Elbit's record backlog of $30.2B (71% international) provides multi-year revenue visibility. The $1.4B European contract announced concurrently reinforces the demand thesis. With non-GAAP operating margins crossing 10% for the first time and strong cash flow, the company is executing well on elevated defense demand. Monitor the Q2 earnings call for margin trajectory and any updates on Middle East conflict impacts on supply chain.
Price Chart
Executive Summary
Elbit Systems reported strong Q1 2026 results with revenue of $2.19B (+15.5% YoY), GAAP net income of $160.8M (+50.2% YoY), and GAAP diluted EPS of $3.34 (+42.1% YoY). The order backlog reached a record $30.2B, and the company announced a $1.4B European contract win on the same day. Operating cash flow was $281M, up 53% YoY. S&P Global Ratings raised its long-term rating to ilAAA with stable outlook.
Key Facts
- Q1 2026 revenue of $2,188.8M, up 15.5% from $1,895.8M in Q1 2025
- GAAP net income of $160.8M, up 50.2% from $107.1M in Q1 2025
- GAAP diluted EPS of $3.34, up 42.1% from $2.35 in Q1 2025
- Non-GAAP diluted EPS of $3.87, up 50.6% from $2.57 in Q1 2025
- Record order backlog of $30.2 billion, with 71% from outside Israel
- Operating cash flow of $281.0M, up 53% from $183.6M in Q1 2025
- Announced $1.4B European contract for military modernization on May 26, 2026
- S&P Global Ratings raised long-term rating to ilAAA with stable outlook on May 20, 2026
- Dividend declared of $1.00 per share, payable July 6, 2026
- Non-GAAP operating margin surpassed 10% for the first time
Financial Impact
Revenue +15.5% YoY, GAAP net income +50.2% YoY, GAAP diluted EPS +42.1% YoY, operating cash flow +53% YoY, backlog +$30.2B record
Risk Factors
- Ongoing Middle East conflicts could disrupt supply chains and operations
- R&D expenses increased to 6.9% of revenue from 6.1%, potentially pressuring margins
- Cash and cash equivalents dropped to $155M from $635M at year-end 2025, partly due to $590M in short-term deposit investments
- Geopolitical concentration risk with 37.4% of Q1 revenue from Israel
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001027664-26-000011 |
| Document: coveresltq120266k.htm | 0001027664-26-000011 |
| Document: 0001027664-26-000011-index-headers.html | 0001027664-26-000011 |
| Document: 0001027664-26-000011-index.html | 0001027664-26-000011 |
| Document: 0001027664-26-000011.txt | 0001027664-26-000011 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 11, 2026 7w ago | 6-K | $776.08 $714.40 | ▼ −7.95% | ▼ −6.89% | $696.23 (−10.29%) |
Aug 11, 2026 7w ago | Press Release | $776.08 $714.40 | ▼ −7.95% | ▼ −6.89% | $696.23 (−10.29%) |
Aug 6, 2026 8w ago | Press Release | $857.00 $701.22 | ▼ −18.18% | ▼ −18.78% | $696.23 (−18.76%) |
Jul 20, 2026 10w ago | 6-K | $754.85 $782.84 | ▲ +3.71% | ▼ −0.41% | $696.23 (−7.77%) |
Jul 20, 2026 10w ago | Press Release | $754.85 $782.84 | ▲ +3.71% | ▼ −0.41% | $696.23 (−7.77%) |
Jul 13, 2026 11w ago | 6-K | $735.40 $846.04 | ▲ +15.04% | ▲ +11.86% | $696.23 (−5.33%) |
Jul 13, 2026 11w ago | Press Release | $735.40 $846.04 | ▲ +15.04% | ▲ +11.86% | $696.23 (−5.33%) |
Jul 1, 2026 13w ago | 6-K | $759.98 $769.10 | ▲ +1.20% | ▲ +3.39% | $696.23 (−8.39%) |
May 28, 2026 18w ago | 6-K | $892.63 $715.72 | ▼ −19.82% | ▼ −16.67% | $696.23 (−22.00%) |
May 27, 2026 18w ago | GOVT-CONTRACT | $828.81 $732.71 | ▼ −11.59% | ▼ −9.69% | $696.23 (−16.00%) |
US Market Status
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