Prime Contractor Quarterly Revenue
Quarterly defense-segment revenue ($B USD). Defense-segment basis where reported; total revenue × estimated defense share for diversified primes (RTX ~50%, BA ~36%). Sources: 10-Q filings.
Defense Backlog by Company
Year-end order backlog ($B USD). RTX backlog includes commercial aerospace (~$50B). Foreign currency converted at year-end FX. Sources: 10-K filings.
SIPRI Top 25 Global Contractors
| # | Company | Country | Arms Revenue | % Defense |
|---|---|---|---|---|
| 1 | Lockheed Martin | US | $71.0B | 99% |
| 2 | RTX Corporation | US | $40.5B | 50% |
| 3 | Northrop Grumman | US | $41.0B | 95% |
| 4 | General Dynamics | US | $37.5B | 79% |
| 5 | BAE Systems | GB | $33.0B | 95% |
| 6 | Boeing Defense | US | $23.9B | 36% |
| 7 | AVIC | CN | $22.5B | 33% |
| 8 | L3Harris | US | $21.3B | 100% |
| 9 | Thales | FR | $16.5B | 80% |
| 10 | Leonardo | IT | $14.5B | 81% |
| 11 | Airbus Defence & Space | Multinational | $12.5B | 17% |
| 12 | NORINCO | CN | $14.6B | 27% |
| 13 | HII | US | $11.5B | 100% |
| 14 | Leidos | US | $11.2B | 67% |
| 15 | Booz Allen Hamilton | US | $11.0B | 98% |
| 16 | Rostec | RU | $10.9B | 70% |
| 17 | Rheinmetall | DE | $9.8B | 95% |
| 18 | CASIC | CN | $8.2B | 35% |
| 19 | CACI International | US | $7.7B | 100% |
| 20 | Mitsubishi Heavy | JP | $8.0B | 25% |
| 21 | Almaz-Antey | RU | $7.1B | 100% |
| 22 | Hanwha Aerospace | KR | $6.7B | 65% |
| 23 | Israel Aerospace Industries | IL | $5.2B | 100% |
| 24 | Hyundai Rotem | KR | $3.5B | 70% |
| 25 | Saab | SE | $4.8B | 95% |
SIPRI Top 25 by FY2024 arms revenue ($M USD). Total Top 25: $454.4B. Russian/Chinese figures are SIPRI estimates due to limited transparency. Source: SIPRI Arms Industry Database.
Defense M&A Activity
| Date | Acquirer | Target | Value | Category | Note |
|---|---|---|---|---|---|
| 2026-03 | Palantir | Voyage AI Innovations | $175M | AI/ML Tooling | — |
| 2026-02 | Lockheed Martin | Terran Orbital | $600M | Small Satellite Buses | Acquisition completed Feb 2026; closed late 2025 |
| 2025-11 | Anduril | Klas Telecom | $240M | Tactical Networking | Anduril private; announced Nov 2025 |
| 2025-09 | RTX | Heliponix subsidiary | $380M | Counter-UAS | — |
| 2025-06 | Thales | Cobham Aerospace Communications | $1.1B | Avionics | — |
| 2025-02 | Leidos | Cobham Mission Systems | $850M | Defense Electronics | — |
| 2024-12 | Booz Allen | EverWatch | $440M | Cyber/SIGINT | — |
| 2024-10 | AeroVironment | BlueHalo | $4.1B | Counter-UAS + Directed Energy | Closed Q1 2025 |
| 2023-08 | BAE Systems | Ball Aerospace | $5.5B | Space Systems | Closed Feb 2024 |
| 2022-12 | L3Harris | Aerojet Rocketdyne | $4.7B | Solid Rocket Motors | Closed Jul 2023 after FTC blocked LMT bid |
| 2020-12 | Lockheed Martin | Aerojet Rocketdyne (announced) | $4.4B | Solid Rocket Motors | FTC blocked Feb 2022 |
| 2020-04 | L3Harris | Aviation Communication Systems | $600M | Avionics | — |
Major defense M&A 2020-2026 (≥$200M). Sorted most recent first. Sources: company press releases, SEC filings, FTC reviews.
Defense ETF Performance
Total return indexed to 100 at Jan 31, 2022. Defense ETFs outperformed S&P 500 substantially after Russia's invasion of Ukraine (Feb 2022) and Israel-Hamas war (Oct 2023). Sources: Yahoo Finance, Bloomberg.