The top 10 defense contractors

July 14, 2022

[Bloomberg Government has launched the 11th annual BGOV200, a ranking of the top federal contractors. See the list and download the report.]

Defense contract spending totaled $408.4 billion in fiscal 2021, a $40.3 billion decrease from the prior year. In total, Pentagon spending is still more than $404.6B than in fiscal 2019.

Data shows the Defense Department spent $29 billion less in the fourth quarter of fiscal 2021 than the previous year, a huge part of the $28.4 billion net year-over-year decline across the government. The quarter’s share of total annual procurement also fell – to a five-year low of 27.5%, 3.5 percentage points below its annual average for fiscal 2017–21, according to Bloomberg Government data.

A $12 billion year-over-year increase in Pentagon purchases of Covid-related drugs and biologicals in the fourth quarter couldn’t offset spending decreases in key defense markets such as research and development (-$9.8 billion, -55%), aircraft manufacturing (-$6.7 billion, -65%), and construction and renovation (-5.9 billion, -39%). A 54% Q4 drop in F-35 Joint Strike Fighter spending was part of the annual decline in spending for the aircraft.

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Top 10 largest defense contractors in FY2021:

  1. Lockheed Martin Corp.
    Obligations: $40.2B
  2. Boeing Co.
    Obligations: $22.1B
  3. Raytheon Technologies Corp.
    Obligations: $20.7B
  4. General Dynamics Corp.
    Obligations: $17.8B
  5. Pfizer Inc.
    Obligations: $13.3B
  6. Northrop Grumman Corp.
    Obligations: $12.9B
  7. Huntington Ingalls Industries Inc.
    Obligations: $7.4B
  8. Humana Inc.
    Obligations: $7.1B
  9. Moderna Inc.
    Obligations: $6.9B
  10. Regeneron Pharmaceuticals Inc.
    Obligations: $5.6B

Explore the 11th annual BGOV200 Federal Industry Leader rankings and download the full report.

A ranking of the top 200 federal contractors based on fiscal year 2021 data for unclassified, prime contracts awarded across all federal government agencies.

Download the full report.