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"Global military spending reached a new record of almost $2.9 trillion in 2025 − the 11th consecutive year of growth according to new data publishedby the Stockholm International Peace Research Institute."
The main engine of growth was Europe, where expenditure surged 14% to $864 billion − the highest level SIPRI has ever recorded for the continent."
"Global military spending reached a new record of almost $2.9 trillion in 2025 − the 11th consecutive year of growth − even as the United States recorded its sharpest single-year decline in decades, according to new datapublished by the Stockholm International Peace Research Institute.
The main engine of growth was Europe, where expenditure surged 14% to $864 billion − the highest level SIPRI has ever recorded for the continent and, among NATO’s European members, the fastest annual increase since 1953. Germany crossed the 2% of GDP threshold for the first time since 1990, with spending rising 24% to $114 billion; Berlin has since pledged to reach 3.5% by 2029. Spain’s military budget leaped 50% to $40.2 billion, also crossing 2% of GDP for the first time since 1994, while Poland spent 4.5% of its GDP on defense − the highest burden among all NATO members.
The pattern repeated itself in Asia and Oceania, where combined expenditure rose 8.1% to $681 billion, the region’s sharpest increase since 2009. China’s spending grew 7.4% to an estimated $336 billion, marking its 31st consecutive annual increase. Taiwan posted a 14% jump to $18.2 billion − its largest rise since at least 1988 − as Chinese military exercises around the island intensified. Japan’s $62.2 billion budget represented 1.4% of GDP, the highest military burden the longtime pacifist country has carried since 1958.
Russia and Ukraine, now in the fifth year of war, continued to expand their military outlays. Russia allocated an estimated $190 billion − 7.5% of GDP and a record 20% of total government expenditure − while Ukraine spent $84.1 billion, equivalent to a staggering 40% of GDP and 63% of government spending.
The overall 2.9% real-terms increase is the smallest annual rise since 2021, though that’s largely an accounting artifact. The dynamic is almost entirely explained by Washington’s failure to approve new financial military assistance for Ukraine during the year − aid that SIPRI counts as part of the donor country’s expenditure. U.S. spending fell 7.5% year over year to $954 billion, primarily because no new supplemental appropriations for Ukraine-related Defense Department support were passed in 2025, compared to a cumulative $127 billion approved over the previous three years. Outside the United States, global military spending grew by 9.2%.
SIPRI researchers were blunt about the outlook: “The decline in U.S. military expenditure in 2025 is likely to be short-lived,” said program director Nan Tian. Congress has already approved over $1 trillion for 2026, with a potential further rise to $1.5 trillion in 2027 if President Donald Trump’s latest budget proposal passes.
In addition to providing the latest numbers, SIPRI researchers also raised a concern about transparency. The June 2025 NATO summit raised the alliance’s spending target to 5% of GDP by 2035, with up to 1.5% points of that allowed to cover loosely defined “defense- and security-related” expenditures. Researchers warned that vague definitions risk incentivizing “creative accounting” and cited Italy’s reported attempt to count the cost of constructing a bridge to Sicily as military-related spending as an illustration of the problem. Because NATO does not publish disaggregated data, independent verification is becoming increasingly difficult.
Total NATO spending reached $1.581 trillion in 2025, equivalent to 55% of the global total −a figure that, SIPRI cautioned, may not accurately reflect the alliance’s actual operational military capacity."
Linus Hölleris Defense News' Europe correspondent and OSINT investigator. He reports on the arms deals, sanctions, and geopolitics shaping Europe and the world. He holds master’s degrees in WMD nonproliferation, terrorism studies, and international relations, and works in four languages: English, German, Russian, and Spanish.
"(Stockholm, 2 December 2024) Revenues from sales of arms and military services by the 100 largest companies in the industry reached $632 billion in 2023, a real-terms increase of 4.2 per cent compared with 2022, according to new data released today by the Stockholm International Peace Research Institute (SIPRI), available at www.sipri.org.
