Leonardo DRS (DRS) Financials

$41.50 -1.36 (-3.17%)

Closing price 04:00 PM Eastern

Extended Trading

$42.25 +0.75 (+1.81%)

As of 07:23 PM Eastern

Annual Income Statements for Leonardo DRS

This table shows Leonardo DRS's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	75	85	154	405	168	213	278
Consolidated Net Income / (Loss)	75	85	154	405	168	213	278
Net Income / (Loss) Continuing Operations	75	85	154	405	168	213	278
Total Pre-Tax Income	95	112	200	525	192	264	336
Total Operating Income	163	181	236	561	231	293	348
Total Gross Profit	459	494	547	575	648	736	869
Total Revenue	2,714	2,778	2,879	2,693	2,826	3,234	3,648
Operating Revenue	2,714	2,778	2,879	2,693	2,826	3,234	3,648
Total Cost of Revenue	2,255	2,284	2,332	2,118	2,178	2,498	2,779
Operating Cost of Revenue	2,255	2,284	2,332	2,118	2,178	2,498	2,779
Total Operating Expenses	296	313	311	14	417	443	521
Selling, General & Admin Expense	277	283	293	357	384	414	497
Amortization Expense	9.00	9.00	9.00	10	22	22	22
Other Operating Expenses / (Income)	10	21	9.00	-353	11	7.00	2.00
Total Other Income / (Expense), net	-68	-69	-36	-36	-39	-29	-12
Interest & Investment Income	-	-	-	-	-36	-21	-8.00
Other Income / (Expense), net	-3.00	-5.00	-1.00	-2.00	-3.00	-8.00	-4.00
Income Tax Expense	20	27	46	120	24	51	58
Basic Earnings per Share	$0.52	$0.40	$0.73	$1.88	$0.64	$0.81	$1.05
Weighted Average Basic Shares Outstanding	-	-	145M	260.55M	262.63M	265.16M	265.85M
Diluted Earnings per Share	$0.52	$0.40	$0.73	$1.88	$0.64	$0.80	$1.03
Weighted Average Diluted Shares Outstanding	-	-	145M	260.55M	262.63M	265.16M	265.85M
Weighted Average Basic & Diluted Shares Outstanding	-	-	145M	260.55M	262.63M	265.16M	265.85M
Cash Dividends to Common per Share	-	-	-	-	-	-	$0.36

This table shows Leonardo DRS's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	47	74	29	38	57	89	50	54	72	102	62
Consolidated Net Income / (Loss)	47	74	29	38	57	89	50	54	72	102	62
Net Income / (Loss) Continuing Operations	47	74	29	38	57	89	50	54	72	102	62
Total Pre-Tax Income	48	95	37	47	69	111	58	67	87	124	77
Total Operating Income	59	105	43	55	75	120	59	70	93	126	77
Total Gross Profit	162	210	153	169	179	235	181	197	222	269	212
Total Revenue	703	926	688	753	812	981	799	829	960	1,060	846
Operating Revenue	703	926	688	753	812	981	799	829	960	1,060	846
Total Cost of Revenue	541	716	535	584	633	746	618	632	738	791	634
Operating Cost of Revenue	541	716	535	584	633	746	618	632	738	791	634
Total Operating Expenses	103	105	110	114	104	115	122	127	129	143	135
Selling, General & Admin Expense	96	98	101	107	98	108	117	121	123	136	130
Amortization Expense	5.00	6.00	5.00	6.00	6.00	5.00	5.00	6.00	5.00	6.00	5.00
Total Other Income / (Expense), net	-11	-10	-6.00	-8.00	-6.00	-9.00	-1.00	-3.00	-6.00	-2.00	0.00
Interest & Investment Income	-	-	-	-7.00	-5.00	-	-1.00	-2.00	-4.00	-	0.00
Income Tax Expense	1.00	21	8.00	9.00	12	22	8.00	13	15	22	15
Basic Earnings per Share	$0.18	$0.27	$0.11	$0.14	$0.22	$0.34	$0.19	$0.20	$0.27	$0.39	$0.23
Weighted Average Basic Shares Outstanding	262.37M	262.63M	263.14M	263.70M	264.40M	265.16M	266.05M	266.12M	266.03M	265.85M	266.76M
Diluted Earnings per Share	$0.18	$0.28	$0.11	$0.14	$0.21	$0.34	$0.19	$0.20	$0.26	$0.38	$0.23
Weighted Average Diluted Shares Outstanding	262.37M	262.63M	263.14M	263.70M	264.40M	265.16M	266.05M	266.12M	266.03M	265.85M	266.76M
Weighted Average Basic & Diluted Shares Outstanding	262.37M	262.63M	263.14M	263.70M	264.40M	265.16M	266.05M	266.12M	266.03M	265.85M	266.76M
Cash Dividends to Common per Share	-	-	-	-	-	-	$0.09	$0.09	$0.09	-	$0.09

This table details how cash moves in and out of Leonardo DRS's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	6.00	-24	179	66	161	131	49
Net Cash From Operating Activities	157	125	178	33	205	271	366
Net Cash From Continuing Operating Activities	157	125	178	33	205	271	366
Net Income / (Loss) Continuing Operations	75	85	154	405	168	213	278
Consolidated Net Income / (Loss)	75	85	154	405	168	213	278
Depreciation Expense	51	53	58	65	85	91	93
Non-Cash Adjustments To Reconcile Net Income	-166	67	-71	-411	-19	58	-27
Changes in Operating Assets and Liabilities, net	197	-80	37	-26	-29	-91	22
Net Cash From Investing Activities	-151	-70	39	436	-59	-84	-154
Net Cash From Continuing Investing Activities	-151	-70	39	436	-59	-84	-154
Purchase of Property, Plant & Equipment	-55	-56	-60	-65	-60	-85	-139
Sale of Property, Plant & Equipment	8.00	5.00	0.00	0.00	1.00	1.00	0.00
Sale and/or Maturity of Investments	-	-	-	-	0.00	0.00	-15
Net Cash From Financing Activities	-1.00	-80	-38	-403	15	-56	-163
Net Cash From Continuing Financing Activities	-1.00	-80	-38	-403	15	-56	-163
Repayment of Debt	-881	-1,174	-950	-1,000	-731	-301	-21
Repurchase of Common Equity	-	-	0.00	0.00	0.00	0.00	-35
Payment of Dividends	-	0.00	0.00	-396	0.00	0.00	-96
Issuance of Debt	880	1,094	912	990	735	248	1.00
Issuance of Common Equity	-	-	0.00	0.00	12	16	9.00
Other Financing Activities, net	-	0.00	0.00	3.00	-1.00	-19	-21
Effect of Exchange Rate Changes	-	1.00	0.00	0.00	0.00	0.00	0.00

