NASDAQ : ESLT
Elbit Systems Ltd. — Financial statements
Industrials · Aerospace & Defense · Israel
Last price 785.83 USD (Oct 30, 2026, 9:31 AM EDT) · Market cap 36.64B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Elbit Systems Ltd. (ESLT) reported revenue of 8.55B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 8.55B | 7.94B | 6.83B | 5.97B | 5.51B | 5.28B |
| Cost of Revenue | 6.41B | 6.00B | 5.19B | 4.47B | 4.14B | 3.92B |
| Gross Profit | 2.14B | 1.94B | 1.64B | 1.50B | 1.37B | 1.36B |
| Selling, General & Admin | 752.80M | 730.93M | 665.46M | 696.02M | 643.62M | 570.83M |
| Research & Development | 582.72M | 517.14M | 466.40M | 424.42M | 435.65M | 395.09M |
| Other Operating Expenses | -49.97M | -14.66M | ||||
| Operating Expenses | 1.34B | 1.25B | 1.13B | 1.12B | 1.03B | 951.25M |
| Operating Income | 803.58M | 687.18M | 509.96M | 380.01M | 343.98M | 406.79M |
| Interest Expense | -27.75M | -43.65M | -90.01M | -79.85M | -38.93M | -24.26M |
| Interest & Investment Income | 6.30M | 6.30M | 5.12M | 2.36M | 383.00K | 469.00K |
| Earnings From Equity Investments | 29.93M | 29.24M | 19.18M | 12.28M | 7.04M | 22.60M |
| Other Non Operating Income (Expenses) | -92.05M | -92.41M | -65.83M | -60.77M | -11.03M | -16.83M |
| EBT Excluding Unusual Items | 720.01M | 586.67M | 378.42M | 254.03M | 301.44M | 388.77M |
| Merger & Restructuring Charges | -17.50M | |||||
| Gain (Loss) on Sale of Investments | 4.49M | 4.49M | -17.49M | -2.96M | -20.79M | 17.28M |
| Gain (Loss) on Sale of Assets | 18.95M | |||||
| Pretax Income | 724.50M | 591.16M | 360.92M | 238.77M | 299.60M | 406.05M |
| Income Tax Expense | 87.89M | 55.54M | 39.06M | 22.91M | 24.13M | 131.39M |
| Earnings From Continuing Operations | 636.61M | 535.62M | 321.86M | 215.86M | 275.47M | 274.66M |
| Minority Interest in Earnings | -628.00K | -1.28M | -726.00K | -725.00K | -21.00K | -313.00K |
| Net Income | 635.98M | 534.34M | 321.14M | 215.13M | 275.45M | 274.35M |
| Net Income to Common | 635.98M | 534.34M | 321.14M | 215.13M | 275.45M | 274.35M |
| Shares Outstanding (Basic) | 46.49M | 45.71M | 44.48M | 44.38M | 44.32M | 44.20M |
| Shares Outstanding (Diluted) | 47.92M | 46.92M | 44.71M | 44.59M | 44.58M | 44.28M |
| EPS (Basic) | 13.68 | 11.69 | 7.22 | 4.85 | 6.21 | 6.21 |
| EPS (Diluted) | 13.27 | 11.39 | 7.18 | 4.82 | 6.18 | 6.20 |
| Free Cash Flow | 681.54M | 552.81M | 319.56M | -73.33M | 34.96M | 228.31M |
| Free Cash Flow Per Share | 14.22 | 11.78 | 7.15 | -1.64 | 0.78 | 5.16 |
| Dividend Per Share | 3.75 | 3.10 | 2.10 | 2.00 | 2.00 | 1.86 |
| Gross Margin | 25.03% | 24.38% | 24.05% | 25.11% | 24.92% | 25.73% |
