ESLT

MKT CAP:$38B

Elbit Systems Ltd.

Market Cap

$38B

Industrials·Aerospace & Defense·🇮🇱 Israel·NASDAQ

Industrials·Aerospace·🇮🇱·NASDAQ

Stock Price

$821.61+$229.65 (+38.79%)

Apr 24, 2026

Company Details

Elbit Systems Ltd. develops and supplies a portfolio of airborne, land, and naval systems and products for the defense, homeland security, and commercial aviation applications primarily in Israel. The company offers military aircraft and he...

CEO

Bezhalel Machlis

IPO Date

Nov 27, 1996

Website

www.elbitsystems.com

Key Metrics TTM

Revenue

$6.8B

+27.8% YoY

Net Income

$376M

EPS (Diluted)

$8.18

Free Cash Flow

$141M

Revenue / Share

$142.27

Gross Margin

24.3%

Operating Margin

7.1%

Net Margin

5.5%

FCF Margin

2.1%

P/S

5.6x

P/E

102.0x

Earnings Reports

FY 2025

Mar 17, 2026

$8.6BEPS $12.33

Q4 2025

Mar 17, 2026

$2.2BEPS $3.59

Q3 2024

Nov 19, 2024

$1.7BEPS $1.77

Q1 2024

May 28, 2024

$1.5BEPS $1.63

Q1 2022

May 24, 2022

$1.4BEPS $1.19

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 16	$721M	$212M	$63M
Q2 16	$805M	$236M	$70M
Q3 17	$807M	$253M	$83M
Q4 17	$1.0B	$287M	$105M
Q1 19	$1.0B	$279M	$75M
Q2 19	$1.1B	$291M	$81M
Q3 20	$1.1B	$237M	$24M
Q2 21	$1.3B	$340M	$103M
Q3 21	$1.4B	$363M	$110M
Q4 21	$1.5B	$380M	$109M
Q1 22	$1.4B	$327M	$55M
Q1 24	$1.5B	$371M	$104M
Q3 24	$1.7B	$411M	$125M
Q4 25	$2.2B	$541M	$196M

Valuation

Quarter	P/S	P/E
Q1 16	—	—
Q2 16	—	—
Q3 17	—	—
Q4 17	1.7x	24.0x
Q1 19	1.6x	24.5x
Q2 19	1.7x	28.0x
Q3 20	1.3x	27.9x
Q2 21	1.3x	26.0x
Q3 21	1.3x	24.5x
Q4 21	1.5x	35.4x
Q1 22	1.9x	41.1x
Q1 24	1.6x	41.0x
Q3 24	1.5x	41.8x
Q4 25	3.9x	71.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 16	$24M	$3M
Q2 16	-$39M	-$85M
Q3 17	-$143M	-$165M
Q4 17	$241M	$211M
Q1 19	$47M	$19M
Q2 19	-$138M	-$176M
Q3 20	-$63M	-$97M
Q2 21	$170M	$132M
Q3 21	-$145.0K	-$45M
Q4 21	$260M	$187M
Q1 22	$35M	-$10M
Q1 24	-$6M	-$86M
Q3 24	$57M	$5M
Q4 25	$334M	$231M

Capital Expenditures

Quarter	CapEx
Q1 16	$22M
Q2 16	$46M
Q3 17	$23M
Q4 17	$30M
Q1 19	$27M
Q2 19	$38M
Q3 20	$34M
Q2 21	$38M
Q3 21	$45M
Q4 21	$73M
Q1 22	$45M
Q1 24	$80M
Q3 24	$51M
Q4 25	$103M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 19	+42.2%	+44.5%
Q2 19	+33.3%	+35.0%
Q3 20	+40.3%	+53.2%
Q2 21	+27.7%	+31.1%
Q3 21	+33.1%	+32.0%
Q4 21	+41.5%	+42.0%
Q1 22	+19.4%	+16.9%
Q1 24	+18.1%	+19.5%
Q3 24	+25.2%	+26.3%
Q4 25	+44.6%	+41.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 16	$25.0K	0.0%
Q2 16	$18.0K	0.0%
Q3 17	$0	0.0%
Q4 17	$0	0.0%
Q1 19	$1M	0.1%
Q2 19	$861.0K	0.1%
Q3 20	$1M	0.1%
Q2 21	$895.0K	0.1%
Q3 21	$2M	0.1%
Q4 21	$2M	0.1%
Q1 22	$2M	0.2%
Q1 24	$2M	0.2%
Q3 24	$4M	0.3%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 16	$56M	$39M	$61M	—
Q2 16	$67M	$39M	$60M	—
Q3 17	$68M	—	—	$103M
Q4 17	$73M	—	—	$109M
Q1 19	$78M	—	—	$126M
Q2 19	$78M	—	—	$132M
Q3 20	$91M	—	—	$122M
Q2 21	$96M	—	—	$141M
Q3 21	$102M	—	—	$152M
Q4 21	$116M	—	—	$155M
Q1 22	$101M	—	—	$171M
Q1 24	$98M	—	—	$169M
Q3 24	$119M	—	—	$166M
Q4 25	$147M	—	—	$197M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$276M	$1M	$277M
Q2 22	$247M	$1M	$248M
Q3 22	$248M	$1M	$249M
Q4 22	$211M	$1M	$212M
Q1 23	$151M	$2M	$154M
Q2 23	$112M	$26M	$138M
Q3 23	$120M	$27M	$147M
Q4 23	$196M	$10M	$206M
Q1 24	$107M	$36M	$144M
Q2 24	$121M	$18M	$139M
Q3 24	$119M	$4M	$123M
Q4 24	$265M	$1M	$267M
Q1 25	$114M	$341M	$455M
Q2 25	$109M	$740M	$849M
Q3 25	$142M	$591M	$733M
Q4 25	$635M	$181M	$816M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 16	43M	—	—
Q2 16	43M	+0.0%	—
Q3 17	43M	+0.0%	—
Q4 17	43M	0.0%	—
Q1 19	43M	+0.1%	+0.1%
Q2 19	44M	+3.0%	+3.1%
Q3 20	44M	+0.4%	+3.4%
Q2 21	44M	+0.1%	+3.5%
Q3 21	44M	+0.1%	+3.5%
Q4 21	44M	+0.0%	+0.5%
Q1 22	45M	+0.6%	+0.7%
Q1 24	45M	+0.3%	+0.9%
Q3 24	45M	-0.1%	+0.8%
Q4 25	48M	+7.0%	+7.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 16	$301.8K	2K
Q2 16	$336.6K	2K
Q3 17	$339.2K	2K
Q4 17	$418.4K	2K
Q1 19	$202.7K	5K
Q2 19	$211.9K	5K
Q3 20	$219.4K	5K
Q2 21	$246.5K	5K
Q3 21	$258.0K	5K
Q4 21	$326.9K	5K
Q1 22	$291.5K	5K
Q1 24	$334.8K	5K
Q3 24	$371.5K	5K
Q4 25	$371.7K	6K

Revenue / Employee