1. The Lockheed Martin of advanced defense electronics and systems.

2. The Raytheon Technologies of high-tech defense sensors and unmanned systems.

• Avionics Systems: Integrated hardware and software solutions for aircraft, encompassing helmet-mounted displays, mission computers, and electro-optical targeting.
• Unmanned Aircraft Systems (UAS): A comprehensive portfolio of unmanned aerial vehicles designed for intelligence, surveillance, reconnaissance, and combat operations.
• Electro-Optic Systems: Advanced thermal imagers, laser designators, and night vision devices for enhanced situational awareness and targeting in various defense scenarios.
• Electronic Warfare (EW) Systems: Self-protection suites and intelligence-gathering systems engineered to detect, analyze, and counter electromagnetic threats.
• C4ISR Systems: Integrated solutions for Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance across air, land, and naval platforms.
• Land Vehicle Systems: Upgrade packages and mission-critical components for tanks and armored vehicles, including fire control, battle management, and sensor systems.
• Naval Systems: Combat management systems, electronic warfare suites, and remotely operated weapon stations tailored for naval vessels and maritime security.
• Training and Simulation Systems: Realistic simulators and immersive training solutions for pilots, ground forces, and naval crews to enhance operational readiness.

Elbit Systems (ESLT) is a public company that primarily sells its defense, aerospace, and homeland security products and services to governments and other defense contractors worldwide. Therefore, it sells primarily to other entities (governments and businesses), not directly to individuals.

Its major customers are sovereign governments and their armed forces. While specific contracts with individual governments are often publicly announced, Elbit Systems serves a broad range of countries across various regions. Key government customers and regions include:

• Israel: As an Israeli company, the Israel Ministry of Defense (IMOD) and the Israel Defense Forces (IDF) are significant and long-standing customers.
• United States: The U.S. Department of Defense and various branches of the U.S. military are major customers, often through contracts with prime contractors like Boeing, Lockheed Martin, and Northrop Grumman (though Elbit typically supplies components or subsystems rather than being the direct prime for the entire system).
• European Nations: Various European governments, including those of the UK, Germany, Spain, and others, are frequent customers for a range of defense systems.
• Asia-Pacific Nations: Countries in this region, such as India, Australia, and others, represent a growing market for Elbit Systems' technologies.
• Other NATO and Allied Nations: Elbit Systems also supplies defense solutions to numerous other countries allied with the U.S. and Israel globally.

While Elbit Systems often acts as a prime contractor for specific systems sold directly to governments, it also serves as a significant sub-contractor or supplier to larger defense companies. While identifying these specific companies as "customers" in the context of their own prime contracts can be complex, Elbit's technology is integrated into platforms built by companies such as:

• Lockheed Martin Corporation (NYSE: LMT)
• The Boeing Company (NYSE: BA)
• Northrop Grumman Corporation (NYSE: NOC)
• Raytheon Technologies Corporation (NYSE: RTX) (now RTX Corporation)
• BAE Systems plc (LSE: BAE)
• Airbus SE (Euronext: AIR)

These companies are more accurately described as partners or integrators of Elbit's components rather than direct end-customers for its entire product portfolio, but they represent a critical channel through which Elbit's technology reaches the ultimate government users.

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Bezhalel Machlis, President and Chief Executive Officer

Bezhalel Machlis has served as the President and CEO of Elbit Systems Ltd. since 2013. He joined Elbit Ltd. in 1991 and held various management positions in the battlefield and information systems area, including executive vice president – general manager land and C4I from 2008 to 2012, and corporate vice president – general manager land systems and C4I since 2004. He previously served as an artillery officer in the Israel Defense Forces, holding the rank of Colonel (reserves). Mr. Machlis holds a Bachelor of Science degree in Mechanical Engineering and a Bachelor of Arts degree in Computer Science from the Technion, and an MBA from Tel-Aviv University. He is also a graduate of Harvard University Business School's Advanced Management Program.

