Elbit Systems Ltd. reported its consolidated results for the first quarter ended March 31, 2025, on May 20, 2025. Revenues for the quarter were $1,895.8 million, marking a 22% increase compared to $1,554.0 million in the first quarter of 2024. Non-GAAP net income attributable to shareholders rose to $117.2 million from $80.7 million in the prior year period.
Non-GAAP diluted net earnings per share for Q1 2025 were $2.57, up from $1.81 in Q1 2024. The company's order backlog continued its upward trend, reaching $23.1 billion as of March 31, 2025, representing a 14% increase from Q1 2024. Approximately 66% of this backlog is from international orders, with 51% scheduled for performance during the remainder of 2025 and 2026.
Cash flow provided by operating activities significantly improved to $183.6 million in Q1 2025, compared to cash flow used in operating activities of $6.4 million in Q1 2024. This improvement was primarily driven by increased net income and contract liabilities. The Board of Directors also declared a dividend of $0.60 per share, with a record date of June 24, 2025, and payment on July 7, 2025.
Segmental revenue growth was robust, with Land revenues increasing by 48% due to ammunition and munition sales in Israel and Europe. Aerospace revenues grew by 20% from Precision Guided Munition sales, and Elbit Systems of America revenues increased by 18%. The company acknowledged ongoing increased demand from the Israel Ministry of Defense due to the 'Swords of Iron' war, alongside some supply chain and operational constraints.
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