KTOS · Kratos Defense & Security Solutions, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $371.00M | - | $347.60M | $351.50M | $302.60M | - | $275.90M | $300.10M | $277.20M | - |
| Cost of Revenue | $281.40M | - | $270.50M | $277.70M | $229.00M | - | $206.70M | $222.90M | $206.20M | - |
| Gross Profit | $89.60M | - | $77.10M | $73.80M | $73.60M | - | $69.20M | $77.20M | $71.00M | - |
| R&D | $10.70M | - | $10.00M | $10.20M | $10.00M | - | $9.90M | $10.20M | $9.60M | - |
| SG&A | $72.30M | - | $59.80M | $59.90M | $57.00M | - | $52.60M | $54.50M | $54.40M | - |
| Total Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| D&A | $16.80M | - | $11.90M | $11.80M | $10.40M | - | $10.30M | $10.40M | $9.30M | - |
| Operating Income | $4.70M | - | $7.10M | $3.70M | $6.60M | - | $6.50M | $12.50M | $7.00M | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | ($2.10M) | - | $3.20M | $1.70M | $900.0K | - | $2.60M | $4.80M | $2.70M | - |
| Net Income | $11.90M | - | $8.70M | $2.90M | $4.50M | - | $3.20M | $7.90M | $1.30M | - |
| EPS - Basic | $0.07 | - | $0.05 | $0.02 | $0.03 | - | $0.02 | $0.05 | $0.01 | - |
| EPS - Diluted | $0.07 | - | $0.05 | $0.02 | $0.03 | - | ($0.01) | $0.05 | $0.01 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.46B | $560.60M | $565.90M | $783.60M | $263.70M | $329.30M | $301.50M | $308.20M | $338.90M | $72.80M |
| Accounts Receivable | $194.50M | $165.00M | $136.30M | $142.20M | $118.20M | $117.50M | $112.70M | $131.70M | $116.90M | $128.80M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $112.00M | $69.60M | $66.20M | $97.60M | $82.70M | $82.00M | $61.00M | $58.80M | $61.90M | $63.10M |
| Current Assets | $2.31B | $1.26B | $1.24B | $1.43B | $864.40M | $872.10M | $838.40M | $851.20M | $871.70M | $594.20M |
| Total Assets | $4.04B | $2.47B | $2.42B | $2.59B | $2.00B | $1.95B | $1.91B | $1.91B | $1.91B | $1.63B |
| Current Liabilities | $410.70M | $311.00M | $287.40M | $322.40M | $304.90M | $296.70M | $260.50M | $272.30M | $288.20M | $292.50M |
| Long-term Debt | - | $0 | $0 | $169.80M | $172.20M | $174.60M | $177.00M | $179.50M | $179.40M | $219.30M |
| Total Liabilities | $632.70M | $470.90M | $441.80M | $625.70M | $617.30M | $597.70M | $569.50M | $584.90M | $586.00M | $634.00M |
| Stockholders' Equity | $3.41B | $2.00B | $1.34B | $1.96B | $1.39B | $1.35B | $1.34B | $1.33B | $1.31B | $976.00M |
| Retained Earnings | ($630.00M) | ($641.90M) | ($647.80M) | ($656.50M) | ($659.40M) | ($663.90M) | ($667.80M) | ($671.00M) | ($678.90M) | ($680.20M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($27.40M) | - | - | - | ($29.20M) | - | - | - | ($25.70M) | - |
| Investing Cash Flow | ($365.10M) | - | - | - | ($22.60M) | - | - | - | ($16.60M) | - |
| Financing Cash Flow | $1.30B | - | - | - | ($14.50M) | - | - | - | $282.60M | - |
| CapEx | $19.90M | - | - | - | $22.60M | - | - | - | $16.60M | - |
| Free Cash Flow | ($47.30M) | - | - | - | ($51.80M) | - | - | - | ($42.30M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 24.2% | - | 22.2% | 21.0% | 24.3% | - | 25.1% | 25.7% | 25.6% | - |
| Operating margin | 1.3% | - | 2.0% | 1.1% | 2.2% | - | 2.4% | 4.2% | 2.5% | - |
| EBITDA margin | 5.8% | - | 5.5% | 4.4% | 5.6% | - | 6.1% | 7.6% | 5.9% | - |
| Net margin | 3.2% | - | 2.5% | 0.8% | 1.5% | - | 1.2% | 2.6% | 0.5% | - |
| Free cash flow margin | -12.7% | - | - | - | -17.1% | - | - | - | -15.3% | - |
| FCF / Net income | -3.97 | - | - | - | -11.51 | - | - | - | -32.54 | - |
| R&D / Revenue | 2.9% | - | 2.9% | 2.9% | 3.3% | - | 3.6% | 3.4% | 3.5% | - |
