When numbers speak!

Top 100 for 2022

The war in Ukraine has sparked a global hunger for weapons that is likely to play out over years. In some cases, the war is pushing countries to turn to off-the-shelf systems rather than wait for programs already in development. As a result, this new wave of spending is likely to have major ramifications for the global defense industry in the coming years.

Jim Taiclet, the chief executive of Lockheed Martin, put it this way in a recent earnings call: “The clutch isn’t engaged yet.”

It’s going to take two to three years,” he told analysts. “That’s for our allies as well because they not only have to go through their own processes internally, they then have to go through generally the [U.S.] Foreign Military Sales process.”

Indeed, these kinds of changes are slower to emerge when it comes to company revenue, and that may be why much of this year’s Defense News Top 100 list looks similar to last year. (Lockheed Martin, Raytheon Technologies and Boeing predictably take the top spots.)

That said, there are some notable changes. Peraton, which made several major acquisitions, has jumped nearly 75 slots to join Leidos, Amentum and Booz Allen Hamilton as the largest U.S. government services contractors.

KBR, which is 32nd, also jumped up the list, while Ukrainian conglomerate Ukroboronprom surged eight spots.

Of course, the list doesn’t capture everything. Only one Russian company participated this year, giving us limited insight into the country’s defense industry. We rely on analysts to provide the data for Chinese companies.

And some of the major players in technology, from Amazon to Google, provide only limited windows into their defense work, meaning we can’t include them on the list because we don’t have a clear understanding of the scope of their defense work.

It’s a reminder that this list isn’t perfect, but what we hope it provides is a meaningful view of the industry and how it changes — or doesn’t — from year to year. It can show trends in sales, acquisitions and geopolitics. And this year’s list does that.

It’s a snapshot that we hope will serve as a useful tool for readers.

