World’s Top Arms Producers Saw Record Revenue Last Year, Report Says

In the United States, the combined revenues of arms companies in the top 100 hit $338 billion, and 30 out of 39 arms companies had increased sales.

Artillery shells of German arms manufacturer Rheinmetall in Unterluess, Germany, on Aug. 27, 2025. Markus Schreiber/AP Photo

The revenues of the world’s 100 largest military service providers and arms manufacturers increased by 5.9 percent in 2024, reaching a record $679 billion, according to a research institute’s report published on Dec. 1.

“Last year global arms revenues reached the highest level ever recorded by SIPRI as producers capitalized on high demand,” said Lorenzo Scarazzato, co-author of the report and researcher at the Stockholm International Peace Research Institute (SIPRI).