This table details how cash moves in and out of Leonardo DRS's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	12	420	-307	-11	49	400	-218	-102	31	338	-319
Net Cash From Operating Activities	36	515	-265	34	59	443	-138	-28	107	425	-66
Net Cash From Continuing Operating Activities	36	515	-265	34	59	443	-138	-28	107	425	-66
Net Income / (Loss) Continuing Operations	47	74	29	38	57	89	50	54	72	102	62
Consolidated Net Income / (Loss)	47	74	29	38	57	89	50	54	72	102	62
Depreciation Expense	21	22	22	23	23	23	23	23	23	24	24
Non-Cash Adjustments To Reconcile Net Income	-39	158	-97	-21	45	195	-102	-28	149	-46	-40
Changes in Operating Assets and Liabilities, net	7.00	261	-219	-6.00	-66	136	-109	-77	-137	345	-112
Net Cash From Investing Activities	-16	-17	-10	-34	-11	-29	-32	-28	-45	-49	-29
Net Cash From Continuing Investing Activities	-16	-17	-10	-34	-11	-29	-32	-28	-45	-49	-29
Purchase of Property, Plant & Equipment	-15	-18	-10	-34	-12	-29	-32	-28	-30	-49	-30
Sale of Property, Plant & Equipment	-1.00	1.00	-	-	1.00	-	0.00	-	-	-	1.00
Net Cash From Financing Activities	-8.00	-78	-32	-11	1.00	-14	-48	-46	-31	-38	-224
Net Cash From Continuing Financing Activities	-8.00	-78	-32	-11	1.00	-14	-48	-46	-30	-39	-224
Repayment of Debt	-170	-262	-67	-114	-100	-20	-6.00	-5.00	-5.00	-5.00	-195
Repurchase of Common Equity	-	-	0.00	-2.00	-	-15	-3.00	-11	-10	-11	-4.00
Payment of Dividends	-	-	0.00	-	-	-	-24	-24	-24	-24	-24
Issuance of Debt	160	180	35	100	95	18	2.00	-5.00	3.00	1.00	-4.00
Issuance of Common Equity	2.00	4.00	2.00	5.00	6.00	3.00	0.00	3.00	6.00	-	3.00
Other Financing Activities, net	-	-	-2.00	-	-	-	-17	-4.00	-	-	0.00
Effect of Exchange Rate Changes	-	-	0.00	-	-	-	0.00	-	-	-	0.00

This table presents Leonardo DRS's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,956	3,069	3,677	3,921	4,184	4,486
Total Current Assets	1,263	1,389	1,707	1,918	2,163	2,326
Cash & Equivalents	61	240	306	467	598	647
Accounts Receivable	102	156	166	151	253	334
Inventories, net	247	205	319	329	358	352
Prepaid Expenses	33	23	20	21	27	26
Other Current Assets	705	765	896	950	927	967
Plant, Property, & Equipment, net	0.00	364	0.00	0.00	0.00	0.00
Total Noncurrent Assets	1,693	1,316	1,970	2,003	2,021	2,160
Goodwill	1,057	1,071	1,236	1,238	1,238	1,238
Intangible Assets	60	52	172	151	132	112
Noncurrent Deferred & Refundable Income Taxes	87	56	66	123	120	88
Other Noncurrent Operating Assets	489	137	496	491	531	722
Total Liabilities & Shareholders' Equity	2,956	3,069	3,677	3,921	4,184	4,486
Total Liabilities	1,529	1,476	1,550	1,596	1,627	1,756
Total Current Liabilities	975	989	1,042	1,078	1,116	1,231
Short-Term Debt	53	41	29	57	25	26
Accounts Payable	478	479	457	398	426	351
Current Deferred Revenue	-	-	233	335	399	585
Other Current Liabilities	444	469	323	288	266	269
Total Noncurrent Liabilities	554	487	508	518	511	525
Long-Term Debt	374	352	365	349	340	321
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	0.00	4.00	7.00	3.00
Noncurrent Employee Benefit Liabilities	88	61	45	36	34	35
Other Noncurrent Operating Liabilities	92	74	98	129	130	166
Commitments & Contingencies	-	-	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,427	1,593	2,127	2,325	2,557	2,730
Total Preferred & Common Equity	1,427	1,593	2,127	2,325	2,557	2,730
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,427	1,593	2,127	2,325	2,557	2,730
Common Stock	4,634	4,634	5,150	5,178	5,197	5,086
Retained Earnings	-3,137	-2,983	-2,974	-2,806	-2,593	-2,315
Accumulated Other Comprehensive Income / (Loss)	-70	-58	-49	-47	-47	-41

