Ryufin research · Oct 21, 2026
Who lives off one customer
A US-listed company has to disclose every customer behind 10% or more of its revenue. We went through the latest annual report of 3,049 of them and checked each disclosure against the filing. 643 companies (21%) have such a customer. 267 get a quarter of their revenue or more from a single buyer, and 136 of those do not say who it is.
The findings
Every figure on this page comes from the companies' own annual reports.
267
companies · one customer is a quarter of revenue or more
96
companies · one customer is half of revenue or more
57%
of companies with a major customer · do not name the largest one
- 643 of 3,049 companies name, or describe without naming, a customer behind 10% or more of revenue. For 96 it is half the business or more, for 45 three quarters or more, and for 20 nine tenths or more.
- Most of them keep the name to themselves: the largest customer of 364 of the 643 companies is “Customer A” or “one distributor”, among them NVIDIA (22% of revenue from one direct customer) and Broadcom (32% from one distributor).
- The buyer the most listed companies depend on is the U.S. federal government: 54 name it as a customer behind 10% or more of revenue. Among companies, Walmart comes first with 38 suppliers, then Amazon with 10.
- Concentration follows the industry. 79% of companies in semiconductor equipment and materials, 76% in semiconductors and 67% in aerospace and defense have a major customer, against 4% of financial companies and 2% of utilities.
- Size does not protect a company from it: 22% of companies worth $100 billion or more have a customer behind 10% or more of revenue, against 20% of those worth under $1 billion.
How much of the business one customer is
Companies by the share of revenue from their largest customer, among those with one at 10% or more.
- 10 to 25%376
- 25 to 50%171
- 50 to 75%51
- 75% or more45
Of the 96 companies with one customer at half their revenue or more, 47 do not name it and 24 name the U.S. government or Medicare.
The buyers whole groups of companies depend on
How many listed companies name each buyer as a customer behind 10% or more of their revenue.
Only named customers can be counted here; the 364 anonymous ones may well include more of the same buyers. The three drug wholesalers McKesson, Cencora and Cardinal Health together are a major customer of 13 companies, 5 of which name all three.
By sector
Share of companies in each sector with a customer behind 10% or more of revenue.
The most concentrated industries
Industries with 20 or more companies, by the share that has a customer behind 10% or more of revenue.
- Semiconductor Equipment & Materials79%
- Semiconductors76%
- Aerospace & Defense67%
- Communication Equipment67%
- Electrical Equipment & Parts61%
- Packaged Foods61%
- Auto Parts50%
- Marine Shipping50%
By company size
Share of companies with a customer behind 10% or more of revenue, by market value in October 2026.
- Under $1 billion20%
- $1 to 10 billion23%
- $10 to 100 billion18%
- $100 billion or more22%
Most dependent on a named company
Each company's largest customer that it names, when that customer is a company, as a share of its revenue.
Assembly Biosciences, Inc. gets 100% of its revenue from Gilead Sciences. Each company’s page on Ryufin lists all of its disclosed customers.
Most dependent on the U.S. government
The share of revenue each company reports from the federal government and its agencies combined.
| Company | Customer | Of revenue | Annual report |
|---|---|---|---|
| HIIHuntington Ingalls Industries | U.S. government | 99.9% | 10-K 2025 |
| SAICScience Applications International Corporation | U.S. government | 98% | 10-K 2026 |
| VVXV2X, Inc. | U.S. government | 96% | 10-K 2025 |
| CACICACI International Inc | U.S. government | 95.6% | 10-K 2026 |
| FEIMFrequency Electronics, Inc. | U.S. government | 91% | 10-K 2026 |
| TLSTelos Corporation | U.S. government | 91% | 10-K 2025 |
| BBAIBigBear.ai Holdings, Inc. | U.S. government | 89.8% | 10-K 2025 |
| DEAEasterly Government Properties, Inc. | U.S. government | 87.6% | 10-K 2025 |
| LDOSLeidos | U.S. government | 87% | 10-K 2025 |
| VOYGVoyager Technologies, Inc. | U.S. government | 86.1% | 10-K 2025 |
| AVAVAeroVironment | U.S. government | 85.4% | 10-K 2026 |
| NOCNorthrop Grumman | U.S. government | 83.9% | 10-K 2025 |
What the agencies committed to each contractor, contract by contract: Who sells to Washington.
