This study is an update of the 2014 report on defence contractors. There are slight changes in the top 15 companies selected to reflect their performance in 2014; the quantitative analysis has been done from 2005-2014. The study focuses on defence businesses and contractors, while also considering the non-defence activities of these companies. Globalisation and the blurring of boundaries between commercial and defence companies coupled with recent budget constraints in Western countries are likely to significantly impact the long-term strategy of defence contractors. As a result, contractors will continue to increasingly face several challenges that they will need to overcome for market success.