What is Kratos Defense & Security Solutions' operating income?

Kratos Defense & Security Solutions' total operating income in 2025 was $25.60 million, based on the following breakdown: Total Gross Profit: $307.90 million Total Operating Expenses: $282.30 million

Kratos Defense & Security Solutions (KTOS) Financials

$64.58 +1.79 (+2.85%)

Closing price 08/14/2026 04:00 PM Eastern

Extended Trading

$64.56 -0.02 (-0.04%)

As of 08/14/2026 07:59 PM Eastern

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Annual Income Statements for Kratos Defense & Security Solutions

This table shows Kratos Defense & Security Solutions' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/27/2015	12/25/2016	12/31/2017	12/30/2018	12/29/2019	12/27/2020	12/26/2021	12/25/2022	12/31/2023	12/29/2024	12/28/2025
Net Income / (Loss) Attributable to Common Shareholders	20	-61	-43	-3.50	13	80	-2.00	-37	-8.90	16	22
Consolidated Net Income / (Loss)	20	-61	-43	-3.50	13	79	-1.60	-33	2.40	16	22
Net Income / (Loss) Continuing Operations	-33	-58	-47	4.10	11	80	0.50	-33	2.40	16	22
Total Pre-Tax Income	-45	-52	-57	8.70	16	6.80	4.40	-33	11	27	34
Total Operating Income	-4.50	-18	-12	31	38	29	28	-2.90	31	29	26
Total Gross Profit	162	-421	-446	-448	190	203	225	226	269	287	308
Total Revenue	657	0.00	0.00	0.00	718	748	812	898	1,037	1,136	1,347
Operating Revenue	657	-	-	-	718	748	812	898	1,037	1,136	1,347
Total Cost of Revenue	495	421	446	448	528	545	586	672	769	849	1,039
Operating Cost of Revenue	495	421	446	448	528	545	586	672	769	849	1,039
Total Operating Expenses	166	-403	-434	-479	152	174	197	229	238	258	282
Selling, General & Admin Expense	151	115	127	120	131	145	160	183	199	217	240
Research & Development Expense	16	14	18	16	18	27	35	39	38	40	40
Restructuring Charge	0.10	-	0.00	0.00	3.20	1.70	1.80	7.50	0.40	0.70	2.10
Total Other Income / (Expense), net	-40	-34	-45	-22	-22	-23	-24	-30	-20	-2.50	8.40
Interest & Investment Income	-36	-35	-29	-21	-22	-23	-23	-18	-21	-3.00	5.90
Other Income / (Expense), net	-0.70	0.70	0.80	-1.00	-0.70	0.30	-0.10	0.60	0.50	0.50	2.50
Income Tax Expense	-11	5.80	-10	4.60	4.80	-74	3.90	0.20	8.70	10	12
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	0.00	0.00	0.10	-0.20	0.40	3.70	11	0.00	0.00
Basic Earnings per Share	$0.34	($0.99)	($0.48)	($0.03)	$0.12	$0.69	($0.02)	($0.29)	($0.07)	$0.11	$0.14
Weighted Average Basic Shares Outstanding	58.70M	61.30M	89.50M	103.80M	106M	115.50M	124.60M	126.70M	130.40M	149M	162.70M
Diluted Earnings per Share	$0.34	($0.99)	($0.48)	($0.03)	$0.11	$0.67	($0.02)	($0.29)	($0.07)	$0.11	$0.13
Weighted Average Diluted Shares Outstanding	58.70M	61.30M	89.50M	106.10M	109.20M	118.70M	128M	126.70M	130.40M	150.90M	165.20M
Weighted Average Basic & Diluted Shares Outstanding	58.20M	61.10M	89M	104.05M	106.94M	123.46M	124.64M	126.66M	130.00M	152.84M	170.33M

