“Profits of War: Top Beneficiaries of Pentagon Spending, 2020–2024”

Published July 8, 2025 via Brown University’s Costs of War Project & the Quincy Institute for Responsible Statecraft. Costs of War+2Watson Brown University+2

What’s Included / Excluded: The report deals with Pentagon discretionary spending and contracts to private firms. It excludes military aid under State Department or foreign aid that is also military in nature. The comparison between “defense contracting” vs “development/humanitarian aid” is illustrative, but does not include all military expenditures globally or all security-related costs.


Key Findings

  1. Massive Contract Spending to Private Firms
    From 2020 through 2024, private companies were awarded $2.4 trillion in contracts by the U.S. Department of Defense. That represents roughly 54% of the Pentagon’s discretionary spending during that period, which totaled about $4.4 trillion.
  2. Top Firms Get the Bulk
    Just five major weapons and defense firms together received $771 billion in that span:
    • Lockheed Martin: ~$313 billion
    • RTX (formerly Raytheon): ~$145 billion
    • Boeing: ~$115 billion
    • General Dynamics: ~$116 billion
    • Northrop Grumman: ~$81 billion
  3. Comparison With Diplomacy & Aid
    In contrast, during the same years (2020-2024), the U.S. budget for diplomacy, development, and humanitarian aid (excluding military aid) amounted to $356 billion—less than half of what was awarded just to those five contractors.
  4. Growth & Historical Context
    • The report notes that over the decades, the percentage of Pentagon discretionary spending going to private contractors has increased: about 41% in the 1990s vs ~54% since 2020.
    • The U.S. military budget has nearly doubled since 2000 (in 2025 constant dollars), rising from about $531 billion to $899 billion (before accounting for recent supplemental legislation). With that legislation, the recent total is pushed above $1 trillion per year.
  5. Influence & Political Economy
    The report also details how the arms industry uses multiple tools to shape policy and secure funding:
    • Lobbying: The number of lobbyists working for the arms industry grew, with ~950 in 2024 — about 220 more than in 2020.
    • Political contributions, contracting “revolving door” (movement of personnel between industry and government), think tank funding, and advisory roles are enumerated as channels of influence.

Implications & Analysis

  • Budget Priorities: One of the stark contrasts is between spending on weaponry/defense contracting and spending on diplomacy, humanitarian assistance, and development. The difference suggests a national priority heavily tilted toward military power and armaments over softer peaceful power tools.
  • Concentration of Beneficiaries: A small number of large firms capture a huge share of Pentagon contracting. That raises questions about competition, accountability, bargaining power, and what this concentration leads to.
  • Growth of the Military-Industrial Complex: The findings support arguments that the U.S. has become increasingly enmeshed with private defense contractors, with these actors not just responding to demand but helping shape demand (through political influence) and therefore policy.
  • Lack of Transparency & Oversight: While the report doesn’t claim all this spending is waste or abuse, the scale and concentration make oversight a serious concern. The reliance on contractors means more funds are traveling through private channels, which often have less public scrutiny.

  • Efficacy & Effectiveness: The report doesn’t fully evaluate whether the contracts yielded proportional strategic advantages or were cost-efficient; the focus is more on financial flows and influence. To assess overall policy trade-offs more deeply, one would need to analyze military outcomes, readiness, deterrence, risks, etc.

  • The only case is for rebalancing U.S. federal spending toward diplomacy, development, and humanitarian efforts if we assume broader conceptions that include soft power, stability, and prevention.
  • Strengthening oversight, transparency, and competition in Pentagon contracting could help ensure taxpayer dollars are used more efficiently and transparently.

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