| SG&A / Revenue | 19.5% | - | 17.2% | 17.0% | 18.8% | - | 19.1% | 18.2% | 19.6% | - |
| Effective tax rate | -21.4% | - | 26.9% | 37.0% | 16.7% | - | 44.8% | 37.8% | 67.5% | - |
| Return on assets | 0.3% | - | 0.4% | 0.1% | 0.2% | - | 0.2% | 0.4% | 0.1% | - |
| Return on equity | 0.3% | - | 0.6% | 0.1% | 0.3% | - | 0.2% | 0.6% | 0.1% | - |
| Return on invested capital | - | - | 0.4% | 0.1% | 0.4% | - | 0.2% | 0.5% | 0.2% | - |
| Liquidity | ||||||||||
| Current ratio | 5.63 | 4.06 | 4.30 | 4.43 | 2.84 | 2.94 | 3.22 | 3.13 | 3.02 | 2.03 |
| Quick ratio | 5.63 | 4.06 | 4.30 | 4.43 | 2.84 | 2.94 | 3.22 | 3.13 | 3.02 | 2.03 |
| Cash ratio | 3.57 | 1.80 | 1.97 | 2.43 | 0.86 | 1.11 | 1.16 | 1.13 | 1.18 | 0.25 |
| Leverage | ||||||||||
| Debt / Equity | - | 0.00 | 0.00 | 0.09 | 0.12 | 0.13 | 0.13 | 0.14 | 0.14 | 0.22 |
| Debt / Assets | - | 0.00 | 0.00 | 0.07 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.13 |
| Debt / EBITDA | - | - | 0.00 | 10.95 | 10.13 | - | 10.54 | 7.84 | 11.01 | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 1.19 | 1.24 | 1.80 | 1.32 | 1.44 | 1.44 | 1.42 | 1.44 | 1.47 | 1.67 |
| Liabilities / Assets | 0.16 | 0.19 | 0.18 | 0.24 | 0.31 | 0.31 | 0.30 | 0.31 | 0.31 | 0.39 |
| Efficiency | ||||||||||
| Asset turnover | 0.09 | - | 0.14 | 0.14 | 0.15 | - | 0.14 | 0.16 | 0.14 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 191d | - | 143d | 148d | 143d | - | 149d | 160d | 154d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | 145d | - | 89d | 128d | 132d | - | 108d | 96d | 110d | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 1027.7x | - | 1725.6x | 2292.0x | 1022.7x | - | - | 400.2x | 1838.0x | - |
| P / B | 3.8x | - | 11.1x | 3.7x | 3.5x | - | 2.7x | 2.3x | 2.0x | - |
| P / S | 34.8x | - | 42.9x | 20.5x | 15.8x | - | 13.0x | 10.2x | 9.4x | - |
| EV / EBITDA | 532.2x | - | 755.4x | 425.9x | 276.5x | - | 206.2x | 128.5x | 149.8x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 22.6% | - | 26.0% | 17.1% | 9.2% | - | 0.5% | 16.8% | 19.6% | - |
| Revenue CAGR (3y) | 17.0% | - | 15.0% | 16.2% | 15.5% | - | 11.2% | 13.5% | 12.6% | - |
| Revenue CAGR (5y) | 13.8% | - | 11.5% | 15.6% | 12.4% | - | 8.4% | 9.8% | 11.6% | - |
| Gross profit growth (YoY) | 21.7% | - | 11.4% | -4.4% | 3.7% | - | -5.7% | 20.8% | 19.5% | - |
| Operating income growth (YoY) | -28.8% | - | 9.2% | -70.4% | -5.7% | - | -46.7% | 86.6% | 1300.0% | - |
| Net income growth (YoY) | 164.4% | - | 171.9% | -63.3% | 246.2% | - | - | - | - | - |
| EPS growth (YoY) | 133.3% | - | - | -60.0% | 200.0% | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | 71.0% | 0.0% | - |
| EPS CAGR (5y) | 47.6% | - | 20.1% | - | - | - | - | 4.6% | -19.7% | - |
| FCF growth (YoY) | 8.7% | - | - | - | -22.5% | - | - | - | -26.6% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 145.7% | 47.5% | 0.0% | 47.4% | 6.2% | 38.6% | 40.9% | 40.6% | 40.3% | 4.2% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-28.
Business segments
$1.99B totalKratos Government Solutions$1.05B · 53.0%
Government Solutions Segment$703.10M · 35.3%
Unmanned Systems Segment$231.20M · 11.6%
Product / service
$1.35B totalProduct$877.80M · 65.2%
Service$469.00M · 34.8%
Geographic
$1.61B totalUS$1.06B · 66.0%
Non Us$267.70M · 16.6%
Europe$78.10M · 4.8%
Asia Pacific$71.20M · 4.4%
Middle East$66.20M · 4.1%
Other Countries$46.90M · 2.9%
Other North America$19.40M · 1.2%
Peer comparison
Same SIC group: Guided Missiles & Space Vehicles & Parts
Comparing KRATOS DEFENSE & SECURITY SOLUTIONS against the 5 most active filers in the same SIC group.