American weapons companies brought in $334 billion, up almost 4%|Robert Sullivan
Wars in Gaza and Ukraine, and higher military spending worldwide, jumped arms sales revenue almost 6% to $679 billion in 2024 for companies including Lockheed Martin, Northrop Grumman, and General Dynamics.
The Stockholm International Peace Research Institute (SIPRI) recorded revenues for the 100 largest arms makers.
The growth was led by US and European firms, while those in Asia and Oceania saw a decline due to turmoil in China’s defense sector.
American companies brought in $334 billion, up almost 4%, though major programs like the F-35 fighter jet continued to face delays and cost overruns.
European firms saw especially strong increases, with revenues climbing 13% to $151 billion, boosted by Ukraine-related procurement. The Czech Republic’s Czechoslovak Group’s revenue rocketed 139% and Ukraine’s JSC Ukrainian Defense Industry also posted a 41% gain.
Defense revenue in Asia and Oceania dipped 1.2% to $130 billion. Chinese firms dropped 10%, hit by corruption probes and delayed or canceled contracts.
Overall, defense companies benefited from intensified geopolitical conflict and rising military budgets, but supply-chain strains—especially for critical minerals—pose ongoing challenges.