Elbit Systems Ltd. (ESLT)

On 2 November 2026 Elbit Systems announced a contract of approximately $170 million from the Israel Ministry of Defense for a training and simulation center for its artillery corps 1. The contract will be performed over 15 years 1.

On 26 October it announced contracts worth about $200 million from an Asia-Pacific country for airborne sensors and training systems 3. On 19 October it announced a contract of about $235 million to supply rockets and launchers to a European customer 4.

The newest result on file is the second quarter of 2026, reported on 11 August 6. Revenues were $2,287.1 million against $1,972.7 million a year earlier 6. The order backlog, the value of signed work not yet delivered, reached $32.0 billion, and net income attributable to shareholders was $173.6 million 6.

Elbit Systems will publish third-quarter results on 17 November 2026 2. On 18 September it said it had filed a shelf prospectus in Israel for offerings of debt and equity there, and it has made no decision on any offering 5.

Elbit Systems was formed in 1996, when the defense businesses of Elbit Ltd. were spun off to it 7. Elbit Ltd. had been incorporated in Israel in 1966 as Elbit Computers Ltd 7.

Revenues grew in each of the last three years: $5,974.7 million in 2023, $6,827.9 million in 2024 and $7,938.6 million in 2025 7. Operating income rose from $369.1 million to $671.4 million over the same stretch 7. Diluted earnings per share went from $4.82 to $11.39 7.

Its annual report says that since 7 October 2023 the Israel Ministry of Defense's demand for its products and solutions has materially increased 7. That ministry made up 16 percent of revenues in 2023, 25 percent in 2024 and 28 percent in 2025 7.

The 2025 rise of 16.3 percent was led by the Land segment, whose revenues rose 38 percent on ammunition and munitions sales in Israel and Europe 7. C4I and Cyber and ISTAR and EW each rose 16 percent, and Elbit Systems of America rose 7 percent 7. Aerospace rose 2 percent, helped by precision guided munition sales in Asia Pacific and Israel and held back by lower training and simulation sales in Europe 7.

Backlog was $22,617 million at the end of 2024 and $28,131 million at the end of 2025, and the share from outside Israel rose from 65 percent to 72 percent 7. The annual report lists 2025 awards that include a contract of about $1.6 billion for a European country and an international contract of about $2.3 billion 7.

To meet the demand, Elbit Systems said it kept investing in 2025 and began building new facilities in Sweden and Germany to support customers locally 7. It also agreed in 2025 to buy the rest of UAV Tactical Systems Ltd., a deal executed in 2026, and its C4I and Cyber unit sold its shares in Robo-Team Holdings Ltd. 7.

The five segments

Aerospace mainly provides products and systems for airborne platforms, unmanned aerial solutions, aerostructures, training and simulator systems and commercial aviation systems 7. Its outside revenue was $1,820.9 million in 2025, 22.9 percent of the total 7.

C4I and Cyber mainly provides command and control systems, data links, radios, cyber intelligence solutions and homeland security solutions 7. Its outside revenue was $866.2 million, 10.9 percent of the total, driven by radio and command and control sales in Europe and Israel 7.

ISTAR and EW mainly provides electro-optic laser solutions, countermeasure systems, naval systems, electronic warfare systems and signals intelligence systems 7. Its outside revenue was $1,323.5 million, 16.7 percent of the total 7.

Land mainly provides systems for armored and other military vehicles, artillery and mortar systems, munitions and vehicle protection systems 7. Its outside revenue was $2,250.3 million, 28.3 percent of the total 7.

Elbit Systems of America, called ESA, mainly serves U.S. military, foreign military sales, homeland security, medical instrumentation and commercial aviation customers 7. Its outside revenue was $1,677.7 million, 21.1 percent of the total 7.

Customers and regions

Israel was 32.2 percent of 2025 revenue, Europe 27.0 percent and North America 20.9 percent 7. The Israel Ministry of Defense accounted for 28 percent of revenue in 2025 and the U.S. government for 15 percent 7. About 73 percent of the backlog at 30 June 2026 came from orders outside Israel 6.

Plants and people

Elbit Systems had 20,537 employees at the end of 2025, with 14,805 in Israel and 3,267 in the United States 7. A new munitions site at Ramat Beka in southern Israel, about 860,000 square feet, has begun production 7.

Bezhalel Machlis has been president and chief executive since 2013, and Yaacov Kagan is the chief financial officer 7.

Rivals and current pressures

The annual report says Elbit Systems competes with many large and mid-tier defense, homeland security and commercial aviation contractors, and that many are larger and have greater resources 7. It also says its backlog can be adjusted, delayed or cancelled 7.

The second-quarter release says the wars brought supply chain disruptions, reserve duty call-ups and attacks on some global facilities by anti-Israeli organizations, effects it said had been reduced after the ceasefires 6. Its effective tax rate rose to 16.4 percent from 5.6 percent, mainly from the OECD global minimum tax rules 6.

Calcalist reported in August that Israel's Defense Ministry owed Elbit Systems, Rafael and Israel Aerospace Industries about NIS 13 billion in April, roughly NIS 3 billion of it to Elbit Systems 8.

The umbrella, in words

Elbit Systems says its major subsidiaries are wholly owned 7. They include ESA in Fort Worth, Texas, C4I and Cyber in Netanya, Elisra in Holon for electronic warfare, and Elop in Rehovot for electro-optics 7.

ESA owns a 50 percent interest in a joint venture with Collins Aerospace for helmet-mounted display systems 7. ESA operates under a Special Security Agreement with the U.S. defense department that lets it join classified programs although a non-U.S. company owns it 7.

ESA's facilities in New Hampshire, Florida and Alabama stand on owned land of about 150 acres 7.

Federmann Enterprises Ltd. owned about 41.5 percent of the ordinary shares directly and indirectly as of 5 March 2026 7. Michael Federmann, a board member, controls its vote through entities he controls, and David Federmann is chair of the board 7.

Elbit Systems will report third-quarter results on 17 November 2026 and host a conference call that day at 9:00am Eastern Time 2.

The second-quarter release says about 42 percent of the order backlog is scheduled to be performed in the rest of 2026 and in 2027 6. The training center contract runs 15 years and the Asia-Pacific contracts up to 5 years 13.

The annual report says production at Ramat Beka is expected to increase gradually during 2026 and after 7. It also says the evacuation date for the Ramat HaSharon facility was extended to the end of 2026 7.

Calcalist reported that chief executive Bezhalel Machlis said in May the company had added about 2,000 employees over the previous year and planned to recruit another 2,000 8. Calcalist also reported the company has not disclosed specifications or a timetable for its airborne laser 8.

The annual report says the U.S. government has signaled an intent to raise defense spending materially, with proposed budgets reaching $1.5 trillion in fiscal year 2027 7.