SEC filings · customer concentration

Who depends on U.S. Government

16 listed suppliers report U.S. Government as a customer worth 10% or more of their revenue, led by Frequency Electronics at 91%.

0major customers now
—of revenue from them
16listed suppliers depending on it
2011–2026years covered
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Suppliers that depend on U.S. Government

Listed companies whose annual report names U.S. Government as a customer worth 10% or more of their revenue. If U.S. Government cuts orders or switches supplier, these are the companies that feel it.

SupplierIts revenue from this companyChange vs prior yearHistoryLatest filing
Frequency ElectronicsFEIM91%from 94%FY 2013: 62%FY 2014: 54%FY 2015: 47%FY 2016: 65%FY 2017: 59%FY 2018: 74%FY 2019: 87%FY 2020: 83%FY 2021: 91%FY 2022: 94%FY 2023: 95%FY 2024: 98%FY 2025: 94%FY 2026: 91%14 yearsFY 2026 · filed 17 Jul 2026
TelosTLS91%from 88%FY 2019: 94%FY 2020: 95%FY 2021: 96%FY 2022: 95%FY 2023: 90%FY 2024: 88%FY 2025: 91%7 yearsFY 2025 · filed 16 Mar 2026
BWX TechnologiesBWXT91%from 95%FY 2020: 94%FY 2021: 95%FY 2022: 94%FY 2023: 93%FY 2024: 95%FY 2025: 91%6 yearsFY 2025 · filed 23 Feb 2026
Voyager TechnologiesVOYG86%from 84%FY 2023: 69%FY 2024: 84%FY 2025: 86%3 yearsFY 2025 · filed 10 Mar 2026
AeroVironmentAVAV85%▲ from 75%FY 2012: 83%FY 2013: 70%FY 2014: 75%FY 2015: 80%FY 2016: 79%FY 2017: 65%FY 2018: 58%FY 2019: 58%FY 2020: 61%FY 2021: 69%FY 2022: 66%FY 2023: 68%FY 2024: 76%FY 2025: 75%FY 2026: 85%15 yearsFY 2026 · filed 29 Jun 2026
Kratos Defense & Security SolutionsKTOS68%from 67%FY 2019: 71%FY 2020: 73%FY 2021: 70%FY 2022: 69%FY 2023: 69%FY 2024: 67%FY 2025: 68%7 yearsFY 2025 · filed 23 Feb 2026
KbrKBR57%from 56%FY 2018: 53%FY 2019: 53%FY 2020: 53%FY 2021: 70%FY 2022: 61%FY 2023: 58%FY 2025: 56%FY 2026: 57%8 yearsFY 2026 · filed 26 Feb 2026
Emergent BioSolutionsEBS46%▲ from 39%FY 2019: 61%FY 2020: 64%FY 2021: 51%FY 2022: 43%FY 2023: 38%FY 2024: 39%FY 2025: 46%7 yearsFY 2025 · filed 27 Feb 2026
NlightLASR36%▲ from 19%FY 2020: 15%FY 2021: 22%FY 2022: 17%FY 2023: 18%FY 2024: 19%FY 2025: 36%6 yearsFY 2025 · filed 27 Feb 2026
Optex Systems HoldingsOPXS29%▲ from 20%FY 2021: 28%FY 2022: 14%FY 2023: 22%FY 2024: 20%FY 2025: 29%5 yearsFY 2025 · filed 17 Dec 2025
Copt Defense PropertiesCDP26%▼ from 37%FY 2011: 17%FY 2012: 18%FY 2013: 90%FY 2014: 90%FY 2015: 80%FY 2016: 87%FY 2017: 98%FY 2018: 95%FY 2019: 27%FY 2020: 37%FY 2021: 36%FY 2022: 37%FY 2023: 88%FY 2024: 37%FY 2025: 26%15 yearsFY 2025 · filed 20 Feb 2026
Elbit SystemsESLT15%from 15%FY 2019: 18%FY 2020: 22%FY 2021: 21%FY 2022: 19%FY 2023: 17%FY 2024: 15%FY 2025: 15%7 yearsFY 2025 · filed 17 Mar 2026
General ElectricGE10%from 12%FY 2017: 4%FY 2018: 5%FY 2019: 5%FY 2020: 7%FY 2021: 8%FY 2022: 15%FY 2023: 14%FY 2024: 12%FY 2025: 10%9 yearsFY 2025 · filed 29 Jan 2026
Jacobs SolutionsJ8%from 10%FY 2019: 27%FY 2020: 33%FY 2021: 33%FY 2022: 8%FY 2023: 9%FY 2024: 10%FY 2025: 8%7 yearsFY 2025 · filed 20 Nov 2025
TimkenTKR7%from 6%FY 2021: 7%FY 2022: 7%FY 2023: 6%FY 2024: 7%4 yearsFY 2024 · filed 13 Feb 2026
AecomACM7%from 7%FY 2012: 18%FY 2013: 18%FY 2014: 15%FY 2015: 24%FY 2016: 23%FY 2017: 22%FY 2018: 8%FY 2019: 9%FY 2020: 8%FY 2021: 8%FY 2022: 6%FY 2023: 5%FY 2024: 7%FY 2025: 7%14 yearsFY 2025 · filed 19 Nov 2025

Formerly disclosed

SupplierIts revenue from this companyChange vs prior yearHistoryLatest filing
IntrusionINTZ87%last FY 2019FY 2012: 41%FY 2013: 50%FY 2014: 51%FY 2015: 55%FY 2016: 69%FY 2017: 82%FY 2018: 84%FY 2019: 87%8 yearsFY 2019 · filed 27 Mar 2020
Perma Fix Environmental ServicesPESI74%last FY 2017FY 2013: 64%FY 2014: 61%FY 2015: 58%FY 2016: 53%FY 2017: 74%5 yearsFY 2017 · filed 16 Mar 2018
NovavaxNVAX43%last FY 2023FY 2019: 40%FY 2020: 46%FY 2021: 71%FY 2022: 19%FY 2023: 43%5 yearsFY 2023 · filed 26 Feb 2026
BallBALL14%last FY 2023FY 2016: 9%FY 2017: 9%FY 2018: 10%FY 2019: 13%FY 2020: 14%FY 2021: 13%FY 2022: 12%FY 2023: 14%8 yearsFY 2023 · filed 20 Feb 2024
Cigna GroupCI11%last FY 2024FY 2018: 16%FY 2019: 14%FY 2020: 15%FY 2021: 14%FY 2022: 14%FY 2023: 15%FY 2024: 11%7 yearsFY 2024 · filed 26 Feb 2026
PfizerPFE6%last FY 2024FY 2021: 13%FY 2022: 23%FY 2024: 6%3 yearsFY 2024 · filed 27 Feb 2025
Air Industries GroupAIRI4%last FY 2023FY 2022: 14%FY 2023: 4%2 yearsFY 2023 · filed 15 Apr 2024
Cpi AerostructuresCVU1%last FY 2015FY 2012: 7%FY 2013: 2%FY 2014: 2%FY 2015: 1%4 yearsFY 2015 · filed 28 Mar 2016

About this data

US-listed companies must disclose revenue from any single customer that reaches 10% of their total (ASC 280). ShadowGraph reads these disclosures from the XBRL data of every 10-K and 20-F we scan, keeps one value per fiscal year (restatements replace earlier values) and links each number to its filing. Companies that describe a customer only as "Customer A" are not listed by name. Figures are as reported; nothing here is investment advice.

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