War Profits: Who Cashes In When Conflict Surges
April 29, 2026
LMT REVENUE SURGE
+34%
Lockheed Martin revenue growth, 2022–2025 vs. prior 3-yr avg
OIL WINDFALL
$200B+
Combined net profit, top 5 U.S. oil majors, 2022–2024
DEFENSE DONATIONS
$90M+
Defense sector political contributions, 2024 election cycle
CRUDE PRICE SPIKE
+48%
Brent crude price increase, Jan–Oct 2022 post-Ukraine shock
SPAIN RENEWABLES
56%
Share of electricity from renewables, Spain 2024 — a structural alternative
DEFENSE + ENERGY PROFITS OVER TIME — WITH PRESIDENTIAL ADMINISTRATIONS
Sources: SEC 10-K Filings · Shaded bands = presidential administrations
Defense Contractor Net Income (USD Billions)
Sources: SEC 10-K Filings · Dashed line = DoD Procurement Budget Authority (secondary axis)
Key Questions
DATA SOURCES
· U.S. Energy Information Administration· SEC 10-K Filings· OpenSecrets· IMF World Economic Outlook April 2026· IEA Renewables Report 2024
Data sources
Brent Crude Oil Prices — Annual Average· U.S. Energy Information Administration (EIA)Defense Sector Political Contributions by Cycle· OpenSecretsOil & Gas Sector Political Contributions by Cycle· OpenSecretsLockheed Martin Annual Reports (10-K)· Lockheed Martin / SEC EDGARRaytheon Technologies / RTX Annual Reports (10-K)· RTX Corporation / SEC EDGARDoD Comptroller — Defense Budget Materials· U.S. Department of DefenseWorld Economic Outlook April 2026 — Middle East Risk Flagging· International Monetary FundRenewables 2024 — Global Status Report· International Energy Agency (IEA)Share of Electricity from Renewables — Spain & EU· EurostatNATO Strategic Concept 2022 — Energy Security as Vulnerability· NATOContractor Oversight — Revolving Door Data· Project On Government Oversight (POGO)