A report released today showed that major companies in the arms industry saw a 4.2% increase in overall revenue in 2023, according to the Associated Press.
The report by the Stockholm International Peace Research Institute (SIPRI) said revenues from the top 100 arms companies totaled $632 billion last year in response to surging demand related to the wars in Ukraine and Gaza. It said that “smaller producers were more efficient at responding to new demand.”
By contrast, some major companies like U.S.-based Lockheed Martin Corp. and RTX that were involved in complex, long-term contacts registered a drop in earnings.
The 41 U.S.-based arms companies among the world’s top 100 saw revenues of $317 billion, a 2.5% increase from 2022, the report said.
Since 2018, the world’s top five companies in the industry are Lockheed Martin Corp., RTX, Northrop Grumman Corp., Boeing, and General Dynamics Corp.
