Elbit Systems Ltd. (ESLT) Balance Sheet
ESLT balance sheet, 2025
December 31, 2025 · U.S. dollars$12.66B assets = $8.53B liabilities + $4.13B equity
Both columns are drawn to the same scale: what ESLT owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ESLT financial health
Descriptive bands, not a rating. Fiscal 2025.
ESLT balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $4.35B2016 | $12.66B2025 | +12.6%/yr | |
| Total liabilities | $2.78B2016 | $8.53B2025 | +13.3%/yr | |
| Shareholders’ equity | $1.56B2016 | $4.13B2025 | +11.4%/yr | |
| Cash & short-term investments | $245.1M2016 | $815.9M2025 | +14.3%/yr | |
| Total debt | $405.5M2016 | $965.0M2025 | +10.1%/yr | |
| Net cash (debt) | −$160.5M2016 | −$149.1M2025 | +$11.4M | |
| Working capital | $527.2M2016 | $1.76B2025 | +$1.2B | |
| Book value per share | $36.492016 | $88.042025 | +10.3%/yr | |
| Current ratio | 1.272016 | 1.292025 | +0.02 | |
| Debt / equity | 0.262016 | 0.232025 | −0.03 | |
| Shares outstanding | 42.8M2016 | 46.9M2025 | +1.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ESLT assets
ESLT liabilities and equity
ESLT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ESLT balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $815.9M | $266.7M | $207.9M | $212.1M | $260.2M | $280.3M | $223.3M | $224.9M | $172.6M | $245.1M |
| Cash & equivalents | $635.3M | $265.4M | $197.4M | $211.1M | $259.0M | $278.8M | $221.1M | $208.5M | $156.1M | $222.8M |
| Short-term investments | $180.6M | $1.3M | $10.5M | $1.0M | $1.2M | $1.5M | $2.2M | $16.4M | $16.5M | $22.3M |
| Receivables | $3.57B | $3.11B | $2.86B | $2.72B | $2.92B | $2.62B | $2.07B | $1.71B | $1.70B | $1.30B |
| Inventory | $3.13B | $2.77B | $2.03B | $1.95B | $1.49B | $1.22B | $1.22B | $1.14B | $903.0M | $840.3M |
| Other current assets | $218.2M | $205.3M | $413.1M | $154.9M | $304.6M | $155.9M | $160.7M | $199.1M | $0 | $64.6M |
| Total current assets | $7.74B | $6.36B | $5.51B | $5.03B | $4.98B | $4.27B | $3.67B | $3.28B | $2.61B | $2.45B |
| Property, plant & equipment (net) | $1.90B | $1.80B | $1.51B | $1.35B | $1.32B | $1.21B | $1.13B | $686.6M | $495.7M | $474.1M |
| Goodwill & intangible assets | $1.82B | $1.85B | $1.89B | $1.94B | $2.02B | $1.61B | $1.64B | $1.28B | $752.4M | $726.4M |
| Long-term investments | $138.9M | $135.1M | $152.5M | $272.1M | $316.1M | $195.6M | $212.1M | $205.2M | $182.6M | $188.4M |
| Other non-current assets | $1.07B | $832.0M | $675.6M | $619.5M | $677.8M | $771.7M | $683.3M | $998.6M | $673.2M | $509.8M |
| Total assets | $12.66B | $10.97B | $9.74B | $9.22B | $9.32B | $8.06B | $7.34B | $6.45B | $4.71B | $4.35B |
| Liabilities | ||||||||||
| Accounts payable | $1.51B | $1.34B | $1.25B | $1.07B | $1.02B | $1.01B | $926.3M | $776.1M | $633.7M | $514.1M |
| Short-term debt | $232.4M | $610.3M | $719.3M | $261.0M | $183.1M | $396.5M | $470.8M | $271.4M | $201.3M | $235.8M |
