Largest Defense Contractors
The top 10 US defense contractors received over $139.8B in Pentagon contracts in FY2024 alone. Lockheed Martin — the world's largest arms manufacturer — received $47.8B, more than the entire budget of the State Department. These companies spend hundreds of millions lobbying Congress to keep the money flowing, while 500+ former Pentagon officials work for them through the revolving door.
$139.8B
Top 10 Total (FY2024)
$47.8B
#1 Lockheed Martin
$131M
Annual Lobbying Spend
500+
Revolving Door Officials
Top 10 Defense Contractors by Pentagon Contracts (FY2024)
Contract Awards Over 5 Years
| Contractor | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|
| Lockheed Martin | $72.9B | $37.7B | $43.3B | $67.1B | $47.8B |
| Boeing | $19.4B | $20.3B | $12.7B | $19.4B | $19.4B |
| RTX Corporation | $20.6B | $15B | $19.5B | $24B | $18.8B |
| General Dynamics | $14.7B | $12.2B | $14.7B | $15.6B | $12.5B |
| Northrop Grumman | $5.7B | $5.9B | $7.2B | $9.3B | $10.5B |
Stock Performance Since 9/11
The War on Terror was the greatest wealth-creation event in the history of the defense industry. Since September 10, 2001, defense stocks have dramatically outperformed the market. Lockheed Martin shareholders have seen 1,163% returns — nearly 3× the S&P 500. Every war, every conflict, every crisis sends these stocks higher.
| Company | Ticker | Sep 10, 2001 | Today (approx) | Return |
|---|---|---|---|---|
| Lockheed Martin | LMT | $38 | $480 | +1,163% |
| Northrop Grumman | NOC | $45 | $520 | +1,056% |
| General Dynamics | GD | $35 | $295 | +743% |
| RTX (Raytheon) | RTX | $28 | $120 | +329% |
| Boeing | BA | $42 | $175 | +317% |
| S&P 500 (comparison) | SPY | $115 | $590 | +413% |
Approximate values. Adjusted for splits. Source: market data. War is profitable — for shareholders.
The Revolving Door
The defense industry's power comes not just from lobbying dollars, but from the “revolving door” — the constant flow of personnel between the Pentagon, Congress, and defense contractors. Generals retire on Friday and start at Lockheed on Monday. Congressional staffers who write defense bills become lobbyists for the companies those bills fund. The people who decide how to spend the money are the same people who profit from it.
500+
Former senior DOD officials identified working for defense contractors (POGO)
67%
Of defense lobbyists are former DOD or congressional staff
$131M
Spent on lobbying by defense industry in 2022 alone
395
Lobbyists employed by Lockheed Martin in a single year
$62M
In campaign contributions from defense industry in 2023
45 states
Where F-35 parts are manufactured — making it politically untouchable
“In the councils of government, we must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military-industrial complex. The potential for the disastrous rise of misplaced power exists and will persist.”
— President Dwight D. Eisenhower, Farewell Address, January 17, 1961
Frequently Asked Questions
Who is the biggest defense contractor?
Lockheed Martin is the world's largest defense contractor by revenue, receiving $47.8B in Pentagon contracts in FY2024. They manufacture the F-35 fighter jet (lifetime cost: $1.7 trillion), Black Hawk helicopters, Aegis combat systems, and Trident missiles. Their parts are manufactured across 45 states, making the F-35 program virtually impossible for Congress to cancel.
How much do defense contractors spend on lobbying?
The defense industry spent $131 million on lobbying in 2022 and $62 million in campaign contributions in 2023. This is a remarkable return on investment — for every $1 spent on lobbying, defense companies receive roughly $1,000 in government contracts. The industry employs more lobbyists than there are members of Congress.