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Arms revenue increases were seen in all regions, with particularly sharp rises among companies based in Russia and the Middle East. Overall, smaller producers were more efficient at responding to new demand linked to the wars in Gaza and Ukraine, growing tensions in East Asia and rearmament programmes elsewhere.
SIPRI Top 100 companies ramp up production and build workforces
In 2023 many arms producers ramped up their production in response to surging demand. The total arms revenues of the Top 100 bounced back after a dip in 2022. Almost three quarters of companies increased their arms revenues year-on-year. Notably, most of the companies that increased their revenues were in the lower half of the Top 100.
‘There was a marked rise in arms revenues in 2023, and this is likely to continue in 2024,’ said Lorenzo Scarazzato, a Researcher with the SIPRI Military Expenditure and Arms Production Programme. ‘The arms revenues of the Top 100 arms producers still did not fully reflect the scale of demand, and many companies have launched recruitment drives, suggesting they are optimistic about future sales.’
US companies’ arms revenues rise, but production challenges remain
The 41 companies in the Top 100 based in the United States recorded arms revenues of $317 billion, half the total arms revenues of the Top 100 and 2.5 per cent more than in 2022. Since 2018, the top five companies in the Top 100 have all been based in the USA.
Of the 41 US companies, 30 increased their arms revenues in 2023. However, Lockheed Martin and RTX, the world’s two largest arms producers, were among those registering a drop.
‘Larger companies like Lockheed Martin and RTX manufacturing a wide range of arms products often depend on complex, multi-tiered supply chains, which made them vulnerable to lingering supply chain challenges in 2023,’ said Dr Nan Tian, Director of SIPRI’s Military Expenditure and Arms Production Programme. ‘This was particularly the case in the aeronautics and missile sectors.’
European arms industry trails rest of world in revenue growth
The combined arms revenues of the 27 Top 100 companies based in Europe (excluding Russia) totalled $133 billion in 2023. This was only 0.2 per cent more than in 2022, the smallest increase in any world region.
However, behind the low growth figure the picture is more nuanced. European arms companies producing complex weapon systems were mostly working on older contracts during 2023 and their revenues for the year consequently do not reflect the influx of orders.
‘Complex weapon systems have longer lead times,’ said Lorenzo Scarazzato. ‘Companies that produce them are thus inherently slower in reacting to changes in demand. That explains why their arms revenues were relatively low in 2023, despite a surge in new orders.’
At the same time, a number of other European producers saw their arms revenues grow substantially, driven by demand linked to the war in Ukraine, particularly for ammunition, artillery and air defence and land systems. Notably, companies in Germany, Sweden, Ukraine, Poland, Norway and Czechia were able to tap into this demand. For instance, Germany’s Rheinmetall increased production capacity of 155-mm ammunition and its revenues were boosted by deliveries of its Leopard tanks and new orders, including through war-related ‘ring-exchange’ programmes (under which countries supply military goods to Ukraine and receive replacements from allies).
Wartime production leads to sharp rise in Russian firms’ arms revenues
The two Russian companies listed in the Top 100 saw their combined revenues increase by 40 per cent to reach an estimated $25.5 billion. This was almost entirely due to the 49 per cent increase in arms revenues recorded by Rostec, a state-owned holding company controlling many arms producers, including seven previously listed in the Top 100 for which individual revenue data could not be obtained.
‘Official data on Russian arms production is scarce and questionable but most analysts believe that the production of new military equipment increased substantially in 2023, while Russia’s existing arsenal underwent extensive refurbishment and modernization,’ said Dr Nan Tian. ‘In particular, combat aircraft, helicopters, UAVs, tanks, munitions and missiles are all thought to have been produced in greater numbers as Russia continued its offensive in Ukraine.’
South Korean and Japanese companies lead revenue growth in Asia and Oceania
The 23 companies in the Top 100 based in Asia and Oceania recorded 5.7 per cent arms revenue growth year-on-year, to reach $136 billion. The four South Korea-based companies recorded a combined 39 per cent increase in arms revenues to reach $11.0 billion. The five companies based in Japan saw their combined arms revenues rise by 35 per cent to $10.0 billion. A policy of military build-up in Japan since 2022 drove a flurry of domestic orders, with some companies seeing the value of new orders increase more than 300 per cent.
