The Stockholm International Peace Research Institute (SIPRI) has released new data for 2023. According to the report, the top 100 largest arms manufacturers and military service providers saw their weapon and military service sales rise to $632 billion, marking a 4.2% increase compared to 2022.
Global Revenue Growth
Weapon revenues increased across all regions globally, with a particularly noticeable rise in Russian and Middle Eastern companies. Smaller manufacturers responded efficiently to new demands, linked to the wars in Gaza and Ukraine, rising tensions in East Asia, and other regional armament programs. SIPRI notes that companies that increased their production capacity were able to quickly adapt to these demands.
U.S. Companies
U.S.-based 41 companies generated $317 billion in weapon revenue, making up half of the top 100’s total revenue and a 2.5% increase compared to the previous year. However, the world’s two largest arms producers, Lockheed Martin and RTX, experienced a decline in revenues. This was due to their reliance on complex supply chains, which were vulnerable to disruptions in 2023.
Limited Growth in Europe
The total weapon revenue for 27 European companies (excluding Russia) rose by only 0.2% to $133 billion in 2023. This was due to many European companies producing complex weapon systems based on older contracts, which responded slower to changes in demand. However, the war in Ukraine and demand from other regions led some companies to see significant revenue growth.
Significant Increase from Russia
The combined revenue of two Russian companies grew by 40%, reaching $25.5 billion. This increase was primarily driven by a 49% rise in weapon revenue from Rostec, a state-supported holding company. Analysts noted that Russia significantly boosted its military equipment production and comprehensively renewed its arsenal.
Growth in Asia and Oceania
23 companies based in Asia and Oceania saw a 5.7% increase in revenue, reaching $136 billion. South Korean and Japanese companies, in particular, experienced substantial growth, driven by rising regional threat perceptions. South Korean companies’ revenues grew by 39%, while Japanese companies saw a 35% increase. Japan’s military buildup policies led to a significant rise in domestic orders.
Middle East and Israel
In the Middle East, especially Israeli arms manufacturers, saw a major revenue surge. Israel’s weapon revenues rose to $13.6 billion, marking the highest figure ever recorded for Israeli companies in SIPRI’s Top 100, driven by the impact of the Gaza conflict. Turkish companies, with three firms on the list, saw their revenues rise by 24% to $6 billion.
Other Noteworthy Developments
- Chinese Companies: Nine Chinese companies saw a 0.7% increase in total revenue, reaching $103 billion.
- India: Three Indian companies saw a 5.8% increase in revenue, reaching $6.7 billion.