| Operating Margin | 9.40% | 8.66% | 7.47% | 6.36% | 6.24% | 7.71% |
| Profit Margin | 7.44% | 6.73% | 4.70% | 3.60% | 5.00% | 5.20% |
| Free Cash Flow Margin | 7.98% | 6.96% | 4.68% | -1.23% | 0.63% | 4.32% |
| EBITDA | 983.29M | 858.62M | 668.35M | 544.81M | 505.27M | 559.88M |
| EBITDA Margin | 11.51% | 10.82% | 9.79% | 9.12% | 9.17% | 10.61% |
| D&A For EBITDA | 179.71M | 171.43M | 158.39M | 164.80M | 161.29M | 153.09M |
| EBIT | 803.58M | 687.18M | 509.96M | 380.01M | 343.98M | 406.79M |
| EBIT Margin | 9.40% | 8.66% | 7.47% | 6.36% | 6.24% | 7.71% |
| Effective Tax Rate | 12.13% | 9.40% | 10.82% | 9.60% | 8.05% | 32.36% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 255.34M | 635.14M | 265.35M | 197.43M | 211.11M | 258.99M |
| Short-Term Investments | 707.60M | 180.60M | 1.33M | 10.52M | 1.04M | 1.19M |
| Cash & Short-Term Investments | 962.93M | 815.75M | 266.68M | 207.95M | 212.15M | 260.18M |
| Accounts Receivable | 4.17B | 3.33B | 2.94B | 2.72B | 2.57B | 2.77B |
| Other Receivables | 498.92M | 127.86M | 112.99M | 87.86M | 87.20M | 100.14M |
| Receivables | 4.67B | 3.46B | 3.06B | 2.80B | 2.66B | 2.87B |
| Inventory | 3.24B | 3.13B | 2.77B | 2.30B | 1.95B | 1.67B |
| Prepaid Expenses | 253.79M | 176.32M | 161.42M | 161.98M | 117.81M | |
| Other Current Assets | 75.74M | 82.61M | 36.07M | 49.52M | 61.27M | |
| Total Current Assets | 8.87B | 7.74B | 6.36B | 5.51B | 5.03B | 4.98B |
| Property, Plant & Equipment | 1.96B | 1.90B | 1.80B | 1.51B | 1.35B | 1.32B |
| Long-Term Investments | 279.09M | 140.68M | 135.08M | 152.48M | 166.60M | 215.36M |
| Goodwill | 1.50B | 1.49B | 1.50B | 1.50B | 1.55B | |
| Other Intangible Assets | 1.86B | 324.65M | 354.76M | 390.52M | 432.73M | 469.12M |
| Long-Term Accounts Receivable | 562.32M | 719.08M | 516.30M | 364.72M | 374.05M | 316.07M |
| Long-Term Deferred Tax Assets | 92.51M | 86.68M | 34.06M | 23.42M | 20.02M | 65.27M |
| Other Long-Term Assets | 237.09M | 260.38M | 281.61M | 287.46M | 333.32M | 401.89M |
| Total Assets | 13.86B | 12.66B | 10.97B | 9.74B | 9.22B | 9.32B |
| Accounts Payable | 1.69B | 1.51B | 1.34B | 1.25B | 1.07B | 1.02B |
| Accrued Expenses | 806.03M | 637.78M | 642.16M | 593.78M | 575.09M | |
| Short-Term Debt | 50.53M | 450.86M | 576.59M | 115.08M | 27.68M | |
| Current Portion of Long-Term Debt | 87.53M | 83.45M | 74.56M | 75.29M | 76.56M | 78.68M |
| Current Portion of Leases | 96.96M | 98.46M | 84.91M | 67.39M | 69.32M | 76.78M |
| Current Income Taxes Payable | 59.34M | 34.13M | 68.39M | 62.26M | 105.66M | |
| Current Unearned Revenue | 2.79B | 2.68B | 2.15B | 1.66B | 1.78B | 1.50B |
