H.C. Wainwright Reiterates a Buy Rating on Rigel Pharmaceuticals (RIGL)
A researcher in a lab coat monitoring a biotechnological experiment.
The trial demonstrated safety and strong efficacy for the treatment of RET fusion-positive NSCLC and other solid tumors. It also exhibited a significant median duration of response and a high overall response rate, pointing towards the drug's meaningful and durable outcomes.
The analyst further reasoned that the trial data shows GAVRETO's optimistic anti-tumor activity across a number of RET fusion-positive solid tumors, which shows its market potential and paints an optimistic picture for Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL).
Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) is a clinical-stage biotechnology company that discovers and develops targeted, novel drugs in oncology, immunology, and immune oncology. Its product portfolio includes Tavalisse, Fostamatinib, and R835.
While we acknowledge the potential of RIGL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. This article is originally published at Insider Monkey.
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Order backlog at $23.8 billion; Revenues of $2.0 billion; GAAP net income of $125.7 million; Non-GAAP net income of $151.0 million; GAAP net EPS of $2.69; Non-GAAP net EPS of $3.23 HAIFA, Israel, Aug. 13, 2025 /PRNewswire/ -- Elbit Systems Ltd. ("Elbit Systems" or the "Company") (NASDAQ: ESLT) (TASE: ESLT), the international high technology defense company, reported today its consolidated results for the second quarter ended June 30, 2025. In this release, the Company is providing US-GAAP results as well as non-GAAP financial data, which are intended to provide investors a more comprehensive view of the Company's business results and trends. For a description of the Company's non-GAAP definitions see page 11 below, "Non-GAAP financial data". Unless otherwise stated, all financial data presented is US-GAAP financial data. Management Comment: Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, commented: Elbit Systems delivers strong financial results, with revenues growing 21% year over year and non-GAAP EPS up 55%, as well as strong free cash flow generation; leveraging strong domestic and global demand and presence. Elbit Systems continues its upward momentum, driven by sustained demand for its proven technologies and solutions. The Company's long-term strategy and investments have positioned the Company for continued future growth. Elbit Systems' robust presence in Europe, built through subsidiaries, production infrastructure, and strategic partnerships, has laid the groundwork for securing major contracts that strengthen customer relationships. Elbit Systems' dedicated employees worldwide continue to be the driving force behind these milestones." Second quarter 2025 results: Revenues in the second quarter of 2025 were $1,972.7 million, as compared to $1,626.2 million in the second quarter of 2024. Aerospace revenues increased by 12% in the second quarter of 2025, as compared to the second quarter of 2024, mainly due to increased Precision Guided Munition (PGM) sales in Israel and Asia Pacific and UAS sales in Europe. C4I and Cyber revenues increased by 21%, mainly due to radio systems and command and control systems sales in Israel and Europe. ISTAR and EW revenues increased by 15%, mainly due to Electro-Optic systems sales in Israel and Electronic Warfare systems sales in Europe. Land revenues increased by 45%, due to ammunition and munition sales in Israel and Europe. Elbit Systems of America revenues increased by 4%, due to the increase in Maritime and Warfighters systems sales. For distribution of revenues by segments and geographic regions see the tables on page 10. GAAP gross profit in the second quarter of 2025 was $472.9 million (24.0% of revenues), as compared to $389.7 million (24.0% of revenues) in the second quarter of 2024. Non-GAAP(*) gross profit amounted to $480.4 million (24.4% of revenues) in the second quarter of 2025, as compared to $396.2 million (24.4% of revenues) in the second quarter of 2024. Research and development expenses, net were $129.7 million (6.6% of revenues) in the second quarter of 2025, as compared to $116.8 million (7.2% of revenues) in the second quarter of 2024. Marketing and selling expenses, net were $91.5 million (4.6% of revenues) in the second quarter of 2025, as compared to $87.7 million (5.4% of revenues) in the second quarter of 2024. General and administrative expenses, net were $93.9 million (4.8% of revenues) in the second quarter of 2025, as compared to $68.7 million (4.2% of revenues) in the second quarter of 2024. The increase in general and administrative expenses, net in the second quarter of 2025, was mainly due to one-time expenses incurred during the current quarter. General and administrative expenses, net during the second quarter of 2024 were lower than average of 2024. GAAP operating income in the second quarter of 2025 was $157.8 million (8.0% of revenues), as compared to $116.5 million (7.2% of revenues) in the second quarter of 2024. Non-GAAP(*) operating income was $175.1 million (8.9% of revenues) in the second quarter of 2025, as compared to $130.5 million (8.0% of revenues) in the second quarter of 2024. Financial expenses, net were $31.2 million in the second quarter of 2025, as compared to $29.1 million in the second quarter of 2024. Taxes on income were $7.1 million (effective tax rate of 5.6%) in the second quarter of 2025, as compared to $11.3 million (effective tax rate of 13.2%) in the second quarter of 2024. The decrease in effective tax rate for the second quarter of 2025, was mainly due to the increase in deferred tax assets and the settlement of tax assessments. GAAP net income attributable to the Company's shareholders in the second quarter of 2025 was $125.7 million (6.4% of revenues), as compared to $78.4 million (4.8% of revenues) in the second quarter of 2024. The increase in net income attributable to the Company's shareholders in the second quarter of 2025 was in line with the increase in the Company's activity and order backlog. Non-GAAP(*) net income attributable to the Company's shareholders in the second quarter of 2025 was $151.0 million (7.7% of revenues), as compared to $92.7 million (5.7% of revenues) in the second quarter of 2024. GAAP diluted earnings per share attributable to the Company's shareholders in the second quarter of 2025 were $2.69, as compared to $1.76 in the second quarter of 2024. Non-GAAP(*) diluted net earnings per share attributable to the Company's shareholders were $3.23 for the second quarter of 2025, as compared to $2.08 for the second quarter of 2024. The Company's order backlog as of June 30, 2025 totaled $23.8 billion. Approximately 68% of the current backlog is attributable to orders outside of Israel. Approximately 46% of the order backlog is scheduled to be performed during the remainder of 2025 and 2026. Cash flow provided by operating activities in the six months ended June 30, 2025 was $304.0 million, as compared to $26.0 million in the six months ended June 30, 2024. The cash flow in the six months ended June 30, 2025 was affected mainly by the strong increase in net income. ___________ * see page 11 Impact of recent conflicts in the Middle East on the Company: The "Swords of Iron" war, which began on October 7, 2023, after the Hamas terrorists attack on Israeli civilian and military targets, followed by attacks from Iran and other terrorist organizations on different fronts including Hezbolla in Lebanon, the Houthi movement in Yemen and rebel militia in Syria, is still on-going, albeit in varied intensity levels. On June 13 2025, the conflict between Israel and Iran escalated into high intensity mutual violent attacks which lasted until a cease fire was declared on June 24, 2025. Since the commencement of the "Swords of Iron" war, Elbit Systems has experienced a material increase in the demand for its products and solutions from the Israel Ministry of Defense (IMOD) compared to the demand levels prior to the war. At the same time, the Company and its subsidiaries around the world continue to conduct their business in international markets. Subject to further developments, which are difficult to predict, the IMOD's increased demand for the Company's products and solutions may continue and could generate material additional orders to the Company. The majority of the Company's facilities in Israel continue to operate uninterrupted. Some of Elbit Systems' operations have experienced disruptions due to supply chain and operational constraints, including among others increases in transportation costs and delays due to factors such as the Houthi movement attacks on shipping in the Red Sea, material and component shortages, limitations imposed by some countries on exports to Israel