This table presents Leonardo DRS's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	2,931	3,681	3,662	3,713	3,781	3,819	3,861	4,096	4,079	4,245	4,211
Total Current Assets	1,431	1,712	1,697	1,740	1,772	1,805	1,860	2,070	2,025	2,166	2,056
Cash & Equivalents	63	174	35	47	160	149	198	380	278	309	328
Accounts Receivable	170	158	198	200	194	188	237	254	265	327	324
Inventories, net	246	364	378	383	342	367	363	385	400	404	371
Prepaid Expenses	-	19	17	17	23	31	29	28	26	32	27
Other Current Assets	952	997	1,069	1,093	1,053	1,070	1,033	1,023	1,056	1,094	1,006
Plant, Property, & Equipment, net	362	402	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	1,138	1,567	1,965	1,973	2,009	2,014	2,001	2,026	2,054	2,079	2,155
Goodwill	952	1,236	1,236	1,236	1,238	1,238	1,238	1,238	1,238	1,238	1,238
Intangible Assets	45	167	161	156	146	144	138	126	120	114	106
Noncurrent Deferred & Refundable Income Taxes	49	72	68	87	123	122	124	119	118	118	89
Other Noncurrent Operating Assets	92	92	500	494	502	510	501	543	578	609	722
Total Liabilities & Shareholders' Equity	2,931	3,681	3,662	3,713	3,781	3,819	3,861	4,096	4,079	4,245	4,211
Total Liabilities	1,393	1,538	1,473	1,471	1,426	1,413	1,387	1,525	1,479	1,597	1,441
Total Current Liabilities	912	1,019	943	951	902	896	880	1,027	958	1,082	1,105
Short-Term Debt	67	250	136	132	30	22	22	27	22	24	11
Accounts Payable	285	258	290	328	220	263	292	299	265	342	187
Current Deferred Revenue	195	-	292	258	361	348	315	467	436	440	640
Other Current Liabilities	365	511	225	233	291	263	251	234	235	276	267
Total Noncurrent Liabilities	481	519	530	520	524	517	507	498	521	515	336
Long-Term Debt	350	360	357	351	356	351	345	335	331	326	140
Noncurrent Deferred & Payable Income Tax Liabilities	-	6.00	8.00	8.00	4.00	4.00	6.00	7.00	6.00	5.00	4.00
Noncurrent Employee Benefit Liabilities	56	42	41	35	35	36	34	29	29	28	32
Other Noncurrent Operating Liabilities	75	111	124	126	129	126	122	127	155	156	160
Commitments & Contingencies	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,538	2,143	2,189	2,242	2,355	2,406	2,474	2,571	2,600	2,648	2,770
Total Preferred & Common Equity	1,538	2,143	2,189	2,242	2,355	2,406	2,474	2,571	2,600	2,648	2,770
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,538	2,143	2,189	2,242	2,355	2,406	2,474	2,571	2,600	2,648	2,770
Common Stock	4,634	5,154	5,163	5,169	5,179	5,192	5,203	5,161	5,131	5,108	5,065
Retained Earnings	-3,039	-2,962	-2,927	-2,880	-2,777	-2,739	-2,682	-2,543	-2,489	-2,417	-2,253
Accumulated Other Comprehensive Income / (Loss)	-57	-49	-47	-47	-47	-47	-47	-47	-42	-43	-42

