Elbit Systems Ltd. (ESLT) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$3.68	$4.14	+12.5%	—	$2.3B	—
Q1 26	$3.33	$3.87	+16.2%	—	$2.2B	—
Q4 25	$3.14	$3.56	+13.4%	—	$2.1B	—
Q3 25	$2.73	$3.35	+22.7%	—	$1.9B	—
Q2 25	$2.57	$3.23	+25.7%	—	$2B	—
Q1 25	$2.3	$2.57	+11.7%	—	$1.9B	—
Q4 24	$1.95	$2.66	+36.4%	—	$1.9B	—
Q3 24	$1.86	$2.21	+18.8%	—	$1.7B	—
Q2 24	$1.77	$2.08	+17.5%	—	$1.6B	—
Q1 24	$1.6	$1.81	+13.1%	—	$1.6B	—
Q4 23	$1.38	$1.56	+13.0%	—	$1.6B	—
Q3 23	$1.7	$1.65	-2.9%	—	$1.5B	—
Q2 23	$1.65	$1.57	-4.8%	—	$1.5B	—
Q1 23	$1.73	$1.7	-1.7%	—	$1.4B	—
Q4 22	$1.86	$1.68	-9.7%	—	$1.5B	—
Q3 22	$2.11	$1.4	-33.6%	—	$1.3B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$11.7	—	—	$7.9B	—
FY24	—	$7.22	—	—	$6.8B	—
FY23	—	$4.85	—	—	$6B	—
FY22	—	$6.21	—	—	$5.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$3.3B	$3.4B	$3.7B	$4.5B	$4.7B	$5.3B	$5.5B	$6B	$6.8B	$7.9B
YoY change	+4.91%	+3.61%	+9.05%	+22.4%	+3.42%	+13.2%	+4.41%	+8.4%	+14.3%	+16.3%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	3.3B	3.4B	3.7B	4.5B	4.7B	5.3B	5.5B	6B	6.8B	7.9B
Cost of revenue	2.3B	2.4B	2.7B	3.4B	3.5B	3.9B	4.1B	4.5B	5.2B	6B
Gross profit	965.3M	1B	976.2M	1.1B	1.2B	1.4B	1.4B	1.5B	1.6B	1.9B
Gross margin	29.6%	29.7%	26.5%	25.2%	25%	25.7%	24.9%	24.8%	24%	24.4%
Research & development	255.8M	265.1M	287.4M	331.8M	359.7M	395.1M	435.6M	424.4M	466.4M	517.1M
Selling, general & administrative	428.1M	418.7M	445.2M	527.1M	528.3M	570.8M	643.6M	696M	665.5M	730.9M
Operating expenses	666.3M	683.8M	687.1M	825.8M	853.1M	951.3M	1B	1.1B	1.1B	1.2B
Operating income	299M	319.3M	289M	310.7M	312M	406.8M	362.9M	362.5M	510M	687.2M
Operating margin	9.17%	9.45%	7.85%	6.89%	6.69%	7.71%	6.58%	6.07%	7.47%	8.66%
Non-operating income, net	1.7M	-4.4M	-7.7M	4.7M	21.1M	17.1M	-19M	1.8M	-17.1M	3M
Pretax income	279.2M	284.8M	237.3M	246.3M	261.8M	383.5M	292.6M	226.5M	341.7M	561.9M
Income tax	45.6M	55.6M	26.4M	19.4M	36.4M	131.4M	24.1M	22.9M	39.1M	55.5M
Net income	238.8M	240.6M	208.7M	228.7M	238M	274.7M	275.5M	215.9M	321.9M	535.6M
Net margin	7.32%	7.12%	5.66%	5.07%	5.1%	5.2%	5%	3.61%	4.71%	6.75%
EBITDA	414M	420.7M	391.6M	407M	409.4M	543.5M	513.6M	465.5M	650.3M	800.6M
EPS	5.54	5.59	4.84	5.2	5.38	6.21	6.21	4.85	7.22	11.7
Diluted EPS	5.54	5.59	4.84	5.2	5.38	6.2	6.18	4.82	7.18	11.4

