Revenue from sales of arms and military services by the world’s 100 largest arms companies will reach a record $679 billion in 2024, according to new data released by the Stockholm International Peace Research Institute (SIPRI).
The wars in Gaza and Ukraine, as well as global and regional geopolitical tensions and rising military spending, boosted revenue generated by companies from sales of military goods and services to customers at home and abroad by 5.9 percent from a year earlier, the organization said in a report released Monday.
Most of the global growth was attributed to companies based in Europe and the United States, but there were year-on-year increases in all regions except Asia and Oceania, where problems in the Chinese arms industry pushed the regional total down.
Lockheed Martin, Northrop Grumman and General Dynamics led the pack in the USwhere the combined arms revenue of the top 100 arms companies grew by 3.8% in 2024 to reach $334 billion, with 30 of the 39 US companies in the ranking increasing their revenue.
However, SIPRI said widespread delays and budget overruns continue to affect key projects such as the F-35 fighter jet, the Columbia- and Virginia-class submarines and the Sentinel intercontinental ballistic missile.
Soldiers stand guard in front of an IRIS-T SLM air defense system before the arrival of former German Chancellor Olaf Scholz and top military commanders at the Todendorf military base on September 4, 2024 in Panker, Germany [File: Gregor Fischer/Getty Images]
Elon Musk’s SpaceX has appeared on the list of the world’s top military manufacturers for the first time after its weapons revenue doubled compared to 2023 to $1.8 billion.
Excluding Russia, there were 26 arms companies in the top 100 based in Europe, and 23 of them saw increases in revenue from arms and equipment sales. Their total arms revenue rose 13% to $151 billion.
After boosting revenue 193% to $3.6 billion by making artillery shells for Ukraine, Czech company Czechoslovak Group posted the strongest percentage increase in arms revenue of any of the top 100 companies in 2024.
As Ukraine faces a relentless Russian offensive in its eastern regions, the country’s defense company JSC Ukraine increased its arms revenue by 41% to $3 billion.
European arms companies have invested in new production capacity to fight Russia, the SIPRI report said, but it warned that sourcing materials – particularly with a reliance on critical minerals – could pose a “growing challenge” as China is also tightening export controls.
Rostec and United Shipbuilding Corporation are the only two Russian arms companies in the ranking, and they also increased their combined arms revenue by 23 percent to $31.2 billion, despite being hit by Western-led sanctions over the Ukraine war.
Last year, arms manufacturers in Asia and Oceania still posted $130 billion in revenue, down 1.2 percent from 2023.
The regional decline was due to a combined 10% drop in arms revenue among the eight Chinese arms companies in the ranking, most prominently a 31% drop in arms revenue at NORINCO, China’s top land systems maker.
“A series of allegations of corruption in China’s arms procurement has led to the postponement or cancellation of major arms contracts in 2024,” said Nan Tian, director of SIPRI’s Military Expenditure and Arms Production Program. “This deepens uncertainty about the status of China’s military modernization efforts and when new capabilities will materialize.”
Fast attack submarine USS Minnesota (SSN-783) sails off the coast of Western Australia on March 16, 2025 [Colin Murty-Pool/Getty Images]
But sales at Japanese and South Korean arms makers rose amid strong demand from European and domestic customers. hot voltages over Taiwan and North Korea.
Five Japanese companies in the ranking increased their combined arms revenue by 40% to $13.3 billion, while four South Korean manufacturers saw a 31% increase to $14.1 billion. South Korea’s largest arms company, Hanwha Group, has seen growth of 42% in 2024, with more than half coming from arms exports.
Israel profits from the Gaza genocide
For the first time, nine of the top 100 arms companies were based in the Middle East, according to SIPRI. The nine companies amassed a cumulative revenue of $31 billion in 2024, showing regional growth of 14%.
As the UAE continues to face international accusations of arming the devastating war in Sudanthe institute noted that its regional figure excludes Emirates’ EDGE Group due to a lack of revenue data for 2023. The UAE denies the allegations.
The three Israeli arms companies in the ranking increased their combined arms revenue by 16% to $16.2 billion amid ongoing genocidal war in Gazawhich killed nearly 70,000 Palestinians and destroyed most of the besieged enclave.
Elbit Systems posted profits of $6.28 billion, followed by Israel Aerospace Industries with $5.19 billion and Rafael Advanced Defense Systems with $4.7 billion.
SIPRI said there has been an international surge in interest in Israeli unmanned aerial vehicles and counter-drone systems. Rafael’s rise was linked to Iran as demand for the company’s air defense systems rose to “unprecedented levels” after Iran large-scale retaliatory strikes against Israel in April and October 2024, which used ballistic missiles and drones.
Five Turkish companies were in the top 100 – another record. Their combined arms revenue was $10.1 billion, up 11 percent.
Baykar, which makes, among other things, advanced drones most recently sold to Ukraine, saw 95 percent of its $1.9 billion in arms revenue in 2024 come from exports to other countries.
Military companies from the United Kingdom, France, Germany, Italy, India, Taiwan, Norway, Canada, Spain, Poland and Indonesia were also ranked.