Defense & Military
Top 10 U.S. Aerospace and Defense Contractors in 2024

The Top 10 U.S. Aerospace and Defense Contractors
The aerospace and defense industry plays a pivotal role in both national security and the stock market. With U.S. defense spending leading the world, the largest contractors are well-positioned for growth amid rising global tensions. Below, I rank the top 10 U.S. contractors by defense revenue, using 2024 data from Defense News. I believe these companies represent attractive opportunities for investors seeking exposure to the sector.
10. Amentum
Amentum, a leading provider of engineering and technical services, specializes in supporting government missions. The Virginia-based company’s $5.7 billion in defense-related revenue stems from key contracts with the Department of Defense (DoD) and other federal agencies. Amentum’s expertise spans logistics, cybersecurity, and nuclear operations.
9. Booz Allen Hamilton
Booz Allen Hamilton has built its reputation as a leading provider of technology and consulting services for the DoD. The company leverages advanced capabilities in artificial intelligence (AI) and cybersecurity to address complex defense challenges. With $6.8 billion in defense-related revenue, Booz Allen’s strong cash flow and diversified portfolio make it an attractive investment in the defense space.
8. Leidos
Leidos specializes in IT services and solutions, providing support for mission-critical systems for both the DoD and other federal agencies. With $11.1 billion in defense revenue, the company’s expertise spans cybersecurity, data analytics, and autonomous systems. Last year, Leidos secured major contracts like the Advanced Battle Management System (ABMS) and engineering services for the F-16 weapon system. Its consistent revenue growth demonstrates strong operational performance and future potential.
7. HII (Huntington Ingalls Industries)
HII is a leader in shipbuilding and defense technologies, generating $11.4 billion in defense-related revenue. As the sole builder of U.S. Navy aircraft carriers and a key supplier of nuclear-powered submarines, HII has expanded its capabilities in unmanned underwater vehicles (UUVs) and cybersecurity. Its strategic focus on naval innovation ensures its continued importance in U.S. defense operations.
6. L3Harris Technologies
L3Harris Technologies is known for its advanced communication systems, tactical radios, and next-generation jamming technology. The Florida-based company’s $15.6 billion in defense-related revenue reflects its critical role in providing cutting-edge solutions to the U.S. military. Recent achievements include contracts for the Glide Phase Interceptor and acquisition of space exploration company Aerojet Rocketdyne. With an emphasis on margin expansion and cost efficiency, we believe L3Harris is well-positioned for continued growth.
5. Boeing
Boeing’s defense segment, which contributed $32.7 billion in revenue last year, complements its commercial aerospace business. Programs like the F-15EX fighter jet and satellite systems highlight Boeing’s engineering background. Despite challenges in its commercial segment, Boeing’s defense arm continues to drive innovation and secure key contracts.
4. General Dynamics
General Dynamics’ diverse portfolio spans combat vehicles, shipbuilding, and IT services, generating $33.7 billion in defense revenue in 2024. Its Gulfstream aerospace division also contributes to its strength, although primarily in the civilian sector. The Virginia-based company’s shipbuilding division, which delivers submarines to the U.S. Navy, was just awarded a $188 million contract to aid Virginia-class submarines. With profitability expected to rise through improved margins, General Dynamics remains a cornerstone of U.S. defense capabilities.
3. Northrop Grumman
Northrop Grumman is at the forefront of aerospace and defense innovation, with $35.2 billion in defense revenue. Known for its contributions to nuclear modernization, the B-21 Raider stealth bomber, and space systems, Northrop is a leader in cutting-edge defense technologies. The company has expanded its missile production capacity and bolstered its backlog through international sales and key programs like Sentinel.
2. RTX
RTX specializes in missile systems, integrated defense solutions, and advanced sensors, with $40.6 billion in defense revenue in 2024. Formerly known as Raytheon Technologies, the company’s notable projects include hypersonic weapons development and advanced air defense systems. RTX’s strategic divestitures also demonstrate its commitment to delivering shareholder value.
1. Lockheed Martin
Lockheed Martin stands as a giant in the defense sector, with a whopping $64.7 billion in defense revenue. The Bethesda, Maryland-based company’s iconic programs like the F-35 Lightning II fighter jet and advanced hypersonic weapons have solidified its dominance. Lockheed continues to expand its space division, announcing its acquisition of satellite firm Terran Orbital in August 2024. Its robust backlog and commitment to cutting-edge technology make it, I believe, a no-brainer for defense investors.
The Investment Opportunity
As geopolitical tensions continue to rise, we expect the demand for advanced military technologies to continue growing. By understanding the strengths and strategies of these top contractors, investors can make informed decisions to capitalize on this essential industry.
FAQ
Question: What is the largest U.S. defense contractor?
Answer: Lockheed Martin is the largest U.S. defense contractor, with $64.7 billion in defense revenue in 2024.
Question: Which company specializes in shipbuilding for the U.S. Navy?
Answer: Huntington Ingalls Industries (HII) is the largest military shipbuilding company in the U.S., focusing on nuclear-powered submarines and aircraft carriers.
