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Home › Dodgy Deals ›
Dodgy Deal
Elbit SystemsIsrael

Company – Active

This profile is actively maintained
Profile by:
BankTrack
Last update: 2026-06-17 18:35:32
Head offices of Elbit Systems at Matam Hi-tech park, Haifa. Photo: CC BY 3.0 Zvi Roger

Company – Active

This profile is actively maintained
Profile by:
BankTrack
Last update: 2026-06-17 18:35:32
Why this profile?

Why this profile?

Israel’s largest arms manufacturer Elbit Systems produces armaments and surveillance systems for states, including those involved in conflict-related human rights violations. The company is the main arms supplier for the state of Israel, which uses Elbit’s products in its genocide against the Palestinian people and to maintain its illegal occupation of Palestinian territory – and, more broadly, in wars with devastating human rights impacts on civilians across the Middle East. Elbit’s subsidiary IMI Systems has been accused of producing cluster munitions, raising questions of compliance with international arms treaties.

What must happen

Banks should not finance Elbit Systems and should maintain robust policies to exclude companies which contribute to international crimes in the OPT. 

This recommendation follows UN Special Rapporteur Francesca Albanese’s findings in a 2025 report, which draws on “recent and ongoing ICJ and ICC proceedings” confirming that Israel’s occupation of the OPT is illegal and that Israel’s conduct in Gaza plausibly constitutes genocide. The report concludes that Elbit is “directly involved in occupation and genocide” and calls for companies to “promptly cease all business activities and terminate relationships directly linked with… international crimes against the Palestinian people”

About
Sectors Arms Industry and Trade, Aviation, Investigation and Security Services
Headquarters
Ownership
listed on NASDAQ OMX & Tel-Aviv Stock Exchange

According to WhoProfits and the Elbit Systems website, Elbit Systems’ controlling shareholder is Israeli investor and Elbit Board member Michael Federmann, who owns an estimated 44% of Elbit Systems.

For a list of Elbit System's main institutional shareholders, please click here.

Subsidiaries
Website https://www.elbitsystems.com/

Elbit Systems is a military equipment producer with a focus on defense electronics, aviation systems, and intelligence gathering systems.  It was established in 1967 and is headquartered in Haifa, Israel. The company employed over 20,000 people globally as of 2026. Elbit Systems mainly operates in the homeland security and defense arena with a focus on intelligence, surveillance, and reconnaissance. The company's portfolio includes airborne, land and naval systems and products for defense, homeland security and commercial applications.

Impacts

Impact on human rights and communities

As the producer of 85% of the Israeli military’s land and air-based equipment, Elbit Systems is directly connected to war crimes and human rights violations committed by Israel in the Occupied Palestinian Territory and elsewhere. 

Elbit has multiple ongoing contracts for the supply of weapons to the Israeli Defense Forces, including recent contracts of US$340 million in 2024 for ammunition, US$60 million for artillery shells in 2023, US$40 million for drones in 2024, and US$34 million for fighter jets in 2026.

These products are used in connection with the illegal occupation of Palestinian territory and the ongoing military campaign in Gaza, which has been widely defined as a genocide and has killed over 75,000 people, including more than 738 Palestinians since a ceasefire came into effect in October 2025. 

Emerging reports also indicate that Elbit weaponry, including artillery, drones, and banned cluster munitions, are being used in Israel’s invasion of Lebanon, which has killed more than 3,600 people as of June 2026, and in the US-Israeli war on Iran.

Elbit System weapons in ongoing war and targeting of civilians: Elbit’s weaponry is frequently used by the Israeli military to deliberately target civilians. Elbit supplies avionics and other parts for the manufacture of Lockheed Martin-produced F-16 fighter jets, described as “the workhorse of the Gaza bombing campaign,” through its subsidiary, Cyclone. F-16 and F-35 fighter jets (also co-manufactured by Elbit) have been used in attacks throughout the genocide in Gaza, including the bombing of a designated “safe zone” in Khan Younis, which resulted in the death of 90 Palestinians in July 2024. Elbit also collaborates with other weapons manufacturers such as Boeing in the production of JDAMs bombs, with lasers used in the unlawful attacks on civilian homes.

