Who depends on whom

A US company has to name every customer behind 10% or more of its revenue in its annual report. Put together, those disclosures show which companies live off one buyer, which buyers whole groups of suppliers depend on, and who the U.S. government carries.

671 companies disclose a customer above the line, out of 3,070 annual reports. As of Oct 23, 2026.

What these disclosures add up to, every figure checked against the filing: Who lives off one customer, the 2026 study.

Concentration at a glance

How much of a company one buyer can be.

100%

Assembly Biosciences · Gilead Sciences, the highest share of one named customer

companies · one customer is half their revenue or more

customers · named by 3 or more suppliers

One customer, most of the revenue

Each company's largest customer that it names, as a share of its revenue. The U.S. government has its own list below.

Companies by the revenue share of their largest named customer
Company	Largest named customer	Of revenue	Annual report
ASMBAssembly Biosciences	Gilead Sciences	100%	FY2025 10-K
IRWDIronwood Pharmaceuticals	AbbVie	100%	FY2025 10-K
ACICAmerican Coastal Insurance	AmRisc	97%	FY2025 10-K
LKFTLakefront Biotherapeutics	Gilead Sciences	97%	FY2025 20-F
RCUSArcus Biosciences	Gilead Sciences	97%	FY2025 10-K
CLDXCelldex Therapeutics	Rockefeller University	93%	FY2025 10-K
CRUSCirrus Logic	Apple	91%	FY2026 10-K
LOPEGrand Canyon Education	Grand Canyon University	90%	FY2025 10-K
SYMSymbotic	Walmart	85%	FY2025 10-K
ARWRArrowhead Pharmaceuticals	Sarepta Therapeutics	84%	FY2025 10-K
FORForestar Group	D. R. Horton	83%	FY2025 10-K
HPKHighPeak Energy	DK Trading and Supply	82%	FY2025 10-K
AQSTAquestive Therapeutics	Indivor	73%	FY2025 10-K
AMBAAmbarella	WT Microelectronics	70%	FY2026 10-K
CIFRCipher Digital	Foundry USA Pool	70%	FY2025 10-K
GPGIGPGI	Husky Technologies	65%	FY2025 10-K
KOPNKOPIN	DRS Network and Imaging Systems	62%	FY2025 10-K
SXCSunCoke Energy	Cleveland-Cliffs	62%	FY2025 10-K
ALXAlexander's	Bloomberg	61%	FY2025 10-K
VNOMViper Energy	Diamondback Energy	55%	FY2025 10-K
EYPTEyePoint	ANI Pharmaceuticals	55%	FY2025 10-K
CENXCentury Aluminum	Glencore	54%	FY2025 10-K
AAOIApplied Optoelectronics	Digicomm	53%	FY2025 10-K
SENSSenseonics Holdings	Ascensia	53%	FY2025 10-K
GYREGyre Therapeutics	Sinopharm	52%	FY2025 10-K
MTDRMatador Resources	Plains ALL American Pipeline	49%	FY2025 10-K
FCELFuelCell Energy	GGE	46%	FY2025 10-K
DTMDT Midstream	Expand Energy	45%	FY2025 10-K
NKTRNektar Therapeutics	Takeda (Baxalta)	45%	FY2025 10-K
DCHDauch	General Motors	44%	FY2025 10-K
CELHCelsius Holdings	PepsiCo	43%	FY2025 10-K
RJETRepublic Airways Holdings	American Airlines Group	43%	FY2025 10-K
JAZZJazz Pharmaceuticals	Cigna	42%	FY2025 10-K
RIGLRigel Pharmaceuticals	McKesson	42%	FY2025 10-K
JBSSSanfilippo John B & Son	Walmart	41%	FY2026 10-K
CCICrown Castle	T-Mobile US	40%	FY2025 10-K
OSWOneSpaWorld Holdings	Carnival	40%	FY2025 10-K
PKEPark Aerospace	GE Aerospace	39%	FY2026 10-K
ICHRIchor Holdings	Applied Materials	39%	FY2025 10-K
HNSTHonest	Amazon	39%	FY2025 10-K
HXLHexcel	Airbus and its subcontractors	39%	FY2025 10-K
TRVGtrivago	Booking Holdings	39%	FY2025 20-F
RGLDRoyal Gold	Bank of Montreal	38%	FY2025 10-K
VICIVici Properties	MGM Resorts	38%	FY2025 10-K
BRSLBrightstar Lottery	ADM	37%	FY2025 20-F
UCTTUltra Clean Holdings	Lam Research	37%	FY2025 10-K
GLNGGolar LNG	BP p.l.c.	36%	FY2025 20-F
NVAXNovavax	Sanofi	36%	FY2025 10-K
RIVNRivian Automotive	JPMorgan Chase	36%	FY2025 10-K
SDRLSeadrill	Petrobras - Petroleo Brasileiro	36%	FY2025 10-K
TALOTalos Energy	Shell	35%	FY2025 10-K
VISNVistance Networks	Comcast	35%	FY2025 10-K
PRPermian Resources	Enterprise Products Partners	34%	FY2025 10-K
SJMJ.M. Smucker	Walmart	34%	FY2026 10-K
SMGScotts Miracle-Gro	Home Depot	34%	FY2025 10-K
CERSCERUS	American Red Cross	33%	FY2025 10-K
WTIW&T Offshore	BP p.l.c.	33%	FY2025 10-K
SDSandridge Energy	Targa Resources	33%	FY2025 10-K
ESEAEUROSEAS	Orient Overseas Container Line Ltd Hong	32%	FY2025 20-F
POWIPower Integrations	Avnet	32%	FY2025 10-K

