These Defense Contractors Are Raking in Billions

With ongoing wars in Ukraine and the Middle East, and escalating tensions between China and the West, geopolitical stability has deteriorated meaningfully in recent years. Against this backdrop, defense spending is surging across the world. Between 2022 and 2023, global military spending increased by 6.8% in real terms — or about $152.1 billion — the largest year-over-year increase in nearly a decade and a half, according to the Stockholm International Peace Research Institute.

24/7 Wall St. Key Points:

• Global military spending has given rise to a booming private sector defense industry.
• Dozens of companies around the world reported billions of dollars in arms sales in 2023 alone — not only through contracts with the U.S. and other NATO allies, but also with countries like China and Russia.
• Also: Discover the next Nvidia

While growing tensions and instability between nations are disrupting millions of lives around the world, and raising the risk of broader conflict, they are a boon for the defense industry — as rising demand for military weapons, services, and material are driving revenue gains for major government contractors. (Here is a look at what would happen if China invades Taiwan.)

According to SIRPI, the 100 largest military contractors globally reported nearly $632 billion in combined arms sale revenue alone in 2023, about $25.3 billion more than in 2022. Individually, each of these 100 companies sold more than $1 billion in arms and military services in 2023, including a handful who reported tens of billions in defense contract revenue that year.

Using data from SIPRI, 24/7 Wall St. identified the 35 largest defense contractors in the world. Companies are ranked on the total value of their 2023 military contracts. All supplemental data on total company revenue, year-over-year changes in arms sales, and notes specific to particular companies are also from SIPRI. All revenue figures are expressed in U.S. dollars.

The 35 companies on this list reported a combined $493.6 billion in arms sales in 2023. Individually, annual defense revenue among these companies ranges from $4.4 billion to more than $60 billion. The global headquarters of these companies are spread across 11 different countries or regions — from Europe and North America, to Asia and the Middle East.

The United States has the world’s largest defense budget by a wide margin. According to SIPRI, the U.S. spent over $916 on defense in 2023, more than triple the military budget of China, the world’s second largest defense spender. Given the financial resources underpinning the U.S. military, it is perhaps not surprising that the largest share of companies on this list — 13 out of 35 — are headquartered in the United States.

Not only is the U.S. home to more major defense contractors than any other country, these American companies also tend to report far greater arms revenue than their foreign counterparts. The 13 U.S. defense contractors on this list had a combined $259.9 billion in arms sale revenue in 2023, accounting for over half of the combined revenue of all the 35 largest military contractors. Notably, each of the five largest defense contractors in the world headquartered in the United States. (Here is a look at the most expensive, failed U.S. weapons programs.)

These are the world’s largest defense contractors by total revenue.

Why It Matters

In recent years, the outbreak of conflict in Europe and the Middle East, in addition to rising geopolitical tensions across other regions, has driven a surge in arms sales — a trend that some experts predict will likely continue in the coming years. While uncertainty and the growing risk of wider conflict has been destabilizing for millions of people around the world, it has been a boon for the defense industry. Many defense contractors are reporting a surge in annual revenue, and the largest of these companies are making billions of dollars every year on military contracts alone. These major contractors are headquartered around the world, often doing business with their own government, as well as allied governments.

35. Saab

• Arms sales in 2023: $4.4 billion
• Total company revenue in 2023: $4.9 billion (89.9% from arms sales)
• 1-yr. change in arms sales (inflation adj.): +16.0% (+$600 million)
• Notable weapons systems or services: Gripen E-series fighter aircraft system, Carl-Gustaf recoilless rifle, AT4 disposable anti-armor weapon, Blekinge-class (A26) Submarine
• Headquartered in: Sweden

34. Israel Aerospace Industries

• Arms sales in 2023: $4.5 billion
• Total company revenue in 2023: $5.3 billion (84.2% from arms sales)
• 1-yr. change in arms sales (inflation adj.): +15.4% (+$600 million)
• Notable weapons systems or services: Arrow 3 anti-ballistic missile interceptor, Sky Capture radar, Rampage air-to-ground missile, Wind Demon air-to-surface cruise missile, Tactical Heron drone
• Headquartered in: Israel

33. Safran

• Arms sales in 2023: $4.5 billion
• Total company revenue in 2023: $25.1 billion (18.0% from arms sales)
• 1-yr. change in arms sales (inflation adj.): +0.0% (+$0 million)
• Notable weapons systems or services: Military parachutes, target acquisition systems for infantry, Patroller drone, Mistral air-to-air missile, Scalp air-to-ground missile, Milan antitank missile
• Headquartered in: France

