As has been the case for decades, the United States invests more in its military than any other country in the world. According to the Stockholm International Peace Research Institute, an independent, Swedish organization that tracks the global weapons trade, U.S. defense spending totaled more than $916 billion in 2023, more than three times the annual defense budget of China, the world’s second largest military spender.

24/7 Wall St. Key Points:

• The United States’ defense budget eclipses the combined military spending of many of the world’s largest countries. 
• American military spending has spawned a private-sector defense industry without equal — and every year, dozens of U.S. based companies receive billions of dollars in revenue from military contracts alone.
• Also: Discover the next Nvidia

With a defense budget that eclipses the entire economic output of the vast majority of countries globally, it is perhaps no surprise that the U.S. is also home to many of the world’s largest defense contractors and weapons manufacturers.

The U.S. Department of Defense relies on the private sector for a wide-range of functions, including weapons production and development, consulting, maintenance, and IT infrastructure. This outsourcing helps ensure the military’s access to specialized, state-of-the-art equipment and creates opportunities for uniformed personnel to focus on training and combat preparation. Partially as a result, contracts with private sector companies account for about 70% of America’s domestic defense spending.

Of the 100 largest defense companies globally, 41 are headquartered in the United States, according to SIPRI. Collectively, these U.S. defense contractors reported more than $316 billion in combined revenue in 2023 alone.

Using data from SIPRI, 24/7 Wall St. identified the largest American weapons manufacturers. Companies are ranked on proceeds from arms sales in 2023. All revenue figures are expressed in U.S. dollars. Supplemental data year-over-year change in arms revenue, total corporate revenue, and arms sales as a share of total revenue are also from SIPRI.

Among the companies on this list, revenue from 2023 defense contracts ranges from about $1 billion to more than $60 billion. The top five U.S. defense contractors by arms sale revenue are also the five largest defense contractors in the world. For comparison, the largest defense contractor based outside of the U.S. is Rostec, a state owned, Moscow based company that reported just under $22 billion in arms sales in 2023. Notably, the companies on this list also have business interests outside of defense, and in most cases, military contracts account for less than half of annual revenue.

The products and services the companies on this list provide include communication and navigation systems, small arms ammunition, precision guided missiles, submarines, surface vessels, battle tanks, and fixed and rotary wing aircraft. The highest ranking companies on this list provide the U.S. Air Force and Navy with hundreds of fighter jets and other aircraft, many of which have reported unit costs exceeding $100 million. (Here is a look at the seven states that receive more than half of U.S. military contractor spending.)

These companies not only collaborate with the Pentagon on weapons development, but they also often work with each other. Many weapons systems in the U.S. military arsenal are so advanced that no single company can manage production from start to finish. A single fighter jet or tank will often source various components — including propulsion, navigation, and weapons systems — from multiple manufacturers. (Here is a look at the most expensive, failed U.S. weapons programs.)

These are the largest defense contractors and weapons manufacturers in the United States.

Why It Matters

Nearly one in every 10 dollars spent by the U.S. government every year goes towards defense. American military spending totaled over $900 billion in 2023 alone. With so much money at stake, the U.S. not only has the best funded military in the world, but also the world’s largest private sector defense industry. According to Stockholm International Peace Research Institute, 41 of the 100 largest defense contractors globally are headquartered in the U.S., and each of these companies reported over $1 billion in revenue from military contracts in 2023.

41. TTM Technologies

• Arms sales in 2023: $1.0 billion
• Total company revenue in 2023: $2.2 billion (45.3% arms sales)
• 1-yr. change in arms sales (inflation adj.): +12.2% (+$110.0 million )
• Notable weapons systems or services: Radar and other intelligence, surveillance, and reconnaissance systems
• Ranking among all defense contractors globally: 100th largest

40. Howmet Aerospace

• Arms sales in 2023: $1.0 billion
• Total company revenue in 2023: $6.6 billion (15.4% arms sales)
• 1-yr. change in arms sales (inflation adj.): +6.3% (+$60.0 million )
• Notable weapons systems or services: Component manufacturing for F-35 Joint Strike Fighter
• Ranking among all defense contractors globally: 99th largest

39. United Launch Alliance*

• Arms sales in 2023: $1.0 billion
• Total company revenue in 2023: N/A
• 1-yr. change in arms sales (inflation adj.): -7.2% (-$80.0 million )
• Notable weapons systems or services: Atlas V and Delta IV space rocket missions
• Ranking among all defense contractors globally: 98th largest
• Note*: The arms revenue figure for this company is an estimate with a high degree of uncertainty.