‘The sharp growth in arms revenues among South Korean and Japanese companies reflects the bigger picture of military build-ups taking place in the region in response to heightened threat perceptions,’ said Xiao Liang, a Researcher with the SIPRI Military Expenditure and Arms Production Programme. ‘South Korean firms are also trying to expand their share of the global arms market, including demand in Europe related to the war in Ukraine.’
Middle East arms producers see revenue growth linked to Gaza, Ukraine conflicts
Six of the Top 100 arms companies were based in the Middle East. Their combined arms revenues grew by 18 per cent to $19.6 billion. With the outbreak of war in Gaza, the arms revenues of the three companies based in Israel in the Top 100 reached $13.6 billion. This was the highest figure ever recorded by Israeli companies in the SIPRI Top 100. The three companies based in Türkiye saw their arms revenues grow by 24 per cent to $6.0 billion, benefiting from exports prompted by the war in Ukraine and from the Turkish government’s continued push towards self-reliance in arms production.
‘The biggest Middle Eastern arms producers in the Top 100 saw their arms revenues reach unprecedented heights in 2023 and the growth looks set to continue,’ said Dr Diego Lopes da Silva, Senior Researcher with the SIPRI Military Expenditure and Arms Production Programme. ‘In particular, as well as taking in record arms revenues in 2023, Israeli arms producers are booking many more orders as the war in Gaza rages on and spreads.’
Other notable developments
The nine companies in the Top 100 based in China saw their smallest year-on-year percentage increase in arms revenues (+0.7 per cent) since 2019 amid a slowing economy. Their total arms revenues in 2023 reached $103 billion.
The combined arms revenues of the three Indian companies in the Top 100 increased to $6.7 billion (+5.8 per cent).
NCSIST, the only Taiwan-based company in the Top 100, recorded a 27 per cent increase in its arms revenues to $3.2 billion.
Türkiye’s Baykar produces armed uncrewed aerial vehicles (UAVs) that have been widely used in the war in Ukraine. Exports accounted for around 90 per cent of its arms revenues in 2023, which increased by 25 per cent over the year to $1.9 billion.
The United Kingdom’s Atomic Weapons Establishment, which designs, manufactures and maintains nuclear warheads, recorded the largest year-on-year percentage increase in arms revenues (+16 per cent) among UK companies in the Top 100, to reach $2.2 billion.
About the SIPRI Arms Industry Database
The SIPRI Arms Industry Database was created in 1989. At that time, it excluded data for companies in China, the Soviet Union and countries in Eastern Europe. The current version contains data for 2002–23, including data for companies in Russia. Chinese companies are included from 2015 onwards.
‘Arms revenues’ refer to revenues generated from the sales of military goods and services to military customers domestically and abroad. Unless otherwise specified, all changes are expressed in real terms and all figures are given in constant 2023 US dollars. Comparisons between 2022 and 2023 are based on the list of companies in the ranking for 2023 (i.e. the annual comparison is between the same set of companies). Longer-term comparisons are based on the sets of companies listed in the respective year (i.e. the comparison is between a different set of companies).
This is the first of three major data launches in the lead-up to the release of SIPRI’s flagship publication in mid 2025, the annual SIPRI Yearbook. Ahead of this, SIPRI will releaseits international arms transfers data (details of all international transfers of major arms in 2024) as well as its world military expenditure data (comprehensive information on global, regional and national trends in military spending in 2024).
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“STOCKHOLM
INTERNATIONAL PEACE RESEARCH INSTITUTE”
“World
military expenditure rose for the ninth consecutive year to an
all-time high of $2443 billion.
For
the first time since 2009, military expenditure went up in all five
of the geographical regions defined by SIPRI, with particularly large
increases recorded in Europe, Asia and Oceania and the Middle East.”