32. Naval Group

• Arms sales in 2023: $4.6 billion
• Total company revenue in 2023: $4.6 billion (98.9% from arms sales)
• 1-yr. change in arms sales (inflation adj.): -6.4% (-$310 million)
• Notable weapons systems or services: FREMM multi-mission frigates, Gowind corvette, Scorpène submarine, Barracuda nuclear attack submarine, nuclear ballistic missile submarine
• Headquartered in: France

31. General Electric

• Arms sales in 2023: $4.7 billion
• Total company revenue in 2023: $68.0 billion (6.9% from arms sales)
• 1-yr. change in arms sales (inflation adj.): +2.6% (+$120 million)
• Notable weapons systems or services: Black Hawk and Apache helicopter engines
• Headquartered in: United States

30. MBDA*

• Arms sales in 2023: $4.8 billion
• Total company revenue in 2023: $4.8 billion (99.0% from arms sales)
• 1-yr. change in arms sales (inflation adj.): +0.4% (+$20 million)
• Notable weapons systems or services: Brimstone air-to-ground missiles, Enforcer shoulder-fired missiles, Meteor air-to-air missile, Spear air-to-surface missile
• Headquartered in: Trans-European
• Note*: Trans-European refers to companies whose ownership and control structures are located in more than one European country.

29. Honeywell International

• Arms sales in 2023: $5.0 billion
• Total company revenue in 2023: $36.7 billion (13.6% from arms sales)
• 1-yr. change in arms sales (inflation adj.): +3.5% (+$170 million)
• Notable weapons systems or services: Operations platforms for military aircraft
• Headquartered in: United States

28. China South Industries Group (CSGC)

• Arms sales in 2023: $5.1 billion
• Total company revenue in 2023: $43.9 billion (11.7% from arms sales)
• 1-yr. change in arms sales (inflation adj.): -8.9% (-$500 million)
• Notable weapons systems or services: Type 625E AA Gun Missile Integrated Weapon System
• Headquartered in: China

27. Elbit Systems

• Arms sales in 2023: $5.4 billion
• Total company revenue in 2023: $6.0 billion (90.0% from arms sales)
• 1-yr. change in arms sales (inflation adj.): +14.2% (+$670 million)
• Notable weapons systems or services: COMBATGUARD armored fighting vehicle, Sabrah Light Tank, Wildcat all-terrain armored vehicle, UT30MK2 unmanned turret, M26 IM hand grenade, artillery, tank, and small arms ammunition
• Headquartered in: Israel

26. Rheinmetall

• Arms sales in 2023: $5.5 billion
• Total company revenue in 2023: $7.8 billion (70.7% from arms sales)
• 1-yr. change in arms sales (inflation adj.): +10.3% (+$510 million)
• Notable weapons systems or services: MK20 Rh202 cannon, BK27 aircraft weapon system, Oerlikon Millennium Gun, SeaSnake30 remote operated naval gun
• Headquartered in: Germany

25. CACI International

• Arms sales in 2023: $5.7 billion
• Total company revenue in 2023: $7.7 billion (74.4% from arms sales)
• 1-yr. change in arms sales (inflation adj.): +13.5% (+$680 million)
• Notable weapons systems or services: SkyTracker drone technology
• Headquartered in: United States

24. Hanwha Group

• Arms sales in 2023: $5.7 billion
• Total company revenue in 2023: $61.3 billion (9.3% from arms sales)
• 1-yr. change in arms sales (inflation adj.): +52.7% (+$2.0 billion)
• Notable weapons systems or services: K9 self-propelled howitzer, engines for fighter jets, military helicopters, naval vessels, and guided weapons
• Headquartered in: South Korea

23. Aero Engine Corporation of China (AECC)

• Arms sales in 2023: $5.8 billion
• Total company revenue in 2023: N/A
• 1-yr. change in arms sales (inflation adj.): +17.5% (+$860 million)
• Notable weapons systems or services: Aircraft engines, transmissions, turbines, and other components
• Headquartered in: China

22. Rolls-Royce

• Arms sales in 2023: $6.3 billion
• Total company revenue in 2023: $19.1 billion (32.9% from arms sales)
• 1-yr. change in arms sales (inflation adj.): +2.4% (+$150 million)
• Notable weapons systems or services: Tempest aircraft propulsion system, nuclear and fossil fuel naval propulsion systems, ground vehicle auxiliary power units
• Headquartered in: United Kingdom

