Elbit Systems

What does Elbit Systems own?

Elbit Systems operates as a single-brand defense company with several subsidiaries. Major subsidiaries include Elbit Systems of America (US defense contracts), Elbit Systems UK (British operations), UTACS (UK-based UAS manufacturer, fully acquired January 2026), KMC Systems (US medical technology), Fuse (autonomous systems, acquired Blue White Robotics), and IMI Systems (Israeli munitions manufacturer, acquired 2018). The company does not operate separate consumer-facing brands. Its product lines span unmanned aircraft systems, armored vehicle upgrades, artillery, electronic warfare, C4I systems, and cyber defense.

Is Elbit Systems publicly traded?

Yes. Elbit Systems Ltd. is listed on both NASDAQ and the Tel Aviv Stock Exchange under the ticker symbol ESLT. The company has been traded on TASE since its IPO in 1978 and on NASDAQ since 1993. Shares are held by institutional investors, mutual funds, and individual shareholders worldwide. The largest individual shareholder is Michael Federmann through his control of El-Op. The company files annual reports on Form 20-F with the SEC.

Who founded Elbit Systems?

Elbit Systems was founded in 1966 by Elron Electronic Industries and Israel's Ministry of Defense under the name Elbit Computers Ltd. The company was originally established to develop computers and electronics for the Israeli military. Its first product was the Elbit 100 minicomputer. The current Elbit Systems was created in 1996 when the original company was split into three independent entities. In 2000, Elbit Systems merged with El-Op, creating Israel's largest non-governmental defense electronics company.

Where is Elbit Systems headquartered?

Elbit Systems is headquartered in Haifa, Israel. The company employs over 20,000 people in dozens of countries across five continents. Major operations include Elbit Systems of America in Fort Worth, Texas; Elbit Systems UK in Leicester (following the UTACS acquisition); and a new facility in Chitila, Romania opened in April 2026. The majority of employees are based in Israel.

Who owns Elbit Systems?

Elbit Systems is an independent publicly traded company with no parent organisation or controlling shareholder. Michael Federmann is the largest individual shareholder through his control of El-Op, which merged with Elbit Systems in 2000. He chairs the Board of Directors. Major institutional shareholders have included Scotiabank's 1832 Asset Management (reduced to 1.4% in 2024) and various mutual funds. Barclays sold all its Elbit holdings in October 2024 amid pro-Palestinian activist pressure.

What is Elbit Systems' annual revenue?

Elbit reported $7,938.6 million in revenue in fiscal year 2025, a 16.3% increase from $6,827.9 million in FY2024 and $5,974.7 million in FY2023. Gross profit in FY2025 was $1,935.3 million. GAAP net income attributable to shareholders was $534.3 million (6.7% of revenues), with GAAP diluted EPS of $11.39. The order backlog reached $30.2 billion as of Q1 2026, up from $22.6 billion at the end of 2024. In Q1 2026, revenue was $2,188.8 million.

Has Elbit Systems made major acquisitions recently?

In January 2026, Elbit Systems UK completed the full acquisition of UAV Tactical Systems Ltd. (UTACS) from Thales Group, making it a wholly-owned subsidiary. In 2025, Elbit's subsidiary Fuse acquired Blue White Robotics. The most significant historical acquisition was IMI Systems (Israel Military Industries) in 2018, which expanded Elbit's munitions and land systems capabilities. The company has also opened new facilities in Romania (April 2026) as part of its European expansion strategy.

Elbit Systems was founded in 1966 by Elron Electronic Industries and Israel's Ministry of Defense under the name Elbit Computers Ltd. The company was established to develop computers and electronics for the Israeli military. Its first product was the Elbit 100, a minicomputer designed for military applications.

In 1970, Control Data Corporation acquired the Israeli government's interest in Elbit Computers for $1 million and marketed the company's products worldwide. Elbit had its initial public offering on the Tel Aviv Stock Exchange in 1978 and continued developing minicomputers through the early 1980s.

