Arabi Post traces how the U.S. president’s portfolio expanded into companies tied to the Pentagon in the space of a single year
An extensive Arabi Post analysis of U.S. President Donald Trump’s latest financial disclosure has found that his investments directly tied to the defense sector and the military industry more than doubled within a single year, compared with the preceding year, before he returned to the White House.
The analysis shows that the number of investment entries linked to defense-related companies increased from 325 in the previous financial disclosure to 689 in the most recent filing, while their reported value rose from a range of $7.7 million to $24.9 million to between $120.8 million and $487.8 million.
The findings are based on Trump’s annual financial disclosures for 2024, filed before returning to office, and 2025, submitted after assuming the presidency, both issued by the U.S. Office of Government Ethics, after company data were standardized, reclassified, and compared using a unified methodology.
| Disclosure | Investment entries | Lower bound ($m) | Upper bound ($m) |
|---|---|---|---|
| 2024 · before the presidency | 325 | 7.7 | 24.9 |
| 2025 · after the presidency | 689 | 120.8 | 487.8 |
Because U.S. financial disclosures report many assets within value ranges rather than precise figures, the analysis relies on the disclosed minimum and maximum values, not the current market value of the investments.
The findings carry particular significance because the investor is the President of the United States, who heads the executive branch and oversees national security and defense policy — areas directly tied to weapons programs, military spending, and the contracts awarded by the Department of Defense.
However, Trump’s ownership of investments in defense-related companies does not, by itself, establish a conflict of interest or indicate that any government or military decision was taken for direct personal financial gain. Financial disclosures reveal ownership and the value range of assets, but they do not establish the motives behind decisions, as the U.S. Office of Government Ethics itself notes.
Against this backdrop, the analysis seeks to answer four key questions:
An examination of Trump’s two financial disclosures found that the number of investment entries directly linked to the defense sector rose from 325 in the previous 2024 filing to 689 in the most recent disclosure covering 2025 — an increase of 364 entries in a single year.
These entries represent investments in companies identified as having direct defense-related activities, including weapons manufacturing and the development of military technologies and services.
The figure does not mean that Trump invested in 689 different defense companies. A single company may appear multiple times in the disclosure if it is held across more than one investment account or through more than one financial instrument.
For that reason, the analysis uses investment entries as its unit of measurement, as they reflect every disclosed holding, while company names were standardized and duplicates removed when analysing the results.
Based on the value ranges reported in the disclosures, the combined holdings were valued at between $120.8 million and $487.8 million, up from $7.7 million to $24.9 million in the previous filing.
These figures do not represent the portfolio’s current market value or the returns it generated. Rather, they reflect the aggregate minimum and maximum values the president reported in the two documents.
A comparison of the two filings shows that the increase was not primarily driven by the addition of a large number of new companies to the portfolio, but mainly by the expansion of existing holdings.
The reported value range of Trump’s investments increased in 87 companies compared with the previous disclosure, adding between $82.6 million and $348.1 million to the total value of the defense portfolio on their own — making this the single most significant financial factor behind the jump.
At the same time, 65 companies appeared across a greater number of investment accounts than in the previous filing, generating 172 additional appearances, while companies or share classes appearing for the first time in the comparison had only a limited effect.
| Factor | Scope | Effect on the defense portfolio | Weight |
|---|---|---|---|
| Wider reported value range on existing holdingsLargest financial factor | 87 companies | Adds between $82.6m and $348.1m | |
| Company appears across more investment accountsWider repetition | 65 companies | 172 additional appearances in the filing | |
| Companies or share classes appearing for the first timeLimited effect | — | Their impact on the comparison stayed limited |
The increase in Trump’s defense-related investments also appears to mirror the broader expansion of his overall investment portfolio.
