Global Arms Producers See Revenue Increase, SIPRI Reports

Revenues from the world’s 100 largest arms-producing companies hit a record $679 billion in 2024, driven by conflicts in Gaza and Ukraine and rising military spending, according to SIPRI. The U.S. and European firms saw significant revenue increases, with Lockheed Martin and Northrop Grumman leading in the U.S., while Czech company Czechoslovak Group reported a 193% revenue surge. Conversely, Chinese arms revenues declined due to procurement issues, yet Japanese and South Korean manufacturers thrived amid regional tensions. For the first time, nine Middle Eastern companies were in the ranking, collectively earning $31 billion, with Israeli firms benefiting from the ongoing Gaza conflict.

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