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“The Department cannot confirm specific budget details until after the FY23 President’s Budget is released,” a Pentagon spokesperson told Reuters.
Shares of weapons maker Lockheed Martin, which counts the U.S. government as its biggest customer, were down 3.4% in early trading.
The world’s largest defense contractor did not immediately respond to Reuters requests for comment.
Reuters reported last month that U.S. President Joe Biden was expected to ask Congress for a defense budget exceeding $770 billion for the next fiscal year. In 2022, the defense budget was $778 billion.
The budget is expected to benefit the biggest U.S. defense contractors, including Lockheed, Northrop Grumman Corp (NYSE:NOC) and General Dynamics Corp (NYSE:GD).
Lockheed Martin delivered a total of 142 F-35 fighter jets to the United States and its allies last year, three more than originally planned.
Lockheed’s F-35 is one of the world’s most advanced fighter aircraft and considered a highly sensitive export, sold only to the closest allies of the United States.