According to a Reuters analysis of Trump’s latest financial disclosure, the value of his stock and bond holdings rose to between $703 million and $2.6 billion by the end of 2025, compared with between $225 million and $608 million at the end of 2024 — at least a fourfold increase.
However, this analysis goes beyond documenting the growth of Trump’s investment portfolio. It also identifies where that growth was concentrated within the defense sector.
By reclassifying the companies listed in the financial disclosure according to the nature of their business activities, the analysis distinguishes investments in weapons manufacturers from those in military technology and services firms and in dual-use companies — producing a more precise picture of the president’s investment exposure to the defense industrial base.
| # | Company | Classification | Appearances | Accounts | Reported value (lower – upper) |
|---|---|---|---|---|---|
| 1 | ALPHABET INCGOOGL | D3 · Dual-use company | 10 | 5 | $13,500,010 – $60,000,000 |
| 2 | NVIDIA CORPNVDA | D3 · Dual-use company | 8 | 7 | $12,500,007 – $58,001,000 |
| 3 | BROADCOM INCAVGO | D3 · Dual-use company | 13 | 7 | $11,050,013 – $49,250,000 |
| 4 | AmazonAMZN | D3 · Dual-use company | 10 | 7 | $9,750,010 – $46,600,000 |
| 5 | MicrosoftMSFT | D2 · Defense technology | 9 | 7 | $9,100,008 – $42,251,000 |
| 6 | META PLATFORMS INC CLASS AMETA | D3 · Dual-use company | 10 | 6 | $8,300,010 – $37,700,000 |
| 7 | JPMORGAN CHASE & COJPM | D4 · Indirect investment exposure | 16 | 7 | $5,480,016 – $23,150,000 |
| 8 | MORGAN STANLEYMS | D4 · Indirect investment exposure | 13 | 7 | $3,195,013 – $12,600,000 |
| 9 | GOLDMAN SACHS GROUP INCGS | D4 · Indirect investment exposure | 11 | 7 | $3,130,011 – $12,450,000 |
| 10 | QUALCOMM INCQCOM | D3 · Dual-use company | 11 | 7 | $2,967,010 – $12,031,000 |
| 11 | CISCO SYS INCCSCO | D2 · Defense technology | 11 | 7 | $2,695,011 – $11,600,000 |
| 12 | BERKSHIRE HATHAWAY CLASS BBRK.B | D4 · Indirect investment exposure | 6 | 5 | $2,700,006 – $11,450,000 |
| 13 | GE AEROSPACEGE | D1 · Major defense contractor | 8 | 7 | $2,480,008 – $11,050,000 |
| 14 | ALPHABET INC CLASS AGOOG | D3 · Dual-use company | 6 | 2 | $2,400,006 – $11,000,000 |
| 15 | BoeingBA | D1 · Major defense contractor | 7 | 5 | $2,132,007 – $10,380,000 |
| 16 | CATERPILLAR INCCAT | D3 · Dual-use company | 9 | 7 | $2,180,009 – $7,400,000 |
| 17 | VERIZON COMMUNICATIONS IVZ | D3 · Dual-use company | 10 | 7 | $1,882,010 – $6,980,000 |
| 18 | RTX CorporationRTX | D1 · Major defense contractor | 8 | 6 | $1,896,008 – $6,915,000 |
| 19 | ACCENTURE PLC IRELAND FCLASS AACN | D3 · Dual-use company | 8 | 6 | $1,882,008 – $6,880,000 |
| 20 | MICRON TECHNOLOGY INCMU | D3 · Dual-use company | 8 | 7 | $1,830,008 – $6,800,000 |
| 21 | PALANTIR TECHNOLOGIES INCLASS APLTR | D2 · Defense technology | 7 | 6 | $1,780,007 – $6,700,000 |
| 22 | PARKER-HANNIFIN CORPPH | D3 · Dual-use company | 7 | 5 | $1,817,007 – $6,680,000 |
| 23 | ADVANCED MICRO DEVICE INAMD | D3 · Dual-use company | 7 | 6 | $1,745,007 – $6,650,000 |
| 24 | INTEL CORPINTC | D3 · Dual-use company | 9 | 7 | $1,697,009 – $6,530,000 |
| 25 | OracleORCL | D2 · Defense technology | 6 | 5 | $1,480,006 – $6,100,000 |
| 26 | Lockheed MartinLMT | D1 · Major defense contractor | 9 | 6 | $1,332,008 – $5,881,000 |
| 27 | SALESFORCE INCCRM | D2 · Defense technology | 7 | 6 | $1,360,007 – $5,800,000 |
| 28 | AIR PRODS & CHEMS INCAPD | D3 · Dual-use company | 7 | 5 | $1,218,007 – $5,595,000 |
| 29 | OLIN CORPOLN | D3 · Dual-use company | 4 | 3 | $1,001,002 – $5,017,000 |
| 30 | BLACKSTONE INCBX | D4 · Indirect investment exposure | 11 | 7 | $1,362,011 – $2,980,000 |
| 31 | IBM CORPIBM | D2 · Defense technology | 9 | 6 | $1,195,009 – $2,450,000 |
| 32 | BlackRockBLK | D4 · Indirect investment exposure | 6 | 4 | $1,117,006 – $2,330,000 |
| 33 | TEXAS INSTRS INCTXN | D3 · Dual-use company | 9 | 6 | $997,009 – $2,180,000 |
| 34 | KLA CORPKLAC | D3 · Dual-use company | 7 | 6 | $781,007 – $1,715,000 |
| 35 | PALO ALTO NETWORKS INCPANW | D2 · Defense technology | 8 | 7 | $662,008 – $1,480,000 |
| 36 | ANALOG DEVICES INCADI | D3 · Dual-use company | 7 | 6 | $682,007 – $1,480,000 |
| 37 | Rockwell AUTOMATION INCROK | D3 · Dual-use company | 7 | 5 | $682,007 – $1,480,000 |
| 38 | CROWDSTRIKE HLDGS INC CLASS ACRWD | D2 · Defense technology | 7 | 6 | $647,007 – $1,430,000 |
| 39 | AMPHENOL CORP NEW CLASS AAPH | D3 · Dual-use company | 6 | 5 | $667,006 – $1,430,000 |
| 40 | DEERE & CODE | D3 · Dual-use company | 6 | 5 | $667,006 – $1,430,000 |
| 41 | FASTENAL COFAST | D3 · Dual-use company | 7 | 5 | $653,006 – $1,396,000 |
| 42 | AT&T INCT | D3 · Dual-use company | 9 | 7 | $582,008 – $1,381,000 |
| 43 | JOHNSON CONTROLS INTER FJCI | D3 · Dual-use company | 6 | 5 | $617,006 – $1,330,000 |
| 44 | PPG INDS INCPPG | D3 · Dual-use company | 7 | 5 | $601,004 – $1,218,000 |