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.5B	1.6B	1.6B	1.6B	1.7B	1.9B	1.9B	2B	1.9B	2.1B	2.2B	2.3B
Cost of revenue	1.1B	1.2B	1.2B	1.2B	1.3B	1.5B	1.4B	1.5B	1.4B	1.6B	1.6B	1.7B
Gross profit	367.2M	382.1M	374.1M	389.7M	412.8M	465.2M	454.3M	472.9M	478.2M	529.8M	552.1M	579M
Gross margin	24.5%	23.5%	24.1%	24%	24%	24.1%	24%	24%	24.9%	24.7%	25.2%	25.3%
Research & development	103.3M	117.4M	98.5M	116.8M	119.9M	131.2M	114.3M	129.7M	129.1M	144.1M	150.4M	159.1M
Selling, general & administrative	157.8M	203.8M	170.3M	156.4M	167.1M	171.7M	190.3M	185.4M	177.7M	177.5M	196.5M	201.1M
Operating expenses	261.1M	321.1M	268.8M	273.2M	287M	302.9M	304.6M	315.1M	306.8M	321.6M	346.9M	360.2M
Operating income	106M	61M	105.4M	116.5M	125.8M	162.3M	149.7M	157.8M	171.4M	208.2M	205.1M	218.8M
Operating margin	7.06%	3.75%	6.78%	7.16%	7.32%	8.41%	7.9%	8%	8.92%	9.69%	9.37%	9.57%
Non-operating income, net	-1.9M	7.2M	5.3M	-2M	7M	-27.4M	4.9M	-1.3M	1.4M	-2M	1.7M	2.2M
Pretax income	68.5M	22.3M	79.5M	85.4M	87.9M	89M	115.7M	125.3M	138.3M	182.6M	174.7M	199M
Income tax	10M	-5M	11.6M	11.3M	12.8M	3.4M	16.1M	7.1M	11.4M	21M	22.8M	32.7M
Net income	60.9M	30.4M	73.7M	78.6M	79.3M	90.2M	107.4M	126M	133.7M	168.6M	160.9M	173.5M
Net margin	4.05%	1.87%	4.74%	4.83%	4.62%	4.67%	5.66%	6.39%	6.96%	7.84%	7.35%	7.59%
EBITDA	146.9M	48.1M	150.6M	152.6M	171.8M	157.7M	196.5M	199.9M	216.4M	192.2M	252.7M	268.8M
EPS	1.37	0.68	1.66	1.76	1.78	2.02	2.4	2.76	2.88	3.63	3.46	3.71
Diluted EPS	1.36	0.67	1.65	1.76	1.77	2	2.35	2.69	2.8	3.52	3.34	3.61

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	4.4B	5.7B	4.9B	6.8B	5.8B	7.7B	7.3B	9.5B	11.5B	26.4B	33B
Enterprise value	4.5B	6B	5.4B	7.8B	6.7B	8.9B	8.3B	10.7B	12.6B	26.6B	34.3B
Shares outstanding	42.7M	42.8M	42.8M	43.8M	44.2M	44.2M	44.3M	44.4M	44.5M	45.7M	45.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	18.2	23.7	23.4	29.7	24.3	28	26.4	43.8	35.7	49.3	55.3
P/S	1.34	1.69	1.32	1.51	1.24	1.46	1.32	1.58	1.68	3.33	4.03
P/B	2.78	3.32	2.63	3.14	2.59	3.02	2.64	3.21	3.5	6.39	7.79
EV/EBITDA	10.9	14.2	13.9	19.2	16.4	16.4	16.2	23	19.3	33.2	34.8
EV/Sales	1.39	1.77	1.48	1.73	1.44	1.68	1.51	1.79	1.84	3.35	4.01
Earnings yield	5.48%	4.22%	4.28%	3.37%	4.12%	3.57%	3.79%	2.28%	2.8%	2.03%	1.81%
FCF yield	1.92%	-0.12%	1.83%	-2.81%	2.54%	2.97%	0.48%	-0.77%	2.78%	2.09%	-0.12%
PEG	—	—	—	—	—	—	—	—	—	—	1.61