38. HEICO Corp.

• Arms sales in 2023: $1.0 billion
• Total company revenue in 2023: $3.0 billion (35.0% arms sales)
• 1-yr. change in arms sales (inflation adj.): +15.6% (+$140.0 million )
• Notable weapons systems or services: Component manufacturing for C-130, E-4B, F-15, F-16, KC-10, and other military aircraft
• Ranking among all defense contractors globally: 97th largest

37. The Aerospace Corp.

• Arms sales in 2023: $1.1 billion
• Total company revenue in 2023: $1.3 billion (82.2% arms sales)
• 1-yr. change in arms sales (inflation adj.): -1.9% (-$20.0 million )
• Notable weapons systems or services: Project Thor space-based weapons defense
• Ranking among all defense contractors globally: 95th largest

36. Mitre Corp.*

• Arms sales in 2023: $1.1 billion
• Total company revenue in 2023: $2.4 billion (46.6% arms sales)
• 1-yr. change in arms sales (inflation adj.): +3.8% (+$40.0 million )
• Notable weapons systems or services: Research and development for the USAF
• Ranking among all defense contractors globally: 93rd largest
• Note*: The arms revenue figure for this company is an estimate with a high degree of uncertainty.

35. Fluor Corp.

• Arms sales in 2023: $1.1 billion
• Total company revenue in 2023: $15.5 billion (7.2% arms sales)
• 1-yr. change in arms sales (inflation adj.): +3.7% (+$40.0 million )
• Notable weapons systems or services: Nuclear security and remediation, military facility and infrastructure maintenance and support
• Ranking among all defense contractors globally: 92nd largest

34. ViaSat*

• Arms sales in 2023: $1.2 billion
• Total company revenue in 2023: $4.3 billion (28.7% arms sales)
• 1-yr. change in arms sales (inflation adj.): +1.7% (+$20.0 million )
• Notable weapons systems or services: Military satellite communications
• Ranking among all defense contractors globally: 86th largest
• Note*: ViaSat acquired Inmarsat in 2023, and the 2022 arms revenue figure used to calculate one year change was the combined revenues of both companies.

33. Moog

• Arms sales in 2023: $1.2 billion
• Total company revenue in 2023: $3.3 billion (37.3% arms sales)
• 1-yr. change in arms sales (inflation adj.): -6.8% (-$90.0 million )
• Notable weapons systems or services: Military vehicle components
• Ranking among all defense contractors globally: 85th largest

32. Keysight Technologies

• Arms sales in 2023: $1.3 billion
• Total company revenue in 2023: $5.5 billion (22.9% arms sales)
• 1-yr. change in arms sales (inflation adj.): +2.5% (+$30.0 million )
• Notable weapons systems or services: Electronic military hardware and software
• Ranking among all defense contractors globally: 84th largest

31. Amphenol Corp.

• Arms sales in 2023: $1.4 billion
• Total company revenue in 2023: $12.6 billion (11.0% arms sales)
• 1-yr. change in arms sales (inflation adj.): +16.0% (+$190.0 million )
• Notable weapons systems or services: Electronic components for military aircraft, drones, tanks, and ground vehicles
• Ranking among all defense contractors globally: 81st largest

30. Curtiss-Wright Corp.

• Arms sales in 2023: $1.6 billion
• Total company revenue in 2023: $2.9 billion (55.4% arms sales)
• 1-yr. change in arms sales (inflation adj.): +9.0% (+$130.0 million )
• Notable weapons systems or services: Turret aiming and stabilization tools
• Ranking among all defense contractors globally: 79th largest

29. Eaton

• Arms sales in 2023: $1.7 billion
• Total company revenue in 2023: $23.2 billion (7.4% arms sales)
• 1-yr. change in arms sales (inflation adj.): +8.2% (+$130.0 million )
• Notable weapons systems or services: Vehicle components for M1-A1 Abrams tanks, Stryker combat vehicles, and Humvees
• Ranking among all defense contractors globally: 77th largest

28. Parsons Corp.

• Arms sales in 2023: $1.8 billion
• Total company revenue in 2023: $5.4 billion (33.8% arms sales)
• 1-yr. change in arms sales (inflation adj.): +15.0% (+$240.0 million )
• Notable weapons systems or services: C2Core command and control aircraft tool suite
• Ranking among all defense contractors globally: 75th largest

27. BWX Technologies

• Arms sales in 2023: $1.9 billion
• Total company revenue in 2023: $2.5 billion (75.6% arms sales)
• 1-yr. change in arms sales (inflation adj.): +6.8% (+$120.0 million )
• Notable weapons systems or services: Naval nuclear propulsion components
• Ranking among all defense contractors globally: 70th largest

26. Sierra Nevada Corp.*

• Arms sales in 2023: $1.9 billion
• Total company revenue in 2023: $2.0 billion (97.0% arms sales)
• 1-yr. change in arms sales (inflation adj.): +19.1% (+$310.0 million )
• Notable weapons systems or services: M-28 Special Operations Multi-Role Aircraft
• Ranking among all defense contractors globally: 68th largest
• Note*: The arms revenue figure for this company is an estimate with a high degree of uncertainty.