This table shows Kratos Defense & Security Solutions' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025	3/29/2026	6/28/2026
Net Income / (Loss) Attributable to Common Shareholders	2.40	1.30	7.90	3.20	3.90	4.50	2.90	8.70	5.90	12	4.40
Consolidated Net Income / (Loss)	5.60	1.30	7.90	3.20	3.90	4.50	2.90	8.70	5.90	12	4.40
Net Income / (Loss) Continuing Operations	5.60	1.30	7.90	3.20	3.90	4.50	2.90	8.70	5.90	12	4.40
Total Pre-Tax Income	7.60	4.00	13	5.80	4.00	5.40	4.60	12	12	9.80	7.00
Total Operating Income	12	7.00	13	6.50	3.00	6.60	3.70	7.10	8.20	4.70	-1.60
Total Gross Profit	72	71	77	69	70	74	74	77	83	90	100
Total Revenue	274	277	300	276	283	303	352	348	345	371	459
Operating Revenue	274	277	300	276	283	303	352	348	345	371	459
Total Cost of Revenue	202	206	223	207	213	229	278	271	262	281	359
Operating Cost of Revenue	202	206	223	207	213	229	278	271	262	281	359
Total Operating Expenses	60	64	65	63	67	67	70	70	75	85	102
Selling, General & Admin Expense	52	54	55	53	53	57	60	60	64	72	87
Research & Development Expense	8.00	9.60	10	9.90	11	10	10	10	9.80	11	14
Restructuring Charge	0.40	-	-	0.20	3.70	0.00	0.00	0.20	-	1.90	0.80
Total Other Income / (Expense), net	-4.10	-3.00	0.20	-0.70	1.00	-1.20	0.90	4.80	3.90	5.10	8.60
Interest & Investment Income	-5.00	-2.80	0.10	0.00	-0.30	-0.90	-1.20	4.60	3.40	4.50	10
Other Income / (Expense), net	0.90	-0.20	0.10	-0.70	1.30	-0.30	2.10	0.20	0.50	0.60	-1.60
Income Tax Expense	2.00	2.70	4.80	2.60	0.10	0.90	1.70	3.20	6.20	-2.10	2.60
Basic Earnings per Share	$0.01	$0.01	$0.05	$0.02	$0.03	$0.03	$0.02	$0.05	$0.04	$0.07	$0.02
Weighted Average Basic Shares Outstanding	130.40M	139.60M	151.80M	152.60M	149M	154.20M	155.70M	170.50M	162.70M	176.80M	188.60M
Diluted Earnings per Share	$0.01	$0.01	$0.05	$0.02	$0.03	$0.03	$0.02	$0.05	$0.03	$0.07	$0.02
Weighted Average Diluted Shares Outstanding	130.40M	141.50M	153.50M	154.10M	150.90M	156.20M	157.40M	172.90M	165.20M	179.40M	190.10M
Weighted Average Basic & Diluted Shares Outstanding	130.00M	150.10M	151.00M	151.07M	152.84M	153.44M	168.79M	168.84M	170.33M	187.52M	187.72M

