Who rules global weapons production? Top 8 companies ranked — Check the full list here
The 2024 SIPRI rankings show US giants Lockheed Martin, RTX, and Northrop Grumman leading global arms production. BAE Systems ranks highest outside the US, while Russia’s Rostec posts strong growth. Check all the top 8 companies that are leading arms manufacturing and exports globally.
1. Lockheed Martin Corp. (United States)
Based on the report published by Stockholm International Peace Research Institute (SIPRI) in 2025, Lockheed Martin Corp ranks 1 globally, reporting US$64,650 million in arms revenue in 2024, within a total revenue of US$71,040 million. Arms sales account for 91 per cent of its business. The company saw a 3.2 per cent rise in 2023, a cornerstone of US military exports and a prime global defence manufacturer.
2. RTX (United States)
At rank 2, RTX achieved US$43,600 million in arms revenue in 2024, contributing to total revenues of US$80,740 million. With arms making up 54 per cent of its business, RTX grew 4.1 per cent over the previous year, underscoring its strong position in global aerospace and defence supply chains.
3. Northrop Grumman Corp. (United States)
It ranked 3rd and recorded US$37,850 million in 2024 arms revenue as well as US$41,030 million total revenue. Arms represent 92 per cent of total business, its highest share in the top 10. The firm’s arms sales rose 3.3 per cent compared with 2023, reflecting consistent global demand for its defence systems.
4. BAE Systems (United Kingdom)
The lone non-US company in the top 4, BAE Systems, sits at rank 4 with US$33,790 million in 2024 arms revenue. Its total revenue was US$35,400 million, with a staggering 95% coming from arms. Its 6.9 per cent growth over 2023 emphasises its central role in global military exports and UK defence manufacturing.
5. General Dynamics Corp. (United States)
At rank 5, it earned US$33,630 million in arms revenue in 2024 against total revenues of US$47,720 million, arms constituting 70 per cent of its business. The company posted an 8.1 per cent surge over 2023, marking one of the strongest growth rates among major U.S. defence firms.
6. Boeing (United States)
Boeing’s 2024 arms revenue stood at the 6th spot with US$30,550 million, within a total revenue of US$66,520 million, making up 46 per cent of its sales. This marked a 4.6 per cent drop from 2023, the only contraction among the top U.S. arms firms, highlighting shifting balances between commercial and defence business.
7. Rostec (Russia)
The highest-ranking non-Western firm at 7th, Rostec, reported US$27,120 million in arms revenue in 2024, with total revenue of US$38,890 million, 70 per cent of its business being arms. Notably, it saw a sharp 26 per cent increase over 2023, reflecting strong demand for Russian military exports.
8. AVIC (China)
AVIC managed to secure US$20,320 million in arms revenue for 2024, contributing to total revenues of US$81,290 million, with arms making up 25 per cent of its business. The slight 1.3 per cent decline from 2023 suggests stable output amid China’s vast defence-industrial base.
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