U.S.'s Leading Aerospace and Defense Companies in 2023: A Showcase (Slideshow)

Top Ten Aerospace and Defense Companies by Earnings for 2023: A Shifting Landscape

The global aerospace and defense industry has witnessed a significant shift in 2023, with the top ten companies by earnings reflecting a dynamic and evolving landscape.

Leading the pack is RTX (Raytheon Technologies), reporting an impressive $21.6 billion in sales in Q2 2025, marking a 9% year-over-year growth. The company's strong performance can be attributed to the success of its segments, including Collins Aerospace, Pratt & Whitney, and Raytheon defense systems.

Northrop Grumman follows closely with over $39 billion in revenue for 2023, a steady growth from $26 billion in 2017 to $37 billion in 2020.

Lockheed Martin is estimated to have revenues around $5.34 billion in recent quarters in 2025, maintaining its strong market presence as a top defense contractor.

In a remarkable turn of events, South Korean aerospace and defense firms have shown explosive growth since 2021-2022. Hanwha Aerospace reported a record half-year operating profit of 1.43 trillion won (~$1.1 billion) in 2025, quadrupling from the previous year and tripling sales to 11.8 trillion won. LIG Nex1 also recorded a 64.6% increase in operating profit and a 35.4% rise in sales.

The combined top five South Korean defense firms, including Korea Aerospace Industries (KAI), Hyundai Rotem, Hanwha Systems, and others, have reported strong earnings for 2025, indicating a growing influence of South Korean companies in the global aerospace and defense sector.

Outside the largest incumbents, AerSale and AAR Corp have gained momentum, posting significant revenue increases and outperforming expectations in 2025.

While traditional U.S. aerospace giants remain at the top by revenue in 2023, the rapid growth and increasing earnings of South Korean defense companies since 2021-2022 suggest a shifting dynamic in the global aerospace and defense landscape.

The finance sector has recognized the robust growth in the aerospace industry, with companies like Raytheon Technologies (RTX) securing significant investments due to their impressive earnings.
As the global aerospace and defense landscape evolves, finance entities are keenly watching South Korean companies, such as Hanwha Aerospace, with their record earnings in 2025, as these firms demonstrate the potential to challenge traditional industry players.