The largest companies with a major customer
Companies worth $100 billion or more with a customer behind 10% or more of revenue, largest first.
| Company | Largest customer | Of revenue | Annual report |
|---|---|---|---|
| NVDANVIDIA Corporation | Not named (“One direct customer”) | 22% | 10-K 2026 |
| AVGOBroadcom | Not named (“Major customer one”) | 32% | 10-K 2025 |
| VVisa Inc. | Not named (“Customer one”) | 11% | 10-K 2025 |
| INTCIntel | Dell Technologies | 19% | 10-K 2025 |
| CSCOCisco | Not named (“One customer”) | 11% | 10-K 2026 |
| KOThe Coca-Cola Company | Not named (“One bottler”) | 10% | 10-K 2025 |
| PGProcter & Gamble | Walmart | 16% | 10-K 2026 |
| LRCXLam Research | Not named (“Customer 1”) | 16% | 10-K 2026 |
| AMATApplied Materials | Not named (“Customer one”) | 19% | 10-K 2025 |
| DELLDell Technologies | Not named (“One customer”) | 12% | 10-K 2026 |
| GEGE Aerospace | U.S. government | 10% | 10-K 2025 |
| NVSNovartis AG | Not named (“Largest customer”) | 18% | 20-F 2025 |
| PANWPalo Alto Networks | Not named (“Customer A”) | 15% | 10-K 2026 |
| RTXRTX Corporation | U.S. government | 45.1% | 10-K 2025 |
| TXNTexas Instruments | Not named (“Customer number one”) | 12% | 10-K 2025 |
| ARMArm Holdings plc | Not named (“Largest customer”) | 16% | 20-F 2026 |
| ANETArista Networks | Not named (“Reseller B”) | 26% | 10-K 2025 |
| MRVLMarvell Technology, Inc. | Not named (“Distributor A”) | 37% | 10-K 2026 |
| KLACKLA Corporation | Not named (“Largest customer”) | 19% | 10-K 2026 |
| ADIAnalog Devices | Not named (“Distributor 1”) | 24% | 10-K 2025 |
| QCOMQualcomm | Not named (“Customer/licensee (x)”) | 21% | 10-K 2025 |
| PEPPepsiCo | Walmart | 14% | 10-K 2025 |
| PFEPfizer | McKesson Corporation | 25% | 10-K 2025 |
| STXSeagate Technology | Not named (“One customer”) | 14% | 10-K 2026 |
| NOWServiceNow | Not named (“One customer”) | 11% | 10-K 2025 |
| BABoeing | U.S. government | 35% | 10-K 2025 |
| WDCWestern Digital | Not named (“Customer one”) | 16% | 10-K 2026 |
| LMTLockheed Martin | U.S. government | 71.2% | 10-K 2025 |
| FTNTFortinet | Not named (“Distributor A”) | 28% | 10-K 2025 |
| MOAltria | Not named (“Customer one”) | 23% | 10-K 2025 |
| CVSCVS Health | U.S. government | 25% | 10-K 2025 |
| MCKMcKesson Corporation | CVS Health | 24% | 10-K 2026 |
| SNYSanofi | Not named (“Largest customer”) | 17% | 20-F 2025 |
How the numbers were made
The reports. The latest annual report on SEC EDGAR (10-K, 20-F or 40-F) of every US-listed company worth roughly $300 million or more, as of Oct 20, 2026: 3,049 reports, 2,719 of them for fiscal 2025 and 327 for fiscal 2026.
What counts. One customer behind 10% or more of the company’s total revenue in its latest fiscal year, the line US accounting rules (ASC 280) set for disclosure. A government counts as one customer, as the rules have it; Medicaid, run by each state, does not. Groups of customers, shares of a segment or of a single revenue line, of U.S. sales only, of gross sales before rebates, of receivables or of purchases are left out, and so are app stores and payment processors that only collect money from a company’s own users. Where a report says only that a customer passed 10%, the company counts at that line. A customer is what the company calls one, which can be a distributor or a payer like Medicare.
