What is Elbit Systems's latest dividend and current dividend yield?

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What does Elbit Systems do and what are its main business segments?

Did Elbit Systems beat or miss consensus estimates last quarter?

What is Elbit Systems's gross profit margin?

What guidance did Elbit Systems's management provide for the next earnings period?

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What were the key takeaways from Elbit Systems's earnings call?

- **Revenue & Profit Record**: Q3 2025 revenue up 12% YoY to $1.922B, with Non-GAAP EPS of $3.35 (vs $2.21). Backlog hits $25.2B, +38% YoY.
- **Largest Contract in History**: Secured $2.3B 8-year strategic deal and $1.635B European defense contract.
- **Innovation Lead**: Launched JUPITER space camera, PAWS 2 missile warning system, and IRON BEAM laser.
- **European Expansion**: New facilities in Sweden and Germany to support 18% YoY revenue growth in Europe.
- **Margin Expansion**: 1.5% YoY margin improvement driven by AI and operational efficiency.

**【CFO Financial Commentary】**
- **Revenue Growth**: Q3 2025 revenue of $1.922B, up 12% YoY, driven by Europe (28%), North America (21%), and Israel (33%). 9M25 revenue up 18% YoY.
- **Profitability**: GAAP EPS $2.80 (vs $1.77), Non-GAAP EPS $3.35 (vs $2.21). Gross margin 25.2% (vs 24.4%), operating margin 9.7% (vs 8.2%).
- **Backlog**: $25.2B (up $3.1B YoY), with 69% outside Israel. 38% of backlog to be delivered by end-2026.
- **Cash Flow**: Q3 free cash flow $101M, 9M25 cash flow $461M. Dividend declared at $0.75/share.

**【CEO Strategic Highlights】**
- **Record Contracts**: Signed $2.3B 8-year strategic deal (largest in company history) and $1.635B European defense contract.
- **Product Launches**: JUPITER space camera, PAWS 2 missile warning system, and Frontier surveillance system.
- **Market Expansion**: Opened new facilities in Sweden and Germany to strengthen European presence.
- **R&D Investment**: 6.7% of revenue in R&D, focusing on AI, directed energy (e.g., IRON BEAM laser), and UAVs.

**【Q&A Highlights】**
- **Demand Trends**: Europe to drive future growth; Israel orders expected to stabilize post-ceasefire.
- **Aerospace Segment**: 9% 9M25 growth, with UAVs and avionics as key growth drivers.
- **Margins**: 1.5% YoY margin expansion due to operational excellence and AI adoption.
- **U.S. Strategy**: Pursuing border protection systems and M&A opportunities in defense tech.

Elbit Systems Ltd. (ESLT) Q3 2025 Earnings Call Transcript

- **Record Revenue Growth**: 15% YoY to $1.973B, with Land segment surging 45%.
- **Profitability Boost**: Non-GAAP EPS up 55% to $3.23, operating margin expands to 8.9%.
- **Strategic Wins**: $1.6B European deal and $260M Airbus contract highlight expanding global footprint.
- **Production Expansion**: $573M share offering funds new AI-driven factory and M&A opportunities.
- **Export Momentum**: ReDrone system wins in Europe; 40 subsidiaries enable local production and partnerships.

**【CFO Financial Commentary】**
- **Revenue Growth**: Q2 2025 revenue of $1.973 billion (+15% YoY), driven by double-digit growth across all segments (Aerospace +12%, Land +45%).
- **Backlog Expansion**: $23.8 billion as of June 2025 (+12% YoY), with 68% of orders outside Israel.
- **Profitability**: Non-GAAP EPS of $3.23 (+55% YoY), operating margin improved to 8.9% (vs. 8% last year). Free cash flow of $71 million.
- **Dividend Increase**: $0.75 per share, 50% higher than prior year.

**【CEO Strategic Updates】**
- **Share Offering Success**: Raised $573 million (3x oversubscribed) to expand production and pursue M&A.
- **Major Contracts**: Won $1.625 billion European deal, $260 million DIRCM system contract with Airbus, and $130 million PULS rocket launcher order.
- **Production Expansion**: New Ramat Beka site with AI/robotics to begin production Q4 2025.
- **Export Growth**: ReDrone counter-drone system sold to Dutch Army and other NATO countries.

**【Q&A Highlights】**
- **Margin Outlook**: Target 3%+ annual margin expansion via ERP integration and operational efficiency.
- **Land Segment Sustainability**: High demand for munitions, Iron Fist, and SIGMA howitzers; expects continued growth.
- **ESA Turnaround**: Margins improving as legacy contracts wind down; Q3 2025 will be last loss-making quarter for Sparton.
- **Geopolitical Positioning**: Leveraging Israeli conflict experience to win international defense contracts; 40 global subsidiaries support local production and partnerships.

