The US and the EU are mostly at parity when it comes to total spending (that includes military spending), with the difference being of about 5-10% last time I checked (which was sometimes in September of 2023). By how things have progressed since then it is fair to say that the EU has taken the upper hand on that.

And this is all without counting the "externalities" of the war in Ukraine which Europe had to absorb all by itself, such as higher energy prices, selling assets in Russia at very discounted prices (for comparison, the US and the UK didn't have that much stuff to sell there anyway) and the material help and assistance provided to the millions of Ukrainian refugees.