Who are Boeing’s competitors?
Boeing names 7 companies as competitors in its latest annual report, on 2 fronts. 9 companies name Boeing back.
Skip to the field, head to head ↓Boeing company profile
Boeing matches the biggest defense primes on size, not on margin
Boeing took in $89.5 billion in revenue in 2025, a little more than RTX at $88.6 billion. Lockheed Martin had $75.0 billion, General Dynamics $52.5 billion and Northrop Grumman $42.0 billion. Measured by size, Boeing sits at the head of the table, and the rivals treat it that way. Lockheed Martin lists it among "some of our primary competitors."
Measured by margin, it doesn't. Boeing's net margin was 2%. Northrop Grumman's was 10%, General Dynamics and RTX each had 8%, and Lockheed Martin had 7%. Boeing's 34% growth was the fastest of the five, but it kept the least of each dollar it brought in.
That is the idea to repeat: Boeing competes at the scale of the biggest primes and at the margin of none of them. The names on its defense list are the same ones that name it back, so the contest is well understood. What remains open is whether that size ever turns into their kind of profit.
Where Boeing says it competes
“Non-U.S. companies such as BAE Systems and Airbus Group continue to build a strategic presence in the U.S. market”
“BDS faces strong competition primarily from General Dynamics Corporation, Lockheed Martin Corporation, Northrop Grumman Corporation, RTX Corporation and SpaceX.”
Who names Boeing as a competitor
“Our current principal competitors include Elbit Systems Ltd., Quantum-Systems, Inc., Redwire Corporation, Teledyne Technologies, Inc., Sierra Nevada Corporation, Lockheed Martin Corporation, The Boeing Company, Textron, Inc., Shield AI, Inc., Northrop Grumman Corporation, Griffon Aerospace, Inc., L3Harris Technologi…”
10-K for 2026“We may also compete directly with the largest defense prime contractors, including Boeing, Lockheed Martin, Northrop Grumman and Raytheon Technologies Corporation.”
10-K for 2026“We compete domestically and internationally against large defense companies; principally BAE Systems, Boeing, General Dynamics, Lockheed Martin, Northrop Grumman, RTX, Thales and non-traditional defense contractors, such as Anduril, Ursa Major and Silvus Technologies.”
10-K for 2026“The Boeing Company, General Dynamics, L3Harris Technologies, Northrop Grumman, and RTX Corporation are some of our primary competitors.”
10-K for 2025“We compete with many companies in the defense, intelligence and federal civil markets, including The Boeing Company, General Dynamics Corporation, L3Harris Technologies, Inc., Lockheed Martin Corporation, and RTX Corporation, as well as, increasingly, new entrants and startups.”
10-K for 2025“Competition in the KGS and US segments include tier one, large U.S. Government contractors, newer defense technology companies including Anduril, XBow, Shield AI, Castelion, Ursa Major, Bee Hive, and others, and system integrators such as Northrop Grumman, Lockheed Martin, General Dynamics, Raytheon Technologies, BA…”
10-K for 2025“Our domestic competition also includes large defense contractors such as Boeing Co., BAE Systems plc, General Dynamics Corporation, L3Harris Technologies Inc., Lockheed Martin Corporation, Northrop Grumman Corporation and RTX Corporation.”
10-K for 2025“In commercial aerostructures, our principal competitors among OEMs include Boeing and Airbus (including its wholly-owned subsidiaries Airbus Atlantic and Premium Aerotec GmbH).”
10-K for 2024“Our primary competitors for satellite manufacturing contracts are: The Boeing Company, Lockheed Martin Corporation and Northrop Grumman Corporation in the United States; Thales S.A. and Airbus Defence and Space, a subsidiary of the Airbus Group, in Europe; and Mitsubishi Electric Corporation in Japan.”
