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LEONARDO DRS, INC.

EDGAR
DRS Quarterly report (10-Q) · filed 2026-10-29

Annual consolidated revenue for 2025: about USD 3.648B, using the latest reported figures. The previous period, 2024, was about USD 3.234B.

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Watchlist

Latest quarter

Revenue

1.07 billion USD

2026 Q3 · USD

Exact inputs and evidence
  • Revenue: 1066000000 USD Source

Operating margin

10.88%

2026 Q3 · %

Exact inputs and evidence
  • Operating Income: 116000000 USD Source
  • Revenue: 1066000000 USD Source

Operating cash flow

96 million USD

2026 Q3 · USD

Exact inputs and evidence
  • Operating Cash Flow: 65000000 USD Source
  • Operating Cash Flow: -31000000 USD Source

Free cash flow

58 million USD

2026 Q3 · USD

Exact inputs and evidence
  • Operating Cash Flow: 65000000 USD Source
  • Operating Cash Flow: -31000000 USD Source
  • Capital Expenditure: 97000000 USD Source
  • Capital Expenditure: 59000000 USD Source
Cash and cash equivalents
294 million USD Source
Exact value

294000000 USD

Long-term debt including current maturities
348 million USD Source
Exact value

348000000 USD

Shares outstanding
267 million shares Source
Exact value

266711588 shares

Reported share-count change

0.23% · 614 thousand shares

Year-over-year change in reported shares. Splits, issuance and buybacks can affect this figure; it does not isolate employee compensation or economic dilution.

Exact inputs and evidence
  • 266098028 shares · 2025-09-30· Source
  • 266711588 shares · 2026-09-30· Source

Trailing twelve months

The four most recent complete quarters added together. This gives a full-year view that includes the latest quarterly results.

Revenue

3.89 billion USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Revenue: 3648000000 USD · 2025-01-01 – 2025-12-31 Source
  • Revenue: 2588000000 USD · 2025-01-01 – 2025-09-30 Source
  • Revenue: 846000000 USD · 2026-01-01 – 2026-03-31 Source
  • Revenue: 913000000 USD · 2026-04-01 – 2026-06-30 Source
  • Revenue: 1066000000 USD · 2026-07-01 – 2026-09-30 Source

Net income

365 million USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Net income: 278000000 USD · 2025-01-01 – 2025-12-31 Source
  • Net income: 176000000 USD · 2025-01-01 – 2025-09-30 Source
  • Net income: 62000000 USD · 2026-01-01 – 2026-03-31 Source
  • Net income: 86000000 USD · 2026-04-01 – 2026-06-30 Source
  • Net income: 115000000 USD · 2026-07-01 – 2026-09-30 Source

Operating cash flow

490 million USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Operating cash flow: 366000000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: -59000000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: -66000000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: -31000000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: -66000000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 65000000 USD · 2026-01-01 – 2026-09-30 Source
  • Operating cash flow: -31000000 USD · 2026-01-01 – 2026-06-30 Source

Capital expenditure

146 million USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Capital expenditure: 139000000 USD · 2025-01-01 – 2025-12-31 Source
  • Capital expenditure: 90000000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 30000000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 59000000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 30000000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 97000000 USD · 2026-01-01 – 2026-09-30 Source
  • Capital expenditure: 59000000 USD · 2026-01-01 – 2026-06-30 Source

Free cash flow

344 million USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Operating cash flow: 366000000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: -59000000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: -66000000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: -31000000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: -66000000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 65000000 USD · 2026-01-01 – 2026-09-30 Source
  • Operating cash flow: -31000000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 139000000 USD · 2025-01-01 – 2025-12-31 Source
  • Capital expenditure: 90000000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 30000000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 59000000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 30000000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 97000000 USD · 2026-01-01 – 2026-09-30 Source
  • Capital expenditure: 59000000 USD · 2026-01-01 – 2026-06-30 Source

