Listing of Leading Aerospace and Defense Organizations in the U.S. (in slide format) for the year 2023
The landscape of the top aerospace and defense companies by earnings has seen a significant change in 2023, with a focus on companies that truly manufacture products. Notable absences from the 2023 U.S. 500 list include tech giants like Apple, Nike, Hasbro, and 68 other companies, as they don't produce their own products.
However, the top earners in the aerospace and defense sector remain predominantly US-based defense contractors. Among them, Lockheed Martin, Raytheon Technologies (RTX), General Dynamics, and other major players continue to dominate the scene.
Lockheed Martin reported over $71 billion in net sales for 2024, showing a 5.15% yearly increase, indicating strong revenue in 2023 as well. Raytheon Technologies (RTX) reported Q2 2025 sales of $21.6 billion, reflecting a 9% growth compared to the prior year, with significant contributions from Collins Aerospace and Raytheon segments. General Dynamics generated over $47.72 billion in revenue for 2024, up 12.88% year-over-year.
Other notable players include AAR AIR, AerSale, and Astronics ATRO, albeit on a smaller scale. AAR AIR reported $754.5 million revenue in Q2 2025 (up 14.9% YoY), AerSale reported $107.4 million revenue in Q2 2025 (up 39.3% YoY), and Astronics ATRO reported $204.7 million revenue (up 3.3% YoY).
While the exact top ten list by 2023 earnings is not fully detailed, it is inferred that the top earners include Lockheed Martin, Raytheon Technologies (RTX), General Dynamics, Boeing, Northrop Grumman, and other companies such as L3Harris, BAE Systems, Airbus, and others. The Boeing Company is the only member of the top ten with a negative profit margin.
The data suggests continuous growth in the aerospace and defense sectors between 2022 and 2023/2024, with companies like Lockheed Martin and General Dynamics showing double-digit growths or solid revenue increases. Raytheon Technologies expanded key divisions with double-digit growth in defense and commercial aftermarket sectors in 2025 vs prior years. No drastic changes in market positions are implied; rather, there is steady growth and increasing revenues across the major companies.
The 2023 U.S. 500 list, compiled by S&P Global Market Intelligence, has undergone this significant change, focusing on companies that really manufacture anything. A PDF download of the 2023 U.S. 500 list is available for those interested.
Global aerospace and defense revenue hit record highs in 2024, totaling approximately $922 billion, indicating overall sector growth. Certain segments like Military Aircraft Maintenance, Repair, Overhaul, and Modernization (MRO services) are growing rapidly in related industries, impacting company earnings profiles.
In summary, the 2023 top aerospace and defense earners remain the large US contractors dominated by Lockheed Martin, Raytheon Technologies, and General Dynamics, with steady growth compared to 2022. Full detailed top ten earnings by company for 2023 are not explicitly listed in the search results but can be inferred based on 2024 revenues and reports.
- The steady growth seen in the financial statements of companies like Lockheed Martin, Raytheon Technologies, and General Dynamics in 2024 indicates a strong focus on the finance sector within the aerospace and defense industry.
- Beyond the large US contractors, such as L3Harris, BAE Systems, Airbus, and others, smaller players in the industry like AAR AIR, AerSale, and Astronics ATRO are also seeing growth in their finance and earnings, contributing to the overall growth in the global aerospace and defense revenue.
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