Global arms giants hit record $1 trillion in revenue, fuelled by Ukraine and Gaza wars

An increase in national defence spending also contributed to a surge in sales for the world’s largest arms-makers.

Arms sales grew by 5.9 per cent to reach a record $1 trillion in revenue last year. Source: DPA, Getty / Federico Gambarini

The world’s weapons-producing companies are cashing in on the wars in Ukraine and Gaza, as well as benefiting from other countries ramping up military spending.

Stoked by the wars in Gaza and Ukraine, the revenues of the 100 largest arms-makers grew to a record US$679 billion ($1 trillion) last year.

The 5.9 per cent increase in revenue from sales of arms and military services in 2024 was also due to countries boosting their military spending.

The Stockholm International Peace Research Institute (SIPRI) report released on Monday said the $1 trillion revenue was the highest figure it has recorded.

The bulk of the increase was down to companies based in Europe and the United States, but there were increases around the world — except in Asia and Oceania, where problems in the Chinese arms industry led to a slight fall.

Thirty of the 39 US companies in the top 100 — including Lockheed Martin, Northrop Grumman and General Dynamics — posted increases.

Their combined revenue was up 3.8 per cent at US$334 billion ($512 billion).

But SIPRI noted that “widespread delays and budget overruns continue to plague development and production” in major US-led programs, including the F-35 fighter jet.

Twenty-three of the 26 companies in Europe, excluding Russia, saw their arms revenue increase as the continent boosted spending.

Their aggregate income rose by 13 per cent to US$151 billion ($232 billion), fuelled by demand linked to the war in Ukraine and the perceived threat from Russia.

There were notably big gains for the Czech Republic’s Czechoslovak Group, whose revenue soared by 193 per cent, thanks in part to a government-led project to source artillery shells for Ukraine, and for Ukraine’s JSC Ukrainian Defense Industry, which had a 41 per cent gain.

Arms revenue also grew in the Middle East, and the three Israeli companies in the ranking had a 16 per cent increase to US$16.2 billion ($24.9 billion).

In 2024, the backlash over Israeli actions in Gaza “seems to have had little impact on interest in Israeli weapons”, SIPRI researcher Zubaida Karim said, and many countries continued to place new orders.

Top 100 arms-producing companies

Revenues from sales of weapons and military services by the 100 largest global arms-producing companies reached a record $679bn in 2024.

1	AECC	China	$6,260m	$5,710m	9.6%
2	Airbus	Trans-European	$13,370m	$13,210m	1.2%
3	Amentum	United States	$8,330m	$8,200m	1.6%
4	Amphenol Corp	United States	$1,670m	$1,420m	17.6%
5	ASELSAN	Turkiye	$3,470m	$2,790m	24.4%
6	AVIC	China	$20,320m	$20,590m	−1.3%
7	Babcock International Group	United Kingdom	$4,570m	$4,190m	9.1%
8	BAE Systems	United Kingdom	$33,790m	$31,600m	6.9%
9	Baykar	Turkiye	$1,900m	$2,170m	−12.4%
10	Bechtel Corp	United States	$2,640m	$3,060m	−13.7%

Japanese and South Korean arms manufacturers’ sales surged on the back of strong demand from European as well as domestic customers amid simmering tensions over Taiwan and North Korea.

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.

Israel reaps profits of Gaza genocide

For the first time, nine of the top 100 arms companies were based in the Middle East, according to SIPRI. The nine companies racked up a combined $31bn in revenue in 2024, showing a regional increase of 14 percent. The three Israeli arms companies in the ranking increased their combined arms revenues by 16 percent to $16.2bn amid the ongoing genocidal war on Gaza, which has killed nearly 70,000 Palestinians and destroyed most of the besieged enclave.

Elbit Systems pocketed $6.28bn in profits, followed by Israel Aerospace Industries with $5.19bn and Rafael Advanced Defense Systems with $4.7bn.

As the United Arab Emirates continues to face international allegations of arming the devastating war in Sudan, the institute noted its regional figure excludes Emirati-based EDGE Group due to a lack of revenue data for 2023. The UAE rejects the accusations.

Five Turkish companies were in the top 100 – also a record. Their combined arms revenues amounted to $10.1bn, showing an 11 percent increase.

Baykar, which makes, among other things, advanced drones most recently sold to Ukraine, saw 95 percent of its $1.9bn in arms revenue in 2024 come from exports to other countries.

Military companies from the United Kingdom, France, Germany, Italy, India, Taiwan, Norway, Canada, Spain, Poland and Indonesia were in the ranking as well.

Sources: https://www.sbs.com.au/news/article/global-arms-giants-hit-record-1-trillion-in-revenue-fuelled-by-ukraine-and-gaza-wars/3ehm3xp58

https://www.aljazeera.com/news/2025/11/30/top-global-arms-producers-revenues-surged-as-major-wars-rage-sipri-report