See the Top 100 list here


This year’s rankLast Year’s RankCompanyLeadershipCountry2021 Defense Revenue (in millions)2020 Defense Revenue (in millions)% Defense Revenue Change2021 Total Revenue (in millions)Revenue From Defense
11Lockheed Martin 1 2James D. Taiclet, Chairman, President and CEOU.S.$64,458.00$62,562.003%$67,044.0096%
22Raytheon Technologies 1Gregory J. Hayes, Chairman and CEOU.S.$41,852.20$42,000.000%$64,388.0065%
33BoeingDavid Calhoun, President and CEOU.S.$35,093.00$32,400.008%$62,286.0056%
44Northrop GrummanKathy J. Warden, Chair, CEO and PresidentU.S.$31,429.00$31,400.000%$35,667.0088%
55General DynamicsPhebe Novakovic, Chairman and CEOU.S.$30,800.00$29,800.003%$38,500.0080%
66Aviation Industry Corporation of ChinaTan Ruisong, Chairman of the Board, and Hao Zhaoping, Director and General Manager *China$30,155.22$25,468.5918%$80,424.2437%
77BAE Systems 1Charles Woodburn, Group CEOU.K.$25,775.20$23,502.3810%$26,849.1696%
810China State Shipbuilding Corporation Limited 3Lei Fanpei, Chairman, and Yang Jincheng, Director and General ManagerChina$18,517.72$16,017.5316%$92,573.1020%
98China North Industries Group Corporation LimitedLiu Shiquan, Chairman, and Liu Dashan, President *China$17,711.93$15,249.2716%$81,648.4222%
109L3Harris Technologies 4Christopher E. Kubasik, Vice Chair and CEO *U.S.$14,924.00$14,936.000%$17,814.0084%
1115China Electronics Technology Group 5Xiong Qunli, Chairman, and Wu Manqing, PresidentChina$14,659.22$10,465.7540%$57,629.6225%
1213LeonardoAlessandro Profumo, CEOItaly$13,878.35$11,173.3324%$16,720.9783%
1314China South Industries Group CorporationXu Xianping, Chairman of the Group and Secretary of the Party Committee, and Chen Guoying, Director and General Manager *China$13,744.95$10,697.6828%$44,349.5531%
1411China Aerospace Science and Industry CorporationYuan Jie, Chairman, and Wei Yiyin, Deputy General Manager *China$13,125.11$12,060.269%$41,033.4132%
1512Airbus 6Guillaume Faury, CEONetherlands/France$10,853.55$12,004.28-10%$61,689.5618%
1616ThalesPatrice Caine, Chairman and CEOFrance$10,212.39$9,228.3611%$19,154.2953%
1717HII 7Christopher Kastner, President and CEO *U.S.$9,475.00$8,654.379%$9,524.0099%
1818China Aerospace Science and Technology CorporationWu Yansheng, Chairman, and Zhang Zhongyang, Director and General Manager *China$9,344.09$8,305.9212%$43,636.7421%
1919LeidosRoger Krone, Chairman and CEOU.S.$8,032.00$7,341.009%$13,737.0058%
2034Dassault Aviation 8Eric Trappier, Chairman and CEOFrance$6,151.33$3,724.4465%$8,517.2372%
2123Amentum 9John Heller, CEO *U.S.$5,900.00$5,000.0018%$9,200.0064%
2222Booz Allen HamiltonHoracio D. Rozanski, President and CEOU.S.$5,528.51$5,470.211%$8,363.7066%
2321Honeywell 10Darius Adamczyk, Chairman and CEOU.S.$5,151.00$5,826.00-12%$34,392.0015%
2432Mitsubishi Group 11Katsuya Nakanishi, President and CEO *Japan$5,004.36$3,788.1232%$8,350.3160%
2596Peraton 12Stu Shea, Chairman, President and CEOU.S.$5,000.00$651.20668%$7,200.0069%
2626Safran 1Olivier Andries, CEOFrance$4,981.39$4,707.206%$18,048.2428%
2725Rolls-RoyceWarren East, Chief ExecutiveU.K.$4,972.07$4,863.942%$15,056.4933%
2833Naval GroupPierre Eric Pommellet, Chairman and CEOFrance$4,850.09$3,766.6829%$4,850.09100%
