Almost every public company that sells to the federal government tells investors how much of its revenue comes from it. Accounting rules require a company to disclose any single customer that accounts for 10% or more of its revenue, and they treat the federal government as one customer. So the figure is usually there. The hard part is knowing what it measures.

The wording varies from filing to filing. "U.S. government" can include foreign military sales or leave them out. It can cover work done for other contractors or only direct contracts. It can be a percentage, a dollar figure, a row in a table or the phrase "substantially all". Two companies that report the same percentage may be measuring different things. Below are the forms we found in 40 annual reports, with the sentences themselves.

Where to look in the 10-K

The 10-K is the annual report public companies file with the Securities and Exchange Commission (SEC). The government revenue figure usually appears in one or more of three places:

  • Item 1, Business. Often under a heading such as "Customers". This is where most companies give their headline percentage.
  • Item 1A, Risk factors. Usually a sentence such as "we depend heavily on contracts with the U.S. government", sometimes with a rounded figure.
  • The notes to the financial statements. The revenue note often breaks sales down by customer type: U.S. government, international, commercial. This is the most precise version, and it often gives dollars for three years.

The sections don't always agree exactly. General Dynamics' business section gives 68%; our review note on the same filing reads: "Risk factors section rounds to ~70%." When figures differ, use the most precise one and note where it came from.

The forms the disclosure takes

A percentage of revenue

The simplest form. Lockheed Martin's 10-K says: "We derived 72% of our total consolidated sales from the U.S. Government in 2025, including 63% from the Department of War (DoW), also known as the Department of Defense under …" Note the second figure: Lockheed also isolates the Department of Defense, which not every company does.

Northrop Grumman gives three years in one sentence, which makes the trend easy to read: "Sales to the U.S. government accounted for 84 percent, 87 percent and 86 percent of sales during the years ended December 31, 2025, 2024 and 2023, respectively."

A dollar figure

Some companies give dollars instead of, or as well as, a percentage. Palantir: "Revenue from U.S. government customers was $1.9 billion for the year ended December 31, 2025 compared to $1.2 billion for the same period in 2024." Kratos gives both: "… to the U.S. Government amounted to approximately $917.1 million, $762.0 million, and $712.7 million or 68%, 67%, and 69%, of total revenue for the years ended December 28, 2025, December …"

Rounded dollar figures limit precision. Palantir's sentence rounds to the nearest hundred million. Our share for Palantir, 41.4%, uses a more precise $1.85B from the 10-K document on the company's investor site. We did not find that exact figure in the SEC text, so we are re-checking it.

A row in a customer table

Several companies put the figure in a table of revenue by customer type. RTX's table row reads, in dollars (millions) for three years and then as a share of sales: Sales to the U.S. government (1) | $33,279 | $32,246 | $31,628 | 38% | 40% | 46%

Huntington Ingalls' table splits revenue by segment and customer. Its "Federal" row, in millions, reads: Federal | $3,066 | $6,505 | $2,899 | $ | — | $12,470 The company does not print a percentage. Its 99.9% on our pages is the Federal line divided by total revenue, which we checked against the filing.

"Substantially all"

Some filings give no number at all. Booz Allen Hamilton's 10-K says "substantially all" of its revenue comes from the U.S. government. Parsons gives no company-wide figure either. Our note on its filing reads: Federal Solutions segment ($3.22B) is "substantially all" U.S. government. We show both as "not disclosed". "Substantially all" is not a percentage, and we don't turn it into one.

What the wording tells you

Prime contracts, subcontracts or both

A prime contractor holds the contract with the government. A subcontractor works for the prime. Many filings say which they count, and the phrase is easy to miss. Leidos: "With a focus on delivering mission-critical solutions, Leidos generated 87% of revenues for the fiscal year ended January 2, 2026, (“fiscal 2025”) from U.S. government contracts, either as a prime …"

Others count only direct work. Amentum: "Approximately 81% of the Company’s revenues were derived through direct contracts with agencies of the U.S. Government for the year ended October 3, 2025." A share that includes subcontracts measures dependence on federal budgets more broadly. A share of direct contracts only measures the company's own relationship with agencies.

Foreign military sales in or out

In foreign military sales (FMS), a foreign government buys U.S. defense equipment through the Department of Defense. Companies disagree on whether that is U.S. government revenue. Boeing counts it, and says so: "Revenues from the U.S. government (including FMS), primarily recorded at BDS and BGS, represented 35%, 42% and 37% of consolidated revenues for 2025, 2024 and 2023, respectively." Northrop Grumman and RTX count it as international. Only General Dynamics, among the companies we cover, gives the FMS amount, which lets us compute a share without it. Our FMS analysis shows the adjusted figures.

Mixed customer groups

Watch for sentences that combine customers. Mercury Systems' figure groups several together: "… some cases directly, to the U.S. government, as well as foreign governments, accounted for approximately 97%, 97% and 95% of our total net revenues in fiscal years 2026, 2025 and …" That overstates its direct U.S. government share. Maximus does the opposite and separates federal from state and local work: "In fiscal year 2025, approximately 55% of our total revenue was derived from the U.S. federal government, and approximately 33% of our total revenue was derived from contracts with state …" For Maximus, "government" and "federal government" are very different numbers.

A checklist for any 10-K

Before comparing two companies' figures, answer these questions for each:

  1. Who counts as the U.S. government? Federal agencies only, or also FMS customers paying through the Pentagon?
  2. Direct or indirect? Does the figure include work as a subcontractor to other contractors?
  3. What is the base? Total consolidated revenue, net sales, or a single segment?
  4. Which year? Fiscal years end in different months. CACI's latest ended June 30, 2026 and Booz Allen's March 31, 2026, so their figures cover different periods from a December filer's.
  5. How precise? "Approximately" and rounded dollars limit how much a one-point gap means.
  6. Does the filing break out the Department of Defense? Defense and civilian agencies are funded separately, which matters in a budget fight.
  7. Is the definition stable? Compare this year's sentence with last year's. A change in wording can move the number without any change in the business.

How we record it

For each company we store the sentence or table row the figure comes from, a short description of what it counts, how it treats FMS, whether it includes subcontract work, and a confidence level. A person reads each filing and checks the figure before it is published. Every company page shows the quote and links to the filing, so you can read it in context. Where a company gives no company-wide figure, we say "not disclosed". The full method is on the methodology page, and definitions of the terms used here are in the glossary.