How much a company depends on Washington changes slowly, and for most of the companies we track it hardly changed at all. Of the eighteen companies with at least two reviewed years of 10-K figures, ten moved by two points or less between their first and latest year. Six became less dependent by more than two points, and two became more dependent.
The largest move up was at AeroVironment, from 66% in FY2022 to 85% in FY2026. The largest move down was at Boeing, from 49% to 35% over FY2021 to FY2025.
Less dependent, but not because federal money shrank
A falling share can mean two different things: the company is selling less to the government, or the rest of its business is growing faster. The difference matters to anyone reading these numbers as a measure of risk.
For five of the six companies that became less dependent, U.S. government revenue actually grew in dollars; the rest of the business simply grew faster. Boeing's government revenue rose 3% while everything else rose 83%; RTX's government revenue rose 8% while everything else rose 65%; Amentum's government revenue rose 54% while everything else rose 226%; BWX Technologies's government revenue rose 35% while everything else rose 101%; Palantir's government revenue rose 174% while everything else rose 204%. Amentum's first year is its predecessor's, before the September 2024 merger that formed the current company, so its change mostly reflects that combination.
KBR is the exception: its U.S. government revenue fell 14% in dollars between FY2021 and FY2025, from $5.14B to $4.43B, while the rest of its business grew. That is a different kind of decline: less federal money, not just more of everything else.
More dependent
AeroVironment went from 66% to 85%, with U.S. government revenue up 472% in dollars, from $294M to $1.68B, against 96% for the rest of the business. Maximus went from 42% to 55%, with U.S. government revenue up 67% in dollars, from $1.79B to $2.99B, against -1% for the rest of the business. Growth in federal sales outran everything else at these companies, whether through new contracts, acquisitions or both; the 10-Ks are linked below for the detail.
Every company, first year to latest
| Company | First year | Share then | Latest year | Share now | Change | U.S. gov revenue change | Rest of business change |
|---|---|---|---|---|---|---|---|
| AeroVironment | FY2022 | 66% | FY2026 | 85% | +19.0 pts | +472% | +96% |
| Maximus | FY2021 | 42% | FY2025 | 55% | +13.0 pts | +67% | -1% |
| Textron | FY2021 | 26% | FY2025 | 27% | +1.0 pts | +24% | +18% |
| Lockheed Martin | FY2021 | 71% | FY2025 | 72% | +1.0 pts | +14% | +8% |
| Huntington Ingalls | FY2021 | 99.5% | FY2025 | 99.9% | +0.4 pts | +32% | — |
| Mercury Systems | FY2025 | 97% | FY2026 | 97% | ±0.0 pts | +7% | — |
| Science Applications International | FY2022 | 98% | FY2026 | 98% | ±0.0 pts | -2% | — |
| Leidos | FY2021 | 87% | FY2025 | 87% | ±0.0 pts | +25% | +25% |
| CACI International | FY2025 | 95.7% | FY2026 | 95.6% | −0.1 pts | +11% | — |
| Northrop Grumman | FY2021 | 85% | FY2025 | 84% | −1.0 pts | +16% | +27% |
| Kratos Defense | FY2021 | 70% | FY2025 | 68% | −2.0 pts | +62% | +77% |
| General Dynamics | FY2021 | 70% | FY2025 | 68% | −2.0 pts | +33% | +45% |
| Palantir | FY2021 | 44% | FY2025 | 41.4% | −2.6 pts | +174% | +204% |
| BWX Technologies | FY2021 | 76% | FY2025 | 68% | −8.0 pts | +35% | +101% |
| Amentum | FY2024 | 90% | FY2025 | 81% | −9.0 pts | +54% | +226% |
| RTX | FY2021 | 48% | FY2025 | 38% | −10.0 pts | +8% | +65% |
| KBR | FY2021 | 70% | FY2025 | 57% | −13.0 pts | -14% | +53% |
| Boeing | FY2021 | 49% | FY2025 | 35% | −14.0 pts | +3% | +83% |
How to read this table. Shares are each company's own reported figure for each year, using that year's definition. Dollar changes use reported U.S. government revenue where the company discloses it and share × total revenue otherwise. "Rest of business" is total revenue minus U.S. government revenue. Fiscal years end in different months, and first years differ where earlier filings are not yet reviewed.
The last year alone
Over the most recent year, thirteen companies' shares changed. The biggest single-year moves were AeroVironment (+10.0 pts) and Amentum (−9.0 pts). The home page's "What changed" strip tracks these as new 10-Ks arrive, and we update this analysis after each filing season.
The definitions behind each figure are on the company profiles and the methodology page. For how companies define "U.S. government revenue" in the first place, see how to read a 10-K's government revenue disclosure.