2929Rheinmetall AG 13Armin Papperger, CEOGermany$4,788.57$4,249.5013%$6,693.1272%
3028HanwhaSeung Youn Kim, ChairmanSouth Korea$4,786.92$4,293.6811%$7,167.6867%
3130Elbit SystemsBezhalel Machlis, President and CEOIsrael$4,770.76$4,222.7013%$5,278.5290%
3245KBRStuart Bradie, President and CEOU.S.$4,723.78$2,739.7472%$7,338.6864%
3331CACI InternationalJohn Mengucci, President and CEOU.S.$4,185.29$3,999.265%$6,044.1469%
3427General Electric 14H. Lawrence Culp Jr., Chairman and CEOU.S.$4,136.00$4,572.00-10%$74,196.006%
3536Saab ABMicael Johansson, President and CEOSweden$4,107.09$3,385.4121%$4,563.5290%
3642Tactical Missiles Corporation JSCBoris Obnosov, Director GeneralRussia$3,960.79$2,919.6336%$4,040.8598%
3737Israel Aerospace IndustriesBoaz Levy, President and CEOIsrael$3,867.00$3,325.0016%$4,477.0086%
3838SAIC 15Nazzic Keene, CEOU.S.$3,578.00$3,292.009%$7,394.0048%
3935Textron Inc. 1 16Scott C. Donnelly, Chairman, President and CEOU.S.$3,219.32$3,449.00-7%$12,382.0026%
4043KNDS 17Frank Haun, CEONetherlands$3,173.85$2,898.0610%$3,173.85100%
4144Rafael Advanced Defense Systems 18Yoav Har-Even, President and CEOIsrael$3,059.26$2,787.580%$3,059.26100%
4241Hindustan Aeronautics LimitedRajagopalan Madhavan, Chairman and Managing DirectorIndia$3,040.56$3,000.001%$3,268.6593%
43NEWBabcock International 1David Lockwood, CEOU.K.$3,002.06$2,935.522%$5,360.8256%
4440BechtelBrendan Bechtel, Chairman and CEOU.S.$3,000.00$3,100.00-3%$17,500.0017%
4546JacobsSteve Demetriou, Chair of the Board and CEOU.S.$2,749.00$2,498.0010%$14,093.0020%
4647Oshkosh CorporationJohn Pfeifer, President and CEOU.S.$2,525.60$2,262.2012%$7,737.3033%
4750TransDigmKevin Stein, President, CEO and DirectorU.S.$2,389.00$2,180.0010%$4,798.0050%
4849Fincantieri S.p.A.Pierroberto Folgiero, CEO *Italy$2,338.69$2,211.966%$8,175.3529%
4948Aselsan A.S.Haluk Gorgun, Chairman, President and CEOTurkey$2,250.39$2,218.331%$2,333.6896%
5055ST EngineeringVincent Chong, Group President and CEOSingapore$2,157.72$1,885.2914%$5,723.9238%
5152ManTechKevin M. Phillips, Chairman of the Board, CEO and PresidentU.S.$1,991.00$1,964.001%$2,554.0078%
5254Parsons CorporationCarey Smith, President and CEOU.S.$1,888.05$1,911.91-1%$3,660.7752%
5356SercoRupert Soames, Group CEOU.K.$1,870.54$1,736.398%$6,085.5931%
5453Sierra Nevada CorporationEren Ozmen, Chairwoman, President and Owner, and Fatih Ozmen, CEO and OwnerU.S.$1,856.00$1,918.00-3%$2,106.0088%
5551Kawasaki Heavy Industries 11Yasuhiko Hashimoto, President and CEOJapan$1,848.76$2,026.50-9%$13,368.3414%
5661Bharat Electronics LimitedAnandi Ramalingam, Chairman and Managing Director *India$1,811.78$1,440.0026%$2,018.4190%
5763Vectrus 19Charles Prow, President and CEOU.S.$1,768.54$1,383.9028%$1,783.6799%
5864Hensoldt AGThomas Mueller, CEOGermany$1,743.67$1,377.5827%$1,743.67100%
5957Korea Aerospace IndustriesAhn Hyun-ho, President and CEOSouth Korea$1,709.05$1,716.710%$2,224.6877%
6058BWX Technologies 20Rex Geveden, President and CEOU.S.$1,605.22$1,634.58-2%$2,124.0776%
6159Ball CorporationDan W. Fisher, President and CEO *U.S.$1,599.00$1,495.007%$13,800.0012%
6265LIG Nex1Kim Ji-Chan, President and CEOSouth Korea$1,590.78$1,357.0517%$1,590.78100%