and attacks on some of Elbit Systems' global facilities by anti-Israeli organizations. Elbit Systems has taken a number of steps to protect the safety and security of its employees in Israel and abroad, to support increased production, mitigate existing and potential supply chain disruptions and to maintain business continuity, including increased monitoring of global supply chains to identify delays, shortages and bottlenecks, rescheduling deliveries to certain customers as necessary and maintaining increased inventories. As of June 30, 2025, the percentage of employees called up for reserve duty was approximately 5%. This rate could fluctuate depending on future developments. The extent of the effects of the recent conflicts in the Middle East on the Company's performance will depend on future developments that are difficult to predict at this time, including their duration and scope. We continue to monitor the situation closely. Recent Events: On May 21, 2025, the Company announced the public offering of 1,365,450 ordinary shares at a price to the public of $375 per share. In addition, the Company granted the underwriters of the offering a 30-day option to purchase from the Company 204,817 additional ordinary shares at the public offering price, less underwriting discounts and commissions, which was exercised in full by the underwriters, as reported by the Company on May 23, 2025. All ordinary shares sold in the offering were offered by the Company and listed for trading on the Nasdaq Global Select Market. On May 23, 2025, the Company announced the closing of the offering, with total gross proceeds of approximately $588.8 million. On June 3, 2025, the Company announced that S&P Global Ratings Maalot Ltd., an Israeli rating agency ("Maalot"), issued its rating report regarding Elbit Systems (the "Rating Report"). In its Rating Report, Maalot raised its long term rating to "ilAA+" (on local scaling) with a stable outlook regarding the Company's Series B, C and D Notes, and reaffirmed its short term rating of "ilA-1+" (on local scaling) regarding the Company's Commercial Paper. On July 28, 2025, the Company announced that it was awarded a contract worth approximately $260 million by Airbus Defence and Space to supply its J-MUSIC™ Directed Infrared Counter Measures (DIRCM) self-protection systems, for installation on the German Air Force A400M transport aircraft. The contract, to be executed over a 6-year period, follows a procurement decision by the Federal Office for Equipment, Information Technology and Operations of the Bundeswehr. On August 11, 2025, the Company announced that it was awarded two contracts in an aggregate amount of approximately $260 million for the supply of advanced airborne munitions to the Israel Ministry of Defense. Dividend: The Board of Directors declared a dividend of $0.75 per share. The dividend's record date is October 14, 2025. The dividend will be paid on October 27, 2025, after deduction of withholding tax, at the rate of 16.8%. Conference Call: The Company will be hosting a conference call today, Wednesday, August 13, 2025, at 9:00 a.m. Eastern Time. On the call, management will review and discuss the results and will be available to answer questions. To participate, please call one of the teleconferencing numbers that follow. If you are unable to connect using the toll-free numbers, please try the international dial-in number. US Dial-in Number: 1-866-744-5399Canada Dial-in Number: 1-866-485-2399Israel Dial-in Number: 03-918-0644International Dial-in Number: 972-3-918-0644 at 9:00am Eastern Time; 6:00am Pacific Time; 4:00pm Israel Time The conference call will also be broadcast live on Elbit Systems' website at An online replay will be available from 24 hours after the call ends. Alternatively, for two days following the call, investors will be able to dial a replay number to listen to the call. The dial-in numbers are: 1-888-782-4291 (US and Canada) or +972-3-925-5900 (Israel and International). About Elbit Systems Elbit Systems is a leading global defense technology company, delivering advanced solutions for a secure and safer world. Elbit Systems develops, manufactures, integrates and sustains a range of next-generation solutions across multiple domains. Driven by its agile, collaborative culture, and leveraging Israel's technology ecosystem, Elbit Systems enables customers to address rapidly evolving battlefield challenges and overcome