(Stockholm, 1 December 2025) Revenues from sales of arms and military services by the 100 largest arms-producing companies rose by 5.9 per cent in 2024, reaching a record $679 billion, according to new data released today by the Stockholm International Peace Research Institute (SIPRI), available at www.sipri.org.
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Global arms revenues rose sharply in 2024, as demand was boosted by the wars in Ukraine and Gaza, global and regional geopolitical tensions, and ever-higher military expenditure. For the first time since 2018, all of the five largest arms companies increased their arms revenues.
Although the bulk of the global rise was due to companies based in Europe and the United States, there were year-on-year increases in all of the world regions featured in the Top 100. The only exception was Asia and Oceania, where issues within the Chinese arms industry drove down the regional total.
The surge in revenues and new orders prompted many arms companies to expand production lines, enlarge facilities, establish new subsidiaries or conduct acquisitions.
‘Last year global arms revenues reached the highest level ever recorded by SIPRI as producers capitalized on high demand,’ said Lorenzo Scarazzato, Researcher with the SIPRI Military Expenditure and Arms Production Programme. ‘Although companies have been building their production capacity, they still face a range of challenges that could affect costs and delivery schedules.’
US arms revenues grow but delays and cost overruns persist
In 2024 the combined arms revenues of US arms companies in the Top 100 grew by 3.8 per cent to reach $334 billion, with 30 out of the 39 US companies in the ranking increasing their arms revenues. These included major arms producers such as Lockheed Martin, Northrop Grumman and General Dynamics.
However, widespread delays and budget overruns continue to plague development and production in key US-led programmes such as the F-35 combat aircraft, the Columbia-class submarine and the Sentinel intercontinental ballistic missile (ICBM). Several of the USA’s largest arms producers are affected by overruns, raising uncertainty about when major new weapon systems and upgrades to existing ones can be delivered and deployed.
‘The delays and rising costs will inevitably impact US military planning and military spending,’ said Xiao Liang, Researcher with the SIPRI Military Expenditure and Arms Production Programme. ‘This could have knock-on effects on the US government’s efforts to cut excessive military spending and improve budget efficiency.’
Rearmament under way in Europe, but threat of supply chain problems grows
Of the 26 arms companies in the Top 100 based in Europe (excluding Russia), 23 recorded increasing arms revenues. Their aggregate arms revenues grew by 13 per cent to $151 billion. This increase was tied to demand stemming from the war in Ukraine and the perceived threat from Russia. The Czech company Czechoslovak Group recorded the sharpest percentage increase in arms revenues of any Top 100 company in 2024: by 193 per cent, to reach $3.6 billion. The company attributes the majority of its revenue to Ukraine. Czechoslovak Group benefited from the Czech Ammunition Initiative, a government-led project to source artillery shells for Ukraine. Ukraine’s own JSC Ukrainian Defense Industry increased its arms revenues by 41 per cent to $3.0 billion.
‘European arms companies are investing in new production capacity to meet the rising demand,’ said Jade Guiberteau Ricard, Researcher with the SIPRI Military Expenditure and Arms Production Programme. ‘But sourcing materials could pose a growing challenge. In particular, dependence on critical minerals is likely to complicate European rearmament plans.’
As an example of the risks of such dependence, the trans-European company Airbus and France’s Safran met half of their pre-2022 titanium needs with Russian imports and have had to find new suppliers. Furthermore, in light of Chinese export restrictions on critical minerals, companies including France’s Thales and Germany’s Rheinmetall warned in 2024 of the potential high costs of restructuring their supply chains.
Russian arms revenues grow despite sanctions and skilled labour shortage
The two Russian arms companies in the Top 100, Rostec and United Shipbuilding Corporation, increased their combined arms revenues by 23 per cent to $31.2 billion, despite international sanctions that led to a shortage of components. Domestic demand was enough to more than offset the revenues lost due to falling arms exports.
‘Besides sanctions, Russian arms companies are facing a shortage of skilled labour. This could slow production and limit innovation,’ said Diego Lopes da Silva, Senior Researcher with the SIPRI Military Expenditure and Arms Production Programme. ‘However, we need to be cautious making such predictions, as Russia’s arms industry has proved resilient during the war in Ukraine, contrary to expectations.’