This table displays calculated financial ratios and metrics derived from Leonardo DRS's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	2.36%	3.64%	-6.46%	4.94%	14.44%	12.80%
EBITDA Growth	0.00%	8.53%	27.95%	112.97%	-49.84%	20.13%	16.22%
EBIT Growth	0.00%	10.00%	33.52%	137.87%	-59.21%	25.00%	20.70%
NOPAT Growth	0.00%	6.75%	32.29%	138.15%	-53.30%	16.96%	21.80%
Net Income Growth	0.00%	13.33%	81.18%	162.99%	-58.52%	26.79%	30.52%
EPS Growth	0.00%	-23.08%	82.50%	157.53%	-65.96%	25.00%	28.75%
Operating Cash Flow Growth	0.00%	-20.38%	42.40%	-81.46%	521.21%	32.20%	35.06%
Free Cash Flow Firm Growth	0.00%	0.00%	113.81%	-115.84%	522.66%	15.20%	3.14%
Invested Capital Growth	0.00%	0.00%	-2.62%	26.86%	2.21%	2.65%	4.56%
Revenue Q/Q Growth	0.00%	0.00%	-16.98%	0.00%	3.90%	1.73%	2.21%
EBITDA Q/Q Growth	0.00%	0.00%	1.38%	1.13%	8.30%	3.30%	2.58%
EBIT Q/Q Growth	0.00%	0.00%	1.29%	0.72%	9.09%	4.01%	2.99%
NOPAT Q/Q Growth	0.00%	0.00%	3.18%	1.88%	4.44%	6.51%	2.62%
Net Income Q/Q Growth	0.00%	0.00%	7.69%	1.76%	5.66%	7.58%	4.91%
EPS Q/Q Growth	0.00%	0.00%	-8.75%	11.24%	3.23%	8.11%	4.04%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-27.05%	-23.26%	761.29%	-20.99%	-4.69%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-107.54%	125.85%	-31.35%	-22.45%
Invested Capital Q/Q Growth	0.00%	0.00%	-10.37%	17.07%	-15.46%	-12.07%	-9.63%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	16.91%	17.78%	19.00%	21.35%	22.93%	22.76%	23.82%
EBITDA Margin	7.77%	8.24%	10.18%	23.17%	11.08%	11.63%	11.98%
Operating Margin	6.01%	6.52%	8.20%	20.83%	8.17%	9.06%	9.54%
EBIT Margin	5.90%	6.34%	8.16%	20.76%	8.07%	8.81%	9.43%
Profit (Net Income) Margin	2.76%	3.06%	5.35%	15.04%	5.94%	6.59%	7.62%
Tax Burden Percent	78.95%	75.89%	77.00%	77.14%	87.50%	80.68%	82.74%
Interest Burden Percent	59.38%	63.64%	85.11%	93.92%	84.21%	92.63%	97.67%
Effective Tax Rate	21.05%	24.11%	23.00%	22.86%	12.50%	19.32%	17.26%
Return on Invested Capital (ROIC)	0.00%	15.32%	10.27%	21.85%	9.03%	10.31%	12.11%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-13.29%	-0.41%	-1.20%	-243.75%	26.22%	15.84%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-3.41%	-0.07%	-0.08%	-1.48%	-1.58%	-1.60%
Return on Equity (ROE)	0.00%	11.91%	10.20%	21.77%	7.55%	8.73%	10.52%
Cash Return on Invested Capital (CROIC)	0.00%	-184.68%	12.93%	-1.83%	6.84%	7.69%	7.65%
Operating Return on Assets (OROA)	0.00%	5.95%	7.80%	16.57%	6.00%	7.03%	7.94%
Return on Assets (ROA)	0.00%	2.88%	5.11%	12.01%	4.42%	5.26%	6.41%
Return on Common Equity (ROCE)	0.00%	11.91%	10.20%	21.77%	7.55%	8.73%	10.52%
Return on Equity Simple (ROE_SIMPLE)	0.00%	5.96%	9.67%	19.04%	7.23%	8.33%	0.00%
Net Operating Profit after Tax (NOPAT)	129	137	182	433	202	236	288
NOPAT Margin	4.74%	4.94%	6.31%	16.07%	7.15%	7.31%	7.89%
Net Nonoperating Expense Percent (NNEP)	0.00%	28.62%	10.68%	23.05%	252.78%	-15.92%	-3.73%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	17.17%	7.40%	8.09%	9.36%
Cost of Revenue to Revenue	83.09%	82.22%	81.00%	78.65%	77.07%	77.24%	76.18%
SG&A Expenses to Revenue	10.21%	10.19%	10.18%	13.26%	13.59%	12.80%	13.62%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	10.91%	11.27%	10.80%	0.52%	14.76%	13.70%	14.28%
Earnings before Interest and Taxes (EBIT)	160	176	235	559	228	285	344
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	211	229	293	624	313	376	437
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.47	0.00	0.87	2.26	3.34	3.32
Price to Tangible Book Value (P/TBV)	0.00	2.16	0.00	2.58	5.62	7.20	6.57
Price to Revenue (P/Rev)	0.25	0.24	0.00	0.69	1.86	2.64	2.49
Price to Earnings (P/E)	8.93	7.88	0.00	4.58	31.30	40.11	32.62
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.06%
Earnings Yield	11.20%	12.69%	0.00%	21.86%	3.20%	2.49%	3.07%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.58	0.00	0.88	2.30	3.58	3.61
Enterprise Value to Revenue (EV/Rev)	0.00	0.37	0.00	0.72	1.84	2.57	2.40
Enterprise Value to EBITDA (EV/EBITDA)	0.00	4.52	0.00	3.11	16.60	22.10	20.07
Enterprise Value to EBIT (EV/EBIT)	0.00	5.89	0.00	3.47	22.79	29.16	25.49
Enterprise Value to NOPAT (EV/NOPAT)	0.00	7.54	0.00	4.49	25.71	35.15	30.46
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	8.29	0.00	58.82	25.35	30.66	23.96
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	33.94	47.11	48.20
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	0.30	0.25	0.19	0.17	0.14	0.13
Long-Term Debt to Equity	0.00	0.26	0.22	0.17	0.15	0.13	0.12
