While many companies in the Defense News Top 100 ranking voluntarily submit their revenue figures for evaluation, not all do. For companies that do not participate, Defense News— in collaboration with trusted partners such as the Spade Defense Index and the International Institute for Strategic Studies (IISS)—sources and estimates financial data based on publicly available information, industry analysis, and proprietary research. As such, some figures represent our best estimates of total and defense-related revenue. Additionally, currency values reported in non-U.S. denominations were converted to U.S. dollars using the IRS annual average exchange rates for 2025 and 2024. While every effort has been made to ensure accuracy, some figures may vary from actual internal data given the reasons stated above.
"NEW" means the company did not appear on last year's list.
Revenue figures for Chinese state-owned defense enterprises are sourced from the International Institute for Strategic Studies (IISS) and reflect the most current available data. Some year-over-year rank changes are attributable to revised methodology, updated source reports, and corporate restructuring activity rather than organic revenue changes
