STOCKHOLM (AP) — The world’s biggest weapons-producing companies saw a 5.9% increase in revenue from sales of arms and military services last year as demand was fed by the wars in Ukraine and Gaza as well as countries’ rising military spending, according to a report released Monday.
The Stockholm International Peace Research Institute, or SIPRI, said the revenues of the 100 largest arms makers grew to $679 billion in 2024, the highest figure it has recorded.
The bulk of the increase was down to companies based in Europe and the United States, but there were increases around the world — except in Asia problems in the Chinese arms industry led to a slight fall.
Thirty of the 39 U.S. companies in the top 100 — including Lockheed Martin, Northrop Grumman and General Dynamics — posted increases. Their combined revenue was up 3.8% at $334 billion. But SIPRI noted that “widespread delays and budget overruns continue to plague development and production” in major U.S.led programs, including the F-35 fighter jet.
Twenty-three of the 26 companies in Europe, excluding Russia, saw their arms revenue increase as the continent boosted spending. Their aggregate income rose by 13% to $151 billion, fueled by demand linked to the war in Ukraine and the perceived threat from Russia.