Financial Leverage	0.00	0.26	0.17	0.06	0.01	-0.06	-0.10
Leverage Ratio	0.00	2.07	2.00	1.81	1.71	1.66	1.64
Compound Leverage Factor	0.00	1.32	1.70	1.70	1.44	1.54	1.60
Debt to Total Capital	0.00%	23.03%	19.79%	15.63%	14.87%	12.49%	11.28%
Short-Term Debt to Total Capital	0.00%	2.86%	2.06%	1.15%	2.09%	0.86%	0.85%
Long-Term Debt to Total Capital	0.00%	20.17%	17.72%	14.48%	12.78%	11.64%	10.43%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	76.97%	80.21%	84.37%	85.13%	87.51%	88.72%
Debt to EBITDA	0.00	1.86	1.34	0.63	1.30	0.97	0.79
Net Debt to EBITDA	0.00	1.60	0.52	0.14	-0.19	-0.62	-0.69
Long-Term Debt to EBITDA	0.00	1.63	1.20	0.58	1.12	0.90	0.73
Debt to NOPAT	0.00	3.11	2.16	0.91	2.01	1.54	1.21
Net Debt to NOPAT	0.00	2.66	0.84	0.20	-0.30	-0.99	-1.04
Long-Term Debt to NOPAT	0.00	2.72	1.94	0.84	1.73	1.44	1.11
Altman Z-Score	0.00	0.03	0.00	1.04	2.14	3.58	3.74
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	1.30	1.40	1.64	1.78	1.94	1.89
Quick Ratio	0.00	0.29	0.40	0.45	0.57	0.76	0.80
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-1,656	229	-36	153	176	182
Operating Cash Flow to CapEx	334.04%	245.10%	296.67%	50.77%	347.46%	322.62%	263.31%
Free Cash Flow to Firm to Interest Expense	0.00	-25.87	6.53	-1.07	4.25	8.40	0.00
Operating Cash Flow to Interest Expense	2.42	1.95	5.09	0.97	5.69	12.90	0.00
Operating Cash Flow Less CapEx to Interest Expense	1.69	1.16	3.37	-0.94	4.06	8.90	0.00
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.94	0.96	0.80	0.74	0.80	0.84
Accounts Receivable Turnover	0.00	27.24	22.32	16.73	17.83	16.01	12.43
Inventory Turnover	0.00	9.25	10.32	8.08	6.72	7.27	7.83
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	4.78	4.87	4.53	5.09	6.06	7.15
Days Sales Outstanding (DSO)	0.00	13.40	16.35	21.82	20.47	22.80	29.37
Days Inventory Outstanding (DIO)	0.00	39.47	35.37	45.15	54.30	50.19	46.63
Days Payable Outstanding (DPO)	0.00	76.39	74.89	80.65	71.64	60.20	51.03
Cash Conversion Cycle (CCC)	0.00	-23.51	-23.17	-13.68	3.13	12.79	24.97
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	1,793	1,746	2,215	2,264	2,324	2,430
Invested Capital Turnover	0.00	3.10	1.63	1.36	1.26	1.41	1.53
Increase / (Decrease) in Invested Capital	0.00	1,793	-47	469	49	60	106
Enterprise Value (EV)	0.00	1,036	0.00	1,941	5,197	8,310	8,769
Market Capitalization	670	670	0.00	1,853	5,258	8,543	9,069
Book Value per Share	$0.00	$44.73	$10.99	$14.67	$8.86	$9.67	$10.26
Tangible Book Value per Share	$0.00	$9.72	$3.24	$4.96	$3.57	$4.49	$5.19
Total Capital	0.00	1,854	1,986	2,521	2,731	2,922	3,077
Total Debt	0.00	427	393	394	406	365	347
Total Long-Term Debt	0.00	374	352	365	349	340	321
Net Debt	0.00	366	153	88	-61	-233	-300
Capital Expenditures (CapEx)	47	51	60	65	59	84	139
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	280	201	388	430	474	474
Debt-free Net Working Capital (DFNWC)	0.00	341	441	694	897	1,072	1,121
Net Working Capital (NWC)	0.00	288	400	665	840	1,047	1,095
Net Nonoperating Expense (NNE)	54	52	28	28	34	23	9.93
Net Nonoperating Obligations (NNO)	0.00	366	153	88	-61	-233	-300
Total Depreciation and Amortization (D&A)	51	53	58	65	85	91	93
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	10.08%	6.98%	14.41%	15.22%	14.66%	12.99%
Debt-free Net Working Capital to Revenue	0.00%	12.28%	15.32%	25.77%	31.74%	33.15%	30.73%
Net Working Capital to Revenue	0.00%	10.37%	13.89%	24.69%	29.72%	32.37%	30.02%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$1.06	$1.88	$0.64	$0.81	$1.05
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	145M	260.55M	262.63M	265.16M	265.85M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$1.06	$1.88	$0.64	$0.80	$1.03
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	145M	260.55M	262.63M	265.16M	265.85M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	145M	260.55M	262.63M	265.16M	265.85M
Normalized Net Operating Profit after Tax (NOPAT)	129	137	182	433	202	236	288
Normalized NOPAT Margin	4.74%	4.94%	6.31%	16.07%	7.15%	7.31%	7.89%
Pre Tax Income Margin	3.50%	4.03%	6.95%	19.50%	6.79%	8.16%	9.21%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	2.46	2.75	6.71	16.44	6.33	13.57	0.00
NOPAT to Interest Expense	1.98	2.15	5.19	12.73	5.61	11.26	0.00
EBIT Less CapEx to Interest Expense	1.74	1.95	5.00	14.53	4.69	9.57	0.00
NOPAT Less CapEx to Interest Expense	1.26	1.35	3.48	10.82	3.98	7.26	0.00
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	97.78%	0.00%	0.00%	34.53%
Augmented Payout Ratio	0.00%	0.00%	0.00%	97.78%	0.60%	8.92%	47.12%