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	29.6%	29.7%	26.5%	25.2%	25%	25.7%	24.9%	24.8%	24%	24.4%	25.3%
Operating margin	9.17%	9.45%	7.85%	6.89%	6.69%	7.71%	6.58%	6.07%	7.47%	8.66%	9.57%
Net margin	7.32%	7.12%	5.66%	5.07%	5.1%	5.2%	5%	3.61%	4.71%	6.75%	7.44%
ROE	15.2%	14%	11.3%	10.6%	10.7%	10.8%	9.99%	7.32%	9.81%	13%	15.2%
ROA	5.49%	5.1%	3.23%	3.12%	2.95%	2.95%	2.99%	2.22%	2.93%	4.23%	3.87%
ROIC	14.5%	12.9%	10.6%	9.03%	8.52%	7.15%	8.69%	7.74%	10.3%	14.5%	16.3%
Return on tangible assets	8.24%	7.5%	5.37%	5.67%	4.91%	5.21%	5.16%	3.62%	4.42%	5.94%	5.31%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.26	1.25	1.13	1.16	1.18	1.24	1.18	1.14	1.2	1.29	1.4
Quick ratio	0.85	0.85	0.76	0.81	0.84	0.87	0.78	0.72	0.75	0.84	0.89
Debt / equity	0.26	0.26	0.43	0.57	0.54	0.57	0.47	0.5	0.42	0.23	0.19
Debt / assets	0.09	0.09	0.12	0.17	0.15	0.16	0.14	0.15	0.12	0.08	0.06
Net debt / EBITDA	0.39	0.65	1.46	2.48	2.25	2.2	2.09	2.7	1.7	0.19	-0.12
Interest coverage	21.7	17.4	9.39	9.74	11.9	16.8	8.51	3.96	3.58	8.85	6.16
Effective tax rate	16.3%	19.5%	11.1%	7.88%	13.9%	34.3%	8.25%	10.1%	11.4%	9.88%	12.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	76.3	79	86.2	103	105.5	119.4	124.4	134.6	153.5	173.7	183.8
EPS (basic)	5.54	5.59	4.84	5.2	5.38	6.21	6.21	4.85	7.22	11.7	11.7
EPS (diluted)	5.54	5.59	4.84	5.2	5.38	6.2	6.18	4.82	7.18	11.4	13.3
Book value per share	36.7	40.2	43.4	49.3	50.5	57.6	62.2	66.5	73.8	90.4	94.3
FCF per share	1.96	-0.16	2.09	-4.36	3.32	5.16	0.79	-1.65	7.18	12.1	14.2
Cash per share	5.73	4.04	5.26	5.1	6.34	5.89	4.79	4.69	6	17.8	20.6
Capex per share	2.54	2.38	2.29	2.31	1.36	3.68	4.07	4.18	4.74	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.33%	3.01%	2.66%	2.24%	1.29%	3.09%	3.27%	3.11%	3.09%	—	—
Capex / operating cash flow	-457.9%	249.7%	33.8%	-72.6%	31.2%	48.8%	47.6%	-243.8%	45.9%	—	—
Payout ratio	28.7%	31.3%	36.1%	27.4%	32.9%	28.8%	31.5%	41.3%	27.6%	20.9%	26.3%
Dividend yield	1.57%	1.32%	1.54%	0.92%	1.35%	1.03%	1.19%	0.94%	0.77%	0.42%	0.57%

Yield

0.57%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.00

ex-dividend Oct 13, 2026

Payout ratio

26%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Oct 13, 2026upcoming	$1.00
Jun 23, 2026	$1.00
Apr 13, 2026	$1.00

