$ESLT

ELBIT SYSTEMS LTD

CIK:0001027664|SEC Filings

Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenues	$ 7,938,627	$ 6,827,871	$ 5,974,744
Cost of revenues	6,003,374	5,186,051	4,491,790
Gross profit	1,935,253	1,641,820	1,482,954
Operating expenses:
Research and development, net	517,142	466,402	424,420
Marketing and selling, net	399,437	375,358	359,141
General and administrative, net	347,250	311,007	330,285
Total operating expenses	1,263,829	1,152,767	1,113,846
Operating income	671,424	489,053	369,108
Financial expenses, net	(138,618)	(151,125)	(137,827)
Other income (expenses), net	29,109	3,818	(4,787)
Income before income taxes	561,915	341,746	226,494
Income taxes	(55,539)	(39,058)	(22,913)
Net income after taxes	506,376	302,688	203,581
Equity in net earnings of affiliated companies and partnerships	29,243	19,176	12,275
Net income	535,619	321,864	215,856
Less: net income attributable to non-controlling interests	(1,280)	(726)	(725)
Net income attributable to Elbit Systems Ltd.’s shareholders	$ 534,339	$ 321,138	$ 215,131
Earnings Per Share [Abstract]
Basic net earnings per share (in usd per share)	$ 11.69	$ 7.22	$ 4.85
Diluted net earnings per share (in usd per share)	$ 11.39	$ 7.18	$ 4.82
Weighted average number of shares used in computation of basic earnings per share (in shares)	45,710	44,480	44,375
Weighted average number of shares used in computation of diluted earnings per share (in shares)	46,918	44,709	44,592

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 535,619	$ 321,864	$ 215,856
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	171,434	158,391	164,799
Stock-based compensation	26,391	15,760	12,141
Amortization of Series B, C and D related issuance costs, net	394	493	579
Deferred income taxes and reserve, net	(14,687)	1,649	(13,165)
Loss (gain) on sale of property, plant and equipment	2,893	(596)	(651)
Loss (gain) on sale of investments, remeasurement of investments held under fair value method	(4,518)	18,136	4,990
Equity in net earnings of affiliated companies and partnerships, net of dividend received(*)	(10,190)	(8,213)	10,046
Changes in operating assets and liabilities, net of amounts acquired:
Increase in short and long-term trade and unbilled receivables and contract assets, net and prepaid expenses	(659,951)	(473,926)	(96,594)
Increase in inventories, net	(357,926)	(480,309)	(351,594)
Increase in trade payables, other payables and accrued expenses	463,913	65,663	175,446
Severance, pension and termination indemnities, net	(26,328)	(40,159)	(24,331)
Increase in contract liabilities	651,334	955,857	16,187
Net cash provided by operating activities	778,378	534,610	113,709
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and other assets, net of investment grants and evacuation grants	(225,568)	(215,051)	(187,037)
Acquisitions of subsidiaries and business operations, net of cash assumed (Schedule A)	0	0	(10,380)
Investments in affiliated companies and other companies, net	(2,288)	(3,603)	(5,416)
Deferred payment on acquisition	400	7,376	0
Proceeds from sale of property, plant and equipment	1,133	4,107	1,466
Proceeds from sale of investments	14,600	18,594	151
Proceeds from sale (investment in) of long-term deposits, net	(31)	(180)	83
Proceeds from (investment in) short-term deposits, net	(178,962)	9,923	(9,467)
Net cash used in investing activities	(390,716)	(178,834)	(210,600)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of shares and exercise of options	573,064	26	30
Issuance (repayment) of commercial paper, net	(301,591)	36,380	313,620
Repayment of long-term loans	(11,423)	(11,320)	(246,231)
Proceeds from long-term loans	0	0	20,000
Repayment of Series B, C and D Notes	(67,496)	(61,862)	(62,434)
Dividends paid	(111,693)	(88,958)	(89,248)
Change in short-term bank credit and loans, net	(98,733)	(162,120)	147,475
Net cash (used in) provided by financing activities	(17,872)	(287,854)	83,212
Net increase (decrease) in cash and cash equivalents	369,790	67,922	(13,679)
Cash and cash equivalents at the beginning of the year	265,351	197,429	211,108
Cash and cash equivalents at the end of the year	635,141	265,351	197,429
Supplemental Cash Flow Information [Abstract]
Dividends received from affiliated companies and partnerships	19,053	10,963	22,321
Income taxes, net	58,503	34,890	30,708
Interest paid, net	37,485	76,332	66,766
Estimated net fair value of assets acquired and liabilities assumed at the date of acquisition was as follows:
Working capital (deficit), net (excluding cash and cash equivalents)			246
Property, plant and equipment	0		19
Other long-term assets	0	0	77
Goodwill and other intangible assets	0		16,220
Long-term liabilities	0		(6,182)
Non controlling interests	0
Purchase price	0	0	10,380
Deconsolidation, Gain (Loss) with Related Disclosures [Abstract]
Working capital (deficit), net (excluding cash and cash equivalents)	(194)	(4,070)	0
Property, plant and equipment	(151)	(1,597)	0
Other long-term assets	(55)	(3,179)	0
Other long-term liabilities	0	83	0
Other comprehensive income	0	1,479	0
Gain from deconsolidation	0	(92)	0
Recognized Identifiable Net Assets (Liabilities) Deconsolidated, Less Noncontrolling Interest	(400)	(7,376)	0
Purchase of property and equipment with accounts payable	43,570	79,197	82,515
Purchase of non controlling interest	$ 4,592	$ 0	$ 0

