Elbit Systems (ESLT) financial statements
Elbit Systems reported revenue of $7.9B in fiscal 2025, up 10.4% a year over 9 years.
Net income was $534M and the operating margin 8.5%, against 9.3% in 2016.
Free cash flow was $553M, and the company returned $112M in dividends.
The diluted share count rose 10% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Elbit Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.3B | $3.4B | $3.7B | $4.5B | $4.7B | $5.3B | $5.5B | $6.0B | $6.8B | $7.9B |
| Cost of revenue | $2.3B | $2.4B | $2.7B | $3.4B | $3.5B | $3.9B | $4.1B | $4.5B | $5.2B | $6.0B |
| Gross profit | $965M | $1.0B | $976M | $1.1B | $1.2B | $1.4B | $1.4B | $1.5B | $1.6B | $1.9B |
| Research and development | $292M | $301M | $318M | $369M | $428M | $448M | $502M | $503M | $544M | $600M |
| Selling, general and admin | $422M | $414M | $441M | $516M | $515M | $559M | $639M | $689M | $686M | $747M |
| Operating income | $305M | $324M | $293M | $322M | $326M | $419M | $367M | $369M | $489M | $671M |
| Interest expense | $25M | $36M | $46M | $73M | $74M | $42M | $54M | $144M | $158M | $146M |
| Pre-tax income | $279M | $285M | $237M | $246M | $262M | $383M | $293M | $226M | $342M | $562M |
| Income tax | $46M | $56M | $26M | $19M | $36M | $131M | $24M | $23M | $39M | $56M |
| Net income | $237M | $239M | $207M | $228M | $238M | $274M | $275M | $215M | $321M | $534M |
| EPS (diluted) | $5.54 | $5.59 | $4.83 | $5.20 | $5.38 | $6.20 | $6.18 | $4.82 | $7.18 | $11.39 |
| Diluted shares | 43M | 43M | 43M | 44M | 44M | 44M | 45M | 45M | 45M | 47M |
| 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% |
Balance sheet
Fiscal years, from Elbit Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $223M | $156M | $208M | $221M | $279M | $259M | $211M | $197M | $265M | $635M |
| Receivables | $1.2B | $1.4B | $1.7B | $2.1B | $2.5B | $2.8B | $2.6B | $2.7B | $2.9B | $3.3B |
| Inventory | $840M | $903M | $1.1B | $1.2B | $1.3B | $1.7B | $1.9B | $2.3B | $2.8B | $3.1B |
| Total current assets | $2.4B | $2.6B | $3.3B | $3.7B | $4.3B | $5.0B | $5.0B | $5.5B | $6.4B | $7.7B |
| Property, plant and equipment | $474M | $496M | $687M | $767M | $787M | $903M | $949M | $1.1B | $1.3B | $1.4B |
| Goodwill | $617M | $647M | $1.0B | $1.3B | $1.3B | $1.6B | $1.5B | $1.5B | $1.5B | $1.5B |
| Total assets | $4.4B | $4.7B | $6.5B | $7.3B | $8.1B | $9.3B | $9.2B | $9.7B | $11.0B | $12.7B |
| Total current liabilities | $1.9B | $2.1B | $2.9B | $3.2B | $3.6B | $4.0B | $4.3B | $4.8B | $5.3B | $6.0B |
| Long-term debt | $475,000 | $120M | $468M | $440M | $409M | $357M | $265M | $41M | $27M | $18M |
| Total liabilities | $2.8B | $3.0B | $4.6B | $5.2B | $5.8B | $6.8B | $6.5B | $6.8B | $7.7B | $8.5B |
| Shareholders' equity | $1.6B | $1.7B | $1.8B | $2.1B | $2.2B | $2.5B | $2.8B | $2.9B | $3.3B | $4.1B |
| Net debt | $7M | $31M | $322M | $419M | $148M | $176M | $130M | -$81M | -$163M | -$534M |
Cash flow
Fiscal years, from Elbit Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $208M | $101M | $192M | -$53M | $279M | $417M | $240M | $114M | $535M | $778M |
| Capital spending | $124M | $108M | $102M | $138M | $132M | $189M | $205M | $187M | $215M | $226M |
| Free cash flow | $84M | -$7M | $89M | -$191M | $147M | $228M | $35M | -$73M | $320M | $553M |
| Stock-based compensation | $70,000 | $13,000 | $1M | $4M | $4M | $5M | $10M | $12M | $16M | $26M |
| Dividends paid | $68M | $75M | $75M | $63M | $78M | $79M | $87M | $89M | $89M | $112M |
| Net borrowing | -$43M | $79M | $584M | $106M | -$65M | -$60M | -$83M | -$226M | -$11M | -$11M |
| Free cash flow margin | 2.6% | -0.2% | 2.4% | -4.2% | 3.1% | 4.3% | 0.6% | -1.2% | 4.7% | 7.0% |
| Dividends per share | $1.60 | $1.76 | $1.76 | $1.43 | $1.77 | $1.79 | $1.95 | $2.00 | $1.99 | $2.38 |
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Open ESLT in InvestinglyQuestions
What was Elbit Systems's revenue in 2025?
$7.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Elbit Systems generate?
$553M in fiscal 2025 (operating cash flow minus capital spending).
From Elbit Systems's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.