Elbit Systems LTD cash flow statement

In fiscal 2025, Elbit Systems LTD's operations generated $778m of cash; it spent $226m on capital projects, leaving free cash flow of $553m. It returned $112m in dividends.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Elbit Systems LTD: cash flow statement, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	210	186	191	198	167	178	435	208	101	192	−53	279	417	240	114	535	778
Depreciation and amortisation	123	132	151	139	129	122	122	123	114	118	137	144	153	161	165	158	171
Stock-based pay	5	5	2	3	0	0	0	0	0	1	4	4	5	10	12	16	26
Capital spending	108	139	122	82	63	71	99	124	108	102	138	132	189	205	187	215	226
Free cash flow	102	47	69	117	104	107	336	84	−7	89	−191	147	228	35	−73	320	553
Free cash flow after stock pay	97	42	67	114	104	106	336	84	−7	88	−195	143	223	24	−85	304	526
Dividends paid	76	63	62	51	76	68	70	68	75	75	63	78	79	87	89	89	112
Share buybacks	—	—	10	26	0	2	0	—	—	—	—	—	—	—	—	—	—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Elbit Systems LTD's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Elbit Systems LTD.