| 45 | CORNING INCGLW | D3 · Dual-use company | 7 | 6 | $568,007 – $1,195,000 |
| 46 | STATE STR CORPSTT | D4 · Indirect investment exposure | 9 | 6 | $498,009 – $1,195,000 |
| 47 | EATON CORP PLC FETN | D3 · Dual-use company | 6 | 5 | $567,005 – $1,181,000 |
| 48 | SCHWAB CHARLES CORP NEWSCHW | D4 · Indirect investment exposure | 3 | 3 | $565,003 – $1,150,000 |
| 49 | SEAGATE TECHNOLOGY HLD FSTX | D3 · Dual-use company | 9 | 7 | $462,009 – $1,080,000 |
| 50 | CADENCE DESIGN SYS INCCDNS | D3 · Dual-use company | 8 | 7 | $433,008 – $995,000 |
| 51 | CUMMINS INCCMI | D3 · Dual-use company | 7 | 6 | $418,007 – $945,000 |
| 52 | EMERSON ELEC COEMR | D3 · Dual-use company | 7 | 6 | $418,007 – $945,000 |
| 53 | Northrop GrummanNOC | D1 · Major defense contractor | 6 | 5 | $417,006 – $930,000 |
| 54 | TRANSDIGM GROUP INCTDG | D1 · Major defense contractor | 6 | 5 | $417,006 – $930,000 |
| 55 | KKRKKR | D4 · Indirect investment exposure | 6 | 5 | $403,006 – $895,000 |
| 56 | General DynamicsGD | D1 · Major defense contractor | 6 | 5 | $382,006 – $880,000 |
| 57 | HOWMET AEROSPACE INCHWM | D1 · Major defense contractor | 6 | 5 | $382,006 – $880,000 |
| 58 | SYNOPSYS INCSNPS | D3 · Dual-use company | 5 | 5 | $402,005 – $880,000 |
| 59 | T-MOBILE US INCTMUS | D3 · Dual-use company | 7 | 5 | $368,006 – $846,000 |
| 60 | AUTODESK INCADSK | D3 · Dual-use company | 6 | 5 | $368,006 – $845,000 |
| 61 | 3M COMMM | D3 · Dual-use company | 7 | 6 | $368,007 – $795,000 |
| 62 | GENERAL MTRS COGM | D3 · Dual-use company | 7 | 6 | $368,007 – $795,000 |
| 63 | FORTINET INCFTNT | D2 · Defense technology | 8 | 7 | $320,008 – $725,000 |
| 64 | TE CONNECTIVITY PLC FTEL | D3 · Dual-use company | 7 | 6 | $298,007 – $695,000 |
| 65 | HONEYWELL INTL INCHON | D1 · Major defense contractor | 8 | 7 | $247,007 – $681,000 |
| 66 | ROPER TECHNOLOGIES INCROP | D3 · Dual-use company | 7 | 6 | $303,005 – $647,000 |
| 67 | NXP SEMICONDUCTORS N V FNXPI | D3 · Dual-use company | 6 | 5 | $217,005 – $581,000 |
| 68 | MONOLITHIC PWR SYS INCMPWR | D3 · Dual-use company | 7 | 6 | $218,007 – $545,000 |
| 69 | SNAP ON INCSNA | D3 · Dual-use company | 4 | 3 | $252,003 – $531,000 |
| 70 | L3Harris TechnologiesLHX | D1 · Major defense contractor | 7 | 6 | $183,007 – $495,000 |
| 71 | MICROCHIP TECHNOLOGY INCMCHP | D3 · Dual-use company | 7 | 5 | $168,006 – $446,000 |
| 72 | KEYSIGHT TECHNOLOGIES INKEYS | D3 · Dual-use company | 5 | 4 | $153,005 – $395,000 |
| 73 | NETAPP INCNTAP | D2 · Defense technology | 6 | 5 | $119,006 – $360,000 |
| 74 | ON SEMICONDUCTOR CORPON | D3 · Dual-use company | 6 | 5 | $119,006 – $360,000 |
| 75 | AKAMAI TECHNOLOGIES INCAKAM | D3 · Dual-use company | 5 | 4 | $116,003 – $317,000 |
| 76 | DELL TECHNOLOGIES INC CLASS CDELL | D2 · Defense technology | 6 | 5 | $104,005 – $311,000 |
| 77 | EASTMAN CHEM COEMN | D3 · Dual-use company | 4 | 2 | $115,002 – $302,000 |
| 78 | SERVICENOW INCNOW | D2 · Defense technology | 3 | 3 | $102,003 – $280,000 |
| 79 | COHERENT CORPCOHR | D3 · Dual-use company | 3 | 2 | $102,003 – $280,000 |
| 80 | LUMEN TECHNOLOGIES INCLUMN | D2 · Defense technology | 1 | 1 | $100,001 – $250,000 |
| 81 | ESCO TECHNOLOGIES INCESE | D3 · Dual-use company | 1 | 1 | $100,001 – $250,000 |
| 82 | MOOG INCMOG.A | D3 · Dual-use company | 1 | 1 | $100,001 – $250,000 |
| 83 | TTM TECHNOLOGIES INCTTMI | D3 · Dual-use company | 1 | 1 | $100,001 – $250,000 |
| 84 | APOLLO GLOBAL MANAGEMENTAPO | D4 · Indirect investment exposure | 6 | 5 | $103,005 – $246,000 |
| 85 | AMETEK INC NEWAME | D3 · Dual-use company | 5 | 4 | $103,005 – $245,000 |
| 86 | DOW INCDOW | D3 · Dual-use company | 5 | 3 | $103,005 – $245,000 |
| 87 | HEWLETT PACKARD ENTERPRIHPE | D2 · Defense technology | 6 | 5 | $69,006 – $210,000 |
| 88 | AXON ENTERPRISE INCAXON | D2 · Defense technology | 5 | 4 | $68,005 – $195,000 |
| 89 | MARVELL TECHNOLOGY INCMRVL | D3 · Dual-use company | 5 | 4 | $68,005 – $195,000 |
| 90 | MOTOROLA SOLUTIONS INCMSI | D3 · Dual-use company | 5 | 4 | $67,004 – $181,000 |
| 91 | CLOUDFLARE INC CLASS ANET | D2 · Defense technology | 4 | 3 | $67,004 – $180,000 |
| 92 | TERADYNE INCTER | D3 · Dual-use company | 6 | 5 | $55,006 – $175,000 |
| 93 | SNOWFLAKE INC CLASS ASNOW | D2 · Defense technology | 3 | 3 | $66,003 – $165,000 |
| 94 | PTC INCPTC | D3 · Dual-use company | 4 | 3 | $52,003 – $131,000 |
| 95 | LeidosLDOS | D1 · Major defense contractor | 4 | 3 | $32,004 – $130,000 |
| 96 | ALCOA CORPAA | D3 · Dual-use company | 3 | 2 | $52,003 – $130,000 |
| 97 | DUPONT DE NEMOURS INCDD | D3 · Dual-use company | 7 | 6 | $20,006 – $126,000 |
| 98 | HUNTINGTON INGALLS INDUSTRIESHII | D1 · Major defense contractor | 4 | 3 | $31,003 – $116,000 |
| 99 | LATTICE SEMICONDUCTOR COLSCC | D3 · Dual-use company | 3 | 2 | $51,002 – $116,000 |
| 100 | INVESCO LTD FIVZ | D4 · Indirect investment exposure | 3 | 2 | $51,002 – $116,000 |