Reports indicate that Elbit weapons are regularly “tested on Palestinians” and then promoted as “combat proven” to the international market. Elbit secured global contracts for the provision of the Iron Sting, a precision-guided mortar bomb, and the Hermes 450 and 900 UAVs, after their use on Palestinian civilians in the 2014 and 2023 Gaza wars.

Elbit also produces novel surveillance technologies for use in surveilling Palestinian civilians and provides “smart solutions” for the patrolling of Israel’s illegal border walls in Palestinian territory. These products are marketed, among others, to US Customs and Border Patrol for a “surveillance tower programme” along the US-Mexico border.

Killing of Aid Workers and Journalists: Elbit’s Hermes 450 drones have been used in strikes which killed seven World Central Kitchen aid workers in April 2024. Elbit’s M339 projectiles were also likely used in the strike which killed a journalist and injured six others in South Lebanon in October 2023. These affiliations may connect Elbit with attacks which Amnesty has labelled as war crimes.

IMI Systems and Cluster Munitions: In November 2018, Elbit Systems completed the acquisition of cluster munitions producer IMI Systems. Cluster munitions are prohibited by a 2008 Convention. In 2019, Elbit confirmed IMI would discontinue their manufacture, but several institutional investors added Elbit to their exclusion lists in 2022, noting that the company still“clear[ly]... produces cluster munitions”.

IMI Systems also produces M339 projectiles, which have been used in attacks on civilians and children in Gaza, including the “apparently deliberate” killing of 22-year old Duniana Al-Amour.

Links with Adani and ‘Green Bonds’: Hermes 900 drones have been manufactured in partnership with Adani Defence, an Indian company associated with various human rights allegations. Adani’s green bonds have been funneled to finance its coal activities and various subsidiaries, potentially including its defence branch. As such, this joint venture might be indirectly tying banks such as ING and Standard Chartered, which have underwritten Adani green bonds, to weapons financing.

Financiers

Equity financing (shareholdings and management) by European financial institutions is based on the latest available filings as of 31 August 2025 (Don't Buy Into Occupation 2025).

For non-European financial institutions, this data only encompasses Elbit System's 10 largest institutional investors. For a full list of Elbit System's main institutional shareholders, please click here.

Institution type
Finance type
Year
Governance
Norms & standards
Other regulations

Applicable norms and standards

Convention on Cluster Munitions
OECD Guidelines for Multinational Enterprises
UN Guiding Principles on Business and Human Rights

ICJ Advisory Opinion of 19 July 2024 - Legal Consequences arising from the Policies and Practices of Israel in the Occupied Palestinian Territory, including East Jerusalem 

News
BankTrack
Partners
Blog
External
Blog
BankTrack news BankTrack blog Partner news Partner blog

Mobilisation at UBS AGM: Activists Demand UBS to stop funding oppression

2026-04-15 | Basel, Switzerland | BreakFree Suisse
BankTrack news BankTrack blog Partner news Partner blog

Scotiabank unit sells stake in Israeli arms supplier Elbit after backlash

2026-02-16 | Reuters
Blog
BankTrack news BankTrack blog Partner news Partner blog

UN report calls for corporate accountability in ongoing genocide and occupation

BankTrack and DBIO coalition welcome UN Special Rapporteur’s call for financial sector accountability
2025-07-03 | BankTrack, Don't Buy Into Occupation
Blog
BankTrack news BankTrack blog Partner news Partner blog

Barclays sells all shares in Israeli weapons firm Elbit amid pro-Palestinian pressure

British banking giant has reported zero shares in Israel's Elbit Systems, down 16,345 since a previous filing, after accusations of aiding genocide in Gaza
2024-10-31 | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Barclays sells all shares in Israeli weapons firm Elbit amid pro-Palestinian pressure

British banking giant has reported zero shares in Israel's Elbit Systems, down 16,345 since a previous filing, after accusations of aiding genocide in Gaza
2024-10-31 | Middle Eastern Eye
BankTrack news BankTrack blog Partner news Partner blog