376more companies keep their largest customer anonymous (“Customer A”), 47 of them with half their revenue or more from it. Their stock pages list the share as filed.

The customers suppliers depend on

Companies that several listed suppliers each name as a customer behind 10% or more of their revenue.

The U.S. government as the customer

The share of revenue each contractor reports from the federal government and its agencies combined.

Companies by the share of revenue from the U.S. government
Company	Customer	Of revenue	Annual report
HIIHuntington Ingalls Industries	U.S. government	100%	FY2025 10-K
SAICScience Applications International	U.S. government	98%	FY2026 10-K
VVXV2X	U.S. government	96%	FY2025 10-K
CACICACI International	U.S. government	96%	FY2026 10-K
FEIMFrequency Electronics	U.S. government	91%	FY2026 10-K
TLSTELOS	U.S. government	91%	FY2025 10-K
BBAIBigBear.ai Holdings	U.S. government	90%	FY2025 10-K
DEAEasterly Government Properties	U.S. government	88%	FY2025 10-K
LDOSLeidos	U.S. government	87%	FY2025 10-K
VOYGVoyager Technologies	U.S. government	86%	FY2025 10-K
AVAVAeroVironment	U.S. government	85%	FY2026 10-K
NOCNorthrop Grumman	U.S. government	84%	FY2025 10-K
HUMHumana	Medicare	83%	FY2025 10-K
AMTMAmentum Holdings	U.S. government	81%	FY2025 10-K
DRSLeonardo DRS	U.S. government	80%	FY2025 10-K
LHXL3Harris	U.S. government	75%	FY2025 10-K
LMTLockheed Martin	U.S. government	71%	FY2025 10-K
GDGeneral Dynamics	U.S. government	68%	FY2025 10-K
BWXTBWX Technologies	U.S. government	68%	FY2025 10-K
KTOSKratos Defense & Security Solutions	U.S. government	68%	FY2025 10-K
INFQInfleqtion	U.S. government	60%	FY2025 10-K
KBRKBR	U.S. government	57%	FY2025 10-K
MMSMaximus	U.S. government	55%	FY2025 10-K
CXWCoreCivic	U.S. government	54%	FY2025 10-K
PNTGPennant Group	Medicare	48%	FY2025 10-K
RGTIRigetti Computing	U.S. government	48%	FY2025 10-K
EBSEmergent BioSolutions	U.S. government	46%	FY2025 10-K
RTXRTX	U.S. government	45%	FY2025 10-K
INNVInnovAge Holding	Medicare	44%	FY2026 10-K
APEIAmerican Public Education	U.S. government	41%	FY2025 10-K

What the agencies committed to each company, contract by contract: Who sells to Washington.

Each share comes from the company’s latest annual report on SEC EDGAR (10-K, 20-F or 40-F): the concentration figures it tags in its financial statements, or the sentence in which it names the customer. Only customers behind 10% or more of revenue have to be disclosed, so smaller ones never appear, and a company may keep a large customer anonymous. A share is always of the reporting company’s revenue, from its most recent fiscal year.