Yaacov Kagan, Executive Vice President and Chief Financial Officer

Yaacov (Kobi) Kagan was appointed Executive Vice President and Chief Financial Officer of Elbit Systems Ltd. in April 2022. Prior to this, he served as the Deputy General Manager and Senior Vice President for Finance and Control of Elbit Systems Land from 2018 to 2022. From 2010 to 2018, he was the Vice President of Finance and Control of Elbit Systems Land and C4I. Earlier in his career at Elbit Systems, he served as a Sales Director for Elbit Systems Land from 2008 to 2010.

Yuval Ramon, Executive Vice President and Chief Operating Officer

Yuval Ramon was appointed Executive Vice President – Chief Operating Officer in 2015. From 2014 until his appointment as COO, he served as vice president – corporate operations. Mr. Ramon held several management positions in Elbit Systems of America from 1998 to 2013, including senior vice president of operations, site lead at the Merrimack operations, and director of sales and contracts for the Fort Worth operations. He joined Elbit Systems in 1994 as a sales and contract manager.

Yoram Shmuely, Executive Vice President – General Manager Aerospace

Yoram Shmuely has served as Executive Vice President – General Manager Aerospace since 2013. He previously served as executive vice president – co-general manager aerospace from 2008, and as corporate vice president – co-general manager airborne and helmet systems from 2003 to 2007. Mr. Shmuely also held the positions of corporate vice president and general manager – helmet-mounted systems from 2000 to 2003, and vice president – helmet-mounted systems from 1998 to 2000. From 1996 to 1998, he served as president of a U.S. subsidiary of Elbit Systems.

Yehuda (Udi) Vered, Executive Vice President – General Manager Land

Yehuda (Udi) Vered has served as Executive Vice President – General Manager Land since 2018. Prior to this, he was executive vice president – general manager land and C4I since 2013. From 2009 to 2013, Mr. Vered served as executive vice president – service solutions and vice president – marketing land and C4I. He also held the roles of land and C4I chief financial officer and vice president for contracts and sales from 2004 to 2008. Mr. Vered joined Elbit Systems in 2003 as ground, C4I and battlefield systems vice president – contracts and sales and chief financial officer. He previously served as an aircrew officer in the IAF, where he holds the rank of colonel (reserves). Mr. Vered holds a Bachelor of Arts degree in management and economics from Tel-Aviv University and an M.B.A from Ben Gurion University. He is also a graduate of Harvard University Business School's Advanced Management Program.

Elbit Systems Ltd. (ESLT) operates in various defense and homeland security markets. The addressable market sizes for its main products and services are outlined below:

• C4I Systems (Command, Control, Communications, Computers, and Intelligence): The global C4I systems market was valued at approximately USD 107 billion in 2024 and is projected to reach USD 177.6 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 5%. Another estimate places the global market at USD 120 billion in 2023, with a projection to reach nearly USD 210 billion by 2032 at a CAGR of 6.5%. North America is identified as the largest market for C4I systems.
• Unmanned Aircraft Systems (UAS) / Unmanned Aerial Vehicles (UAVs): The global unmanned aircraft systems market was valued at around USD 26.89 billion in 2022 and is predicted to grow to approximately USD 48.17 billion by 2030, with a CAGR of roughly 7.56%. Another report indicates the global Unmanned Aerial Vehicle (UAV) market size was USD 36.41 billion in 2024 and is projected to grow to USD 125.91 billion by 2032, exhibiting a CAGR of 17.3%. North America held the largest global revenue share for unmanned systems in 2024.
• Military Aircraft Avionics: The global military aircraft avionics market size is estimated at USD 38.60 billion in 2025 and is expected to reach USD 46.83 billion by 2030, at a CAGR of 3.94%. North America accounts for the largest market share in military aircraft avionics. The global military aircraft communication avionics market was valued at USD 23.9 billion in 2020 and is estimated to reach USD 35.0 billion by 2030.
• Military Electro-Optical and Infrared (EO/IR) Systems: The global military electro-optical and infrared systems market size was estimated at USD 8.25 billion in 2023 and is projected to reach USD 10.86 billion by 2030, growing at a CAGR of 4.2%. Another estimate for the military electro-optical and infrared (EO/IR) systems market size is USD 9.09 billion in 2025, forecasted to expand to USD 10.54 billion by 2030, reflecting a 3.00% CAGR. North America dominated the market with the largest revenue share in 2023.
• Defense Cybersecurity: The global defense cybersecurity market size was valued at USD 16.45 billion in 2023 and is projected to grow to USD 63.38 billion by 2032, exhibiting a CAGR of 16.1%. Another report states the global defense cybersecurity market size was USD 21.62 billion in 2023 and is predicted to reach USD 45.94 billion by 2030, with a CAGR of 11.3%. North America dominated the defense cybersecurity market in 2023.
• Space Systems (Space-Based Missile Warning and Defense / Space Militarization): The global Space-Based Missile Warning and Defense System Market was valued at approximately USD 45 billion in 2024 and is projected to reach USD 66 billion by 2030, with a CAGR of around 7%. The Global Space Militarization Market was valued at USD 55.34 billion in 2024 and is expected to reach USD 87.88 billion by 2030, with a CAGR of 8.01%. North America leads the Global Space-Based Missile Warning and Defense System Market with approximately 35% market share. North America also dominated the global space militarization market in 2023, accounting for over 35%.