Question: What are the key technologies driving the aerospace and defense industry?
Answer: Key technologies include artificial intelligence (AI), cybersecurity, hypersonic weapons, and autonomous systems.
Source: U.S. Global Investors
Defense & Military
NGATS Adapted for Boeing AH-64E Apache Flightline Diagnostics
The U.S. Army and Boeing completed a 12-month NGATS pathfinder at Fort Rucker, reporting over $1M in cost avoidance on the AH-64E Apache.

The U.S. Army Aviation and Missile Command (AMCOM) and The Boeing Company have successfully adapted a ground-vehicle diagnostic system to service the Boeing AH-64E Apache helicopter, completing a 12-month operational pathfinder exercise at Fort Rucker, Alabama, that demonstrated significant reductions in sustainment costs.
Announced by the U.S. Army on May 12, 2026, the initiative utilized the Next Generation Automatic Test System (NGATS) to diagnose faults directly on the flightline. Historically used for ground vehicles like the Stryker and Abrams, the system’s expansion into aviation allows maintainers to avoid unnecessary depot shipments and limit demand on the global supply chain.
Adapting ground diagnostics for aviation readiness
The pathfinder exercise involved collaboration between AMCOM, Boeing, PAE Maneuver Air, and M1. The foundation for the exercise was laid on December 1, 2025, when Boeing Global Services upgraded NGATS capabilities to include the first aviation test program set. This upgrade enabled the system to interface with complex aviation electronics that previously required specialized, separate testing equipment.
The U.S. Army Aviation Center of Excellence at Fort Rucker provided a rigorous testing environment for the program. The installation conducts 40 percent of the Army’s aviation flight hours and operates the equipment equivalent of five combat aviation brigades. Testing the system under this high operational tempo allowed the Army to validate the diagnostic tool’s effectiveness in a realistic sustainment scenario.
During the 12-month exercise, the Army reported over $1 million in cost avoidance on a single component, the Aircraft Interface Unit, by utilizing NGATS alongside Boeing-developed test procedures.
“Leveraging existing technology like NGATS to its maximum effect is going to show real returns for Army aviation,” stated Col. Tim Harloff, Commander of the AMCOM Combined Logistics Command.
Long-term sustainment and future expansion
The Boeing AH-64E Apache is projected to remain in service into the 2060s, making long-term maintenance efficiency a priority for the Department of Defense. On January 2, 2026, the U.S. Army awarded Boeing a $2.73 billion contract for post-production support services for the Apache fleet through 2030. The integration of NGATS aligns with the objectives of this sustainment contract by streamlining repairs and reducing the logistical footprint required to keep the aircraft operational.
Following the success of the AH-64E Apache pathfinder exercise, Boeing plans to expand NGATS testing capabilities to additional aviation platforms, unmanned aircraft, and watercraft. Col. John Morris, Chief of Staff for AMCOM, noted the value of the joint effort, stating that the Army will see consistent wins when collaborating across industry partners.
AirPro News analysis
We view the successful integration of NGATS into the Boeing AH-64E Apache maintenance ecosystem as a critical step in the U.S. Army’s broader modernization strategy. By shifting diagnostic capabilities from centralized depots directly to the flightline, the military can significantly reduce aircraft downtime and alleviate pressure on an already strained aerospace supply chain. The $1 million cost avoidance on a single component suggests that scaling this technology across the broader aviation fleet could yield substantial financial and operational benefits over the lifecycle of these aircraft.
Sources: The Boeing Company
Photo Credit: Boeing
Defense & Military
Trump Flies Qatari-Gifted Boeing 747-8 as Interim Air Force One
President Trump completed his first flight on a retrofitted Qatari-donated Boeing 747-8 on July 1, 2026, as the VC-25B program faces delays until 2028.

This article summarizes reporting by CBS News by Kaia Hubbard, with additional reporting from the Associated Press and Military Times.
U.S. President Donald Trump completed his inaugural flight aboard a retrofitted Boeing 747-8 on July 1, 2026, utilizing an aircraft gifted to the United States by the Qatari government as a temporary Air Force One. The flight departed Joint Base Andrews in Maryland for Bismarck Municipal Airport in North Dakota, marking the operational debut of the interim presidential transport.
The introduction of the Qatari-donated aircraft serves as a bridge for the United States Air Force (USAF) executive airlift fleet. The permanent replacement program, designated VC-25B, is currently running four years behind schedule, with Boeing now expected to deliver the new jets in 2028. According to reporting by CBS News, the interim Boeing 747-8 allows the administration to supplement the aging VC-25A fleet, which consists of heavily modified Boeing 747-200 aircraft that are approximately 35 years old.
Aircraft modifications and new livery
The Qatari government gifted the luxury Boeing 747-8, valued at an estimated $400 million, to the United States in 2025. Following the transfer, the USAF spent just under $400 million to install necessary secure communications and defensive systems. While the original aircraft featured a highly customized VIP interior, military officials noted that the retrofitting process prioritized operational readiness. The interior layout remains minimally changed from its original luxury configuration.
