Elbit Systems Ltd.

What they do

Elbit Systems develops and supplies defense electronics products and systems, registered with the SEC as an aircraft parts and auxiliary equipment manufacturer. It files as a foreign private issuer on Form 20-F and prepares its consolidated financial statements under U.S. GAAP in U.S. dollars. It is incorporated in Israel with principal offices at the Advanced Technology Center in Haifa.

Revenue drivers

• Defense electronics systems — The filing excerpts provided do not break out segment-level revenue, so no individual product line can be sized; the company's total revenue reached $7.94 billion in 2025.
• Aircraft parts and auxiliary equipment — The SEC assigns the company SIC code 3679-equivalent 'Aircraft Parts & Auxiliary Equipment, NEC', indicating aerospace and defense hardware is a core revenue category.
• Programs tied to government priorities — The risk disclosures reference changes in governmental priorities and budgeting, indicating a substantial share of revenue depends on government defense budgets.

Recent performance

Revenue rose from $5.28 billion in 2021 to $7.94 billion in 2025, with growth accelerating in the last two years. Net income was $534.3 million in 2025, up from $321.1 million in 2024, and diluted EPS rose to $11.39 from $7.18. Operating cash flow reached $778.4 million in 2025, the highest of the five years shown. At year-end 2025 the company reported $12.66 billion of total assets, $4.13 billion of shareholder equity, $635.1 million of cash and equivalents, and only $18.0 million of long-term debt.

Strategy

The excerpts provided do not include a detailed strategy discussion, so only the following can be stated. The company operates under U.S. GAAP reporting and files with the SEC as a foreign private issuer. Its risk disclosures identify governmental regulations and approvals, governmental budgeting and priorities, and Middle East conflicts as key external factors affecting the business.

Risks

• Middle East conflict exposure — The company explicitly flags implications of conflicts in the Middle East, including the 'Swords of Iron' war and the Israel-Iran conflict, as a risk factor.
• Government budget dependence — Changes in governmental priorities and budgeting are named as a risk, reflecting reliance on defense procurement cycles.
• Regulatory and approval risk — Governmental regulations and approvals are cited as a factor that could cause actual results to differ from forward-looking statements.
• General market and political conditions — The company cites general market, political and economic conditions in countries where it operates or sells, including Israel and the United States, as a risk.

Outlook

The excerpts provided do not contain management guidance or forward projections beyond the cautionary statement. That statement notes actual future results may differ materially from forward-looking statements due to factors including government regulations, budget changes, and Middle East conflicts.