These Are America's Largest Defense Contractors

The Department of Defense budget for 2023 was $609.2 billion, which translates to $1,819 per US resident. The defense industry has undergone significant consolidation in recent decades, resulting in a handful of dominant contractors. These firms offer a wide range of capabilities, including munitions, nuclear submarines, and IT infrastructure management. A graphic by Visual Capitalist's Dorothy Neufeld shows the top US defense firms by contract value, based on data from the Department of Defense. The largest American defense contractors in fiscal 2023 were ranked, with Lockheed Martin leading the way with $61.4 billion in contracts. Lockheed Martin's contracts included a $30 billion deal to build F-35 fighter jets and other notable projects. RTX, formerly Raytheon Technologies, followed with $24.1 billion in contracts, driven by its diverse range of missile systems and advanced technologies. General Dynamics ranked third, generating significant revenue from its IT systems and marine divisions. The number of prime contractors for the Department of Defense has declined significantly, from 51 in the 1990s to just five today, including Lockheed Martin, RTX, General Dynamics, Boeing, and Northrop Grumman. The dominance of these legacy firms highlights the concentrated nature of the defense industry, with a few large players controlling a significant portion of the market.