ELBIT SYSTEMS LTD (ESLT) SEC Filings & Earnings Calls

Dependence on government-to-government agreements and geopolitical factors.

“Under a government-to-government (G-to-G) agreement between the Israel Ministry of Defense and the customer country's Ministry of Defense.” · word for word

Aerospace segment revenue declined 8% due to unfavorable project mix.

“Aerospace revenues decreased by 8%.” · word for word

Higher tax expense from OECD Pillar II global minimum tax rules.

“Higher tax expense driven by implementation of OECD Pillar II.”

Forward-looking statements caution regarding war in Israel, government budget changes, and fixed-price contract performance.

“Forward-looking statements section: 'scope and length of customer contracts; governmental regulations... including the duration and scope of the war in Israel... ability to perform under long-term fixed-price contracts'”

Dependence on government contracts and geopolitical risks, including war in Israel.

“forward-looking statements mention risks including changes in governmental budgeting priorities, general market, political and economic conditions, including the duration and scope of the war in Israel.”

Execution risk on large multi-year contract

“Contract will be performed over a period of four years.” · word for word

Execution risk on large multi-year contract

“Contract will be performed over a period of five years.” · word for word

Geopolitical risk from Middle East conflicts

“Impact of the recent conflicts in the Middle East on the Company: The war which began on October 7, 2023, continued throughout most of 2025.” · word for word

Geopolitical escalation could also lead to budget shifts or conflicts.

“Defense market tailwinds from geopolitical escalation, but could be volatile.”

Execution risk on large backlog and capex plans.

“Investment-intensive industry with significant capex requirements.”

Dependence on U.S. government contracts; budget and policy changes could impact future orders.

“Forward-looking statements subject to risks; government contracting risks.”

Aerospace segment revenue declined 14% YoY due to tough comps, indicating potential volatility in that segment.

“Aerospace revenues decreased by 14% in the fourth quarter of 2025, as compared to the fourth quarter of 2024, mainly due to the decrease in training and simulation sales in Europe and significant sales of Precision Guided Munition (PGM) in the fourth quarter of 2024.” · word for word

Supply Chain Disruption

“These conflicts have resulted in increased demand for and worldwide shortages in some of the materials and components we use (including, for example, in electronic components and raw materials required to produce explosives) and supply chain disruption due in part to limitations on export to Israel as well as more limited transportation by air and sea to the” · word for word

Currency Exposure (NIS Appreciation)

“During 2025, the NIS appreciated by 12.5% compared to the U.S. dollar, leading to an increase in the portion of our labor‑related and operating expenses denominated in U.S. dollars.” · word for word

Geopolitical Concentration

“Since October 7, 2023, we have in some cases experienced a reluctance from certain countries to purchase from Israeli companies, while in other cases we have experienced an increase in demand for our products.”

Fixed-Price Contract Risk

“Most of our contracts are fixed-price contracts, under which we generally assume the risk that increased or unexpected costs may reduce profits or generate a loss.” · word for word

NSPA Suspension

“In July 2025, the NATO Support and Procurement Agency (“NSPA”), NATO's centralized procurement agency, rather than any individual NATO member state, notified the Company and two of its subsidiaries that they were subject to an internal investigation and in the absence of a waiver, were temporarily suspended from participating in new tenders.” · word for word

Geopolitical and execution risk in Asia-Pacific region

“Contracts to a country in the Asia-Pacific region; performance over 5 years”

Contract award contingent on commercial negotiations; may not finalize.

“Anticipated contract award is contingent, among others, on completion of commercial negotiations.” · word for word

Ongoing Middle East conflict may impact operations and supply chain.

“The war which began on October 7, 2023, continued throughout most of 2025, until a cease f...” · word for word

Execution risk on long-term contract; geopolitical exposure in Israel.

“Contract performed over eight years; company operates in Israel with exposure to regional conflict.”