In 2024, the 100 largest arms-manufacturing companies in the world made a record 679.8 billion in revenue, 5.9 percent higher than in 2023.
The boost came as global demand for weapons surged, driven principally by ongoing wars in Ukraine and Gaza, plus rising geopolitical tensions and expanded military budgets across many nations.
Most of the increase was led by companies based in the United States and Europe: U.S. firms (like Lockheed Martin, Northrop Grumman, and General Dynamics) pushed their combined revenue to US $334 billion, while European producers (excluding Russia) reached US $151 billion.
Meanwhile, two Russian defense firms boosted their income by 23% to US $31.2 billion despite sanctions.
However, the Asia‑Oceania region saw a modest drop, mainly because Chinese arms manufacturers, including NORINCO, suffered contract delays and cancellations amid corruption probes. That dragged the region’s overall arms revenue down slightly.
SIPRI warns that supply‑chain disruptions, especially around critical minerals, could complicate future production, highlighting that rising global instability continues to fuel big profits for defense industries worldwide.