threats. Elbit Systems employs approximately 20,000 people in dozens of countries across five continents. The Company reported $2.0 billion in revenues for the three months ended June 30, 2025 and an order backlog of $23.8 billion as of such date. For additional information, visit: follow us on Twitter or visit our official Facebook, Youtube and LinkedIn channels. Attachments: Consolidated balance sheetsConsolidated statements of incomeConsolidated statements of cash flowsConsolidated revenue distribution by geographical regions and by segments Company Contact: Dr. Yaacov (Kobi) Kagan, EVP & Chief Financial OfficerTel: + Daniella Finn, VP, Investor RelationsTel: + Dalia Bodinger, VP, Communications & BrandTel: + This press release may contain forward–looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Israeli Securities Law, 1968) regarding Elbit Systems Ltd. and/or its subsidiaries (collectively the Company), to the extent such statements do not relate to historical or current facts. Forward-looking statements are based on management's current expectations, estimates, projections and assumptions about future events. Forward–looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions about the Company, which are difficult to predict, including projections of the Company's future financial results, its anticipated growth strategies and anticipated trends in its business. Therefore, actual future results, performance and trends may differ materially from these forward–looking statements due to a variety of factors, including, without limitation: scope and length of customer contracts; governmental regulations and approvals; changes in governmental budgeting priorities; general market, political and economic conditions in the countries in which the Company operates or sells, including Israel and the United States among others; including the duration and scope of the current war in Israel, and the potential impact on our operations; changes in global health and macro-economic conditions; differences in anticipated and actual program performance, including the ability to perform under long-term fixed-price contracts; changes in the competitive environment; and the outcome of legal and/or regulatory proceedings. The factors listed above are not all-inclusive, and further information is contained in Elbit Systems Ltd.'s latest annual report on Form 20-F, which is on file with the U.S. Securities and Exchange Commission. All forward–looking statements speak only as of the date of this press release. Although the Company believes the expectations reflected in the forward-looking statements contained herein are reasonable, it cannot guarantee future results, level of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The Company does not undertake to update its forward-looking statements. Elbit Systems Ltd., its logo, brand, product, service and process names appearing in this press release are the trademarks or service marks of Elbit Systems Ltd. or its affiliated companies. All other brand, product, service and process names appearing are the trademarks of their respective holders. Reference to or use of a product, service or process other than those of Elbit Systems Ltd. does not imply recommendation, approval, affiliation or sponsorship of that product, service or process by Elbit Systems Ltd. Nothing contained herein shall be construed as conferring by implication, estoppel or otherwise any license or right under any patent, copyright, trademark or other intellectual property right of Elbit Systems Ltd. or any third party, except as expressly granted herein. (FINANCIAL TABLES TO FOLLOW) ELBIT SYSTEMS LTD. CONSOLIDATED BALANCE SHEETS (US Dollars in thousands) As ofJune 30, 2025As ofDecember 31, 2024 AssetsCash and cash equivalents $ 109,112$ 265,351 Short-term bank deposits 739,7991,330 Trade and unbilled receivables and contract assets, net 3,082,6122,942,886 Other receivables and prepaid expenses 443,725371,918 Inventories, net 2,945,4042,773,696 Total current assets 7,320,6526,355,181 Investments in affiliated companies and other companies 127,946126,007 Long-term trade and unbilled receivables and contract assets 655,606516,299 Long-term bank deposits and other receivables 54,57167,510 Deferred income taxes, net 48,36334,064 Severance pay fund 236,710223,167 Total 1,123,196967,047 Operating lease right of use assets 507,929527,075 Property, plant and equipment, net 