Defense Company Growth

How we build this data

Our research desk takes every figure from the companies' own filings: annual reports, and the full-year earnings release each company files with the SEC. Each figure links to the filing it comes from.

• Who's in it. U.S.-based companies listed on a U.S. exchange with at least $400 million in revenue in their latest fiscal year, whose annual report shows that most of their revenue is government work, done directly or through other contractors, and that most of that work is defense and intelligence. We add three companies central to defense whose reports don't show that: Boeing, one of the Department of War's largest contractors; Palantir, with $1.9 billion of U.S. government revenue in 2025; and Parsons, which earns about half its revenue from federal work.
• Revenue and total growth. Revenue as each 10-K reports it. Total growth compares it with the prior fiscal year, so it includes acquisitions and divestitures. Comparison notes explain material changes in the business or reporting period. Pro forma comparisons stay separately labelled; they do not supply an organic growth rate.
• Organic growth. Only as the company itself states it, in its own terms; definitions differ by company. When a company doesn't state it, the table says so. We never estimate it.
• From acquisitions. The revenue a company says its acquired businesses added, in dollars, or in percentage points of growth when that's how the company states it.
• Backlog and book-to-bill. As each company reports them at fiscal year end.
• Fiscal years. Each company's own. Years end on different dates, so the latest year differs from company to company.
• Corrections. Write to [email protected].