BAE Systems reports strong growth as Europe's largest defense contractor

BAE Systems is the largest defense contractor in Europe and ranks seventh globally, with 2023 revenues of $27.5 billion. The company has grown through mergers, including British Aerospace and Marconi Electronic Systems in 1999, and now employs over 90,000 people worldwide. The company specializes in advanced military products, including the Eurofighter Typhoon and various naval vessels. It also manufactures land-based systems like Challenger 2 tanks and the SA80 assault rifle, serving major customers such as the UK, US, and several allied nations. Despite a slower financial performance this year, BAE Systems has seen significant growth since 2020, with stock prices more than doubling. The company continues to play a vital role in global defense production amid ongoing geopolitical tensions.