Which listed companies depend most on federal money?
- Above 100% isn't an error: obligations are commitments booked up front (often for several years of work), so one year's obligations can exceed that year's revenue.
Top 10 by federal money as % of revenue in FY2025. Leading: LOCKHEED MARTIN CORP (100.9%); HUNTINGTON INGALLS INDUSTRIES, INC. (84.3%); V2X, Inc. (75.0%).
| Ticker | Federal obligations ÷ revenue | Revenue (SEC) | Listed company |
|---|---|---|---|
| LMT | 100.9% | $75.05B | Lockheed Martin Corp |
| HII | 84.3% | $12.48B | Huntington Ingalls Industries, Inc. |
| VVX | 75.0% | $4.48B | V2X, Inc. |
| LDOS | 72.3% | $17.17B | Leidos Holdings, Inc. |
| SAIC | 69.1% | $7.26B | Science Applications International Corp |
| BAH | 68.4% | $11.22B | Booz Allen Hamilton Holding Corp |
| GD | 68.4% | $52.55B | General Dynamics Corp |
| CACI | 60.1% | $8.63B | CACI International Inc /De/ |
| AMTM | 56.2% | $14.39B | Amentum Holdings, Inc. |
| BRO | 49.9% | $5.90B | Brown & Brown, Inc. |
Open the full answer with chart and filters →
How to read this
- Revenue: the company's annual SEC filings (XBRL, calendar year). Federal money: obligations to its matched recipients in the federal fiscal year of the same number (October to September), so the two periods differ by three months and obligations can run ahead of revenue (multi-year contracts are obligated up front). Only listed companies with federal money in the loaded years; rankings include companies with at least $1 billion of revenue.