The Top 100 is here: Find out how defense companies performed in FY23

The sole Ukrainian business on this year’s Top 100 list takes the lead for the largest defense revenue change, growing by 72% from fiscal 2022 to fiscal 2023.

And though the Ukrainian Defense Industry, formerly known as Ukroboronprom , declined to explain the significant increase, it is telling that the company’s defense revenue grew from about $755 million in FY21 to nearly $1.3 billion in FY22, following Russia’s full-scale invasion of Ukraine.

Most recently, for FY23, the firm is reporting $2.2 billion in defense revenue.

In fact, more than three-quarters of the companies on this year’s Top 100 list saw their defense revenues rise.

This is reflective of the list’s general — although inconsistent — increase year over year. Looking at just the last five fiscal years, the total defense revenue for those ranked came to:

FY19: $524.4 billion

FY20: $551.2 billion

FY22: $533.9 billion

FY23: $603.9 billion

The latest growth – by 13% – comes amid the Russia-Ukraine war ; Israel’s fight with the militant group Hamas in the Gaza Strip and its clashes with the Lebanon-based militant group Hezbollah ; as well as tension in the Asia-Pacific region over disputed territory and Taiwan’s independence .

In response to these events, governments around the world are spending more on defense, which in turn boosts industry earnings.

U.S.-based businesses dominated the rankings with 48 listings, followed by:

China and the United Kingdom, each with six.

Germany and Turkey, each with five.

Israel and South Korea , each with three.

India, Italy, Norway and Spain, each with two.

Australia, Canada, Finland, Ireland, Luxembourg, Poland, Saudi Arabia, Singapore, Sweden and Ukraine, each with one.

Alone, France has four listings, and the Netherlands has one. However, it would be accurate to give them each one more in this count because Airbus lists its “main office” in the former and its “headquarters” in the latter.

There are notable gaps in this year’s list. Once again, there are no Russian businesses because they did not respond to our requests for information and we could not locate reputable data sources.

Japanese companies are also not on the list. Defense News contacted the businesses, as well as government officials, several times with requests for data. The government did not publish the relevant information online by press time.

Some private firms that likely earn significant defense revenue, such as General Atomics, opt against providing data, while technology companies, including Amazon and Google , don’t offer comprehensive information on their defense revenue and declined to do so for the list.

We also chose not to include medical and pharmaceutical companies because the list is meant to focus on those organizations producing weapons systems, military capabilities and associated technologies.

For Chinese businesses, we relied on a think tank to provide the data. The China Aerospace Science and Industry Corp. did not release figures for consideration in this year’s list by press time. The state-run organization last made the rankings two years ago, where it landed in 14th place with more than $13 billion in defense revenue for FY21.

This year we were able to collect information for two Indian companies. However, our correspondent there remains jailed . It has been almost a year since the Indian government arrested Vivek Raghuvanshi, a longtime freelance journalist with Defense News, and officials have declined to provide information about his safety, legal representation and allegations.

For ranked Turkish firms, an asterisk must be applied: Some revenue figures were calculated using so-called inflation accounting methods due to the nation’s high inflation rate. We used those numbers when they were provided; otherwise the data was run in its unadapted form. More information is provided in the footnotes.

We hope this list, which one could accurately describe as part art and part science, offers a snapshot of the state of the defense industry and perhaps what’s to come.

Chris Martin is the managing editor for Defense News. His interests include Sino-U.S. affairs, cybersecurity, foreign policy and his yorkie Willow.

今年百强榜单中唯一的乌克兰企业在国防收入变化方面遥遥领先，从 2022 财年到 2023 财年增长了 72%。

尽管乌克兰国防工业公司（原名 Ukroboronprom）拒绝解释这一显著增长，但值得注意的是，在俄罗斯全面入侵乌克兰之后，该公司的国防收入从 2021 财年的约 7.55 亿美元增长到 2022 财年的近 13 亿美元。

该公司最近公布的 2023 财年国防收入为 22 亿美元。

事实上，今年百强榜单中超过四分之三的公司国防收入都有所增长。

这反映了该榜单总体上（尽管并非始终如此）逐年增长的趋势。仅就过去五个财政年度而言，上榜国家的国防总收入为：

2019财年：5244亿美元

2020财年：5512亿美元

2022财年：5339亿美元

2023财年：6039亿美元

最新增长——13%——正值俄乌战争、以色列与加沙地带哈马斯武装组织的战斗以及与黎巴嫩真主党武装组织的冲突，以及亚太地区因领土争议和台湾独立而产生的紧张局势之际。

为了应对这些事件，世界各国政府都在增加国防开支，这反过来又提高了工业收益。

美国企业以 48 家上榜企业占据主导地位，其次是：

中国和英国各有六个席位。

德国和土耳其各有5个。

以色列和韩国各有三人。

印度、意大利、挪威和西班牙各有两名。

澳大利亚、加拿大、芬兰、爱尔兰、卢森堡、波兰、沙特阿拉伯、新加坡、瑞典和乌克兰，各有一名。

仅法国就有四处注册机构，荷兰有一处。不过，由于空客在法国注册的是“主要办事处”，在荷兰注册的是“总部”，因此在统计中，两国都应该多算一处。

今年的榜单存在明显的缺失。俄罗斯企业依然没有上榜，因为它们没有回应我们的信息请求，而且我们也找不到可靠的数据来源。

日本企业也不在名单之列。《防务新闻》多次联系相关企业和政府官员，要求提供数据。截至发稿时，政府尚未在网上公布相关信息。

一些可能获得大量国防收入的私营企业，如通用原子公司，选择不提供数据；而包括亚马逊和谷歌在内的科技公司，不提供有关其国防收入的全面信息，并且拒绝为该榜单提供此类信息。

我们还特意没有将医疗和制药公司纳入名单，因为该名单旨在重点关注那些生产武器系统、军事能力和相关技术的组织。

对于中国企业，我们依靠一家智库提供数据。截至发稿时，中国航天科工集团尚未公布今年榜单的参考数据。这家国有企业上次上榜是在两年前，当时排名第14位，2021财年国防收入超过130亿美元。

今年我们成功收集到两家印度公司的信息。然而，我们在印度的记者仍然被监禁。印度政府逮捕维韦克·拉古万什（Vivek Raghuvanshi）——《防务新闻》（Defense News）的长期自由撰稿人——至今已近一年，但官方拒绝透露他的安全状况、法律代理情况以及所受指控等信息。

对于排名靠前的土耳其公司，需特别注明：由于土耳其通货膨胀率较高，部分收入数据采用了所谓的通货膨胀会计方法计算。我们采用了这些数据（如有提供）；否则，数据均以原始形式呈现。更多信息请参见脚注。

我们希望这份清单（可以准确地描述为一部分是艺术，一部分是科学）能够展现国防工业的现状，或许还能预示未来的发展方向。

克里斯·马丁是《防务新闻》的执行主编。他的兴趣包括中美关系、网络安全、外交政策以及他的约克夏犬威洛。