This table details how cash moves in and out of Kratos Defense & Security Solutions' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/27/2015	12/25/2016	12/31/2017	12/30/2018	12/29/2019	12/27/2020	12/26/2021	12/25/2022	12/31/2023	12/29/2024	12/28/2025
Net Change in Cash & Equivalents	-5.00	40	60	113	-22	207	-57	-533	-9.30	258	230
Net Cash From Operating Activities	-30	-15	-27	10	30	45	31	-26	65	50	-42
Net Cash From Continuing Operating Activities	-30	-15	-27	18	29	45	35	-26	65	50	-42
Net Income / (Loss) Continuing Operations	-33	-58	-47	4.10	11	80	0.50	-33	2.40	16	22
Consolidated Net Income / (Loss)	20	-61	-43	-3.50	13	79	-1.60	-33	2.40	16	22
Depreciation Expense	26	23	22	18	23	25	26	31	33	40	47
Amortization Expense	3.00	2.40	2.00	1.00	13	10	10	11	12	12	13
Non-Cash Adjustments To Reconcile Net Income	-11	-4.40	20	-27	9.20	9.40	9.90	22	69	-2.00	-51
Changes in Operating Assets and Liabilities, net	-14	23	-25	22	-27	-80	-11	-57	-52	-17	-73
Net Cash From Investing Activities	-5.70	-14	-25	41	-44	-87	-52	-177	-44	-70	-88
Net Cash From Continuing Investing Activities	-5.70	-14	-25	41	-44	-87	-52	-177	-44	-70	-88
Purchase of Property, Plant & Equipment	-11	-9.00	-26	-23	-26	-36	-47	-45	-52	-58	-95
Acquisitions	0.00	-5.10	0.00	-2.90	-18	-52	-12	-132	0.30	-12	-5.00
Sale of Property, Plant & Equipment	0.90	0.00	0.70	66	0.30	0.10	2.20	0.20	8.30	0.00	12
Net Cash From Financing Activities	-215	63	113	1.70	3.50	248	-9.30	-63	-31	278	361
Net Cash From Continuing Financing Activities	-215	63	113	1.70	3.50	248	-9.30	-63	-31	278	361
Repayment of Debt	-217	-15	-457	-0.90	0.00	-0.60	-5.10	-356	-101	-53	-183
Issuance of Debt	0.00	0.00	300	0.00	0.00	5.10	0.00	300	69	10	0.00
Issuance of Common Equity	3.40	78	271	3.70	4.90	240	-	0.00	0.00	331	556
Other Financing Activities, net	-1.10	-	0.00	0.00	-1.40	2.80	-4.20	-7.70	1.30	-11	-12
Effect of Exchange Rate Changes	-0.20	-	-	-	-	-	-	-	-	-1.10	1.00
Cash Interest Paid	44	32	28	21	20	20	20	14	20	15	6.30
Cash Income Taxes Paid	8.80	-0.10	-0.60	1.50	0.60	2.50	2.00	4.40	6.50	5.00	6.50

This table details how cash moves in and out of Kratos Defense & Security Solutions' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025	3/29/2026	6/28/2026
Net Change in Cash & Equivalents	21	267	-31	-7.60	287	-66	521	-218	-6.30	904	-27
Net Cash From Operating Activities	67	0.70	-2.70	6.10	46	-29	-12	-13	12	-27	-11
Net Cash From Continuing Operating Activities	67	0.70	-2.70	6.10	46	-29	-12	-14	13	-27	-11
Net Income / (Loss) Continuing Operations	5.60	1.30	7.90	3.20	3.90	4.50	2.90	8.70	5.90	12	4.40
Consolidated Net Income / (Loss)	5.60	1.30	7.90	3.20	3.90	4.50	2.90	8.70	5.90	12	4.40
Depreciation Expense	9.20	9.30	10	10	10	10	12	12	13	17	22
Amortization Expense	3.20	3.20	3.10	3.00	3.00	3.20	3.10	3.10	3.30	3.50	3.60
Non-Cash Adjustments To Reconcile Net Income	12	-3.60	-8.00	-11	47	8.70	50	9.00	-77	16	17
Changes in Operating Assets and Liabilities, net	37	-9.50	-16	0.90	-18	-56	-80	-47	68	-76	-58
Net Cash From Investing Activities	-19	-17	-24	-15	-14	-23	-21	-28	-17	-365	-10
Net Cash From Continuing Investing Activities	-19	-17	-24	-15	-14	-23	-21	-28	-17	-365	-12
Purchase of Property, Plant & Equipment	-19	-17	-13	-15	-14	-23	-21	-28	-24	-20	-17
Acquisitions	0.30	-	-	-	-	0.00	-	-	-5.00	-349	-4.30
Sale of Property, Plant & Equipment	-	-	-	-	-	0.00	-	-	-	4.20	9.30
Net Cash From Financing Activities	-19	283	-3.60	1.60	-3.00	-15	551	-176	0.50	1,297	-6.10
Net Cash From Continuing Financing Activities	-19	283	-3.60	1.60	-3.00	-15	551	-176	0.50	1,297	-6.10
Repayment of Debt	-33	-46	-1.20	-2.50	-2.50	-2.50	-2.50	-180	1.70	-0.80	-0.60
Issuance of Common Equity	-	331	-	-	-	0.00	556	-	-	1,349	-0.20
Other Financing Activities, net	-0.40	-12	-2.40	4.10	-0.50	-12	-2.60	3.90	-1.20	-51	-5.30
Effect of Exchange Rate Changes	-	-0.60	-0.20	0.90	-	0.70	-	-0.30	-0.70	-1.10	0.60

