On December 1, 2025, the Stockholm International Peace Research Institute (SIPRI) announced that the global arms industry recorded its highest-ever revenues in 2024. According to the institute, sales among the top 100 arms companies rose by about 5.9% that year, reaching a total of 679 billion US dollars. Conflicts in Ukraine and Gaza, along with military modernization efforts across regions, were cited as driving this increase.

In the United States, major firms such as Lockheed Martin, RTX, and Northrop Grumman posted a solid 3.8% increase, bringing total sales to 334 billion US dollars. A surprising development in the rankings was the rise of SpaceX, whose defense-related revenue more than doubled to 1.8 billion US dollars, placing it among the top ranks of the arms market.

European companies posted a higher growth rate than the United States. The 26 European firms included in SIPRI’s Top 100 saw sales rise by 13% to 151 billion US dollars. Notably, the Czech Czechoslovak Group recorded a striking 193% surge, driven by expanded shell production for Ukraine. Russia’s defense industry also grew despite sanctions and labor shortages, with revenues at Rostec and United Shipbuilding Corporation up 23% to 31.2 billion US dollars, as domestic demand offset falling exports. In Israel, as the conflict in Gaza continued, the defense industry expanded; the three companies in the Top 100 posted sales up 16% to 16.2 billion US dollars.

In East Asia, five Japanese firms rose 40% to 13.3 billion US dollars, the highest country-level growth rate in 2024. Four South Korean firms also increased by 31% to 14.1 billion US dollars. By contrast, the Asia–Oceania region as a whole was the only one to see a decline, with sales down 1.2% year on year to 130 billion US dollars. This decrease was largely attributed to a 10% drop among eight Chinese companies, including firms reported to be involved in corruption scandals.

Learn more about the arms industry → “Military–industrial complex: The enormous power that reporting doesn’t reveal”

Learn more about the arms trade → “Arms trade: The dark intersection of politics and business”

Scranton Army Ammunition Plant manufacturing parts for shells and mortar rounds, United States (Photo: President of Ukraine / Wikimedia Commons [CC0 1.0])