Elbit Systems Ltd. (ESLT) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 281.05M | 333.9M | 157.08M | 120.39M | 183.57M | 452.07M | 56.54M | 32.38M | -6.39M | 313.74M | 10.7M | -137.7M | -73.03M | 195.42M | 178.11M | -168.94M | 35.47M | 259.94M | -145K | 170.22M |
| Operating CF Margin % | 12.84% | 15.54% | 8.17% | 6.1% | 9.68% | 23.42% | 3.29% | 1.99% | -0.41% | 19.3% | 0.71% | -9.47% | -5.24% | 12.97% | 13.2% | -12.96% | 2.62% | 4.92% | -0.01% | 13.07% |
| Operating CF Growth % | 53.1% | -26.14% | 177.81% | 271.77% | 2974.2% | 44.09% | 428.53% | 123.52% | 91.25% | 60.54% | -93.99% | 18.49% | -305.88% | -24.82% | 122937.24% | -199.25% | 371.05% | 51.02% | 99.77% | -4.99% |
| Net Income | 160.85M | 171.63M | 133.68M | 126.02M | 107.37M | 90.22M | 79.31M | 78.6M | 73.73M | 30.4M | 60.86M | 62.42M | 62.17M | 85.47M | 56.23M | 80.82M | 52.95M | 8.28M | 91.77M | 102.01M |
| Depreciation & Amortization | 45.82M | 43.49M | 43.57M | 43.38M | 41.88M | 41.25M | 39.02M | 38.16M | 39.96M | 41.32M | 42.74M | 39.68M | 41.06M | 40.16M | 39.25M | 42.5M | 39.37M | 40.62M | 39.16M | 38.74M |
| Stock-Based Compensation | 6.89M | 0 | 6.03M | 5.76M | 5.74M | 5.7M | 4.36M | 3.29M | 2.41M | 2.41M | 2.97M | 3.35M | 3.42M | 1.07M | 5.66M | 1.39M | 2.34M | 1.7M | 1.7M | 895K |
| Deferred Taxes | -9.12M | -2.58M | 2.68M | -13.99M | -758K | -10.47M | 6.08M | 1.01M | 5.04M | -17.19M | 4.47M | -1.11M | 659K | -1.6M | 4.82M | -4.62M | -821K | 23.34M | 5.11M | 9.19M |
| Other Non-Cash Items | -3.68M | -2.1M | -566K | 7.11M | -4.64M | 9.89M | -2.83M | 7.35M | -4.59M | 9.69M | 7M | -2.29M | 561K | 13.83M | -8.41M | -15.17M | -4.47M | 1.01M | -4.36M | -19.04M |
| Working Capital Changes | 80.28M | 123.46M | -28.31M | -47.88M | 33.99M | 315.49M | -69.39M | -96.04M | -122.93M | 247.1M | -107.34M | -239.75M | -180.89M | 56.48M | 80.56M | -273.87M | -53.9M | 185M | -133.52M | 38.43M |
| Change in Receivables | -326.04M | -294.67M | -22.19M | -226.3M | -131.92M | -7.19M | -165.79M | -96.58M | -204.37M | -31.15M | 43.88M | -7.67M | -101.65M | 217.38M | -59.22M | -70.62M | 9.62M | -55.2M | -322.75M | -138.44M |
| Change in Inventory | -111.8M | 25.51M | -202.59M | -79.91M | -91.8M | 49.04M | -124.08M | -131.46M | -273.81M | -6.39M | -75.92M | -43.91M | -225.37M | -30.85M | -95.93M | -97.51M | -80.76M | -47.01M | -97.11M | -72.46M |
| Change in Payables | 0 | 116.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -661.86M | 369.93M | 91.72M | -448.01M | -362.34M | -45.2M | -20.71M | -17.6M | -95.32M | -14.6M | -62.44M | -94.94M | -38.62M | -72.47M | -72.01M | 25.11M | -32.61M | -69.68M | -36.38M | -388.09M |
| Capital Expenditures | -71.16M | -102.52M | -55.91M | -49.8M | -22.67M | -48.05M | -51.47M | -35.5M | -80.02M | -29.25M | -60.55M | -60.42M | -36.81M | -16.75M | -81.09M | -62.28M | -44.98M | -72.75M | -45.31M | -37.75M |