This table presents Kratos Defense & Security Solutions' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/27/2015	12/25/2016	12/31/2017	12/30/2018	12/29/2019	12/27/2020	12/26/2021	12/25/2022	12/31/2023	12/29/2024	12/28/2025
Total Assets	903	949	1,024	1,010	1,186	1,563	1,590	1,552	1,633	1,951	2,467
Total Current Assets	320	373	471	495	522	765	758	583	594	872	1,263
Cash & Equivalents	29	69	131	183	173	381	349	81	73	329	561
Accounts Receivable	207	229	212	237	264	272	285	329	329	324	457
Inventories, net	56	55	49	47	61	81	92	126	156	162	188
Prepaid Expenses	11	8.90	11	8.90	9.40	12	9.80	12	16	18	13
Other Current Assets	14	5.20	9.50	10	11	18	23	35	20	39	44
Plant, Property, & Equipment, net	56	50	58	67	0.00	0.00	0.00	0.00	244	288	362
Total Noncurrent Assets	527	526	495	448	664	798	831	969	795	791	842
Long-Term Investments	-	-	-	-	-	-	-	-	-	-	5.00
Goodwill	483	485	426	426	456	484	494	558	569	569	596
Intangible Assets	37	33	22	16	40	43	43	55	62	54	54
Other Noncurrent Operating Assets	6.80	7.70	8.10	6.50	169	271	294	356	163	168	188
Total Liabilities & Shareholders' Equity	903	949	1,024	1,010	1,186	1,563	1,590	1,552	1,633	1,951	2,467
Total Liabilities	649	672	513	491	597	623	629	604	634	598	471
Total Current Liabilities	172	197	189	165	183	198	221	234	293	297	311
Accounts Payable	48	53	35	47	54	55	50	57	63	82	70
Accrued Expenses	33	50	41	38	33	35	27	34	35	39	61
Current Deferred Revenue	42	42	43	35	34	34	58	62	102	76	73
Current Employee Benefit Liabilities	37	39	30	34	37	48	47	52	65	72	82
Other Current Liabilities	5.10	6.70	9.40	4.70	20	21	36	26	28	28	25
Total Noncurrent Liabilities	477	476	324	326	414	425	408	370	342	301	160
Capital Lease Obligations	-	-	-	-	-	39	33	41	-	94	130
Other Noncurrent Operating Liabilities	18	24	24	26	116	83	76	77	122	32	30
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	254	276	512	519	574	925	945	936	976	1,353	1,996
Total Preferred & Common Equity	254	276	512	519	574	925	945	936	976	1,353	1,996
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	254	276	512	519	574	925	945	936	976	1,353	1,996
Common Stock	873	956	1,234	1,245	1,287	1,556	1,579	1,608	1,655	2,018	2,636
Retained Earnings	-618	-678	-721	-725	-712	-632	-634	-671	-680	-664	-642
Accumulated Other Comprehensive Income / (Loss)	-1.40	-1.70	-1.40	-0.70	-0.40	1.40	0.60	-0.80	1.70	-0.50	2.10

