The 20 Largest Military & Defence Companies in the World Today

Lockheed Martin is the world's largest defence contractor and the gravitational centre of the global defence industry. With over USD 78 billion of revenue and an order backlog north of USD 175 billion, the company's portfolio spans the F-35 Lightning II programme, the Patriot and THAAD air defence systems, Sikorsky rotorcraft, Aegis naval combat systems, and a long list of strategic space and missile programmes. No other company in the sector matches its programme depth or political proximity.

RTX is the holding group behind Raytheon Missiles & Defense, Pratt & Whitney, and Collins Aerospace. Its defence revenue alone exceeds USD 50 billion and is climbing fast. Raytheon Missiles & Defense is the prime supplier of Patriot, NASAMS, AMRAAM, SM-3, SM-6, Tomahawk, and Stinger to NATO and a long list of partners — every one of those production lines is running at maximum capacity through 2028.

Northrop Grumman sits at the centre of US nuclear modernisation. The B-21 Raider strategic bomber, the Sentinel ICBM replacement for Minuteman III, and the space and mission systems business that has become one of the most strategically important parts of the entire US industrial base. Northrop's positioning on nuclear modernisation alone secures its place at the top of the table for the rest of the decade.

General Dynamics is one of the most operationally balanced portfolios in the industry. Electric Boat builds the Columbia-class and Virginia-class submarines. Land Systems builds the M1 Abrams and the Stryker. GDIT delivers some of the most complex government IT integration work in the world. The Gulfstream business adds a high-margin commercial leg that most pure-play defence companies cannot match.

AVIC builds the entire combat aircraft, helicopter, and trainer fleets of the People's Liberation Army. By defence aerospace revenue alone, AVIC is now a peer of Lockheed Martin's aerospace business. Its product line includes the J-20 fifth-generation fighter, the J-35 carrier-based fighter, the Y-20 strategic transport, and a growing export presence through the JF-17 co-production with Pakistan.

BAE Systems is the largest European defence company and the only European prime that competes at the very top of the global table. Type 26 frigate programme, AUKUS submarine commitment, the Tempest sixth-generation fighter consortium, and the US business (which accounts for roughly 45 per cent of BAE's total). The combination of UK and US industrial depth makes BAE the most genuinely transatlantic prime in the sector.

NORINCO is the world's largest producer of land systems and ammunition. The group's footprint covers small arms, artillery, armoured vehicles, and ammunition of every calibre, with a sprawling export business across the Middle East, Africa, and Latin America. Western analysts have historically under-counted NORINCO's defence revenue because of the limited financial disclosure, but the working estimate of USD 40 billion in defence-related output is, if anything, conservative.

Boeing Defense, Space & Security is the smallest of the US top five in defence revenue terms and the most operationally challenged. Long-running fixed-price contract problems on KC-46, T-7, and several other programmes have produced a difficult few years. But the order book is enormous, the F-15EX line is now running at scale, and the rotorcraft and missile businesses are healthy. Boeing's defence arm is in transition rather than decline.

CSSC is the world's largest shipbuilding group and builds the entire surface fleet of the People's Liberation Army Navy. The Type 003 Fujian aircraft carrier, the Type 055 Renhai destroyer, the Type 052D destroyer, and the Type 075 amphibious assault ship all come from CSSC yards. A growing export pipeline in frigates and corvettes is supplementing the domestic programme.

Rostec contains Almaz-Antey (air defence), United Aircraft Corporation (combat aviation), Uralvagonzavod (armour and ammunition), Russian Helicopters, and several other groups. Aggregate defence-related output is estimated at around USD 35 to 40 billion, though figures are extremely difficult to verify under sanctions. The picture is of an industry that has been simultaneously crippled by sanctions and force-mobilised by political directive — producing volume that exceeds Western expectations but at quality and reliability levels that have visibly degraded.

Thales sits around USD 22 billion in total revenue across defence, aerospace, and digital identity. Its naval combat systems, secure communications, and the Air Land Defence business are growing strongly, and the group's positioning across France, the UK, Australia, and the Middle East gives it geographic diversification that most peers cannot match. Thales is the European electronics and combat systems backbone.

Leonardo sits at roughly USD 18 billion in total revenue with helicopters, electronics, and aerospace structures as the core pillars. Strong order book, healthy GCAP exposure as a full three-way partner with the UK and Japan, and a domestic political backdrop that is now firmly supportive of defence industrial growth.

Airbus Defence and Space sits at around USD 15 billion in defence-specific revenue. Eurofighter, A400M, military satellite work, and increasing exposure to the Future Combat Air System programme. A core anchor of the European defence industrial base alongside BAE, Thales, and Leonardo.

Rheinmetall is the story of the European industry. Revenue has roughly tripled since 2021, on track for USD 18 billion by 2027 and USD 25 billion by the early 2030s. The combination of ammunition (now the largest 155mm shell producer in Europe), the Lynx and Panther vehicle programmes, the Skyranger air defence system, and a clean political position on Ukraine support has produced one of the fastest reratings the industry has ever seen.

Hanwha Aerospace has, in the space of three years, transformed from a regional player into a global top-fifteen defence company. K9 self-propelled howitzers to Poland, Egypt, Australia, India, Norway, Romania, and Estonia. Chunmoo rocket artillery systems. Redback infantry fighting vehicles to Australia. The integration of Hanwha Ocean adds the naval shipbuilding leg that the company was missing. Hanwha is the breakout story of the decade.

L3Harris is the US specialist in tactical communications, electronic warfare, and space systems. The integration of Aerojet Rocketdyne in 2023 added a strategic propulsion leg. Falcon family of tactical radios, WESCAM EO/IR turrets, F-35 EOTS, and a growing space business through SDA Tranche satellite contracts.

Mitsubishi Heavy Industries is the central pillar of Japan's defence industrial base, now undergoing the slow expansion that the new Japanese defence posture requires. Defence revenue is around USD 6 billion but growing rapidly under the new five-year procurement framework. The Mogami-class frigate, Taigei-class submarine, Type 12 anti-ship missile, and the GCAP sixth-generation fighter co-development with the UK and Italy anchor the portfolio.

Elbit Systems is Israel's electronics, electronic warfare, and land systems prime. Aggressive global expansion has produced acquisitions across the US, UK, and Germany, and the company's footprint now spans every major NATO market. Hermes UAVs, PULS rocket artillery, Iron Fist active protection, and the F-35 helmet-mounted display system are signature products.

Israel Aerospace Industries is the state-owned Israeli prime with strengths in missile defence, UAVs, radar, and space. The Arrow missile defence family is the world's most operationally tested anti-ballistic missile system. Heron and Eitan UAVs are deployed in dozens of air forces. Barak air defence and Green Pine radar round out a portfolio whose strategic weight far exceeds its revenue line.

Saab is much smaller than the top-tier primes at around USD 6 billion but punches well above its weight. The JAS 39 Gripen E/F, the GlobalEye AEW&C platform, the Carl Gustaf line that became unexpectedly central to Ukraine support, NLAW anti-tank weapons, and the A26 submarine programme give Saab a stronger order book than the company has had at any point in its modern history.