Revenue growth accelerated to 15.5% in 2026Q1, though gross margins remain constrained near 25.2% due to the company's hardware-heavy product mix.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 8.23B | 7.94B | 6.83B | 5.97B | 5.51B | 5.28B | 4.66B | 4.51B | 3.68B | 3.38B | 3.26B | 3.11B | 2.96B | 2.93B | 2.89B | 2.82B | 2.67B | 2.83B | 2.64B | 1.98B | 1.52B | 1.07B | 939.92M | 897.98M | 827.46M | 764.5M | 591.08M | 436.03M | 414.67M | 372.34M | 307.5M |
| Revenue Growth % | 14.81% | 16.27% | 14.28% | 8.4% | 4.41% | 13.21% | 3.42% | 22.39% | 9.05% | 3.61% | 4.91% | 5.05% | 1.13% | 1.27% | 2.53% | 5.52% | -5.73% | 7.36% | 33.13% | 30.1% | 42.38% | 13.83% | 4.67% | 8.52% | 8.23% | 29.34% | 35.56% | 5.15% | 11.37% | 21.09% | - |
| Cost of Goods Sold | 6.2B | 6B | 5.19B | 4.49B | 4.14B | 3.92B | 3.5B | 3.37B | 2.71B | 2.37B | 2.29B | 2.21B | 2.13B | 2.1B | 2.07B | 2.09B | 1.87B | 1.98B | 1.87B | 1.45B | 1.15B | 786.62M | 689.63M | 673.56M | 605.31M | 529.48M | 411.71M | 297.68M | 291.3M | 263.3M | 223.8M |
| COGS % of Revenue | - | 75.62% | 75.95% | 75.18% | 75.08% | 74.27% | 75.01% | 74.79% | 73.5% | 70.3% | 70.39% | 71.13% | 72.11% | 71.8% | 71.76% | 74.02% | 70.12% | 70.01% | 70.91% | 73.42% | 75.48% | 73.52% | 73.37% | 75.01% | 73.15% | 69.26% | 69.65% | 68.27% | 70.25% | 70.71% | 72.78% |
| Gross Profit | 2.03B | 1.94B | 1.64B | 1.48B | 1.37B | 1.36B | 1.17B | 1.14B | 976.18M | 1B | 965.28M | 897.05M | 825.1M | 824.85M | 815.87M | 732.01M | 797.87M | 849.48M | 767.44M | 526.85M | 373.48M | 283.26M | 250.3M | 224.42M | 222.14M | 235.02M | 179.38M | 138.35M | 123.37M | 109.04M | 83.7M |
| Gross Margin % | 24.7% | 24.38% | 24.05% | 24.82% | 24.92% | 25.73% | 24.99% | 25.21% | 26.5% | 29.7% | 29.61% | 28.87% | 27.89% | 28.2% | 28.24% | 25.98% | 29.88% | 29.99% | 29.09% | 26.58% | 24.52% | 26.48% | 26.63% | 24.99% | 26.85% | 30.74% | 30.35% | 31.73% | 29.75% | 29.29% | 27.22% |
| Gross Profit Growth % | - | 17.87% | 10.71% | 7.99% | 1.12% | 16.56% | 2.52% | 16.42% | -2.68% | 3.91% | 7.61% | 8.72% | 0.03% | 1.1% | 11.45% | -8.25% | -6.08% | 10.69% | 45.67% | 41.07% | 31.85% | 13.17% | 11.53% | 1.02% | -5.48% | 31.02% | 29.65% | 12.15% | 13.14% | 30.28% | - |
| Operating Expenses | 1.29B | 1.25B | 1.13B | 1.12B | 1.01B | 951.25M | 839.42M | 814.86M | 683.35M | 678.62M | 660.61M | 628.48M | 578.23M | 585.46M | 612.82M | 616.35M | 590.52M | 587.03M | 518.44M | 418.89M | 281.62M | 215.95M | 184.59M | 170.94M | 164.35M | 183.03M | 192.15M | 98.33M | 85.1M | 77.9M | 60.7M |
| OpEx % of Revenue | - | 15.72% | 16.58% | 18.75% | 18.33% | 18.02% | 18% | 18.07% | 18.55% | 20.09% | 20.26% | 20.22% | 19.55% | 20.01% | 21.21% | 21.88% | 22.12% | 20.73% | 19.65% | 21.14% | 18.49% | 20.18% | 19.64% | 19.04% | 19.86% | 23.94% | 32.51% | 22.55% | 20.52% | 20.92% | 19.74% |
| Selling, General & Admin | 737.14M | 730.93M | 665.46M | 696.02M | 643.62M | 570.83M | 528.28M | 527.07M | 445.16M | 418.69M | 428.09M | 385.06M | 356.17M | 364.97M | 379.43M | 375.26M | 361.14M | 370.27M | 332.46M | 264.86M | 189.38M | 133.06M | 117.74M | 116.02M | 107.34M | 93.01M | 65.83M | 49.05M | 44.8M | 41.5M | 31.3M |
