Elbit Systems, Israel's largest defence firm, is seeing a new surge in demand due to the U.S.-Israeli war on Iran after reaping strong revenues as a result of the 2023-2025 Gaza war.

Elbit chief executive Bezhalel Machlis said on Tuesday the company was working around the clock to ensure Israel did not run out of ammunition and other military systems, and to supply foreign customers - including Gulf countries.

"The success of Israel in Iran creates a lot of interest and a lot of traction. There is a lot of interest in many countries who are suffering from the same enemy (Iran)," Machlis told Reuters, citing Abraham Accords countries, but without specifying which.

The U.S. and Israel launched air strikes on Iran on February 28. Iran has struck Israel, as well as Gulf neighbours, with drones and missiles.

Machlis said Elbit supplies a host of systems to the Israeli military for use in Iran such as long-range guided munitions or equipment used in electronic warfare.

"Customers like to see (systems) tested in battle, so we are engaged with international customers, and we anticipate demand," said chief financial officer Yaacov Kagan.

Elbit's order backlog rose to $28.1 billion at the end of 2025 from $22.6 billion in 2024, with 72% attributable to orders outside Israel and more than half slated to be performed in 2026 and 2027. This, Kagan said, will drive 2026 growth.

Officials pointed out that Elbit had received an order from the Defence Ministry for an airborne high-powered laser system, which is still in development.

Elbit earned $12.75 per diluted share, excluding one-time items, last year, up from $8.76 in 2024. Revenue rose 16% to $7.9 billion.

In the fourth quarter alone, it earned an adjusted $3.56 per diluted share, versus $2.66 a year earlier, while quarterly revenue exceeded $2 billion for the first time. Elbit will pay a quarterly dividend of $1.00 per share.

Elbit's shares rose 4.1%, accumulating a 51% gain so far in 2026.