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-10-29.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 7 of 11 periods available· newest 2025-12-31
  • Operating income: 7 of 11 periods available· newest 2025-12-31
  • Net income: 7 of 11 periods available· newest 2025-12-31
  • Operating cash flow: 7 of 11 periods available· newest 2025-12-31
  • Capital expenditure: 7 of 11 periods available· newest 2025-12-31
  • Total assets: 6 of 11 periods available· newest 2025-12-31
  • liabilities: No compatible figures in this window
  • Current assets: 6 of 11 periods available· newest 2025-12-31
  • Current liabilities: 6 of 11 periods available· newest 2025-12-31
  • Cash and cash equivalents: 6 of 11 periods available· newest 2025-12-31
  • Long-term debt including current maturities: 5 of 11 periods available· newest 2025-12-31
  • Shares outstanding: 6 of 11 periods available· newest 2025-12-31

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    +12.8%

    Prior period

    USD 3.23 billion

    –

    Current period

    USD 3.65 billion

    –

    Exact inputs and evidence

    3648000000 − 3234000000 = 414000000 USD

    3234000000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    3648000000 USD · 2025-01-01 – 2025-12-31

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  • Net income

    +30.5%

    Prior period

    USD 213 million

    –

    Current period

    USD 278 million

    –

    Exact inputs and evidence

    278000000 − 213000000 = 65000000 USD

    213000000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    278000000 USD · 2025-01-01 – 2025-12-31

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  • Operating cash flow

    +35.1%

    Prior period

    USD 271 million

    –

    Current period

    USD 366 million

    –

    Exact inputs and evidence

    366000000 − 271000000 = 95000000 USD

    271000000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    366000000 USD · 2025-01-01 – 2025-12-31

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  • Capital expenditure

    +63.5%

    Prior period

    USD 85 million

    –

    Current period

    USD 139 million

    –

    Exact inputs and evidence

    139000000 − 85000000 = 54000000 USD

    85000000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    139000000 USD · 2025-01-01 – 2025-12-31

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Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue USD 3.65 billion 100% of revenue
  • Operating costs Derived USD 3.3 billion 90% of revenue
  • Operating income USD 348 million 9.5% of revenue
  • Tax, interest and other Derived USD 70 million 1.9% of revenue
  • Net income USD 278 million 7.6% of revenue

Cash

  • Operating cash flow USD 366 million 10% of revenue
  • Capital expenditure USD 139 million 3.8% of revenue
  • Free cash flow Derived USD 227 million 6.2% of revenue

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2019 94%
  • 2020 93%
  • 2021 92%
  • 2022 15%79%
  • 2023 92%
  • 2024 91%
  • 2025 90%
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2019 2019-01-01 – 2019-12-312714000000 2551000000 Derived 163000000 88000000 Derived 75000000 102000000 Derived
Source
2020 2020-01-01 – 2020-12-312778000000 2597000000 Derived 181000000 96000000 Derived 85000000 69000000 Derived
Source
2021 2021-01-01 – 2021-12-312879000000 2643000000 Derived 236000000 82000000 Derived 154000000 118000000 Derived
Source
2022 2022-01-01 – 2022-12-312693000000 2132000000 Derived 561000000 156000000 Derived 405000000 -32000000 Derived
Source
2023 2023-01-01 – 2023-12-312826000000 2595000000 Derived 231000000 63000000 Derived 168000000 145000000 Derived
Source
2024 2024-01-01 – 2024-12-313234000000 2941000000 Derived 293000000 80000000 Derived 213000000 186000000 Derived
Source
2025 2025-01-01 – 2025-12-313648000000 3300000000 Derived 348000000 70000000 Derived 278000000 227000000 Derived
Source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 3.6B 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.3.9B3.0B2.0B985.0M0.0201920222025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(USD)Source evidence
2019Revenue2714000000
2020Revenue2778000000
2021Revenue2879000000
2022Revenue2693000000
2023Revenue2826000000
2024Revenue3234000000
2025Revenue3648000000

Revenue growth

Change in revenue from the same financial period one year earlier.