| CapEx % of Revenue | 3.25% | 4.77% | 2.91% | 2.52% | 1.2% | 2.49% | 3% | 2.18% | 5.15% | 1.8% | 4.03% | 4.16% | 2.64% | 1.11% | 6.01% | 4.78% | 3.33% | 1.38% | 3.32% | 2.9% |
| Acquisitions | -1.92M | -212.87K | 400K | -50K | -50K | -17.85M | 15.35M | -848K | 7.13M | -2.48M | -1.9M | -10.21M | -1.2M | -69.81M | -3.83M | 76.1M | 11.38M | -3.49M | 2.24M | -369.04M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 434K | 15.8M | 147.24M | -398.16M | 371K | -906K | 7.72M | 0 | 4.36M | 866K | 10K | 231K | 359K | 1.79M | 12.9M | 9.26M | 950K | 6.7M | 774K | 19.1M |
| Cash from Financing | -99.08M | -168.1M | -215.32M | 323.05M | 27.1M | -260.72M | -37.29M | -2.41M | 12.57M | -222M | 60.35M | 192.85M | 52.01M | -160.03M | -105.2M | 115.23M | 14.02M | -134.41M | 28.24M | 222.34M |
| Debt Issued (Net) | -63.78M | 206.31M | -187.54M | -223.08M | 49.33M | -238.49M | -15.05M | 19.85M | 34.77M | -199.8M | 82.51M | 215.54M | 74.18M | -137.86M | -83.04M | 137.37M | 34.35M | -134.42M | 48.57M | 261.73M |
| Equity Issued (Net) | 33K | -338.35M | 21K | 572.96M | 37K | 0 | 1K | -16K | 22K | 0 | 14K | -2K | 3K | 0 | 1K | 10K | 11K | 20K | 1K | 0 |
| Dividends Paid | -35.34M | -36.06M | -27.8M | -26.83M | -22.27M | -22.24M | -22.24M | -22.24M | -22.23M | -22.21M | -22.18M | -22.69M | -22.17M | -22.17M | -22.16M | -22.14M | -20.34M | 0 | -20.33M | -39.4M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 19K | 0 | 0 | 0 | 15K | 0 | 0 | 0 | 2K | 0 | 0 | 0 | -2K | 0 | 0 |
| Net Change in Cash | -479.89M | 493.13M | 33.48M | -4.57M | -151.67M | 146.15M | -1.46M | 12.37M | -89.14M | 77.14M | 8.61M | -39.79M | -59.63M | -37.07M | 909K | -28.6M | 16.88M | 55.85M | -8.28M | 4.46M |
| Free Cash Flow | 209.89M | 231.38M | 101.17M | 70.59M | 160.91M | 404.02M | 5.07M | -3.12M | -86.41M | 284.49M | -49.85M | -198.13M | -109.84M | 178.67M | 97.03M | -231.22M | -9.51M | 187.19M | -45.46M | 132.47M |
| FCF Margin % | 9.59% | 10.77% | 5.26% | 3.58% | 8.49% | 20.93% | 0.3% | -0.19% | -5.56% | 17.5% | -3.32% | -13.63% | -7.88% | 11.86% | 7.19% | -17.74% | -0.7% | 3.55% | -3.33% | 10.17% |
| FCF Growth % | 30.44% | -42.73% | 1896.15% | 2362.53% | 286.21% | 42.02% | 110.17% | 98.43% | 21.33% | 59.23% | -151.38% | 14.31% | -1054.6% | -4.55% | 313.43% | -274.55% | 79.27% | 40.89% | 53.12% | -13.38% |
| FCF per Share | 4.36 | 4.84 | 2.12 | 1.51 | 3.53 | 8.99 | 0.11 | -0.07 | -1.93 | 6.37 | -1.12 | -4.44 | -2.47 | 4.01 | 2.17 | -5.19 | -0.21 | 4.23 | -1.03 | 2.99 |
| FCF Conversion (FCF/Net Income) | 1.75x | 1.99x | 1.18x | 0.96x | 1.71x | 5.02x | 0.71x | 0.41x | -0.09x | 10.46x | 0.18x | -2.21x | -1.18x | 2.29x | 3.17x | -2.08x | 0.67x | 0.95x | -0.00x | 1.67x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |