Top 25 Defense Contractors by Revenue 2026: The Definitive Ranking
Every major defense contractor ranked by defense revenue for 2025/2026. Lockheed Martin leads at $60.3B, but the real story is who is growing fastest and who is losing share. Complete data, NAICS codes, and contract intelligence.
The World's Top 100 Arms Companies Just Hit $679 Billion. Here Is Every Major U.S. Contractor Ranked.
SIPRI's 2024 Top 100 report confirmed what the procurement data already showed: global arms revenues reached $679 billion — a 5.9% real-terms increase — the highest level ever recorded. U.S. companies accounted for $334 billion across 39 firms in the Top 100.
But aggregate numbers obscure the real story. Some contractors are surging. Others are stagnant. A few venture-backed companies not even on SIPRI's list are accumulating contract ceiling faster than mid-tier primes.
Here is the definitive ranking of U.S. defense contractors by defense revenue, with contract intelligence on every firm.
The Top 25 U.S. Defense Contractors by Defense Revenue
| Rank | Company | Defense Revenue | Total Revenue | Defense % | HQ |
|---|---|---|---|---|---|
| 1 | Lockheed Martin | $60.3B | $67.6B | 89% | Bethesda, MD |
| 2 | RTX Corporation | $39.6B | $68.9B | 57% | Arlington, VA |
| 3 | Northrop Grumman | $36.8B | $39.3B | 94% | Falls Church, VA |
| 4 | Boeing Defense | $34.2B | $77.8B | 44% | Arlington, VA |
| 5 | General Dynamics | $32.0B | $42.3B | 76% | Reston, VA |
| 6 | L3Harris Technologies | $19.4B | $21.1B | 92% | Melbourne, FL |
| 7 | BAE Systems (US ops) | $15.8B | $28.5B | 55% | Falls Church, VA |
| 8 | Leidos | $14.8B | $16.3B | 91% | Reston, VA |
| 9 | HII (Huntington Ingalls) | $11.7B | $11.8B | 99% | Newport News, VA |
| 10 | General Atomics | $3.2B | $3.2B | 100% | San Diego, CA |
| 11 | SAIC | $7.4B | $7.4B | 100% | Reston, VA |
| 12 | Booz Allen Hamilton | $9.4B | $10.7B | 88% | McLean, VA |
| 13 | Amentum | $7.8B | $13.9B | 56% | Germantown, MD |
| 14 | CACI International | $7.6B | $8.1B | 94% | Reston, VA |
| 15 | Peraton | $7.1B | $7.3B | 97% | Herndon, VA |
| 16 | KBR | $5.2B | $7.6B | 68% | Houston, TX |
| 17 | ManTech (Carlyle) | $2.7B | $2.7B | 100% | Herndon, VA |
| 18 | Textron | $5.1B | $14.2B | 36% | Providence, RI |
| 19 | Parsons Corporation | $4.2B | $6.4B | 66% | Centreville, VA |
| 20 | SpaceX | $3.3B+ | $15B+ | 22% | Hawthorne, CA |
| 21 | Palantir Technologies | $1.8B | $2.9B | 62% | Denver, CO |
| 22 | Anduril Industries | $1.0B+ | $1.0B+ | 100% | Costa Mesa, CA |
| 23 | Shield AI | $0.5B+ | $0.5B+ | 100% | San Diego, CA |
| 24 | Sierra Nevada Corp | $2.5B | $2.9B | 86% | Sparks, NV |
| 25 | TransDigm Group | $3.8B | $7.9B | 48% | Cleveland, OH |
Revenue figures based on most recent fiscal year reporting (FY2024/2025 annuals and SIPRI Top 100). Privately held companies estimated from public contract data and industry sources.
The Big 5: Who They Are and Why They Dominate
1. Lockheed Martin — $60.3 Billion
Lockheed builds the F-35 (the most expensive weapons program in history at $1.7 trillion lifetime cost), Aegis combat systems, Trident missiles, Sikorsky helicopters, and satellite constellations. They hold more prime contract ceiling with DOD than any other company.
Key programs: F-35, PAC-3 MSE ($4.76B April 2026), C-130J, Orion spacecraft, GPS III satellites, THAAD
2. RTX Corporation — $39.6 Billion
Formed from the 2020 Raytheon-United Technologies merger. RTX builds missile systems (Patriot, Stinger, Tomahawk, AIM-9X), jet engines (Pratt & Whitney F135 for F-35), and sensors/radars. Their $3.7B Patriot GEM-T contract in April 2026 reflects the global air defense demand surge.