- Taiwan: Taiwan’s only company, NCSIST, saw a 27% increase in revenue, reaching $3.2 billion.
- Turkey’s Baykar: Baykar, which played a key role in the Ukraine war, saw a 25% increase in revenue from its UAV exports, reaching $1.9 billion.
- United Kingdom: The UK Atomic Weapons Authority, which produces nuclear warheads, saw a 16% increase in weapon revenues, reaching $2.2 billion.
| Ranka | Companyb |
Countryc |
Arms revenues ($ m.) | Change in arms revenues, 2022–23 (%) |
Total revenues ($ m.) | Arms revenues as a % of total revenues | |||
|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2022d | ||||||||
| 1 | 1 | Lockheed Martin Corp. | United States | $60,810 | $61,820 | –1.6% |  |
$67,570 |
90.0%
|
| 2 | 2 | RTX | United States | $40,660 | $41,190 | –1.3% | |
$68,920 |
59.0%
|
| 3 | 3 | Northrop Grumman Corp. | United States | $35,570 | $33,620 | 5.8% |  |
$39,290 |
90.5%
|
| 4 | 4 | Boeing | United States | $31,100 | $30,500 | 2.0% | |
$77,790 |
40.0%
|
| 5 | 5 | General Dynamics Corp. | United States | $30,200 | $29,270 | 3.2% | |
$42,270 |
71.4%
|
| 6 | 6 | BAE Systems | United Kingdom | $29,810 | $29,150 | 2.3% | |
$30,350 |
98.2%
|
| 7 | 9 | Rostece f | Russia | $21,730 | $14,550 | 49.3% | |
$33,430 |
65.0%
|
| 8 | 8 | AVIC | China | $20,850 | $19,750 | 5.6% | |
$83,430 |
25.0%
|
| 9 | 7 | NORINCO | China | $20,560 | $21,130 | –2.7% | |
$76,600 |
26.8%
|
| 10 | 10 | CETCe | China | $16,050 | $14,260 | 12.6% | |
$55,990 |
28.7%
|
| 11 | 13 | L3Harris Technologiesg | United States | $14,760 | $13,150 | 12.2% | |
$19,420 |
76.0%
|
| 12 | 14 | Airbus | Trans-Europeanh | $12,890 | $13,090 | –1.5% | |
$70,710 |
18.2%
|
| 13 | 12 | Leonardo | Italy | $12,390 | $13,980 | –11.4% | |
$16,520 |
75.0%
|
| 14 | 11 | CASCe | China | $12,350 | $13,370 | –7.6% | |
$41,170 |
30.0%
|
| 15 | 16 | CSSCe | China | $11,480 | $10,000 | 14.8% | |
$48,950 |
23.5%
|
| 16 | 17 | Thales | France | $10,350 | $10,110 | 2.4% | |
$19,910 |
52.0%
|
| 17 | 18 | HII | United States | $9,280 | $9,110 | 1.9% | |
$11,450 |
81.0%
|
| 18 | 15 | CASIC | China | $8,850 | $11,270 | –21.5% | |
$27,640 |
32.0%
|
| 19 | 19 | Leidos | United States | $8,730 | $8,580 | 1.7% | |
$15,440 |
56.5%
|
| 20 | 21 | Booz Allen Hamilton | United States | $6,900 | $6,140 | 12.4% | |
$10,660 |
64.7%
|
| 21 | 20 | Amentum | United States | $6,450 | $6,830 | –5.6% | |
$8,600 |
75.0%
|
| 22 | 23 | Rolls-Royce | United Kingdom | $6,290 | $6,140 | 2.4% | |
$19,120 |
32.9%
|
| 23 | 24 | AECC | China | $5,780 | $4,920 | 17.5% | |
. . |
. .
|
| 24 | 42 | Hanwha Groupi | South Korea | $5,710 | $3,740 | 52.7% | |
$61,300 |
9.3%
|
| 25 | 27 | CACI International | United States | $5,700 | $5,020 | 13.5% | |
$7,660 |
74.4%
|
| 26 | 29 | Rheinmetall | Germany | $5,480 | $4,970 | 10.3% | |
$7,750 |
70.7%
|
| 27 | 26 | Elbit Systems | Israel | $5,380 | $4,710 | 14.2% | |
$5,980 |
90.0%
|
| 28 | 22 | CSGC | China | $5,130 | $5,630 | –8.9% | |
$43,930 |
11.7%
|
