The ten companies that earned the most from selling weapons and military services in 2024, according to the SIPRI Top 100.
Lockheed Martin, with $64.65 billion in arms revenue in 2024, is the largest arms-producing company in the world. RTX is second at $43.60 billion and Northrop Grumman third at $37.85 billion. The ranking uses 2024 revenue from military goods and services only, excluding civilian sales, as published in the SIPRI Top 100 released on 1 December 2025.
The world's 100 largest arms producers took in a record $679 billion from weapons and military services in 2024, and the ten companies on this list account for roughly $327 billion of it - close to half. Six of the ten are American, two are Chinese state groups, one is British and one is Russian. This list ranks them by arms revenue alone, not total company revenue. That distinction matters: Boeing and RTX are far bigger businesses than BAE Systems overall, but BAE earns 95 per cent of its money from military customers while Boeing earns less than half. The figures come from the Stockholm International Peace Research Institute (SIPRI), whose annual Top 100 is the standard public reference for the industry.
Lockheed Martin has topped the SIPRI ranking every year since 2009 and earned $64.65 billion from arms in 2024 - about $21 billion more than anyone else. It is the prime contractor on the F-35 fighter, the largest weapons programme in the world, and gets 91 per cent of its revenue from military customers.
RTX, the former Raytheon Technologies, took in $43.60 billion from arms in 2024. Only 54 per cent of its revenue is military: the rest comes from the civil side of Pratt & Whitney engines and Collins Aerospace, which makes it a much larger company overall than its arms ranking suggests.
Northrop Grumman earned $37.85 billion from arms in 2024, with 92 per cent of its revenue coming from military work - the highest share among the American companies on this list. It builds the B-21 Raider stealth bomber and is replacing the US land-based nuclear missile force.
BAE Systems is the largest arms company outside the United States, with $33.79 billion in 2024 arms revenue - just ahead of General Dynamics. It is also the most purely military business in the top ten: 95 per cent of its revenue comes from arms, spanning combat aircraft, nuclear submarines, warships and armoured vehicles.
General Dynamics posted the biggest rise among the top American firms, with arms revenues up 8.1 per cent to $33.63 billion. Its Electric Boat yard builds US Navy nuclear submarines and its land division builds the Abrams tank; the remaining 30 per cent of revenue is largely Gulfstream business jets.
Boeing earned $30.55 billion from arms in 2024, which is only 46 per cent of its total revenue - the commercial airliner business is the larger half. Its military output includes the F/A-18 and F-15 fighters, the KC-46 tanker and the Apache attack helicopter.
Rostec is the Russian state holding company that controls most of the country's arms industry, including its combat aircraft, helicopter and engine makers. SIPRI estimates its 2024 arms revenue at $27.12 billion; together with United Shipbuilding Corporation, the other Russian firm in the Top 100, Russian arms revenues rose 23 per cent to $31.2 billion despite sanctions.
AVIC is China's state aircraft builder and its largest arms producer, with an estimated $20.32 billion in 2024 arms revenue. That is only a quarter of the group's total revenue: AVIC is a vast conglomerate whose civilian businesses outweigh the fighters, transports and helicopters it builds for the People's Liberation Army.
CETC is China's state military electronics group, credited by SIPRI with an estimated $18.92 billion in 2024 arms revenue - about a third of its total. It supplies the radars, communications and electronic warfare systems that go into Chinese ships, aircraft and air defences.
L3Harris rounds out the top ten with $16.21 billion in 2024 arms revenue, 76 per cent of its total. Formed by the 2019 merger of L3 Technologies and Harris Corporation, it makes military radios, sensors and electronic warfare systems, and added rocket-motor maker Aerojet Rocketdyne in 2023.
| # | Name | Country | Arms revenue (2024) | Arms share of total revenue | Headquarters | Known for |
|---|---|---|---|---|---|---|
| 1 | Lockheed Martin | United States | $64.65 billion | 91% | Bethesda, Maryland | F-35 fighter, missiles, missile defence |
| 2 | RTX | United States | $43.60 billion | 54% | Arlington, Virginia | Patriot air defence, missiles, jet engines |
| 3 | Northrop Grumman | United States | $37.85 billion | 92% | Falls Church, Virginia | B-21 bomber, space and missile systems |
| 4 | BAE Systems | United Kingdom | $33.79 billion | 95% | London | Typhoon fighter, submarines, warships |
| 5 | General Dynamics | United States | $33.63 billion | 70% | Reston, Virginia | Nuclear submarines, Abrams tank |
| 6 | Boeing | United States | $30.55 billion | 46% | Arlington, Virginia | F-15 and F/A-18 fighters, tankers, helicopters |
| 7 | Rostec | Russia | $27.12 billion (est.) | 70% | Moscow | Combat aircraft, helicopters, engines |
| 8 | Aviation Industry Corporation of China (AVIC) | China | $20.32 billion (est.) | 25% | Beijing | Military aircraft |
| 9 | China Electronics Technology Group Corporation (CETC) | China | $18.92 billion (est.) | 34% | Beijing | Radar and military electronics |
| 10 | L3Harris Technologies | United States | $16.21 billion | 76% | Melbourne, Florida | Military communications, sensors, rocket motors |
Ranked by 2024 arms revenues in US dollars as published in the SIPRI Top 100 arms-producing and military services companies, released on 1 December 2025 - the most recent edition available. SIPRI defines arms revenues as revenues from sales of military goods and services to military customers at home and abroad; civilian sales (airliners, commercial engines, business jets) are excluded, which is why the order differs from a ranking by total revenue. The arms share column is SIPRI's figure for arms revenues as a percentage of the company's total revenue. Company-level figures are taken from the SIPRI ranking as tabulated on Wikipedia's arms industry article and cross-checked against the SIPRI press release (which gives General Dynamics at $33.6 billion and confirms Lockheed Martin, RTX, Northrop Grumman and General Dynamics at ranks 1, 2, 3 and 5). Figures for Rostec and the Chinese state groups are SIPRI estimates built from open sources, because those companies publish less financial detail than Western listed firms, and should be read as less precise. SIPRI revises its series every year, so these numbers can shift slightly in later editions.
Lockheed Martin. SIPRI puts its 2024 arms revenue at $64.65 billion, about $21 billion ahead of second-placed RTX. It earns 91 per cent of its revenue from military customers and is the prime contractor on the F-35 fighter.
Because several of these companies have large civilian businesses. Boeing earns less than half its revenue from military customers and AVIC only a quarter, while BAE Systems earns 95 per cent. Ranking by arms revenue alone - the measure SIPRI uses - compares the weapons businesses like for like.
The 100 largest arms producers had combined arms revenues of $679 billion in 2024, up 5.9 per cent in real terms and the highest figure SIPRI has recorded. The 39 US companies in the Top 100 accounted for $334 billion of that, and the ten companies on this list for roughly $327 billion.
Less reliable than the Western ones. SIPRI builds its estimates from open sources such as annual reports and press coverage, and Chinese and Russian state groups disclose far less than listed Western companies. SIPRI has only included Chinese companies in the ranking for data from 2015 onwards for that reason.
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