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The 10 Countries With the World’s Biggest Arms Industries |
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SIPRI published its annual count of the world’s 100 largest arms companies on 1 December. Together they sold $679 billion of weapons and military services in 2024, a record. Thirty-nine of the hundred are American. They took just under half the money. The fastest growth was somewhere else. |
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Source: SIPRI Top 100 Arms-Producing and Military Services Companies, released 1 December 2025. Arms revenues for 2024, grouped by company headquarters. |
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| What's Surprising |
The United States booked $334 billion. That is more than the next nine countries on this list put together, which come to $273 billion between them. One American company, Lockheed Martin, earned $64.7 billion. That is more than the seven British companies in the Top 100 managed between them.
China is the only country in the top ten that shrank. Its eight companies fell 10% to $88.3 billion. NORINCO, the land-systems giant, dropped 31%. China spent a decade closing on the United States in this table. In 2024 it moved backwards.
SpaceX entered the Top 100 for the first time, at $1.8 billion. Czechoslovak Group grew 193% on its own. Germany’s four companies grew 36%. Japan’s five grew 40%. South Korea’s four grew 31%. The money is moving faster at the edges of this table than at the top of it.
| What's Not Surprising |
Europe is rearming and the books show it. The 26 European companies in the Top 100 grew 13% to $151 billion, more than twice the global rate. NATO’s members agreed at The Hague in June 2025 to spend 5% of GDP on defence and security by 2035. Contracts signed under that promise take years to become revenue. This is the first year of it.
Russia’s two companies grew 23%, to $31.2 billion. Sanctions limit what Russia can buy abroad. They do not limit what the Russian state orders from its own factories, and it is ordering.
Ukraine’s state arms holding grew 41%. Israel’s three companies grew 16% to $16.2 billion. The Middle East placed nine companies in the Top 100, its highest count on record. Every war on this list pays someone on this list.
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$679 billion The record 2024 arms revenue of the world’s 100 largest defence companies. That is $1.9 billion a day. |
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49% The American share of it. Thirty-nine of the hundred companies, and just under half the money. |
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$64.7 billion Lockheed Martin’s arms revenue in 2024. Britain’s seven companies in the Top 100 earned $52.2 billion between them. |
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193% The one-year growth of Czechoslovak Group. One Czech firm, and the steepest rise on the table. |
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−10% China’s change, the only fall in the top ten. NORINCO alone dropped 31%. |
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SIPRI publishes the next Top 100 in early December, covering 2025. Three things to track. Whether Europe’s 13% widens as the Hague contracts convert into revenue. Whether China’s fall is a pause or a direction. And whether the American share, 49% and easing, slides further. Rearmament shows up in government budgets first and company accounts second. The accounts are only starting to catch up. We’ll be watching. |