How each figure was checked. The disclosures come from the reports’ tagged financial data and from their text. All 1,236 customers at 10% or more were then looked up in the text of their filing, and 856 of them were checked by hand: every one whose figure did not stand next to the customer’s name, whose base might be narrower than total revenue, or that sat exactly at 10%. 140 were removed and 24 corrected; the list is below.
Limits. Below 10% nothing has to be disclosed, so a company without a row may still depend on a customer. Anonymous customers cannot be matched across companies, so the buyer ranking only counts named ones. Fiscal years end on different dates. Market values are Ryufin’s as of October 2026 and are missing for 58 companies; sectors and industries are as classified on Ryufin.
Removed and corrected disclosures (164)
- ACN, U.S. government: 34% corrected to 7%, 34% is of the Health & Public Service segment; of Accenture's total revenue it is 7%.
- AMTM, Department of War and U.S. Intelligence Community: 53.3% corrected to 81%, 53% was the Department of War and intelligence community alone; the report puts the whole U.S. federal government at 81%.
- BFLY, One customer: 10% corrected to 11%, 10% was only the line; the report puts the customer at about 11% of revenue.
- BKV, Purchaser one: 10% corrected to 67%, 10% was only the line; the purchaser's $675.9 million is 67% of $1,008.8 million total revenues and other operating income.
- CENX, Glencore: 10% corrected to 54%, 10% was only the line; the report puts Glencore at 54.0% of consolidated sales.
- ESE, U.S. government: 31.6% corrected to 23%, 31.6% covers all governments; the report puts the U.S. government at 23% of total revenue.
- FIP, Largest customer: 27% corrected to 32%, the audited note puts the largest customer, a railroad, at 32% ($159.5 million of $502.5 million); the 27% in Item 1 differs.
- FOR, D. R. Horton: 76.8% corrected to 82.9%, 76.85% counts only lot sales; all of D.R. Horton's purchases, $1,378.2 million of $1,662.4 million, are 82.9%.
- HII, U.S. government: 81% corrected to 99.9%, 81% is the U.S. Navy alone; the whole federal government was $12,470 million of $12,484 million, 99.9%.
- INCY, Customer C: 21% corrected to 17.8%, 21.0% is of net product revenue, which is 85% of total revenue, so 17.8% of the total.
- INCY, Customer D: 18% corrected to 15.2%, 18.0% is of net product revenue, which is 85% of total revenue, so 15.2% of the total.
- INCY, Customer A: 13% corrected to 11%, 13.0% is of net product revenue, which is 85% of total revenue, so 11.0% of the total.
- LXU, Customer one: 10% corrected to 12%, 10% was only the line; the report puts the customer at 12% of 2025 net sales.
- NOVT, Customer one: 17% corrected to 12%, 17% is the customer's share of receivables; of 2025 revenue it is 12%.
- ORBS, One customer: 92% corrected to 89%, 92% is the share of revenue from outside the U.S.; the largest customer was 89% of total revenue.
- PBYI, Customer 1: 27.3% corrected to 24.4%, 27.3% is of product revenue, which is 89% of total revenue, so 24.4% of the total.
- PBYI, Customer 2: 17% corrected to 15.2%, 17.0% is of product revenue, which is 89% of total revenue, so 15.2% of the total.
- PBYI, Customer 3: 16.4% corrected to 14.7%, 16.4% is of product revenue, which is 89% of total revenue, so 14.7% of the total.
- PBYI, Customer 4: 13.1% corrected to 11.7%, 13.1% is of product revenue, which is 89% of total revenue, so 11.7% of the total.
- RES, One customer: 10% corrected to 15%, 10% was only the line; the report puts the customer at 15% in 2025.
- SNY, Largest customer: 18% corrected to 17%, 18% is of net sales; counting Sanofi's other revenues it is about 17% of the total.
- SRPT, Customer one: 27% corrected to 22.9%, 27.0% is of net product revenue, which is 85% of total revenue, so 22.9% of the total.
- SRPT, Customer two: 16% corrected to 13.6%, 16.0% is of net product revenue, which is 85% of total revenue, so 13.6% of the total.
- VVX, U.S. government contracts abroad: 42% corrected to 96%, the report puts all U.S. government contracts at 96% of revenue; 42% was only the part performed abroad.
- ABX, One customer at 10%: removed, 10% of life settlement sales, one revenue line, not of total revenue.
