Who Led the $679B Global Arms Surge? SIPRI Reveals Top Drivers

A new report from the Stockholm International Peace Research Institute (SIPRI) shows the world’s largest arms producers achieved record revenue last year, driven by ongoing conflicts and expanded defense spending.

According to the report, the top 100 weapons manufacturers increased their combined arms and military-services income by 5.9%, reaching $679 billion, the highest level SIPRI has ever recorded.

Most of the growth came from companies based in the United States and Europe, supported by elevated demand linked to the war in Ukraine, tensions in Gaza and wider security concerns.

Thirty of 39 U.S. firms, including industry leaders Lockheed Martin, Northrop Grumman and General Dynamics, recorded gains, while 23 of 26 European firms outside Russia also saw revenue rise.

The Czech company Czechoslovak Group posted a striking 193% jump, while Ukraine’s JSC Ukrainian Defense Industry reported a 41% increase. Russia’s two listed firms, Rostec and United Shipbuilding Corporation, saw arms revenue climb 23% despite sanctions and component shortages, aided by strong domestic demand.

Meanwhile, Asia and Oceania recorded a 1.2% decline, influenced by a 10% revenue fall among Chinese firms facing procurement delays tied to corruption probes. Israeli firms saw a 16% gain, signaling continued global demand for their weapons.