The U.S. government spends more than $700 billion each year on the Department of Defense, the largest share of any single program. The defense budget request for FY2024 stands at $842 billion.
About 95% of the defense budget spending is for operations and maintenance; military personnel; procurement of weapons; and research, development, testing, and evaluation. The Department of Defense then contracts companies to perform many of these activities.
For example, the military provides health insurance for its personnel, and health insurance company Humana was the winner of an over $30 billion contract with the DOD. Pfizer and Moderna, too, secured Defense Health Agency contracts worth $11 billion and $8 billion, respectively, to supply the military with COVID-19 vaccines.
Other companies often do business with a specific military branch to supply weapons, perform maintenance, or provide R&D services. General Dynamics’ Electric Boat Company secured a $20 billion contract from the Department of the Navy for construction of nine Virginia-class submarines, eight with Virginia Payload Module missile tubes that will provide undersea strike capacity. (Here are the U.S. Navy’s newest ships and submarines.)
Meanwhile, Lockheed Martin’s contract, also with the Department of the Navy, for the manufacturing of F-35 Joint Strike Fighters remains the Pentagon’s costliest program ever, at $398 billion, according to Bloomberg. And it continues to expand, with a preliminary agreement reached in July for several hundred F-35 jets estimated to be worth about $30 billion. That is in addition to existing F-35 contracts, like the recently modified $35 billion one. (Here is every plane in the U.S. military.)
To find the top DOD contracts in fiscal year 2022, 24/7 Wall St. reviewed data from USASpending.gov. We included only the highest contract for each unique entity identifier. Some corporations have several UEIs. Some of the contracts were awarded in previous years, but because they were modified in 2022, they are included on the list.
Click here to see the largest US weapons contracts of 2022.
30. Northrop Grumman Systems Corporation
> Total obligated amount: $5.45 billion
> Funding sub agency: Dept Of The Navy
> Primary state of performance: Florida
> Product or service description: Aircraft, fixed wing
> DOD acquisition program description: E-2D AHE (Advanced Hawkeyes)
[in-text-ad]
29. Regeneron Pharmaceuticals, Inc.
> Total obligated amount: $5.57 billion
> Funding sub agency: Dept Of The Army
> Primary state of performance: New York
> Product or service description: Drugs and biologicals
> DOD acquisition program description: NONE
28. Raytheon Company
> Total obligated amount: $5.57 billion
> Funding sub agency: Dept Of The Army
> Primary state of performance: Massachusetts
> Product or service description: Guided missile systems, complete
> DOD acquisition program description: Patriot/MEADS CAP (Medium Extended Air Defense System Combined Aggregate Program)
27. Raytheon Company
> Total obligated amount: $5.67 billion
> Funding sub agency: Dept Of The Navy
> Primary state of performance: Massachusetts
> Product or service description: R&D – general science/technology: engineering (advanced development)
> DOD acquisition program description: DDG 1000-class guided missile destroyers
[in-text-ad-2]
26. Oshkosh Defense, Llc
> Total obligated amount: $6.11 billion
> Funding sub agency: Dept Of The Navy
> Primary state of performance: Wisconsin
> Product or service description: Combat, assault, and tactical vehicles, wheeled
> DOD acquisition program description: JLTV (joint light tactical vehicle)
25. Huntington Ingalls Incorporated
> Total obligated amount: $6.17 billion
> Funding sub agency: Dept Of The Navy
> Primary state of performance: Mississippi
> Product or service description: Combat ships and landing vessels
> DOD acquisition program description: DDG 51-class guided missile destroyers
[in-text-ad]
24. Huntington Ingalls Incorporated
> Total obligated amount: $6.60 billion
> Funding sub agency: Dept Of The Navy
> Primary state of performance: Virginia
> Product or service description: Aircraft carriers
> DOD acquisition program description: CVN 78
23. Boeing Company, The
> Total obligated amount: $7.22 billion
> Funding sub agency: Dept Of The Army
> Primary state of performance: Arizona
> Product or service description: Hardware, weapon system
> DOD acquisition program description: NONE
22. Lockheed Martin Corporation
> Total obligated amount: $7.27 billion
> Funding sub agency: Dept Of The Air Force
> Primary state of performance: Georgia
> Product or service description: Aircraft, fixed wing
> DOD acquisition program description: C-130J Super Hercules
[in-text-ad-2]
21. Dyncorp International Limited Liability Company (7126)
> Total obligated amount: $7.40 billion
> Funding sub agency: Dept Of The Army
> Primary state of performance:
> Product or service description: Support- management: logistics support
> DOD acquisition program description: NONE
20. Fluor Marine Propulsion, Llc
> Total obligated amount: $7.62 billion
> Funding sub agency: Dept Of The Navy
> Primary state of performance: Pennsylvania
> Product or service description: Nuclear reactors
> DOD acquisition program description: NONE
[in-text-ad]
19. Lockheed Martin Corporation
> Total obligated amount: $8.11 billion
> Funding sub agency: Missile Defense Agency (MDA)
> Primary state of performance: Texas
> Product or service description: Guided missiles
> DOD acquisition program description: MDA Support
24/7 Wall St.
18. Moderna, Inc.
> Total obligated amount: $8.19 billion
> Funding sub agency: Dept Of The Army
> Primary state of performance: Massachusetts
> Product or service description: Drugs and biologicals
> DOD acquisition program description: NONE
17. United Technologies Corporation
> Total obligated amount: $8.73 billion
> Funding sub agency: Dept Of The Navy
> Primary state of performance: Connecticut
> Product or service description: Gas turbines and jet engines, aircraft, prime moving; and components
> DOD acquisition program description: F-35
[in-text-ad-2]
16. Energy, United States Dept Of
> Total obligated amount: $9.44 billion
> Funding sub agency: Dept Of The Navy
> Primary state of performance: District Of Columbia
> Product or service description: Ship and boat propulsion components
> DOD acquisition program description: NONE
15. Lockheed Martin Corporation
> Total obligated amount: $9.46 billion
> Funding sub agency: Dept Of The Air Force
> Primary state of performance: California
> Product or service description: National defense R&D SVCS; atomic energy defense activities; R&D facilities & maj equip
> DOD acquisition program description: N/A
[in-text-ad]
14. United Launch Services, Llc
> Total obligated amount: $9.53 billion
> Funding sub agency: Dept Of The Air Force
> Primary state of performance: Colorado
> Product or service description: Transportation/travel/relocation- transportation: space transportation/launch
> DOD acquisition program description: NSSL (National Security Space Launch)
24/7 Wall St.
13. Northrop Grumman Space And Mission Systems Corporation
> Total obligated amount: $10.00 billion
> Funding sub agency: Dept Of The Air Force
> Primary state of performance: Utah
> Product or service description: Technical representative – guided missiles
> DOD acquisition program description: NONE
12. Boeing Company, The
> Total obligated amount: $11.04 billion
> Funding sub agency: Dept Of The Air Force
> Primary state of performance: Missouri
> Product or service description: Aircraft, fixed wing
> DOD acquisition program description: NONE
[in-text-ad-2]
11. Bell Boeing Joint Project Office
> Total obligated amount: $11.04 billion
> Funding sub agency: Dept Of The Navy
> Primary state of performance: Texas
> Product or service description: Aircraft, rotary wing
> DOD acquisition program description: V-22 Osprey (vertical takeoff and landing aircraft)
10. McDonnell Douglas Corporation
> Total obligated amount: $11.10 billion
> Funding sub agency: Dept Of The Air Force
> Primary state of performance: California
> Product or service description: Aircraft, fixed wing
> DOD acquisition program description: C-17A Globemaster III cargo aircraft
[in-text-ad]
9. Pfizer Inc.
> Total obligated amount: $11.12 billion
> Funding sub agency: Dept Of The Army
> Primary state of performance: New York
> Product or service description: Drugs and biologicals
> DOD acquisition program description: NONE
8. Sikorsky Aircraft Corporation
> Total obligated amount: $11.60 billion
> Funding sub agency: Dept Of The Army
> Primary state of performance: Connecticut
> Product or service description: Aircraft, rotary wing
> DOD acquisition program description: NONE
7. Fluor Intercontinental Incorporated
> Total obligated amount: $12.57 billion
> Funding sub agency: Dept Of The Army
> Primary state of performance:
> Product or service description: Support – management: logistics support
> DOD acquisition program description: NONE
[in-text-ad-2]
6. Health Net Federal Services, Llc
> Total obligated amount: $14.58 billion
> Funding sub agency: Defense Health Agency (DHA)
> Primary state of performance: California
> Product or service description: Medical – general health care
> DOD acquisition program description: NONE
5. Boeing Corporation
> Total obligated amount: $18.76 billion
> Funding sub agency: Missile Defense Agency (MDA)
> Primary state of performance: Alabama
> Product or service description: Guided missiles
> DOD acquisition program description: MDA Support
[in-text-ad]
4. The Boeing Company
> Total obligated amount: $20.23 billion
> Funding sub agency: Dept Of The Air Force
> Primary state of performance: Washington
> Product or service description: Aircraft, fixed wing
> DOD acquisition program description: KC-46A Pegasus tanker for mid-air refueling
24/7 Wall St.
3. Electric Boat Corporation
> Total obligated amount: $20.81 billion
> Funding sub agency: Dept Of The Navy
> Primary state of performance: Connecticut
> Product or service description: Combat ships and landing vessels
> DOD acquisition program description: SSN 774 – Virginia class nuclear-powered attack submarines
2. Humana Government Business, Inc.
> Total obligated amount: $31.79 billion
> Funding sub agency: Defense Health Agency (DHA)
> Primary state of performance: Kentucky
> Product or service description: Medical- general health care
> DOD acquisition program description: NONE
[in-text-ad-2]
1. Lockheed Martin Corporation
> Total obligated amount: $35.00 billion
> Funding sub agency: Dept Of The Navy
> Primary state of performance: Texas
> Product or service description: Aircraft, fixed wing
> DOD acquisition program description: F-35 Lightning II
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
