Elbit Systems Breaks Records: Double-Digit Growth and New Milestones Achieved
The latest Q4 2025 results conference call of Elbit Systems has revealed impressive double-digit growth in revenues, operating profit, EPS, and backlog. The company's President and CEO, Bezhalel Machlis, proudly shared these achievements during the call, highlighting the outstanding execution by their global teams.
Elbit Systems closed another strong year with a 16% increase in full-year 2025 revenues to $7.939 billion, compared to $6.828 billion in 2024. This growth was driven across various segments, including C4I & Cyber, ISTAR & EW, Land, and Elbit Systems of America. The company's Q4 revenues also reached a new milestone, surpassing the $2 billion-dollar mark with an increase of 11% to $2.149 billion.
Notably, the C4I & Cyber segment saw a 19% revenue growth in Q4 2025 due to sales of radio and command and control systems in Europe and Israel. The ISTAR & EW segment experienced a remarkable 39% increase in revenues mainly attributed to increased sales of maritime and electro-optic systems, including electronic warfare and counter UAS solutions.
The Land segment also performed well with a 22% revenue growth, driven by ammunition and munition sales in Israel and Europe. In contrast, the Aerospace segment reported a decrease of 14%, primarily due to training and simulation sales in Europe and higher sales of Precision-Guided Munitions (PGM) in Q4 2024.
Elbit Systems' diverse global customer base is a key differentiator for the company, ensuring they are not reliant on any single country's defense budget. The breakdown of full-year revenues by region showed Europe contributing 27%, North America 21%, Asia Pacific 16%, and Israel accounting for 32%.
The company expects Europe to be a meaningful growth engine going forward, followed closely by the Asia Pacific region. In terms of financial performance, Elbit Systems reported a GAAP gross margin of 24.7% in Q4 2025, compared to 24.1% in Q4 2024. The non-GAAP operating income was $210 million or 9.8% of revenues, representing an increase from $157 million or 8.2% of revenues in the same period last year.
The full-year 2025 financial results saw a significant improvement with GAAP operating income reaching $671 million or 8.5% of revenues compared to $489 million or 7.2% of revenues in 2024. The non-GAAP operating income for 2025 was $737 million or 9.3% of revenues, exceeding the company's internal targets for operating profit margins.