| Other Current Liabilities | 1.69B | 683.77M | 535.81M | 483.80M | 515.32M | 633.58M |
| Total Current Liabilities | 6.36B | 5.98B | 5.31B | 4.82B | 4.28B | 4.02B |
| Long-Term Debt | 179.98M | 255.62M | 305.92M | 384.07M | 680.08M | 884.95M |
| Long-Term Leases | 487.77M | 476.74M | 454.06M | 363.10M | 344.58M | 386.64M |
| Long-Term Unearned Revenue | 1.52B | 934.26M | 816.80M | 354.32M | 217.07M | 293.98M |
| Pension & Post-Retirement Benefits | 513.70M | 487.76M | 454.33M | 510.42M | 618.09M | 884.35M |
| Long-Term Deferred Tax Liabilities | 150.65M | 137.66M | 73.92M | 55.24M | 72.97M | 141.45M |
| Other Long-Term Liabilities | 237.49M | 263.07M | 274.42M | 298.30M | 247.90M | 155.61M |
| Total Liabilities | 9.45B | 8.53B | 7.69B | 6.79B | 6.46B | 6.77B |
| Common Stock | 4.41B | 13.44M | 12.84M | 12.82M | 12.79M | 12.76M |
| Additional Paid-In Capital | 1.06B | 459.33M | 443.57M | 431.43M | 420.97M | |
| Retained Earnings | 3.15B | 2.74B | 2.51B | 2.38B | 2.20B | |
| Comprehensive Income & Other | -93.20M | 64.30M | -17.80M | -71.56M | -97.86M | |
| Total Common Equity | 4.41B | 4.13B | 3.28B | 2.95B | 2.76B | 2.53B |
| Minority Interest | 351.00K | 375.00K | 3.44M | 2.79M | 2.45M | 14.63M |
| Shareholders' Equity | 4.41B | 4.13B | 3.28B | 2.95B | 2.76B | 2.55B |
| Total Liabilities & Equity | 13.86B | 12.66B | 10.97B | 9.74B | 9.22B | 9.32B |
| Total Debt | 852.24M | 964.81M | 1.37B | 1.47B | 1.29B | 1.45B |
| Net Cash (Debt) | 110.70M | -149.06M | -1.10B | -1.26B | -1.07B | -1.19B |
| Net Cash Per Share | 2.31 | -3.18 | -24.68 | -28.22 | -24.08 | -26.98 |
| Filing Date Shares Outstanding | 46.77M | 46.51M | 44.61M | 44.47M | 44.35M | 44.29M |
| Total Common Shares Outstanding | 46.77M | 46.44M | 44.55M | 44.45M | 44.34M | 44.26M |
| Working Capital | 2.51B | 1.76B | 1.04B | 684.23M | 754.49M | 955.91M |
| Book Value Per Share | 94.29 | 88.92 | 73.57 | 66.30 | 62.13 | 57.20 |
| Tangible Book Value | 2.55B | 2.31B | 1.43B | 1.06B | 819.99M | 511.96M |
| Tangible Book Value Per Share | 54.52 | 49.69 | 32.15 | 23.80 | 18.49 | 11.57 |
| Land | 1.24B | 1.16B | 996.16M | 841.99M | 848.93M | |
| Machinery | 1.69B | 1.56B | 1.44B | 1.49B | 1.55B | |
| Order Backlog | 28.13B | 22.62B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 635.98M | 534.34M | 321.14M | 215.13M | 275.45M | 274.35M |
| Depreciation & Amortization | 179.71M | 171.43M | 158.39M | 164.80M | 161.29M | 153.09M |
| Other Amortization | 174.00K | 394.00K | 493.00K | 579.00K | 773.00K | 399.00K |
| Loss (Gain) From Sale of Assets | 2.52M | 2.89M | -596.00K | -651.00K | -19.00M | -14.46M |