| 29 | 28 | Honeywell International | United States | $4,990 | $4,820 | 3.5% | |
$36,660 |
13.6%
|
| 30 | 33 | MBDA | Trans-Europeanh | $4,760 | $4,740 | 0.4% | |
$4,810 |
99.0%
|
| 31 | 32 | General Electric | United States | $4,710 | $4,590 | 2.6% | |
$67,950 |
6.9%
|
| 32 | 30 | Naval Group | France | $4,550 | $4,860 | –6.4% | |
$4,600 |
98.9%
|
| 33 | 36 | Safran | France | $4,510 | $4,510 | 0.0% |  |
$25,060 |
18.0%
|
| 34 | 37 | Israel Aerospace Industries | Israel | $4,490 | $3,890 | 15.4% | |
$5,330 |
84.2%
|
| 35 | 40 | Saab | Sweden | $4,360 | $3,760 | 16.0% | |
$4,850 |
89.9%
|
| 36 | 35 | KBR | United States | $4,230 | $4,440 | –4.7% | |
$6,960 |
60.8%
|
| 37 | 38 | Sandia National Laboratories | United States | $4,200 | $4,080 | 2.9% | |
$4,780 |
87.9%
|
| 38 | 41 | Babcock International Group | United Kingdom | $4,030 | $3,990 | 1.0% | |
$5,450 |
73.9%
|
| 39 | 45 | Mitsubishi Heavy Industries | Japan | $3,890 | $3,140 | 23.9% | |
$33,210 |
11.7%
|
| 40 | 39 | Science Applications International Corp. | United States | $3,870 | $3,930 | –1.5% | |
$7,440 |
52.0%
|
| 41 | 34 | United Shipbuilding Corp.e | Russia | $3,770 | $3,700 | 1.9% | |
$4,710 |
80.0%
|
| 42 | 44 | Rafael | Israel | $3,730 | $3,210 | 16.2% | |
$3,810 |
97.9%
|
| 43 | 43 | Hindustan Aeronautics | India | $3,710 | $3,470 | 6.9% | |
$3,910 |
94.9%
|
| 44 | 53 | V2X | United States | $3,410 | $2,620 | 30.2% | |
$3,960 |
86.1%
|
| 45 | 46 | KNDS | Trans-Europeanh | $3,340 | $3,470 | –3.7% | |
$3,510 |
95.2%
|
| 46 | 25 | Dassault Aviation Group | France | $3,220 | $5,440 | –40.8% | |
$5,190 |
62.0%
|
| 47 | 52 | NCSIST | Taiwan | $3,220 | $2,530 | 27.3% | |
$3,360 |
95.8%
|
| 48 | 51 | Bechtel Corp. | United States | $2,970 | $2,850 | 4.2% | |
$20,600 |
14.4%
|
| 49 | 47 | Textron | United States | $2,940 | $3,030 | –3.0% | |
$13,680 |
21.5%
|
| 50 | 48 | CEA | France | $2,900 | $2,990 | –3.0% | |
$6,560 |
44.2%
|
| 51 | 50 | Fincantieri | Italy | $2,820 | $3,000 | –6.0% | |
$8,270 |
34.1%
|
| 52 | 55 | Parker-Hannifin Corp. | United States | $2,600 | $2,360 | 10.2% | |
$19,930 |
13.0%
|
| 53 | 54 | TransDigm Group | United States | $2,570 | $2,430 | 5.8% | |
$6,590 |
39.0%
|
| 54 | 62 | ASELSAN | Türkiye | $2,440 | $2,170 | 12.4% | |
$2,560 |
95.3%
|
| 55 | 60 | Jacobs Engineering Group | United States | $2,350 | $2,180 | 7.8% | |
$16,350 |
14.4%
|
| 56 | 75 | Korea Aerospace Industries | South Korea | $2,290 | $1,580 | 44.9% | |
$2,910 |
78.7%
|
| 57 | 66 | Serco Group | United Kingdom | $2,280 | $2,000 | 14.0% | |
$6,640 |
34.3%
|
| 58 | 57 | ST Engineering | Singapore | $2,230 | $2,360 | –5.5% | |
$7,520 |
29.7%
|
| 59 | 68 | Atomic Weapons Establishment | United Kingdom | $2,230 | $1,930 | 15.5% | |
$2,260 |
98.7%
|
| 60 | 84 | JSC Ukrainian Defense Industry | Ukraine | $2,210 | $1,310 | 68.7% | |
$2,210 |
100.0%
|
| 61 | 58 | General Atomicse | United States | $2,120 | $2,230 | –4.9% | |
. . |
. .
