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As a retired veteran, I'd like to point out that this topic is a bit too complicated to summarize as "fine."
The military industry itself with be fine. Heck, it may thrive! But the individuals who make up that military will definitely experience hardship along the way.
During Trump's first term as president, he tried to ban trans people from serving with an executive order. Which he can do as Commander in Chief over the military. That order was very quickly shut down though, because we had a mostly Democrat government that pushed back against anything extreme he attempted that didn't benefit both parties' goals. He had his hands tied more than once, which is why his first term was relatively quiet. Back then, I was still serving and I remember our military leaders standing up to Trump on that order and making him back down.
During this second term though, Republicans have a majority in the federal government and have basically given Trump a blank check to do whatever he wants with little pushback. So trans people ARE banned now, and he's replaced a bunch of high ranking generals with his own civilian yes men, giving them rank and authority without a career of military service or going through proper legal approval processes. The military leaders told him no once, so he's replaced them with his own loyalists who won't challenge his executive orders now.
Not to mention, with the push for ICE to round up anyone who's (essentially) not white, we're seeing military members and their families affected by that as well. There was a time when serving in our military was a sort of fast-track to citizenship. I worked with a guy once who was Brazilian, but by serving a term in the US military, he would earn his citizenship and get to stay in America. That's going away under Trump's new regime.
And Trump is talking about gaining access to voting records, which would just give him more incentive to target anyone who doesn't vote Republican. Everyone, military or not, will be affected if it comes to that. Being an active service member as our country falls to fascism isn't a free pass; if you don't believe in the new order, you're going to be targeted and, at best, kicked out. At worst, you could be labeled a terrorist threat to our nation and "disappeared" to Guantanamo Bay.
Also, as a 100% disabled veteran, I'm only retired now because my VA pay and benefits can cover my meager and quiet lifestyle without taking on another job. But if Trump has his way, my benefits will be a fraction of what they are (if not removed completely), and I'd be forced to find work to survive.
Military members (and especially veterans) will suffer. But the military industrial complex will be fine.