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Elbit Systems (ESLT) investor relations material
Elbit Systems Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary18 Nov, 2025
Executive summary
Achieved double-digit year-over-year growth in revenues, backlog, and EPS for the seventh consecutive quarter, with Q3 2025 revenues at $1.92 billion and a record $25.2 billion order backlog, 69% from outside Israel.
Free cash flow was $101 million for Q3 2025, marking five consecutive quarters of positive free cash flow.
Announced the largest contract in company history, a $2.3 billion international deal over eight years, and a $1.625 billion European contract for advanced defense systems.
Ranked 22nd in the 2024 Defense News Global 100 Defense Companies, employing approximately 20,000 people globally.
Strong demand driven by global conflicts and increased defense budgets, especially in Europe and Israel.
Financial highlights
Q3 2025 revenues reached $1,922 million, up 12% year-over-year; nine-month revenues up 18%.
GAAP gross margin improved to 24.9% from 24% year-over-year; non-GAAP gross margin rose to 25.2% from 24.4%.
GAAP operating income was $171.4 million (8.9% of revenues), up from $125.8 million (7.3%) last year; non-GAAP operating income was $186.7 million (9.7% of revenues), up from $140.7 million (8.2%).
GAAP diluted EPS was $2.80, up from $1.77; non-GAAP diluted EPS was $3.35, up from $2.21.
Operating cash flow for the nine months was $461 million, up from $82.5 million year-over-year; free cash flow for Q3 2025 was $101 million.
Outlook and guidance
Backlog reached $25.2 billion as of September 30, 2025, up 14% year-over-year, supporting long-term revenue visibility.
Backlog CAGR of 18% and revenue CAGR of 11% from 2020 to LTM Q3 2025.
Management expects continued strong demand, especially from Europe and Israel, due to ongoing global security challenges.
Aerospace segment expected to see single-digit growth, with strong demand for UAVs and loitering munitions.
No specific profitability guidance for 2026, but internal targets remain focused on improving profitability and cash conversion.
New $2.3B contract: segment impact
Europe's growing market share: strategy update
Post-ceasefire operational risk mitigation
Directed energy: growth engine potential
Key drivers of margin expansion trajectory
U.S. market strategy and M&A focus
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Next Elbit Systems earnings date
Q4 202524 Mar, 2026
Next Elbit Systems earnings date
Q4 202524 Mar, 2026
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Frequently asked questions
Elbit Systems Ltd. is a technology company in the defense and homeland security sectors. It specializes in the development and supply of a wide range of systems and products tailored for airborne, land, and naval applications. These products are designed for defense, homeland security, and commercial aviation applications, mainly serving the Israeli market. The company's offerings are diverse and include military aircraft and helicopter systems, commercial aviation systems and aerostructures, unmanned aircraft systems, electro-optic and night vision systems, naval systems, land vehicle systems, precision munitions for various applications, and command, control, communications, computer, intelligence, surveillance, reconnaissance (C4ISR), cyber systems, electronic warfare, signal intelligence systems, and laser systems. The company is headquartered in Haifa, Israel, and its shares are listed on the Nasdaq.
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