1,307,3861,276,948 Goodwill and other intangible assets, net 1,837,7821,845,345 Total assets $ 12,096,945$ 10,971,596 Liabilities and EquityShort-term bank credit and loans $ 356,200$ 450,856 Current maturities of long-term loans and Series B, C and D Notes 80,32274,561 Operating lease liabilities 93,04484,912 Trade payables 1,475,0051,343,816 Other payables and accrued expenses 1,375,3761,207,717 Contract liabilities 2,314,0712,149,306 Total current liabilities 5,694,0185,311,168 Long-term loans, net of current maturities 18,11327,395 Series B, C and D Notes, net of current maturities 228,107278,529 Employee benefit liabilities 487,239454,334 Deferred income taxes and tax liabilities, net 102,22473,916 Contract liabilities 828,755816,796 Operating lease liabilities 459,481454,057 Other long-term liabilities 333,015274,421 Total long-term liabilities 2,456,9342,379,448 Elbit Systems Ltd.'s equity 3,941,6183,277,540 Non-controlling interests 4,3753,440 Total equity 3,945,9933,280,980 Total liabilities and equity $ 12,096,945$ 10,971,596 ELBIT SYSTEMS LTD. CONSOLIDATED STATEMENTS OF INCOME (US Dollars in thousands, except for share and per share amounts) Six months ended June 30, 2025Six months ended June 30, 2024Three months ended June 30, 2025Three months ended June 30, 2024Year ended December 31, 2024 Revenues $ 3,868,460$ 3,180,108$ 1,972,659$ 1,626,157$ 6,827,871 Cost of revenues 2,941,2402,416,2741,499,7481,236,4725,186,051 Gross profit 927,220763,834472,911389,6851,641,820 Operating expenses:Research and development, net 243,937215,320129,668116,799466,402 Marketing and selling, net 192,410176,79591,52887,713375,358 General and administrative, net 183,347149,87293,89868,690311,007 Total operating expenses 619,694541,987315,094273,2021,152,767 Operating income 307,526221,847157,817116,483489,053 Financial expenses, net (70,128)(60,266)(31,171)(29,081)(151,125) Other income (expenses), net 3,6033,267(1,343)(2,029)3,818 Income before income taxes 241,001164,848125,30385,373341,746 Taxes on income (23,118)(22,859)(7,057)(11,261)(39,058)217,883141,989118,24674,112302,688 Equity in net earnings of affiliated companies 15,50910,3417,7764,49219,176 Net income $ 233,392$ 152,330$ 126,022$ 78,604$ 321,864 Less: net income attributable to non-controlling interests (608)(292)(323)(239)(726) Net income attributable to Elbit Systems Ltd.'s shareholders $ 232,784$ 152,038$ 125,699$ 78,365$ 321,138 Earnings per share attributable to Elbit Systems Ltd.'s shareholders:Basic net earnings per share $ 5.17$ 3.42$ 2.76$ 1.76$ 7.22 Diluted net earnings per share $ 5.05$ 3.41$ 2.69$ 1.76$ 7.18 Weighted average number of shares used in computation of:Basic earnings per share (in thousands) 45,05244,46945,51344,47644,480 Diluted earnings per share (in thousands) 46,12244,64146,69744,62344,709 ELBIT SYSTEMS LTD. CONSOLIDATED STATEMENTS OF CASH FLOW (US Dollars in thousands) Six months ended June 30, 2025Six months ended June 30, 2024Year ended December 31, 2024 CASH FLOWS FROM OPERATING ACTIVITIESNet income $ 233,392$ 152,330$ 321,864 Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization 85,25578,122158,391 Stock-based compensation 11,4965,70515,760 Amortization of series B, C and D related issuance costs, net 393248493 Deferred income taxes and reserve, net (14,751)6,0451,649 Loss (gain) on sale of property, plant and equipment 1,727(317)(596) Loss on sale of investment, remeasurement of investments held under fair value method 6,9547,83418,136 Equity in net earnings of affiliated companies, net of dividend received (*) (6,608)(4,999)(8,213) Changes in operating assets and liabilities, net of amounts acquired:Increase in trade and unbilled receivables and prepaid expenses (358,217)(300,943)(473,926) Increase in inventories, net (171,708)(405,263)(480,309) Increase (decrease) in trade payables and other payables and accrued expenses 348,910(47,845)65,663 Severance, pension and termination indemnities, net (9,598)(23,272)(40,159) Increase in contract liabilities 176,725558,352955,857 Net cash provided by operating activities 303,97025,997534,610 CASH FLOWS FROM INVESTING ACTIVITIESPurchase of property, plant and equipment and other assets, net of investment grants and evacuation grants (72,474)(115,528)(215,051) Investments in affiliated companies and other companies, net (100)(1,098)(3,603) Proceeds from sale of property, plant and equipment 4584,3624,107 Proceeds from sale of investments