Who Are the Top 10 Government Contractors? The Definitive Revenue Rankings (FY2025)
Lockheed Martin leads at $50.5B in federal revenue. Here are the top 10 government contractors by annual federal contract awards with breakdowns by agency, contract type, and small business impact.
The Top 10 Government Contractors (FY2025)
| Rank | Company | Federal Revenue | Primary Agencies | Key Programs |
|---|---|---|---|---|
| 1 | Lockheed Martin | $50.5B | DoD, NASA, Intelligence | F-35, Orion, THAAD, GPS III |
| 2 | RTX (Raytheon) | $27.8B | DoD, State, DHS | Patriot, Stinger, Pratt & Whitney engines |
| 3 | General Dynamics | $24.1B | DoD, Intelligence | Gulfstream (military), IT services, submarines |
| 4 | Boeing | $22.3B | DoD, NASA, FAA | KC-46, F/A-18, SLS, ATC systems |
| 5 | Northrop Grumman | $21.6B | DoD, Intelligence, NASA | B-21, James Webb, ICBM modernization |
| 6 | Leidos | $12.4B | DoD, DHS, Intelligence | IT services, cyber, logistics |
| 7 | L3Harris | $11.8B | DoD, Intelligence | ISR, communications, space payloads |
| 8 | BAE Systems | $10.2B | DoD, Intelligence | Electronic warfare, ship repair, munitions |
| 9 | Booz Allen Hamilton | $9.1B | DoD, DHS, Intelligence | Consulting, cyber, analytics, AI |
| 10 | Humana | $8.7B | DoD (TRICARE), HHS | Military healthcare, Medicare Advantage |
Combined, the top 10 hold $198.5 billion in annual federal contracts -- roughly 29% of all federal spending.
What the Top 10 List Reveals
Defense Dominates (But Not Exclusively)
Eight of the top 10 are primarily defense contractors. But Humana (#10) earns its spot through TRICARE military health insurance -- not weapons systems. Booz Allen (#9) is a professional services firm, not a manufacturer.
This means the defense industrial base is concentrated, but non-defense contractors absolutely can reach the top 10 through healthcare, IT, and professional services.
The Subcontracting Ecosystem
Each of these companies is required to subcontract a percentage of work to small businesses. The SBA goal is 23% of all federal prime contract dollars to small business. For the top 10, this means:
If you are a small business, these prime contractors are not just competitors -- they are potential partners and customers.
Revenue Concentration
| Tier | Companies | Annual Revenue | % of Federal Spending |
|---|---|---|---|
| Top 5 | Lockheed, RTX, GD, Boeing, Northrop | $146.3B | 21.5% |
| Top 10 | + Leidos, L3Harris, BAE, Booz Allen, Humana | $198.5B | 29.1% |
| Top 25 | + SAIC, KBR, Accenture Fed, Perspecta, etc. | $280B+ | 41% |
| Everyone else | 100,000+ contractors | $401B | 59% |
59% of all federal contract dollars go to companies outside the top 25. The federal market is far less concentrated than most people think.
Top 10 by Contract Type
| Company | % Fixed-Price | % Cost-Plus | % T&M/Other |
|---|---|---|---|
| Lockheed Martin | 45% | 50% | 5% |
| RTX | 55% | 40% | 5% |
| General Dynamics | 50% | 35% | 15% |
| Boeing | 40% | 55% | 5% |
| Northrop Grumman | 35% | 60% | 5% |
| Leidos | 30% | 25% | 45% |
| L3Harris | 50% | 40% | 10% |
| BAE Systems | 55% | 35% | 10% |
| Booz Allen | 15% | 30% | 55% |
| Humana | 95% | 5% | 0% |
Notice: IT services companies (Leidos, Booz Allen) are heavily T&M, while defense manufacturers are split between FFP and cost-plus. Humana is almost entirely fixed-price (managed care contracts).
FAQ
Who are the top 10 government contractors?
The top 10 by FY2025 federal revenue are: Lockheed Martin ($50.5B), RTX/Raytheon ($27.8B), General Dynamics ($24.1B), Boeing ($22.3B), Northrop Grumman ($21.6B), Leidos ($12.4B), L3Harris ($11.8B), BAE Systems ($10.2B), Booz Allen Hamilton ($9.1B), and Humana ($8.7B). Combined they hold $198.5B in annual federal contracts.
Who has the biggest government contract?
Lockheed Martin holds the largest single federal contract -- the F-35 Lightning II program with a total program value exceeding $400 billion over its lifecycle. The annual F-35 production and sustainment contracts exceed $15 billion. The F-35 is the most expensive weapons program in history.
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