| Loss (Gain) From Sale of Investments | -11.47M | -4.52M | 18.14M | 4.99M | -7.36M | -15.15M |
| Loss (Gain) on Equity Investments | -10.15M | -10.19M | -8.21M | 10.05M | 11.37M | 7.72M |
| Stock-Based Compensation | 29.46M | 26.39M | 15.76M | 12.14M | 10.46M | 5.31M |
| Other Operating Activities | -1.16M | -13.41M | 2.38M | -12.44M | -2.20M | 39.41M |
| Change in Accounts Receivable | -1.12B | -659.95M | -473.93M | -96.59M | 97.15M | -430.30M |
| Change in Inventory | -293.26M | -357.93M | -480.31M | -351.59M | -305.06M | -336.22M |
| Change in Accounts Payable | 427.92M | 463.91M | 65.66M | 175.45M | -123.29M | 105.20M |
| Change in Unearned Revenue | 1.17B | 651.33M | 955.86M | 16.19M | 192.16M | 617.74M |
| Change in Other Net Operating Assets | -25.90M | -26.33M | -40.16M | -24.33M | -51.69M | 9.83M |
| Operating Cash Flow | 992.19M | 778.38M | 534.61M | 113.71M | 240.07M | 416.93M |
| Capital Expenditures | -310.65M | -225.57M | -215.05M | -187.04M | -205.11M | -188.62M |
| Sale of Property, Plant & Equipment | 1.96M | 1.13M | 4.11M | 1.47M | 24.88M | 25.75M |
| Cash Acquisitions | -33.74M | -10.38M | -63.18M | -445.57M | ||
| Divestitures | 400.00K | 400.00K | 7.38M | 81.49M | ||
| Investment in Securities | 70.22M | -166.65M | 24.91M | -14.73M | 9.75M | 20.25M |
| Other Investing Activities | -31.00K | -31.00K | -180.00K | 83.00K | 186.00K | 481.00K |
| Investing Cash Flow | -271.84M | -390.72M | -178.83M | -210.60M | -151.98M | -587.72M |
| Short-Term Debt Issued | 36.38M | 461.10M | 99.00M | |||
| Long-Term Debt Issued | 20.00M | 39.55M | 1.05B | |||
| Total Debt Issued | -381.00K | 36.38M | 481.10M | 138.55M | 1.05B | |
| Short-Term Debt Repaid | -400.32M | -162.12M | -285.32M | |||
| Long-Term Debt Repaid | -78.92M | -73.18M | -308.67M | -187.73M | -536.06M | |
| Total Debt Repaid | -445.33M | -479.24M | -235.30M | -308.67M | -187.73M | -821.38M |
| Net Debt Issued (Repaid) | -445.71M | -479.24M | -198.92M | 172.43M | -49.18M | 230.14M |
| Issuance of Common Stock | 200.00K | 573.06M | 26.00K | 30.00K | 24.00K | 20.00K |
| Common Dividends Paid | -144.36M | -111.69M | -88.96M | -89.25M | -86.81M | -79.17M |
| Other Financing Activities | 15.75M | |||||
| Financing Cash Flow | -574.12M | -17.87M | -287.85M | 83.21M | -135.97M | 150.99M |
| Net Cash Flow | 146.22M | 369.79M | 67.92M | -13.68M | -47.88M | -19.80M |
| Free Cash Flow | 681.54M | 552.81M | 319.56M | -73.33M | 34.96M | 228.31M |
| Free Cash Flow Margin | 7.98% | 6.96% | 4.68% | -1.23% | 0.63% | 4.32% |
| Free Cash Flow Per Share | 14.22 | 11.78 | 7.15 | -1.64 | 0.78 | 5.16 |
| Levered Free Cash Flow | -38.48M | 588.99M | 31.06M | -203.59M | 295.74M | 115.73M |
