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

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

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

The world’s 100 largest military service providers and arms manufacturers saw revenues increase 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, coauthor of the report and researcher at the Stockholm International Peace Research Institute (SIPRI).