The Top 10 Defense Contractors

June 21, 2023

A ranking of the top 200 federal contractors based on fiscal year 2022 data for unclassified, prime contracts awarded across all federal government agencies.

Download the full report.

[Download the 12th annual BGOV200, a ranking of the top federal contractors.]

Pentagon procurement spending is increasingly aimed at rapidly transforming the U.S. security posture to more globally networked, data-centric platforms and tools.

Overall, contract spending by the federal government increased $43B from FY21 to FY22, and numbers 1-15 on the BGOV200 had $16B more in federal revenue in FY22 than the year before. Read the full BGOV200 report or  see highlights below on the defense sector.

Analysis on Top 10

Contracts held by the top 10 vendors in FY22 made up 74% of government spending on the aircraft, ships, and vehicles market, which includes materials for the F-35, Virginia-class submarines, and the Abrams tank program.

However, legacy portfolios for traditional contractors in these arenas do not guarantee continued relevance in the market, as Boeing’s share dropped 32% from FY21 because it hasn’t kept up with DOD’s transition to interconnected technology.

Acknowledging the need for change, Boeing initiated a major reorganization of its Defense Space and Security business unit in November to align its production lines with the emerging missions of the Pentagon’s combatant commands.

Pfizer surged into fourth place on the strength of several large manufacturing contracts for the federal government’s response to Covid-19.

Industry trends

The top 200 federal vendors were responsible for 99% of the vehicle, aircraft, and ship purchases and 85% of the weapons purchases in FY22, leaving little room for newcomers in those markets.

Other markets – including research and development, IT, and professional services – still have a heavy presence of major contractors but have openings for other competitive companies.

Weapons and military vehicles are acquired by the Defense Department mostly as major acquisitions, a lengthy and complicated process that is most easily navigated by experienced defense contractors like Lockheed Martin, Boeing, and General Dynamics.

How will Bloomberg Government help me get ahead?

Bloomberg Government provides defense contractors – including ones listed on the BGOV200 – with accurate, up-to-date news and analysis on procurement activities, regulatory developments, agency priorities, historical contract data, budget information, and industry trends, which help inform resource allocation and defense strategy. Request a demo.

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