Special Report
The 25 Companies Making Billions Building the World's Weapons
Published:
American defense spending has been rising for years. According to the Stockholm International Peace Research Institute, U.S. military expenditures totaled nearly $877 in 2022, up 28% from an inflation-adjusted $682 billion in fiscal 2018. This trend is by no means unique to the United States. Over the same period, estimated inflation-adjusted military spending surged by 40% in Russia, 26% in China, and 23% in both India and the United Kingdom.
In an outline of the Pentagon’s fiscal 2023 budget request, U.S. Defense Secretary Lloyd Austin justified another $858 billion in military spending by highlighting threats posed by China, Iran, North Korea, and Russia. (This is how Russia’s and NATO’s military capabilities compare.)
While military spending includes personnel payroll and operational expenses, much of the money governments spend on defense goes directly to private sector contractors. These companies provide a range of military products and services, including research and development, weapons manufacturing, and consulting — and every year, many of them are making billions of dollars in the process.
Using 2022 data on arms and military services sales from SIPRI, 24/7 Wall St. identified the companies making the most money building the world’s weapons.
Among the 25 companies on this list, revenue from military arms and services sales ranged from $4.9 billion to more than $59 billion in 2022. These companies are headquartered in countries around the world, including China, France, Israel, Italy, Russia, and the United Kingdom — but the largest are American companies.
The 10 companies on this list that are headquartered in the U.S. reported a combined $231 billion in revenue in arms sales in 2022, accounting for more than half of the $430 billion in combined arms sales among all of the 25 companies on this list.
The thriving U.S. defense industry is perhaps no surprise given the Pentagon spent nearly $390 billion domestically on defense contractors in fiscal 2022 alone, more than the entire military budget of any other country. (Here is a look at the U.S. military’s biggest weapons programs.)
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