Shares of Lockheed Martin (NYSE: LMT) and RTX (NYSE: RTX) are up by 40% and 80% since early 2024 and can continue to set new highs this year and next. Their businesses are thriving because of increased global demand,

Lockheed Martin reports third quarter earnings Tuesday morning. Wall Street is looking for earnings per share of about $6.50 from sales of $17.4 billion, according to FactSet.

Analysts expect most defense contractors to report gains to earnings and revenue as Lockheed Martin and RTX lead results on Tuesday.

Speaking of the options pits, Lockheed Martin stock is seeing higher-than-usual intraday put volume before the earnings call. Around the session's halfway point, 6,156 calls and 4,545 puts have traded hands,