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

From Israel to Elon Musk’s SpaceX and other giant companies in the US and Europe, arms producers had a profitable 2024.
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 organization said in a report published on Monday.
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.

“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 modernisation efforts and when new capabilities will materialise.”

Five Japanese companies in the ranking increased their combined arms revenues by 40 percent to $13.3bn, while four South Korean producers saw a 31 percent jump to $14.1bn in revenue. South Korea’s largest arms company, Hanwha Group, recorded a 42 percent surge in 2024, with more than half coming from arms exports.