Elbit Systems Q4 2025 Earnings Report

Elbit Systems EPS Results

• Actual EPS: $3.56
• Consensus EPS: $3.23
• Beat/Miss: Beat by +$0.33
• One Year Ago EPS: N/A

Elbit Systems Revenue Results

• Actual Revenue: $2.15 billion
• Expected Revenue: $2.09 billion
• Beat/Miss: Beat by +$54.09 million
• YoY Revenue Growth: N/A

Elbit Systems Announcement Details

• Quarter: Q4 2025
• Date: 3/17/2026
• Time: Before Market Opens
• Conference Call Date: Tuesday, March 17, 2026
• Conference Call Time: 10:00AM ET

Elbit Systems (NASDAQ:ESLT) is an Israel-based defense electronics company that designs, develops and supplies a broad range of systems for military, homeland security and commercial aviation customers. The company focuses on integrated, platform-level solutions that combine sensors, communications, command-and-control software and weapons integration to support intelligence, surveillance and reconnaissance (ISR), force protection and mission management.

Its product and service portfolio spans unmanned aircraft systems, electro-optic and signal intelligence systems, electronic warfare and communications equipment, avionics and mission systems for military and commercial aircraft, and land and naval systems. Elbit also provides training and simulation, systems integration, lifecycle support and maintenance services, along with cybersecurity and intelligence solutions intended to enhance situational awareness and operational effectiveness.

Originally established in Israel, Elbit Systems has expanded its footprint internationally and conducts operations through subsidiaries and facilities in multiple regions, including a notable presence in the United States and Europe. Its customers include national militaries, government agencies and commercial aviation operators; the company often delivers customized solutions and sustains long-term support relationships with defense and security organizations.

Elbit emphasizes research and development and technology integration as core elements of its business model, pursuing partnerships and acquisitions to broaden capabilities and market access. The company is publicly traded in the United States under the ticker symbol ESLT and continues to position itself as a supplier of integrated, mission-critical systems across air, land, sea and cyber domains.

Elbit Systems Q4 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Company reported strong results with Q4 revenue of $2.149B, full-year revenue of $7.939B, record free cash flow of $553M, and backlog up ~$5.5B to $28.1B.
• Positive Sentiment: Geographic diversification is a strength—~72% of backlog is outside Israel and Europe (27% of 2025 revenue) is identified as the primary future growth engine.
• Positive Sentiment: The company is increasing capacity and will raise CapEx to about $300M in 2026, expanding factories (Ramat Beka and sites in Europe/US) to boost munitions and electronics production and meet elevated demand.
• Positive Sentiment: Management highlighted major contract and technology wins—including IMOD High‑Power Laser airborne/helicopter programs and a largest-ever international award (~$2.3B), plus PULS backlog topping $2B—supporting future revenue streams.
• Negative Sentiment: Risks remain: wartime operating pressures, some reported European deals (e.g., Greece, Germany) are not yet finalized, aerospace segment revenue fell 14%, and higher inventories/tax adjustments and supply-chain issues could weigh on near-term performance.

Presentation

[Operator]

Ladies and gentlemen, thank you for standing by. Welcome to Elbit Systems' Q4 2025 results conference call. All participants are at present in listen-only mode. Following management's formal presentation, instructions will be given for the question-and-answer session. As a reminder, this conference is being recorded. I would now like to hand over the call to Daniella Finn, VP, Investor Relations, Elbit Systems. Daniella, please go ahead.

[Daniella Finn, VP of Investor Relations at Elbit Systems]

Thank you, operator. Hello, everyone, and welcome to our Q4 2025 earnings call. On the call with me today are Bezhalel Machlis, President and CEO, Kobi Kagan, CFO, and myself, Daniella Finn, VP, Investor Relations. Earlier today, we held an investor conference at the Tel Aviv Stock Exchange. A full recording of the event is available in the investor relations section of our website at elbitsystems.com. Before I begin, I would like to point out to the safe harbor statement in the company's press release issued earlier today also refers to the contents of this conference call. I would like to remind all listeners that the conference call today may contain forward-looking statements regarding the company and its subsidiaries' business. Actual future results may differ materially from those forward-looking statements.

[Daniella Finn, VP of Investor Relations at Elbit Systems]

As usual, we will provide you with both GAAP financial data as well as certain supplemental non-GAAP information. We believe that this non-GAAP information provides additional transparency to better understand the performance of the ongoing business. You can find all the detailed GAAP financial data as well as the non-GAAP information and the reconciliation in today's press release. Kobi will begin by discussing the financial results, followed by Bezhalel, who will elaborate on the main events during the quarter and beyond. We will then turn the call over to a Q&A session. With that, I'd like to now turn the call over to Kobi. Kobi, please go ahead.

[Kobi Kagan, EVP and CFO at Elbit Systems]

Thank you, Daniella. Hello, everyone, and thank you for joining us today. We are closing another strong year and quarter, delivering double-digit growth in revenues, operating profit, EPS, and backlog, which grew by $5.5 billion. In 2025, we also generated record free cash flow, surpassing the $0.5 billion-mark. We're extremely proud of these results and the outstanding execution by our global teams. Taking a closer look into the Q4 results. Q4 revenues increased by 11% to $2.149 billion, compared to $1.93 billion in the Q4 of 2024. This is the first time our quarterly revenues surpassing the $2 billion-dollar mark.

[Kobi Kagan, EVP and CFO at Elbit Systems]

Full year 2025 revenues increased by 16% to $7.939 billion, compared to $6.828 billion in 2024. In terms of quarterly revenues by segment, C4I & Cyber revenues increased by 19% in the Q4 of 2025 as compared to the Q4 of 2024, mainly due to sales of radio and command and control systems in Europe and in Israel. ISTAR & EW revenues increased by 39%, mainly due to increased sales of maritime and electro-optic system, which include electronic warfare and counter UAS solutions. Land revenues increased by 22%, mainly due to ammunition and munition sales in Israel and Europe.

[Kobi Kagan, EVP and CFO at Elbit Systems]

Elbit Systems of America revenues increased by 9%, mainly due to the increase in the sales of night vision and maritime systems, partially offset by the decrease in the sales of medical devices. Aerospace revenues decreased by 14%, mainly due to training and simulation in Europe and higher sales of PGM in Q4 of 2024. We take great pride in our diverse global customer base, which is a key differentiator for Elbit and ensures we are not reliant on any single country's defense budget. For the full year of 2025, Europe contributed 27% of revenues, North America 21%, Asia Pacific 16%, and Israel contributed 32% of revenues. We expect Europe to be a meaningful growth engine going forward, followed by Asia Pacific.

[Kobi Kagan, EVP and CFO at Elbit Systems]

GAAP gross margin in the Q4 was 24.7% of revenues compared to 24.1% in the Q4 of 2024. GAAP gross margin for the full year 2025 was 24.4% compared to 24% in 2024. Non-GAAP gross margin for the Q4 was 25% compared to the Q4 of 2024 at 24.5%. Non-GAAP gross margin for the full year 2025 was 24.7% compared to Q4 of 2024 at 24.5%. GAAP operating income in the Q4 was $192 million or 9% of revenues. As compared to $141 million or 7.3% of revenues in the Q4 of 2024.

[Kobi Kagan, EVP and CFO at Elbit Systems]

Non-GAAP operating income was $210 million or 9.8% of revenues in the Q4 of 2025, as compared to $157 million or 8.2% of revenues in the Q4 of 2024. GAAP operating income for the full year 2025 was $671 million or 8.5% of revenues, as compared to $489 million or 7.2% of revenues in 2024. Non-GAAP operating income for 2025 was $737 million or 9.3% of revenues, as compared to $550 million or 8.1% of revenues in 2024. I am happy we have reached our internal targets for operating profit margins.

[Kobi Kagan, EVP and CFO at Elbit Systems]

The operating expense breakdown for the full year was as follows. Net R&D expenses were $517 million or 6.5% of revenues, as compared to $466 million or 6.8% of revenues in 2024. This increase is mainly due to investment in expanding our portfolio of precision-guided munitions, as well as increased investment in night vision solutions. Elbit continues to invest heavily in disruptive R&D initiatives, including advanced AI capabilities, to drive future profitable growth and reinforce the company's position as a market leader in the years ahead. Our strategy focuses on development of advanced solutions funded both internally and in some cases, partially supported by the Israeli Ministry of Defense, ensuring sustainable growth today and well into the future.

[Kobi Kagan, EVP and CFO at Elbit Systems]

Marketing and selling expenses were $399 million or 5% of revenues in 2025, as compared to $375 million or 5.5% of revenues in 2024. G&A expenses were $347 million or 4.4% of revenues in 2025, as compared to $311 million or 4.6% of revenues in the same period last year. Financial expenses were $138 million in 2025 as compared to $151 million in 2024. The decrease in financial expenses net in 2025 is mainly due to lower interest expenses and lower levels of dept. We recorded a tax expense of $55 million in 2025, compared to $39 million in 2024.

[Kobi Kagan, EVP and CFO at Elbit Systems]

The effective tax rate in 2025 was 9.9%, compared to 11.4% in 2024. The decrease in the tax rate in 2025 was as a result of the valuation allowance releases and adjustments to deferred taxes related to prior years following tax settlements in some of the company's subsidiaries in Israel. GAAP diluted EPS for the Q4 of 2025 was $3.52, compared to $2 in the Q4 of 2024. Once again, a significant double-digit EPS growth in the quarter. Our non-GAAP diluted EPS was $3.56 in the Q4 of 2025, compared to $2.66 in the Q4 of 2024. GAAP diluted EPS for 2025 was $11.39 compared to $7.18 in 2024.

[Kobi Kagan, EVP and CFO at Elbit Systems]

Non-GAAP diluted EPS was $12.75 in the full year of 2025, compared to $8.76 in 2024, well ahead of our internal targets. Our backlog of orders as of December 31, 2025, was $28.1 billion, approximately $5.5 billion higher than the backlog at the end of 2024. Approximately 72% of the current backlog was generated from outside of Israel. Approximately 54% of the backlog at the end of December is scheduled to be performed during 2026 and 2027, while the rest is scheduled to be performed during 2028 and beyond. Backlog growth was driven by international customer demand.

[Kobi Kagan, EVP and CFO at Elbit Systems]

Net cash provided by operating activities in the year ended December 31, 2025, was $778 million, as compared to $535 million in the year ended December 31, 2024. Operating cash flows in 2025 were affected mainly by the increase in contract liabilities, offset by the increase in inventories and trade receivables. During 2025, we also delivered $553 million of free cash flow, up 73% from the $320 million free cash flow generated in 2024. The board of directors has declared a dividend of $1 per share. Yet another dividend increase for 2025 on the back of our strong results. I will now turn the call over to Mr. Machlis, Elbit's President and CEO. Bezhalel, please go ahead.

[Bezhalel Machlis, President and CEO at Elbit Systems]

Thank you, Kobi. I want to begin by acknowledging the remarkable dedication of our global workforce. Despite the challenging realities of wartime here at home, our teams around the world continue to demonstrate exceptional focus and professionalism. Their consistent effort, especially during this period of intensified demand for our advanced systems, are a testament to their resilience and commitment to our mission. As Kobi just outlined, our Q4 and full year 2025 results are very strong. We achieved double-digit growth across all key metrics, sales, operating profit, earnings per share, and backlog. In addition, during 2025, we generated record free cash flow, surpassing the $0.5 billion dollar mark. During 2025, Elbit Systems achieved significant milestones, most notably securing contracts from the IMOD for an airborne High-Power Laser combat jet fighter pod and for High-Power Laser solution for helicopters.

[Bezhalel Machlis, President and CEO at Elbit Systems]

These contracts further strengthen Elbit's position as the world's leading supplier of next-generation Directed Energy Weapons, including state-of-the-art military-grade High-Power Laser solutions. It has been a remarkable year for Elbit winning large-scale contracts. We received our largest ever contract from an international customer for strategic solutions worth approximately $2.3 billion. Earlier in the year, we won another large contract worth $1.6 billion to deliver a range of defence solutions to European countries. Our PULS rocket artillery system continues to be a high runner for Elbit, especially in Europe. Our backlog for this product surpassed the $2 billion mark as more countries selected our agile and technologically advanced system. In December, we reported that the Hellenic Parliament had approved a budget for the purchase of these systems for the Hellenic Armed Forces.

[Bezhalel Machlis, President and CEO at Elbit Systems]

Numerous contracts have been secured for our leading electronic warfare EW system and our DIRCM self-protection solution. We continued winning contracts for our active protection system, the Iron Fist, for NATO European CV90 fleet, as well as follow-on contract for the US Army Bradley ICV upgrades. I'm very proud with all these contract wins, which are translated into the exceptional financial performance we presented today. The Iron Swords War continued for the most part of 2025. As in the Middle East, as one conflict ends, another begins. In the past two weeks, Israel has played a major role in the Drawing Line operation. As always, Elbit continues to support the IDF during these times, scaling up production to meet elevated demands. Last week, the Israeli government approved a further addition to the defense budget of ILS 39 billion, about $13 billion.

