
No surprise, Lockheed Martin is #1 on our list earning $59.8 billion in 2020 with 95% of their revenue from Defense.
According to CEO James Taiclet, our dedicated workforce and resilient supply chain continued to support our customers' vital national security missions, overcoming the challenges of the pandemic," Lockheed Martin president and CEO. "As a result, we delivered strong results across our key financial metrics and we expect to build on this success through the remainder of the year. Looking ahead to 2021, we remain focused on driving innovation and growing our assets and capabilities to further benefit our customers and shareholders.

#2 on the list is Boeing earning $76.5 billion with 45% revenue from Defense. According to the corporate website 3rd quarter earnings reported in October $14.1 billion, GAAP loss per share of ($0.79) and core loss per share (non-GAAP)* of ($1.39), reflecting lower commercial deliveries and services volume primarily due to COVID-19 (Table 1). Boeing recorded an operating cash flow of ($4.8) billion.
"The global pandemic continued to add pressure to our business this quarter, and we're aligning to this new reality by closely managing our liquidity and transforming our enterprise to be sharper, more resilient and more sustainable for the long term," said Boeing President and Chief Executive Officer Dave Calhoun. "Our diverse portfolio, including our government services, defense and space programs, continues to provide some stability for us as we adapt and rebuild for the other side of the pandemic. We remain focused on the health and safety of our employees and their communities. I'm proud of the dedication and commitment our teams have demonstrated as they continued to deliver for our customers in this challenging environment. Despite the near-term headwinds, we remain confident in our long term future and are focused on sustaining critical investments in our business and the meaningful actions we are taking to strengthen our safety culture, improve transparency and rebuild trust."

#3, General Dynamics $39.3 billion in revenue with 75% revenue from Defense. According to the corporate website third-quarter 2020 net earnings of $834 million on revenue of $9.4 billion. Diluted earnings per share (EPS) were $2.90. Revenue was up 1.8% over the previous quarter, while net earnings and diluted EPS grew 33%.
“As we manage through this challenging time, we remain focused on the basics of operating performance, especially cash conversion and the early and aggressive management of costs, as evidenced this quarter by our strong operating margin and return on sales,” said Phebe N. Novakovic, chairman and chief executive officer. “Moreover, we continue to reduce debt and invest in the company for future growth.”

#4, BAE Systems $23.3 billion in revenue with 90% revenue from Defense.
According to the Reuters BAE had previously forecast underlying earnings per share to be a mid-single digit percentage lower than last year’s result of 45.8 pence, but said on Wednesday they would now be “slightly higher than previously guided”. BAE Systems said it expected growth to continue under the next administration in the U.S., its biggest market, accounting for over 40% of sales and where it recently expanded with two acquisitions.

#5, L3Harris Technologies $18 billion in revenue with 77% from Defense. L3Harris Technologies last posted its earnings results on October 30th, 2020. The reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.74 by $0.10. The company earned $4.46 billion during the quarter, compared to analyst estimates of $4.50 billion. Its revenue for the quarter was up .7% on a year-over-year basis. L3Harris Technologies has generated $10.08 earnings per share over the last year and currently has a price-to-earnings ratio of 31.9. L3Harris Technologies has not formally confirmed its next earnings publication date, but the company's estimated earnings date is Tuesday, February 2nd, 2021 based off prior year's report dates.

#6, United Technologies Corp. $77 billion with only 17% generated from the defense industry. United Technologies Corporation was an American multinational conglomerate headquartered in Farmington, Connecticut. It merged with the Raytheon Company in April 2020 to form Raytheon Technologies.
Raytheon Technologies reported third quarter sales of $14.7 billion and adjusted sales of $15.0 billion. GAAP EPS from continuing operations was $0.10 and included $0.48 of net significant and/or non-recurring charges and acquisition accounting adjustments. This includes a net gain on dispositions of $0.17 per share, which was more than offset by $0.27 of acquisition accounting adjustments primarily related to intangible amortization, $0.26 of charges due to the current economic environment primarily driven by the COVID-19 pandemic, and $0.12 of restructuring. Adjusted EPS was $0.58.

#7, Huntington Ingalls Industries $8.8 billion with 91% revenue from Defense. Huntington Ingalls Industries reported third-quarter 2020 revenues of $2.3 billion, up 4.3% from the third quarter of 2019. The increase was driven by growth at both HII's Newport News and Ingalls Shipbuilding divisions.
Operating income in the quarter was $222 million and operating margin was 9.6%, compared to $214 million and 9.6%, respectively, in the third quarter of 2019. The increase in operating income was mainly the result of a higher operating FAS/CAS adjustment, partially offset by lower segment operating income, compared to the prior year.

#8, Leidos $11 billion with 48% revenue from Defense. Revenues for the quarter were $3.24 billion, compared to $2.84 billion in the prior year quarter, reflecting a 14.4% increase. Revenues for the quarter included $302 million and $74 million related to the acquisitions of Dynetics, Inc. ("Dynetics") and L3Harris Technologies' security detection and automation businesses (the "SD&A Businesses"), respectively.
Operating income for the quarter was $258 million, compared to $249 million in the prior-year quarter, reflecting a 3.6% increase. Operating income margin decreased to 8.0% from 8.8% in the prior-year quarter. Non-GAAP operating income margin for the quarter was 10.0%, compared to 10.4% in the prior-year quarter, primarily attributable to a $54 million recovery recognized in the prior-year quarter related to the receipt of the Greek arbitration award.

#9, Honeywell $36 billion with 15% from the Defense industry. Honeywell announced results for the third quarter of 2020, which improved sequentially versus the second quarter of 2020.
The company reported a third-quarter year-over-year sales decline of 14% reported and organic, operating margin contraction of 250 basis points, and segment margin contraction of 130 basis points, with adjusted earnings per share2 of $1.56.
"I am pleased with the quarter-over-quarter improvements in sales growth, margin expansion and adjusted earnings per share that we delivered in the third quarter," said Darius Adamczyk, chairman and chief executive officer of Honeywell. "We continued to focus on driving sales growth in areas that have not been as impacted by the current downturn, including defense and space, warehouse automation and personal protective equipment, all of which grew by double-digits organically year-over-year. Recurring software sales also grew double-digits organically, continuing our transformation to a premier software-industrial company.

#10, Booz Allen Hamilton $7.4 billion with 69% from the Defense industry. Booz Allen Hamilton Holding revenue for the quarter ending September 30, 2020 was $2.019B, a 10.97% increase year-over-year. Booz Allen Hamilton Holding annual/quarterly revenue history and growth rate from 2010 to 2020. Revenue can be defined as the amount of money a company receives from its customers in exchange for the sales of goods or services. Revenue is the top line item on an income statement from which all costs and expenses are subtracted to arrive at net income.