World's largest arms manufacturers increased revenues to record levels — SIPRI report
SIPRI reported that in 2024 the revenues of the world's 100 largest defence companies rose by nearly 6%, reaching a record high. The increase was driven by the wars in Ukraine and Gaza, as well as by rising military budgets.
By Tetiana Suchkova-Ladik
December 1, 2025 · 2 min read
Record revenues for defence companies — SIPRI data
The hundred largest global arms manufacturers increased their revenues from weapons sales and military services by 5.9% in 2024, the Stockholm International Peace Research Institute (SIPRI) said in a report published on Monday.
According to the institute’s estimates, the combined defence revenues of the top 100 companies reached $679 billion — the highest figure SIPRI has ever recorded.
Europe and the US drove most of the growth
The largest increases in defence revenues came from American and European companies. At the same time, Asia and Oceania saw a small decline, caused by problems in China’s defence industry.
Of the 39 US companies on the list, 30 showed revenue growth. These include Lockheed Martin, Northrop Grumman and General Dynamics. Total revenue for US defence firms rose by 3.8% to $334 billion.
SIPRI noted that US defence programmes, including the F-35 fighter, continue to face delays and budget overruns.
The European defence sector is accelerating
Of the 26 European companies on the list (excluding Russian firms), 23 increased their revenues amid rising military spending in the region. Total receipts for European arms manufacturers grew by 13% — to $151 billion.
Among the largest gains was Czech Czechoslovak Group, whose revenue jumped by 193% thanks to a state project to procure artillery shells for Ukraine. Ukrainian JSC Ukrainian Defense Industry also showed substantial growth — +41%.
Supply difficulties for materials
SIPRI warned that the rise in orders will require an expansion of production capacity. At the same time, access to critically important raw materials is becoming more acute due to changes in global supply chains and export restrictions by China.
Revenues of Russian manufacturers also rise
Two Russian companies on the list — Rostec and United Shipbuilding Corporation — increased defence revenues by 23%, to a combined $31.2 billion. Despite sanctions and component shortages, domestic demand has offset reduced exports. However, the shortage of skilled workers remains acute.
Growth in the Middle East and a decline in China
Defence revenues in Middle Eastern countries also increased. Three Israeli companies in the ranking recorded a 16% rise — to $16.2 billion. SIPRI researcher Zubaida Karim said international demand for Israeli weapons remained steady despite criticism of Israel’s actions in Gaza.
At the same time, defence company revenues in Asia and Oceania fell by 1.2% — to $130 billion. SIPRI links this primarily to a 10% drop in revenue among eight Chinese companies, caused by corruption scandals and postponed or cancelled contracts.
