When a shutdown looms or a budget deal stalls, the market headlines name Lockheed Martin, Boeing and RTX. They are among the biggest recipients of federal money: the five largest in our set (Lockheed Martin, General Dynamics, Northrop Grumman, RTX and Boeing) booked $189.6B of U.S. government revenue in their latest fiscal years. But size and dependence are different things. Boeing gets 35% of its revenue from the U.S. government and RTX 38%, because commercial jets and engines carry most of their business.
Of those five, only Northrop Grumman clears 80%. The companies with nearly all their eggs in one basket are smaller. Huntington Ingalls, CACI International, Science Applications International, V2X and Mercury Systems each report 95% or more. For these firms, a delayed appropriation or a canceled task order lands on almost the whole income statement.
Across the 30 companies that disclose a share, U.S. government revenue added up to $306.0B (where a company gives only a percentage, we calculate dollars as share × total revenue). Ten of them get 80% or more of their revenue from the U.S. government. The median is 62.5%.
U.S. government share of total revenue, latest fiscal year
Company-reported percentages. Dashed line marks 80%; companies below it are shown lighter.
Show the data as a table
| Company | Share | U.S. gov revenue | Fiscal year |
|---|---|---|---|
| Huntington Ingalls HII | 99.9% | $12.5B | FY2025 |
| Science Applications International SAIC | 98% | $7.11B (calc.) | FY2026 |
| Mercury Systems MRCY | 97% | $951M (calc.) | FY2026 |
| V2X VVX | 96% | $4.30B (calc.) | FY2025 |
| CACI International CACI | 95.6% | $9.15B (calc.) | FY2026 |
| Leidos LDOS | 87% | $14.9B (calc.) | FY2025 |
| AeroVironment AVAV | 85% | $1.68B (calc.) | FY2026 |
| Northrop Grumman NOC | 84% | $35.2B | FY2025 |
| Amentum AMTM | 81% | $11.7B (calc.) | FY2025 |
| Leonardo DRS DRS | 80% | $2.92B (calc.) | FY2025 |
| L3Harris LHX | 75% | $16.4B (calc.) | FY2025 |
| Lockheed Martin LMT | 72% | $54.0B (calc.) | FY2025 |
| General Dynamics GD | 68% | $35.8B | FY2025 |
| Kratos Defense KTOS | 68% | $918M (calc.) | FY2025 |
| BWX Technologies BWXT | 68% | $2.18B (calc.) | FY2025 |
| KBR KBR | 57% | $4.43B | FY2025 |
| Maximus MMS | 55% | $2.99B (calc.) | FY2025 |
| Curtiss-Wright CW | 47% | $1.65B | FY2025 |
| ICF International ICFI | 43% | $805M (calc.) | FY2025 |
| Palantir PLTR | 41.4% | $1.85B | FY2025 |
| RTX RTX | 38% | $33.3B | FY2025 |
| Moog MOG-A | 38% | $1.46B | FY2025 |
| Boeing BA | 35% | $31.3B (calc.) | FY2025 |
| Tetra Tech TTEK | 32% | $1.74B (calc.) | FY2025 |
| Textron TXT | 27% | $4.00B (calc.) | FY2025 |
| Teledyne TDY | 25.5% | $1.56B (calc.) | FY2025 |
| Oshkosh OSK | 20% | $2.08B (calc.) | FY2025 |
| Fluor FLR | 17% | $2.64B (calc.) | FY2025 |
| Jacobs Solutions J | 8% | $962M (calc.) | FY2025 |
| Accenture ACN | 8% | $5.57B (calc.) | FY2025 |
Booz Allen Hamilton, Parsons, Hexcel, TransDigm, Howmet Aerospace, Microsoft, Amazon, Oracle, Alphabet, Dell Technologies are left out because they do not disclose a company-wide percentage.
These percentages don't all measure the same thing
Each company decides how to define "U.S. government" revenue in its own 10-K, and the definitions differ in ways that matter when you compare them.
Foreign military sales are the biggest difference. When a foreign country buys weapons through the Pentagon, General Dynamics, Boeing, L3Harris, AeroVironment and Textron count it as U.S. government revenue. Northrop Grumman and RTX count it as international, and Lockheed Martin appears to do the same. A like-for-like ranking has to adjust for this, and that adjustment is part of what this site publishes.
Other definitions vary too. Leidos, CACI and Kratos include work done as a subcontractor to another prime. Mercury Systems' 97% combines sales to the U.S. government with sales to defense prime contractors, so it overstates the company's direct federal share. Maximus reports federal revenue alone, at 55%. Its 10-K puts state and local governments next to it: "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 …"
Palantir is widely seen as a government software company, yet U.S. government revenue was 41.4% of its FY2025 total.
Dependence can move quickly
BWX Technologies, which builds nuclear reactors for Navy ships, reported 68% for FY2025. Its 10-K shows the trend in one sentence: "During the years ended December 31, 2025, 2024 and 2023, the U.S. Government represented approximately 68%, 76% and 75% of our total consolidated revenues, respectively." Tracking these shifts year over year is a regular feature of this site; see the rankings for every company's latest figure.
How we did this
For each company we read the most recent annual report on file and recorded total revenue and the company's own figure for revenue from the U.S. government, with the sentence it comes from. Fiscal years end in different months, so the figures cover slightly different periods. Ten companies, including Booz Allen Hamilton, Parsons and Hexcel, are left out of the ranking because they give no company-wide percentage; we show them as "not disclosed" rather than estimate. The full method is on the methodology page.