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Stocks · Industrials · Aircraft Parts & Auxiliary Equipment, NEC

ELBIT SYSTEMS LTD

ESLT Clue Score63
Israel Fiscal year ends December CIK 0001027664
$655.74 -1.41% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $655.74 +358.69% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue3.26Operating income0.30Net income0.24EPS, diluted5.54Fiscal year 2017Revenue3.38 +3.6%Operating income0.32Net income0.24 +0.9%EPS, diluted5.59 +0.9%Fiscal year 2018Revenue3.68 +9.1%Operating income0.29Net income0.21 −13.5%EPS, diluted4.83 −13.6%Fiscal year 2019Revenue4.51 +22.4%Operating income0.32Net income0.23 +10.2%EPS, diluted5.20 +7.7%Fiscal year 2020Revenue4.66 +3.4%Operating income0.33Net income0.24 +4.3%EPS, diluted5.38 +3.5%Fiscal year 2021Revenue5.28 +13.2%Operating income0.42Net income0.27 +15.4%EPS, diluted6.20 +15.2%Fiscal year 2022Revenue5.51 +4.4%Operating income0.37Net income0.28 +0.4%EPS, diluted6.18 −0.3%Fiscal year 2023Revenue5.97 +8.4%Operating income0.37Net income0.22 −21.9%EPS, diluted4.82 −22.0%Fiscal year 2024Revenue6.83 +14.3%Operating income0.49Net income0.32 +49.3%EPS, diluted7.18 +49.0%Fiscal year 2025Revenue7.94 +16.3%Operating income0.67Net income0.53 +66.4%EPS, diluted11.39 +58.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 3.26 3.38 3.68 4.51 4.66 5.28 5.51 5.97 6.83 7.94
Growth +3.6% +9.1% +22.4% +3.4% +13.2% +4.4% +8.4% +14.3% +16.3%
Operating income 0.30 0.32 0.29 0.32 0.33 0.42 0.37 0.37 0.49 0.67
Net income 0.24 0.24 0.21 0.23 0.24 0.27 0.28 0.22 0.32 0.53
Growth +0.9% −13.5% +10.2% +4.3% +15.4% +0.4% −21.9% +49.3% +66.4%
EPS, diluted 5.54 5.59 4.83 5.20 5.38 6.20 6.18 4.82 7.18 11.39
Growth +0.9% −13.6% +7.7% +3.5% +15.2% −0.3% −22.0% +49.0% +58.6%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin29.6%Operating margin9.3%Net margin7.3%Free cash flow margin2.6%Fiscal year 2017Gross margin29.7%Operating margin9.6%Net margin7.1%Free cash flow margin−0.2%Fiscal year 2018Gross margin26.5%Operating margin7.9%Net margin5.6%Free cash flow margin2.4%Fiscal year 2019Gross margin25.2%Operating margin7.1%Net margin5.1%Free cash flow margin−4.2%Fiscal year 2020Gross margin25.0%Operating margin7.0%Net margin5.1%Free cash flow margin3.1%Fiscal year 2021Gross margin25.7%Operating margin7.9%Net margin5.2%Free cash flow margin4.3%Fiscal year 2022Gross margin24.9%Operating margin6.7%Net margin5.0%Free cash flow margin0.6%Fiscal year 2023Gross margin24.8%Operating margin6.2%Net margin3.6%Free cash flow margin−1.2%Fiscal year 2024Gross margin24.0%Operating margin7.2%Net margin4.7%Free cash flow margin4.7%Fiscal year 2025Gross margin24.4%Operating margin8.5%Net margin6.7%Free cash flow margin7.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 29.6% 29.7% 26.5% 25.2% 25.0% 25.7% 24.9% 24.8% 24.0% 24.4%
Operating margin 9.3% 9.6% 7.9% 7.1% 7.0% 7.9% 6.7% 6.2% 7.2% 8.5%
Net margin 7.3% 7.1% 5.6% 5.1% 5.1% 5.2% 5.0% 3.6% 4.7% 6.7%
Free cash flow margin 2.6% −0.2% 2.4% −4.2% 3.1% 4.3% 0.6% −1.2% 4.7% 7.0%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.21Capital expenditure−0.12Free cash flow0.08Dividends paid−0.07Fiscal year 2017Operating cash flow0.10Capital expenditure−0.11Free cash flow−0.01 −108.3%Dividends paid−0.08Fiscal year 2018Operating cash flow0.19Capital expenditure−0.10Free cash flow0.09Dividends paid−0.08Fiscal year 2019Operating cash flow−0.05Capital expenditure−0.14Free cash flow−0.19 −313.7%Dividends paid−0.06Fiscal year 2020Operating cash flow0.28Capital expenditure−0.13Free cash flow0.15Dividends paid−0.08Fiscal year 2021Operating cash flow0.42Capital expenditure−0.19Free cash flow0.23 +55.7%Dividends paid−0.08Fiscal year 2022Operating cash flow0.24Capital expenditure−0.21Free cash flow0.03 −84.7%Dividends paid−0.09Fiscal year 2023Operating cash flow0.11Capital expenditure−0.19Free cash flow−0.07 −309.8%Dividends paid−0.09Fiscal year 2024Operating cash flow0.53Capital expenditure−0.22Free cash flow0.32Dividends paid−0.09Fiscal year 2025Operating cash flow0.78Capital expenditure−0.23Free cash flow0.55 +73.0%Dividends paid−0.11
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.21 0.10 0.19 −0.05 0.28 0.42 0.24 0.11 0.53 0.78
Capital expenditure −0.12 −0.11 −0.10 −0.14 −0.13 −0.19 −0.21 −0.19 −0.22 −0.23
Free cash flow 0.08 −0.01 0.09 −0.19 0.15 0.23 0.03 −0.07 0.32 0.55
Growth −108.3% −313.7% +55.7% −84.7% −309.8% +73.0%
Dividends paid −0.07 −0.08 −0.08 −0.06 −0.08 −0.08 −0.09 −0.09 −0.09 −0.11