[Bezhalel Machlis, President and CEO at Elbit Systems]

As we told you in the previous call at the end of Q3, we continued to expand our production facilities globally and especially in Europe. We are making significant strategic CapEx investments to address growing global capacity constraints, recognizing that capacity is a critical element of our long-term strategy. These include, among others, the continued investment in the Ramat Beka facility here in Israel, as well as expanding our production facilities in Germany, Sweden, Romania, in Europe, and in the U.S.. Europe accounted for 27% of Elbit's sales in 2025, surpassing the $2 billion mark. We believe Europe will remain our primary growth engine going forward, with Germany playing a central role.

[Bezhalel Machlis, President and CEO at Elbit Systems]

This momentum was evident through the year, reflecting the numerous contracts awarded across a wide range of systems, including our PULS rocket launchers, Iron Fist active protection solution, and multiple DIRCM programs, among others. We expect strong revenue growth from Europe as countries continue to re-arm, supported by Elbit's well-established presence on the continent through our subsidiaries and joint ventures with leading local partners. During 2025, Elbit continued to invest heavily in disruptive R&D programs, including AI enhancement across multiple platforms as part of its strategy to develop advanced solutions, self-funded or partially funded by the Israeli MOD, ensuring both current and future growth. Dedicated cross-function AI teams are integrating intelligence capabilities across defense systems and C4I operations, strengthening decision-making, operational agility, and scalability as global demand continues to grow. In closing, Elbit entered 2026 stronger, more resilient, and better positioned than ever.

[Bezhalel Machlis, President and CEO at Elbit Systems]

With a record backlog, breakthrough technologies achievement, expanding capacity, and global team that delivers under the most demanding conditions, we are confident in our ability to sustain our growth and continue to create long-term value for our stakeholders. With that, I will be happy to take your questions. Operator.

[Operator]

Thank you. Ladies and gentlemen, at this time, we will begin the question and answer session. If you have a question, please press star one. If you wish to cancel your request, please press star two. If you are using speaker equipment, kindly lift the handset before pressing the numbers. Your questions will be pulled in the order they are received. Please stand by while we pull for your question. The first question is from Kristine Liwag of Morgan Stanley. Please go ahead.

[Kristine Liwag, Senior Aerospace and Defense Equity Analyst at Morgan Stanley]

Hi, all. Good afternoon, Bezhalel, Kobi, and Daniella. Maybe you know, you guys called out the record backlog that the company has today, but then we see the conflict, you know, and Bezhalel, you mentioned it, you know, in your prepared remarks that one conflict ends and another starts in the Middle East. With this global demand growing, can you talk about what your capacity or CapEx investments could mean in terms of potential, you know, maximum revenue that you could generate off of the incremental capacity increases? Also, as you increase your CapEx, when do we anticipate, you know, this capacity opening up new revenue? How do we think about that with the supply issue that's coming out of the Red Sea?

[Kristine Liwag, Senior Aerospace and Defense Equity Analyst at Morgan Stanley]

Any context for the ability to meet this unprecedented high demand would be really helpful?

[Kobi Kagan, EVP and CFO at Elbit Systems]

Hi, Kristine. Thank you for the question. It's a combination of questions. I'll talk first to the CapEx investment. The company increased their CapEx investment this year to $225 million. We are consistently investing CapEx nearly $200 million for the past five years, and we are planning to increase the spend this year in 2026 to around $300 million. This additional investment comes with stronger free cash flow. We both increased the free cash flow and increasing CapEx, and that is, we are very happy with this result. Having investing around $300 million will go specifically to invest in Israel and out of Israel. We're not just investing in Israel.

[Kobi Kagan, EVP and CFO at Elbit Systems]

We're investing also outside of Israel in mostly factories for land capacity. We tripled the size of the factory in the southern part of Israel. The new ammunition factory it was tripled. The additional investments are planned to meet the high demand, especially to munitions ammunition demand. We're also increasing investment in electronic assemblies factories in Israel and outside of Israel. By that we feel comfortable with meeting the high demand, as you mentioned, the record backlog and the very strong funnel that we see ahead. Bezhalel?