21. Amentum

• Arms sales in 2023: $6.5 billion
• Total company revenue in 2023: $8.6 billion (75.0% from arms sales)
• 1-yr. change in arms sales (inflation adj.): -5.6% (-$380 million)
• Notable weapons systems or services: Electronic submarine components, rotary wing flight training, aviation command and control support
• Headquartered in: United States

20. Booz Allen Hamilton

• Arms sales in 2023: $6.9 billion
• Total company revenue in 2023: $10.7 billion (64.7% from arms sales)
• 1-yr. change in arms sales (inflation adj.): +12.4% (+$760 million)
• Notable weapons systems or services: Defense consulting
• Headquartered in: United States

19. Leidos

• Arms sales in 2023: $8.7 billion
• Total company revenue in 2023: $15.4 billion (56.5% from arms sales)
• 1-yr. change in arms sales (inflation adj.): +1.7% (+$150 million)
• Notable weapons systems or services: GBU-69/B precision guided munitions
• Headquartered in: United States

18. China Aerospace Science and Industry Corporation (CASIC)

• Arms sales in 2023: $8.9 billion
• Total company revenue in 2023: $27.6 billion (32.0% from arms sales)
• 1-yr. change in arms sales (inflation adj.): -21.5% (-$2.4 billion)
• Notable weapons systems or services: HQ-17AE short-range missile defense, ZR-1500 integrated early warning system, FK-3000 air-defense missile weapon system
• Headquartered in: China

17. HII

• Arms sales in 2023: $9.3 billion
• Total company revenue in 2023: $11.5 billion (81.0% from arms sales)
• 1-yr. change in arms sales (inflation adj.): +1.9% (+$170 million)
• Notable weapons systems or services: Gerald R. Ford-Class aircraft carriers
• Headquartered in: United States

16. Thales

• Arms sales in 2023: $10.4 billion
• Total company revenue in 2023: $19.9 billion (52.0% from arms sales)
• 1-yr. change in arms sales (inflation adj.): +2.4% (+$240 million)
• Notable weapons systems or services: ARTEMIS IRST surveillance system, NS50 radar, RapidFire artillery system, Lightweight Multirole Missile
• Headquartered in: France

15. China State Shipbuilding Corporation (CSSC)*

• Arms sales in 2023: $11.5 billion
• Total company revenue in 2023: $49.0 billion (23.5% from arms sales)
• 1-yr. change in arms sales (inflation adj.): +14.8% (+$1.5 billion)
• Notable weapons systems or services: Type 003 class air-craft carriers, Type 054A frigate, Coast Guard 3901 patrol vessel
• Headquartered in: China
• Note*: The arms revenue figure for this company is an estimate with a high degree of uncertainty.

14. China Aerospace Science and Technology Corporation (CASC)*

• Arms sales in 2023: $12.4 billion
• Total company revenue in 2023: $41.2 billion (30.0% from arms sales)
• 1-yr. change in arms sales (inflation adj.): -7.6% (-$1.0 billion)
• Notable weapons systems or services: Rainbow UAV, HQ-10 short range surface-to-air missile, strategic nuclear missiles, air and missile defense equipment
• Headquartered in: China
• Note*: The arms revenue figure for this company is an estimate with a high degree of uncertainty.

13. Leonardo

• Arms sales in 2023: $12.4 billion
• Total company revenue in 2023: $16.5 billion (75.0% from arms sales)
• 1-yr. change in arms sales (inflation adj.): -11.4% (-$1.6 billion)
• Notable weapons systems or services: M-346 Fighter Attack aircraft, C-27J Spartan transport aircraft
• Headquartered in: Italy

12. Airbus*

• Arms sales in 2023: $12.9 billion
• Total company revenue in 2023: $70.7 billion (18.2% from arms sales)
• 1-yr. change in arms sales (inflation adj.): -1.5% (-$200 million)
• Notable weapons systems or services: C295 transport aircraft, Eurodrone, SIRTAP surveillance drone
• Headquartered in: Trans-European
• Note*: Trans-European refers to companies whose ownership and control structures are located in more than one European country.

