U.S. Awards Lockheed Martin a Record $68.5B, Larger Than the Next Two Contractors Combined

With the largest defense budget in the world, the United States spares no expense to make sure it has the largest military apparatus the world has ever known. This also means that the US relies on defense contracts from around the nation to supply it with intelligence, ships, vehicles, equipment, technology, and a wide range of other items.

Due to the size of the US military budget, it should come as no surprise that these companies generate billions of dollars per year from supplying the US. As a result, several companies rely heavily on Defense Department contracts to boost their bottom line. It’s important to note that the most detailed set of numbers regarding these defense contractors is from 2023, as the 2024 numbers are not yet finalized. 

15. HII Mission Technologies

Working separately from its sister companies’ shipbuilding efforts, HII Mission Technologies, or Huntington Ingalls Industries Division, earns roughly $4.5 billion annually, or 1% of all DoD contract spending. The work HII does for the US military includes the development of unmanned underwater vehicles and drones for naval missions. 

14. Pfizer

Supplying pharmaceuticals, vaccines, antibiotics, and other medications to military personnel, Pfizer earned around $10 billion in 2023. This number was undoubtedly inflated by past COVID-19 vaccine contracts, so it’s traditionally far lower. Still, this level of payment in 2023 was enough to account for 2.1% of all DoD contract spending. 

13. General Electric

A division of General Electric, GE Aerospace plays a critical role in producing engines for the F-15 and F-16 fighters, as well as helicopters such as the Black Hawk and Apache. The company also provides digital solutions for other military aircraft, with a primary focus on enhancing performance and reducing maintenance costs. This earns the company around $5 billion annually, or 1.1% of all contract spending. 

12. Booz Allen Hamilton

A key player in the US military, Booz Allen Hamilton plays a critical role in cybersecurity solutions, cyber defense systems, and threat intelligence. The company provides AI and machine learning solutions to the military, supporting intelligence analysis and decision-making. For this work, the US pays the company $5 billion or 1.1% of its total DoD contract spending. 

11. Leidos

Specializing in cybersecurity, cloud computing, and network infrastructure, Leidos is a critical resource for the US military. The company earns approximately $5.5 billion from US contracts, along with additional revenue from the Department of Homeland Security. This is enough funds to account for 1.2% of all DoD contract spending. 

10. Oshkosh Corporation 

Oshkosh Defense, a division of Oshkosh Corporation, is responsible for a number of different tactical wheeled vehicles for the US military. The company is the primary manufacturer of the JLTV, the replacement for the Humvee used by both the Army and Marine Corps. Oshkosh is paid around $6.0 billion annually, or 1.3% of total DoD contract spending for its work on the JLTV and other vehicles. 

9. L3 Harris Technologies

A company praised for its cutting-edge communication systems, L3Harris Technologies specializes in helping the military modernize F/A-18 electronic warfare systems. The company, utilizing its $6.5 billion in contract funds, also supplies avionics for the F-35, as well as communication systems for the U.S. Space Force. The company accounts for approximately 1.4% of all DoD contract spending. 

8. BAE Systems

BAE Systems is one of the largest suppliers to the US military, providing artillery shells, ammunition for small arms, and 155mm howitzer rounds. The company also produces the popular Bradley Fighting Vehicle, which is why it receives approximately $7.5 billion annually from the DoD, enough to account for 1.5% of all contract spending. 

7. Humana

While Humana might be known as one of the nation’s largest insurance brands, it also has contracts with the DoD for approximately $7.8 billion. This provides sufficient funding to account for 1.7% of all DoD contract spending, particularly in light of the healthcare services offered to military personnel. Humana’s role is definitely unique as it focuses more on healthcare rather than weapons. 

6. Huntington Ingalls Industries

As the company that accounts for $9.1 billion in defense contract work in 2023, Huntington Ingalls Industries is the sixth-largest contractor in the United States. This means that Huntington accounts for 2% of all contract spending, which is not surprising considering it’s the largest military shipbuilder in the United States.

5. Northrop Grumman

An expert in cyber solutions and radar technology, Northrop Grumman is a big name in the defense contract space. The company accounted for 3.2% of all defense contract spending in 2023, while earning around $15 billion in contract work. The company’s notable products include the B-21 Raider, a future stealth bomber, as well as the E-2D Advanced Hawkeye, and several advanced missile and guidance systems. 

4. Boeing

One of the largest names in the defense contracting world, Boeing, requires little introduction. Earning around $21.7 billion in contract value in 2023, Boeing represents around 4.7% of all DoD contract spending. Unsurprisingly, Boeing has a significant presence in a wide range of aircraft products for the US, including the F/A-18 Super Hornet, CH-47 Chinook helicopter, KC-46 tanker, and others. 

3. General Dynamics

With a Defense Department contract value of $22.9 billion, General Dynamics remains right near the top of the contractor food chain. At the very top of its priority list is the M1 Abrams tank, the mechanical backbone of much of the US military’s ground forces. General Dynamics also helps manufacture Virginia-class submarines thanks to its contracts that represent 4.9% of total DoD contract spending. 

2. RTX 

Formerly Raytheon Technologies, RTX is the second-largest defense contractor in the United States. The company’s 2023 contract value was approximately $27.8 billion, representing around 6% of the total DoD contract spending. At the very top of RTX priorities is the Patriot Missile System, as well as a variety of missiles including the Tomahawk, Maverick, Sparrow, Javelin, and Stinger systems. 

1. Lockheed Martin

At the very top of the defense contractor food chain in the United States is Lockheed Martin. In 2023, Lockheed Martin accounted for approximately $68.5 billion in total DoD contracts. This accounts for roughly 14.7% of all DoD contract spending, which was approximately $466 billion. Among other notable projects, Lockheed produces the F-35 Joint Strike Fighter, as well as the THAAD missile defense system.

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