Elbit Systems Ltd. (ESLT) Income Statement
ESLT 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsESLT revenue and net income
Where ESLT's revenue goes
2025Each bar shows an amount and its share of revenue. ESLT kept 6.7% of revenue as net income.
ESLT profit margins
ESLT growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +16.3% | +12.9% | +11.2% | +9.8% |
| Gross profit | +17.9% | +12.1% | +10.7% | +8.0% |
| Operating income | +34.8% | +23.7% | +16.1% | +9.9% |
| Net income | +66.4% | +24.7% | +17.6% | +10.2% |
| EPS (diluted) | +45.1% | +28.2% | +12.0% | +10.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ESLT quarterly EPS vs estimates
Elbit Systems beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 17, 2026 (estimate $3.75).
ESLT income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.94B | $6.83B | $5.97B | $5.51B | $5.28B | $4.66B | $4.51B | $3.68B | $3.38B | $3.26B |
| Cost of revenue | $6.00B | $5.19B | $4.49B | $4.14B | $3.92B | $3.50B | $3.37B | $2.71B | $2.37B | $2.29B |
| Gross profit | $1.94B | $1.64B | $1.48B | $1.37B | $1.36B | $1.17B | $1.14B | $976.2M | $1.00B | $965.3M |
| Research & development | $517.1M | $466.4M | $424.4M | $435.6M | $395.1M | $359.7M | $331.8M | $287.4M | $265.1M | $255.8M |
| Sales, general & admin | $730.9M | $665.5M | $696.0M | $317.6M | $570.8M | $237.6M | $225.7M | $164.1M | $418.7M | $157.1M |
| Total operating expenses | $1.25B | $1.13B | $1.12B | $1.01B | $951.3M | $839.4M | $814.9M | $683.3M | $678.6M | $660.6M |
| Operating income | $687.2M | $510.0M | $362.5M | $362.9M | $406.8M | $325.7M | $321.6M | $292.8M | $324.4M | $304.7M |
| Interest income | $6.3M | $2.9M | $2.4M | $383,000 | $469,000 | $1.1M | $1.6M | $1.1M | $751,000 | $933,000 |
| Interest expense | $47.2M | $132.7M | $76.5M | $51.4M | $18.9M | $71.3M | $39.6M | $32.8M | $25.4M | $22.9M |
| Income before taxes | $591.2M | $360.9M | $238.8M | $299.6M | $406.1M | $274.4M | $248.1M | $235.1M | $296.2M | $284.4M |
| Income taxes | $55.5M | $39.1M | $22.9M | $24.1M | $131.4M | $36.4M | $19.4M | $26.4M | $55.6M | $45.6M |
| Net income | $534.3M | $321.1M | $215.1M | $275.4M | $274.4M | $237.7M | $227.9M | $206.7M | $239.1M | $236.9M |
| EBITDA | $804.9M | $632.8M | $488.6M | $495.0M | $560.8M | $430.2M | $411.6M | $383.8M | $416.2M | $415.6M |
| EPS (diluted) | $12.71 | $8.76 | $6.48 | $6.03 | $8.30 | $7.21 | $5.30 | $4.84 | $6.80 | $5.54 |
| Gross margin | 24.4% | 24.0% | 24.8% | 24.9% | 25.7% | 25.0% | 25.2% | 26.5% | 29.7% | 29.6% |
| Operating margin | 8.7% | 7.5% | 6.1% | 6.6% | 7.7% | 7.0% | 7.1% | 7.9% | 9.6% | 9.3% |
| Net margin | 6.7% | 4.7% | 3.6% | 5.0% | 5.2% | 5.1% | 5.1% | 5.6% | 7.1% | 7.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.29B | $2.19B | $2.15B | $1.92B | $1.97B | $1.90B | $1.93B | $1.72B | $1.63B | $1.55B | $1.63B | $1.50B |
| Cost of revenue | $1.71B | $1.64B | $1.62B | $1.44B | $1.50B | $1.44B | $1.47B | $1.30B | $1.24B | $1.18B | $1.24B | $1.13B |
| Gross profit | $579.0M | $552.1M | $529.8M | $478.2M | $472.9M | $454.3M | $465.2M | $412.8M | $389.7M | $374.1M | $382.1M | $367.2M |
| Research & development | $159.1M | $150.4M | $144.1M | $129.1M | $129.7M | $114.3M | $131.2M | $119.9M | $116.8M | $98.5M | $117.4M | $103.3M |
| Sales, general & admin | $201.1M | $196.5M | $177.5M | $177.7M | $185.4M | $190.3M | $171.7M | $167.1M | $156.4M | $170.3M | $112.5M | $157.8M |
