ESLTNasdaqAircraft Parts & Auxiliary Equipment, NECUS GAAP · USD

Elbit Systems Ltd

Elbit Systems Ltd. is an Israel-based defense technology company that develops, manufactures, integrates, and sustains mission systems and equipment for military and security customers. Its portfolio spans airborne, land, naval, unmanned, ISR, targeting, electronic warfare, command-and-control, and defense electronics solutions, with operations and subsidiaries in multiple countries.

Revenue7,939m USD
+16.3 %y/y
Operating profit (EBIT)671m USD
+37.3 %y/y
EBIT margin8.5%
+1.3 ppy/y
Net income534m USD
+66.4 %y/y
Free cash flow553m USD
+73.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

02,0004,0006,0008,000m USD2020: 4,663 m USD2020: EBIT 326 m USD20202021: 5,279 m USD2021: EBIT 419 m USD20212022: 5,512 m USD2022: EBIT 367 m USD20222023: 5,975 m USD2023: EBIT 369 m USD20232024: 6,828 m USD2024: EBIT 489 m USD20242025: 7,939 m USD2025: EBIT 671 m USD20257,939671
RevenueOperating profit (EBIT)

Business

Share of revenue
ISR and targeting solutions20 %

Sensors, optics, mission computers, and targeting subsystems for battlefield awareness.

Airborne systems20 %

Avionics, mission equipment, and self-protection systems for aircraft.

Unmanned systems15 %

UAV platforms, payloads, and autonomous mission solutions.

Land systems15 %

Ground-based command, protection, and soldier systems for armored and infantry forces.

Naval systems10 %

Maritime electronics, combat systems, and mission equipment for naval platforms.

Electronic warfare and C4I10 %

Electronic warfare, communications, and command-and-control systems.

Sustainment and support10 %

Upgrades, repairs, training, and lifecycle support for installed defense platforms.

Products

Reported · share of revenue
91.9%FY2025100 %
  • Products91.9 %
  • Services8.1 %

Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Elbit Systems sells primarily to defense ministries, armed forces, homeland security agencies, and government procurement bodies. It also serves prime contractors and platform integrators that embed its subsystems into aircraft, vehicles, naval platforms, and border/security networks. Demand is driven by long program cycles, technical qualification, and the need for mission-critical capability rather than commodity pricing.

Defense ministries and armed forces

Buy combat, ISR, avionics, and protection systems for military platforms and missions.

Homeland security agencies

Buy surveillance, border security, and situational-awareness systems for domestic protection.

Prime contractors and platform OEMs

Integrate Elbit subsystems into aircraft, vehicles, and naval platforms.

Defense sustainment customers

Buy upgrades, repairs, and lifecycle support for installed systems.

Export defense customers

Foreign government buyers seeking tailored defense electronics and mission systems.

Strategy

Elbit Systems focuses on delivering integrated, multi-domain defense capabilities that combine sensors, electronics, platforms, and sustainment. Its strategy is built around securing long-duration programs, expanding installed-base support, and using its technology stack to win larger system-level contracts and upgrades. The company also uses international subsidiaries and partnerships to address local procurement requirements and broaden market access.

Multi-domain system integrationMedium term

Bundling sensors, electronics, and platforms improves program win rates and customer stickiness.

Lifecycle sustainment expansionShort term

Installed-base support extends revenue relationships beyond initial platform delivery.

International market accessMedium term

Local subsidiaries help meet procurement rules and strengthen customer proximity.

Geography

2025

Elbit Systems is headquartered in Israel but operates through a broad international footprint across dozens of countries on five continents. The company’s reported activity includes substantial business in the United States, Israel, and other defense markets where procurement is tied to national budgets and security priorities. This geographic mix creates exposure to government spending cycles, export controls, and country-specific political and operational conditions.

Israel33 %
Europe28 %
North America22 %
Asia Pacific16 %
Latin America1.3 %

Share of the revenue the company reports by geography.

Risks

Elbit Systems depends heavily on government defense budgets, procurement timing, and export approvals, so program delays or policy shifts can affect demand and contract timing. The business also faces execution risk on long-term fixed-price programs, plus geopolitical and operational exposure tied to Israel, the United States, and other markets where it operates. Like other defense suppliers, it is exposed to competition, legal and regulatory reviews, and the risk that customer requirements or battlefield priorities change faster than product cycles.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Government budget and procurement dependence1Geopolitical and security disruption2Export controls and regulatory approvals3Program execution on long-term contracts4Competitive bidding pressure5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Government budget and procurement dependenceImpact: HighLikelihood: High

    Most customers are defense and security agencies that buy through budgeted procurement cycles.

    Exposure: Defense program timing

  2. Geopolitical and security disruptionImpact: HighLikelihood: High

    Operations in Israel and conflict-sensitive regions can affect supply, staffing, and customer demand.

    Exposure: Israel and broader Middle East

  3. Export controls and regulatory approvalsImpact: HighLikelihood: Medium

    Many products and contracts require government approvals across jurisdictions.

    Exposure: International sales

  4. Program execution on long-term contractsImpact: HighLikelihood: Medium

    Long-duration, often fixed-price projects can suffer from cost overruns or delays.

    Exposure: System integration and delivery

  5. Competitive bidding pressureImpact: MediumLikelihood: High

    Defense contracts are contested and require ongoing technology investment to stay relevant.

    Exposure: Global defense procurement

Accounting

Judgemental items
Revenue recognition on long-term contracts

Mission systems and sustainment programs may be recognized over time or at delivery depending on contract terms.

Impact: Revenue timing and quarterly comparability

Cost-to-complete estimates

Fixed-price integration and development contracts rely on management estimates of future costs.

Impact: Gross margin and provision risk

Contract loss provisions

Loss-making programs may require upfront reserves when estimated costs exceed consideration.

Impact: Earnings volatility

Goodwill and intangible assets

Defense acquisitions can create large intangibles that require impairment testing if expected cash flows change.

Impact: Non-cash impairment charges

Publicly listed companies with a comparable business focus.

Last updated: 28/09/2026

Elbit Systems Ltd (ESLT) Revenue, Earnings & Financials 2025 – Clarifo