| Deferred revenue | $2.68B | $2.15B | $1.66B | $1.78B | $1.50B | $1.00B | $723.6M | $781.0M | $418.6M | $347.4M |
| Total current liabilities | $5.98B | $5.31B | $4.82B | $4.28B | $4.02B | $3.62B | $3.17B | $2.91B | $2.09B | $1.93B |
| Long-term debt | $255.6M | $305.9M | $384.1M | $680.1M | $884.9M | $408.8M | $440.1M | $524.0M | $244.4M | $171.5M |
| Lease obligations | $575.2M | $539.0M | $430.5M | $413.9M | $463.4M | $463.5M | $385.9M | — | — | — |
| Other long-term liabilities | $2.30B | $2.07B | $1.58B | $1.50B | $1.86B | $1.80B | $1.56B | $1.16B | $663.6M | $687.1M |
| Total liabilities | $8.53B | $7.69B | $6.79B | $6.46B | $6.77B | $5.83B | $5.18B | $4.60B | $3.00B | $2.78B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $13.4M | $12.8M | $12.8M | $12.8M | $12.8M | $12.7M | $12.7M | $12.3M | $12.3M | $12.3M |
| Retained earnings (deficit) | $3.15B | $2.74B | $2.51B | $2.38B | $2.20B | $2.00B | $1.86B | $1.69B | $1.56B | $1.40B |
| Treasury stock | — | — | — | — | — | — | — | −$40.4M | −$40.4M | −$40.4M |
| Accumulated other comprehensive income | −$93.2M | $64.3M | −$17.8M | −$71.6M | −$97.9M | −$211.2M | −$145.0M | −$94.9M | −$87.7M | −$72.2M |
| Minority interest | $375,000 | $3.4M | $2.8M | $2.5M | — | — | — | — | — | — |
| Total shareholders' equity | $4.13B | $3.28B | $2.95B | $2.76B | $2.53B | $2.22B | $2.14B | $1.83B | $1.71B | $1.56B |
| Key figures | ||||||||||
| Total debt | $965.0M | $1.37B | $1.47B | $1.29B | $1.45B | $1.20B | $1.23B | $795.3M | $445.7M | $405.5M |
| Net cash (debt) | −$149.1M | −$1.10B | −$1.26B | −$1.07B | −$1.19B | −$922.9M | −$1.01B | −$570.4M | −$273.1M | −$160.5M |
| Working capital | $1.76B | $1.04B | $684.2M | $754.5M | $955.9M | $650.7M | $498.9M | $368.5M | $522.1M | $527.2M |
| Tangible book value | $2.31B | $1.43B | $1.06B | $817.7M | $507.2M | $610.5M | $505.5M | $551.1M | $955.9M | $833.4M |
| Book value per share | $88.04 | $73.31 | $66.10 | $61.80 | $57.18 | $50.17 | $48.84 | $42.83 | $39.92 | $36.49 |
| Shares outstanding | 46.9M | 44.7M | 44.6M | 44.6M | 44.3M | 44.2M | 43.8M | 42.8M | 42.8M | 42.8M |
| Current ratio | 1.29 | 1.20 | 1.14 | 1.18 | 1.24 | 1.18 | 1.16 | 1.13 | 1.25 | 1.27 |
| Quick ratio | 0.73 | 0.64 | 0.63 | 0.69 | 0.79 | 0.80 | 0.72 | 0.67 | 0.90 | 0.80 |
| Debt / equity | 0.23 | 0.42 | 0.50 | 0.47 | 0.57 | 0.54 | 0.58 | 0.43 | 0.26 | 0.26 |
| Equity / assets | 32.6% | 29.9% | 30.3% | 29.9% | 27.2% | 27.5% | 29.2% | 28.4% | 36.2% | 35.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $962.9M | $925.3M | $815.7M | $735.6M | $848.9M | $455.1M | $266.7M | $123.4M | $138.8M | $144.9M | $207.9M | $146.9M |
| Cash & equivalents | $255.3M | $155.2M | $635.1M | $142.6M | $109.1M | $113.7M | $265.4M | $119.2M | $120.7M | $108.3M | $197.4M | $120.3M |
| Short-term investments | $707.6M | $770.0M | $180.6M | $593.0M | $739.8M | $341.5M | $1.3M | $4.2M | $18.2M | $36.6M | $10.5M | $26.6M |