Key programs: Patriot, F135 engine, Tomahawk, StormBreaker, LTAMDS radar
3. Northrop Grumman — $36.8 Billion
Northrop builds the B-21 Raider stealth bomber, Sentinel ICBM (GBSD replacement), and space systems (James Webb Space Telescope, missile warning satellites). Their 94% defense revenue concentration makes them the most defense-dependent of the Big 5.
Key programs: B-21 Raider, Sentinel ICBM, E-2D Hawkeye, Triton, Space systems
4. Boeing Defense — $34.2 Billion
Boeing Defense is in crisis. The KC-46 tanker and T-7A trainer programs have run billions over budget. The MQ-25 Stingray and Starliner have struggled. But Boeing still holds massive positions on F/A-18 Super Hornet sustainment, Apache helicopters, and satellite communications.
Key programs: F/A-18, Apache, MQ-25, KC-46, P-8A Poseidon, SDA satellites
5. General Dynamics — $32.0 Billion
General Dynamics has two dominance positions: Electric Boat (sole nuclear submarine designer) and GDIT (one of the largest federal IT firms). The $15.38B Columbia-class contract in April 2026 was awarded to their Electric Boat division. They also build Abrams tanks and Stryker vehicles through their Land Systems division.
Key programs: Columbia-class, Virginia-class, Abrams, Stryker, GDIT enterprise IT
The Disruptors: Non-Traditional Contractors Reshaping the Ranking
SpaceX — $3.3B+ Government Revenue
SpaceX holds $22 billion in cumulative federal contracts. Their government revenue grows 30-40% annually. If you count Starshield (classified military Starlink), their defense-specific revenue may already exceed several mid-tier primes. Read the full SpaceX analysis
Anduril Industries — $1B+ Revenue, $20B Contract Ceiling
Anduril's revenue is modest, but their contract ceiling ($20B Army alone) makes them a future top-15 contractor by obligation volume. They are the only venture-backed company on this list. Read the full Anduril analysis
Palantir Technologies — $1.8B Government Revenue
Palantir's government revenue grew 40%+ in 2025. Their Army enterprise agreement (up to $10B), Project Maven expansion ($795M+), and Gotham/Foundry deployments across intelligence and defense agencies position them as the data analytics backbone of the national security establishment. Read the Palantir deep dive
General Atomics — $3.2B Revenue
The largest privately held defense company. Their $14.1B MQ-9 IRIS contract and CCA Gambit program could push them above $5B in annual revenue within 3 years. Read the General Atomics deep dive
Revenue Growth Trends: Who Is Gaining Share
| Company | 2023 Defense Rev | 2024 Defense Rev | Growth |
|---|---|---|---|
| Palantir | $1.1B | $1.8B | +64% |
| Anduril | $0.5B | $1.0B | +100% |
| SpaceX | $2.5B | $3.3B | +32% |
| Northrop Grumman | $33.5B | $36.8B | +10% |
| L3Harris | $17.8B | $19.4B | +9% |
| RTX | $36.4B | $39.6B | +9% |
| Lockheed Martin | $57.4B | $60.3B | +5% |
| Boeing Defense | $33.9B | $34.2B | +1% |
The pattern is unmistakable: non-traditional contractors are growing 5-20x faster than legacy primes. Venture-backed companies and commercial tech firms are capturing an increasing share of new contract awards while legacy primes grow primarily through price escalation on existing programs.
What This Means for Federal Contractors
Subcontracting Flows Downhill from the Top 25
These 25 companies hold the majority of prime contract ceiling across DOD. Their subcontracting plans, supplier portals, and teaming opportunities are where small and mid-size businesses find federal work.
Track the Disruptors
SpaceX, Anduril, Palantir, and Shield AI are building new supply chains from scratch. The subcontracting opportunities on their programs are less competed and often better suited to small businesses than legacy prime supply chains.
Revenue Concentration Matters
Companies with 90%+ defense revenue concentration (Northrop, HII, L3Harris, SAIC, CACI) are structurally dependent on federal spending. Budget changes hit them hardest — and their contract behavior becomes more aggressive during budget uncertainty.
How to Research These Contractors on Fed-Spend
Search any contractor by name on Fed-Spend to see their full contract history, NAICS codes, agency relationships, and award trends. Use the growth tracker to identify which contractors are winning the most new business. Set alerts for new awards from specific contractors to monitor subcontracting opportunities.
Every company on this list has a public subcontracting plan and supplier portal. The ones that respond to task orders fastest are the ones that win.
Track every defense contractor's federal awards in real time — start your free trial.
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