This table displays calculated financial ratios and metrics derived from Leonardo DRS's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	265,846,193.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	265,846,193.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.23
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.88%	12.93%	20.91%	19.90%	15.51%	5.94%	16.13%	10.09%	18.23%	8.05%	5.88%
EBITDA Growth	-79.90%	23.53%	39.13%	24.19%	22.78%	9.52%	28.13%	19.48%	17.53%	7.97%	23.17%
EBIT Growth	-84.57%	22.35%	75.00%	28.57%	27.59%	10.58%	40.48%	27.78%	22.97%	8.70%	30.51%
NOPAT Growth	-79.79%	12.81%	79.75%	-0.17%	7.25%	17.64%	50.91%	26.87%	24.23%	7.72%	21.90%
Net Income Growth	-83.15%	13.85%	141.67%	8.57%	21.28%	20.27%	72.41%	42.11%	26.32%	14.61%	24.00%
EPS Growth	-86.47%	7.69%	120.00%	7.69%	16.67%	21.43%	72.73%	42.86%	23.81%	11.76%	21.05%
Operating Cash Flow Growth	1,000.00%	84.59%	20.66%	383.33%	63.89%	-13.98%	47.92%	-182.35%	81.36%	-4.06%	52.17%
Free Cash Flow Firm Growth	-313.03%	108.27%	105.01%	109.42%	113.31%	10.45%	148.76%	-81.42%	-68.06%	-106.50%	-72.10%
Invested Capital Growth	41.54%	2.21%	0.08%	-0.64%	-1.31%	2.65%	-1.08%	1.71%	1.74%	4.56%	1.57%
Revenue Q/Q Growth	11.94%	31.72%	-25.70%	9.45%	7.84%	20.81%	-18.55%	3.75%	15.80%	10.42%	-20.19%
EBITDA Q/Q Growth	27.42%	59.49%	-49.21%	20.31%	25.97%	42.27%	-40.58%	12.20%	23.91%	30.70%	-32.21%
EBIT Q/Q Growth	38.10%	79.31%	-59.62%	28.57%	37.04%	55.41%	-48.70%	16.95%	31.88%	37.36%	-38.40%
NOPAT Q/Q Growth	29.69%	41.58%	-58.79%	31.94%	39.33%	55.30%	-47.14%	10.92%	36.42%	34.66%	-40.18%
Net Income Q/Q Growth	34.29%	57.45%	-60.81%	31.03%	50.00%	56.14%	-43.82%	8.00%	33.33%	41.67%	-39.22%
EPS Q/Q Growth	38.46%	55.56%	-60.71%	27.27%	50.00%	61.90%	-44.12%	5.26%	30.00%	46.15%	-39.47%
Operating Cash Flow Q/Q Growth	400.00%	1,330.56%	-151.46%	112.83%	73.53%	650.85%	-131.15%	79.71%	482.14%	297.20%	-115.53%
Free Cash Flow Firm Q/Q Growth	-11.61%	104.50%	-3.31%	93.89%	57.73%	-62.65%	117.75%	-85.52%	171.20%	-107.60%	1,034.25%
Invested Capital Q/Q Growth	1.17%	-15.46%	14.00%	1.90%	0.49%	-12.07%	9.85%	4.78%	0.52%	-9.63%	6.71%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	23.04%	22.68%	22.24%	22.44%	22.04%	23.96%	22.65%	23.76%	23.13%	25.38%	25.06%
EBITDA Margin	11.24%	13.61%	9.30%	10.23%	11.95%	14.07%	10.26%	11.10%	11.88%	14.06%	11.94%
Operating Margin	8.39%	11.34%	6.25%	7.30%	9.24%	12.23%	7.38%	8.44%	9.69%	11.89%	9.10%
EBIT Margin	8.25%	11.23%	6.10%	7.17%	9.11%	11.72%	7.38%	8.32%	9.48%	11.79%	9.10%
Profit (Net Income) Margin	6.69%	7.99%	4.22%	5.05%	7.02%	9.07%	6.26%	6.51%	7.50%	9.62%	7.33%
Tax Burden Percent	97.92%	77.89%	78.38%	80.85%	82.61%	80.18%	86.21%	80.60%	82.76%	82.26%	80.52%
Interest Burden Percent	82.76%	91.35%	88.10%	87.04%	93.24%	96.52%	98.31%	97.10%	95.60%	99.20%	100.00%
Effective Tax Rate	2.08%	22.11%	21.62%	19.15%	17.39%	19.82%	13.79%	19.40%	17.24%	17.74%	19.48%
Return on Invested Capital (ROIC)	9.78%	11.15%	5.59%	6.87%	9.12%	13.83%	8.30%	8.78%	10.73%	15.01%	10.52%
ROIC Less NNEP Spread (ROIC-NNEP)	7.06%	-46.55%	4.17%	4.97%	7.48%	18.74%	7.47%	7.16%	6.00%	15.62%	10.52%
Return on Net Nonoperating Assets (RNNOA)	1.47%	-0.28%	0.61%	0.74%	0.96%	-1.13%	0.32%	0.43%	0.25%	-1.58%	-0.38%
Return on Equity (ROE)	11.26%	10.86%	6.21%	7.61%	10.08%	12.70%	8.61%	9.20%	10.98%	13.43%	10.14%
Cash Return on Invested Capital (CROIC)	-25.93%	6.84%	8.30%	8.87%	9.66%	7.69%	10.97%	8.32%	8.80%	7.65%	10.07%
Operating Return on Assets (OROA)	6.76%	8.35%	4.82%	5.89%	7.65%	9.36%	6.27%	7.21%	8.35%	9.92%	8.10%
Return on Assets (ROA)	5.47%	5.94%	3.33%	4.14%	5.89%	7.24%	5.31%	5.64%	6.60%	8.10%	6.52%
Return on Common Equity (ROCE)	11.26%	10.86%	6.21%	7.61%	10.08%	12.70%	8.61%	9.20%	10.98%	13.43%	10.14%
Return on Equity Simple (ROE_SIMPLE)	7.09%	0.00%	7.86%	7.81%	8.00%	0.00%	9.10%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	58	82	34	44	62	96	51	56	77	104	62
NOPAT Margin	8.22%	8.83%	4.90%	5.91%	7.63%	9.81%	6.37%	6.81%	8.02%	9.78%	7.33%
Net Nonoperating Expense Percent (NNEP)	2.73%	57.70%	1.42%	1.90%	1.64%	-4.91%	0.83%	1.62%	4.73%	-0.62%	0.00%
Return On Investment Capital (ROIC_SIMPLE)	-	2.99%	-	-	-	3.29%	1.73%	1.91%	2.57%	3.37%	2.12%
Cost of Revenue to Revenue	76.96%	77.32%	77.76%	77.56%	77.96%	76.04%	77.35%	76.24%	76.88%	74.62%	74.94%
SG&A Expenses to Revenue	13.66%	10.58%	14.68%	14.21%	12.07%	11.01%	14.64%	14.60%	12.81%	12.83%	15.37%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	14.65%	11.34%	15.99%	15.14%	12.81%	11.72%	15.27%	15.32%	13.44%	13.49%	15.96%
Earnings before Interest and Taxes (EBIT)	58	104	42	54	74	115	59	69	91	125	77
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	79	126	64	77	97	138	82	92	114	149	101
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.95	2.26	2.46	2.79	3.01	3.34	3.39	4.76	4.56	3.32	4.27
Price to Tangible Book Value (P/TBV)	5.15	5.62	5.97	6.56	6.78	7.20	7.22	9.96	9.32	6.57	8.30
Price to Revenue (P/Rev)	1.61	1.86	1.97	2.19	2.34	2.64	2.61	3.61	3.39	2.49	3.20
Price to Earnings (P/E)	27.52	31.30	31.33	35.71	37.58	40.11	37.26	49.46	45.59	32.62	40.81
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.27%	0.39%	0.59%	1.06%	0.81%
Earnings Yield	3.63%	3.20%	3.19%	2.80%	2.66%	2.49%	2.68%	2.02%	2.19%	3.07%	2.45%
Enterprise Value to Invested Capital (EV/IC)	1.80	2.30	2.33	2.64	2.88	3.58	3.41	4.65	4.51	3.61	4.50
Enterprise Value to Revenue (EV/Rev)	1.77	1.84	2.04	2.26	2.39	2.57	2.60	3.64	3.40	2.40	3.16
Enterprise Value to EBITDA (EV/EBITDA)	16.65	16.60	18.19	20.05	20.91	22.10	22.08	30.42	28.46	20.07	25.34
Enterprise Value to EBIT (EV/EBIT)	23.02	22.79	24.48	26.89	27.78	29.16	28.81	39.25	36.30	25.49	31.85
Enterprise Value to NOPAT (EV/NOPAT)	24.86	25.71	27.84	31.97	34.29	35.15	34.29	46.85	43.21	30.46	38.99
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	25.35	21.98	21.68	22.19	30.66	21.86	37.03	31.57	23.96	26.62
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	33.94	28.10	29.65	29.62	47.11	30.88	56.40	51.68	48.20	45.02
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.22	0.17	0.16	0.16	0.15	0.14	0.14	0.14	0.13	0.13	0.05