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.22Total debt0.23Net cash (debt)−0.01Shareholders’ equity1.56Debt to equity0.15Fiscal year 2017Cash0.16Total debt0.19Net cash (debt)−0.03Shareholders’ equity1.71Debt to equity0.11Fiscal year 2018Cash0.21Total debt0.53Net cash (debt)−0.32Shareholders’ equity1.83Debt to equity0.29Fiscal year 2019Cash0.22Total debt0.64Net cash (debt)−0.42Shareholders’ equity2.14Debt to equity0.30Fiscal year 2020Cash0.28Total debt0.43Net cash (debt)−0.15Shareholders’ equity2.22Debt to equity0.19Fiscal year 2021Cash0.26Total debt0.44Net cash (debt)−0.18Shareholders’ equity2.53Debt to equity0.17Fiscal year 2022Cash0.21Total debt0.34Net cash (debt)−0.13Shareholders’ equity2.76Debt to equity0.12Fiscal year 2023Cash0.20Total debt0.12Net cash (debt)0.08Shareholders’ equity2.95Debt to equity0.04Fiscal year 2024Cash0.27Total debt0.10Net cash (debt)0.16Shareholders’ equity3.28Debt to equity0.03Fiscal year 2025Cash0.64Total debt0.10Net cash (debt)0.53Shareholders’ equity4.13Debt to equity0.02
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.22 0.16 0.21 0.22 0.28 0.26 0.21 0.20 0.27 0.64
Total debt 0.23 0.19 0.53 0.64 0.43 0.44 0.34 0.12 0.10 0.10
Net cash (debt) −0.01 −0.03 −0.32 −0.42 −0.15 −0.18 −0.13 0.08 0.16 0.53
Shareholders’ equity 1.56 1.71 1.83 2.14 2.22 2.53 2.76 2.95 3.28 4.13
Debt to equity 0.15 0.11 0.29 0.30 0.19 0.17 0.12 0.04 0.03 0.02

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
29.6% 29.7% 26.5% 25.2% 25.0% 25.7% 24.9% 24.8% 24.0% 24.4%
9.3% 9.6% 7.9% 7.1% 7.0% 7.9% 6.7% 6.2% 7.2% 8.5%
8.6% 8.4% 6.4% 5.5% 5.6% 7.3% 5.3% 3.8% 5.0% 7.1%
7.3% 7.1% 5.6% 5.1% 5.1% 5.2% 5.0% 3.6% 4.7% 6.7%
2.6% −0.2% 2.4% −4.2% 3.1% 4.3% 0.6% −1.2% 4.7% 7.0%
Spending
8.9% 8.9% 8.6% 8.2% 9.2% 8.5% 9.1% 8.4% 8.0% 7.6%
4.6% 3.9% 4.4% 4.8% 4.8% 5.1% 5.7% 5.5% 4.6% 4.4%
3.8% 3.2% 2.8% 3.1% 2.8% 3.6% 3.7% 3.1% 3.1% 2.8%
16.3% 19.5% 11.1% 7.9% 13.9% 34.3% 8.2% 10.1% 11.4% 9.9%
Returns
15.2% 14.0% 11.3% 10.6% 10.7% 10.8% 10.0% 7.3% 9.8% 12.9%
5.4% 5.1% 3.2% 3.1% 2.9% 2.9% 3.0% 2.2% 2.9% 4.2%
Balance and payout
0.15 0.11 0.29 0.30 0.19 0.17 0.12 0.04 0.03 0.02
28.9% 31.5% 36.4% 27.5% 32.9% 28.9% 31.5% 41.5% 27.7% 20.9%
81.7% n/a 84.3% n/a 53.3% 34.7% 248.3% n/a 27.8% 20.2%