and a subsidiary —7,37625,970 Proceeds from (investment in) short-term deposits, net (738,401)(7,591)9,923 Proceeds from sale of (investment in) long-term deposits, net 159(441)(180) Net cash used in investing activities (810,358)(112,920)(178,834) CASH FLOWS FROM FINANCING ACTIVITIESIssuance of shares 573,000626 Issuance (repayment) of commercial paper, net (95,036)36,38036,380 Repayment of long-term loans (11,355)(11,203)(11,320) Repayment of Series B, C and D Notes (67,738)(61,862)(61,862) Dividends paid (49,103)(44,473)(88,958) Change in short-term bank credit and loans, net 38191,308(162,120) Net cash provided by (used in) financing activities 350,14910,156(287,854) Net increase (decrease) in cash and cash equivalents (156,239)(76,767)67,922 CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD $ 265,351$ 197,429$ 197,429 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD $ 109,112$ 120,662$ 265,351 (*) Dividend received from affiliated companies $ 8,901$ 5,342$ 10,963 ELBIT SYSTEMS LTD. DISTRIBUTION OF REVENUES (US Dollars in millions)Consolidated revenues by geographical regions: Six monthsended June 30,2025%Six monthsended June 30, 2024%Three months ended June 30, 2025%Three months ended June 30,2024%Year ended December 31, 2024% Israel $ 1,279.633.1$ 896.028.2$ 670.534.0$ 444.027.3$ 1,988.029.1 North America 797.820.6695.621.9404.620.5368.422.71,520.322.3 Europe 1,020.626.4857.327.0563.828.6472.529.11,820.926.7 Asia-Pacific 605.115.6542.817.1261.913.3235.714.51,132.716.6 Latin America 50.71.373.92.322.61.139.72.4150.02.2 Other countries 114.73.0114.53.549.32.565.94.0216.03.1 Total revenue $ 3,868.5100.0$ 3,180.1100.0$ 1,972.7100.0$ 1,626.2100.0$ 6,827.9100.0 Consolidated revenues by segments: Six months ended June 30, 2025Six monthsended June 30, 2024Three months ended June 30, 2025Three months ended June 30, 2024Year endedDecember 31, 2024 AerospaceExternal customers $ 922.2$ 782.2$ 474.2$ 414.7$ 1,780.5 Intersegment revenue 118.9120.962.666.5255.8 Total 1,041.1903.1536.8481.22,036.3 C4I and CyberExternal customers 417.2359.6213.0175.1750.6 Intersegment revenue 29.625.113.812.649.2 Total 446.8384.7226.8187.7799.8 ISTAR and EWExternal customers 614.6561.6311.1264.41,118.6 Intersegment revenue 113.9103.356.454.4199.4 Total 728.5664.9367.5318.81,318.0 LandExternal customers 1,106.0741.4566.8380.71,605.1 Intersegment revenue 37.941.416.322.074.3 Total 1,143.9782.8583.1402.71,679.4 ESAExternal customers 808.5735.3407.6391.31,573.1 Intersegment revenue 4.91.71.61.612.6 Total 813.4737.0409.2392.91,585.7 RevenuesTotal revenues (external customers and intersegment) for reportable segments 4,173.73,472.52,123.41,783.37,419.2 Less - intersegment revenue (305.2)(292.4)(150.7)(157.1)(591.3) Total revenues $ 3,868.5$ 3,180.1$ 1,972.7$ 1,626.2$ 6,827.9 Non-GAAP financial data: The following non-GAAP financial data, including non-GAAP gross profit, non-GAAP operating income, non-GAAP net income attributable to the Company's shareholders, and Adjusted diluted earnings per share, is presented to enable investors to have additional information on our business performance as well as a further basis for periodical comparisons and trends relating to our financial results. We believe such data provides useful information to investors and analysts by facilitating more meaningful comparisons of our financial results over time. The non-GAAP adjustments exclude amortization expenses of intangible assets related to acquisitions that occurred mainly in prior periods, capital gains related primarily to the sale of investments, restructuring activities, uncompensated costs related to "Swords of Iron" war, non-cash stock based compensation expenses, revaluations of investments in affiliated companies, non-operating foreign exchange gains or losses, one-time tax expenses, and the effect of tax on each of these items. We present these non-GAAP financial measures because management believes they supplement and/or enhance management's, analysts' and investors' overall understanding of the Company's underlying financial performance and trends and facilitate comparisons among current, past, and future periods. Specifically, management uses non-GAAP gross profit, non-GAAP operating income, and non-GAAP net income attributable to the Company's shareholders to measure the ongoing gross profit, operating profit and net income performance of the Company because the measure adjusts for more significant