11. L3Harris Technologies

• Arms sales in 2023: $14.8 billion
• Total company revenue in 2023: $19.4 billion (76.0% from arms sales)
• 1-yr. change in arms sales (inflation adj.): +12.2% (+$1.6 billion)
• Notable weapons systems or services: Sky Warden ISR Strike Aircraft
• Headquartered in: United States

10. China Electronics Technology Group Corporation (CETC)*

• Arms sales in 2023: $16.1 billion
• Total company revenue in 2023: $56.0 billion (28.7% from arms sales)
• 1-yr. change in arms sales (inflation adj.): +12.6% (+$1.8 billion)
• Notable weapons systems or services: Air defense radar, missile control radar, surveillance radar, electronic warfare hardware and software
• Headquartered in: China
• Note*: The arms revenue figure for this company is an estimate with a high degree of uncertainty.

9. China North Industries Group Corporation Limited (NORINCO)

• Arms sales in 2023: $20.6 billion
• Total company revenue in 2023: $76.6 billion (26.8% from arms sales)
• 1-yr. change in arms sales (inflation adj.): -2.7% (-$570 million)
• Notable weapons systems or services: QBZ-191 assault rifle, PF-98 anti-tank rocket launcher, Type 69 Main Battle Tank
• Headquartered in: China

8. Aviation Industry Corporation of China (AVIC)

• Arms sales in 2023: $20.9 billion
• Total company revenue in 2023: $83.4 billion (25.0% from arms sales)
• 1-yr. change in arms sales (inflation adj.): +5.6% (+$1.1 billion)
• Notable weapons systems or services: J-10 Vigorous Dragon Multirole Tactical Fighter jet, Xian H-6 long-range bomber, CAIC Z-10 attack helicopter, Wing Loong 3 drone
• Headquartered in: China

7. Rostec*

• Arms sales in 2023: $21.7 billion
• Total company revenue in 2023: $33.4 billion (65.0% from arms sales)
• 1-yr. change in arms sales (inflation adj.): +49.3% (+$7.2 billion)
• Notable weapons systems or services: Kalashnikov firearms, BREM-1M armored recovery vehicle, Pantsir-S1M air defense missile system, Iskander-E OTRK tactical missile system
• Headquartered in: Russia
• Note*: The arms revenue figure for this company is an estimate with a high degree of uncertainty. Rostec is a holding company with no direct manufacturing capacity, but it has been included due to the lack of data for most other Russian arms companies.

6. BAE Systems

• Arms sales in 2023: $29.8 billion
• Total company revenue in 2023: $30.4 billion (98.2% from arms sales)
• 1-yr. change in arms sales (inflation adj.): +2.3% (+$660 million)
• Notable weapons systems or services: Eurofighter Typhoon multirole fighter aircraft, CV90 infantry fighting vehicle, Dreadnought Class submarine
• Headquartered in: United Kingdom

5. General Dynamics Corp.

• Arms sales in 2023: $30.2 billion
• Total company revenue in 2023: $42.3 billion (71.4% from arms sales)
• 1-yr. change in arms sales (inflation adj.): +3.2% (+$930 million)
• Notable weapons systems or services: M1A1 Abrams Main Battle Tank
• Headquartered in: United States

4. Boeing

• Arms sales in 2023: $31.1 billion
• Total company revenue in 2023: $77.8 billion (40.0% from arms sales)
• 1-yr. change in arms sales (inflation adj.): +2.0% (+$600 million)
• Notable weapons systems or services: V-22 Osprey aircraft
• Headquartered in: United States

3. Northrop Grumman Corp.

• Arms sales in 2023: $35.6 billion
• Total company revenue in 2023: $39.3 billion (90.5% from arms sales)
• 1-yr. change in arms sales (inflation adj.): +5.8% (+$2.0 billion)
• Notable weapons systems or services: B-21 Raider long-range strike fighter
• Headquartered in: United States

2. RTX (formerly Raytheon Technologies)

• Arms sales in 2023: $40.7 billion
• Total company revenue in 2023: $68.9 billion (59.0% from arms sales)
• 1-yr. change in arms sales (inflation adj.): -1.3% (-$530 million)
• Notable weapons systems or services: Javelin Missile
• Headquartered in: United States

1. Lockheed Martin Corp.

• Arms sales in 2023: $60.8 billion
• Total company revenue in 2023: $67.6 billion (90.0% from arms sales)
• 1-yr. change in arms sales (inflation adj.): -1.6% (-$1.0 billion)
• Notable weapons systems or services: F-35 Lightning II multirole combat aircraft
• Headquartered in: United States

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