The World’s 20 Largest Arms Companies by Revenue
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Key Takeaways
- Lockheed Martin generated $64.7B in arms sales in 2024, the highest of any company.
- The top 20 defense firms brought in a combined $438.4 billion in arms revenue.
- 14 of the top 20 companies are based in the U.S. or China.
A small group of companies dominates the global arms industry, with a clear leader at the top.
This chart, created by Iswardi Ishak using data from SIPRI, ranks the top 20 defense companies by arms sales in 2024. Lockheed Martin stands well ahead of its peers, highlighting the industry’s concentration among a handful of major contractors.
U.S. firms play an outsized role at the top of the ranking, while China and Europe continue to expand their presence, pointing to a gradually shifting global landscape.
Why U.S. Firms Dominate Global Arms Sales
U.S. companies account for six of the top 10 firms by arms revenue, reflecting their scale in high-cost, long-cycle defense programs. From fighter jets to missile defense systems, these projects create steady, long-term revenue streams.
| Rank | Company | Arms Revenue ($B) | Arms Revenue as % of Total Revenue |
|---|---|---|---|
| 1 |  Lockheed Martin Corp. |
64.65 | 91.0 |
| 2 | RTX Corporation |
43.60 | 54.0 |
| 3 | Northrop Grumman |
37.85 | 92.2 |
| 4 |  BAE Systems |
33.79 | 95.4 |
| 5 | General Dynamics |
33.63 | 70.4 |
| 6 | Boeing |
30.55 | 45.9 |
| 7 |  Rostec |
27.12 | 69.7 |
| 8 |  Aviation Industry Corp. |
20.32 | 25.0 |
| 9 | China Electronics Technology Group |
18.92 | 34.3 |
| 10 | L3Harris Technologies |
16.21 | 76.0 |
| 11 | NORINCO |
13.97 | 22.7 |
| 12 |  Leonardo |
13.83 | 72.0 |
| 13 |  Airbus |
13.37 | 17.9 |
| 14 | China State Shipbuilding Corp. |
12.33 | 24.8 |
| 15 |  Thales |
11.80 | 53.0 |
| 16 | Huntington Ingalls Industries |
10.28 | 89.1 |
| 17 | China Aerospace Science and Technology Corp. |
10.23 | 30.0 |
| 18 | Leidos |
9.37 | 56.2 |
| 19 | Amentum |
8.33 | 60.1 |
| 20 |  Rheinmetall |
8.24 | 78.1 |
Together, these companies generate hundreds of billions in arms sales, but revenue is concentrated among the top players.
Lockheed Martin leads with nearly $65 billion in arms revenue, well ahead of RTX and Northrop Grumman.
General Dynamics, Boeing, and L3Harris Technologies also rank in the top 10, giving U.S. firms six of the top spots.
Europe and China Keep Building Influence
European firms remain major players, though their revenues trail the largest U.S. contractors. BAE Systems ranks fourth overall, while Leonardo, Airbus, Thales, and Rheinmetall also appear in the top 20.
Chinese state-owned enterprises feature prominently, including AVIC, CETC, NORINCO, China State Shipbuilding Corporation, and China Aerospace Science and Technology Corporation. Together, they reflect China’s expanding defense industrial base across aerospace, electronics, and shipbuilding.
Learn More on the Voronoi App 
Where do the world’s nuclear warheads reside? Check out this visualization to learn more.