[Bezhalel Machlis, President and CEO at Elbit Systems]

Yeah. I would like to add. Thank you, Kobi. I would like to add is that on top of our own investment, some customers of ours are investing with us here in Israel as well as abroad, in order to create additional capacity mainly around production. Actually every dollar that we invest there is an additional investment by our customer. That's number one. Number two, this year we believe that we will start delivering equipment from the Ramat Beka facility. Actually, it should happen quite soon. It will be, and the Israeli government has approved to continue working in the current facility we have in the center part of the country, in the current infrastructure we have.

[Bezhalel Machlis, President and CEO at Elbit Systems]

In parallel, we'll have two active production lines, which will enable us to deliver the growing demand. I also want to emphasize that our new facilities are all equipped with robots and with a lot of AI in them in order to increase effectiveness and productivity and with the most advanced technology which is available in the market. We are working in some cases in three shifts in order to meet the demand. With the new factories that we will start, some of them are active already. Some will be effective quite soon. I believe we'll be able to meet the current demand and the future demand. With regards to supply chain, Elbit, as part of the strategy, is a very vertical company.

[Bezhalel Machlis, President and CEO at Elbit Systems]

We are trying to reduce dependencies from external suppliers. That's part of our strategy. We develop our own diodes and our own detectors and many other examples. Through this war, we have invested with the Israeli MOD even more funds to be more vertical and to control our destiny. In areas where we are lacking material, we were able to create enough inventories to support the current and the future demand that we see. Kobi, you want to add?

[Kobi Kagan, EVP and CFO at Elbit Systems]

Yeah. On top of what Bezhalel Machlis mentioned, we are also streamlining the Ramat Beka, this is the southern part of Israel factory. We are streamlining the processes, the factory processes, which will bring additional yields, additional effectiveness of this factory. Another more financial point, we saw 24% growth in our backlog during 2025 and 16% growth of revenue. As you know, Kristine, there should be convergence between those two numbers, and that means that the potential of growth is very significant, a double-digit potential of growth also in the future.

[Kristine Liwag, Senior Aerospace and Defense Equity Analyst at Morgan Stanley]

Wonderful. Super helpful. Thank you. If I could have a second question. You know, you've called out the contract wins that you've had on Directed Energy, specifically on high-power lasers. I was wondering, can you talk more about what's the breakthrough in technology that you were able to achieve here? Then also when we think about fighting low-cost drone swarms, what's the role for this kind of equipment? How is Elbit positioned?

[Bezhalel Machlis, President and CEO at Elbit Systems]

I will say the following. First, currently many countries are fighting against drones and against cruise missiles with air-to-air missiles. That's a very expensive fight, and it's not sustainable. Because of that, we thought that bringing High-Power Laser to the air will create a new situation where actually we are becoming the asymmetric power player. Putting a High-Power Laser in the air enable us first to overcome some of the challenges of the ground like weather and dust and turbulence. Flying above clouds will enable us to gain more ranges and to be more effective, and also to eliminate the threats far away from our borders. Now, from a technical point of view, it's not an easy task.

[Bezhalel Machlis, President and CEO at Elbit Systems]

You need to miniaturize the elements. While moving, you need to lock yourself on a target and in a very precise way. We were able to overcome all these challenges, and we are very advanced in the development. When the solution will be mature and will be operational, I believe it will be a breakthrough in the way countries are defeating swarms and other type of threats. There is a huge demand for such solutions in the market. We are a leading player in this domain. We are controlling the entire technology in-house, and we see currently a very big demand for such solution worldwide.

[Bezhalel Machlis, President and CEO at Elbit Systems]

I believe that it will bring Elbit a new stream of revenues and profit in the near future. I also want to add that High-Power Laser is not just a defensive weapon. As you can understand, it has more applications. That's an example, one example of unique technologies that we are developing with our IR&D fund. Actually, the company is investing more than $0.5 billion dollars in R&D. On top of that, we get more R&D from our customers. It's 6.5% of our revenues we invest in R&D. When we do it, in order, we are able to predict what will be the demand of the market in the future. We understand the operational needs. We understand very well the technological opportunities we have.

[Bezhalel Machlis, President and CEO at Elbit Systems]

We are combining them both, and we are coming with new technology to the market. This is just one example. As we speak, we develop more unique solutions that we'll present to you in the future.