Externally, the aircraft introduces a significant departure from the traditional light blue and white design that has characterized presidential aircraft for decades. The interim Air Force One sports a navy blue belly accented with red and gold stripes. The Associated Press reported that this specific color scheme aligns with design preferences Trump advocated for during his first term in office.
Prior to the July 1 flight, the USAF conducted a series of commissioning flights to validate the aircraft’s mission capability and finalize safety protocols. Military Times reported that these test flights were completed in late June 2026, clearing the jet for active presidential service.
Bridging the gap to the VC-25B
The necessity for an interim aircraft stems from ongoing delays in the VC-25B program. The U.S. government initially signed a contract with Boeing in 2018 for two new heavily modified Boeing 747-8 aircraft to replace the legacy VC-25A fleet. The manufacturer has faced persistent supply chain disruptions and a shortage of appropriately cleared personnel, pushing the delivery timeline to 2028.
Speaking about the interim aircraft, President Trump highlighted the unique nature of the acquisition. He described the Boeing 747-8 as potentially the greatest commercial plane ever built and acknowledged the Qatari government’s role in providing the jet. The president utilized the aircraft to travel to North Dakota for an event at the Theodore Roosevelt Presidential Library ahead of the nation’s 250th anniversary celebrations.
AirPro News analysis
The integration of a foreign-gifted aircraft into the highly secure presidential airlift fleet represents an unprecedented procurement path for the USAF. We view the rapid commissioning of this Boeing 747-8 as a pragmatic response to the severe delays plaguing the VC-25B program. By accepting and modifying an existing airframe, the military has effectively mitigated the operational risks associated with relying exclusively on the 35-year-old VC-25A fleet for another two years.
The decision to leave the luxury interior largely intact suggests a compromise between rapid deployment and standard military specifications. While the necessary secure communications and defensive countermeasures are in place, the non-standard interior and unique exterior livery will make this specific airframe a distinct, albeit temporary, chapter in the history of presidential aviation.
Sources: CBS News
Photo Credit: U.S. Air Force courtesy photo
Defense & Military
Saab Signs SEK 24.6B Gripen E Contract for Ukrainian Air Force
Saab AB finalizes a $2.5B deal to deliver 16 Gripen E fighters to Ukraine, with deliveries scheduled for 2029 to 2030.

Saab AB has finalized a SEK 24.6 billion contracts with the Swedish Defence Materiel Administration (FMV) to manufacture and deliver 16 Saab Gripen E fighter aircraft destined for the Ukrainian Air Force.
The agreement, signed on June 30, 2026, formalizes a bilateral defense commitment between Sweden and Ukraine and schedules aircraft deliveries for the 2029 to 2030 timeframe, according to a press release issued by the manufacturers.
Contract details and delivery timeline
The orders, valued at approximately $2.5 billion USD, includes the 16 airframes alongside spare parts and associated support equipment. Saab stated it will officially book the order in the third quarter of 2026. Manufacturing and initial deliveries will take place in Sweden, with the FMV receiving the aircraft before their subsequent transfer to Ukraine.
The Saab Gripen E is designed for operational resilience and dispersed operations. The Military-Aircraft can take off and land on short stretches of public roads or temporary runways. This capability aligns with the operational requirements of the Ukrainian Air Force amid ongoing threats to traditional airbase infrastructure.
Saab President and CEO Micael Johansson stated the agreement will provide a critical capability upgrade for the operator.
“I am deeply proud that Sweden and Saab can now enable the provision of Gripen E to Ukraine, bringing a world-class fighter that will transform the Ukrainian Air Force’s capability. This will significantly strengthen Ukraine’s air defence and help ensure the nation can protect its people and safeguard its future,” Johansson said.
Bilateral defense agreements and interim capabilities
The formal contract follows a May 28, 2026, announcement made in Uppsala, Sweden. During that meeting, Swedish Prime Minister Ulf Kristersson and Ukrainian President Volodymyr Zelenskyy outlined a broader air defense cooperation plan between the two nations.
Ukraine initially stated its intent to acquire up to 20 Saab Gripen E/F aircraft, of which 16 are now firmly contracted. To provide an interim capability boost while the newly ordered Gripen E models are manufactured, the Swedish government previously announced its intent to donate 16 older Saab Gripen C/D aircraft to Ukraine.
AirPro News analysis
The formalization of the Saab Gripen E contract represents a major shift in Western defense procurement for Ukraine, moving from the donation of legacy airframes to the direct commissioning of newly manufactured, advanced fighter aircraft. We view the 2029 to 2030 delivery window as an indicator that European defense planners are structuring support for the Ukrainian Air Force as a long-term modernization effort rather than strictly an immediate wartime stopgap. The Gripen E’s specific design parameters, particularly its low maintenance footprint and ability to conduct dispersed operations from austere locations, make it uniquely suited to the threat environment in Eastern Europe.
Sources: Saab AB
Photo Credit: SAAB
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