Market sizes for specific Electronic Warfare (EW) and Signal Intelligence (SIGINT) systems, and detailed components of Land Systems (military vehicle systems, artillery, munitions) beyond general defense spending, were not explicitly identified in the search results to provide a distinct addressable market size for Elbit Systems' offerings in these areas.

Expected Drivers of Future Revenue Growth for Elbit Systems (ESLT)

1. Increased Global Defense Spending and Geopolitical Tensions: Elevated global defense budgets, particularly in Europe and Israel, fueled by ongoing geopolitical conflicts, are significantly boosting demand for Elbit Systems' products and solutions. Management explicitly links robust revenue growth to increased defense budgets globally, especially in Europe.
2. Robust and Growing Order Backlog: Elbit Systems has consistently reported a record and expanding order backlog, reaching $23.1 billion in Q1 2025 and further increasing to $23.8 billion in Q2 2025. This substantial backlog provides strong revenue visibility, covering more than three years of forward revenue, with a significant portion scheduled for execution in the coming years.
3. Strong Demand Across Key Segments and Product Lines: The company is seeing substantial sales growth across its core segments. The Land segment is experiencing rapid scaling, driven by demand for ammunition, munitions, rocket launchers like PULS, and artillery. The Aerospace segment benefits from increased sales of Precision Guided Munitions (PGM) and Unmanned Aircraft Systems (UAS). Additionally, the C4I and Cyber, and ISTAR and EW segments are showing growth due to sales of radio, command and control, electro-optic, and electronic warfare systems. New product developments such as the IronBeam laser defense system are also anticipated to contribute to future revenue.
4. Strategic Geographic Expansion and Investments: Elbit Systems is actively expanding its global presence, particularly focusing on Europe, where it is capitalizing on increased defense spending through established subsidiaries and strategic partnerships. The company is also making significant investments in increasing its production capacity and research and development to meet the high demand for its products and solutions. Furthermore, Elbit Systems of America is demonstrating improved performance, contributing to overall revenue growth.

Share Issuance

• In May 2025, Elbit Systems priced a public offering of 1,365,450 ordinary shares at $375 per share, aiming to raise approximately $512 million in gross proceeds.
• The company granted the underwriters a 30-day option to purchase an additional 204,817 shares.
• Elbit Systems intends to utilize the net proceeds from this offering for general corporate purposes, including expanding production infrastructure, primarily in Europe, and considering acquisitions of companies and complementary activities.

Outbound Investments

• Elbit Systems acquired Rokar, a manufacturer of GPS-based receiver systems for defense applications, in April 2021.
• The company's capital allocation strategy supports organic growth and strategic acquisitions.

Capital Expenditures

• Elbit Systems' capital expenditures were $215 million in 2024.
• The company anticipates approximately $250 million in capital expenditures for 2025.
• Capital allocation strategy emphasizes strategic capital expenditures for organic growth and expanding production infrastructure, particularly in Europe.