The Top 15 Defense Companies by 2022 Revenues
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What we’re showing
This graphic ranks the world’s 15 largest defense companies, sorted by their 2022 revenues. We used revenues from defense activities, and not total revenues.
Key takeaway
11 of the top 15 companies by defense revenues belong to the U.S. or China. Both of these countries also happen to have the world’s two largest military budgets.
Context
- Defense is not the only industry for many of these firms. For example, Boeing also makes significant revenue from its commercial airline business.
- Aviation Industry Corporation of China (AVIC) has purchased several U.S. aviation companies over the years, including Continental Motors and Cirrus.
- BAE Systems is known for producing the Harrier, the world’s first vertical/short take-off and landing (VTOL) aircraft.
Dataset
Rank | Company | Country | Revenues from Defense (USD billions) | 2022 Total Revenue (in millions) | Defense share of total revenue (%) |
---|---|---|---|---|---|
1 | Lockheed Martin | US | 633 | $65,984.00 | 96% |
2 | RTX Corp (formerly Raytheon Technologies) | US | 396 | $67,100.00 | 59% |
3 | Northrop Grumman | US | 324 | $36,602.00 | 89% |
4 | Aviation Industry Corporation of China | China | 310 | $82,600.10 | 37% |
5 | Boeing | US | 308 | $66,608.00 | 46% |
6 | General Dynamics | US | 304 | $39,400.00 | 77% |
7 | BAE Systems | U.K. | 252 | $26,290.47 | 96% |
8 | China North Industries Group | China | 180 | $82,778.69 | 22% |
9 | L3Harris Technologies | US | 139 | $17,062.00 | 82% |
10 | China South Industries Group | China | 135 | $43,472.95 | 31% |
11 | Leonardo | Italy | 129 | $15,501.35 | 83% |
12 | Airbus | Netherlands/France | 120 | $61,480.67 | 20% |
13 | HII | US | 106 | $10,676.00 | 100% |
14 | Thales | France | 96 | $18,510.38 | 52% |
15 | China Aerospace Science and Technology Corporation | China | 96 | $44,929.99 | 21% |
Data sources
Data comes from information Defense News solicited from companies, from companies’ annual reports, from analysts, and from research by Defense News, the International Institute for Strategic Studies, SPADE Indexes and Oliver Wyman. Companies were contacted by Defense News and asked to fill out a survey reporting their total annual revenue and revenue derived from defense, intelligence, homeland security and other national security contracts. Currency conversions for non-U.S. firms were calculated using average market conversion rates over each firm’s fiscal year to mitigate the effects of currency fluctuations.