6362Melrose Industries 21Simon Peckham, Chief ExecutiveU.K.$1,544.57$1,416.839%$10,315.4915%
6466QinetiQ PlcSteve Wadey, CEOU.K.$1,502.87$1,270.1618%$1,803.4583%
6560Aerojet Rocketdyne Holdings Inc.Eileen Drake, CEO and PresidentU.S.$1,485.00$1,472.001%$2,092.0071%
6667Curtiss-Wright CorporationLynn M. Bamford, Chair and CEOU.S.$1,383.64$1,263.2910%$2,505.9355%
6768Turkish Aerospace IndustriesTemel Kotil, President and CEOTurkey$1,302.95$1,256.424%$1,565.6183%
6870Moog Inc.John R. Scannell, Chairman and CEOU.S.$1,299.48$1,238.365%$2,851.9946%
6972Kongsberg GruppenGeir Haoy, President and CEONorway$1,288.21$1,064.7221%$3,191.9140%
70NEWPolish Armaments GroupSebastian Chwalek, President of the Management BoardPoland$1,283.66$1,160.8611%$1,755.1173%
7181CAEMarc Parent, President and CEOCanada$1,277.92$921.3539%$2,689.1348%
7276NavantiaRicardo Domínguez García-Baquero, ChairmanSpain$1,163.32$999.2416%$1,545.4375%
7371ViasatRichard Baldridge, President and CEOU.S.$1,086.72$1,066.302%$2,787.6439%
7475Aerospace CorporationSteven J. Isakowitz, President and CEOU.S.$1,084.50$1,032.005%$1,162.8093%
7569AustalPaddy Gregg, CEOAustralia$1,083.60$1,239.39-13%$1,174.0792%
7679MitreJason Providakes, President and CEOU.S.$1,010.00$984.003%$2,100.0048%
7777Howmet Aerospace 1John C. Plant, CEOU.S.$944.68$999.21-5%$4,972.0019%
7873Maxar Technologies 22Daniel Jablonsky, President and CEOU.S.$936.00$1,062.00-12%$1,770.0053%
7983Ultra ElectronicsSimon Pryce, CEOU.K.$920.69$832.9011%$1,170.0579%
80NEWEatonCraig Arnold, Chairman and CEOIreland$920.00N/AN/A$19,628.005%
8187Mercury SystemsMark Aslett, President and CEOU.S.$904.69$776.1717%$924.0098%
8278Meggitt 1Tony Wood, CEOU.K.$878.05$985.62-11%$2,090.6142%
83NEWTeledyne Technologies 23Robert Mehrabian, Chairman, President and CEOU.S.$876.60$578.4052%$4,614.3019%
8484AAR Corp.John M. Holmes, President and CEOU.S.$845.90$812.774%$1,652.0051%
8586HEICO 10Laurans A. Mendelson, Chairman and CEOU.S.$823.81$786.285%$1,865.6844%
86NEWRoketsanMurat Ikinci, CEOTurkey$814.16$572.2942%$814.16100%
87NEWCobham Advanced Electronic Solutions 24Mike Kahn, President and CEOU.S.$806.59$762.066%$1,013.9280%
8890Day & ZimmermannHal Yoh III, Chair and CEOU.S.$759.54$741.942%$2,700.0028%
8997UkroboronpromYuriy Husyev, Director GeneralUkraine$754.57$650.6116%$1,451.6552%
90100Indra 25Ignacio Mataix, CEO *Spain$752.35$594.3327%$4,010.1919%
91NEWTTM Technologies 1 26Thomas T. Edman, President and CEOU.S.$742.08$757.92-2%$2,248.7433%
9289Woodward Inc.Charles Blankenship, Chairman, CEO and President *U.S.$711.03$764.00-7%$2,245.8332%
9382Fluor CorporationDavid Constable, Chairman and CEOU.S.$706.30$864.20-18%$12,400.006%
9491Lumen TechnologiesJeff Storey, President and CEOU.S.$687.21$728.29-6%$19,687.003%
9592BattelleLewis Von Thaer, President and CEOU.S.$663.00$705.00-6%$10,000.007%
96NEWDiehl GroupKlaus Richter, CEOGermany$651.75$577.6013%$3,400.0119%
97NEWNammo 1 26Morten Brandtzaeg, President and CEONorway$641.04$511.0725%$811.4479%
98NEWSaudi Arabian Military Industries 27Walid Abukhaled, CEOSaudi Arabia$604.95$20.182898%$806.1775%
99NEWPatriaEsa Rautalinko, President and CEOFinland$602.59$565.697%$647.9093%
10095EmbraerFrancisco Gomes Neto, President and CEOBrazil$594.40$653.87-9%$4,197.2014%

