ESLT financial statements

The full income statement, balance sheet, and cash-flow statement for Elbit Systems Ltd. (ESLT), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2017-12 42.7M2018-12 42.8M2019-12 44.2M2020-12 44.2M2021-12 44.3M2022-12 44.3M2023-12 44.3M2024-12 44.5M2025-12 46.4M+8.6% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	7.94B YoY+16.3%	6.83B YoY+14.3%	5.97B YoY+8.4%	5.51B YoY+4.4%	5.28B YoY+13.2%
	1.94B YoY+17.9%	1.64B YoY+10.7%	1.48B YoY+8.0%	1.37B YoY+1.1%	1.36B YoY+16.6%
Cost of revenue	6.00B YoY+15.8%	5.19B YoY+15.5%	4.49B YoY+8.5%	4.14B YoY+5.6%	3.92B YoY+12.1%
Research & development	600M YoY+10.2%	544M YoY+8.3%	503M YoY+0.2%	502M YoY+12.0%	448M YoY+4.6%
Selling, general & administrative	347M YoY+11.7%	311M YoY-5.8%	330M YoY+5.5%	313M YoY+17.1%	267M YoY+19.4%
General & administrative	347M YoY+11.7%	311M YoY-5.8%	330M YoY+5.5%	313M YoY+17.1%	267M YoY+19.4%
Selling & marketing	399M YoY+6.4%	375M YoY+4.5%	359M YoY+10.2%	326M YoY+11.7%	292M YoY+0.4%
Provision for credit losses	796K YoY-86.0%	5.70M YoY+745.8%	674K YoY+123.9%	301K YoY+363.1%	65.0K YoY-97.0%
Operating income	671M YoY+37.3%	489M YoY+32.5%	369M YoY+0.4%	367M YoY-12.2%	419M YoY+28.5%
Interest expense	146M YoY-7.2%	158M YoY+9.6%	144M YoY+164.5%	54.4M YoY+28.7%	42.3M YoY-43.2%
Other non-operating income	29.1M YoY+662.4%	3.82M YoY+179.8%	-4.79M YoY+79.7%	-23.6M YoY-541.6%	5.34M YoY-28.0%
Equity-method income	29.2M YoY+52.5%	19.2M YoY+56.2%	12.3M YoY+74.3%	7.04M YoY-68.8%	22.6M YoY+79.3%
Pre-tax income	562M YoY+64.4%	342M YoY+50.9%	226M YoY-22.6%	293M YoY-23.7%	383M YoY+46.5%
Income tax	55.5M YoY+42.2%	39.1M YoY+70.5%	22.9M YoY-5.0%	24.1M YoY-81.6%	131M YoY+260.5%
	534M YoY+66.4%	321M YoY+49.3%	215M YoY-21.9%	275M YoY+0.4%	274M YoY+15.4%
Net income to non-controlling interest	1.28M YoY+76.3%	726K YoY+0.1%	725K YoY+3352.4%	21.0K YoY-93.3%	313K YoY-4.6%
	$11.39 YoY+58.6%	$7.18 YoY+49.0%	$4.82 YoY-22.0%	$6.18 YoY-0.3%	$6.20 YoY+15.2%
EPS (basic)	$11.69 YoY+61.9%	$7.22 YoY+48.9%	$4.85 YoY-21.9%	$6.21 YoY+0.0%	$6.21 YoY+15.4%
	45.7M YoY+2.8%	44.5M YoY+0.2%	44.4M YoY+0.1%	44.3M YoY+0.3%	44.2M YoY+0.0%
	46.9M YoY+4.9%	44.7M YoY+0.3%	44.6M YoY+0.0%	44.6M YoY+0.7%	44.3M YoY+0.1%
Dividends per share	$2.40 YoY+20.4%	$2.00 YoY-0.8%	$2.01 YoY+2.8%	$1.96 YoY+9.4%	$1.79 YoY+1.1%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	7.74B YoY+21.7%	6.36B YoY+15.4%	5.51B YoY+9.5%	5.03B YoY+1.0%	4.98B YoY+16.5%
Cash & equivalents	635M YoY+139.4%	265M YoY+34.4%	197M YoY-6.5%	211M YoY-18.5%	259M YoY-7.1%
Accounts receivable	3.33B YoY+13.2%	2.94B YoY+8.3%	2.72B YoY+5.5%	2.57B YoY-7.1%	2.77B YoY+9.9%
Inventory	3.13B YoY+12.8%	2.77B YoY+20.7%	2.30B YoY+18.1%	1.95B YoY+16.5%	1.67B YoY+26.9%
Prepaid expenses	—	—	—	—	93.8M YoY+135.2%
