Revenues from the world’s 100 largest arms manufacturers surged to an all-time high of $679bn in 2024, according to a new report from the Stockholm International Peace Research Institute (SIPRI). The spike was driven by the wars in Gaza and Ukraine, rising geopolitical tensions, and higher military spending across major powers.
SIPRI’s data shows a 5.9 percent increase in global arms revenues compared to 2023, with most of the growth coming from companies in the United States and Europe. Major US manufacturers such as Lockheed Martin, Northrop Grumman and General Dynamics led the pack, pushing total US revenues to $334bn, even as key defence projects like the F-35 jet and new submarine programmes faced delays and cost overruns.
Europe saw an even sharper rise, with 23 out of 26 European companies in the ranking reporting higher profits. Their combined revenues grew by 13 percent to $151bn, boosted heavily by increased weapons production for Ukraine. Czech defence firm Czechoslovak Group recorded the biggest jump worldwide, with a 193 percent surge tied to artillery shell production. Ukraine’s own state-owned JSC Ukrainian Defense Industry also expanded output, raising its revenue by 41 percent as the country continues to face intense Russian assaults.
The report also highlighted significant shifts in Asia. While Japanese and South Korean arms manufacturers saw sharp increases in sales—40 percent and 31 percent respectively—China experienced a rare downturn. Revenues among Chinese companies fell by 10 percent, as corruption scandals forced major contracts to be cancelled or delayed, including a 31 percent plunge for leading land-systems producer NORINCO.
For the first time, nine Middle Eastern companies entered the top 100, collectively earning $31bn, a 14 percent rise. Israeli arms manufacturers recorded especially large gains, fuelled by the continuing war in Gaza, which has killed tens of thousands and devastated the enclave. Israel’s Elbit Systems led with $6.28bn in profits, followed by IAI and Rafael—both benefiting from soaring international demand for missile defense and drone-countering systems after Iran’s large-scale strikes on Israel in 2024.
Turkish manufacturers also strengthened their position, with five companies earning $10.1bn combined. Baykar, famous for its advanced drones, generated 95 percent of its $1.9bn revenue from exports alone.
SIPRI warned, however, that despite record profits, the global defence industry faces growing challenges, including material shortages, rising production costs, political tensions, and heavy reliance on critical minerals—especially as China tightens export controls.
Arms manufacturers from the United Kingdom, France, Germany, Italy, India, Taiwan, Norway, Spain, Poland, Canada and Indonesia also featured in the ranking.