| 101 | SKYWORKS SOLUTIONS INCSWKS | D3 · Dual-use company | 5 | 3 | $19,005 – $110,000 |
| 102 | AMENTUM HOLDINGS INCAMTM | D1 · Major defense contractor | 3 | 2 | $50,001 – $102,000 |
| 103 | TextronTXT | D1 · Major defense contractor | 3 | 3 | $50,001 – $102,000 |
| 104 | FORTIVE CORP DISCFTV | D3 · Dual-use company | 3 | 2 | $50,001 – $102,000 |
| 105 | DXC TECHNOLOGY CODXC | D2 · Defense technology | 1 | 1 | $50,001 – $100,000 |
| 106 | MERCURY SYSTEMS INCMRCY | D2 · Defense technology | 1 | 1 | $50,001 – $100,000 |
| 107 | VIASAT INCVSAT | D2 · Defense technology | 1 | 1 | $50,001 – $100,000 |
| 108 | AAR CORPAIR | D3 · Dual-use company | 1 | 1 | $50,001 – $100,000 |
| 109 | MIRION TECHNOLOGIES INCMIR | D3 · Dual-use company | 1 | 1 | $50,001 – $100,000 |
| 110 | SUPER MICRO COMPUTER INCSMCI | D2 · Defense technology | 5 | 5 | $18,004 – $96,000 |
| 111 | GARMIN LTD FGRMN | D3 · Dual-use company | 5 | 4 | $18,004 – $96,000 |
| 112 | ARES MGMT CORP CLASS AARES | D4 · Indirect investment exposure | 4 | 3 | $18,004 – $95,000 |
| 113 | HEICO CORP NEW CLASS AHEI.A | D3 · Dual-use company | 3 | 1 | $17,003 – $80,000 |
| 114 | TRIMBLE INCTRMB | D3 · Dual-use company | 3 | 2 | $17,003 – $80,000 |
| 115 | HP INCHPQ | D3 · Dual-use company | 4 | 3 | $16,002 – $67,000 |
| 116 | F5 INCFFIV | D2 · Defense technology | 3 | 2 | $16,002 – $66,000 |
| 117 | AECOMACM | D3 · Dual-use company | 3 | 2 | $16,002 – $66,000 |
| 118 | JABIL INCJBL | D3 · Dual-use company | 3 | 2 | $16,002 – $66,000 |
| 119 | BWX TECHNOLOGIES INCBWXT | D1 · Major defense contractor | 2 | 2 | $16,002 – $65,000 |
| 120 | ZSCALER INCZS | D2 · Defense technology | 4 | 3 | $4,004 – $60,000 |
| 121 | TETRA TECH INCTTEK | D3 · Dual-use company | 3 | 2 | $15,001 – $52,000 |
| 122 | OSHKOSH CORPOSK | D1 · Major defense contractor | 2 | 2 | $15,001 – $51,000 |
| 123 | IRIDIUM COMMUNICATIONS INCIRDM | D2 · Defense technology | 2 | 2 | $15,001 – $51,000 |
| 124 | COGNEX CORPCGNX | D3 · Dual-use company | 2 | 2 | $15,001 – $51,000 |
| 125 | WOODWARD INCWWD | D3 · Dual-use company | 2 | 2 | $15,001 – $51,000 |
| 126 | AFFILIATED MANAGERS GROUAMG | D4 · Indirect investment exposure | 2 | 1 | $15,001 – $51,000 |
| 127 | REGAL REXNORD CORPRRX | D3 · Dual-use company | 1 | 1 | $15,001 – $50,000 |
| 128 | UFP TECHNOLOGIES INCUFPT | D3 · Dual-use company | 1 | 1 | $15,001 – $50,000 |
| 129 | CARRIER GLOBAL CORPCARR | D3 · Dual-use company | 6 | 4 | $3,003 – $48,000 |
| 130 | PRICE T ROWE GROUP INCTROW | D4 · Indirect investment exposure | 3 | 2 | $3,003 – $45,000 |
| 131 | JACOBS SOLUTIONS INCJ | D1 · Major defense contractor | 5 | 4 | $2,002 – $33,000 |
| 132 | TELEDYNE TECHNOLOGIES INTDY | D1 · Major defense contractor | 3 | 2 | $2,002 – $31,000 |
| 133 | CACI INTL INC CLASS ACACI | D1 · Major defense contractor | 2 | 1 | $2,002 – $30,000 |
| 134 | BLUE OWL CAP INC CLASS AOWL | D4 · Indirect investment exposure | 2 | 2 | $2,002 – $30,000 |
| 135 | FRANKLIN RES INCBEN | D4 · Indirect investment exposure | 2 | 2 | $2,002 – $30,000 |
| 136 | CDW CORPCDW | D3 · Dual-use company | 4 | 3 | $1,001 – $18,000 |
| 137 | OKTA INC CLASS AOKTA | D2 · Defense technology | 3 | 2 | $1,001 – $17,000 |
| 138 | HEICO CORP NEWHEI | D3 · Dual-use company | 3 | 2 | $1,001 – $17,000 |
| 139 | IDEX CORPIEX | D3 · Dual-use company | 2 | 1 | $1,001 – $16,000 |
| 140 | CURTISS-WRIGHT CORPCW | D1 · Major defense contractor | 1 | 1 | $1,001 – $15,000 |
| 141 | ParsonsPSN | D1 · Major defense contractor | 1 | 1 | $1,001 – $15,000 |
| 142 | CARPENTER TECHNOLOGY CORPCRS | D3 · Dual-use company | 1 | 1 | $1,001 – $15,000 |
| 143 | MACOM TECHNOLOGY SOLUTIOMTSI | D3 · Dual-use company | 1 | 1 | $1,001 – $15,000 |
| 144 | BOOZ ALLEN HAMILTONBAH | D1 · Major defense contractor | 2 | 1 | $0 – $2,000 |
| 145 | KBR INCKBR | D1 · Major defense contractor | 2 | 1 | $0 – $2,000 |
| 146 | AST SPACEMOBILE INCASTS | D2 · Defense technology | 2 | 1 | $0 – $2,000 |
| 147 | ANSYS INCANSS | D3 · Dual-use company | 2 | 1 | $0 – $2,000 |
| 148 | CLEVELAND-CLIFFS INC NEWCLF | D3 · Dual-use company | 2 | 1 | $0 – $2,000 |
| 149 | RELIANCE INCRS | D3 · Dual-use company | 2 | 1 | $0 – $2,000 |
| 150 | UNITED STS STL CORP NEWX | D3 · Dual-use company | 2 | 1 | $0 – $2,000 |
| 151 | BLUE OWL CAP CORPOBDC | D4 · Indirect investment exposure | 2 | 1 | $0 – $2,000 |
| 152 | AEROVIRONMENT INCAVAV | D1 · Major defense contractor | 1 | 1 | $0 – $1,000 |
| 153 | KRATOS DEFENSE & SECURITY SOLUTIONSKTOS | D1 · Major defense contractor | 1 | 1 | $0 – $1,000 |
| 154 | SPX TECHNOLOGIES INCSPXC | D3 · Dual-use company | 1 | 1 | $0 – $1,000 |
The database compiled and analyzed by Arabi Post shows that the U.S. president’s exposure to the defense sector is not confined to traditional weapons manufacturers, but extends across three main tiers of the U.S. military-industrial complex:
Companies producing fighter jets, bombers, submarines, tanks, missiles and air-defense systems.
Companies supplying software, communications, cybersecurity, data analytics and military information systems.
Companies that primarily serve civilian markets while also supplying products, technologies, or services used in U.S. defense programs.
A comparison of Trump’s two financial disclosures shows that dual-use companies account for the largest share of this defense-related exposure. Of the 325 investment entries directly connected to the defense sector in the previous 2024 disclosure, 211 were in companies combining civilian and military activity, against 68 entries in defense technology firms and only 46 in major defense contractors.
As a result, dual-use companies represented approximately 65% of all investment entries directly connected to the defense sector.
This does not mean these companies generate most of their revenue from military contracts. Rather, it reflects the transformation of the U.S. defense industry over the past decade.
American military capabilities no longer rely solely on companies that manufacture fighter jets, missiles or warships. They increasingly depend on software, cloud computing, semiconductors, telecommunications and artificial intelligence — sectors that have become a core part of U.S. defense supply chains.
Consequently, while the public image of the defense industry is traditionally associated with companies such as Lockheed Martin, RTX, Northrop Grumman and Boeing, the findings indicate that the largest part of Trump’s defense exposure is concentrated in companies providing the technologies and digital infrastructure that industry depends on — not in weapons manufacturers alone.
This pattern is particularly evident in the technology sector. Trump’s portfolio includes investments in companies such as Qualcomm, Nvidia, Broadcom, Microsoft, Alphabet — Google’s parent company — and Amazon, all of which hold contracts or programs with the U.S. Department of Defense in artificial intelligence, cloud computing, semiconductors, communications and digital services.
| # | Asset | EIF | Value | Income Type | Income Amount |
|---|---|---|---|---|---|
| 72 | ALPHABET INC | N/A | $500,001 - $1,000,000 | None (or less than $201) | |
| 73 | ALPHABET INC | N/A | $500,001 - $1,000,000 | DIVIDEND | $201 - $1,000 |
| 74 | AMAZON.COM INC | N/A | $1,000,001 - $5,000,000 | DIVIDEND | $201 - $1,000 |
| # | Asset | EIF | Value | Income Type | Income Amount |
|---|---|---|---|---|---|
| 257 | MICROCHIP TECHNOLOGY INC | N/A | $1,001 - $15,000 | None (or less than $201) | |
| 258 | MICRON TECHNOLOGY INC | N/A | $50,001 - $100,000 | None (or less than $201) | |
| 259 | MICROSOFT CORP | N/A | None (or less than $1,001) | Dividend | $1,001 - $2,500 |
| 260 | MONDELEZ INTL INC | N/A | $1,001 - $15,000 | None (or less than $201) |
| # | Asset | Type | Date | Amount |
|---|---|---|---|---|
| 3939 | AUTOMATIC DATA PROCESSIN | Sale | 10/16/2025 | $1,001 - $15,000 |
| 3940 | NVIDIA CORP | Sale | 4/11/2025 | $1,001 - $15,000 |
| 3941 | VISA INC | Sale | 11/17/2025 | $1,001 - $15,000 |
Their presence in the portfolio extends beyond the fact that their products have both civilian and military applications. Several of these companies also hold direct government contracts with the Pentagon.
In July 2025, Google Public Sector was awarded a contract worth up to $200 million by the Pentagon’s Chief Digital and Artificial Intelligence Office, making the company’s artificial intelligence and cloud computing technologies available for developing applications that serve defense and national security needs.
A month later, Google further expanded its role within the U.S. defense ecosystem through a $48 million contract with the Defense Logistics Agency, which manages much of the supply chain for the U.S. armed forces.
The agreement aims to migrate the agency’s operations to a cloud computing environment capable of supporting artificial intelligence applications and logistics operations.
In May 2026, the Department of Defense announced a five-year agreement valued at approximately $9.7 billion with Dell Federal Systems to provide Microsoft products department-wide, covering Microsoft 365 services, cloud computing, communications and enterprise software, enabling their use across the U.S. armed forces.
| Date | Company | Contracting body | Value | Purpose |
|---|---|---|---|---|
| July 2025 | Google Public SectorAlphabet | Chief Digital and AI Office — Department of Defense | Up to $200 million | AI and cloud computing for defense and national security applications |
| August 2025 | GoogleAlphabet | Defense Logistics Agency | $48 million | Migrating agency operations to a cloud environment running AI applications and supporting logistics |
| May 2026 | Dell Federal SystemsMicrosoft products | U.S. Department of Defense | About $9.7 billion — five years | Microsoft 365, cloud computing, communications and enterprise software department-wide |
These contracts reflect a broader strategic shift within the Department of Defense toward greater reliance on commercial technology companies to build the digital infrastructure of the armed forces.
That trend accelerated during Trump’s second term. In June 2026, he directed U.S. defense and intelligence agencies to fast-track the adoption of commercial artificial intelligence models in national security work, to build secure computing infrastructure to run them, and to expand cooperation with private-sector companies.
The U.S. president’s defense-related investment exposure extends well beyond a handful of weapons manufacturers. It includes stakes in some of the largest companies that make up the U.S. defense industrial base.
Trump’s latest financial disclosure shows investments in 25 major defense companies that manufacture fighter jets, strategic bombers, submarines, tanks, missiles and air-defense systems, alongside firms supplying the military communications, electronic systems and digital services on which the Department of Defense relies.
