The 20 Largest Arms Companies in the World by Revenue, Including China

The global defence industry is undergoing a significant surge as geopolitical conflicts and worldwide military spending increase. The latest data indicates that the world’s largest arms companies are posting fantastic revenues, with a strong dominance by the United States.

According to SIPRI data, the total revenue of the world’s top 100 arms companies reached US$679 billion or Rp11,536.21 trillion (US$1 = Rp16,990) in 2024, up around 6% from 2023. This surge is driven by conflicts in Ukraine and the Middle East, as well as increased global military modernisation.

Here are the largest arms companies based on their revenues.

The US Dominates the Global Arms Industry

US-based companies dominate the top positions. Giants like Lockheed Martin, RTX, Northrop Grumman, and General Dynamics continue to record revenue growth thanks to major military contracts and high demand for advanced weapons systems.

Lockheed Martin even maintains its position as the world’s largest arms company with revenue of nearly US$65 billion, driven by major projects such as the F-35 fighter jet.

Lockheed Martin tops the list with the highest revenue of US$64.65 billion or Rp1,096.7 trillion.

Europe, Russia, and China Are Catching Up

Outside the US, European companies like BAE Systems are major players with revenue of around US$33.79 billion.

Meanwhile, Russia, through Rostec, remains in the upper ranks despite international sanctions. High domestic demand is the main pillar supporting its industry growth.

China is also demonstrating strength through companies such as AVIC, CETC, NORINCO, China State Shipbuilding Corporation, and China Aerospace Science and Technology Corporation. These companies reflect China’s increasingly robust defence industry base, particularly in the aerospace, military electronics, and shipbuilding sectors.

Although not yet challenging US dominance, Chinese companies are beginning to expand their influence, especially in the Asian regional market and developing countries.