War Effect: Elbit Breaks Order Record - Demand from Defense Ministry Surges

Elbit Systems reported second-quarter 2026 results: revenues of $2.3 billion, net profit of $173.6 million, and a record order backlog of $32 billion, with demand from the Defense Ministry surging since the war.

Elbit Systems today (Tuesday) published its results for the second quarter of 2026, showing continued growth in revenues, profitability, and order backlog. The company's revenues totaled $2.3 billion, compared with about $2 billion in the corresponding quarter last year, while GAAP net profit reached $173.6 million. Elbit's order backlog reached a new record of $32 billion, with about 73% attributed to orders outside Israel. About 42% of the backlog is expected to be executed during the remainder of 2026 and during 2027. By business segments, the land segment stood out with 32% growth compared with the corresponding quarter, mainly due to increased sales of ammunition and weaponry in Israel. ISTAR and electronic warfare segments grew by 22%, Elbit's U.S. operations by 17%, and the C4I and cyber segment by 11%. In contrast, aviation revenues declined by 8%. GAAP operating profit totaled $218.8 million, compared with $157.8 million in the corresponding quarter, and the operating margin rose from 8% to 9.6%. Cash flow from operations in the first half of the year totaled $517.8 million, compared with $304 million in the corresponding period last year. Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, said that the strong growth trend continued in the second quarter, leading to double-digit growth in sales, order backlog, and earnings per share. The company also noted that since the outbreak of the war, there has been a significant and sustained increase in demand for its products from the Defense Ministry, compared with pre-war demand levels, and that this trend may lead to additional significant orders.