The companies identified in the analysis are:
Among the most prominent is Lockheed Martin, the world’s largest defense contractor by revenue. The company manufactures the F-35 Lightning II stealth fighter, the THAAD missile defense system, and the PAC-3 MSE interceptors used within the Patriot system, in addition to the Aegis naval combat system and a range of advanced space and military programs.
Lockheed Martin serves as the prime contractor for several of the United States’ largest weapons programs, supplying systems that form the backbone of air defense and air power for the United States and its allies.
| # | Asset | EIF | Value | Income Type | Income Amount |
|---|---|---|---|---|---|
| 264 | LKQ CORPORATION | N/A | $1,001 - $15,000 | None (or less than $201) | |
| 265 | LOCKHEED MARTIN CORP | N/A | $100,001 - $250,000 | None (or less than $201) | |
| 266 | LOEWS CORPORATION | N/A | $50,001 - $100,000 | DIVIDEND | $201 - $1,000 |
| 267 | LOWES COMPANIES INC | N/A | $50,001 - $100,000 | None (or less than $201) |
Trump’s portfolio also includes investments in RTX, which incorporates the former Raytheon defense business and ranks among the largest U.S. producers of missiles and military electronic systems.
RTX’s best-known products include Tomahawk cruise missiles, AMRAAM air-to-air missiles, Sidewinder missiles, advanced radar systems and sensors. The company also produces the core components of the Patriot air defense system used by U.S. forces and a large number of allied states.
By the end of 2025, RTX reported a defense order backlog of $107 billion, covering contracts and orders from the U.S. government and international defense customers.
According to the data, Pentagon contract obligations with the company stood at about $24.8 billion in 2024, compared with roughly $27 billion to $29 billion in 2025.
| # | Asset | Type | Date | Amount |
|---|---|---|---|---|
| 3926 | ROPER TECHNOLOGIES INC | Sale | 8/14/2025 | $1,001 - $15,000 |
| 3927 | RTX CORP | Sale | 5/12/2025 | $1,001 - $15,000 |
| 3928 | MARSH & MCLENNAN COS INC | Sale | 11/17/2025 | $1,001 - $15,000 |
The portfolio also includes Northrop Grumman, one of the pillars of the U.S. aerospace and defense industry. The company manufactures the B-2 Spirit stealth bomber and leads development of the new B-21 Raider strategic bomber, in addition to its role in missile defense programs, military satellites and the space systems that form part of the strategic architecture of the United States.
Trump also holds investments in Boeing Defense, Space & Security, whose activities extend far beyond commercial aviation. Boeing is one of the Pentagon’s largest suppliers, producing the F-15 Eagle fighter, the KC-46 Pegasus aerial refuelling aircraft and the P-8 Poseidon maritime patrol aircraft, as well as the AH-64 Apache and CH-47 Chinook helicopters, alongside its contributions to space and missile defense programs.
| # | Asset | Type | Date | Amount |
|---|---|---|---|---|
| 3771 | CONAGRA BRANDS INC | Sale | 8/14/2025 | $1,001 - $15,000 |
| 3772 | BOEING CO | Sale | 11/17/2025 | $1,001 - $15,000 |
| 3773 | T-MOBILE US INC | Sale | 7/14/2025 | $1,001 - $15,000 |
| 3774 | EXELON CORP | Sale | 12/18/2025 | $1,001 - $15,000 |
The list extends beyond aerospace and missile manufacturers to include General Dynamics, the producer of the Virginia-class and Columbia-class nuclear submarines, the M1 Abrams tank and Stryker armored vehicles — among the most prominent land and naval platforms in the U.S. armed forces.
| # | Asset | EIF | Value | Income Type | Income Amount |
|---|---|---|---|---|---|
| 208 | GEN DIGITAL INC | N/A | $15,001 - $50,000 | None (or less than $201) | |
| 209 | GENERAL DYNAMICS CORP | N/A | $15,001 - $50,000 | None (or less than $201) | |
| 210 | GENERAL MILLS INC | N/A | None (or less than $1,001) | None (or less than $201) |
| Company | 2024 obligations | 2025 obligations | Direction |
|---|---|---|---|
| RTX | 24.8 | 27 – 29 | Up |
| Boeing | 23.2 | 21 – 22 | Slightly down |
| General Dynamics | 15.6 | about 28 | Sharply up |
| Northrop Grumman | 18.6 | No official data available | Not available |
The portfolio also includes L3Harris Technologies, one of America’s leading providers of military communications systems, electronic warfare capabilities, intelligence and reconnaissance, and command and control systems.
Another holding is Leidos, which supplies the U.S. Armed Forces with engineering and technology solutions, including cybersecurity, data analytics, artificial intelligence and military information systems.
The significance of these companies lies not only in their size within the global defense industry, but also in the nature of their relationship with the U.S. Department of Defense (the Pentagon).
All of them hold long-term Pentagon contracts and are involved in developing or producing systems that underpin U.S. military capabilities — from fighter jets, bombers and submarines, through missiles and air-defense systems, to military communications, space and digital systems.
Their presence in Trump’s investment portfolio therefore gives the findings greater significance than a simple record of financial holdings. It shows that part of the president’s portfolio is tied to the companies leading the most important U.S. weapons programs.
The scale of the defense contracts held by companies inside Trump’s investment portfolio, and their importance to U.S. national security.
The contract runs for seven years instead of one to guarantee supply against rising demand, alongside plans to substantially increase production of these interceptors by the end of the decade.
The company plans to expand its production capacity to offset stockpiles depleted by recent military operations, alongside continued military support for Ukraine.
An initiative launched by Trump after his return to the presidency, aiming to build a network of sensors and ground- and space-based interceptors against ballistic and cruise missiles and other threats.
| Company | Role in the program |
|---|---|
| Lockheed Martin | Missile defense and interceptor systems |
| Northrop Grumman | Sensors and space systems |
| Boeing and RTX | Interceptors and defense technologies |
The contracts are not limited to weapons; they also cover cloud services, artificial intelligence and digital systems.
Lockheed Martin stands at the forefront. On July 29, 2026, the U.S. Army awarded the company a contract worth up to $58.6 billion to produce PAC-3 MSE interceptors used within the Patriot air defense system through fiscal year 2032.