- AEVA, One customer at 26%: removed, 26% is the share of revenue from outside the U.S., not a customer.
- AFRI, One customer at 18.5%: removed, 18.5% is the 2024 share of sales outside Morocco, a region, not a customer.
- ALV, Renault at 10%: removed, the 10% was in 2023; no customer reached 10% in 2025.
- APA, Egyptian General Petroleum at 15%: removed, the base is oil, gas and NGL production revenue; purchased oil and gas sales of $1.7 billion are left out.
- AQST, Haisco at 17%: removed, the report's text names Hypera for this 17%, its tag names Haisco.
- ARDX, BioRidge Pharma at 65.9%: removed, the shares are of gross product sales before rebates; Ardelyx notes they add up to more than 100%.
- ARDX, Cardinal Health at 21.4%: removed, the shares are of gross product sales before rebates; Ardelyx notes they add up to more than 100%.
- ARDX, McKesson Corporation at 17.9%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- ARDX, Cencora at 17.3%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- ARQT, Customer A at 17%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- ARQT, Customer B at 12%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- ARQT, Customer C at 11%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- ARQT, Customer D at 11%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- ASTH, Medicare at 59.9%: removed, revenue by payer type, paid through many health plans.
- ASTH, Medicaid at 27.1%: removed, revenue by payer type, paid through many health plans.
- ATHM, One customer at 10%: removed, the report says no customer exceeded 10% of total net revenues in 2025.
- ATRO, U.S. government at 15%: removed, the figure covers U.S. government-related markets, a market category, not one customer.
- AVAH, Medicaid MCO at 58.7%: removed, many managed care organizations together.
- AVAH, Medicaid at 22.8%: removed, Medicaid is run by each state, so it is not one customer.
- AXSM, Customer one at 35%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- AXSM, Customer two at 31%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- AXSM, Customer three at 25%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- BBIO, Customer B at 19.8%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- BBIO, Customer A at 18.5%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- BBIO, Customer D at 14.5%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- BBIO, Bayer at 14.4%: removed, a share of consolidated gross revenues, before rebates and discounts.
- BBIO, Customer E at 11.1%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- BMY, McKesson Corporation at 36%: removed, a share of U.S. gross revenues, not of total revenue.
- BMY, Cencora at 29%: removed, a share of U.S. gross revenues, not of total revenue.
- BMY, Cardinal Health at 22%: removed, a share of U.S. gross revenues, not of total revenue.
- BOX, Significant customer at 10%: removed, the report says no single customer reached 10% of revenue.
- BYND, Distributor one at 13%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- CAI, Medicare at 39.6%: removed, a share of molecular profiling services revenue, not of total revenue.
- CDNL, One customer at 10%: removed, the report says no customer reached 10% in 2025; the 13% and 11% were 2024 and 2023.
- CDP, U.S. government at 37%: removed, 37% is of lease revenue only; the report gives no share of total revenue.
- CMDB, Major customer A at 26%: removed, charterer A is an agent that passes the charters on to several other charterers.
- CRK, Major oil and natural gas purchaser one at 18%: removed, a share of natural gas and oil sales, which leaves out gas services revenue.
- CRK, Major oil and natural gas purchaser two at 11%: removed, a share of natural gas and oil sales, which leaves out gas services revenue.
- CRK, Major oil and natural gas purchaser three at 10%: removed, a share of natural gas and oil sales, which leaves out gas services revenue.
- CRSR, Customer two at 10%: removed, customer B was below 10% in 2025; 10.1% was its 2024 share.
- CW, Government (mostly U.S.) at 58%: removed, all government sources together, not one government.
- DGX, Medicare and Medicaid at 11%: removed, two programs together.
- DLR, Largest customer at 11.7%: removed, 11.7% is of annualized recurring revenue at year end, a run rate, not revenue for the year.
- DQ, Major customer at 57%: removed, 57% is all of Daqo's large customers together, not one.
- DUOL, Apple Inc. at 61.6%: removed, an app store that collects payments from Duolingo's users, who are the customers.
- DUOL, Alphabet Inc. at 23.4%: removed, an app store that collects payments from Duolingo's users, who are the customers.