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
CURRENT ASSETS:
Cash and cash equivalents	$ 635,141	$ 265,351
Short-term bank deposits	180,604	1,330
Trade and unbilled receivables and contract assets, net	3,332,249	2,942,886
Other receivables and prepaid expenses	457,385	371,918
Inventories, net	3,129,756	2,773,696
Total current assets	7,735,135	6,355,181
LONG-TERM INVESTMENTS AND RECEIVABLES:
Investments in affiliated companies and other companies	126,900	126,007
Long-term trade and unbilled receivables and contract assets	719,078	516,299
Long-term bank deposits and other receivables	51,601	67,510
Deferred income taxes, net	86,679	34,064
Severance pay fund	222,555	223,167
Total long-term investments and receivables	1,206,813	967,047
OPERATING LEASE RIGHT OF USE ASSETS	515,620	527,075
PROPERTY, PLANT AND EQUIPMENT, NET	1,382,120	1,276,948
GOODWILL	1,497,180	1,490,585
OTHER INTANGIBLE ASSETS, NET	324,650	354,760
TOTAL ASSETS	12,661,518	10,971,596
CURRENT LIABILITIES:
Short-term credit and loans	50,532	450,856
Current maturities of long-term loans and Series B, C and D Notes	83,452	74,561
Operating lease liabilities	98,464	84,912
Trade payables	1,511,671	1,343,816
Other payables and accrued expenses	1,549,139	1,207,717
Contract liabilities	2,683,180	2,149,306
Total current liabilities	5,976,438	5,311,168
LONG-TERM LIABILITIES:
Long-term loans, net of current maturities	18,000	27,395
Series B, C and D Notes, net of current maturities	237,625	278,529
Employee benefit liabilities	487,760	454,334
Deferred income taxes and tax liabilities, net	137,662	73,916
Contract liabilities	934,256	816,796
Operating lease liabilities	476,737	454,057
Other long-term liabilities	263,067	274,421
Total long-term liabilities	2,555,107	2,379,448
COMMITMENTS AND CONTINGENT LIABILITIES
Elbit Systems Ltd. equity:
Ordinary shares of 1 New Israeli Shekels (“NIS”) par value each; Authorized – 80,000,000 shares as of December 31, 2025 and 2024; Issued and outstanding 46,442,352 and 44,547,673 shares as of December 31, 2025 and 2024, respectively.	13,436	12,842
Additional paid-in capital	1,058,191	459,330
Accumulated other comprehensive income (loss)	(93,201)	64,298
Retained earnings	3,151,172	2,741,070
Total Elbit Systems Ltd. equity	4,129,598	3,277,540
Non-controlling interests	375	3,440
Total equity	4,129,973	3,280,980
TOTAL LIABILITIES AND EQUITY	$ 12,661,518	$ 10,971,596