ELBIT SYSTEMS LTD financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ELBIT SYSTEMS LTD files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,260	3,378	3,684	4,508	4,663	5,279	5,512	5,975	6,828	7,939
Cost of revenue	2,295	2,375	2,708	3,372	3,497	3,920	4,138	4,492	5,186	6,003
Gross profit	965	1,003	976	1,136	1,165	1,358	1,373	1,483	1,642	1,935
Research and development	292	301	318	369	428	448	502	503	544	600
Selling and marketing	271	280	281	301	291	292	326	359	375	399
General and administrative	151	133	160	215	224	267	313	330	311	347
Operating expenses	661	679	683	815
Operating income	305	324	293	322	326	419	367	369	489	671
Interest expense	25.2	36.1	46.5	73	74.4	42.3	54.4	144	158	146
Interest income						6.08
Other non-operating income	-23.7	-34.5	-44.1	-69.1	-71.3	-40.4	-51.4	-138	-151	-139
Pre-tax income	279	285	237	246	262	383	293	226	342	562
Income tax	45.6	55.6	26.4	19.4	36.4	131	24.1	22.9	39.1	55.5
Net income to minority interests	1.9	1.51	1.92	0.8	0.33	0.31	0.02	0.73	0.73	1.28
Net income	237	239	207	228	238	274	275	215	321	534
EBITDA	428	438	411	459	470	572	529	534	647	843
EPS, basic	5.54	5.59	4.83	5.20	5.38	6.21	6.21	4.85	7.22	11.69
EPS, diluted	5.54	5.59	4.83	5.20	5.38	6.20	6.18	4.82	7.18	11.39
Shares, basic (weighted)	42.7	42.8	42.8	43.8	44.2	44.2	44.3	44.4	44.5	45.7
Shares, diluted (weighted)	42.8	42.8	42.8	43.8	44.2	44.3	44.6	44.6	44.7	46.9

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	223	156	208	221	279	259	211	197	265	635
Receivables	1,233	1,407	1,713	2,068	2,520	2,770	2,575	2,717	2,943	3,332
Inventory	840	903	1,142	1,220	1,317	1,670	1,946	2,298	2,774	3,130
Other current assets	16.3	10.9	21.8	17.1	24.9	24	29.9	30.4	54.8	35.7
Total current assets	2,421	2,611	3,279	3,672	4,273	4,980	5,032	5,508	6,355	7,735
Property, plant and equipment	474	496	687	767	787	903	949	1,088	1,277	1,382
Lease right-of-use assets				366	423	416	405	426	527	516
Goodwill	617	647	1,023	1,341	1,317	1,551	1,502	1,499	1,491	1,497
Intangible assets	109	106	239	295	280	469	433	391	355	325
Other non-current assets		9.4	9.96
Total assets	4,352	4,715	6,451	7,335	8,058	9,317	9,216	9,740	10,972	12,662
Accounts payable	514	634	776	926	1,007	1,024	1,068	1,254	1,344	1,512
Deferred revenue				724	1,000	1,503	1,777	1,656	2,149	2,683
Short-term debt	229	67.6	62.5	200	18	78.7	76.6	75.3	74.6	83.5
Total current liabilities	1,924	2,089	2,910	3,173	3,622	4,024	4,277	4,824	5,311	5,976
Long-term debt	0.48	120	468	440	409	357	265	41.2	27.4	18
Lease liabilities				323	398	387	345	363	454	477
Other non-current liabilities	78.1	48.7	171	225	182	156	248	298	274	263
Total liabilities	2,785	2,997	4,596	5,176	5,827	6,771	6,458	6,789	7,691	8,532
Total debt	166	120	470	578	427	363	276	117	102	101
Paid-in capital	262	262	264	412	416	421	431	444	459	1,058
Retained earnings	1,398	1,562	1,692	1,862	2,001	2,196	2,383	2,509	2,741	3,151
Treasury stock	-40.4	-40.4	-40.4	0
Other comprehensive income	-72.2	-87.7	-94.9	-145	-211	-97.9	-71.6	-17.8	64.3	-93.2
Shareholders' equity	1,560	1,708	1,832	2,141	2,218	2,532	2,755	2,948	3,278	4,130
Minority interests	7.4	9.66	22	18.4	13.2	14.6	2.45	2.79	3.44	0.38
Total equity	1,567	1,718	1,854	2,160	2,231	2,546	2,758	2,950	3,281	4,130
Total liabilities and equity	4,352	4,715	6,451	7,335	8,058	9,317	9,216	9,740	10,972	12,662
Shares outstanding	42.8	42.8	42.8	44.2	44.2	44.3	44.3	44.5	44.5	46.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	239	241	209	229	238	275	275	216	322	536
Depreciation and amortization	123	114	118	137	144	153	161	165	158	171
Stock-based compensation	0.07	0.01	1.39	3.99	4.09	5.31	10.5	12.1	15.8	26.4
Deferred income tax	5.69	23.8	3.52	-4.53	-1.94	2.44	-12	-2.95	-16	-50
Change in inventory	-8.04	-59.7	-117	-55.8	-69.8	-336	-305	-352	-480	-358
Change in payables	253	63.3	-90	116	144	105	-123	175	65.7	464
Cash from operations	208	101	192	-53.3	279	417	240	114	535	778
Capital expenditures	-124	-108	-102	-138	-132	-189	-205	-187	-215	-226
Acquisitions	0	-25.4	-504	-357	0.22	-385	-12.4	-10.4	0	0
Purchases of investments	-19.3	-4.96	-7.54	-8.57	-8.21	-1.83	-4.47	-5.42	-3.6	-2.29
Sales and maturities of investments	0	12.1	0	0
Cash from investing	-118	-116	-593	-107	-22.9	-588	-152	-211	-179	-391
Debt issued	0	119	343	350	202	476	39.5	20	0	0
Debt repaid	-48.3	-167	-0.78	-243	-370	-536	-122	-246	-11.3	-11.4
Stock issued	0.51	0.12	0.05	0	0	0.02	0.02	0.03	0.03	573
Dividends paid	-68.4	-75.3	-75.3	-62.6	-78.2	-79.2	-86.8	-89.2	-89	-112
Cash from financing	-167	-52.1	454	173	-198	151	-136	83.2	-288	-17.9
Net change in cash	-76.5	-66.7	52.4	12.6	57.7	-19.8	-47.9	-13.7	67.9	370
Free cash flow	83.8	-6.99	89.4	-191	147	228	35	-73.3	320	553
Interest paid	6.25	16.1	30.3	35.3	20.1	19	25.6	66.8	76.3	37.5
Income taxes paid	28.6	47.7	26.5	12.9	44.2	38.2	75.6	30.7	34.9	56