During the 1980s, the company shifted its focus from general-purpose computing to defense electronics. Elbit developed systems for the Lavi fighter jet programme and the Merkava tank, establishing its position as a defense technology provider. This strategic pivot from commercial computing to military electronics defined the company's future direction.

In 1996, the original Elbit was split into three independent companies: Elbit Medical Imaging, Elbit Systems (the defense electronics business), and Elbit (which later merged with Elron). This restructuring created the current Elbit Systems as a focused defense electronics company.

In 2000, Elbit Systems merged with El-Op (Electro-Optics Industries), creating Israel's largest non-governmental defense electronics company. Following this merger, Michael Federmann became the largest shareholder through his control of El-Op. The merged entity then pursued a series of acquisitions to expand its portfolio: Elisra (electronic warfare systems), assets of Israel Military Industries' Aircraft Systems Division, and Mikal Ltd.

In 2005, Elbit Systems of America was established as a US subsidiary to pursue contracts with the US Department of Defense and other American defense customers. This subsidiary has since become a significant contributor to the group's North American revenue.

In 2018, Elbit completed the acquisition of IMI Systems (Israel Military Industries) from the Israeli government, further expanding its defense capabilities, particularly in munitions and land systems. This acquisition strengthened Elbit's position in precision-guided munitions and armored vehicle systems.

The company's growth accelerated significantly following the outbreak of the Israel-Hamas war in October 2023. Revenue increased from $5,974.7 million in FY2023 to $6,827.9 million in FY2024 (a 14% increase) and to $7,938.6 million in FY2025 (a 16.3% increase). The order backlog more than doubled from approximately $14 billion in early 2023 to $30.2 billion by Q1 2026, driven by increased defense spending in Israel and Europe.

In January 2026, Elbit Systems UK completed the full acquisition of UAV Tactical Systems Ltd. (UTACS) from Thales Group. UTACS, based in Leicester, has supplied tactical unmanned aerial systems to the British Army and international customers including the United Nations and NATO. The acquisition made UTACS a wholly-owned Elbit subsidiary, strengthening the company's UK manufacturing base for European drone customers.

In April 2026, Elbit opened a new facility in Chitila, Romania, focused on unmanned aerial systems, as part of its European expansion strategy. The same month, the company announced a $750 million contract through Israel's Ministry of Defense to supply the Hellenic Ministry of National Defense (Greece) with its PULS (Precise and Universal Launching System) artillery system.

In May 2026, Elbit was awarded a $1.4 billion contract by an unnamed European customer for extensive military modernization programmes, to be performed over five years. The contract includes uncrewed autonomous solutions, electronic warfare systems, precision-guided munitions, and software-defined radios. Israeli media reported that a similar $1.63 billion contract announced in August 2025 was with Serbia.

Elbit's subsidiary Fuse also acquired Blue White Robotics, expanding the company's presence in autonomous systems. A $350 million contract for main battle tank upgrades for an unnamed customer was also announced.

Elbit Systems publishes ESG information as part of its annual reporting. The company addresses environmental, social, and governance topics within its Form 20-F filing and on its corporate website. Elbit is not a certified B Corporation and does not publish a standalone sustainability report separate from its regulatory filings.

Environmental initiatives include renewable energy production and purchase, energy storage solutions, low-carbon vehicle fleet usage, and production based on natural gas. The company implemented climate change adaptation measures across several locations in 2024. However, specific quantitative targets for emissions reduction, renewable energy percentage, or net-zero commitments have not been prominently disclosed.

The company's primary social responsibility programmes focus on employee welfare, diversity and inclusion, and community engagement in Israel. Elbit employs over 20,000 people across five continents, with the majority based in Israel. The company operates under Israeli labour law and the regulatory frameworks of each country where it has subsidiaries.

Governance practices include compliance with US Foreign Corrupt Practices Act (FCPA), Israeli securities regulations, and international defense trade regulations. The company maintains internal compliance teams and is subject to export control regulations including the US International Traffic in Arms Regulations (ITAR) and the EU Common Position on arms export controls.

