Key Highlights

  • Allison Transmission's third-quarter 2026 net sales came in at $1,534 million, a 121% jump that includes $653 million contributed by an acquired operation.
  • BWX Technologies held a Backlog worth $8.56 billion as of Sep 30, 2026.
  • V2X's 2026 Revenue expectation was raised, now spanning $4.95 billion to $5.1 billion.
  • Voyager Technologies hit a record $88.7 million in net sales, yet recorded a $55.7 million loss on a net basis.
  • TAT Technologies posted a record $55.6 million in revenue, climbing 20.2%.

Five Defense, Industrial and Aerospace Names Each Expanded Revenue

Each of the five defense, industrial and aerospace names grew revenue, having released third-quarter 2026 numbers near Nov 2, 2026. Allison Transmission (NYSE:ALSN) recorded $1,534 million of net sales, up 121%, along with $191 million of net income. BWX Technologies (NYSE:BWXT) reported $953.0 million of revenue, a 10.0% rise, and $101.7 million of attributable net income.

V2X (NYSE:VVX) generated $1.271 billion of revenue, up 8.9%, and $32.0 million of net income. Voyager Technologies (NYSE:VOYG) booked $88.7 million of net sales, which climbed 124.1%, but its attributable net loss was $55.7 million. TAT Technologies (NASDAQ:TATT) brought in $55.6 million of revenue, a 20.2% gain, plus $7.7 million of net income.

Since the revenue base runs from $55.6 million up to $1,534 million, setting growth percentages side by side would mislead. Their businesses range across drivetrains, reactor parts, public sector services, orbital technology and aircraft aftermarket support. Allison Transmission's result includes an acquired business, and V2X's quarter closed on Oct 2, 2026.

Allison Transmission: Off-Highway Acquisition Accounts for Much of the 121% Rise

Out of Allison Transmission's $1,534 million in net sales, $653 million traces back to the Allison Off-Highway operation acquired on Jan 1, 2026. The core transmission segment reached a record $881 million for the quarter, a 27% increase, while North America On-Highway sales set a record of $462 million, up 41%.

Diluted EPS landed at $2.30, compared with $1.63, and adjusted diluted EPS stood at $2.90. Adjusted EBITDA hit $400 million, yet its Margin declined to 26.1% from 36.9%, a result of the lower-margin acquired operation.

For a second consecutive quarter, the company raised its 2026 net sales guidance to a range of $5,975 million to $6,075 million, though its article does not disclose the previous range. The company bought back $57 million of its stock in the quarter.

BWX Technologies: Growth Drivers Behind a Backlog Reaching $8.56 Billion

Revenue at BWX Technologies went up $86.7 million, reaching $953.0 million, while diluted EPS was $1.11 compared with $0.89. Inside that total, the Government Operations unit grew 3.6%, landing at $639.1 million with a 19.2% operating margin, while Commercial Operations accelerated 25.2% to $314.2 million.

Its operations involve making reactors for naval vessels and fuel for the U.S. Navy, plus serving buyers of commercial atomic power. Total backlog reached $8.56 billion, compared with $7.26 billion on Dec 31, 2025, and roughly $1.97 billion of that amount is unfunded work for the U.S. Government.

On Jul 31, 2026, the company agreed to divest its medical operation for as much as $800 million, with completion expected in 2026 or in the first quarter of 2027. The article provides no guidance.

V2X: Program Expansion and a Middle East Pullback Shape Revenue Mix

V2X's revenue climbed 8.9%, supported by growth in aerospace and modernization programs and by a $128.9 million rise in discrete work tied to a national security mission. Revenue from the Middle East dropped $104.1 million, or 30%, after a customer narrowed the scope of a program.

Government clients receive engineering, mission readiness and logistics support from this company. Profit rose to $32.0 million, or $1.01 on each diluted share, while adjusted diluted EPS reached $1.64.

Quarterly awards amounted to about $1.6 billion, which translated into a 1.2x book-to-bill and a $12.8 billion overall backlog. V2X increased its 2026 view to adjusted diluted EPS between $6.15 and $6.55, but the article does not give the prior range.

Voyager Technologies: Record Bookings and Backlog Versus a Deepening Loss

Voyager Technologies set records for net sales at $88.7 million, a 124.1% increase from $39.6 million, and for backlog at $742 million, which included $347 million gained through an acquisition. Bookings reached a record $116 million, equal to a 1.3x book-to-bill ratio.

The defense technology and space company's loss attributable to it reached $55.7 million, which is $0.91 per share, up from $16.3 million in the comparison period. Gross margin narrowed from 15.4% to 11.5%, and SG&A climbed from $25.1 million to $47.8 million.

The company raised its 2026 revenue floor by $10 million, to a $285 million to $305 million range. Free Cash Flow was negative $47.8 million, and total Liquidity reached $815.7 million.

TAT Technologies: Margin Records Set Against a Smaller Backlog

Record figures came through across the board at TAT Technologies: revenue reached $55.6 million, gross margin hit 30.9%, and adjusted EBITDA hit $10.9 million, all at new highs. Diluted EPS increased to $0.58 from $0.37, and revenue from auxiliary power units advanced 34.4%.

Aircraft aftermarket operations make up the core of this business, covering overhaul and repair for APUs and heat exchangers. Backlog slipped to $577 million from $615 million, which the article links to $34 million of landing gear agreements dropped amid parts scarcity.

No formal guidance was published, and the company expects to start paying income taxes in 2027. The article is based only on a call transcript, and the files do not state its exchange listing.

Peer Comparison: Net Margins, Backlog Totals and Raised Guidance Side by Side

Adding up the five companies gives roughly $3.90 billion of revenue (calculated) and about $277 million of Net Income (calculated), net of Voyager Technologies' loss. Averaging the five growth rates simply gives about 56.8% (calculated), but the median is 20.2%, since Allison Transmission and Voyager Technologies both more than doubled their sales.

On a net-income-to-revenue basis, V2X sits at 2.5% (calculated), BWX Technologies at 10.7% (calculated), Allison Transmission at 12.5% (calculated), TAT Technologies at 13.8% (calculated), and Voyager Technologies at minus 62.8% (calculated).

Backlog figures reported by four of the companies add up to about $22.7 billion (calculated), since Allison Transmission provided no backlog figure in its article. Guidance went up at three of the five: Voyager Technologies, V2X and Allison Transmission.

What to Watch Next: Voyager's NASA Timeline, BWX's Medical Exit and Allison's Filing

NASA-related filings from Voyager Technologies are slated for December 2026, with a selection expected in spring 2027, while its lander is set to launch in late 2026. BWX Technologies anticipates closing its medical sale in 2026 or the first quarter of 2027.

Allison's quarterly filing should arrive later this week, relative to Nov 2, 2026, but no particular day was given. V2X said its formal 2027 guidance is coming, with no date established.

TAT Technologies anticipates starting income tax payments in 2027, and its materials flagged no other dated event.