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Rafael Reports Record FY2024 Results with 27% Growth in Sales

Sales reached $4.8 billion in 2024 — a 27% increase year-over-year — with approximately half of sales to international customers. Rafael reported $8.23 billion in new orders and a net profit of $257 million. Order backlog rose to $17.76 billion.

March 26, 2025 – Rafael Advanced Defense Systems Ltd. today (Wednesday) published its financial results for 2024, as approved by the company’s Board of Directors:

Sales totaled $4.8 billion, a 27% increase compared to $3.8 billion in 2023. Approximately half of sales in 2024 were to international customers.

An unprecedented order backlog of $17.76 billion, representing a 24% increase from 2023 ($14.37 billion). The backlog represents 3.6 years of sales, with nearly half derived from export contracts.

A net profit of $257 million, marking a 64% increase from 2023.

New orders reached $8.23 billion, compared to $8.1 billion in 2023 and $4.34 billion in 2022.

Q4 2024 was Rafael’s strongest quarter of the year and its highest-grossing quarter to date, with quarterly sales totaling $1.48 billion —compared to $1.2 billion in Q4 2023. Orders received in the quarter totaled approximately $3 billion.

Dr. Yuval Steinitz, Chairman of Board of Directors, Rafael, said:
“Rafael concludes another year of outstanding achievements—demonstrating once again the company’s vital contribution to Israel’s security and its significant impact on the national economy. The attacks from Iran on April 14 and October 1, alongside the broader Iron Swords War, will be marked in the history of Rafael, the IDF, and military conflict more broadly. Rafael’s advanced systems—such as Iron Dome, David’s Sling, and Trophy—saved thousands of lives, enabled operational continuity under fire, and provided critical breathing room to maneuvering forces. This year, we also continued development of Rafael’s laser-based air defense system—the only one of its kind globally. Rafael’s local procurement remains a key driver of growth for Israel’s economy, especially in the north, and its continued expansion is creating real opportunities for regional recovery. On behalf of the Board, I extend my deepest appreciation to the company’s leadership, employees, and their families for their dedication and professionalism.”

Yoav Tourgeman, CEO and President of Rafael, added:
“2024 was a historic year for Rafael—set against the backdrop of Israel’s longest and most complex multi-front war. As a cornerstone of Israel’s national defense, Rafael played a decisive role across offense, intelligence, and protection. Global demand surged, meeting Rafael’s operational excellence with a record order backlog. Thanks to the exceptional commitment of our employees, who rose to the occasion during a challenging time, we ended the year with record figures and over 27% growth. As part of this momentum, we recruited approximately 1,800 new employees—outstanding professionals who will help shape the next generation of advanced defense systems. We also increased R&D investment and expanded our development footprint by opening a new branch in Hadera, alongside our existing R&D centers in northern Israel, Be’er Sheva, Jerusalem, and Tel Aviv.”

While expanding its global footprint, Rafael remains firmly focused on its core mission: strengthening Israel’s national security—especially during a year defined by complex operational demands. In 2024, Rafael achieved record performance across sales, orders, and development milestones.

In October, the Israeli Ministry of Defense signed a significant agreement with Rafael to expand the procurement of the high-power laser interception system “Iron Beam”, ahead of its final development phase.

Rafael continued to reinforce its global leadership in air defense, expanding its presence in strategic markets. From air defense to intelligence and precision attack, Rafael systems played a crucial role in defending Israel during Iranian missile and UAV attacks in April and October 2024. In April, the Israeli Navy completed the first-ever successful interception with the C-Dome naval defense system in the Gulf of Eilat. The system has since continued to defend Israel’s territorial waters.

Internationally, Rafael and Raytheon inaugurated a new production facility in Arkansas, USA, for Tamir interceptor manufacturing—an investment of tens of millions of dollars.

Rafael’s Trophy system—the world’s only operational active protection system—was successfully integrated for the first time on Germany’s Leopard tank, marking its deployment on 16 platforms worldwide. Trophy continues to provide proven protection for IDF forces across all fronts.

In the corporate social responsibility sphere, Rafael retained its “Platinum Plus” rating from Maala in the high-tech and defense sector.

As a policy, Rafael allocates approximately 8% of its annual revenue to research and development, enabling the development of next-generation technologies and future systems.

Reflecting its continued expansion, Rafael added around 1,800 new employees in 2024 across its sites throughout Israel.

Rafael was awarded two Israel Defense Prizes in 2024—its 60th and 61st—recognizing its David’s Sling system and an additional classified innovation.

Rafael remains the largest employer in northern Israel, with ~10,000 direct employees and an additional 20,000 households indirectly supported through subcontractors. The company conducts annual procurement of approximately $1.08 billion, primarily from suppliers in the north. Since becoming a government-owned business corporation, Rafael has paid the State of Israel more than $680 million in dividends.

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