In 2023, the Department of Defense budget totaled $609.2 billion, equal to $1,819 for every U.S. resident.

Following a wave of consolidation in the past few decades, a handful of defense contractors dominate the industry. At the same time, many of these firms provide a diversified range of capabilities—from munitions and nuclear submarines to services that manage IT infrastructure.

This graphic, via Visual Capitalist's Dorothy Neufeld, shows the top U.S. defense firms by contract value, based on data from the Department of Defense.

In the table below, we show the largest American defense contractors in fiscal 2023:

With $61.4 billion in contracts, Lockheed Martin stands as the largest overall by a wide margin.

Most notably, it completed a $30 billion contract to build F-35 fighter jets for the Pentagon and allies in 2023. Along with this, it was awarded contracts to manufacture precision-strike rockets and nuclear spacecraft.

Following next in line is RTX, formerly Raytheon Technologies, at $24.1 billion in contracts. As the world’s most valuable defense company, RTX is worth $183 billion, driven by its broad range of missile systems, commercial aviation, and advanced technologies.

Ranking in third is Virginia-based General Dynamics, which typically generates the most revenue from its IT systems and marine divisions.

Overall, the number of prime contractors for the Department of Defense has declined from 51 in the 1990s to just five today. These legacy firms include Lockheed Martin, RTX Corporation, General Dynamics, Boeing, and Northrop Grumman.

To learn more about this topic from a global perspective, check out this graphic on military spending by country.