Slideshow presenting the leading 2023 American Aerospace and Defense companies on our website.
The 2022 earnings of the top ten aerospace and defense companies have been revealed, providing insights into the leading players in this dynamic sector. The list, compiled by S&P Global Market Intelligence, offers a glimpse into the companies that are shaping the future of aerospace and defense.
While the direct ranked list of the top ten companies by 2023 earnings is not yet available, the 2022 list offers a glimpse into the companies that are likely to remain competitive.
The 2022 Top Ten
The top ten aerospace and defense companies by 2022 earnings have undergone some changes compared to the previous year. Four new companies – Huntington Ingalls Industries Inc., Howmet Aerospace Inc., L3Harris Technologies, and Spirit Aerosystems Holdings Inc. – have entered the list, pushing some established names down the rankings.
General Dynamics, a major global aerospace and defense firm known for its diverse military and commercial products, including business jets, nuclear submarines, and combat vehicles, has returned to the top ten.
Another notable entrant is Woodward Inc., a company primarily known for aerospace components. Its recent 2025 earnings beat and raised guidance reflect strong aerospace revenue growth of 13% and resilience due to defense sector demand.
Other Key Players
Other key players in the top ten include L3Harris Technologies, a company known for its communications and electronic systems for military and commercial applications. Huntington Ingalls Industries Inc., a naval shipbuilding company, also features prominently.
Howmet Aerospace Inc., a company specialising in advanced metal and composite solutions for the aerospace industry, and Spirit Aerosystems Holdings Inc., a manufacturer of aerostructures for commercial, business, and regional aircraft, also make the list.
Notable Absences and Changes
The 2023 U.S. 500 list, which focuses on manufacturing companies, has seen some radical changes. Notably, Apple, Nike, Hasbro, and 68 other companies have been removed from the list because they don't manufacture their own products.
The Boeing Company, a member of the top ten aerospace and defense companies by 2022 earnings, posted a negative profit margin, which could impact its position in future rankings.
Accessing the Lists
For those interested, a PDF download of the 2023 U.S. 500 list is available. The list also includes a 'Rejects' list, which includes companies pulled from the manufacturers list because they don't manufacture products.
The 2022 earnings revealed a shift in the top ten aerospace and defense companies, with four newcomers – General Dynamics, Woodward Inc., L3Harris Technologies, and Howmet Aerospace Inc. – joining the ranks.
In the finance sector, Woodward Inc. displayed strength and resilience, as its recent 2025 earnings beat and raised guidance showed aerospace revenue growth of 13%.
