Elbit Systems (ESLT) Cash Flow: Operating & Free Cash Flow

Elbit Systems Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Elbit Systems Ltd. (ESLT) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	535.62	321.86	215.86	275.47	274.66	237.66	228.66	208.66	240.62
Depreciation & Amortization	171.43	158.39	164.80	161.29	153.09	144.42	137.15	118.21	114.02
Deferred Income Tax	-15.90	1.65	-13.17	-2.22	39.10	-5.35	-15.06	13.72	28.77
Stock Based Compensation	26.39	15.76	12.14	10.46	5.31	4.09	3.99	1.39	0.01
Change in Working Capital	76.90	27.13	-280.89	-190.72	-33.74	-43.85	-378.10	-141.74	-279.37
Change in Accounts Receivable	-659.95	-473.93	-96.59	97.15	-430.30	-508.06	-267.92	-89.10	-315.24
Change in Inventory	-357.93	-480.31	-351.59	-305.06	-336.22	-69.76	-55.84	-117.22	-59.70
Change in Accounts Payable	463.91	65.66	96.59	-123.29	430.30	143.85	115.62	-89.96	63.27
Change in Other Working Capital	-26.33	-40.16	70.71	0.77	302.48	31.39	-169.95	154.54	32.29
Other Operating Activities	-26.11	11.47	14.96	0.77	-21.49	-5.02	-29.96	-8.57	-3.16
Net Cash from Operating Activities	778.38	534.61	113.71	240.07	416.93	278.83	-53.32	191.66	100.89
Investing Activities
Capital Expenditures	-225.57	-215.05	-187.04	-205.11	-188.62	-132.21	-137.60	-102.30	-107.88
Acquisitions	1.66	-3.60	-15.80	-67.65	-447.40	0.22	-365.71	-514.86	-30.40
Purchases of Investments	-2.29	-3.60	-9.47	-4.47	-0.44	36.97	-2.60	-10.54	-42.29
Sales/Maturities of Investments	-164.39	28.34	0.23	14.40	22.99	46.09	17.55	30.45	58.73
Other Investing Activities	0.40	7.38	1.47	81.49	25.75	0.22	381.58	4.39	6.27
Net Cash from Investing Activities	-390.72	-178.83	-210.60	-151.98	-587.72	-22.87	-106.79	-592.87	-115.57
Financing Activities
Debt Repayment	-78.92	-73.18	172.43	-187.73	230.14	-425.90	50.43	528.87	-104.33
Common Stock Issued	573.06	0.03	0.03	0.02	0.02	0.00	184.84	0.00	0.00
Dividends Paid	-111.69	-88.96	-89.25	-86.81	-79.18	-78.19	-62.58	-75.31	-75.30
Other Financing Activities	0.00	0.03	0.03	99.00	0.02	104.31	-4.86	0.05	127.57
Net Cash from Financing Activities	-17.87	-287.85	83.21	-135.97	150.99	-198.23	172.69	453.62	-52.06
Summary
Effect of Forex Changes on Cash	-68.44	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Change in Cash	369.79	67.92	-13.68	-47.89	-19.80	57.73	12.58	52.41	-66.74
Cash at Beginning of Period	303.43	197.43	211.11	258.99	278.79	221.06	208.48	156.07	222.81
Cash at End of Period	635.27	265.35	197.43	211.11	258.99	278.79	221.06	208.48	156.07
Free Cash Flow	552.81	319.56	-73.33	34.96	228.31	146.62	-190.92	89.36	-6.99
Supplemental Disclosures
Interest Paid	-	76.33	66.77	25.58	18.99	20.08	-	-	-
Income Taxes Paid	-	34.89	30.71	75.59	38.17	44.21	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Elbit Systems Cash Flow

What is Elbit Systems's free cash flow?

Elbit Systems generated free cash flow of $552.81M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $778.38M minus $225.57M of capital expenditures. That was up 73.0% from $319.56M a year earlier. Free cash flow equaled 7.0% of revenue.

How much does Elbit Systems spend on capital expenditures?

Elbit Systems spent $225.57M on capital expenditures in fiscal 2025, compared with $215.05M a year earlier. That equals 29.0% of operating cash flow.

Does Elbit Systems pay dividends or buy back shares?

Yes. In fiscal 2025 Elbit Systems returned $111.69M in dividends to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition