Despite fierce politicization in arms‐exporting democracies, we lack systematic research on mass public preferences on arms transfers. We propose that citizens either apply a deontologist (rejecting transfers categorically) or consequentialist (trading‐off economic, strategic and normative aspects) calculus of preference formation. Conducting population‐representative survey experiments ($N=6617$$N=6617$) in Germany and France, two global top‐five major arms exporters, we find that 10–15 per cent of respondents follow deontologist considerations, a preference structure potentially relevant for all foreign policies involving the use of military force. Still, a majority shows differentiated preferences, giving largest weight to normative considerations, with assessments affected by moderating features (e.g., scenarios of just war). Principled rejection of arms trade and a large consequentialist weight for normative factors are more pronounced in Germany compared to France, indicating that public opinion might pose a stronger constraint for government policy in this country. Respondents' preferences match opinion polls on post‐Russian invasion Ukraine armament, indicating high external validity of our experiments.