- DUOL, Stripe at 10.3%: removed, a payment processor for Duolingo's users, who are the customers.
- DXCM, Customer A at 55%: removed, each customer's revenue leaves out rebates paid to others, so customers A, B and C add up to 136%.
- DXCM, Customer C at 46%: removed, each customer's revenue leaves out rebates paid to others, so customers A, B and C add up to 136%.
- DXCM, Customer B at 35%: removed, each customer's revenue leaves out rebates paid to others, so customers A, B and C add up to 136%.
- EDU, Group customer at 10%: removed, a group of customers.
- ELA, One customer at 54.9%: removed, 54.9% is two customers together.
- ENB, Largest Non-Affiliated customer at 10%: removed, the report says no non-affiliated customer exceeded 10%.
- ENSG, Medicaid at 39.8%: removed, Medicaid is run by each state, so it is not one customer.
- FLY, One customer at 10%: removed, the report says no customer was at 10% in 2025.
- GATX, One customer at 17%: removed, the base is lease revenue of the Rail Europe segment, not the whole company.
- GFS, Customer A at 16.4%: removed, the base is wafer revenue only; other revenue is 11% of the total.
- GFS, Customer C at 13.9%: removed, the base is wafer revenue only; other revenue is 11% of the total.
- HRL, Walmart at 15.6%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- HRMY, CVS Health at 38%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- HRMY, Cigna at 36%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- HRMY, PANTHERx Specialty Pharmacy at 26%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- IBRX, Customer A at 42%: removed, the four shares add up to 96% of total gross revenue, so the base is gross sales before rebates.
- IBRX, Customer B at 19%: removed, the four shares add up to 96% of total gross revenue, so the base is gross sales before rebates.
- IBRX, Customer C at 18%: removed, the four shares add up to 96% of total gross revenue, so the base is gross sales before rebates.
- IBRX, Customer D at 17%: removed, the four shares add up to 96% of total gross revenue, so the base is gross sales before rebates.
- IDCC, Customer D at 10%: removed, customer D was below 10% in 2025; 20% was its 2024 share.
- IDCC, Customer E at 10%: removed, customer E was below 10% in 2025; 14% was its 2024 share.
- IDCC, Customer F at 10%: removed, customer F was below 10% in 2025; 11% was its 2023 share.
- IFF, Customer one at 10%: removed, the report says no customer reached 10% of net sales.
- INCY, Customer E at 11%: removed, 11.0% is of net product revenue, which is 85% of total revenue, so under 10% of the total.
- INNV, Medicaid at 56%: removed, Medicaid is run by each state, so it is not one customer.
- INNV, Medicare Part D at 13%: removed, part of InnovAge's Medicare revenue, which has its own row.
- INSM, Customer A at 31%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- INSM, Customer B at 26%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- INSM, Customer C at 17%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- INSM, Customer D at 12%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- JAKK, Amazon at 10%: removed, Amazon's 10.6% was in 2024; in 2025 no other customer passed 10%.
- JNJ, Largest wholesaler at 21.8%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- JNJ, Second largest wholesaler at 15.5%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- JNJ, Third largest wholesaler at 11.1%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- LDOS, DoW and U.S. Intelligence Community at 49.3%: removed, the Department of War and intelligence agencies, part of the U.S. government, which has its own row at 87%.
- LIF, Apple Inc. at 52%: removed, an app store that collects payments from Life360's users, who are the customers.
- LIF, Alphabet Inc. at 19%: removed, an app store that collects payments from Life360's users, who are the customers.
- LQDA, One customer at 100%: removed, 100% is of service revenue only, about 6% of total revenue in 2025.
- MAMA, Customer one at 38%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- MAMA, Customer two at 17%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- MDGL, Customer A at 34%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- MDGL, Customer B at 22%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- MDGL, Customer C at 15%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- MDGL, Customer D at 12%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- MOV, E-commerce retail customer at 10%: removed, the report says this customer was under 10% of net sales.
- NBIX, Customer A at 39%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- NBIX, Customer B at 28%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- NBIX, Customer C at 19%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- NEO, Medicare and Medicaid at 13%: removed, Medicare and other government payers together.
- NEOG, Customer or distributor at 10%: removed, the report says no single customer reached 10%.
