Elbit Systems Ltd · TASE:ESLT
Elbit Systems — Q4 2025 Earnings Presentation
16 slides from Elbit Systems's earnings presentation, Mar 17, 2026
Slide 1: Financial Results
Investor Conference 2026 7/7/77
Slide 2: 2025 Financial Highlights
// 2 2025 FINANCIAL HIGHLIGHTS $7.9Bn $553M $738M Revenues Free Cash Flow Non-GAAP (*) Operating profit $6.8Bn (2024) $320M (2024) $550M (2024) 16% $233M 34% $12.75 $778M $28.1Bn Non-GAAP EPS (**) Operating cashflow Backlog $8.76 (2024) $535M (2024) $22.6Bn (2024) 46% 46% 24%
Slide 3: Q4 2025 Financial Highlights
// 3 Q4 2025 FINANCIAL HIGHLIGHTS $2.1Bn $220M $211M Revenues Free Cash Flow Non-GAAP (*) Operating profit $1.9Bn (Q4 2024) $404M (Q4 2024) $158M (Q4 2024) 11% -184$M 34% $3.56 $317M $28.1Bn Non-GAAP EPS (**) Operating cashflow Backlog $2.66 (Q4 2024) $452M (Q4 2024) $22.6Bn (Q4 2024) 34% -30% 24% F
Slide 4: 2025 Results | Revenue and Backlog $M
// 4 2025 RESULTS | REVENUE AND BACKLOG $M LATAM OTHER BACKLOG INCREASES BY 5,500 1% 3% APAC -34% +11% NORTH AMERICA 16% 21% 1,244 | +10% 1,659 | +9% 28% 7,927 2025 2025 ISRAEL EURO Revenue by Geography Total BL 27% 72% 28,131 2,140 | +17% ISRAEL 20,204 +24% 32% 2,556 | +29% REST OF THE WORLD MAINTA
Slide 5: Business Segments | Annual Revenue $M
// 5 BUSINESS SEGMENTS | ANNUAL REVENUE $M 2023 2024 2025 +38% +2% 2,319 2,036 2,067 20% 24% +7% ESA 1,873 AEROSPACE +16% 1,694 1,679 1,586 1,526 2025 1,465 1,318 1,306 1,179 +16% Revenue 931 Split 11% 800 C4I & CYBER 721 27% LAND CAGR 5% CAGR 14% CAGR 14% CAGR 33% CAGR 8% 18% ISTAR & EW A
Slide 6: Business Segments | Annual Operating Income GAAP
// 6 BUSINESS SEGMENTS | ANNUAL OPERATING INCOME GAAP 2023 2024 2025 11.4% 11.4% 9.0% 8.5% 7.8% 7.3% 7.4% 7.0% 7.3% 7.2% 6.7% 6.0% 6.2% 3.5% (0.3%) Aerospace C4I & Cyber ISTAR & EW Land ESA
Slide 7: EPS 2023-2025 Non-GAAP $
// 7 EPS 2023-2025 NON-GAAP $ EPS YoY INCREASE 3.56 3.35 2025 12.75 3.23 2.66 2.57 8.76 2024 2.21 6.7 2.08 1.81 1.78 1.71 2023 1.65 1.56 Q1 Q2 Q3 Q4 EPS 2023 EPS 2024 EPS 2025
Slide 8: Order EPS & Revenues | Accelerated Growth $M
// 8 ORDER EPS & REVENUES | ACCELERATED GROWTH $M EPS NON-GAAP Revenue ($M) 12.75 8.76 6.70 6.27 5,511 5,975 6,828 7,939 2022 2023 2024 2025
Slide 9: Free Cash Flow $M
// 9 FREE CASH FLOW $M 778 225 553 535 215 417 189 FCF 320 Purchase of PP&E 228 240 205 114 187 Net Cash provided 35 by operating activities 2021 2022 2023 2024 2025 (73) GAAP CASH CONVERSION RATIO FOR 2025 103% FCF GENERATION CONTINUED TO IMPROVED ALONGSIDE INCREASED CAPEX INVESTMENT TO SUPPORT GRO
Slide 10: Net Cash / EBITDA - GAAP
/ / 10 NET CASH / EBITDA - GAAP NET CASH/EBITDA EBITDA NET CASH* 880 685 550 0.5 544 476 429 2021 2022 2023 2024 2025 -0.9 -1.3 -1.4 -1.6 -592 -702 -683 -861 ELBIT IS CASH NET POSITIVE * Inc lud ing swap d eriv ativ es
Slide 11: Book to Bill | Quarterly $M
/ / 11 BOOK TO BILL | QUARTERLY $M BOOKINGS BOOK TO BILL 6,000 3.0 2.7 2.4 Elbit Vs. Peers Q4 B2B 2025 1.8 5,070 5,000 2.0 1.6 US Peers Average 1.5 1.5 1.3 1.3 1.3 4,174 Elbit Systems 2.4 4,000 1.0 3,375 3,000 2,704 2,598 - 2,378 2,433 2,410 2,000 (1.0) 1,000 (2.0) - (3.0) Q1.24 Q2.24 Q3.24 Q4.24 Q1
Slide 12: Order Backlog & Revenues | Accelerated Growth $M
/ / 12 ORDER BACKLOG & REVENUES | ACCELERATED GROWTH $M 3.54 28,131 22,617 Backlog to Revenue Ratio 17,756 15,118 13,661 Backlog 2.36 11,024 7,939 Revenues 6,828 5,279 5,511 5,975 4,663 2020 2021 2022 2023 2024 2025 21% 2020-2025 11% Backlog CAGR Revenue CAGR
Slide 13: Investing in the Company
/ / 13 INVESTING IN THE COMPANY R&D + CAPEX SPEND (% of Revenues 2024)* 10% 7% 7% 5% 5% 5% 4% 3% 3% Elbit Northrop RTX Boeing BAE Systems Lockheed L3Harris HII General Grumman Defense Martin Dynamics TRUMP’S EXECUTIVE ORDER STRENGTHENING THE U.S. DEFENSE INDUSTRIAL BASE * Capital IQ, Company reports
Slide 14: Share Offering
/ / 14 SHARE OFFERING Successful share offering in May 2025 raised $573 million Book was 3X over subscribed Stock is up 135% since the offering* Liquidity on Nasdaq has increased 8 fold Since the offering, three bulge-bracket banks have initiated coverage of the stock * As of March 12, 2026, based o
Slide 15: Capital Allocation
/ / 15 CAPITAL ALLOCATION CONSISTENTLY INVEST IN RETURN CASH TO MAINTAIN A STRONG ORGANIC GROWTH SHAREHOLDERS BALANCE SHEET R&D $517m in 2025 $112m dividends CAPEX distributed to NET CASH/EBITDA $225m in 2025 shareholders in 2025 0.5X DIVIDEND INCREASED TO $1.00 AS OF Q1 2026
Slide 16: Summary
2 0 2 6 © E l b i t S y s t e m s P r o p r i e t a r y / / 16 SUMMARY RECORD-STRONG FINANCIAL PERFORMANCE IN 2025, CONTINUING THE SUSTAINED IMPROVEMENT IN BACKLOG, FCF, AND EPS. SURPASSED $2 BILLION IN QUARTERLY SALES FOR THE FIRST TIME, WITH 16% YEAR-OVER-YEAR REVENUE GROWTH COMPARED TO 2024. CONT