Long-Term Debt to Equity	0.16	0.15	0.15	0.15	0.14	0.13	0.13	0.13	0.12	0.12	0.05
Financial Leverage	0.21	0.01	0.15	0.15	0.13	-0.06	0.04	0.06	0.04	-0.10	-0.04
Leverage Ratio	1.76	1.71	1.66	1.63	1.61	1.66	1.60	1.58	1.58	1.64	1.56
Compound Leverage Factor	1.45	1.56	1.46	1.42	1.50	1.60	1.57	1.53	1.51	1.63	1.56
Debt to Total Capital	17.72%	14.87%	14.08%	13.42%	12.92%	12.49%	12.34%	11.95%	11.67%	11.28%	5.17%
Short-Term Debt to Total Capital	4.84%	2.09%	1.09%	0.79%	0.77%	0.86%	0.92%	0.75%	0.80%	0.85%	0.38%
Long-Term Debt to Total Capital	12.88%	12.78%	12.99%	12.63%	12.14%	11.64%	11.42%	11.21%	10.87%	10.43%	4.79%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	82.28%	85.13%	85.92%	86.58%	87.08%	87.51%	87.66%	88.05%	88.33%	88.72%	94.83%
Debt to EBITDA	1.67	1.30	1.17	1.08	1.01	0.97	0.92	0.86	0.82	0.79	0.33
Net Debt to EBITDA	1.51	-0.19	0.68	0.65	0.46	-0.62	-0.05	0.18	0.10	-0.69	-0.38
Long-Term Debt to EBITDA	1.21	1.12	1.08	1.01	0.95	0.90	0.85	0.81	0.77	0.73	0.30
Debt to NOPAT	2.50	2.01	1.78	1.72	1.65	1.54	1.43	1.33	1.25	1.21	0.51
Net Debt to NOPAT	2.25	-0.30	1.05	1.03	0.76	-0.99	-0.07	0.28	0.15	-1.04	-0.59
Long-Term Debt to NOPAT	1.81	1.73	1.65	1.62	1.55	1.44	1.32	1.25	1.16	1.11	0.47
Altman Z-Score	1.74	2.04	2.50	2.98	3.44	3.45	3.73	5.37	4.96	3.57	5.39
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.83	1.78	1.96	2.01	2.11	1.94	2.02	2.11	2.00	1.89	1.86
Quick Ratio	0.26	0.57	0.39	0.38	0.49	0.76	0.62	0.57	0.59	0.80	0.59
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-728	33	32	61	97	36	79	11	31	-2.35	22
Operating Cash Flow to CapEx	225.00%	3,029.41%	-2,650.00%	100.00%	536.36%	1,527.59%	-431.25%	-100.00%	356.67%	867.35%	-227.59%
Free Cash Flow to Firm to Interest Expense	-72.82	3.64	6.34	8.78	19.39	9.05	78.86	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	3.60	57.22	-53.00	4.86	11.80	110.75	-138.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	2.00	55.33	-55.00	0.00	9.60	103.50	-170.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.82	0.74	0.79	0.82	0.84	0.80	0.85	0.87	0.88	0.84	0.89
Accounts Receivable Turnover	14.70	17.83	16.73	15.91	14.55	16.01	14.93	15.10	12.66	12.43	12.79
Inventory Turnover	6.67	6.72	6.44	6.38	6.62	7.27	7.10	6.86	7.13	7.83	7.39
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	6.85	5.09	9.52	8.59	7.96	6.06	9.95	9.96	8.62	7.15	11.50
Days Sales Outstanding (DSO)	24.83	20.47	21.81	22.95	25.09	22.80	24.44	24.17	28.84	29.37	28.55
Days Inventory Outstanding (DIO)	54.72	54.30	56.64	57.22	55.16	50.19	51.41	53.24	51.20	46.63	49.36
Days Payable Outstanding (DPO)	53.32	71.64	38.35	42.48	45.85	60.20	36.70	36.65	42.32	51.03	31.73
Cash Conversion Cycle (CCC)	26.22	3.13	40.10	37.69	34.40	12.79	39.15	40.76	37.72	24.97	46.18
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,678	2,264	2,581	2,630	2,643	2,324	2,553	2,675	2,689	2,430	2,593
Invested Capital Turnover	1.19	1.26	1.14	1.16	1.19	1.41	1.30	1.29	1.34	1.53	1.44
Increase / (Decrease) in Invested Capital	786	49	2.00	-17	-35	60	-28	45	46	106	40
Enterprise Value (EV)	4,811	5,197	6,022	6,937	7,611	8,310	8,700	12,441	12,123	8,769	11,658
Market Capitalization	4,375	5,258	5,796	6,713	7,442	8,543	8,718	12,366	12,082	9,069	11,835
Book Value per Share	$8.56	$8.86	$8.95	$9.14	$9.38	$9.67	$9.70	$9.77	$9.95	$10.26	$10.42
Tangible Book Value per Share	$3.24	$3.57	$3.69	$3.89	$4.16	$4.49	$4.55	$4.67	$4.87	$5.19	$5.36
Total Capital	2,725	2,731	2,741	2,779	2,841	2,922	2,933	2,953	2,998	3,077	2,921
Total Debt	483	406	386	373	367	365	362	353	350	347	151
Total Long-Term Debt	351	349	356	351	345	340	335	331	326	321	140
Net Debt	436	-61	226	224	169	-233	-18	75	41	-300	-177
Capital Expenditures (CapEx)	16	17	10	34	11	29	32	28	30	49	29
Debt-free, Cash-free Net Working Capital (DFCFNWC)	874	430	740	782	804	474	690	811	799	474	634
Debt-free Net Working Capital (DFNWC)	921	897	900	931	1,002	1,072	1,070	1,089	1,108	1,121	962
Net Working Capital (NWC)	789	840	870	909	980	1,047	1,043	1,067	1,084	1,095	951
Net Nonoperating Expense (NNE)	11	7.79	4.70	6.47	4.96	7.22	0.86	2.42	4.97	1.65	0.00
Net Nonoperating Obligations (NNO)	436	-61	226	224	169	-233	-18	75	41	-300	-177
Total Depreciation and Amortization (D&A)	21	22	22	23	23	23	23	23	23	24	24
Debt-free, Cash-free Net Working Capital to Revenue	32.13%	15.22%	25.13%	25.47%	25.29%	14.66%	20.63%	23.71%	22.39%	12.99%	17.16%
Debt-free Net Working Capital to Revenue	33.86%	31.74%	30.56%	30.33%	31.52%	33.15%	31.99%	31.83%	31.05%	30.73%	26.04%
Net Working Capital to Revenue	29.01%	29.72%	29.54%	29.61%	30.83%	32.37%	31.18%	31.19%	30.37%	30.02%	25.74%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.18	$0.27	$0.11	$0.14	$0.22	$0.34	$0.19	$0.20	$0.27	$0.39	$0.23
Adjusted Weighted Average Basic Shares Outstanding	262.37M	262.63M	263.14M	263.70M	264.40M	265.16M	266.05M	266.12M	266.03M	265.85M	266.76M
Adjusted Diluted Earnings per Share	$0.18	$0.28	$0.11	$0.14	$0.21	$0.34	$0.19	$0.20	$0.26	$0.38	$0.23
Adjusted Weighted Average Diluted Shares Outstanding	262.37M	262.63M	263.14M	263.70M	264.40M	265.16M	266.05M	266.12M	266.03M	265.85M	266.76M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	262.37M	262.63M	263.14M	263.70M	264.40M	265.16M	266.05M	266.12M	266.03M	265.85M	266.76M
Normalized Net Operating Profit after Tax (NOPAT)	58	82	34	44	62	96	51	56	77	104	62
Normalized NOPAT Margin	8.22%	8.83%	4.90%	5.91%	7.63%	9.81%	6.37%	6.81%	8.02%	9.78%	7.33%
Pre Tax Income Margin	6.83%	10.26%	5.38%	6.24%	8.50%	11.32%	7.26%	8.08%	9.06%	11.70%	9.10%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.80	11.56	8.40	7.71	14.80	28.75	59.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	5.78	9.09	6.74	6.35	12.39	24.05	50.86	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	4.20	9.67	6.40	2.86	12.60	21.50	27.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	4.18	7.20	4.74	1.50	10.19	16.80	18.86	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	10.26%	19.20%	27.17%	34.53%	33.10%
Augmented Payout Ratio	0.63%	0.60%	1.08%	2.13%	2.02%	8.92%	19.66%	32.40%	43.40%	47.12%	45.52%

