In this article, we look at the top 5 defense contractors in the world in 2023. For our detailed analysis, and to see how we ranked these companies, you can head to the Top 16 Defense Contractors in the World in 2023.
5. China North Industries Group Corporation Limited
2022 Revenue (millions of USD): $81,735
2022 DoD contracts (millions of USD): $ –
China North Industries Group Corporation Limited was the largest defense contractor in the world in terms of revenue in 2022, having generated sales of over $81 billion in the fiscal year. Founded in 1980, the company does business globally as Norinco Group, whereas in China, it is commonly known as China Ordinance Industries Group Corporation Limited. It specializes in manufacturing of tank and artillery shells, firearms, cannons, aircraft, unmanned aerial vehicles, radars, missiles, and rockets.
4. General Dynamics Corporation (NYSE:GD)
2022 Revenue (millions of USD): $39,407
2022 DoD contracts (millions of USD): $21,196
General Dynamics Corporation (NYSE:GD) is one of the major defense contractors in the world in 2023. It had an increase of 2.4% in sales and 1.2% in operating profit in 2022. It was the third largest recipient of Department of Defense (DoD) contracts in that year. Its business unit, the General Dynamics Information Technology (GDIT), won a $908 million contract from the DoD to support IT and network systems in Europe that are operated by the U.S. Air Force. In January 2023, U.S. President Joe Biden announced to send 31 Abrams tanks to Ukraine made by General Dynamics Corporation (NYSE:GD) to repel Russian invasion.
3. The Boeing Company (NYSE:BA)
2022 Revenue (millions of USD): $66,607
2022 DoD contracts (millions of USD): $14,732
The Boeing Company (NYSE:BA) recorded a revenue of over $66.6 billion in 2022 and received orders worth $14.7 billion from the DoD. The Missile Defense Agency awarded Boeing a $5 billion contract for its Ground-based Midcourse Defense Program that aims to defend the United States from long range and intermediate ballistic missiles. Boeing, however, has been making a net operating loss since 2019 after the grounding of 737 Max and two plane crashes that killed 346 people.
2. Raytheon Technologies Corporation (NYSE:RTX)
2022 Revenue (millions of USD): $67,074
2022 DoD contracts (millions of USD): $25,371
Raytheon Technologies Corporation (NYSE:RTX) is an aerospace and defense conglomerate headquartered in Virginia. It is the second largest federal defense contractor in the United States after Lockheed Martin Corporation (NYSE:LMT). In 2022, it generated a revenue of $67 billion – the highest for any American defense company. Raytheon’s operating profits are also up by 9.2% compared to last year.
1. Lockheed Martin Corporation (NYSE:LMT)
2022 Revenue (millions of USD): $65,984
2022 DoD contracts (millions of USD): $45,678
Lockheed Martin Corporation (NYSE:LMT) is the number one defense contractor in the world. It had a revenue of nearly $66 billion in 2022, of which more than $45 billion were orders from the U.S. Department of Defense. It is the manufacturer of the fifth-generation stealth fighter jet, F-35, which is likely to remain a cornerstone of the U.S. military for decades to come. Earlier this year, Pentagon awarded a $7.8 billion modification contract to Lockheed Martin Corporation for 126 F-35 aircrafts, which is an indication that the company is going to remain one of the top defense contractors in the world in 2023 as well.
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