Leonardo DRS
DRS · NasdaqSearch, 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
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 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 EPS | 0.73 | 1.88 | 0.64 | 0.80 | 1.03 |
| Diluted shares | 210M | 215M | 264M | 268M | 269M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 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 year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 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 year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 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 margin | 19.0% | 21.4% | 22.9% | 22.8% | 23.8% |
| Operating margin | 8.2% | 20.8% | 8.2% | 9.1% | 9.5% |
| Net margin | 5.3% | 15.0% | 5.9% | 6.6% | 7.6% |
| Return on equityBlank when equity is negative | 9.7% | 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 margin | 4.1% | −1.2% | 5.1% | 5.8% | 6.2% |
| Cash conversion (CFO ÷ net income) | 1.16x | 0.08x | 1.22x | 1.27x | 1.32x |
| Receivable days | 20 | 22 | 20 | 29 | 33 |
| Inventory days | 32 | 55 | 55 | 52 | 46 |
| Payable days | 75 | 79 | 67 | 62 | 46 |
| Interest cover | 6.74x | 16.5x | 6.42x | 14.0x | – |
| Debt ÷ equity | 0.27x | 0.20x | 0.20x | 0.15x | 0.14x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $194M | $119M | −$3M | −$207M | −$273M |
| Current ratio | 1.40x | 1.64x | 1.78x | 1.94x | 1.89x |
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.