| Unlevered Free Cash Flow | -21.31M | 615.87M | 86.82M | -154.26M | 319.30M | 130.50M |
| Cash Interest Paid | 37.48M | 37.48M | 76.33M | 66.77M | 25.58M | 18.99M |
| Cash Income Tax Paid | 58.50M | 58.50M | 34.89M | 30.71M | 75.59M | 38.17M |
| Change in Working Capital | 167.13M | 71.04M | 27.13M | -280.89M | -190.72M | -33.74M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 36.53B | 26.75B | 11.65B | 9.54B | 7.22B | 7.67B |
| Enterprise Value | 36.42B | 27.10B | 13.16B | 11.11B | 8.40B | 9.08B |
| Last Close Price | 779.68 | 575.46 | 255.60 | 209.21 | 159.34 | 167.41 |
| PE Ratio | 62.01 | 50.05 | 36.29 | 44.36 | 26.20 | 27.95 |
| PS Ratio | 4.27 | 3.37 | 1.71 | 1.60 | 1.31 | 1.45 |
| PB Ratio | 8.28 | 6.48 | 3.55 | 3.23 | 2.62 | 3.01 |
| P/TBV Ratio | 14.33 | 11.59 | 8.14 | 9.02 | 8.80 | 14.98 |
| P/FCF Ratio | 53.60 | 48.38 | 36.47 | 206.46 | 33.59 | |
| P/OCF Ratio | 36.82 | 34.36 | 21.80 | 83.93 | 30.06 | 18.39 |
| EV/Sales Ratio | 4.26 | 3.41 | 1.93 | 1.86 | 1.52 | 1.72 |
| EV/EBITDA Ratio | 37.04 | 31.56 | 19.70 | 20.40 | 16.63 | 16.23 |
| EV/EBIT Ratio | 45.33 | 39.43 | 25.81 | 29.25 | 24.43 | 22.33 |
| EV/FCF Ratio | 53.44 | 49.02 | 41.19 | 240.35 | 39.79 | |
| Debt / Equity Ratio | 0.19 | 0.23 | 0.42 | 0.50 | 0.47 | 0.57 |
| Debt / EBITDA Ratio | 0.77 | 0.99 | 1.77 | 2.29 | 2.16 | 2.26 |
| Debt / FCF Ratio | 1.25 | 1.75 | 4.29 | 36.78 | 6.37 | |
| Net Debt / Equity Ratio | -0.03 | 0.04 | 0.34 | 0.43 | 0.39 | 0.47 |
| Net Debt / EBITDA Ratio | -0.11 | 0.17 | 1.65 | 2.31 | 2.12 | 2.13 |
| Net Debt / FCF Ratio | -0.16 | 0.27 | 3.45 | -17.16 | 30.71 | 5.23 |
| Asset Turnover | 0.66 | 0.67 | 0.66 | 0.63 | 0.59 | 0.61 |
| Inventory Turnover | 2.07 | 2.03 | 2.04 | 2.11 | 2.29 | 2.62 |
| Quick Ratio | 0.89 | 0.71 | 0.63 | 0.62 | 0.67 | 0.78 |
| Current Ratio | 1.40 | 1.29 | 1.20 | 1.14 | 1.18 | 1.24 |
| Return on Equity (ROE) | 15.24% | 14.46% | 10.33% | 7.56% | 10.39% | 11.50% |
| Return on Assets (ROA) | 3.87% | 3.64% | 3.08% | 2.51% | 2.32% | 2.93% |
| Return on Invested Capital (ROIC) | 16.56% | 14.37% | 10.58% | 8.55% | 8.35% | 7.98% |
| Return on Capital Employed (ROCE) | 10.70% | 10.30% | 9.00% | 7.70% | 7.00% | 7.70% |
| Earnings Yield | 1.61% | 2.00% | 2.76% | 2.25% | 3.82% | 3.58% |
| FCF Yield | 1.87% | 2.07% | 2.74% | -0.77% | 0.48% | 2.98% |
| Dividend Yield | 0.48% | 0.54% | 0.80% | 0.93% | 1.23% | 1.07% |
| Payout Ratio | 29.83% | 20.90% | 27.70% | 41.48% | 31.52% | 28.86% |
| Buyback Yield / Dilution | -5.43% | -4.94% | -0.26% | -0.03% | -0.68% | -0.14% |
| Total Shareholder Return | -4.95% | -4.40% | 0.54% | 0.91% | 0.55% | 0.93% |