Data for the Top 100 list comes from information Defense News solicited from companies, from companies’ annual 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 2020 defense revenue during the subsequent year is not reflected unless otherwise noted.


  1. Total defense revenue is based on a percentage of total revenue.
  2. Defense revenue includes sales to the U.S. departments of Defense and Homeland Security, the U.S. intelligence community, and defense sales to international customers.
  3. China’s two largest shipbuilding conglomerates, China Shipbuilding Industry Corporation and China State Shipbuilding Corporation, merged in November 2019 to create China State Shipbuilding Corporation Limited. The resulting company’s total revenue in last year’s list solely reflected its shipbuilding business, and its defense revenue reflected defense-related activity from the overall shipbuilding business. Those figures are updated for this year’s list to reflect wider company revenue data.
  4. The fiscal 2020 defense revenue is not adjusted for divestitures.
  5. China Electronics Technology Group acquired China Putian Information Industry Group, otherwise known as Potevio, in June 2021.
  6. Airbus lists its “headquarters” in the Netherlands and its “main office” in France.
  7. Huntington Ingalls Industries changed its name to HII in 2022. Fiscal 2021 revenue figures include that of Alion Science and Technology, which the company acquired from Veritas Capital on Aug. 19, 2021, and which ranked 74 in last year’s Top 100 list.
  8. The company primarily attributes the growth in defense revenue to Rafale aircraft deliveries, which increased from 13 in fiscal 2020 to 25 in fiscal 2021.
  9. Revenue figures take into account the acquisition of PAE, which Amentum completed Feb. 15, 2022. PAE ranked 80 in last year’s Top 100 list.
  10. Defense revenue comes from the company’s defense and space segment.
  11. Defense revenue reflects awards made by Japan’s Ministry of Defense for the fiscal year ending March 31, 2022.
  12. In 2021, Peraton acquired Perspecta as well as Northrop Grumman’s integrated mission support and IT solutions business. Fiscal 2021 revenue reflects that of the consolidated company.
  13. In fiscal 2021, four companies were added to the group of consolidated subsidiaries through being founded and one through being acquired. Two companies accounted for using the equity method left the consolidated group due to liquidation.
  14. Fiscal 2020 defense revenue for General Electric was miscalculated in last year’s list; it was $4,572 million. The company would have remained ranked at 27.
  15. SAIC completed its acquisition of Halfaker and Associates on July 2, 2021.
  16. Defense revenue figures include all revenue from the U.S. government.
  17. KNDS is a joint venture of Krauss-Maffei Wegmann and Nexter.
  18. For the first time, Rafael Advanced Defense Systems incorporated the financial reports of its subsidiaries Aeronautics Group and Controp into its revenue calculations.
  19. Vectrus attributes its increase in defense revenue to the acquisition of both Zenetex and HHB Systems as well as organic growth.
  20. Defense revenue primarily includes work manufacturing naval nuclear reactors for submarines and aircraft carriers as well as work for the U.S. Energy Department and the National Nuclear Security Administration in the support of national defense and cleaning up legacy waste.
  21. Melrose is the holding company of GKN Aerospace, which completed its first year of operating a defense business unit.
  22. Defense revenue figures include all revenue from the U.S. government and agencies but not revenue from international defense and intelligence customers.
  23. Defense revenue solely represents sales to the U.S. Defense Department. All U.S. government-related revenue was $1,193,100,000 in fiscal 2021 and $818,200,000 in fiscal 2020. Teledyne acquired FLIR Systems in May 2021.
  24. U.K. company Cobham was acquired by the U.S. private equity firm Advent International and was renamed. In September 2021, CAES acquired Colorado Engineering.
  25. Defense revenue comes from the company’s defense and security activities.
  26. Defense revenue comes from the company’s aerospace and defense business.
  27. SAMI announced Dec. 28, 2020, its acquisition of the Advanced Electronics Company, to which it attributes the majority of its defense revenue growth from fiscal 2020 to fiscal 2021. Other notable sources of growth are its weapons and missiles business (now known as defense systems); its emerging technologies division; and its joint ventures involving Saudi Aircraft Accessories and Components Company, Navantia, and Thales.

* Leadership changed since last year’s list if company appeared on list

N/A Not available

NEW Did not appear on last year’s list

SOURCE https://people.defensenews.com/top-100/


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