Sector ranking · Defense prime

Defense prime: how dependent each company is on the U.S. government

6 companiesData as of October 16, 2026

The six defense primes are the largest federal contractors we cover by dollars. Together they booked $206.0B of U.S. government revenue in their latest fiscal years, partly by our calculation where a company gives only a percentage. They are not the most dependent, though. Their median share is 70%, and only one of them, Northrop Grumman, reports 80% or more.

RTX and Boeing sit at the bottom, at 38% and 35%, because commercial aerospace makes up much of their business.

The percentages are not fully comparable. General Dynamics, Boeing and L3Harris count foreign military sales as U.S. government revenue; Lockheed Martin, Northrop Grumman and RTX leave them out. Our FMS analysis explains the difference and shows the one adjustment the filings allow.

$206.0Bcombined U.S. government revenue calculated

70%median reported share

6companies covered

U.S. government share of total revenue, latest fiscal year

Company-reported percentages. Dashed line marks 80%; companies below it are shown lighter.

The table below holds the same data.

Defense prime: 6 companies

Click a column to sort. Grey dollar figures are calculated as share × revenue. Contract obligations are from USAspending.gov for the federal fiscal year (FFY) that ends inside each company's fiscal year.

Defense prime: 6 companies
Company	Sector	U.S. gov share	Adjusted share (ex-FMS)	U.S. gov revenue	Total revenue	Contract obligations	Obligations ÷ gov rev	Fiscal year	What the company counts
NOCNorthrop Grumman	Defense prime	84%	84%	$35.2B	$42.0B	$12.8BFFY2025	under review	FY2025ends Dec 2025	U.S. government (FMS counted as international) excl. FMS
LHXL3Harris	Defense prime	75%	75% not adj.	$16.4B	$21.9B	$7.77BFFY2025	0.47	FY2025ends Jan 2026	U.S. government, direct and via primes (includes FMS) incl. FMS
LMTLockheed Martin	Defense prime	72%	72%	$54.0B	$75.0B	$74.8BFFY2025	1.38	FY2025ends Dec 2025	U.S. government customers excl. FMSDoD alone is 63% of sales. FMS appears to be counted as international.
GDGeneral Dynamics	Defense prime	68%	66.1% adj.	$35.8B	$52.5B	$35.8BFFY2025	1.00	FY2025ends Dec 2025	U.S. government (includes $1.0B FMS) incl. FMSRisk factors section rounds to ~70%.
RTXRTX	Defense prime	38%	38%	$33.3B	$88.6B	$31.0BFFY2025	0.93	FY2025ends Dec 2025	U.S. government (excludes FMS) excl. FMSCompany reports $33.28B directly.
BABoeing	Defense prime	35%	35% not adj.	$31.3B	$89.5B	$22.2BFFY2025	0.71	FY2025ends Dec 2025	U.S. government contracts (includes FMS) incl. FMS

Download this table as CSV (exactly the rows and columns shown) · All downloads and the data dictionary · How we measure

Adjusted ex-FMS share. Some companies count foreign military sales (FMS), which flow through the Pentagon, as U.S. government revenue; others count them as international. The adjusted column removes FMS only where a company discloses the FMS amount; "not adj." marks companies that include FMS without saying how much. See definitions.

Other sectors: Government services · Shipbuilding · Defense tech · Technology · Aerospace · Engineering · Nuclear · All companies

Sources

Northrop Grumman, FY2025 annual report (accessed October 15, 2026)
L3Harris, FY2025 annual report (accessed October 15, 2026)
Lockheed Martin, FY2025 annual report (accessed October 15, 2026)
General Dynamics, FY2025 annual report (accessed October 15, 2026)
RTX, FY2025 annual report (accessed October 15, 2026)
Boeing, FY2025 annual report (accessed October 15, 2026)