How the Calculation Works

1. Base Financial Data

We start with actual reported figures for Elbit Systems in the war period.

• Total revenue 2024: USD $6.83 billion
  Source: Elbit Systems 2024 annual report.
• Share of revenue from Israeli government contracts: ~30%
  Source: Reuters quoting Elbit disclosures during the war.
  That 30% covers domestic sales to the Israeli Ministry of Defense, which includes a large amount of weaponry used in Gaza (e.g., drones, artillery, munitions).
• Net profit margin: ~5–6%
  Source: Elbit financial statements (net income ÷ revenue). This margin is fairly stable for large defense contractors.

2. Isolating Gaza-Linked Revenue

We can’t get a public line item saying "X dollars from Gaza", but we can reasonably argue:

• The majority of Israel domestic contracts in late 2023–2024 were tied to the military campaign in Gaza (IDF operations, replenishment of munitions, equipment replacements, etc.).
• Therefore, 30% of total revenue ≈ war-related domestic sales.

Calculation:

War-related revenue = 0.30 × $6.83B ≈ $2.05B

3. Converting Revenue to Profit

Revenue ≠ profit. We apply Elbit’s net profit margin:

War-related profit = $2.05B × 0.056 (5.6% margin) ≈ $114.8M

4. Linking Profit to Casualties

Now we take Gaza casualty data (as of Aug 2025):

• Deaths = 61,369 (Gaza Health Ministry & UN OCHA)

We divide the total estimated profit from Gaza-related contracts by the number of deaths:

Profit per death ≈ $114.8M ÷ 61,369 ≈ $1,871

Rounded for clarity: ~$2,000 profit per Gazan killed.