Other current assets	35.7M YoY-34.9%	54.8M YoY+80.2%	30.4M YoY+1.9%	29.9M YoY+24.4%	24.0M YoY-3.5%
	12.7B YoY+15.4%	11.0B YoY+12.6%	9.74B YoY+5.7%	9.22B YoY-1.1%	9.32B YoY+15.6%
Property, plant & equipment	1.38B YoY+8.2%	1.28B YoY+17.4%	1.09B YoY+14.6%	949M YoY+5.2%	903M YoY+14.7%
Operating lease right-of-use	516M YoY-2.2%	527M YoY+23.8%	426M YoY+5.0%	405M YoY-2.6%	416M YoY-1.6%
Goodwill	1.50B YoY+0.4%	1.49B YoY-0.6%	1.50B YoY-0.2%	1.50B YoY-3.1%	1.55B YoY+17.8%
Intangible assets	325M YoY-8.5%	355M YoY-9.2%	391M YoY-9.8%	433M YoY-7.8%	469M YoY+67.4%
Deferred tax assets	86.7M YoY+154.5%	34.1M YoY+45.4%	23.4M YoY+17.0%	20.0M YoY-69.3%	65.3M YoY-44.9%
	5.98B YoY+12.5%	5.31B YoY+10.1%	4.82B YoY+12.8%	4.28B YoY+6.3%	4.02B YoY+11.1%
Accounts payable	1.51B YoY+12.5%	1.34B YoY+7.2%	1.25B YoY+17.4%	1.07B YoY+4.3%	1.02B YoY+1.6%
Deferred revenue	2.68B YoY+24.8%	2.15B YoY+29.8%	1.66B YoY-6.8%	1.78B YoY+18.2%	1.50B YoY+50.3%
Short-term & current debt	83.5M YoY+11.9%	74.6M YoY-1.0%	75.3M YoY-1.7%	76.6M YoY-2.7%	78.7M YoY+337.8%
Current lease liability	98.5M YoY+16.0%	84.9M YoY+26.0%	67.4M YoY-2.8%	69.3M YoY-9.7%	76.8M YoY+17.2%
Long-term debt	18.0M YoY-34.3%	27.4M YoY-33.6%	41.2M YoY-84.4%	265M YoY-25.8%	357M YoY-12.8%
Deferred revenue (non-current)	934M YoY+14.4%	817M YoY+130.5%	354M YoY+63.2%	217M YoY-26.2%	294M YoY+73.9%
Non-current lease liability	477M YoY+5.0%	454M YoY+25.1%	363M YoY+5.4%	345M YoY-10.9%	387M YoY-2.8%
Operating lease liability (total)	575M YoY+6.7%	539M YoY+25.2%	430M YoY+4.0%	414M YoY-10.7%	463M YoY-0.0%
Deferred tax liabilities	138M YoY+86.2%	73.9M YoY+33.8%	55.2M YoY-24.3%	73.0M YoY-48.4%	141M YoY+6.8%
Other non-current liabilities	263M YoY-4.1%	274M YoY-8.0%	298M YoY+20.3%	248M YoY+59.3%	156M YoY-14.4%
Total non-current liabilities	2.56B YoY+7.4%	2.38B YoY+21.1%	1.97B YoY-9.9%	2.18B YoY-20.6%	2.75B YoY+24.6%
	4.13B YoY+26.0%	3.28B YoY+11.2%	2.95B YoY+7.0%	2.76B YoY+8.8%	2.53B YoY+14.1%
Common stock	13.4M YoY+4.6%	12.8M YoY+0.2%	12.8M YoY+0.2%	12.8M YoY+0.2%	12.8M YoY+0.2%
Additional paid-in capital	1.06B YoY+130.4%	459M YoY+3.6%	444M YoY+2.8%	431M YoY+2.5%	421M YoY+1.3%
Retained earnings	3.15B YoY+15.0%	2.74B YoY+9.3%	2.51B YoY+5.3%	2.38B YoY+8.5%	2.20B YoY+9.7%
Accumulated other comprehensive income	-93.2M YoY-245.0%	64.3M YoY+461.3%	-17.8M YoY+75.1%	-71.6M YoY+26.9%	-97.9M YoY+53.7%
Non-controlling interest	375K YoY-89.1%	3.44M YoY+23.4%	2.79M YoY+13.6%	2.45M YoY-83.2%	14.6M YoY+10.7%
Total equity incl. non-controlling	4.13B YoY+25.9%	3.28B YoY+11.2%	2.95B YoY+7.0%	2.76B YoY+8.3%	2.55B YoY+14.1%
Total liabilities & equity	12.7B YoY+15.4%	11.0B YoY+12.6%	9.74B YoY+5.7%	9.22B YoY-1.1%	9.32B YoY+15.6%
	46.4M YoY+4.3%	44.5M YoY+0.2%	44.5M YoY+0.2%	44.3M YoY+0.2%	44.3M YoY+0.1%
	46.4M YoY+4.3%	44.5M YoY+0.2%	44.5M YoY+0.2%	44.3M YoY+0.2%	44.3M YoY+0.1%
