenue increase was driven by the demand for missile production due to the ongoing crisis in Ukraine. In the fourth quarter of 2023, approximately 40% of the newly combined company's $6.9 billion in revenues stemmed from $2.8 billion in Guidance Enhanced Missiles (GEM-T), crucial for the Patriot air defense system.

Germany this year was forced to place orders at Raytheon after the transfer of its own Patriot systems to Ukraine. Germany originally placed a $1.2 billion purchase for a new Patriot system in March; during the first quarter of this year, Raytheon's revenues of $6.7 billion came from this transaction.

The US Army gave the Javelin Joint Venture, formed by Raytheon and Lockheed Martin, a $1.3 billion manufacturing contract in August, in addition to further orders for the Patriot system.

The Javelin Joint Venture was entrusted with increasing production to refill the supply for the US Army after the US deployed hundreds of Javelin anti-tank missiles to Ukraine. By late 2026, the venture hoped to produce 3,960 missiles annually.

As of August 8, the Pentagon estimated that US military aid to Ukraine had boosted the country's industrial base by $36.8 billion, with Arkansas and Pennsylvania receiving the most at $2.98 billion and $2.07 billion, respectively. Other states benefiting from over $1 billion included West Virginia, Alabama, Arizona, California, Florida, and Texas.

A report from Vertical Research Partners predicted that by the end of 2026, the top five US defense contractors will generate $26 billion in cash flow. Companies like Raytheon are expected to profit not only from the Ukraine war but also from consistent US support for "Israel".