The contract came as the Pentagon sought to significantly expand production of PAC-3 MSE interceptors following the depletion of missile stockpiles during recent military operations, alongside continued military support for Ukraine.
The new agreement spans seven years, replacing a previous one-year contract valued at $4.7 billion, and coincides with plans to substantially increase production of these missiles by the end of the current decade. Lockheed Martin said it plans to double investment in its U.S. facilities and expand its production capacity.
Several other companies in Trump’s portfolio are also competing for contracts under the Golden Dome missile defense initiative launched by Trump after his return to office. The project aims to build a network of sensors and ground- and space-based interceptors to counter ballistic missiles, cruise missiles and other threats.
Companies including Lockheed Martin, Northrop Grumman, RTX, and Boeing are competing for various components of the program alongside other firms specializing in space and missile defense.
It is important to distinguish between the maximum value of a contract and the actual revenue a company ultimately receives. Lockheed Martin’s $58.6 billion contract, for instance, represents a ceiling for an agreement running through 2032, not a lump sum paid to the company.
Moreover, contracts awarded to companies in Trump’s portfolio extend well beyond new weapons procurement. They also cover maintenance of existing systems, the provision of software and cloud services, and the development of new capabilities in missile defense, space and artificial intelligence.
An examination of the military platforms and weapons publicly identified by the United States as being used during the conflict with Iran shows that products from four companies listed in Trump’s portfolio were directly involved in the operations: Lockheed Martin, RTX, Northrop Grumman and Boeing.
Their inclusion in the president’s portfolio does not mean the conflict generated direct financial gains for Trump, nor does it imply that their participation in the operations automatically translated into their financial results — though the analysis did record a rise in their revenues during the period of the war.
Their involvement nevertheless illustrates that part of the president’s investment portfolio is tied to companies manufacturing systems that played an operational role in the most recent military confrontation fought by the United States.
| Company | Platforms and systems used in the operations | Published financial effect | Classification |
|---|---|---|---|
| Lockheed Martin | PAC-3 MSE interceptors within the Patriot system · THAAD missile defense | Missile segment revenue up 20% to $4.1bn · backlog $230.4bn (+38.3%) | Operational role and recorded financial effect |
| RTX | Tomahawk cruise missiles · AMRAAM missiles · Patriot components through Raytheon | Defense sales growth and raised revenue outlook · backlog $289bn (+22%) | Operational role and recorded financial effect |
| Northrop Grumman | B-2 Spirit stealth bomber in long-range strikes on hardened sites | Published data show no increase attributable directly to the war | Operational role only |
| Boeing | F-15 fighters · KC-46 Pegasus refuelling aircraft | Neither financial results nor government data provide a basis for linking a specific increase | Operational role only |
Lockheed Martin featured prominently through its missile defense systems, particularly the PAC-3 MSE interceptors used in the Patriot air defense system, alongside the THAAD missile defense system — both part of the U.S. and regional defense network against ballistic missiles.
The company’s second-quarter 2026 financial results also showed higher revenue from its Missiles and Fire Control division, while its backlog increased, driven by sustained demand for air defense systems.
Lockheed Martin’s total backlog rose to $230.4 billion, a 38.3% increase from the previous year.
The impact was especially pronounced in its missile business. Revenue from the Missiles and Fire Control segment increased by approximately 20%, reaching $4.1 billion in the second quarter of 2026.
The company attributed the growth to increased production of Patriot PAC-3 missiles, precision-strike missiles and THAAD interceptors.
In June 2026, Lockheed Martin also reached an agreement with the U.S. government to increase annual THAAD interceptor production from 96 to 400 missiles, as part of Pentagon efforts to replenish expended munitions and build up stockpiles.
The available data, however, do not allow the impact of the U.S. campaign against Iran to be isolated from other factors, including the ongoing war in Ukraine, increased allied purchases of air defense systems, and long-term production expansion programs.
RTX represents the second major case identified in the portfolio. During the conflict, U.S. forces employed several RTX-produced systems, including Tomahawk cruise missiles, AMRAAM air-to-air missiles, and the Patriot system, whose core components the company produces through its Raytheon unit.
RTX’s order backlog increased 22% year-on-year to $289 billion.
At the same time, the Pentagon reached a multi-year framework agreement with RTX to expand Tomahawk missile production from roughly 60 missiles a year for the U.S. Army to an eventual 1,000 a year, alongside a separate plan to increase AMRAAM production. As of the end of July, some funding and implementation details of these plans still required congressional appropriations.
As with Lockheed Martin, however, these developments cannot be attributed solely to the U.S. conflict with Iran, as they also reflect continued allied rearmament, the ongoing Russia-Ukraine war, and rising global defense spending.
Northrop Grumman’s role was highlighted through the deployment of the B-2 Spirit stealth bomber, which the U.S. Air Force used to conduct long-range strikes on hardened Iranian facilities.
The B-2 remains one of the most advanced strategic platforms in the U.S. arsenal, specifically designed to penetrate sophisticated air defenses and strike long-range strategic targets.
Despite this highly visible operational role, publicly available financial data have not yet shown revenue growth or new contracts that can be directly linked to the U.S. campaign against Iran, unlike Lockheed Martin and RTX.
Boeing also featured prominently during the operation through several military platforms, including F-15 fighter aircraft and KC-46 Pegasus aerial refuelling tankers, which played a role in supporting long-range strikes.
However, as with Northrop Grumman, neither the company’s financial results nor publicly available government data currently provide evidence that its participation translated into a specific revenue increase or new contracts as a result of the war itself.
Accordingly, the analysis does not classify Boeing among the companies that financially benefited from the war, but rather among those whose products reached the battlefield.
Reports and open-source data indicate that 17 companies listed among the world’s 100 largest arms manufacturers supplied the Israeli military with weapons, munitions and equipment during the Gaza war, which began on October 7, 2023.
According to a database compiled by the American Friends Service Committee (AFSC), several U.S. companies included in Trump’s portfolio were among those that profited from the war of genocide in the besieged enclave, as follows:
Lockheed Martin supplied Israel with F-16 and F-35 fighter aircraft, both of which have been widely used in airstrikes in Gaza.
The company’s C-130 Hercules transport aircraft were used to support Israel’s ground offensive in Gaza.
