This table lists the SIPRI Top 100 arms-producing and military services companies in the world for 2024.

Revenue figures are in millions of constant (2024) US dollars and are rounded to the nearest $10 million.
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Back to the start: Top 100  

Regional aggregates: North America   Europe   Asia and Oceania   Russia   Middle East  

. . = data not available; Corp. = corporation.

Note: Revenue figures are in millions of constant (2024) United States dollars and are rounded to the nearest $10 million. Percentage changes are expressed in real terms (i.e. they have been adjusted for inflation). Changes refer to the change in arms revenues between 2023 and 2024 of companies in the Top 100 for 2024 (where data is available for both years). Percentage shares and changes calculated using the revenue data in this table may not precisely correspond to those stated here or published elsewhere by SIPRI due to rounding. For further detail on methodology see the Arms Industry Database on SIPRI’s website.


a Companies are ranked according to the value of their arms revenues at the end of what SIPRI considers to be their financial year. Rankings for 2023 are based on updated figures for arms revenues in the latest version of the SIPRI Arms Industry Database (Dec. 2025). They may differ from those published in any earlier SIPRI publication owing to continual revision of data, most often because of changes reported by the company itself and sometimes because of improved estimations. 
b Holding and investment companies with no direct operational activities are not treated as arms companies, and arms companies owned by them are listed and ranked as if they were parent companies. Company names and structures are listed as they were at the end of the financial year. Major revisions are explained in these notes.
c ‘Country’ refers to the country in which the ownership and control structures of the company are located, i.e. the location of a company’s headquarters. 
d To allow easier comparison between years, all revenue figures—including for arms revenues in 2023—are given in constant (2024) US dollars. 
e BAE Systems acquired Ball Corporation's aerospace division in 2024. Its arms revenues for 2023 are pro forma, i.e. they are the combined 2023 arms revenues of BAE Systems and Ball Corporation's aerospace division.
f Rostec is a holding company with no direct manufacturing capacity and would therefore usually be excluded from the Top 100 (see note b). It has been included in the 2024 ranking due to the lack of data for almost all other Russian arms companies. Some of the companies for which data is no longer available are controlled by Rostec and were included in previous Top 100 rankings: High Precision Systems, KRET, Russian Electronics, Russian Helicopters, United Aircraft Corp., United Engines Corp. and UralVagonZavod. 
g The arms revenue figures for this company are estimates with a high degree of uncertainty.
h Trans-European refers to companies whose ownership and control structures are located in more than one European country.
i Amentum acquired Jacobs Engineering Group's Critical Mission Solutions division in 2024. Its arms revenues for 2023 are pro forma, i.e. they are the combined 2023 arms revenues of Amentum and Jacobs Engineering Group's Critical Mission Solutions division.
j Honeywell International acquired Cobham’s Advanced Electronic Solutions division in 2024. Its arms revenues for 2023 are pro forma, i.e. they are the combined 2023 arms revenues of Honeywell International and Cobham’s Advanced Electronic Solutions division.
k GE Aerospace is the legal successor of General Electric after the company spun off its healthcare and energy divisions.
l Owing to a lack of data for 2023, the arms revenue figures for this company are excluded from the calculation of the year-on-year percentage change in regional arms revenues presented in this table.

Source: SIPRI Arms Industry Database, Dec. 2025.