Elbit Systems Reports $7.9B Revenues, 16% Growth and $28.1B Backlog
Elbit Systems reported 2025 revenues of $7.9 billion, up 16%, with GAAP net EPS of $11.39, up 59%, and non-GAAP EPS of $12.75, up 46%. Backlog rose $5.5 billion to $28.1 billion, free cash flow topped $550 million at 100% conversion and R&D plus CAPEX investments exceeded $500 million.
1. 2025 Financial Performance
Elbit Systems generated full-year 2025 revenues of $7.9 billion, marking a 16% increase, and achieved GAAP net EPS of $11.39 (up 59%) and non-GAAP EPS of $12.75 (up 46%), with profit margins expanding significantly.
2. Q4 Operating Results
In the fourth quarter, revenues rose 11.3% to $2.15 billion, driven by 19% growth in C4I and Cyber, 39% increase in ISTAR and EW, and 22% Land sales growth, while Aerospace declined 14%; GAAP operating margin improved to 9.0%.
3. Backlog and Cash Flow Expansion
Order backlog climbed by $5.5 billion to $28.1 billion and the company generated over $550 million in free cash flow, achieving a 100% cash conversion rate in 2025.
4. Strategic R&D, CAPEX and Contracts
The company invested more than $500 million in R&D focused on AI enhancements across platforms, initiated strategic CAPEX to expand global capacity, and secured high-power laser contracts for fighter jets and helicopters.