25. Oshkosh Corp.

• Arms sales in 2023: $2.1 billion
• Total company revenue in 2023: $9.7 billion (21.7% arms sales)
• 1-yr. change in arms sales (inflation adj.): -5.8% (-$130.0 million )
• Notable weapons systems or services: Joint Light Tactical Vehicles
• Ranking among all defense contractors globally: 63rd largest

24. Teledyne Technologies

• Arms sales in 2023: $2.1 billion
• Total company revenue in 2023: $5.6 billion (37.4% arms sales)
• 1-yr. change in arms sales (inflation adj.): +0.5% (+$10.0 million )
• Notable weapons systems or services: Autonomous underwater Slocum G3 Glider
• Ranking among all defense contractors globally: 62nd largest

23. General Atomics*

• Arms sales in 2023: $2.1 billion
• Total company revenue in 2023: N/A
• 1-yr. change in arms sales (inflation adj.): -4.9% (-$110.0 million )
• Notable weapons systems or services: MQ-9A Reaper drone
• Ranking among all defense contractors globally: 61st largest
• Note*: The arms revenue figure for this company is an estimate with a high degree of uncertainty.

22. Jacobs Engineering Group

• Arms sales in 2023: $2.4 billion
• Total company revenue in 2023: $16.4 billion (14.4% arms sales)
• 1-yr. change in arms sales (inflation adj.): +7.8% (+$170.0 million )
• Notable weapons systems or services: Intelligence training and analysis, mission support services
• Ranking among all defense contractors globally: 55th largest

21. TransDigm Group

• Arms sales in 2023: $2.6 billion
• Total company revenue in 2023: $6.6 billion (39.0% arms sales)
• 1-yr. change in arms sales (inflation adj.): +5.8% (+$140.0 million )
• Notable weapons systems or services: Military parachutes
• Ranking among all defense contractors globally: 53rd largest

20. Parker-Hannifin Corp.

• Arms sales in 2023: $2.6 billion
• Total company revenue in 2023: $19.9 billion (13.0% arms sales)
• 1-yr. change in arms sales (inflation adj.): +10.2% (+$240.0 million )
• Notable weapons systems or services: Aerospace components
• Ranking among all defense contractors globally: 52nd largest

19. Textron

• Arms sales in 2023: $2.9 billion
• Total company revenue in 2023: $13.7 billion (21.5% arms sales)
• 1-yr. change in arms sales (inflation adj.): -3.0% (-$90.0 million )
• Notable weapons systems or services: Bell V-280 Valor assault aircraft
• Ranking among all defense contractors globally: 49th largest

18. Bechtel Corp.

• Arms sales in 2023: $3.0 billion
• Total company revenue in 2023: $20.6 billion (14.4% arms sales)
• 1-yr. change in arms sales (inflation adj.): +4.2% (+$120.0 million )
• Notable weapons systems or services: Ground based nuclear launch infrastructure
• Ranking among all defense contractors globally: 48th largest

17. V2X

• Arms sales in 2023: $3.4 billion
• Total company revenue in 2023: $4.0 billion (86.1% arms sales)
• 1-yr. change in arms sales (inflation adj.): +30.2% (+$790.0 million )
• Notable weapons systems or services: Logistics support
• Ranking among all defense contractors globally: 44th largest

16. Science Applications International Corp.

• Arms sales in 2023: $3.9 billion
• Total company revenue in 2023: $7.4 billion (52.0% arms sales)
• 1-yr. change in arms sales (inflation adj.): -1.5% (-$60.0 million )
• Notable weapons systems or services: Counter unmanned aerial systems
• Ranking among all defense contractors globally: 40th largest

15. Sandia National Laboratories

• Arms sales in 2023: $4.2 billion
• Total company revenue in 2023: $4.8 billion (87.9% arms sales)
• 1-yr. change in arms sales (inflation adj.): +2.9% (+$120.0 million )
• Notable weapons systems or services: Nuclear weapons development
• Ranking among all defense contractors globally: 37th largest

14. KBR

• Arms sales in 2023: $4.2 billion
• Total company revenue in 2023: $7.0 billion (60.8% arms sales)
• 1-yr. change in arms sales (inflation adj.): -4.7% (-$210.0 million )
• Notable weapons systems or services: Laser weapon systems
• Ranking among all defense contractors globally: 36th largest

