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

Paper by William Hartung and Stephen Semler for the Costs of War Project and the Quincy Institute, July 2025.

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Profits of War: Top Beneficiaries of Pentagon Spending, 2020 – 2024, Costs of War Project, Brown University, 8 Jul 2025. Scholarship & press
Costs of War published this report in collaboration with the transpartisan think tank Quincy Institute for Responsible Statecraft.
William D. Hartung Read Full Paper Profits of War: Top Beneficiaries of Pentagon Spending, 2020 – 2024
Costs of War, Costs of War Project, Brown University. Scholarship & press
In five years, from 2020 to 2024, private firms received $2.4 trillion in contracts from the Pentagon, approximately 54% of the department’s discretionary spending of $4.4 trillion over that period.
Profits of War: Top Beneficiaries of Pentagon Spending, 2020–2024, Costs of War Project, Brown University, and Quincy Institute for Responsible Statecraft, 8 Jul 2025. Scholarship & press
William D. Hartung and Stephen N. Semler

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