| Receivables | $4.17B | $4.14B | $3.53B | $3.56B | $3.53B | $3.48B | $3.18B | $3.42B | $3.26B | $3.20B | $2.86B | $2.98B |
| Inventory | $3.24B | $3.24B | $2.73B | $3.15B | $2.95B | $2.87B | $2.77B | $2.82B | $2.70B | $2.57B | $2.03B | $2.29B |
| Other current assets | $498.9M | $0 | $662.4M | $0 | $0 | $0 | $137.8M | $0 | $0 | $0 | $413.1M | $0 |
| Total current assets | $8.87B | $8.31B | $7.74B | $7.44B | $7.32B | $6.80B | $6.36B | $6.36B | $6.10B | $5.92B | $5.51B | $5.42B |
| Property, plant & equipment (net) | $1.96B | $1.92B | $1.90B | $1.87B | $1.82B | $1.80B | $1.80B | $1.76B | $1.70B | $1.63B | $1.51B | $1.48B |
| Goodwill & intangible assets | $1.86B | $1.82B | $1.82B | $1.83B | $1.84B | $1.84B | $1.85B | $1.86B | $1.87B | $1.87B | $1.89B | $1.89B |
| Long-term investments | $279.1M | $220.4M | $138.9M | $183.5M | $182.5M | $181.8M | $135.1M | $175.2M | $226.5M | $231.9M | $152.5M | $244.4M |
| Other non-current assets | $891.9M | $964.0M | $1.07B | $956.1M | $940.7M | $731.9M | $832.0M | $687.4M | $628.4M | $602.2M | $675.6M | $581.3M |
| Total assets | $13.86B | $13.23B | $12.66B | $12.28B | $12.10B | $11.36B | $10.97B | $10.85B | $10.52B | $10.26B | $9.74B | $9.62B |
| Liabilities | ||||||||||||
| Accounts payable | $1.69B | $1.56B | $1.51B | $1.57B | $1.48B | $1.45B | $1.34B | $1.31B | $1.28B | $1.15B | $1.25B | $1.10B |
| Short-term debt | $184.5M | $179.3M | $232.4M | $346.6M | $529.6M | $665.8M | $610.3M | $842.4M | $850.1M | $762.0M | $719.3M | $911.3M |
| Deferred revenue | $2.79B | $2.58B | $2.68B | $2.32B | $2.31B | $2.24B | $2.15B | $2.13B | $2.06B | $2.00B | $1.66B | $1.57B |
| Total current liabilities | $6.36B | $5.91B | $5.98B | $5.64B | $5.69B | $5.64B | $5.31B | $5.55B | $5.41B | $5.08B | $4.82B | $4.85B |
| Long-term debt | $180.0M | $248.3M | $255.6M | $249.6M | $246.2M | $295.4M | $305.9M | $304.5M | $300.5M | $371.8M | $384.1M | $369.0M |
| Lease obligations | $584.7M | $563.0M | $575.2M | $569.8M | $552.5M | $511.5M | $539.0M | $530.5M | $522.3M | $490.3M | $430.5M | $409.7M |
| Other long-term liabilities | $2.91B | $2.82B | $2.30B | $2.38B | $2.21B | $2.12B | $2.07B | $1.92B | $1.79B | $1.79B | $1.58B | $1.56B |
| Total liabilities | $9.45B | $8.97B | $8.53B | $8.26B | $8.15B | $8.05B | $7.69B | $7.77B | $7.50B | $7.25B | $6.79B | $6.77B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $4.41B | — | $13.4M | $4.01B | $3.94B | $3.30B | $12.8M | $3.07B | $3.02B | $3.01B | $12.8M | $2.84B |
| Retained earnings (deficit) | — | — | $3.15B | — | — | — | $2.74B | — | — | — | $2.51B | — |
| Accumulated other comprehensive income | — | — | −$93.2M | — | — | — | $64.3M | — | — | — | −$17.8M | — |
| Minority interest | $351,000 | $15,000 | $375,000 | $4.6M | $4.4M | — | — | — | — | — | — | — |
| Total shareholders' equity | $4.41B | $4.26B | $4.13B | $4.01B | $3.94B | $3.30B | $3.28B | $3.07B | $3.02B | $3.01B | $2.95B | $2.84B |
| Key figures | ||||||||||||
