Elbit Systems Ltd's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Elbit Systems Ltd reported revenue of $7.9B (+16.3% year on year) and net income of $535.6M (+66.4% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Revenues | $7.9B | $6.8B | $6.0B | $5.5B |
| Cost of revenues | $6.0B | $5.2B | $4.5B | $4.1B |
| Gross profit | $1.9B | $1.6B | $1.5B | $1.4B |
| Research and development, net | $517.1M | $466.4M | $424.4M | $435.6M |
| Marketing and selling, net | $399.4M | $375.4M | $359.1M | $326.0M |
| General and administrative, net | $347.3M | $311.0M | $330.3M | $313.0M |
| Total operating expenses | $1.3B | $1.2B | $1.1B | $1.0B |
| Operating income | $671.4M | $489.1M | $369.1M | $367.5M |
| Financial expenses, net | ($138.6M) | ($151.1M) | ($137.8M) | ($51.4M) |
| Other income (expenses), net | $29.1M | $3.8M | ($4.8M) | ($23.6M) |
| Income before income taxes | $561.9M | $341.7M | $226.5M | $292.6M |
| Income taxes | ($55.5M) | ($39.1M) | ($22.9M) | ($24.1M) |
| Net income after taxes | $506.4M | $302.7M | $203.6M | $268.4M |
| Equity in net earnings of affiliated companies and partnerships | $29.2M | $19.2M | $12.3M | $7.0M |
| Net income | $535.6M | $321.9M | $215.9M | $275.5M |
| Less: net income attributable to non-controlling interests | ($1.3M) | ($726.0K) | ($725.0K) | ($21.0K) |
| Net income attributable to Elbit Systems Ltd.’s shareholders | $534.3M | $321.1M | $215.1M | $275.4M |
| Basic net earnings per share (in usd per share) | $11.69 | $7.22 | $4.85 | $6.21 |
| Diluted net earnings per share (in usd per share) | $11.39 | $7.18 | $4.82 | $6.18 |
| Weighted average number of shares used in computation of basic earnings per share (in shares) | $45710000.00 | $44480000.00 | $44375000.00 | $44322000.00 |
| Weighted average number of shares used in computation of diluted earnings per share (in shares) | $46918000.00 | $44709000.00 | $44592000.00 | $44581000.00 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $635.1M | $265.4M | $197.4M | $211.1M |
| Short-term bank deposits | $180.6M | $1.3M | $10.5M | $1.0M |
| Trade and unbilled receivables and contract assets, net | $3.3B | $2.9B | $2.7B | $2.6B |
| Other receivables and prepaid expenses | $457.4M | $371.9M | $285.4M | $298.7M |
| Inventories, net | $3.1B | $2.8B | $2.3B | $1.9B |
| Total current assets | $7.7B | $6.4B | $5.5B | $5.0B |
| Investments in affiliated companies and other companies | $126.9M | $126.0M | $145.3M | $159.6M |
| Long-term trade and unbilled receivables and contract assets | $719.1M | $516.3M | $364.7M | $374.1M |
| Long-term bank deposits and other receivables | $51.6M | $67.5M | $87.6M | $112.5M |
| Deferred income taxes, net | $86.7M | $34.1M | $23.4M | $20.0M |
| Severance pay fund | $222.6M | $223.2M | $206.9M | $227.8M |
| Total long-term investments and receivables | $1.2B | $967.0M | $828.1M | $894.0M |
| OPERATING LEASE RIGHT OF USE ASSETS | $515.6M | $527.1M | $425.9M | $405.4M |
| PROPERTY, PLANT AND EQUIPMENT, NET | $1.4B | $1.3B | $1.1B | $949.2M |
| GOODWILL | $1.5B | $1.5B | $1.5B | $1.5B |
| OTHER INTANGIBLE ASSETS, NET | $324.6M | $354.8M | $390.5M | $432.7M |
| TOTAL ASSETS | $12.7B | $11.0B | $9.7B | $9.2B |
| Short-term credit and loans | $50.5M | $450.9M | $576.6M | $115.1M |
| Current maturities of long-term loans and Series B, C and D Notes | $83.5M | $74.6M | $75.3M | $76.6M |
| Operating lease liabilities | $98.5M | $84.9M | $67.4M | $69.3M |
| Trade payables | $1.5B | $1.3B | $1.3B | $1.1B |
| Other payables and accrued expenses | $1.5B | $1.2B | $1.2B | $1.2B |
| Contract liabilities | $2.7B | $2.1B | $1.7B | $1.8B |
| Total current liabilities | $6.0B | $5.3B | $4.8B | $4.3B |
| Long-term loans, net of current maturities | $18.0M | $27.4M | $41.2M | $264.5M |
| Series B, C and D Notes, net of current maturities | $237.6M | $278.5M | $342.8M | $415.5M |
| Employee benefit liabilities | $487.8M | $454.3M | $510.4M | $618.1M |
| Deferred income taxes and tax liabilities, net | $137.7M | $73.9M | $55.2M | $73.0M |
| Contract liabilities | $934.3M | $816.8M | $354.3M | $217.1M |
| Operating lease liabilities | $476.7M | $454.1M | $363.1M | $344.6M |
| Other long-term liabilities | $263.1M | $274.4M | $298.3M | $247.9M |
| Total long-term liabilities | $2.6B | $2.4B | $2.0B | $2.2B |
| Ordinary shares of 1 New Israeli Shekels (“NIS”) par value each; Authorized – 80,000,000 shares as of December 31, 2025 and 2024; Issued and outstanding 46,442,352 and 44,547,673 shares as of December 31, 2025 and 2024, respectively. | 13.4M | 12.8M | 12.8M | 12.8M |
