Elbit Systems backlog hit a record $32.0B in Q2 2026, about 73% outside Israel, on $2.29B revenue. See segment growth, European orders and the Spain loss.
Elbit Systems' backlog reached a record $32.0 billion at the end of the second quarter of 2026, with about 73% of it outside Israel and the increase coming primarily from Europe, according to the company's August 11 results. Quarterly revenue rose 16% to $2.29 billion, and GAAP net income rose to $173.6 million. Elbit is listed on both Nasdaq and the Tel Aviv Stock Exchange under the ticker ESLT.
What is in Elbit Systems' backlog?
Elbit's backlog was $32.0 billion on June 30, 2026, and about 42% of it is scheduled to be performed during the rest of 2026 and in 2027, according to the company's results as summarized by Pulse 2.0. Olam's arithmetic: 42% of $32.0 billion is about $13.4 billion of work due within roughly 18 months.
CEO Bezhalel Machlis said the quarter delivered double-digit growth in sales, backlog and earnings per share, in the earnings release. Elbit reported more than 21,000 employees and first-half operating cash flow of $517.8 million.
Which Elbit segments are growing?
| Segment | Q2 2026 revenue change versus Q2 2025 |
|---|---|
| Land | Up 32%, mainly ammunition and munition sales in Israel |
| ISTAR and electronic warfare | Up 22% |
| Elbit Systems of America | Up 17%, helped by a one-time favorable project mix |
| C4I and cyber | Up 11% |
| Aerospace | Down 8%, on project mix and lower training and simulation sales in Europe |
Total revenue was $2,287.1 million against $1,972.7 million a year earlier, according to the release. Non-GAAP operating income was 10.4% of revenue, up from 8.9%. GAAP net income was 7.6% of revenue, against 6.4% a year earlier.
Which European orders drive Elbit's backlog?
Elbit said the Q2 backlog increase came primarily from Europe, according to Pulse 2.0's summary. Elbit's PULS rocket artillery has European customers in Germany, Denmark and the Netherlands, Breaking Defense reported.
Not every European order has held. Spain cancelled a contract of about 697 million euros for SILAM rocket launchers derived from PULS in September 2025, Breaking Defense and AFP reported. Globes reported that Elbit would have received about 150 million euros of the 700 million euro deal, with the rest going to Spanish partners.
For how Europe's share of Israeli exports has moved, see Olam's analysis of Israeli defense exports to Europe. For the wider sector, see Israel's Defense Industry: The Complete Map and Israeli Defense in 2026: The Olam Guide.
What is Elbit building in directed energy?
Elbit unveiled an airborne high-power laser system under development for helicopters and fighter aircraft, according to its Q2 release. Wikipedia lists Elbit Systems as the maker of the laser source in Rafael's Iron Beam. For the laser layer in context, see Olam's guide to Israel's air defense stack.
What should readers watch in Elbit's backlog?
Readers should watch three numbers: the share of backlog outside Israel (73% in Q2), the pace at which backlog converts to revenue (42% due within 18 months) and any further European cancellations like Spain's. Land revenue growth in Q2 came mainly from sales in Israel, so the Europe-led backlog has yet to show fully in that segment's revenue.
Elbit Systems backlog FAQ
How big is Elbit Systems' backlog?
Elbit's order backlog was a record $32.0 billion at the end of the second quarter of 2026, according to its August 11 results.
How much of Elbit's backlog is outside Israel?
About 73% relates to customers outside Israel, according to Pulse 2.0's summary of the results.
What was Elbit's revenue in Q2 2026?
Revenue was $2,287.1 million, up from $1,972.7 million a year earlier, according to Elbit.
Where is Elbit listed?
Elbit is listed on Nasdaq and the Tel Aviv Stock Exchange under the ticker ESLT.
Did Spain cancel an Elbit-related contract?
Yes. Spain cancelled a SILAM rocket launcher contract worth about 697 million euros in September 2025, according to Breaking Defense.
How we report: Olam stories draw on public filings, company disclosures and named sources, checked by our editors. Read our methodology · Corrections