12.8% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.16.1%10.0%4.0%-2.1%-8.1%201920222025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2019Year over yearNo prior comparable period
2020Year over year2.4%
2021Year over year3.6%
2022Year over year-6.5%
2023Year over year4.9%
2024Year over year14.4%
2025Year over year12.8%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin 9.5% 2025
Net margin 7.6% 2025
Free cash flow margin 6.2% 2025
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.22.6%16.2%9.8%3.4%-2.9%201920222025
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2019Operating margin6%
2020Operating margin6.5%
2021Operating margin8.2%
2022Operating margin20.8%
2023Operating margin8.2%
2024Operating margin9.1%
2025Operating margin9.5%
2019Net margin2.8%
2020Net margin3.1%
2021Net margin5.3%
2022Net margin15%
2023Net margin5.9%
2024Net margin6.6%
2025Net margin7.6%
2019Free cash flow margin3.8%
2020Free cash flow margin2.5%
2021Free cash flow margin4.1%
2022Free cash flow margin-1.2%
2023Free cash flow margin5.1%
2024Free cash flow margin5.8%
2025Free cash flow margin6.2%

Operating cash flow

Cash generated by the company’s normal business operations.

USD 366M 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.395.3M296.5M197.6M98.8M0.0201920222025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2019Operating cash flow157000000
2020Operating cash flow125000000
2021Operating cash flow178000000
2022Operating cash flow33000000
2023Operating cash flow205000000
2024Operating cash flow271000000
2025Operating cash flow366000000

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

USD 227M 2025
Free cash flow historyOperating cash flow minus capital expenditure for the same period and unit. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.247.7M172.6M97.5M22.4M-52.7M201920222025
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2019Free cash flow102000000
2020Free cash flow69000000
2021Free cash flow118000000
2022Free cash flow-32000000
2023Free cash flow145000000
2024Free cash flow186000000
2025Free cash flow227000000

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

Not enough comparable data to show this history.
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2019-12-31Liabilities / assetsNot reportedNo source recorded
2020-12-31Liabilities / assetsNot reported
2021-12-31Liabilities / assetsNot reported
2022-12-31Liabilities / assetsNot reported
2023-12-31Liabilities / assetsNot reported
2024-12-31Liabilities / assetsNot reported
2025-12-31Liabilities / assetsNot reported

Current assets to current liabilities

Current assets divided by current liabilities.

1.89× 2025
Current assets to current liabilities historyCurrent assets divided by current liabilities. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.2.09×1.57×1.05×0.52×0.00×2019-12-3120222025
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2019-12-31Current assets / current liabilitiesNot reportedNo source recorded
2020Current assets / current liabilities1.3×
2021Current assets / current liabilities1.4×
2022Current assets / current liabilities1.64×
2023Current assets / current liabilities1.78×
2024Current assets / current liabilities1.94×
2025Current assets / current liabilities1.89×

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2019 2019-01-01 – 2019-12-31
USD 75 million
Exact value

Exact value: 75000000 USD

2019-01-01 – 2019-12-31: 75000000 USD Inspect Net Income Open source
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USD 157 million
Exact value

Exact value: 157000000 USD

2019-01-01 – 2019-12-31: 157000000 USD Inspect Operating Cash Flow Open source
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USD 55 million
Exact value

Exact value: 55000000 USD

2019-01-01 – 2019-12-31: 55000000 USD Inspect Capital Expenditure Open source
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USD 102 million
Calculation and evidence

157000000 − 55000000 USD

Exact free cash flow: 102000000 USD

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2020 2020-01-01 – 2020-12-31
USD 85 million
Exact value

Exact value: 85000000 USD

2020-01-01 – 2020-12-31: 85000000 USD Inspect Net Income Open source
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USD 125 million
Exact value