non-recurring items, amortization expenses of intangible assets relating to prior acquisitions, and non-cash expense which can fluctuate year to year. We believe non-GAAP gross profit, non-GAAP operating income, and non-GAAP net income attributable to the Company's shareholders are useful to existing shareholders, potential shareholders and other users of our financial information because they provide measures of the Company's ongoing performance that enable these users to perform trend analysis using comparable data. Management uses non-GAAP diluted net earnings per share attributed to Company's shareholders to evaluate further adjusted net income attributable to the Company's shareholders while considering changes in the number of diluted shares over comparable periods. We believe non-GAAP diluted net earnings per share attributable to Company's shareholders is useful to existing shareholders, potential shareholders and other users of our financial information because it also enables these users to evaluate adjusted net income attributable to Company's shareholders on a per-share basis. The non-GAAP measures used by the Company are not based on any comprehensive set of accounting rules or principles. We believe that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations, as determined in accordance with GAAP, and that these measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures. Investors are cautioned that, unlike financial measures prepared in accordance with GAAP, non-GAAP measures may not be comparable with the calculation of similar measures for other companies. They should consider non-GAAP financial measures in addition to, and not as replacements for or superior to, measures of financial performance prepared in accordance with GAAP. Reconciliation of GAAP to Non-GAAP Supplemental Financial Data: (US Dollars in millions, except for per share amounts) Six months ended June 30,2025Six months ended June 30,2024Three months ended June 30, 2025Three months endedJune 30, 2024Yearended December 31, 2024 GAAP gross profit $ 927.2$ 763.8$ 472.9$ 389.7$ 1,641.8 Adjustments:Amortization of purchased intangible assets(*) 8.010.64.04.218.9 Stock based compensation 1.70.90.90.52.4 Uncompensated labor costs related to "Swords of Iron" war 4.04.32.61.87.9 Non-GAAP gross profit $ 940.9$ 779.6$ 480.4$ 396.2$ 1,671.0 Percent of revenues 24.3 %24.5 %24.4 %24.4 %24.5 % GAAP operating income $ 307.5$ 221.8$ 157.8$ 116.5$ 489.1 Adjustments:Amortization of purchased intangible assets(*) 15.518.47.78.134.2 Stock based compensation 11.55.75.83.315.8 Uncompensated labor costs related to "Swords of Iron" war 5.86.23.82.611.3 Non-GAAP operating income $ 340.3$ 252.1$ 175.1$ 130.5$ 550.4 Percent of revenues 8.8 %7.9 %8.9 %8.0 %8.1 % GAAP net income attributable to Elbit Systems' shareholders $ 232.8$ 152.0$ 125.7$ 78.4$ 321.1 Adjustments:Amortization of purchased intangible assets(*) 15.518.47.78.134.2 Stock based compensation 11.55.75.83.315.8 Uncompensated labor costs related to "Swords of Iron" war 5.86.23.82.611.3 Capital gain ————(2.0) Revaluation of investment measured under fair value option 6.87.46.87.419.4 Non-operating foreign exchange gains (1.5)(12.3)2.6(4.9)(0.6) Tax effect and other tax items, net (2.7)(4.0)(1.4)(2.2)(7.7) Non-GAAP net income attributable to Elbit Systems' shareholders $ 268.2$ 173.4$ 151.0$ 92.7$ 391.5 Percent of revenues 6.9 %5.5 %7.7 %5.7 %5.7 % GAAP diluted net EPS attributable to Elbit Systems' shareholders $ 5.05$ 3.41$ 2.69$ 1.76$ 7.18 Adjustments, net 0.760.480.540.321.58 Non-GAAP diluted net EPS attributable to Elbit Systems' shareholders $ 5.81$ 3.89$ 3.23$ 2.08$ 8.76(*) While amortization of acquired intangible assets is excluded from the measures, the revenue of the acquired companies is reflected in the measuresand the acquired assets contribute to revenue generation. 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Bloomberg
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Blackstone's Horizon Industrial Parks Is Said to Weigh India IPO
Blackstone Inc. -owned Horizon Industrial Parks is considering an initial public offering in Mumbai next year that could raise about $500 million, according to people familiar with the matter. The Indian company is in talks with banks about the proposed share sale and seeking an enterprise valuation of $4 billion, the people said, asking not to be identified because the information is private.