- NHP, One tenant at 10%: removed, a threshold for annualized rental income, not a customer's share of revenue.
- NNDM, External customer at 10%: removed, the report says no single customer exceeded 10% of revenue in 2025.
- NNDM, Customer 1 at 10%: removed, the report says no single customer exceeded 10% of revenue in 2025.
- NTAP, U.S. public sector at 10%: removed, federal, state and local governments together.
- NTNX, One partner at 10%: removed, no further partner reached 10% of revenue in fiscal 2026.
- NTSK, Customer one at 10%: removed, no end customer reached 10%; the 10% matches a channel partner in fiscal 2024.
- NTSK, Channel partner one at 10%: removed, no second channel partner reached 10% in the latest year.
- PACS, Medicaid at 40.5%: removed, Medicaid is run by each state, so it is not one customer.
- PANL, One customer at 10%: removed, no customer reached 10% in 2025; the 10% was 2024.
- PBH, Walmart at 20%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- PBH, Amazon at 15%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- PBYI, Customer 5 at 10.6%: removed, 10.6% is of product revenue, which is 89% of total revenue, so under 10% of the total.
- PHR, One customer at 10%: removed, the report says no customer exceeded 10% of revenue; the 10% refers to receivables.
- PNTG, Medicaid at 13.1%: removed, Medicaid is run by each state, so it is not one customer.
- PTRN, One online marketplace at 93%: removed, sales to consumers on Amazon's marketplace; the report says no customer passed 10%.
- RBLX, One payment processor at 29%: removed, a payment processor for Roblox's users, who are the customers.
- RBLX, Second payment processor at 15%: removed, a payment processor for Roblox's users, who are the customers.
- RCEL, Commercial customer at 10%: removed, the 10% refers to receivables, not revenue.
- REGN, Customer A at 50%: removed, a share of gross product revenue; Regeneron also books large collaboration revenue.
- REGN, Customer B at 27%: removed, a share of gross product revenue; Regeneron also books large collaboration revenue.
- RKLB, U.S. government at 47%: removed, 47% puts the U.S. government together with prime contractors; the audited note lists one government customer at 28%.
- RRC, Customer A at 10%: removed, 10% of natural gas, NGL and oil sales; of total revenues it is about 9%.
- SHOO, One customer at 10%: removed, the report says no customer exceeded 10% of total revenue in 2025.
- SUPN, Customer A at 27%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- SUPN, Customer C at 25%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- SUPN, Customer B at 24%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- SUPN, Customer D at 14%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- SWBI, Customer two at 30.2%: removed, 30.2% is two customers' combined share of receivables.
- TARS, Customer A at 63%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- TARS, Customer B at 11%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- TDG, Customer 1 at 10%: removed, the report says no customer reached 10% of net sales in fiscal 2025.
- TGTX, Customer one at 42%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- TGTX, Customer two at 26%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- TGTX, Customer three at 18%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- TGTX, Customer four at 12%: removed, a share of gross sales before rebates and discounts, not of net revenue.
- TREX, Customer one at 73%: removed, 73% is three customers together; no single share is given.
- TRIP, Expedia Group at 10%: removed, the report gives Expedia only together with Booking (21%).
- TWST, Customer one at 10%: removed, the report says no customer reached 10% of revenue in fiscal 2025.
- WGS, Payor group B at 39%: removed, a group of payors; GeneDx says no single payor reaches 10%.
- WGS, Payor group A at 23%: removed, a group of payors; GeneDx says no single payor reaches 10%.
- WS, One customer at 34.5%: removed, 34.5% is the top three customers together; the two largest were 14% each.
- WWD, U.S. government at 37.4%: removed, the figure counts indirect sales twice; the report says no customer reached 10%, with direct U.S. government sales at 3%.
Use the data
All disclosures, one row each with the company’s own wording and a link to the filing, are free under CC BY 4.0: customers.csv on GitHub, together with the open-source extractor that builds it. The rows this study removed or corrected are in corrections-2026-10.csv, so every figure here can be recomputed. The same data, updated every night, is on Who depends on whom and on every company’s page.
To cite: Ryufin, “Who lives off one customer: customer concentration in US-listed companies, 2026”, Oct 21, 2026, https://ryufin.com/research/customer-concentration-2026.