Lockheed Martin also manufactures AGM-114 Hellfire missiles used by Israeli Apache attack helicopters.
Its subsidiary Sikorsky produces the CH-53K King Stallion heavy-lift helicopter, which has been used to transport Israeli troops into and out of Gaza.
On December 11, 2023, the Israeli Air Force used a C-130J Super Hercules aircraft to airdrop approximately seven tons of supplies to Israeli forces engaged in ground assaults in Khan Younis, in the southern Gaza Strip.
Its subsidiary Pratt & Whitney manufactures engines powering Israel’s F-15 and F-16 fighter aircraft.
RTX also produces interceptor missiles for Israel’s Iron Dome air defense system under a joint program with Israeli defense company Rafael, with the interceptors forming part of U.S. arms shipments to Israel.
Northrop Grumman supplied the Israeli Air Force with the Longbow missile delivery system for Apache helicopters and laser-guided weapons delivery systems for its fighter aircraft.
The company also supplied the Israeli Navy with Sa'ar 5-class warships that have participated in operations against Gaza.
Boeing manufactures F-15 fighter aircraft and AH-64 Apache attack helicopters used extensively by the Israeli Air Force in operations over Gaza and Lebanon, including in 2023.
The company also produces Joint Direct Attack Munition (JDAM) guidance kits, which convert General Dynamics-manufactured MK-80 unguided bombs into precision-guided munitions. Israel has used these bombs extensively in Gaza and Lebanon.
Israel also operates Boeing’s GBU-39 Small Diameter Bomb (SDB).
General Dynamics supplied Israel with artillery ammunition and air-delivered bombs used during military operations in Gaza.
The company is the only U.S. manufacturer of the metal casings for the MK-80 series of aerial bombs, one of the principal classes of munitions used by Israel to bomb Gaza.
Oshkosh manufactures the chassis for the Eitan armored personnel carrier, Israel’s newest APC, which saw its first operational deployment during the ground invasion of Gaza.
On December 7, 2023, after Israeli forces detained dozens of Palestinians in Gaza and transferred them to Israel for interrogation, at least some detainees were moved in Oshkosh medium tactical vehicles.
Beyond defense-related investments, Trump’s 2025 financial disclosure — published in 2026 — highlights several broader trends in his finances.
The 2025 disclosure points to a sharp shift in Trump’s wealth: earnings more than tripled to over $2.2 billion, cryptocurrency emerged as his single largest source of income, and the filing records unusually heavy activity in equities and international real estate.
By comparison, his businesses generated approximately $622 million in 2024, before his return to the presidency.
Digital assets and cryptocurrency ventures now account for the largest share of Trump’s earnings.
Financial disclosures indicate that he generated nearly $1.2 billion from cryptocurrency-related businesses last year, including hundreds of millions from sales of commemorative coins bearing his image.
| # | Asset | EIF | Value | Income Type | Income Amount |
|---|---|---|---|---|---|
| 21.2 | Cryptocurrency Wallet — Virtual USD Key (held in cold wallet) | N/A | $100,001 - $250,000 | None (or less than $201) | |
| 21.3 | Cryptocurrency Wallet — Virtual USDC Key (held in cold wallet) | N/A | $5,000,001 to $25,000,000 | Interest | $45,932 |
| 21.4 | Cryptocurrency Wallet — Virtual Ethereum Key (held in cold wallet) | N/A | $5,000,001 to $25,000,000 | ||
| 21.4a | Etherium staked (Coinbase staking agreement) | N/A | Validator rewards | $510,808 | |
| 21.5 | Cryptocurrency Wallet — Virtual Bitcoin Key (held in cold wallet) | N/A | Over $50,000,000 | None (or less than $201) | |
| 21.6 | License agreement with Celebration Coins (Value not readily ascertainable) | N/A | Royalties | $635,068,835 |
Trump personally holds investments in hundreds of publicly traded companies, ranging from major Silicon Valley technology firms to Papa John’s and Netflix.
For comparison, Vice President J.D. Vance’s financial disclosure was 17 pages, Joe Biden’s final disclosure totaled 11 pages, and Barack Obama’s consisted of 8 pages.
Trump remains active in international real estate development. His financial disclosure reported $38 million in licensing revenue during 2025 from projects in Qatar, the United Arab Emirates, Saudi Arabia and Oman.
| Item | Value |
|---|---|
| International licensing revenue in 2025 | $38 million |
| Host countries | Qatar · United Arab Emirates · Saudi Arabia · Oman |
| International developments underway by early 2026 | At least 10 projects |
| Further projects in progress | 22 projects |
| Report Type: | Annual |
|---|---|
| Year (Annual Report only): | 2025 |
| Date of Appointment: | 01/2025 |
| Date of Termination: | mm/yyyy |
| Appointment Type: | President of the United States of America |
| Last Name | First Name | MI | Position |
|---|---|---|---|
| Trump | Donald | J | President of the United States of America |
The President was granted a 30-day extension to file. DB (OGE)
| Report Type: | Annual |
|---|---|
| Year (Annual Report only): | 2025 |
| Date of Appointment: | 01/2025 |
| Date of Termination: | mm/yyyy |
| Appointment Type: | President of the United States of America |
| Last Name | First Name | MI | Position |
|---|---|---|---|
| Trump | Donald | J | President of the United States of America |
The filer was granted a 45-day extension to file this annual report. DJB 6/30/26
The filer paid late filing fees related to transactions not previously reported on 278-Ts. DJB 6/30/26
| Source | What was used |
|---|---|
| U.S. Office of Government EthicsOfficial documents | The 2024 and 2025 annual financial disclosures — OGE Form 278e |
| Arabi Post company databaseCompiled in-house | Standardizing company names, removing duplicates and reclassifying by nature of activity |
| American Friends Service Committee (AFSC)Database | Companies that supplied the Israeli military with weapons, munitions and equipment during the Gaza war |
| ReutersPublished analysis | The value of stock and bond holdings at the end of 2024 and 2025 |
| The GuardianPublished report | The size of the disclosure document and its comparison with earlier filings |
| The New York TimesPublished report | Use of the GBU-39 guided bomb in the strike on the Tal al-Sultan camp in Rafah |
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