| SG&A % of Revenue | - | 9.21% | 9.75% | 11.65% | 11.68% | 10.81% | 11.33% | 11.69% | 12.08% | 12.4% | 13.13% | 12.39% | 12.04% | 12.48% | 13.14% | 13.32% | 13.53% | 13.07% | 12.6% | 13.36% | 12.43% | 12.44% | 12.53% | 12.92% | 12.97% | 12.17% | 11.14% | 11.25% | 10.8% | 11.15% | 10.18% |
| Research & Development | 553.26M | 517.14M | 466.4M | 424.42M | 435.65M | 395.09M | 359.75M | 331.76M | 287.35M | 265.06M | 255.79M | 243.42M | 228.01M | 220.48M | 233.39M | 241.09M | 234.13M | 216.75M | 184.98M | 127M | 92.23M | 71.9M | 66.85M | 54.92M | 57.01M | 60.1M | 44.27M | 32.66M | 31.6M | 27.9M | 21.8M |
| R&D % of Revenue | - | 6.51% | 6.83% | 7.1% | 7.9% | 7.48% | 7.72% | 7.36% | 7.8% | 7.85% | 7.85% | 7.83% | 7.71% | 7.54% | 8.08% | 8.56% | 8.77% | 7.65% | 7.01% | 6.41% | 6.05% | 6.72% | 7.11% | 6.12% | 6.89% | 7.86% | 7.49% | 7.49% | 7.62% | 7.49% | 7.09% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | -68.92M | -14.66M | -48.61M | -43.97M | -49.16M | -5.13M | -23.28M | 0 | -5.95M | 0 | 0 | 0 | -4.76M | 0 | 1M | 27.04M | 0 | 10.98M | 0 | 0 | 0 | 29.91M | 82.05M | 16.63M | 8.7M | 8.5M | 7.6M |
| Operating Income | 742.6M | 687.18M | 509.96M | 362.51M | 362.93M | 406.79M | 325.69M | 321.61M | 292.83M | 324.43M | 304.68M | 268.58M | 246.87M | 239.39M | 203.05M | 115.66M | 207.35M | 262.46M | 249M | 107.95M | 91.86M | 67.31M | 65.71M | 53.48M | 57.79M | 51.99M | -12.78M | 40.02M | 38.27M | 31.14M | 23M |
| Operating Margin % | 9.02% | 8.66% | 7.47% | 6.07% | 6.58% | 7.71% | 6.99% | 7.13% | 7.95% | 9.6% | 9.35% | 8.64% | 8.34% | 8.18% | 7.03% | 4.11% | 7.77% | 9.27% | 9.44% | 5.45% | 6.03% | 6.29% | 6.99% | 5.96% | 6.98% | 6.8% | -2.16% | 9.18% | 9.23% | 8.36% | 7.48% |
| Operating Income Growth % | - | 34.75% | 40.67% | -0.11% | -10.78% | 24.9% | 1.27% | 9.83% | -9.74% | 6.48% | 13.44% | 8.8% | 3.12% | 17.9% | 75.55% | -44.22% | -21% | 5.4% | 130.66% | 17.52% | 36.46% | 2.44% | 22.87% | -7.46% | 11.15% | 506.97% | -131.92% | 4.58% | 22.88% | 35.4% | - |
| EBITDA | 917.98M | 858.62M | 668.35M | 527.31M | 524.22M | 559.88M | 470.11M | 458.76M | 411.04M | 438.45M | 427.57M | 390.93M | 369.27M | 368.74M | 341.85M | 266.28M | 339.49M | 385.93M | 378.44M | 207.37M | 150.36M | 125.03M | 107.97M | 96.11M | 89.8M | 93.37M | 8.04M | 56.65M | 46.97M | 39.64M | 30.6M |
| EBITDA Margin % | 11.15% | 10.82% | 9.79% | 8.83% | 9.51% | 10.61% | 10.08% | 10.18% | 11.16% | 12.98% | 13.11% | 12.58% | 12.48% | 12.61% | 11.83% | 9.45% | 12.71% | 13.63% | 14.34% | 10.46% | 9.87% | 11.69% | 11.49% | 10.7% | 10.85% | 12.21% | 1.36% | 12.99% | 11.33% | 10.65% | 9.95% |
| EBITDA Growth % | 28.46% | 28.47% | 26.75% | 0.59% | -6.37% | 19.1% | 2.47% | 11.61% | -6.25% | 2.54% | 9.37% | 5.87% | 0.14% | 7.87% | 28.38% | -21.57% | -12.03% | 1.98% | 82.5% | 37.92% | 20.26% | 15.8% | 12.34% | 7.03% | -3.82% | 1061.04% | -85.8% | 20.63% | 18.48% | 29.55% | - |
| D&A (Non-Cash Add-back) | 175.38M | 171.43M | 158.39M | 164.8M | 161.29M | 153.09M | 144.42M | 137.15M | 118.2M | 114.02M | 122.89M | 122.35M | 122.41M | 129.35M | 138.8M | 150.62M | 132.14M | 123.47M | 129.44M | 99.41M | 58.5M | 57.72M | 42.26M | 42.63M | 32.01M | 41.38M | 20.82M | 16.63M | 8.7M | 8.5M | 7.6M |
| EBIT | 685.68M | 633.49M | 474.41M | 323.82M | 333.71M | 407.71M | 285.76M | 274.48M | 265.61M | 302.17M | 292.71M | 260.33M | 213.06M | 220M | 197.5M | 120.77M | 212.42M | 270.46M | 357.58M | 145.48M | 91.86M | 74.29M | 65.71M | 53.48M | 57.79M | 76.47M | 63.74M | 40.02M | 38.27M | 31.14M | 23M |