| Total operating expenses | $360.2M | $346.9M | $321.6M | $306.8M | $315.1M | $304.6M | $302.9M | $287.0M | $273.2M | $268.8M | $314.5M | $261.1M |
| Operating income | $218.8M | $205.1M | $208.2M | $171.4M | $157.8M | $149.7M | $162.3M | $125.8M | $116.5M | $105.4M | $67.6M | $106.0M |
| Interest expense | $22.0M | $32.2M | $34.7M | $35.0M | $31.2M | $39.0M | $46.6M | $45.0M | $29.1M | $31.2M | $48.2M | $35.7M |
| Income before taxes | $206.2M | $183.6M | $189.6M | $145.1M | $133.1M | $123.4M | $93.6M | $92.1M | $89.9M | $85.3M | $25.4M | $70.9M |
| Income taxes | $32.7M | $22.8M | $21.0M | $11.4M | $7.1M | $16.1M | $3.4M | $12.8M | $11.3M | $11.6M | −$5.0M | $10.0M |
| Net income | $173.6M | $160.8M | $168.2M | $133.4M | $125.7M | $107.1M | $90.0M | $79.1M | $78.4M | $73.7M | $30.0M | $60.7M |
| EBITDA | $266.5M | $252.7M | $192.2M | $216.4M | $199.9M | $196.5M | $157.7M | $171.8M | $152.6M | $150.6M | $48.1M | $146.9M |
| EPS (diluted) | $3.98 | $3.87 | $3.56 | $3.35 | $3.23 | $2.57 | $2.66 | $2.21 | $2.08 | $1.81 | $1.56 | $1.65 |
| Gross margin | 25.3% | 25.2% | 24.7% | 24.9% | 24.0% | 24.0% | 24.1% | 24.0% | 24.0% | 24.1% | 23.5% | 24.5% |
| Operating margin | 9.6% | 9.4% | 9.7% | 8.9% | 8.0% | 7.9% | 8.4% | 7.3% | 7.2% | 6.8% | 4.2% | 7.1% |
| Net margin | 7.6% | 7.3% | 7.8% | 6.9% | 6.4% | 5.6% | 4.7% | 4.6% | 4.8% | 4.7% | 1.8% | 4.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ESLT's financial statements (latest annual report filed March 17, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ESLT financial results
In fiscal year 2025 (ended December 31, 2025), Elbit Systems reported revenue of $7.9 billion, up 16.3% from the year before. It had net income of $534.3 million (up 66.4%), a net profit margin of 6.7%. Diluted earnings per share came to $12.71. Over five years revenue grew at an average rate of 11.2% a year.
See the ESLT stock overview for the latest quote and news, or the ESLT chart for price history and technical indicators.
ESLT income statement FAQ
What is Elbit Systems's annual revenue?
Elbit Systems reported total revenue of $7.9 billion for fiscal year 2025, which ended on December 31, 2025. That was up 16.3% from $6.8 billion the previous year.
Is Elbit Systems profitable?
Yes. Elbit Systems reported net income of $534.3 million in fiscal 2025, a net profit margin of 6.7%; its operating margin was 8.7%.
What is Elbit Systems's gross margin?
Elbit Systems's gross margin was 24.4% in fiscal 2025: for every $100 of revenue, Elbit Systems kept $24 after the direct cost of its products and services.
How much does Elbit Systems spend on research and development?
Elbit Systems spent $517.1 million on research and development in fiscal 2025, 6.5% of revenue.
How fast is Elbit Systems growing?
Revenue grew 11.2% a year on average over the last five fiscal years, from $4.7 billion to $7.9 billion.
What are Elbit Systems's earnings per share?
Elbit Systems earned $12.71 per diluted share in fiscal 2025, compared with $8.76 a year earlier.
When will Elbit Systems report its next earnings?
Elbit Systems is expected to report results for the quarter ending September 30, 2026 on November 17, 2026.
When does Elbit Systems's fiscal year end?
Elbit Systems's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 17, 2026.