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Ranked: The World’s Top 25 Defense Companies by Revenue
Published 3 days ago on October 27, 2023
By Marcus Lu
Graphics/Design:
Bhabna Banerjee
Top 25 defense companies by revenue

The Top 25 Defense Companies by Revenue
Every year, the world’s most powerful countries spend billions of
dollars on defense—but where does this money actually flow?

To gain insight, we’ve ranked the world’s top 25 defense companies by
2022 revenues, using data from Defense News.

Note that our graphic shows each company’s revenues from defense, and
not total revenues. This is because many companies such as Boeing also
generate revenue from non-defense related industries and sectors.

Data and Country Highlights
The data we used to create this graphic is listed in the table below.

Search:
Company Revenues from Defense (USD billions) Defense share of total
revenue (%)
🇺🇸 Lockheed Martin $63.3 96%
🇺🇸 RTX Corp (formerly Raytheon Technologies) $39.6 59%
🇺🇸 Northrop Grumman $32.4 89%
🇨🇳 Aviation Industry Corporation of China $31.0 37%
🇺🇸 Boeing $30.8 46%
🇺🇸 General Dynamics $30.4 77%
🇬🇧 BAE Systems $25.2 96%
🇨🇳 China North Industries Group $18.0 22%
🇺🇸 L3Harris Technologies $13.9 82%
🇨🇳 China South Industries Group $13.5 31%
🇮🇹 Leonardo $12.9 83%
🇳🇱/🇫🇷 Airbus $12.0 20%
🇺🇸 HII $10.6 100%
🇫🇷 Thales $9.6 52%
🇨🇳 China Aerospace Science and Technology Corporation $9.6 21%

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The U.S. and China are the most represented countries on this list, with
12 and four respective companies in the top 25.

Country Highlights: U.S.
The U.S. consistently has the world’s largest military budget, so it’s
no surprise that American companies dominate this ranking. Here are some
interesting facts about the top three:

Lockheed Martin

Formed in 1995 by the merger of Lockheed Corporation and Martin Marietta
While primarily known for producing advanced fighter jets like the F-35,
the company is also working with NASA on the Orion spacecraft
RTX (formerly Raytheon Technologies)

Raytheon produces a wide range of military equipment, including the
Javelin portable anti-tank missile system.
According to CSIS, the U.S. has supplied 7,000 Javelins to Ukraine,
equal to roughly one-third of its stock.
Northrop Grumman

Formed in 1994 by the merger of Northrop and Grumman Aerospace, this
company is known for developing the B-2 stealth bomber.
In August 2023, the company opened an office in Taiwan to “accelerate
access to the company’s technologies”.
Country Highlights: China
China’s top three companies in this ranking are all state-owned enterprises.

Aviation Industry Corporation of China (AVIC)

AVIC is China’s largest aerospace and defense company, also ranking
150th in the Fortune Global 500 (2023).
Chengdu Aerospace Corporation, a subsidiary of AVIC, produces China’s
first operational stealth fighter, the J-20.
China North Industries Group (CNIG)

CNIG does business internationally under the name Norinco Group.
In 2003, Norinco was sanctioned by the Bush administration for allegedly
supplying Iran with missile technologies.
China South Industries Group (CSIG)

CSIG produces military vehicles, ammunitions, and other equipment.
The company also owns Changan Automobile, a major car brand in China and
one of the world’s largest EV producers.
Other Highlights
Two European companies on this list that aren’t typically associated
with the defense industry are Airbus and Rolls-Royce.

Airbus is one of the world’s largest producers of commercial airliners,
and is widely used by major carriers alongside offerings from Boeing.
When it comes to defense, Airbus produces a variety of military drones,
fighters, and transports.

On the other hand, Rolls-Royce is a major supplier of aircraft and naval
engines, and designs the nuclear propulsion systems for the UK’s
submarine fleet.

It actually has no affiliation with Rolls-Royce Motor Cars, which is
currently a subsidiary of BMW. The original company ran into financial
difficulties in the 1970s, which led to the separation of the car and
aero-engine businesses.

Correction: A previous version of this article contained incorrect
revenue totals. The graphic has since been updated.