| Net Interest Income | -133.05M | -40.43M | -151.13M | -74.11M | -51.36M | -18.41M | -71.27M | -37.99M | -31.73M | -24.58M | -22.02M | -15.05M | -33.33M | -28.18M | -29.52M | -18.67M | -12.16M | -15.59M | -36.81M | -14.99M | -16.71M | -11.47M | -5.85M | -4.87M | -3.04M | -2.62M | 115K | 0 | 400K | 0 | 0 |
| Interest Income | 0 | 6.82M | -18.46M | 2.36M | 0 | 487.53K | 0 | 1.65M | 1.07M | 778.11K | 930.6K | 848.73K | 1.29M | 1.08M | 1.88M | 2.58M | 5.26M | 0 | 14.29M | 10.12M | 5.58M | 0 | 0 | 0 | 0 | 6.18M | 6.52M | 0 | 400K | 0 | 0 |
| Interest Expense | 133.05M | 47.25M | 132.67M | 76.47M | 51.36M | 18.9M | 71.27M | 39.63M | 32.8M | 25.35M | 22.95M | 15.9M | 34.63M | 29.25M | 31.41M | 16.77M | 13M | 15.59M | 21.04M | 25.11M | 22.29M | 11.47M | 5.85M | 4.87M | 3.04M | 8.79M | 6.41M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -91.25M | -96.02M | -149.04M | -123.74M | -63.33M | -743K | -51.26M | -73.54M | -57.73M | -28.22M | -20.25M | -15.48M | -41.83M | -23.34M | -14.85M | 3.72M | 10.8M | 4.17M | 71.91M | -17.43M | 1.08M | -18.49M | 1.38M | 3.8M | -3.33M | -195K | -1.53M | 758K | -1.17M | -642K | 800K |
| Pretax Income | 651.35M | 591.16M | 360.92M | 238.77M | 299.6M | 406.05M | 274.43M | 248.07M | 235.1M | 296.21M | 284.43M | 253.1M | 205.04M | 216.05M | 188.2M | 119.38M | 218.16M | 266.62M | 320.92M | 90.52M | 92.94M | 48.82M | 67.09M | 57.28M | 54.46M | 51.8M | -14.3M | 40.78M | 37.1M | 30.5M | 23.8M |
| Pretax Margin % | 7.91% | 7.45% | 5.29% | 4% | 5.44% | 7.69% | 5.89% | 5.5% | 6.38% | 8.77% | 8.72% | 8.14% | 6.93% | 7.39% | 6.52% | 4.24% | 8.17% | 9.41% | 12.16% | 4.57% | 6.1% | 4.56% | 7.14% | 6.38% | 6.58% | 6.78% | -2.42% | 9.35% | 8.95% | 8.19% | 7.74% |
| Income Tax | 62.24M | 55.54M | 39.06M | 22.91M | 24.13M | 131.39M | 36.44M | 19.41M | 26.45M | 55.59M | 45.62M | 46.23M | 25.62M | 25.31M | 17.1M | 13.62M | 24.04M | 38.11M | 54.37M | 13.81M | 20.69M | 16.34M | 15.22M | 11.33M | 9.35M | 11M | 6.23M | 9.74M | 9.3M | 8.3M | 5.8M |
| Effective Tax Rate % | 9.56% | 9.39% | 10.82% | 9.6% | 8.05% | 32.36% | 13.28% | 7.83% | 11.25% | 18.77% | 16.04% | 18.27% | 12.5% | 11.72% | 9.09% | 11.41% | 11.02% | 14.29% | 16.94% | 15.26% | 22.27% | 33.46% | 22.68% | 19.79% | 17.16% | 21.24% | -43.53% | 23.89% | 25.07% | 27.21% | 24.37% |
| Net Income | 588.05M | 534.34M | 321.14M | 215.13M | 275.45M | 274.35M | 237.66M | 227.86M | 206.74M | 239.11M | 236.91M | 202.51M | 170.98M | 183.42M | 167.88M | 90.29M | 183.5M | 214.95M | 204.18M | 76.71M | 72.24M | 32.49M | 51.87M | 45.95M | 45.11M | 40.8M | -20.53M | 31.04M | 27.8M | 22.2M | 18M |
| Net Margin % | 7.14% | 6.73% | 4.7% | 3.6% | 5% | 5.2% | 5.1% | 5.05% | 5.61% | 7.08% | 7.27% | 6.52% | 5.78% | 6.27% | 5.81% | 3.2% | 6.87% | 7.59% | 7.74% | 3.87% | 4.74% | 3.04% | 5.52% | 5.12% | 5.45% | 5.34% | -3.47% | 7.12% | 6.7% | 5.96% | 5.85% |
| Net Income Growth % | 65.86% | 66.39% | 49.28% | -21.9% | 0.4% | 15.44% | 4.3% | 10.22% | -13.54% | 0.93% | 16.99% | 18.44% | -6.78% | 9.26% | 85.94% | -50.8% | -14.63% | 5.28% | 166.17% | 6.18% | 122.37% | -37.37% | 12.9% | 1.84% | 10.58% | 298.7% | -166.15% | 11.64% | 25.23% | 23.33% | - |
| Net Income (Continuing) | 589.11M | 535.62M | 321.86M | 215.86M | 275.47M | 274.66M | 237.99M | 228.66M | 208.66M | 240.62M | 238.81M | 206.86M | 179.41M | 190.74M | 171.1M | 105.76M | 194.12M | 228.51M | 266.55M | 76.71M | 72.24M | 32.49M | 51.87M | 45.95M | 45.11M | 40.8M | -20.53M | 31.04M | 27.8M | 22.2M | 18M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 681K | -616K | -15.98M | 921K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 15K | 375.08K | 3.44M | 2.76M | 2.45M | 14.63M | 13.21M | 18.43M | 21.95M | 9.66M | 7.4M | 8.05M | 12.23M | 17.16M | 33.51M | 29.38M | 38.76M | 24.33M | 76.47M | 20.09M | 6.87M | 12.91M | 4.34M | 4.12M | 4.67M | 5.99M | 4.96M | 1.78M | 2M | 0 | 0 |
| EPS (Diluted) | 12.22 | 11.39 | 7.18 | 4.82 | 5.90 | 6.44 | 5.76 | 5.36 | 4.83 | 5.59 | 5.54 | 4.74 | 4.01 | 4.34 | 3.97 | 2.09 | 4.25 | 5.00 | 4.78 | 1.81 | 1.72 | 0.78 | 1.26 | 1.14 | 1.13 | 1.04 | -0.65 | 1.16 | 1.04 | 0.92 | 0.84 |
| EPS Growth % | 58.12% | 58.64% | 48.96% | -18.31% | -8.39% | 11.81% | 7.46% | 10.97% | -13.6% | 0.9% | 16.88% | 18.2% | -7.6% | 9.32% | 89.95% | -50.82% | -15% | 4.6% | 164.09% | 5.23% | 120.51% | -38.1% | 10.53% | 0.89% | 8.65% | 260% | -156.03% | 11.54% | 13.04% | 9.52% | - |
| EPS (Basic) | - | 11.69 | 7.22 | 4.85 | 5.93 | 6.45 | 5.76 | 5.37 | 4.84 | 5.59 | 5.54 | 4.74 | 4.01 | 4.35 | 3.98 | 2.11 | 4.30 | 5.08 | 4.85 | 1.82 | 1.75 | 0.80 | 1.30 | 1.18 | 1.17 | 1.07 | -0.65 | 1.23 | 1.13 | 1.00 | 0.84 |
| Diluted Shares Outstanding | 48.12M | 46.92M | 44.71M | 44.59M | 44.58M | 44.28M | 44.22M | 43.85M | 42.79M | 42.79M | 42.75M | 42.73M | 42.68M | 42.3M | 42.28M | 43.13M | 43.22M | 42.98M | 42.76M | 42.34M | 41.88M | 41.62M | 41.17M | 40.23M | 39.92M | 39.36M | 31.57M | 26.49M | 26.73M | 24.13M | 21.43M |
| Basic Shares Outstanding | 46.48M | 45.71M | 44.48M | 44.38M | 44.32M | 44.2M | 44.2M | 43.79M | 42.75M | 42.79M | 42.74M | 42.71M | 42.65M | 42.14M | 42.19M | 42.76M | 42.65M | 42.3M | 42.08M | 42.04M | 41.34M | 40.75M | 39.9M | 39.06M | 38.56M | 37.98M | 31.57M | 25.13M | 24.6M | 22.2M | 21.43M |
| Dividend Payout Ratio | - | 22.63% | 27.7% | 41.49% | 31.52% | 28.86% | 32.9% | 27.46% | 36.43% | 31.49% | 28.89% | 34.46% | 39.93% | 41.19% | 30.15% | 68.26% | 34.41% | 35.44% | 16.05% | 35.73% | 33.67% | 66.58% | 167.12% | 32.39% | 28.19% | 29.74% | - | 28.96% | 17.63% | 15.32% | 5.56% |
Geopolitical export license dependency
As reported in recent financial filings, Elbit Systems achieved a 15.5% year-over-year revenue growth in 2026Q1, signaling that the company is successfully capturing global defense spending tailwinds and translating its battle-proven product portfolio into consistent top-line expansion across its core international and domestic market segments.
The acceleration in revenue growth appears to be driven by a robust backlog-to-revenue conversion, reflecting the company's ability to scale production in response to heightened global demand. Investors should monitor whether this growth trajectory remains sustainable as the company balances domestic IDF requirements with its international export commitments.
