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.)
25. Rolls-Royce
- Arms sales in 2022: $4.9 billion (approx. 31.5% of annual company revenue)
- 1-year change in arms sales: -0.8% absolute; +1.4% inflation adj.
- Headquartered in: United Kingdom
24. Elbit Systems
- Arms sales in 2022: $5.0 billion (approx. 90.0% of annual company revenue)
- 1-year change in arms sales: +4.4% absolute; +4.0% inflation adj.
- Headquartered in: Israel
23. Dassault Aviation Group
- Arms sales in 2022: $5.1 billion (approx. 69.6% of annual company revenue)
- 1-year change in arms sales: -18.9% absolute; -13.8% inflation adj.
- Headquartered in: France
22. Booz Allen Hamilton
Source: Public Domain / Wikimedia Commons
- Arms sales in 2022: $5.9 billion (approx. 63.7% of annual company revenue)
- 1-year change in arms sales: +5.4% absolute; -2.5% inflation adj.
- Headquartered in: United States
21. CSGC (China South Industries Group)
- Arms sales in 2022: $6.5 billion (approx. 15.2% of annual company revenue)
- 1-year change in arms sales: +9.3% absolute; +11.6% inflation adj.
- Headquartered in: China
20. Amentum*
Source: Public Domain / Wikimedia Commons
- Arms sales in 2022: $6.6 billion (approx. 75.0% of annual company revenue)
- 1-year change in arms sales: +30.7% absolute; +20.9% inflation adj.
- Headquartered in: United States
- *Note: Arms revenue estimates have a high degree of uncertainty
19. Leidos
Source: Stocktrek Images / Stocktrek Images via Getty Images
- Arms sales in 2022: $8.2 billion (approx. 57.7% of annual company revenue)
- 1-year change in arms sales: +2.6% absolute; -5.0% inflation adj.
- Headquartered in: United States
18. HII (Huntington Ingalls Industries)
Source: Public Domain / Wikimedia Commons
- Arms sales in 2022: $8.8 billion (approx. 82.0% of annual company revenue)
- 1-year change in arms sales: +2.1% absolute; -5.5% inflation adj.
- Headquartered in: United States
17. Thales
Source: HJBC / iStock Editorial via Getty Images
- Arms sales in 2022: $9.4 billion (approx. 51.0% of annual company revenue)
- 1-year change in arms sales: -3.6% absolute; +2.5% inflation adj.
- Headquartered in: France
16. CSSC (China State Shipbuilding Corporation)
- Arms sales in 2022: $10.4 billion (approx. 20.3% of annual company revenue)
- 1-year change in arms sales: -4.0% absolute; -2.0% inflation adj.
- Headquartered in: China
15. CASIC (China Aerospace Science & Industry Corporation)*
- Arms sales in 2022: $11.8 billion (approx. 31.5% of annual company revenue)
- 1-year change in arms sales: -8.5% absolute; -6.7% inflation adj.
- Headquartered in: China
- *Note: Arms revenue estimates have a high degree of uncertainty
14. Airbus*
Source: VanderWolf-Images / iStock Editorial via Getty Images
- Arms sales in 2022: $12.1 billion (approx. 19.6% of annual company revenue)
- 1-year change in arms sales: +11.4% absolute; +16.9% inflation adj.
- Headquartered in: Trans-European
- *Note: Owned and controlled across more than one European country
13. Leonardo
Source: Public Domain / Wikimedia Commons
- Arms sales in 2022: $12.5 billion (approx. 83.0% of annual company revenue)
- 1-year change in arms sales: -10.1% absolute; -7.0% inflation adj.
- Headquartered in: Italy
12. L3Harris Technologies
Source: JHVEPhoto / iStock Editorial via Getty Images
- Arms sales in 2022: $12.6 billion (approx. 74.0% of annual company revenue)
- 1-year change in arms sales: -5.5% absolute; -12.5% inflation adj.
- Headquartered in: United States
11. CETC (China Electronics Technology Group Corporation)
- Arms sales in 2022: $15.1 billion (approx. 27.0% of annual company revenue)
- 1-year change in arms sales: +0.6% absolute; +2.7% inflation adj.
- Headquartered in: China
10. Rostec*
- Arms sales in 2022: $16.8 billion (approx. 55.5% of annual company revenue)
- 1-year change in arms sales: +8.1% absolute; -9.9% inflation adj.
- Headquartered in: Russia
- *Note: Holding company with no direct manufacturing capacity — owns multiple defense companies including High Precision Systems, KRET, Russian Electronics, Russian Helicopters, United Aircraft Corp., United Engines Corp. and UralVagonZavod
9. CASC (China Aerospace Science and Technology Corporation)
- Arms sales in 2022: $19.6 billion (approx. 44.0% of annual company revenue)
- 1-year change in arms sales: +2.4% absolute; +4.5% inflation adj.
- Headquartered in: China
8. AVIC (Aviation Industry Corporation of China)*
Source: Flight Video & Photo / iStock Editorial via Getty Images
- Arms sales in 2022: $20.6 billion (approx. 25.0% of annual company revenue)
- 1-year change in arms sales: +2.5% absolute; +4.7% inflation adj.
- Headquartered in: China
7. NORINCO
- Arms sales in 2022: $22.1 billion (approx. 26.7% of annual company revenue)
- 1-year change in arms sales: +2.3% absolute; +4.4% inflation adj.
- Headquartered in: China
6. BAE Systems
Source: Handout / Getty Images News via Getty Images
- Arms sales in 2022: $26.9 billion (approx. 97.1% of annual company revenue)
- 1-year change in arms sales: -2.1% absolute; +0.05% inflation adj.
- Headquartered in: United Kingdom
5. General Dynamics Corp.
Source: Public Domain / Wikimedia Commons
- Arms sales in 2022: $28.3 billion (approx. 71.9% of annual company revenue)
- 1-year change in arms sales: +2.0% absolute; -5.6% inflation adj.
- Headquartered in: United States
4. Boeing
Source: Public Domain / Wikimedia Commons
- Arms sales in 2022: $29.3 billion (approx. 44.0% of annual company revenue)
- 1-year change in arms sales: -12.3% absolute; -18.9% inflation adj.
- Headquartered in: United States
3. Northrop Grumman Corp.
Source: Jorge Villalba / iStock Unreleased via Getty Images
- Arms sales in 2022: $32.3 billion (approx. 88.2% of annual company revenue)
- 1-year change in arms sales: +8.1% absolute; +0.04% inflation adj.
- Headquartered in: United States
2. Raytheon Technologies*
Source: jetcityimage / iStock Editorial via Getty Images
- Arms sales in 2022: $39.6 billion (approx. 59.0% of annual company revenue)
- 1-year change in arms sales: -5.4% absolute; -12.5% inflation adj.
- Headquartered in: United States
- *Note: Renamed RTX in 2023.
1. Lockheed Martin Corp.
Source: JHVEPhoto / iStock Editorial via Getty Images
- Arms sales in 2022: $59.4 billion (approx. 90.0% of annual company revenue)
- 1-year change in arms sales: -1.6% absolute; -8.9% inflation adj.
- Headquartered in: United States
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