Exact value: 125000000 USD

2020-01-01 – 2020-12-31: 125000000 USD Inspect Operating Cash Flow Open source
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USD 56 million
Exact value

Exact value: 56000000 USD

2020-01-01 – 2020-12-31: 56000000 USD Inspect Capital Expenditure Open source
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USD 69 million
Calculation and evidence

125000000 − 56000000 USD

Exact free cash flow: 69000000 USD

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2021 2021-01-01 – 2021-12-31
USD 154 million
Exact value

Exact value: 154000000 USD

2021-01-01 – 2021-12-31: 154000000 USD Inspect Net Income Open source
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USD 178 million
Exact value

Exact value: 178000000 USD

2021-01-01 – 2021-12-31: 178000000 USD Inspect Operating Cash Flow Open source
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USD 60 million
Exact value

Exact value: 60000000 USD

2021-01-01 – 2021-12-31: 60000000 USD Inspect Capital Expenditure Open source
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USD 118 million
Calculation and evidence

178000000 − 60000000 USD

Exact free cash flow: 118000000 USD

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2022 2022-01-01 – 2022-12-31
USD 405 million
Exact value

Exact value: 405000000 USD

2022-01-01 – 2022-12-31: 405000000 USD Inspect Net Income Open source
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USD 33 million
Exact value

Exact value: 33000000 USD

2022-01-01 – 2022-12-31: 33000000 USD Inspect Operating Cash Flow Open source
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USD 65 million
Exact value

Exact value: 65000000 USD

2022-01-01 – 2022-12-31: 65000000 USD Inspect Capital Expenditure Open source
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−USD 32 million
Calculation and evidence

33000000 − 65000000 USD

Exact free cash flow: -32000000 USD

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2023 2023-01-01 – 2023-12-31
USD 168 million
Exact value

Exact value: 168000000 USD

2023-01-01 – 2023-12-31: 168000000 USD Inspect Net Income Open source
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USD 205 million
Exact value

Exact value: 205000000 USD

2023-01-01 – 2023-12-31: 205000000 USD Inspect Operating Cash Flow Open source
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USD 60 million
Exact value

Exact value: 60000000 USD

2023-01-01 – 2023-12-31: 60000000 USD Inspect Capital Expenditure Open source
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USD 145 million
Calculation and evidence

205000000 − 60000000 USD

Exact free cash flow: 145000000 USD

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2024 2024-01-01 – 2024-12-31
USD 213 million
Exact value

Exact value: 213000000 USD

2024-01-01 – 2024-12-31: 213000000 USD Inspect Net Income Open source
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USD 271 million
Exact value

Exact value: 271000000 USD

2024-01-01 – 2024-12-31: 271000000 USD Inspect Operating Cash Flow Open source
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USD 85 million
Exact value

Exact value: 85000000 USD

2024-01-01 – 2024-12-31: 85000000 USD Inspect Capital Expenditure Open source
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USD 186 million
Calculation and evidence

271000000 − 85000000 USD

Exact free cash flow: 186000000 USD

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2025 2025-01-01 – 2025-12-31
USD 278 million
Exact value

Exact value: 278000000 USD

2025-01-01 – 2025-12-31: 278000000 USD Inspect Net Income Open source
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USD 366 million
Exact value

Exact value: 366000000 USD

2025-01-01 – 2025-12-31: 366000000 USD Inspect Operating Cash Flow Open source
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USD 139 million
Exact value

Exact value: 139000000 USD

2025-01-01 – 2025-12-31: 139000000 USD Inspect Capital Expenditure Open source
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USD 227 million
Calculation and evidence

366000000 − 139000000 USD

Exact free cash flow: 227000000 USD

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Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

32 filings · 6,455 latest values · 6,455 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0001833756, 1833756, DRS, edgar:1833756

Also known as LEONARDO DRS, INC., Leonardo DRS, Inc.