US and russian firms contributed most to the decline in total revenues in 2022

According to a report released by the Stockholm International Peace Research Institute (SIPRI), the total revenues of the world's 100 largest arms companies saw a 3.5% decline in 2022 to $597 billion. This decrease comes despite the war in Ukraine and the efforts of many European states to increase their defense spending.

russia's invasion of Ukraine and heightened tensions in other parts of the world should have boosted demand for weapons and military equipment. However, according to SIPRI, many arms companies face obstacles in adjusting production to cope with intense war operations. However, there is a significant increase in orders, especially for ammunition, potentially leading to substantial revenue increases in future years, profit.ro reports, citing DPA. 

The data show that the biggest declines in revenue have been seen by US and russian companies. Combined revenue of US firms stood at $302 billion, down 7.9% from 2021. russian companies included in the report also reported a significant decline of 12%.