| Additional paid-in capital | $1.1B | $459.3M | $443.6M | $431.4M |
| Accumulated other comprehensive income (loss) | ($93.2M) | $64.3M | ($17.8M) | ($71.6M) |
| Retained earnings | $3.2B | $2.7B | $2.5B | $2.4B |
| Total Elbit Systems Ltd. equity | $4.1B | $3.3B | $2.9B | $2.8B |
| Non-controlling interests | $375.0K | $3.4M | $2.8M | $2.5M |
| Total equity | $4.1B | $3.3B | $3.0B | $2.8B |
| TOTAL LIABILITIES AND EQUITY | $12.7B | $11.0B | $9.7B | $9.2B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $535.6M | $321.9M | $215.9M | $275.5M |
| Depreciation and amortization | $171.4M | $158.4M | $164.8M | $161.3M |
| Stock-based compensation | $26.4M | $15.8M | $12.1M | $10.5M |
| Amortization of Series B, C and D related issuance costs, net | $394.0K | $493.0K | $579.0K | $773.0K |
| Deferred income taxes and reserve, net | ($14.7M) | $1.6M | ($13.2M) | ($2.2M) |
| Loss (gain) on sale of property, plant and equipment | $2.9M | ($596.0K) | ($651.0K) | ($19.0M) |
| Loss (gain) on sale of investments, remeasurement of investments held under fair value method | ($4.5M) | $18.1M | $5.0M | ($7.4M) |
| Equity in net earnings of affiliated companies and partnerships, net of dividend received(*) | ($10.2M) | ($8.2M) | $10.0M | $11.4M |
| Increase in short and long-term trade and unbilled receivables and contract assets, net and prepaid expenses | ($660.0M) | ($473.9M) | ($96.6M) | $97.2M |
| Increase in inventories, net | ($357.9M) | ($480.3M) | ($351.6M) | ($305.1M) |
| Increase in trade payables, other payables and accrued expenses | $463.9M | $65.7M | $175.4M | ($123.3M) |
| Severance, pension and termination indemnities, net | ($26.3M) | ($40.2M) | ($24.3M) | ($51.7M) |
| Increase in contract liabilities | $651.3M | $955.9M | $16.2M | $192.2M |
| Net cash provided by operating activities | $778.4M | $534.6M | $113.7M | $240.1M |
| Purchase of property, plant and equipment and other assets, net of investment grants and evacuation grants | ($225.6M) | ($215.1M) | ($187.0M) | ($205.1M) |
| Acquisitions of subsidiaries and business operations, net of cash assumed (Schedule A) | $0 | $0 | ($10.4M) | ($12.4M) |
| Investments in affiliated companies and other companies, net | ($2.3M) | ($3.6M) | ($5.4M) | ($4.5M) |
| Deferred payment on acquisition | $400.0K | $7.4M | $0 | $81.5M |
| Proceeds from sale of property, plant and equipment | $1.1M | $4.1M | $1.5M | $24.9M |
| Proceeds from sale of investments | $14.6M | $18.6M | $151.0K | $11.7M |
| Proceeds from sale (investment in) of long-term deposits, net | ($31.0K) | ($180.0K) | $83.0K | $186.0K |
| Proceeds from (investment in) short-term deposits, net | ($179.0M) | $9.9M | — | — |
| Net cash used in investing activities | ($390.7M) | ($178.8M) | ($210.6M) | ($152.0M) |
| Proceeds from issuance of shares and exercise of options | 573.1M | 26.0K | 30.0K | 24.0K |
| Issuance (repayment) of commercial paper, net | ($301.6M) | — | — | — |
| Repayment of long-term loans | ($11.4M) | ($11.3M) | ($246.2M) | ($122.4M) |
| Proceeds from long-term loans | $0 | $0 | $20.0M | $39.5M |
| Repayment of Series B, C and D Notes | ($67.5M) | ($61.9M) | ($62.4M) | ($65.4M) |
| Dividends paid | ($111.7M) | ($89.0M) | ($89.2M) | ($86.8M) |
| Change in short-term bank credit and loans, net | ($98.7M) | ($162.1M) | $147.5M | $99.0M |
| Net cash (used in) provided by financing activities | ($17.9M) | ($287.9M) | $83.2M | ($136.0M) |
| Net increase (decrease) in cash and cash equivalents | $369.8M | $67.9M | ($13.7M) | ($47.9M) |
| Cash and cash equivalents at the beginning of the year | $265.4M | $197.4M | $211.1M | $259.0M |
| Cash and cash equivalents at the end of the year | $635.1M | $265.4M | $197.4M | $211.1M |
| Dividends received from affiliated companies and partnerships | $19.1M | $11.0M | $22.3M | $18.4M |
| Income taxes, net | $58.5M | $34.9M | $30.7M | — |
| Interest paid, net | $37.5M | $76.3M | $66.8M | — |
| Property, plant and equipment | $0 | $0 | $19.0K | — |
| Other long-term assets | $0 | $0 | $77.0K | — |
| Goodwill and other intangible assets | $0 | $0 | $16.2M | — |
| Long-term liabilities | $0 | $0 | ($6.2M) | — |
| Non controlling interests | $0 | — | — | — |
| Purchase price | $0 | $0 | $0 | — |
| Working capital (deficit), net (excluding cash and cash equivalents) | ($194.0K) | $0 | $246.0K | — |
| Property, plant and equipment | ($151.0K) | ($1.6M) | $0 | — |
Elbit Systems Ltd score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.