The World's Largest Arms-Producing Companies

The world's 100 largest arms-producing companies saw their combined revenues surge to a record $679 billion in 2024, a 6 percent increase from 2023, according to the latest annual report published by SIPRI on December 1, 2025. The rise is largely attributed to escalating geopolitical tensions, the wars in Ukraine and the Middle East, and a global rush to modernize and expand military arsenals.

As shown by our infographic, the top U.S. firms - Lockheed Martin, RTX, Northrop Grumman and General Dynamics - saw robust growth last year (between 3 and 8 percent), with Lockheed Martin remaining the world's largest military company, at nearly $65 billion of arms revenue. The sales of those firms reflect both new contracts and ongoing production challenges, particularly in programs like the F-35 fighter jet.

The first European defense company, the UK-based firm BAE Systems, is ranked fourth, with around $34 billion of arms sales last year. The British defense and aerospace giant reported an increase in its revenues of nearly 7 percent compared to 2023. For its part, Russia's Rostec, the second-largest arms producer in Europe, saw its revenues rise to over $27 billion in 2024, despite international sanctions and component shortages. As domestic demand offsets falling exports, the Russian company recorded an annual growth of 26 percent last year.