[Kristine Liwag, Senior Aerospace and Defense Equity Analyst at Morgan Stanley]

Great. Thank you very much.

[Operator]

The next question is from Alan Page of Jefferies. Please go ahead.

[Alan Page, Analyst at Jefferies]

Hi, guys. Thanks for the question. Just on your recent media reports about your PULS system in Europe, and you also received budget approval for an order from Greece, how do we think about the opportunity set there, and what differentiates that solution relative to peers? What makes you win?

[Bezhalel Machlis, President and CEO at Elbit Systems]

First, I want to say that, with regards to the Greek opportunity, it's not a contract yet. We didn't receive it yet. It was approved by the Parliament, and we hope to get the contract soon, but it's not yet in our backlog. It's a good contract that we hope to get soon. The same is true also in Germany. We got an initial contract in Germany for a small quantity and it is not yet a full production. In Germany, that's a potential that we believe, that will mature in the future, but it's not yet in our backlog. We have, a very unique solution.

[Bezhalel Machlis, President and CEO at Elbit Systems]

We have this, it's a generic launcher, which is able to fire different type of missiles for different ranges with different capabilities, which includes loitering ammunition as well, from short ranges to very long ranges, with different kinds of guidance solutions, all coming from Elbit. It's an open architecture, so other solutions which are available with our customers can be implemented as well on top of the same launcher. Not only that, we have joint venture partnership agreements with KNDS and with Diehl in Germany and with other partners in Europe to continue to develop and to produce fully this solution, the launcher and the rockets, in Europe. It's in Europe, and we call it Euro PULS.

[Bezhalel Machlis, President and CEO at Elbit Systems]

It's a European solution that was tailored for the unique requirements of the modern battlefield to the conclusion from the war between Russia and Ukraine. It's operational already by many countries in Europe. It was acquired by the Danish Defence, by the Dutch, and by many other countries, not just in Europe. We believe that's the leading solution which is available currently in the market, and we continue to develop it. You will hear more about this product and about the system in the future.

[Alan Page, Analyst at Jefferies]

Great. Thank you. If I can just sneak in one more. Profitability was very strong at 9.8% in the quarter and expanded across most segments except for C4ISR. How are you thinking about the moving pieces to margins from here across the different segments? Where is there more room for expansion, and where could there be pressure?

[Kobi Kagan, EVP and CFO at Elbit Systems]

Hi, Alan. This is Kobi Kagan. Thank you for the question. We see an expansion in margins now for the fourth consecutive year, and we are very happy with this result. It's an expansion of nearly 1% annually, and this is a trend that we see now and we believe the expansion in margins will continue as we have the operational leverage with the very strong growth of revenues and with the stronger pipeline and backlog profitability, which turns into stronger profitability. We believe this will continue to the future.

[Kobi Kagan, EVP and CFO at Elbit Systems]

As Bezhalel Machlis mentioned earlier, with the self-funded R&D, additional self-funded R&D that we're going to invest and we're going to continue increasing the self-funded R&D in the future, will not harm the bottom line. We will still maintain growth also in the OP level and also on the EPS level.

[Alan Page, Analyst at Jefferies]

Great. Thank you.

[Kobi Kagan, EVP and CFO at Elbit Systems]

Thank you, Alan Page.

[Operator]

If there are any additional questions, please press star one. If you wish to cancel your request, please press star two. Please stand by while we call for more questions. There are no further questions at this time. Before I ask Mr. Machlis to go ahead with his closing statement, I would like to remind participants a replay of this call will be available two hours after the conference ends. In the US, please call 1-888-782-4291. In Israel, please call 03-925-5900. Internationally, please call 972-3-925-5900. A replay of the call will also be available on the company's website, elbitsystems.com. Mr. Machlis, would you like to make a concluding statement?

[Bezhalel Machlis, President and CEO at Elbit Systems]

To everyone on the call, thank you for joining us today and for your continued support and interest in our company. Have a good day and goodbye.

[Operator]

Thank you. This concludes the Elbit Systems Ltd. Q4 2025 results conference call. Thank you for your participation. You may go ahead and disconnect.

Participants

Executives

• Bezhalel Machlis, President and CEO
• Daniella Finn, VP of Investor Relations
• Kobi Kagan, EVP and CFO

Analysts

• Alan Page, Analyst at Jefferies
• Kristine Liwag, Senior Aerospace and Defense Equity Analyst at Morgan Stanley