Asia and Oceania: problems in Chinese arms industry drive down regional total
Asia and Oceania was the only world region to see an overall decline in arms revenues among Top 100 companies in 2024, falling to $130 billion, 1.2 per cent less than in 2023. However, the picture was highly varied within Asia and Oceania. The regional drop was due to a combined 10 per cent decline in arms revenues among the eight Chinese arms companies in the Top 100. Most prominent was the 31 per cent fall in the arms revenues of NORINCO, China’s primary producer of land systems.
‘A host of corruption allegations in Chinese arms procurement led to major arms contracts being postponed or cancelled in 2024,’ said Nan Tian, Director of the SIPRI Military Expenditure and Arms Production Programme. ‘This deepens uncertainty around the status of China’s military modernization efforts and when new capabilities will materialize.’
In contrast, arms revenues continued to grow among Japanese and South Korean companies in the Top 100 on the back of strong European and domestic demand. The five Japanese companies increased their combined arms revenues by 40 per cent to $13.3 billion, while the four South Korean producers increased their arms revenues by 31 per cent to $14.1 billion. South Korea’s largest arms company, Hanwha Group, recorded a 42 per cent increase in its arms revenues in 2024, with more than half coming from arms exports.
Record number of Middle East companies in the Top 100
For the first time, nine of the Top 100 arms companies were based in the Middle East, with combined arms revenues of $31.0 billion. Arms revenues in the region grew by 14 per cent (see ‘For editors’ below). The three Israeli arms companies in the ranking increased their combined arms revenues by 16 per cent to $16.2 billion.
‘The growing backlash over Israel’s actions in Gaza seems to have had little impact on interest in Israeli weapons,’ said Zubaida Karim, Researcher with the SIPRI Military Expenditure and Arms Production Programme. ‘Many countries continued to place new orders with Israeli companies in 2024.’
The 2024 ranking includes five Turkish arms companies (with combined arms revenues of $10.1 billion, an 11 per cent year-on-year increase), after MKE entered the Top 100 for the first time. The United Arab Emirates’ state-owned conglomerate EDGE Group reported arms revenues of $4.7 billion in 2024.
Other notable developments
- The combined arms revenues of the three Indian companies in the Top 100 increased by 8.2 per cent to $7.5 billion on the back of domestic orders.
- The four German companies in the Top 100 saw their combined arms revenues go up by 36 per cent to $14.9 billion, boosted by increased demand for ground-based air defence systems, ammunition and armoured vehicles due to the perceived threat from Russia.
- US company SpaceX appeared in the SIPRI Top 100 for the first time, after its arms revenues more than doubled compared with 2023, to reach $1.8 billion.
- For the first time, an Indonesian company entered the Top 100. DEFEND ID reported a 39 per cent increase in its arms revenues to $1.1 billion, boosted by industry consolidation and increased domestic procurement.
For editors
About the SIPRI Arms Industry Database
The SIPRI Arms Industry Database was created in 1989. At that time, it excluded data for companies in China, the Soviet Union and countries in Eastern Europe. The current version contains data for 2002–24, including data for companies in Russia. Chinese companies are included from 2015 onwards.
‘Arms revenues’ refer to revenues generated from the sales of military goods and services to military customers domestically and abroad. Unless otherwise specified, all changes are expressed in real terms and all figures are given in constant 2024 US dollars. Comparisons between 2023 and 2024 are based on the list of companies in the ranking for 2024 (i.e. the annual comparison is between the same set of companies). Longer-term comparisons are based on the sets of companies listed in the respective year (i.e. the comparison is between a different set of companies).
Note that the 14 per cent year-on-year increase in arms revenues in the Middle East excludes EDGE Group due to a lack of revenue data for 2023.
The SIPRI Arms Industry Database, which presents a more detailed data set for the years 2002–24, is available on SIPRI’s website here.
This is the first of three major data launches in the lead-up to the release of SIPRI’s flagship publication in mid 2026, the annual SIPRI Yearbook. Ahead of this, SIPRI will release its international arms transfers data (details of all international transfers of major arms in 2025) as well as its world military expenditure data (comprehensive information on global, regional and national trends in military spending in 2025).
For information or interview requests contact Stephanie Blenckner (blenckner@sipri.org, +46 8 655 97 47).