Based on the provided income statement data, Elbit Systems maintains a relatively stable gross margin of approximately 25%, which suggests that while the company possesses specialized technical capabilities, its hardware-heavy product mix may limit the potential for significant margin expansion compared to software-centric defense industry peers.
The persistence of gross margins near the 24-25% range indicates that input costs for specialized materials and skilled labor remain a significant factor in the company's cost structure. It appears that the company's competitive positioning relies more on volume and technological integration than on high-margin proprietary software licensing.
According to the latest quarterly figures, operating income has scaled to $205.1 million in 2026Q1, demonstrating improved operating leverage as the company manages its SG&A expenses more effectively relative to the significant growth in gross profit observed over the last several reporting periods.
The expansion of operating margins toward 9.4% suggests that management is successfully achieving economies of scale as revenue increases. This trend warrants further investigation to determine if the current efficiency gains are permanent or if they are subject to reversal should R&D reinvestment requirements intensify.
As indicated by the company's financial statements, net income has shown a clear upward trend, reaching $160.8 million in 2026Q1, which suggests that the reported earnings quality is increasingly supported by core operational performance rather than non-operating items or significant accounting adjustments.
The consistent growth in EPS, which reached 3.34 in the most recent quarter, reflects a strengthening bottom line that appears to be decoupled from the volatility seen in earlier periods. However, investors should remain cautious regarding the impact of currency fluctuations on reported net income given the mismatch between USD reporting and ILS-denominated labor costs.
While the company shows strong top-line momentum, a critical challenge remains the potential for margin compression if regional labor inflation in Israel persists or if export license restrictions in sensitive European jurisdictions limit the company's ability to deliver on higher-margin international contracts as planned.
Short-term growth may be masking underlying risks related to the company's reliance on fixed-price contracts in an inflationary environment. If the current mix of domestic versus international revenue shifts unfavorably, the company may struggle to maintain its current operating margin trajectory.
Quick answers to the most common questions about buying ESLT stock.
For fiscal year 2025, Elbit Systems Ltd. (ESLT) reported total revenue of $7.94B. This represents a 2481.7% increase compared to $307.5M in 1996.
Elbit Systems Ltd. (ESLT) is profitable, generating $534.3M in net income for the fiscal year ending 2025 with a net profit margin of 6.7%.
Elbit Systems Ltd. (ESLT) reported an operating income of $687.2M, resulting in an operating profit margin of 8.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Elbit Systems Ltd. (ESLT) generated $1.94B in gross profit for the year, representing a gross profit margin of 24.4%. This demonstrates the company's core pricing power and production efficiency.