Elbit Systems, Israel's largest defense firm, is seeing a new surge in demand due to the US-Israeli war with Iran after reaping strong revenues as a result of the 2023-2025 Gaza war.
Elbit chief executive Bezhalel Machlis said on Tuesday the company was working around the clock to ensure Israel did not run out of ammunition and other military systems, and to supply foreign customers - including Gulf countries.
"The success of Israel in Iran creates a lot of interest and a lot of traction. There is a lot of interest in many countries who are suffering from the same enemy (Iran)," Machlis told Reuters, citing Abraham Accords countries, but without specifying which.
The US and Israel launched air strikes on Iran on February 28. Iran has struck Israel, as well as Gulf neighbours, with drones and missiles.
Machlis said Elbit supplies a host of systems to the Israeli military for use in Iran, such as long-range guided munitions or equipment used in electronic warfare.
"Customers like to see (systems) tested in battle, so we are engaged with international customers, and we anticipate demand," said chief financial officer Yaacov Kagan.
Elbit order backlog rises in 2025, CFO looks toward growth in 2026
Elbit's order backlog rose to $28.1 billion at the end of 2025, up from $22.6 billion in 2024, with 72% attributable to orders outside Israel and more than half slated for performance in 2026 and 2027. This, Kagan said, will drive growth in 2026.
Officials pointed out that Elbit had received an order from the Defense Ministry for an airborne high-powered laser system, which is still in development.
Elbit earned $12.75 per diluted share, excluding one-time items, last year, up from $8.76 in 2024. Revenue rose 16% to $7.9 billion.
In the fourth quarter alone, it earned an adjusted $3.56 per diluted share, versus $2.66 a year earlier, while quarterly revenue exceeded $2 billion for the first time. Elbit will pay a quarterly dividend of $1.00 per share.
Elbit's shares rose 4.1%, accumulating a 51% gain so far in 2026.