German defense giant Rheinmetall has lowered its 2026 financial outlook, sending its stock tumbling due to delays in military programs. The company reduced its 2026 sales forecast from the previously announced €13.7 billion to €14.2 billion down to approximately €13.2 billion (equivalent to $14.9 billion), and trimmed its operating margin expectation from 19% to about 18.5%. Rheinmetall stated that the performance revision is primarily driven by delivery postponements in the German military's Arminius Boxer project and obstacles encountered during acceptance testing for propellant and ammunition. Affected by the news, the company's stock plummeted by as much as 15% intraday.