In this article, we look at the top 5 defense contractors in 2024. You can read about trends in the defense industry by heading over to the Top 20 Defense Contractors in 2024, where we have discussed in detail how large armament manufacturers have profited from the ongoing armed conflicts in Europe and the Middle East.
5. The Boeing Company (NYSE:BA)
Country: United States
Total Revenue in 2022: $66.61 billion
Defense Revenue in 2022: $30.84 billion
Percentage of Revenue from Defense: 46%
We begin our list with The Boeing Company (NYSE:BA), which is one of the largest defense contractors in the world. Nearly half of the company’s overall revenue in 2022 came from defense-related sales, which included a $925 million contract from the US government to work on the US Air Force’s Next Generation Air Dominance (NGAD) programme which aims to develop a sixth-generation fighter jet to replace the F-22 Raptor by 2030.
4. Aviation Industry Corporation of China
Country: China
Total Revenue in 2022: $82.6 billion
Defense Revenue in 2022: $30.97 billion
Percentage of Revenue from Defense: 37%
The Aviation Industry Corporation of China (AVIC) is one of the largest defense contractors in China. It is a state-owned corporation, with over a hundred subsidiaries. The AVIC has been credited for the development of one of the most advanced fighter jets in the world currently – the J-20. It has also jointly-built the much-famed JF-17 Thunder fighter jet in cooperation with Pakistan.
3. Northrop Grumman Corporation (NYSE:NOC)
Country: United States
Total Revenue in 2022: $36.6 billion
Defense Revenue in 2022: $32.44 billion
Percentage Revenue from Defense: 89%
Northrop Grumman Corporation (NYSE:NOC) registered a 3% increase in revenue in 2022, compared to 2021. It is one of top defense contractors in the world, and is the manufacturer of the strategic bomber, B-21 Raider. The company ranks 113th on the Fortune 500 companies list.
2. RTX Corporation (NYSE:RTX)
Country: United States
Total Revenue in 2022: $67.1 billion
Defense Revenue in 2022: $39.6 billion
Percentage Revenue from Defense: 59%
RTX Corporation (NYSE:RTX) received over $25 billion in contracts from the US Department of Defense in 2022. It is the second largest company in the world in terms of defense revenue, despite the fact the revenue from defense only accounts for 59% of its overall revenue. The company has played an instrumental role in enabling the United States to provide Ukraine with key weapons to turn the side against Russia in the ongoing conflict.
1. Lockheed Martin Corporation (NYSE:LMT)
Country: United States
Total Revenue in 2022: $65.98 billion
Defense Revenue in 2022: $63.33 billion
Percentage Revenue from Defense: 96%
Lockheed Martin Corporation (NYSE:LMT) is the largest defense contractor in the world. It received orders of over $45 billion from the US Department of Defense in 2022, which accounted for nearly 70% of its overall revenue for the year. It is the manufacturer of the F-35 fifth-generation fighter jet – one of the most sophisticated and advanced jets in modern warfare, and one which is likely to retain its status as a cornerstone for the US Air Force for the foreseeable future.
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