|
| 62 | 61 | Teledyne Technologies | United States | $2,110 | $2,100 | 0.5% | |
$5,640 |
37.4%
|
| 63 | 59 | Oshkosh Corp. | United States | $2,100 | $2,230 | –5.8% | |
$9,660 |
21.7%
|
| 64 | 73 | PGZ | Poland | $2,060 | $1,890 | 9.0% | |
$2,290 |
90.0%
|
| 65 | 67 | Kawasaki Heavy Industries | Japan | $2,060 | $1,770 | 16.4% | |
$13,190 |
15.6%
|
| 66 | 64 | ThyssenKrupp | Germany | $1,990 | $2,110 | –5.7% | |
$40,550 |
4.9%
|
| 67 | 65 | Bharat Electronics | India | $1,940 | $1,930 | 0.5% | |
$2,400 |
80.8%
|
| 68 | 74 | Sierra Nevada Corp.e | United States | $1,930 | $1,620 | 19.1% | |
$1,990 |
97.0%
|
| 69 | 79 | Baykar | Türkiye | $1,900 | $1,520 | 25.0% | |
$2,000 |
95.0%
|
| 70 | 70 | BWX Technologies | United States | $1,890 | $1,770 | 6.8% | |
$2,500 |
75.6%
|
| 71 | 83 | Fujitsu | Japan | $1,850 | $1,230 | 50.4% | |
$26,790 |
6.9%
|
| 72 | 72 | QinetiQ | United Kingdom | $1,850 | $1,760 | 5.1% | |
$2,370 |
78.1%
|
| 73 | 71 | Hensoldt | Germany | $1,850 | $1,810 | 2.2% | |
$2,000 |
92.5%
|
| 74 | 63 | CNNC | China | $1,840 | $1,860 | –1.1% | |
$39,680 |
4.6%
|
| 75 | 76 | Parsons Corp. | United States | $1,840 | $1,600 | 15.0% | |
$5,440 |
33.8%
|
| 76 | 69 | LIG Nex1 | South Korea | $1,770 | $1,760 | 0.6% | |
$1,770 |
100.0%
|
| 77 | 77 | Eaton | United States | $1,710 | $1,580 | 8.2% | |
$23,200 |
7.4%
|
| 78 | 88 | Turkish Aerospace Industries | Türkiye | $1,700 | $1,170 | 45.3% | |
$2,210 |
76.9%
|
| 79 | 81 | Curtiss-Wright Corp. | United States | $1,580 | $1,450 | 9.0% | |
$2,850 |
55.4%
|
| 80 | 85 | Kongsberg Gruppen | Norway | $1,500 | $1,180 | 27.1% | |
$3,840 |
39.1%
|
| 81 | 87 | Amphenol Corp. | United States | $1,380 | $1,190 | 16.0% | |
$12,560 |
11.0%
|
| 82 | 80 | CAE | Canada | $1,370 | $1,420 | –3.5% | |
$3,170 |
43.2%
|
| 83 | 98 | Diehl | Germany | $1,350 | $1,040 | 29.8% | |
$4,200 |
32.1%
|
| 84 | 86 | Keysight Technologies | United States | $1,250 | $1,220 | 2.5% | |
$5,460 |
22.9%
|
| 85 | 82 | Moog | United States | $1,240 | $1,330 | –6.8% | |
$3,320 |
37.3%
|
| 86 | 115 | ViaSatj | United States | $1,230 | $1,210 | 1.7% | |
$4,280 |
28.7%
|
| 87 | 105 | Hyundai Rotem | South Korea | $1,210 | $840 | 44.0% | |
$2,750 |
44.0%
|
| 88 | 94 | Navantia | Spain | $1,190 | $1,050 | 13.3% | |
$1,550 |
76.8%
|
| 89 | 107 | Czechoslovak Group | Czechia | $1,190 | $950 | 25.3% | |
$1,870 |
63.6%
|
| 90 | 90 | Melrose Industries | United Kingdom | $1,190 | $1,150 | 3.5% | |
$4,160 |
28.6%
|
| 91 | 117 | NEC Corp. | Japan | $1,140 | $620 | 83.9% | |
$24,800 |
4.6%
|
| 92 | 92 | Fluor Corp. | United States | $1,110 | $1,070 | 3.7% | |
$15,470 |
7.2%
|
| 93 | 93 | Mitre Corp.e | United States | $1,100 | $1,060 | 3.8% | |
$2,360 |
46.6%
|
| 94 | 96 | Mazagon Dock Shipbuilders | India | $1,090 | $970 | 12.4% | |
$1,150 |
94.8%
|
| 95 | 91 | The Aerospace Corp. | United States | $1,060 | $1,080 | –1.9% | |
$1,290 |
82.2%
|
| 96 | 118 | Mitsubishi Electric Corp. | Japan | $1,050 | $620 | 69.4% | |
$37,500 |
2.8%
|
| 97 | 103 | HEICO Corp. | United States | $1,040 | $900 | 15.6% | |
$2,970 |
35.0%
|
| 98 | 89 | United Launch Alliancee | United States | $1,030 | $1,110 | –7.2% | |
. . |
. .
|
| 99 | 101 | Howmet Aerospace | United States | $1,020 | $960 | 6.3% | |
$6,640 |
15.4%
|
| 100 | 102 | TTM Technologies | United States | $1,010 | $900 | 12.2% | |
$2,230 |
45.3%
|
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