	46.4M YoY+4.3%	44.5M YoY+0.5%	44.3M YoY+0.0%	44.3M YoY+0.2%	44.3M YoY+0.1%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	778M YoY+45.6%	535M YoY+370.2%	114M YoY-52.6%	240M YoY-42.4%	417M YoY+49.5%
Depreciation & amortization	171M YoY+8.2%	158M YoY-3.9%	165M YoY+2.2%	161M YoY+5.4%	153M YoY+6.0%
Share-based compensation	26.4M YoY+67.5%	15.8M YoY+29.8%	12.1M YoY+16.0%	10.5M YoY+97.0%	5.31M YoY+30.0%
Deferred income taxes	-50.0M YoY-211.8%	-16.0M YoY-443.6%	-2.95M YoY+75.4%	-12.0M YoY-592.2%	2.44M YoY+225.6%
Change in inventory	358M YoY-25.5%	480M YoY+36.6%	352M YoY+15.3%	305M YoY-9.3%	336M YoY+382.0%
	-391M YoY-118.5%	-179M YoY+15.1%	-211M YoY-38.6%	-152M YoY+74.1%	-588M YoY-2470.2%
Capital expenditure	226M YoY+4.9%	215M YoY+15.0%	187M YoY-8.8%	205M YoY+8.7%	189M YoY+42.7%
Free cash flow	553M YoY+73.0%	320M YoY+535.8%	-73.3M YoY-309.8%	35.0M YoY-84.7%	228M YoY+55.7%
Acquisitions	0.00	0.00 YoY-100.0%	10.4M YoY-16.5%	12.4M YoY-96.8%	385M YoY+176710.6%
Purchases of investments	2.29M YoY-36.5%	3.60M YoY-33.5%	5.42M YoY+21.3%	4.47M YoY+144.3%	1.83M YoY-77.7%
Proceeds from sale of PP&E	1.13M YoY-72.4%	4.11M YoY+180.2%	1.47M YoY-94.1%	24.9M YoY-3.4%	25.7M YoY-64.2%
	-17.9M YoY+93.8%	-288M YoY-445.9%	83.2M YoY+161.2%	-136M YoY-190.1%	151M YoY+176.2%
Long-term debt issued	0.00	0.00 YoY-100.0%	20.0M YoY-49.4%	39.5M YoY-91.7%	476M YoY+136.3%
Long-term debt repaid	11.4M YoY+0.9%	11.3M YoY-95.4%	246M YoY+101.2%	122M YoY-77.2%	536M YoY+44.7%
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	112M YoY+25.6%	89.0M YoY-0.3%	89.2M YoY+2.8%	86.8M YoY+9.6%	79.2M YoY+1.3%
Net change in cash	370M YoY+444.4%	67.9M YoY+596.5%	-13.7M YoY+71.4%	-47.9M YoY-141.8%	-19.8M YoY-134.3%
Interest paid	37.5M YoY-50.9%	76.3M YoY+14.3%	66.8M YoY+161.0%	25.6M YoY+34.7%	19.0M YoY-5.4%
Income taxes paid	56.0M YoY+60.6%	34.9M YoY+13.6%	30.7M YoY-59.4%	75.6M YoY+98.1%	38.2M YoY-13.7%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	26.8B YoY+133.4%	11.5B YoY+21.6%	9.46B YoY+30.3%	7.26B YoY-5.8%	7.71B YoY+33.3%
P/E	50.2× YoY+40.3%	35.8× YoY+4.3%	34.3× YoY+29.7%	26.5× YoY-5.8%	28.1× YoY+15.5%
P/S	3.4× YoY+100.7%	1.7× YoY-1.9%	1.7× YoY+24.8%	1.4× YoY-5.8%	1.5× YoY+17.7%
P/B	6.5× YoY+85.2%	3.5× YoY+2.2%	3.4× YoY+19.7%	2.9× YoY-5.8%	3.0× YoY+16.8%
P/FCF	48.5× YoY+34.9%	36.0× YoY-86.7%	270.5× YoY+750.7%	31.8× YoY-5.8%	33.8× YoY-14.4%
	2.0% YoY-28.7%	2.8% YoY-4.1%	2.9% YoY-22.9%	3.8% YoY+6.2%	3.6% YoY-13.4%
	2.1% YoY-25.9%	2.8% YoY+651.9%	0.37% YoY-88.2%	3.1% YoY+6.2%	3.0% YoY+16.8%
	0.42% YoY-46.2%	0.77% YoY-18.0%	0.94% YoY-20.9%	1.2% YoY+16.2%	1.0% YoY-24.0%
Source filing	20-F	20-F	20-F	20-F	20-F

About this data

Source: ESLT's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all ESLT filings on SEC EDGAR → Not investment advice.