AXA ends investments with “Israeli” banks; withdraws $20M

2024-08-25 | Roya News
BankTrack news BankTrack blog Partner news Partner blog

Barclays accused of enabling Israel’s militarised violence against Palestinians

2024-06-26 | AOAV
BankTrack news BankTrack blog Partner news Partner blog

Inexplicable investments: Elbit Systems and Australia’s Future Fund

2024-06-05 | Green Left
BankTrack news BankTrack blog Partner news Partner blog

ESG funds reinvest in Israeli arms manufacturer Elbit Systems after cluster munitions pivot

2023-06-12 | Responsible Investor
Blog
BankTrack news BankTrack blog Partner news Partner blog

New Report: Barclays - Banking on Apartheid

2022-07-14 | Campaign Against Arms Trade, Palestine Solidarity Campaign, War on Want
BankTrack news BankTrack blog Partner news Partner blog

Australia’s Future Fund bans investment in Elbit over cluster munitions allegations

2022-03-09 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Nordic fund KLP excludes 14 weapons companies on ethical grounds

2021-11-04 | Reuters
BankTrack news BankTrack blog Partner news Partner blog

UK pension fund divests from Israel arms manufacturer

2021-02-12 | Middle East Monitor
Blog
BankTrack news BankTrack blog Partner news Partner blog

SumOfUs Report Exposes French Insurer's Complicity in War Crimes

Report reveals that AXA invests in banned weapons manufacturers and banks that finance illegal Israeli Settlements
2019-07-08 | SumOfUs
BankTrack news BankTrack blog Partner news Partner blog

France investment firm AXA IM divests from Israel arms manufacturer

2019-04-18 | Middle East Monitor
BankTrack news BankTrack blog Partner news Partner blog

AXA IM divests from Elbit Systems - involved in Israeli war crimes

The campaign against AXA's problematic investments continues, as AXA remains linked to Elbit Systems through an affiliate, and AXA maintains investments in five Israeli banks.
2019-04-17 | France | BDS Movement / SumOfUs
BankTrack news BankTrack blog Partner news Partner blog

HSBC ‘divests’ from Israeli arms company Elbit Systems

2018-12-27 | Al Jazeera
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banking giant HSBC divests from Israeli arms manufacturer following pressure from human rights campaigners

2018-12-27 | London | Palestine Solidarity Campaign, War on Want
Blog
BankTrack news BankTrack blog Partner news Partner blog

Barclays divests from Elbit Systems

2015 | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Barclays boycotted over Israel arms trade shares

2014-11-21 | Palestine News Network
Blog
BankTrack news BankTrack blog Partner news Partner blog

Deutsche Bank announces divestment from Elbit

2010-05-27 | Frankfurt | BDS Movement
BankTrack news BankTrack blog Partner news Partner blog

Swedish Pension Fund Bans Investment in Israeli Company on Ethical Grounds

2010-03-29 | Haaretz
Blog
BankTrack news BankTrack blog Partner news Partner blog

Deutsche Bank announces divestment from Elbit

2010 | BankTrack
Resources
Documents
Links
2026-06-16 00:00:00

Annual report 2025

Annual report
2026-06-16 00:00:00 | Elbit Systems
2025-05-16 00:00:00

Annual report 2024

Annual report
2025-05-16 00:00:00 | Elbit Systems
2017-07-03 00:00:00

Deadly Investments

UK bank complicity in Israel’s crimes against the Palestinian people
NGO document
2017-07-03 00:00:00 | War on Want
2018-12-17 00:00:00

Worldwide investments in cluster munitions

A shared responsibility
NGO document
2018-12-17 00:00:00 | PAX, the Netherlands
2010-04-02 00:00:00

Companies Building the Wall

Other document
2010-04-02 00:00:00 | Stop The Wall
2010-04-01 00:00:00

Boycott Elbit Systems

Other document
2010-04-01 00:00:00 | Stop The Wall
2010-03-31 00:00:00

Elbit Profile

Other document
2010-03-31 00:00:00 | Jewish Voice for Peace

Photo Story

Palestinian grassroots activists: Boycott Elbit, CRH and Magal!

Current Elbit Investors

TIAA-CREF: Divest from the occupation

War Profiteer of the Month: Elbit Systems, February 2010

Article

Scandinavian financial institutions drop Elbit due to BDS pressure Adri Nieuwhof, 19 February 2010

A big thank you

by: Ilan Pappe, 4 September 2009

Investor Relations

links to annual reports and other financial filing provided
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