“Total
global military expenditure reached $2443 billion in 2023, an
increase of 6.8 per cent in real terms from 2022. This was the
steepest year-on-year increase since 2009. The 10 largest spenders in
2023—led by the United States, China and Russia—all increased
their military spending, according to new data on global military
spending published today by the Stockholm International Peace
Research Institute (SIPRI), available at www.sipri.org.
Read
this press release in Catalan (PDF),
French (PDF), Spanish (PDF)
or Swedish (PDF).
The
unprecedented rise in military spending is a direct response to the
global deterioration in peace and security,’ said Nan Tian, Senior
Researcher with SIPRI’s Military Expenditure and Arms Production
Programme. ‘States are prioritizing military strength but they risk
an action–reaction spiral in the increasingly volatile geopolitical
and security landscape.
Military
aid to Ukraine narrows spending gap with Russia
Russia’s
military spending increased by 24 per cent to an estimated $109
billion in 2023, marking a 57 per cent rise since 2014, the year that
Russia annexed Crimea. In 2023 Russia’s military spending made up
16 per cent of total government spending and its military burden
(military spending as a share of gross domestic product, GDP) was 5.9
per cent.
Ukraine was
the eighth largest spender in 2023, after a spending surge of 51 per
cent to reach $64.8 billion. This gave Ukraine a military burden of
37 per cent and represented 58 per cent of total government spending.
Ukraine’s
military spending in 2023 was 59 per cent the size of Russia’s.
However, Ukraine also received at least $35 billion in military aid
during the year, including $25.4 billion from the USA. Combined, this
aid and Ukraine’s own military spending were equivalent to about 91
per cent of Russian spending.
USA
remains NATO’s major spender but European members increase share
In
2023 the 31 NATO members accounted for $1341 billion, equal to 55 per
cent of the world’s military expenditure. Military spending by
the USA rose by 2.3 per cent to reach $916
billion in 2023, representing 68 per cent of total NATO military
spending. In 2023 most European NATO members increased their military
expenditure. Their combined share of the NATO total was 28 per cent,
the highest in a decade. The remaining 4 per cent came
from Canada and Türkiye.
‘For
European NATO states, the past two years of war in Ukraine have
fundamentally changed the security outlook,’ said Lorenzo
Scarazzato, Researcher with SIPRI’s Military Expenditure and Arms
Production Programme. ‘This shift in threat perceptions is
reflected in growing shares of GDP being directed towards military
spending, with the NATO target of 2 per cent increasingly being seen
as a baseline rather than a threshold to reach.’
A
decade after NATO members formally committed to a target of spending
2 per cent of GDP on the military, 11 out of 31 NATO members met or
surpassed this level in 2023—the highest number since the
commitment was made. Another target—of directing at least 20
per cent of military spending to ‘equipment spending’—was met
by 28 NATO members in 2023, up from 7 in 2014.
China’s
rising military expenditure drives up spending by neighbours
China,
the world’s second largest military spender, allocated an estimated
$296 billion to the military in 2023, an increase of 6.0 per cent
from 2022. This was the 29th consecutive year-on-year rise in China’s
military expenditure. China accounted for half of total military
spending across the Asia and Oceania region. Several of China’s
neighbours have linked their own spending increases to China’s
rising military expenditure.
Japan allocated
$50.2 billion to its military in 2023, which was 11 per cent more
than in 2022. Taiwan’s military expenditure also grew
by 11 per cent in 2023, reaching $16.6 billion.
‘China
is directing much of its growing military budget to boost the combat
readiness of the People’s Liberation Army,’ said Xiao Liang,
Researcher with SIPRI’s Military Expenditure and Arms Production
Programme. ‘This has prompted the governments of Japan, Taiwan and
others to significantly build up their military capabilities, a trend
that will accelerate further in the coming years.’
War
and tensions in the Middle East fuel biggest spending increase of
past decade
Estimated
military expenditure in the Middle East increased by 9.0 per cent to
$200 billion in 2023. This was the highest annual growth rate in the
region seen in the past decade.
