Follow us on social

Shutterstock_1065502409-scaled

America’s top 5 weapons contractors made $196B in 2022

Half of the world’s 20 biggest arms makers are based in the US, according to a new ranking from Defense News.

Reporting | QiOSK

American weapons makers continue to dominate the global arms industry, with four U.S.-based companies in the world’s top five military contractors, according to a new Defense News ranking of the top 100 defense firms.

In 2022, America’s top five weapons contractors made $196 billion in military-related revenue, according to Defense News. Lockheed Martin dominated all other defense-focused companies, with total military revenue of roughly $63 billion last year. RTX, formerly known as Raytheon Technologies, was a distant second, earning roughly $40 billion in revenue in 2022.

The same five American “prime” contractors have long dominated lists of the world’s biggest arms manufacturers. Lockheed Martin, Northrop Grumman, RTX, Boeing and General Dynamics have remained in the top seven of the Defense News ranking since it began in 2000.

Notably, several Chinese firms have expanded their military operations in recent years as tensions have risen between the U.S. and China. Four Chinese companies are now in the top 20, including one — the Aviation Industry Corporation of China — that became the world’s fourth largest military contractor last year. 

The top 5 for 2022 are as follows: Lockheed Martin, RTX, Northrop Grumman, Aviation Industry Corporation, and Boeing.

The U.S., for its part, had 10 companies in the top 20. Italy, the Netherlands, France and the United Kingdom each had at least one of the world’s 20 biggest military firms last year.

The new dataset highlights the extent to which American military contractors rely on government contracts to stay afloat. In 2022, U.S.-based primes got 71 percent of their total revenue from public contracts. Lockheed Martin is by far the most reliant on taxpayer dollars, earning 96 percent of its total revenue from military contracts.

As RS recently reported, these companies invested much of these earnings into controversial stock buybacks, which are meant to attract investors by keeping share prices high; Lockheed Martin alone spent $5.8 billion on stock repurchases last year.

The big five saw a three percent drop in revenue over the past year when compared to fiscal year 2021. But this year’s numbers are unlikely to signal a long-term trend given that many top weapons firms have reported record levels of new orders for military equipment, driven in part by the war in Ukraine.


(Shutterstock/ khartblanche)
Reporting | QiOSK
Kim Jong Un
Top photo credit: North Korean leader Kim Jong Un visits the construction site of the Ragwon County Offshore Farm, North Korea July 13, 2025. KCNA via REUTERS

Kim Jong Un is nuking up and playing hard to get

Asia-Pacific

President Donald Trump’s second term has so far been a series of “shock and awe” campaigns both at home and abroad. But so far has left North Korea untouched even as it arms for the future.

The president dramatically broke with precedent during his first term, holding two summits as well as a brief meeting at the Demilitarized Zone with the North’s Supreme Leader Kim Jong-un. Unfortunately, engagement crashed and burned in Hanoi. The DPRK then pulled back, essentially severing contact with both the U.S. and South Korea.

keep readingShow less
Why new CENTCOM chief Brad Cooper is as wrong as the old one
Top photo credit: U.S. Navy Vice Admiral Brad Cooper speaks to guests at the IISS Manama Dialogue in Manama, Bahrain, November 17, 2023. REUTERS/Hamad I Mohammed

Why new CENTCOM chief Brad Cooper is as wrong as the old one

Middle East

If accounts of President Donald Trump’s decision to strike Iranian nuclear facilities this past month are to be believed, the president’s initial impulse to stay out of the Israel-Iran conflict failed to survive the prodding of hawkish advisers, chiefly U.S. Central Command (CENTCOM) chief Michael Kurilla.

With Kurilla, an Iran hawk and staunch ally of both the Israeli government and erstwhile national security adviser Mike Waltz, set to leave office this summer, advocates of a more restrained foreign policy may understandably feel like they are out of the woods.

keep readingShow less
Putin Trump
Top photo credit: Vladimir Putin (Office of the President of the Russian Federation) and Donald Trump (US Southern Command photo)

How Trump's 50-day deadline threat against Putin will backfire

Europe

In the first six months of his second term, President Donald Trump has demonstrated his love for three things: deals, tariffs, and ultimatums.

He got to combine these passions during his Oval Office meeting with NATO Secretary General Mark Rutte on Monday. Only moments after the two leaders announced a new plan to get military aid to Ukraine, Trump issued an ominous 50-day deadline for Russian President Vladimir Putin to agree to a ceasefire. “We're going to be doing secondary tariffs if we don't have a deal within 50 days,” Trump told the assembled reporters.

keep readingShow less

LATEST

QIOSK

Newsletter

Subscribe now to our weekly round-up and don't miss a beat with your favorite RS contributors and reporters, as well as staff analysis, opinion, and news promoting a positive, non-partisan vision of U.S. foreign policy.