10-K for 2022Who joined, who left
Against its annual report for fiscal 2022, Boeing’s latest list adds RTX; it no longer names Commercial Aircraft Corporation of China and Raytheon Technologies.
| Company | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Airbus Group | ● | ● | ● | ● |
| BAE Systems | ● | ● | ● | ● |
| General Dynamics | ● | ● | ● | ● |
| Lockheed Martin | ● | ● | ● | ● |
| Northrop Grumman | ● | ● | ● | ● |
| SpaceX | ● | ● | ● | ● |
| Commercial Aircraft Corporation of China | ● | ● | · | · |
| Raytheon Technologies | ● | ● | · | · |
| RTX | · | · | ● | ● |
● named in that year’s annual report, for the fiscal years shown.
The field, from the filings
| Company | Fiscal year | Revenue | Growth | Net margin | Employees |
|---|---|---|---|---|---|
| Boeing | 2025 | $89.5B | +34% | 2% | – |
| RTX (Raytheon) | 2025 | $88.6B | +10% | 8% | 180,000 |
| Lockheed Martin | 2025 | $75.0B | +6% | 7% | 123,000 |
| General Dynamics | 2025 | $52.5B | +10% | 8% | 117,000 |
| Northrop Grumman | 2025 | $42.0B | +2% | 10% | 95,000 |
| L3harris Technologies | FY to Jan 2025 | $21.3B | +10% | – | 45,000 |
| Amentum Holdings | FY to Oct 2025 | $14.4B | +72% | 0% | 50,000 |
| Spirit AeroSystems Holdings | 2024 | $6.3B | +4% | −34% | 20,370 |
| Viasat | FY to Mar 2026 | $4.6B | +3% | −1% | 7,000 |
| AeroVironment | FY to Apr 2026 | $2.0B | +141% | −13% | 3,991,100 |
| Kratos Defense & Security Solutions | 2025 | $1.3B | +19% | 2% | 4,300 |
Each company’s latest fiscal year as reported to the SEC, in US dollars; fiscal years end in different months. Rivals that report outside the US or in other currencies are not shown.
How concentrated Boeing’s customers are
“In 2025, non-U.S. customers, which include Foreign Military Sales through the U.S. government (FMS), accounted for 46% of our total revenues and 60% of Commercial Airplanes revenue from customer contracts.”
What the rivals have done lately
“As previously disclosed, during the second quarter of 2025, we paid $360 million, in cash, for the acquisition of Amentum’s Rapid Solutions business (Rapid Solutions).” filing
“On October 30, 2024, we closed our acquisition of Terran Orbital Corporation (Terran Orbital) for a purchase consideration of $314 million, which will be included in our Space business segment.” filing
“In 2024, we acquired FBO operations in Milwaukee, Wisconsin, and broke ground on a new facility in Miami, Florida, at Opa Locka Executive Airport, expanding options in the Upper Midwest and on the East Coast for customers based in and tr…” filing
“In 2024, GDIT acquired Iron EagleX, Inc., further expanding its portfolio of mission solutions in AI/ML, cyber, software development and cloud services.” filing
Decisions that shaped the field
Asked about Boeing’s competitors
Who are Boeing's competitors?
In its annual report for fiscal 2025, Boeing names 7 competitors across 2 fronts: non-u.s. defense companies in u.s. market and defense and space competitors. 10-K for fiscal 2025
Which companies name Boeing as a competitor?
9 companies in our coverage name it in their own annual reports: AeroVironment, Viasat, L3harris Technologies, Lockheed Martin, Northrop Grumman, Kratos Defense & Security Solutions, Amentum Holdings, Spirit AeroSystems Holdings and Maxar Technologies.
How does Boeing compare with its rivals?
Boeing reported $89.5B in revenue in its latest fiscal year, +34% on a year, with a 2% net margin. RTX (Raytheon): $88.6B, 8% net margin; Lockheed Martin: $75.0B, 7% net margin.
What are the alternatives to Boeing?
The companies Boeing itself names as competitors are listed above, front by front, each in its own report’s words. Which matters for a given buyer depends on the job, not the list.
How much of your revenue comes from somebody who is also trying to replace you?
Sources: Boeing’s annual report for fiscal 2025 and earlier years (2022, 2023, 2024); the annual reports of the companies that name it; each company’s financial data as reported to the SEC; Stratrix Decision Records. Analysis and data, not advice.
Keep going
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- SWOT builderFramework: SWOT Analysis
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