Starting with a base of $534 billion in discretionary funding, coupled with another $51 billion for Overseas Contingency Operations funding (aka the "war budget"), the Pentagon's spending power comes to a grand total of $585 billion.

Defense industry giants, Boeing, General Dynamics, Northrop Grumman, and Raytheon posted second-quarter earnings on Wednesday (Lockheed Martin earnings released last week).

Here's a look at how they did...

Boeing, the world's largest plane maker, reported a smaller-than-expected second Q2 loss on Wednesday. The company's first quarterly net loss in nearly seven years amounted to $234 million.

Boeing's KC-46 tanker program for the US Air Force is delayed from August 2017 until January 2018 due to test flight problems. Modifications to the aircraft are expected to cost Boeing an additional $393 million (after taxes).