Elbit Systems Ltd. (ESLT) Q2 2025 Earnings Call Transcript

- **Record Growth**: Q1 2025 revenue up 22% YoY to $1.896B, driven by 48% Land division surge.
- **Profitability**: Non-GAAP EPS of $2.57 (36% YoY), free cash flow $161M.
- **Backlog Boom**: $23.1B (40% YoY), 51% for 2025-2026 delivery.
- **Strategic Wins**: $130M European rocket system, $80M ReDrone, Iron Beam operational by end-2025.
- **Defense Spending**: CEO sees sustained global defense investment amid geopolitical tensions.
- **Operational Efficiency**: 140% net income to free cash flow conversion.

**【CFO Financial Commentary】**
- Q1 2025 revenue: $1.896 billion (22% YoY growth), driven by 48% surge in Land division and 20% increase in Aerospace.
- Non-GAAP EPS: $2.57 (36% YoY), exceeding expectations.
- Free cash flow: $161 million, with operating cash flow up 2,967% YoY to $184 million.
- Backlog: $23.1 billion (40% YoY growth), 51% scheduled for 2025-2026 delivery.
- Gross margin: 24.3% (non-GAAP), stable vs. Q1 2024.
- Operating expenses: R&D ($114M/6.1%), Sales & Marketing ($101M/5.3%), G&A ($89M/4.7%), all improving as a % of revenue.

**【CEO Business Overview】**
- Record backlog ($23.1B) reflects strong demand across Israel, Europe, North America, and Asia-Pacific.
- Key wins: 
  - $100M European digital command center contract
  - $80M IMOD F-16 self-protection suits
  - $130M European scalable rocket system
  - $80M ReDrone counter-drone system
- Iron Beam laser defense system expected operational by end-2025.
- Land division now sells full turnkey solutions (munitions + artillery + C4I) with 9% operating margin.
- U.S. Marine Corps awarded $112M for Soldier Lethality Program.

**【Q&A Key Points】**
- **Israel Conflict Impact**: CEO expects continued defense spending for deterrence, not just conflict response.
- **Gross Margin Outlook**: CFO cites selective booking and operational leverage for margin stability.
- **Iron Beam Sales**: CEO sees global interest, though no U.S. sales disclosed.
- **Land Division Growth**: 48% YoY growth; Europe now largest non-Israeli market.
- **CapEx**: $250M annual target to support R&D and production capacity.
- **Free Cash Flow Driver**: 140% conversion of net income due to higher net income, contract liabilities, and one-time ILA payment.

Elbit Systems Ltd. (ESLT) Q1 2025 Earnings Call Transcript

- **Record Financials**: Q4 2024 revenue up 19% to $1.93B, non-GAAP EPS $2.66 (70% YoY), and $320M free cash flow. Full-year backlog hits $22.6B.
- **Global Momentum**: 61% of revenue exported ($4.8B record high), with Europe (27%) and Israel (29%) leading. Won $100M+ DIRCM, PULS, and munitions contracts.
- **Production Scale**: New Rama Beka factory (30+ lines by 2025) and AI-driven ERP system enhance efficiency. Subsidiaries enable 24/7 global operations.
- **Growth Drivers**: Europe's €150B defense budget and US modernization strategy fuel demand. AI & laser tech investments position for long-term growth.

**【CFO Financial Highlights】**
- **Revenue Growth**: Q4 2024 revenue rose 19% YoY to $1.93B, driven by 27% Aerospace sales (Israel & Europe UAS, munitions) and 29% Land segment (Israel munitions). Full-year 2024 revenue increased 14% to $6.83B.
- **Profitability**: Non-GAAP Q4 operating margin expanded to 8.2% (vs 6.4% Q4 2023), with full-year margin at 8.1%. Non-GAAP EPS reached $2.66 (up 70% YoY), and free cash flow hit $320M.
- **Backlog Strength**: Record $22.6B backlog (65% international), with 57% scheduled for 2025-2026 execution.
- **Expense Management**: R&D up 10% to $466M (6.8% of revenue) for laser & munition R&D, while G&A declined 5% to $311M.

**【CEO Strategic Updates】**
- **Global Contracts**: Secured €150M European defense funding; won DIRCM systems for Germany, PULS artillery for EU, and $100M+ munitions contracts in Israel.
- **Production Expansion**: New Rama Beka factory (30+ production lines by end-2025) and ERP system enhance efficiency. AI integrated into supply chain & manufacturing.
- **Market Positioning**: 61% of revenue exported ($4.8B), with Europe (27%), North America (22%), and Israel (29%) as key markets. Subsidiaries in 20+ countries enable local execution.
- **AI & Innovation**: Investing in high-power lasers, autonomous systems, and AI-driven EW solutions. Maritime sector growth potential identified.

**【Q&A Key Takeaways】**
- **Cash Flow Drivers**: $535M operating cash flow from contract liabilities offset by inventory/receivables growth. Free cash flow back-end loaded.
- **Export Growth**: 2024 export revenue up 15% to $4.8B (record high), with Europe & US as key growth regions. Subsidiaries enable 24/7 global response.
- **Capacity Expansion**: Rama Beka factory ramping up; UK & Germany subsidiaries add production capacity. Total workforce 22,000 (14,000 in Israel).

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