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.5B	$1.6B	$1.6B	$1.6B	$1.7B	$1.9B	$1.9B	$2B	$1.9B	$2.1B	$2.2B	$2.3B
YoY change	+11.3%	+7.92%	+11.5%	+11.8%	+14.4%	+18.7%	+22%	+21.3%	+11.9%	+11.3%	+15.5%	+15.9%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	245.1M	172.6M	224.9M	223.3M	280.3M	260.2M	212.1M	207.9M	266.7M	815.7M
Receivables	723.5M	747.3M	968.1M	1B	1.2B	1.2B	983.3M	767.1M	1B	1.2B
Inventory	787.5M	845.2M	1.1B	1.1B	1.2B	1.5B	1.7B	2B	2.4B	2.7B
Total current assets	2.4B	2.6B	3.3B	3.7B	4.3B	5B	5B	5.5B	6.4B	7.7B
Property, plant & equipment	1.7B	1.9B	2B	1.1B	1.2B	1.3B	1.4B	1.5B	1.8B	1.9B
Goodwill & intangibles	1.5B	1.5B	2.6B	3.3B	3.2B	4B	3.9B	3.8B	3.7B	3.6B
Total assets	4.4B	4.7B	6.5B	7.3B	8.1B	9.3B	9.2B	9.7B	11B	12.7B
Accounts payable	514.1M	633.7M	776.1M	926.3M	1B	1B	1.1B	1.3B	1.3B	1.5B
Short-term debt	234M	201.3M	271.4M	470.8M	396.5M	183.1M	261M	719.3M	610.3M	232.4M
Total current liabilities	1.9B	2.1B	2.9B	3.2B	3.6B	4B	4.3B	4.8B	5.3B	6B
Long-term debt	171.5M	244.4M	524M	763.4M	806.8M	1.3B	1B	747.2M	760M	732.4M
Total liabilities	2.8B	3B	4.6B	5.2B	5.8B	6.8B	6.5B	6.8B	7.7B	8.5B
Shareholders' equity	1.6B	1.7B	1.9B	2.2B	2.2B	2.5B	2.8B	3B	3.3B	4.1B
Total debt	405.5M	445.7M	795.3M	1.2B	1.2B	1.5B	1.3B	1.5B	1.4B	964.8M
Net debt	182.7M	289.6M	586.8M	1B	924.4M	1.2B	1.1B	1.3B	1.1B	329.7M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	146.9M	207.9M	144.9M	138.8M	123.4M	266.7M	455.1M	848.9M	735.6M	815.7M	925.3M	962.9M
Receivables	2.7B	767.1M	2.9B	2.9B	3.1B	1B	3.2B	3.1B	3.2B	1.2B	3.6B	4.2B
Inventory	2.3B	2B	2.6B	2.7B	2.8B	2.4B	2.9B	2.9B	3.1B	2.7B	3.2B	3.2B
Total current assets	5.4B	5.5B	5.9B	6.1B	6.4B	6.4B	6.8B	7.3B	7.4B	7.7B	8.3B	8.9B
Property, plant & equipment	1.5B	1.5B	1.6B	1.7B	1.8B	1.8B	1.8B	1.8B	1.9B	1.9B	1.9B	2B
Goodwill & intangibles	1.9B	3.8B	1.9B	1.9B	1.9B	3.7B	1.8B	1.8B	1.8B	3.6B	1.8B	1.9B
Total assets	9.6B	9.7B	10.3B	10.5B	10.8B	11B	11.4B	12.1B	12.3B	12.7B	13.2B	13.9B
Accounts payable	1.1B	1.3B	1.2B	1.3B	1.3B	1.3B	1.4B	1.5B	1.6B	1.5B	1.6B	1.7B
Short-term debt	911.3M	719.3M	762M	850.1M	842.4M	610.3M	665.8M	529.6M	346.6M	232.4M	179.3M	184.5M
Total current liabilities	4.8B	4.8B	5.1B	5.4B	5.5B	5.3B	5.6B	5.7B	5.6B	6B	5.9B	6.4B
Long-term debt	715.9M	747.2M	793.3M	750.3M	756.4M	760M	722.7M	705.7M	722.8M	732.4M	715.8M	667.7M
Total liabilities	6.8B	6.8B	7.2B	7.5B	7.8B	7.7B	8B	8.2B	8.3B	8.5B	9B	9.4B
Shareholders' equity	2.8B	3B	3B	3B	3.1B	3.3B	3.3B	3.9B	4B	4.1B	4.3B	4.4B
