Elbit Systems
ESLT · NasdaqAircraft Parts & Auxiliary Equipment, NEC · Fiscal year ends Dec 31
Elbit Systems reported revenue of $7.9B in the fiscal year ended Dec 2025, up 16.3% from the year before. Operating income was $671M, an operating margin of 8.5%, and net income was $534M. Operating cash flow of $778M less capital expenditure of $226M left free cash flow of $553M. It held more cash than debt (net cash $534M).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $5.3B | $5.5B | $6B | $6.8B | $7.9B |
| Cost of revenue | $3.9B | $4.1B | $4.5B | $5.2B | $6B |
| Gross profit | $1.4B | $1.4B | $1.5B | $1.6B | $1.9B |
| Research & development | $448M | $502M | $503M | $544M | $600M |
| Operating income | $419M | $367M | $369M | $489M | $671M |
| Interest expense | $42M | $54M | $144M | $158M | $146M |
| Pre-tax income | $383M | $293M | $226M | $342M | $562M |
| Income tax | $131M | $24M | $23M | $39M | $56M |
| Net income | $274M | $275M | $215M | $321M | $534M |
| Diluted EPS | 6.20 | 6.18 | 4.82 | 7.18 | 11.39 |
| Diluted shares | 44M | 45M | 45M | 45M | 47M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $259M | $211M | $197M | $265M | $635M |
| Receivables | $2.8B | $2.6B | $2.7B | $2.9B | $3.3B |
| Inventory | $1.7B | $1.9B | $2.3B | $2.8B | $3.1B |
| Current assets | $5B | $5B | $5.5B | $6.4B | $7.7B |
| Net PP&E | $903M | $949M | $1.1B | $1.3B | $1.4B |
| Goodwill | $1.6B | $1.5B | $1.5B | $1.5B | $1.5B |
| Total assets | $9.3B | $9.2B | $9.7B | $11B | $12.7B |
| Payables | $1B | $1.1B | $1.3B | $1.3B | $1.5B |
| Deferred revenue | $1.5B | $1.8B | $1.7B | $2.1B | $2.7B |
| Current liabilities | $4B | $4.3B | $4.8B | $5.3B | $6B |
| Short-term debt | $79M | $77M | $75M | $75M | $83M |
| Long-term debt | $357M | $265M | $41M | $27M | $18M |
| Shareholders' equity | $2.5B | $2.8B | $2.9B | $3.3B | $4.1B |
| Backlog (remaining obligations) | – | – | $17.8B | $22.6B | $28.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $417M | $240M | $114M | $535M | $778M |
| Capital expenditure | $189M | $205M | $187M | $215M | $226M |
| Free cash flow | $228M | $35M | −$73M | $320M | $553M |
| Depreciation & amortisation | $153M | $161M | $165M | $158M | $171M |
| Stock-based compensation | $5M | $10M | $12M | $16M | $26M |
| Acquisitions | $385M | $12M | $10M | $0 | $0 |
| Dividends paid | $79M | $87M | $89M | $89M | $112M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 4.4% | 8.4% | 14.3% | 16.3% |
| Operating income growth (YoY) | – | −12.2% | 0.4% | 32.5% | 37.3% |
| EPS growth (YoY) | – | −0.3% | −22.0% | 49.0% | 58.6% |
| Gross margin | 25.7% | 24.9% | 24.8% | 24.0% | 24.4% |
| Operating margin | 7.9% | 6.7% | 6.2% | 7.2% | 8.5% |
| Net margin | 5.2% | 5.0% | 3.6% | 4.7% | 6.7% |
| Return on equityBlank when equity is negative | 10.8% | 10.0% | 7.3% | 9.8% | 12.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.9% | 7.4% | 7.5% | 8.6% | 10.0% |
| Free cash flow margin | 4.3% | 0.6% | −1.2% | 4.7% | 7.0% |
| Cash conversion (CFO ÷ net income) | 1.52x | 0.87x | 0.53x | 1.66x | 1.46x |
| Receivable days | 192 | 171 | 166 | 157 | 153 |
| Inventory days | 156 | 172 | 187 | 195 | 190 |
| Payable days | 95 | 94 | 102 | 95 | 92 |
| Interest cover | 9.90x | 6.75x | 2.56x | 3.10x | 4.58x |
| Debt ÷ equity | 0.17x | 0.12x | 0.04x | 0.03x | 0.02x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $176M | $130M | −$81M | −$163M | −$534M |
| Current ratio | 1.24x | 1.18x | 1.14x | 1.20x | 1.29x |
Recent filings
More in Aircraft Parts & Auxiliary Equipment, Nec
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.