| Total debt | $852.2M | $895.1M | $964.8M | $1.07B | $1.24B | $1.39B | $1.37B | $1.60B | $1.60B | $1.56B | $1.47B | $1.63B |
| Net cash (debt) | $110.7M | $30.2M | −$149.1M | −$333.7M | −$386.4M | −$933.4M | −$1.10B | −$1.48B | −$1.46B | −$1.41B | −$1.26B | −$1.48B |
| Working capital | $2.51B | $2.40B | $1.76B | $1.80B | $1.63B | $1.17B | $1.04B | $816.8M | $689.0M | $831.4M | $684.2M | $570.5M |
| Tangible book value | $2.55B | $2.44B | $2.31B | $2.18B | $2.10B | $1.46B | $1.43B | $1.21B | $1.15B | $1.13B | $1.06B | $949.9M |
| Book value per share | $91.63 | $88.53 | $86.47 | $84.20 | $84.41 | $72.55 | $72.94 | $68.80 | $67.71 | $67.36 | $66.04 | $63.68 |
| Shares outstanding | 48.1M | 48.1M | 47.8M | 47.7M | 46.7M | 45.5M | 44.9M | 44.6M | 44.6M | 44.7M | 44.6M | 44.6M |
| Current ratio | 1.39 | 1.41 | 1.29 | 1.32 | 1.29 | 1.21 | 1.20 | 1.15 | 1.13 | 1.16 | 1.14 | 1.12 |
| Quick ratio | 0.81 | 0.86 | 0.73 | 0.76 | 0.77 | 0.70 | 0.65 | 0.64 | 0.63 | 0.66 | 0.63 | 0.64 |
| Debt / equity | 0.19 | 0.21 | 0.23 | 0.27 | 0.31 | 0.42 | 0.42 | 0.52 | 0.53 | 0.52 | 0.50 | 0.57 |
| Equity / assets | 31.8% | 32.2% | 32.6% | 32.7% | 32.6% | 29.1% | 29.9% | 28.3% | 28.7% | 29.3% | 30.3% | 29.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 17, 2026); data from EODHD.
ESLT financial position
At the end of fiscal 2025 (December 31, 2025), Elbit Systems had total assets of $12.7 billion (up 15.4% from a year earlier), total liabilities of $8.5 billion and shareholders' equity of $4.1 billion. It held $815.9 million in cash and short-term investments against $965.0 million of debt, net debt of $149.1 million. Its current ratio was 1.29. In the latest quarter (ended June 30, 2026) total assets were $13.9 billion and equity $4.4 billion.
Related: ESLT income statement, ESLT cash flow statement, ESLT key metrics. See the ESLT stock overview for the latest quote and news.
ESLT balance sheet FAQ
What are Elbit Systems's total assets?
Elbit Systems reported total assets of $12.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $11.0 billion a year earlier.
How much debt does Elbit Systems have?
Elbit Systems had $965.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.23.
How much cash does Elbit Systems have?
Elbit Systems held $815.9 million in cash and short-term investments at the end of fiscal 2025; with $965.0 million of debt that is net debt of $149.1 million.
What is Elbit Systems's book value?
Elbit Systems's shareholders' equity (book value) was $4.1 billion at the end of fiscal 2025, or $88.04 per share.
What is Elbit Systems's current ratio?
Elbit Systems had current assets of $7.7 billion and current liabilities of $6.0 billion, a current ratio of 1.29 (it can cover its short-term obligations).
How much goodwill does Elbit Systems have?
Elbit Systems carried $1.8 billion of goodwill and intangible assets, 14.4% of total assets, at the end of fiscal 2025.