Prime Contractor Quarterly Revenue
Quarterly defense-segment revenue for the top 10 primes ($B USD). Defense-segment basis where reported.
Updated at 2026-05-28
Defense Backlog by Company
Backlog = signed contracts not yet delivered: a forward-looking revenue indicator (defense primes typically run 2-3x revenue in backlog). Year-end figures in $B USD from 10-K annual SEC filings; RTX includes its commercial aerospace book.
Updated at 2026-05-28
DoD Prime Contract Awards by Fiscal Year
Annual DoD contract obligations by parent vendor (federal fiscal year, Oct-Sep), from USAspending.gov and FPDS-NG.
Updated at 2026-05-28
SIPRI Top 25 Global Contractors
The SIPRI Top 25 arms companies by FY2024 arms revenue ($M USD). Russian and Chinese figures are SIPRI estimates as those firms don't publish audited financials.
| # | 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% |
Updated at 2026-05-08
Defense M&A Activity
M&A = mergers and acquisitions: defense consolidation deals of $200M+ from 2020-2026. The FTC (Federal Trade Commission) reviews each transaction for antitrust concerns, often delaying or restructuring deals between primes.
| 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 | - |
Updated at 2026-05-08
Defense ETF Performance
ITA and XAR, two defense-stock ETFs, indexed to 100 at Jan 31, 2022 and plotted against the S&P 500.
Updated at 2026-05-08