Defense News published an annual Top 100 ranking of defense companies across the globe based on their revenue.
The list’s leader for over 25 years remains U.S. defense giant Lockheed Martin, with total revenue exceeding $75 billion in 2025. The following companies in the top five include other American defense and technology players: RTX, with revenue surpassing $88 billion; General Dynamics, with revenue over $52 billion; Northrop Grumman, and BAE Systems, headquartered in Britain, both making around $40 billion in revenue.
The top 10 includes Boeing, the Chinese company AVIC, which debuted in the list this year, L3Harris Technologies, Leonardo, and Airbus.
The ranking features five Turkish companies. Among them, ASELSAN is the highest-ranked, having moved up from 43rd to 40th place this year. ASELSAN is followed by Turkish Aerospace (TUSAŞ) (48th place), ARCA Savunma (53rd place), which joined the list for the first time, ROKETSAN (64th place), and MKE (Makine ve Kimya Endüstrisi) (81st place).
The Defense News Top 100 ranking is based on official figures provided by the companies, publicly available information, industry analysis, and proprietary research conducted in collaboration with the Spade Defense Index and the International Institute for Strategic Studies (IISS).