TECHNOLOGYRanked: The World’s Top 25 Defense Companies by Revenue

By Marcus Lu – Visual Capitalist

The Top 25 Defense Companies by Revenue

Every year, the world’s most powerful countries spend billions of dollars on defense—but where does this money actually flow?

To gain insight, we’ve ranked the world’s top 25 defense companies by 2022 revenues, using data from Defense News.

Note that our graphic shows each company’s revenues from defense, and not total revenues. This is because many companies such as Boeing also generate revenue from non-defense related industries and sectors.

The U.S. and China are the most represented countries on this list, with 12 and four respective companies in the top 25.

Country Highlights: U.S.

The U.S. consistently has the world’s largest military budget, so it’s no surprise that American companies dominate this ranking. Here are some interesting facts about the top three:

Lockheed Martin

• Formed in 1995 by the merger of Lockheed Corporation and Martin Marietta
• While primarily known for producing advanced fighter jets like the F-35, the company is also working with NASA on the Orion spacecraft

RTX (formerly Raytheon Technologies)

• Raytheon produces a wide range of military equipment, including the Javelin portable anti-tank missile system.
• According to CSIS, the U.S. has supplied 7,000 Javelins to Ukraine, equal to roughly one-third of its stock.

Northrop Grumman

• Formed in 1994 by the merger of Northrop and Grumman Aerospace, this company is known for developing the B-2 stealth bomber.
• In August 2023, the company opened an office in Taiwan to “accelerate access to the company’s technologies”.

Country Highlights: China

China’s top three companies in this ranking are all state-owned enterprises.

Aviation Industry Corporation of China (AVIC)

• AVIC is China’s largest aerospace and defense company, also ranking 150th in the Fortune Global 500 (2023).
• Chengdu Aerospace Corporation, a subsidiary of AVIC, produces China’s first operational stealth fighter, the J-20.

China North Industries Group (CNIG)

• CNIG does business internationally under the name Norinco Group.
• In 2003, Norinco was sanctioned by the Bush administration for allegedly supplying Iran with missile technologies.

China South Industries Group (CSIG)

• CSIG produces military vehicles, ammunitions, and other equipment.
• The company also owns Changan Automobile, a major car brand in China and one of the world’s largest EV producers.

Other Highlights

Two European companies on this list that aren’t typically associated with the defense industry are Airbus and Rolls-Royce.

Airbus is one of the world’s largest producers of commercial airliners, and is widely used by major carriers alongside offerings from Boeing. When it comes to defense, Airbus produces a variety of military drones, fighters, and transports.

On the other hand, Rolls-Royce is a major supplier of aircraft and naval engines, and designs the nuclear propulsion systems for the UK’s submarine fleet.

It actually has no affiliation with Rolls-Royce Motor Cars, which is currently a subsidiary of BMW. The original company ran into financial difficulties in the 1970s, which led to the separation of the car and aero-engine businesses.