The defense industry presents inherent ethical challenges. Elbit's products are designed for military use and have been deployed in active conflicts, including the Israel-Hamas war. The company's 20-F filing acknowledges that it faces "a reluctance from certain countries to purchase from Israeli companies" due to the ongoing conflict. The company is subject to scrutiny regarding the use of its systems in conflict zones and the ethical implications of arms exports.

Elbit Systems does not prominently feature consumer-facing awards in its investor communications, as its primary customers are government defense ministries rather than retail consumers. Recognition in the defense sector typically comes through contract awards and programme selections rather than public awards.

The company's selection for major defence programmes represents independent validation of its technical capabilities. Recent significant contract awards include the $1.4 billion European modernisation contract (May 2026), the $1.63 billion contract reported to be with Serbia (August 2025), the $750 million Greek PULS artillery contract (April 2026), and the $435 million international customer contract (February 2026).

Elbit's Hermes 900 unmanned aircraft system has been selected by multiple countries including Singapore, Switzerland, and Brazil, establishing it as one of the most widely fielded medium-altitude UAS platforms outside the United States.

The Watchkeeper system, developed by UTACS (now wholly owned by Elbit), became fully operational with the British Army in 2018, representing a significant UK defense programme delivered through an Elbit-affiliated entity.

Elbit Systems of America has been selected for multiple US Department of Defense programmes, including contracts for night vision systems, helmet-mounted displays, and airborne systems. These selections require rigorous technical and security evaluations by the US military.

Elbit Systems has faced significant controversy and public scrutiny, particularly related to the Israel-Hamas war and the use of its systems in the conflict. The company has been a target of pro-Palestinian activist groups, BDS (Boycott, Divestment, Sanctions) campaigns, and institutional divestment pressure.

Institutional Divestment:

In October 2024, Barclays sold all of its shareholdings in Elbit Systems, according to SEC filings. The bank had held approximately 16,345 shares worth over $3.4 million. Barclays stated that it was not a direct shareholder but held positions as a market maker. Pro-Palestinian activist group Palestine Action claimed credit for the divestment after conducting 54 protest actions across the UK, including smashing windows of Barclays branches and spraying them with red paint.

Scotiabank's subsidiary 1832 Asset Management reduced its Elbit stake from approximately 5% (worth $467.4 million) to 1.4% (worth $113 million) between 2023 and mid-2024. The asset manager stated that holdings are based on investment merit and are not influenced by protest activity. The reduction coincided with sustained pressure from activist groups including the "No Arms in the Arts" campaign, which targeted Scotiabank-sponsored cultural events including the Giller Prize, Contact Photography Festival, and Hot Docs Film Festival.

In February 2024, Japanese trading house Itochu announced that its aviation unit would end its strategic cooperation with Elbit Systems by the end of February 2024. Itochu's CFO cited the International Court of Justice's January 2024 order regarding Gaza as a factor in the decision. The partnership had been established at the request of Japan's defence ministry for importing defence equipment for the Self-Defense Forces.

Direct Protests:

Elbit Systems of America subsidiary KMC Systems moved out of its Cambridge, Massachusetts office in 2024 following months of weekly pro-Palestinian protests. BDS Boston organised protests ranging from a dozen participants to approximately 200 at one event, resulting in nine arrests. The group's stated goal was to force Elbit out of Cambridge. An asset manager for Elbit's landlord confirmed the lease was terminated early.

Palestine Action has conducted direct action campaigns against Elbit properties in the UK, including physical damage and occupation of premises associated with the company. The group states it uses "radical direct action tactics which include sabotage of key infrastructure."

Regulatory Scrutiny:

Elbit operates under strict export control regulations in multiple jurisdictions. The company must comply with US ITAR regulations, EU arms export controls, and Israeli defense export regulations. Changes in government policies regarding arms exports can affect the company's ability to sell to certain customers. The company's 20-F filing notes that "changes in policies or priorities of specific governments" can lead to "modifications and terminations" of contracts.

The company's 20-F filing also acknowledges that the Israel-Hamas war has created business risks, including "a reluctance from certain countries to purchase from Israeli companies" and potential "reduction or elimination of government spending under current contracts." However, the war has also driven increased demand from other customers, resulting in overall revenue growth.