Top global arms producers’ revenues surge as major wars rage: SIPRI report

Revenues from sales of weapons and military services by the 100 largest global arms-producing companies reached a record $679bn in 2024, according to new data released by the Stockholm International Peace Research Institute (SIPRI).

The Gaza and Ukraine wars, as well as global and regional geopolitical tensions and ever-higher military expenditures, increased revenues generated by the companies from sales of military goods and services to customers domestic and abroad by 5.9 percent compared to the year before, the organisation said in a report published on Monday.

The bulk of the global rise was attributed to companies based in Europe and the United States, but there were year-on-year increases in all regions except for Asia and Oceania, where issues within the Chinese arms industry drove down the regional total.

Lockheed Martin, Northrop Grumman and General Dynamics led the pack in the US, where the combined arms revenues of arms companies in the top 100 grew by 3.8 percent in 2024 to reach $334bn, with 30 out of the 39 US companies in the ranking increasing their revenues.

However, SIPRI said widespread delays and budget overruns continue to plague key projects such as the F-35 fighter jet, the Columbia and Virginia-class submarines, and the Sentinel intercontinental ballistic missile.

Elon Musk’s SpaceX appeared in the list of top global military manufacturers for the first time, after its arms revenues more than doubled compared with 2023 to reach $1.8bn.

Excluding Russia, there were 26 arms companies in the top 100 based in Europe, and 23 of them recorded increases in revenues from sales of weapons and equipment. Their aggregate arms revenues grew by 13 percent to $151bn.

After boosting revenues by 193 percent to reach $3.6bn through making artillery shells for Ukraine, Czech company Czechoslovak Group recorded the sharpest percentage increase in arms revenues of any top 100 company in 2024.

As Ukraine faces a relentless Russian offensive in its eastern regions, the country’s JSC Ukrainian Defense Industry increased its arms revenues by 41 percent to $3bn.