Israel’s
military spending—the second largest in the region after Saudi
Arabia—grew by 24 per cent to reach $27.5 billion in 2023. The
spending increase was mainly driven by Israel’s large-scale
offensive in Gaza in response to the attack on southern Israel by
Hamas in October 2023.
‘The
large increase in military spending in the Middle East in 2023
reflected the rapidly shifting situation in the region—from the
warming of diplomatic relations between Israel and several Arab
countries in recent years to the outbreak of a major war in Gaza and
fears of a region-wide conflict,’ said Diego Lopes da Silva, Senior
Researcher with SIPRI’s Military Expenditure and Arms
Production Programme.
Military
action against organized crime pushes up spending in Central America
and the Caribbean
Military
spending in Central America and the Caribbean in 2023 was 54 per cent
higher than in 2014. Escalating crime levels have led to the
increased use of military forces against criminal gangs in several
countries in the subregion.
Military
spending by the Dominican Republic rose by 14 per
cent in 2023 in response to worsening gang violence in neighbouring
Haiti. The Dominican Republic’s military spending has risen steeply
since 2021, when the assassination of Haitian President Jovenel Moïse
threw Haiti into crisis.
In Mexico,
military expenditure reached $11.8 billion in 2023, a 55 per cent
increase from 2014 (but a 1.5 per cent decrease from 2022).
Allocations to the Guardia Nacional (National Guard)—a militarized
force used to curb criminal activity—rose from 0.7 per cent of
Mexico’s total military expenditure in 2019, when the force was
created, to 11 per cent in 2023.
‘The
use of the military to suppress gang violence has been a growing
trend in the region for years as governments are either unable to
address the problem using conventional means or prefer
immediate—often more violent—responses,’ said Diego Lopes da
Silva, Senior Researcher with SIPRI’s Military Expenditure and
Arms Production Programme.
Other
notable developments
India was
the fourth largest military spender globally in 2023. At $83.6
billion, its military expenditure was 4.2 per cent higher than in
2022.
The
largest percentage increase in military spending by any country in
2023 was seen in the Democratic Republic of the Congo (+105
per cent), where there has been protracted conflict between the
government and non-state armed groups. South Sudan recorded
the second largest percentage increase (+78 per cent) amid internal
violence and spillover from the Sudanese civil war.
Poland’s
military spending, the 14th highest in the world, was $31.6 billion
after growing by 75 per cent between 2022 and 2023—by far the
largest annual increase by any European country.
In
2023 Brazil’s military spending increased by 3.1 per
cent to $22.9 billion. Citing the NATO spending guideline, members
of Brazil’s Congress submitted a constitutional amendment to the
Senate in 2023 that aims to increase Brazil’s military burden to
an annual minimum of 2 per cent of GDP (up from 1.1 per cent in
2023).
Algeria’s
military spending grew by 76 per cent to reach $18.3 billion. This
was the highest level of expenditure ever recorded by Algeria and
was largely due to a sharp rise in revenue from gas exports to
countries in Europe as they moved away from Russian supplies.
Iran was
the fourth largest military spender in the Middle East in 2023 with
$10.3 billion. According to available data, the share of military
spending allocated to the Islamic Revolutionary Guard Corps grew
from 27 per cent to 37 per cent between 2019 and 2023.
For
editors
SIPRI
monitors developments in military expenditure worldwide and maintains
the most comprehensive, consistent and extensive publicly available
data source on military expenditure. The annual update of the
SIPRI Military Expenditure Database is accessible from today
at www.sipri.org.
All
percentage changes are expressed in real terms (constant 2022
prices). Military expenditure refers to all government spending on
current military forces and activities, including salaries and
benefits, operational expenses, arms and equipment purchases,
military construction, research and development, and central
administration, command and support. SIPRI therefore discourages the
use of terms such as ‘arms spending’ when referring to military
expenditure, as spending on armaments is usually only a minority of
the total.”