Total debt	1.6B	1.5B	1.6B	1.6B	1.6B	1.4B	1.4B	1.2B	1.1B	964.8M	895.1M	852.2M
Net debt	1.5B	1.3B	1.4B	1.5B	1.5B	1.1B	1.3B	1.1B	926.7M	329.7M	739.9M	596.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	238.8M	240.6M	208.7M	228.7M	238M	274.7M	275.5M	215.9M	321.9M	535.6M
Depreciation & amortization	122.9M	114M	118.2M	137.1M	144.4M	153.1M	161.3M	164.8M	158.4M	171.4M
Stock-based compensation	70K	13K	1.4M	4M	4.1M	5.3M	10.5M	12.1M	15.8M	26.4M
Change in working capital	-388M	-342.6M	-51.8M	-493.7M	-187.7M	-138.9M	-67.4M	-456.3M	-38.5M	-392.9M
Operating cash flow	-23.7M	40.7M	290.1M	-139.1M	193.4M	333.6M	378.3M	-76.1M	459.6M	778.4M
Capital expenditure	-108.5M	-101.6M	-97.9M	-100.9M	-60.3M	-162.9M	-180.2M	-185.6M	-210.9M	—
Investing cash flow	-116.9M	-115.4M	-592.8M	-106.8M	-23.3M	-588.2M	-152M	-210.6M	-178.8M	-166.3M
Dividends paid	-68.4M	-75.3M	-75.3M	-62.6M	-78.2M	-79.2M	-86.8M	-89.2M	-89M	-111.7M
Share repurchases	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-167.2M	-52.2M	453.6M	172.7M	-198.2M	-134.3M	-136M	83.2M	-450M	-418.2M
Net change in cash	-307.8M	-126.9M	150.9M	-73.2M	-28.2M	-388.9M	90.4M	-203.5M	-169.2M	193.9M
Free cash flow	83.8M	-7M	89.4M	-190.9M	146.6M	228.3M	35M	-73.3M	319.6M	552.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	60.9M	30.4M	73.7M	78.6M	79.3M	90.2M	107.4M	126M	133.7M	168.6M	160.9M	173.5M
Depreciation & amortization	42.7M	41.3M	40M	38.2M	39M	41.2M	41.9M	43.4M	43.6M	42.6M	45.8M	47.7M
Stock-based compensation	3M	2.4M	2.4M	3.3M	4.4M	5.7M	5.7M	5.8M	6M	8.9M	6.9M	7.7M
Change in working capital	-182.1M	102.7M	23.2M	-194.3M	-115.5M	248.1M	-66M	-296.8M	-29.1M	-944K	23.7M	-254.4M
Operating cash flow	-70.9M	159.7M	144.5M	-73.1M	13.4M	374.9M	88.3M	120.4M	157.1M	317.3M	281M	236.7M
Capital expenditure	-60.5M	-28.4M	-75.7M	-35.5M	-50.8M	-49M	-22.3M	—	—	—	—	—
Investing cash flow	-62.4M	-14.6M	-95.3M	-17.6M	-27.8M	-45.2M	-362.3M	-50K	400K	-2.2M	-591.1M	55.9M
Dividends paid	-22.2M	-22.2M	-22.2M	-22.2M	-22.2M	-22.2M	-22.3M	-26.8M	-27.8M	-34.8M	-35.3M	-46.4M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	60.3M	-222M	12.6M	-2.4M	-37.3M	-422.9M	27.1M	323.1M	-215.3M	-553M	-99.1M	-122.8M
Net change in cash	-73M	-76.9M	61.7M	-93.2M	-51.7M	-93.1M	-247M	443.4M	-57.8M	-237.9M	-409.2M	169.9M
Free cash flow	-49.9M	284.5M	-86.4M	-3.1M	5.1M	404M	160.9M	70.6M	101.2M	220.1M	209.9M	150.3M

Elbit Systems Ltd. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement