Data for the Top 100 list comes from information Defense News solicited from companies, from companies’ earnings reports, from analysts, and from research by Defense News, the International Institute for Strategic Studies and SPADE Indexes.
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.
Company adjustments made to 2022 defense revenue during the subsequent year is not reflected unless otherwise noted.
Footnotes
- Defense revenue figures include sales to the U.S. departments of Defense and Homeland Security, the U.S. intelligence community, and defense sales to international customers.
- Defense revenue figures are made up of revenue from three business segments (marine systems, combat systems and technologies), and exclude revenue from the aerospace segment, as that is principally commercial. There is some crossover; for example, the technologies segment includes revenue from some federal and state civilian agencies unrelated to defense, while the aerospace segment includes some defense-related business activities for U.S. and international military programs.
- BAE Systems announced the proposed acquisition of Ball Aerospace in 2023, which concluded in February 2024. Ball Aerospace was the sole source of defense revenue for Ball Corp., which was ranked 54 in last year's list.
- L3Harris Technologies in 2023 acquired Aerojet Rocketdyne Holdings, Inc., which ranked 55 in last year's list. Fiscal 2023 figures include five months of revenue for Aerojet Rocketdyne.
- Airbus lists its “headquarters” in the Netherlands and its “main office” in France.
- Fiscal 2022 defense revenue is restated for consistency purposes to reflect a modified calculation for the company’s defense revenue figures.
- Defense revenue figures come from the company's defense and intelligence division as well as its readiness and sustainment division, both of which fall under its government solutions unit.
- Revenue figures are calculated using so-called inflation accounting methods. The company either declined to provide the unadapted data or the information was not publicly available.
- Fiscal 2023 defense revenue includes the company's share of revenue from joint ventures. Fiscal 2022 defense revenue excludes the company's share of revenue from joint ventures.
- In June 2023, Ukroboronprom changed its name to Ukrainian Defense Industry, which the organization describes as a joint stock company.
- Revenue figures are unadapted, as the company did not provide data using so-called inflation accounting methods.
- Fiscal 2022 defense revenue is restated following Parker Hannifin’s acquisition of Meggitt in September 2022.
- Defense revenue figures are restated for consistency purposes to reflect a modified calculation in which the company only included defense business activities, excluding intelligence and homeland security business activities.
- Fiscal 2022 defense revenue is restated due to an error in calculating the currency conversion rate in last year's list, where CAE ranked 67 but would have ranked 66.
- GKN Aerospace is Melrose Industries' sole source of defense revenue.
- Revenue figures are calculated using so-called inflation accounting methods. The company provided unadapted data for fiscal 2023 defense revenue and total revenue, and for fiscal 2022 defense revenue, which are, respectively, $1,089.42 million and $1,089.42 million, and $873.35 million.
- Defense revenue figures come from aerospace, defense and government business activities.
- Hyundai Rotem Company is an affiliate of Hyundai Motor Group
- Defense revenue figures represent business activities with the U.S. Defense Department and related contractors.
- Defense revenue figures are made up of the company's defense and space segments.
- Defense revenue figures are made up of the company's defense and space segment.
- Defense revenue figures solely reflect sales to the U.S. government.
- The company changed its name to CAES from Cobham Advanced Electronic Solutions.
- Revenue figures are calculated using so-called inflation accounting methods. The company provided unadapted data for fiscal 2023 defense revenue and total revenue, and for fiscal 2022 defense revenue, which are, respectively, $518.72 million and $518.72 million, and $443.50 million.
- Defense revenue figures come from the company’s governmentwide business activities as part of its networks business unit.
- Defense revenue figures are made up of the company's space and defense activities.
- The number initially published for Leidos was not accurate, and the 2023 defense revenue submitted for Leidos was actually higher than transcribed. The error has been corrected.
NEW Did not appear on last year's list