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $735.00 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	24.4%	Gross profit / revenue.
Operating margin	8.5%	Operating income / revenue.
EBITDA margin	10.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.1%	Pre-tax income / revenue.
Net margin	6.7%	Net income / revenue.
FCF margin	7.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.8%	Cash from operations / revenue.
Effective tax rate	9.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	14.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.5%	Net income / average total assets.
Return on invested capital (ROIC)	18.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	7.6%	Research and development expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.8%	Capital expenditures / revenue.
D&A / revenue	2.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	17.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	37.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	22.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	15.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	30.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	16.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	12.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	66.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	24.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	17.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	58.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	22.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	16.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	45.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	48.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	22.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	73.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	151.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	30.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	26.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	13.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	15.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	4.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.29x	Current assets / current liabilities.
Quick ratio	0.66x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.11x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.02x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.8%	Total debt / total assets.
Liabilities / assets	67.4%	Total liabilities / total assets.
Net debt	-$533.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.63x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	4.58x	Operating income / interest expense.
Working capital	$1.76B	Current assets - current liabilities.
Goodwill and intangibles / assets	14.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.31B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.67x	Revenue / average total assets.
Fixed asset turnover	5.97x	Revenue / average property, plant and equipment.
Inventory turnover	2.03x	Cost of revenue / average inventory.
Days inventory	179 days	365 x average inventory / cost of revenue.
Receivables turnover	2.53x	Revenue / average receivables.
Days sales outstanding	144 days	365 x average receivables / revenue.
Days payables	87 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	237 days	Days inventory + days sales outstanding - days payables.
FCF conversion	103.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	29.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$11.39	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$11.69	Net income per basic share, as reported (split-adjusted).
Revenue per share	$169.20	Revenue / diluted weighted shares.
FCF per share	$11.78	Free cash flow / diluted weighted shares.
Operating cash flow per share	$16.59	Cash from operations / diluted weighted shares.
Book value per share	$88.92	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$49.69	Tangible book value / shares outstanding.
Cash per share	$13.68	(Cash + short-term investments) / shares outstanding.
Payout ratio	20.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	20.2%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$34.18B	Share price x shares outstanding.
Enterprise value	$33.65B	Market cap + total debt - cash - short-term investments.
P/E	64.0x	Market cap / net income. Only when net income is positive.
P/S	4.31x	Market cap / revenue.
P/B	8.28x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	14.8x	Market cap / tangible book value, when positive.
P/FCF	61.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	43.9x	Market cap / cash from operations, when positive.
EV/Sales	4.24x	Enterprise value / revenue.
EV/EBIT	50.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	39.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	60.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.6%	Free cash flow / market cap.
Earnings yield	1.6%	Net income / market cap (the inverse of P/E).
Dividend yield	0.3%	Dividends paid over the period / market cap.
Shareholder yield	0.3%	(Dividends paid + share buybacks) / market cap.
PEG	2.83x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was ELBIT SYSTEMS LTD's revenue in fiscal 2025?

ELBIT SYSTEMS LTD reported revenue of $7.94B for fiscal 2025, 16.3% higher than the year before.

Was ELBIT SYSTEMS LTD profitable in fiscal 2025?

Yes. Net income was $534.3M, a net margin of 6.7%.

How much free cash flow did ELBIT SYSTEMS LTD generate in fiscal 2025?

Cash from operations of $778.4M minus capital expenditures of $225.6M left free cash flow of $552.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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