13. General Electric

• Arms sales in 2023: $4.7 billion
• Total company revenue in 2023: $68.0 billion (6.9% arms sales)
• 1-yr. change in arms sales (inflation adj.): +2.6% (+$120.0 million )
• Notable weapons systems or services: Black Hawk and Apache helicopter engines
• Ranking among all defense contractors globally: 31st largest

12. Honeywell International

• Arms sales in 2023: $5.0 billion
• Total company revenue in 2023: $36.7 billion (13.6% arms sales)
• 1-yr. change in arms sales (inflation adj.): +3.5% (+$170.0 million )
• Notable weapons systems or services: Operations platforms for military aircraft
• Ranking among all defense contractors globally: 29th largest

11. CACI International

• Arms sales in 2023: $5.7 billion
• Total company revenue in 2023: $7.7 billion (74.4% arms sales)
• 1-yr. change in arms sales (inflation adj.): +13.5% (+$680.0 million )
• Notable weapons systems or services: SkyTracker drone technology
• Ranking among all defense contractors globally: 25th largest

10. Amentum

• Arms sales in 2023: $6.5 billion
• Total company revenue in 2023: $8.6 billion (75.0% arms sales)
• 1-yr. change in arms sales (inflation adj.): -5.6% (-$380.0 million )
• Notable weapons systems or services: Electronic submarine components, rotary wing flight training, aviation command and control support
• Ranking among all defense contractors globally: 21st largest

9. Booz Allen Hamilton

• Arms sales in 2023: $6.9 billion
• Total company revenue in 2023: $10.7 billion (64.7% arms sales)
• 1-yr. change in arms sales (inflation adj.): +12.4% (+$760.0 million )
• Notable weapons systems or services: Defense consulting
• Ranking among all defense contractors globally: 20th largest

8. Leidos

• Arms sales in 2023: $8.7 billion
• Total company revenue in 2023: $15.4 billion (56.5% arms sales)
• 1-yr. change in arms sales (inflation adj.): +1.7% (+$150.0 million )
• Notable weapons systems or services: GBU-69/B precision guided munitions
• Ranking among all defense contractors globally: 19th largest

7. HII

• Arms sales in 2023: $9.3 billion
• Total company revenue in 2023: $11.5 billion (81.0% arms sales)
• 1-yr. change in arms sales (inflation adj.): +1.9% (+$170.0 million )
• Notable weapons systems or services: Gerald R. Ford-Class aircraft carriers
• Ranking among all defense contractors globally: 17th largest

6. L3Harris Technologies*

• Arms sales in 2023: $14.8 billion
• Total company revenue in 2023: $19.4 billion (76.0% arms sales)
• 1-yr. change in arms sales (inflation adj.): +12.2% (+$1.6 billion )
• Notable weapons systems or services: Sky Warden ISR Strike Aircraft
• Ranking among all defense contractors globally: 11th largest
• Note*: L3Harris Technologies acquired Aerojet Rocketdyne in 2023, and revenue figures are adjusted to account for the merger.

5. General Dynamics Corp.

• Arms sales in 2023: $30.2 billion
• Total company revenue in 2023: $42.3 billion (71.4% arms sales)
• 1-yr. change in arms sales (inflation adj.): +3.2% (+$930.0 million )
• Notable weapons systems or services: M1A1 Abrams Main Battle Tank
• Ranking among all defense contractors globally: 5th largest

4. Boeing

• Arms sales in 2023: $31.1 billion
• Total company revenue in 2023: $77.8 billion (40.0% arms sales)
• 1-yr. change in arms sales (inflation adj.): +2.0% (+$600.0 million )
• Notable weapons systems or services: V-22 Osprey aircraft
• Ranking among all defense contractors globally: 4th largest

3. Northrop Grumman Corp.

• Arms sales in 2023: $35.6 billion
• Total company revenue in 2023: $39.3 billion (90.5% arms sales)
• 1-yr. change in arms sales (inflation adj.): +5.8% (+$2.0 billion )
• Notable weapons systems or services: B-21 Raider long-range strike fighter
• Ranking among all defense contractors globally: 3rd largest

2. RTX (formerly Raytheon Technologies)

• Arms sales in 2023: $40.7 billion
• Total company revenue in 2023: $68.9 billion (59.0% arms sales)
• 1-yr. change in arms sales (inflation adj.): -1.3% (-$530.0 million )
• Notable weapons systems or services: Javelin Missile
• Ranking among all defense contractors globally: 2nd largest

1. Lockheed Martin Corp.

• Arms sales in 2023: $60.8 billion
• Total company revenue in 2023: $67.6 billion (90.0% arms sales)
• 1-yr. change in arms sales (inflation adj.): -1.6% (-$1.0 billion )
• Notable weapons systems or services: F-35 Lightning II multirole combat aircraft
• Ranking among all defense contractors globally: the largest

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