Leonardo DRS

DRS · Nasdaq

Search, Detection, Navigation, Guidance, Aeronautical Sys · Fiscal year ends Dec 31

Leonardo DRS reported revenue of $3.6B in the fiscal year ended Dec 2025, up 12.8% from the year before. Operating income was $348M, an operating margin of 9.5%, and net income was $278M. Operating cash flow of $366M less capital expenditure of $139M left free cash flow of $227M. It held more cash than debt (net cash $273M).

Last 5 fiscal years

Revenue and net income

RevenueNet income
$0$1B$2B$3B$4BDec 2021Dec 2022Dec 2023Dec 2024Dec 2025

Income statement

Fiscal yearDec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Revenue$2.9B$2.7B$2.8B$3.2B$3.6B
Cost of revenue$2.3B$2.1B$2.2B$2.5B$2.8B
Gross profit$547M$575M$648M$736M$869M
Research & development$48M$58M$82M$92M$129M
Operating income$236M$561M$231M$293M$348M
Interest expense$35M$34M$36M$21M–
Pre-tax income$200M$525M$192M$264M$336M
Income tax$46M$120M$24M$51M$58M
Net income$154M$405M$168M$213M$278M
Diluted EPS0.731.880.640.801.03
Diluted shares210M215M264M268M269M

Balance sheet

Fiscal yearDec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Cash & equivalents$240M$306M$467M$598M$647M
Receivables$156M$166M$151M$253M$334M
Inventory$205M$319M$329M$358M$352M
Current assets$1.4B$1.7B$1.9B$2.2B$2.3B
Goodwill$1.1B$1.2B$1.2B$1.2B$1.2B
Total assets$3.1B$3.7B$3.9B$4.2B$4.5B
Payables$479M$457M$398M$426M$351M
Deferred revenue$174M$233M$335M$399M$585M
Current liabilities$989M$1B$1.1B$1.1B$1.2B
Short-term debt$41M$29M$57M$25M$26M
Long-term debt$393M$396M$407M$366M$348M
Shareholders' equity$1.6B$2.1B$2.3B$2.6B$2.7B
Backlog (remaining obligations)$2.9B$4.3B$7.8B$8.5B$8.4B

Cash flow

Fiscal yearDec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Operating cash flow$178M$33M$205M$271M$366M
Capital expenditure$60M$65M$60M$85M$139M
Free cash flow$118M−$32M$145M$186M$227M
Depreciation & amortisation$58M$65M$85M$91M$93M
Stock-based compensation$0$5M$17M$22M$32M
Acquisitions$14M−$19M$0$0–
Share buybacks––$0$0$35M
Dividends paid$0$396M$0$0–
Dividend per share––––0.36

Key ratios

Fiscal yearDec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Revenue growth (YoY)–−6.5%4.9%14.4%12.8%
Operating income growth (YoY)–137.7%−58.8%26.8%18.8%
EPS growth (YoY)–157.5%−66.0%25.0%28.7%
Gross margin19.0%21.4%22.9%22.8%23.8%
Operating margin8.2%20.8%8.2%9.1%9.5%
Net margin5.3%15.0%5.9%6.6%7.6%
Return on equityBlank when equity is negative9.7%19.0%7.2%8.3%10.2%
ROCEEBIT ÷ (assets − current liabilities)11.3%21.3%8.1%9.6%10.7%
Free cash flow margin4.1%−1.2%5.1%5.8%6.2%
Cash conversion (CFO ÷ net income)1.16x0.08x1.22x1.27x1.32x
Receivable days2022202933
Inventory days3255555246
Payable days7579676246
Interest cover6.74x16.5x6.42x14.0x–
Debt ÷ equity0.27x0.20x0.20x0.15x0.14x
Net debtDebt − cash & equivalents; excludes investments; negative = net cash$194M$119M−$3M−$207M−$273M
Current ratio1.40x1.64x1.78x1.94x1.89x

Recent filings

More in Search, Detection, Navigation, Guidance, Aeronautical Sys

Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.