Financials Breakdown Chart

Key Financial Trends

Here are concise, recent-trend takeaways for Leonardo DRS (NASDAQ: DRS) based on quarterly statements through Q4 2025. The bullets highlight key positives first, then neutral observations, and finally potential negatives.

Revenue climbed to 1.06B in Q4 2025, up from 981M in Q4 2024 and well above levels in 2022–2023, indicating a strong growth trend in the business.
Gross margin improved to roughly 25.3% in Q4 2025 (269M gross profit on 1.06B revenue) versus about 24% in late-2024, signaling better profitability on core operations.
Net income rose to 102M in Q4 2025 from 89M in Q4 2024, showing improved quarterly profitability as revenue and margins expanded.
Cash flow strength remains solid: Net cash from continuing operating activities was about 425M in Q4 2025, with free cash flow near 376M (425M CFO minus ~49M capex), supporting debt service and potential shareholder returns.
Earnings per share were 0.38 (diluted) in Q4 2025, with weighted average shares around 265.8M—indicating stable ownership and a modest equity base.
The balance sheet shows solid liquidity and a robust equity base: cash and equivalents around 309M at the latest period, total equity near 2.85B, and long-term debt around 326–351M across recent quarters.
Goodwill remains high (roughly 1.24B in mid-2025), suggesting the company has pursued acquisitions or asset-light growth synergy; impairment risk would depend on future performance of those acquisitions.
Selling, general & admin expenses rose to about 136M in Q4 2025 from 108M in Q4 2024, which compresses margin expansion and flags continued operating-cost discipline as a key watch point.
Net cash from financing activities was negative in Q4 2025 (~-38M), reflecting debt repayments and share-related activity that reduced cash despite strong operating cash flow.
Shareholder-friendly but cash-using actions: in Q4 2025, the company engaged in modest share repurchases (~11M) and paid ~24M in dividends, which, while value-enhancing for shareholders, reduce near-term cash reserves.

05/15/26 07:11 PM ETAI Generated. May Contain Errors.

Leonardo DRS Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Leonardo DRS's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Leonardo DRS's net income appears to be on an upward trend, with a most recent value of $278 million in 2025, rising from $75 million in 2019. The previous period was $213 million in 2024. Find out what analysts predict for Leonardo DRS in the coming months.

Leonardo DRS's total operating income in 2025 was $348 million, based on the following breakdown:

Total Gross Profit: $869 million
Total Operating Expenses: $521 million

Over the last 6 years, Leonardo DRS's total revenue changed from $2.71 billion in 2019 to $3.65 billion in 2025, a change of 34.4%.

Leonardo DRS's total liabilities were at $1.76 billion at the end of 2025, a 7.9% increase from 2024, and a 14.8% increase since 2020.

In the past 5 years, Leonardo DRS's cash and equivalents has ranged from $61 million in 2020 to $647 million in 2025, and is currently $647 million as of their latest financial filing in 2025.

Over the last 6 years, Leonardo DRS's book value per share changed from 0.00 in 2019 to 10.26 in 2025, a change of 1,026.2%.

Related Companies

Financial statements for NASDAQ:DRS last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Leonardo DRS (DRS) Financials

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Leonardo DRS (DRS) Financials

Annual Income Statements for Leonardo DRS

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Quarterly Cash Flow Statements for Leonardo DRS

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Quarterly Balance Sheets for Leonardo DRS

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Quarterly Metrics And Ratios for Leonardo DRS

Financials Breakdown Chart

Key Financial Trends

Leonardo DRS Financials - Frequently Asked Questions

When does Leonardo DRS's fiscal year end?

How has Leonardo DRS's net income changed over the last 6 years?

What is Leonardo DRS's operating income?

How has Leonardo DRS's revenue changed over the last 6 years?

How much debt does Leonardo DRS have?

How much cash does Leonardo DRS have?

How has Leonardo DRS's book value per share changed over the last 6 years?

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