This table presents Kratos Defense & Security Solutions' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/26/2023	6/25/2023	10/1/2023	3/31/2024	6/30/2024	9/29/2024	3/30/2025	6/29/2025	9/28/2025	3/29/2026	6/28/2026
Total Assets	1,557	1,563	1,591	1,915	1,914	1,912	2,005	2,586	2,423	4,043	4,090
Total Current Assets	588	588	604	872	851	838	864	1,429	1,237	2,310	2,357
Cash & Equivalents	47	48	42	339	308	302	264	784	566	1,464	1,438
Accounts Receivable	354	338	352	326	338	319	363	399	423	529	577
Inventories, net	134	146	150	160	155	159	176	178	180	226	236
Prepaid Expenses	14	13	18	27	29	37	17	15	15	23	24
Other Current Assets	39	43	42	20	21	22	46	54	53	69	82
Plant, Property, & Equipment, net	214	0.00	227	251	0.00	281	301	312	343	414	419
Total Noncurrent Assets	755	975	759	792	1,063	794	839	845	844	1,318	1,314
Long-Term Investments	-	-	-	-	-	-	-	-	-	7.00	12
Goodwill	558	558	558	569	569	569	597	599	595	884	871
Intangible Assets	54	52	51	60	58	56	62	59	57	220	221
Other Noncurrent Operating Assets	144	365	150	163	436	169	180	187	192	207	210
Total Liabilities & Shareholders' Equity	1,557	1,563	1,591	1,915	1,914	1,912	2,005	2,586	2,423	4,043	4,090
Total Liabilities	614	603	618	586	585	570	617	626	442	633	663
Total Current Liabilities	245	251	263	288	272	261	305	322	287	411	425
Accounts Payable	55	58	57	62	59	61	83	98	66	112	105
Accrued Expenses	36	41	40	36	35	40	42	48	67	59	96
Current Deferred Revenue	65	73	79	98	81	62	82	77	64	108	94
Current Employee Benefit Liabilities	56	54	55	61	63	61	70	72	69	89	92
Other Current Liabilities	30	22	28	30	33	36	28	27	22	43	39
Total Noncurrent Liabilities	369	352	355	298	313	309	312	303	154	222	238
Capital Lease Obligations	40	41	43	35	34	32	97	32	119	167	175
Other Noncurrent Operating Liabilities	77	77	77	83	99	100	43	101	35	55	63
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	931	946	953	1,306	1,329	1,343	1,388	1,960	1,982	3,410	3,427
Total Preferred & Common Equity	931	946	953	1,306	1,329	1,343	1,388	1,960	1,982	3,410	3,427
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	931	946	953	1,306	1,329	1,343	1,388	1,960	1,982	3,410	3,427
Common Stock	1,610	1,624	1,634	1,983	1,999	2,010	2,047	2,614	2,627	4,039	4,052
Retained Earnings	-678	-681	-683	-679	-671	-668	-659	-657	-648	-630	-626
Accumulated Other Comprehensive Income / (Loss)	-0.50	2.90	2.50	2.10	1.50	0.30	0.10	2.80	2.10	1.10	0.60

This table displays calculated financial ratios and metrics derived from Kratos Defense & Security Solutions' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/27/2015	12/25/2016	12/31/2017	12/30/2018	12/29/2019	12/27/2020	12/26/2021	12/25/2022	12/31/2023	12/29/2024	12/28/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-13.88%	-100.00%	0.00%	0.00%	0.00%	4.21%	8.53%	10.70%	15.45%	9.57%	18.53%
EBITDA Growth	-43.45%	-67.38%	71.05%	272.31%	51.65%	-11.99%	-1.70%	-37.95%	95.43%	6.62%	7.06%
EBIT Growth	-180.00%	-232.69%	35.26%	363.39%	26.44%	-20.64%	-6.08%	-108.27%	1,473.91%	-6.65%	-4.75%
NOPAT Growth	-184.91%	-300.00%	33.33%	271.11%	83.55%	1,211.49%	-99.08%	-164.03%	431.25%	165.27%	-7.14%
Net Income Growth	125.38%	-405.56%	29.42%	91.80%	460.00%	530.16%	-102.02%	-1,975.00%	107.23%	579.17%	34.97%
EPS Growth	125.19%	-391.18%	51.52%	93.75%	466.67%	509.09%	-102.99%	-1,350.00%	75.86%	257.14%	18.18%
Operating Cash Flow Growth	-1,288.00%	50.84%	-84.25%	138.66%	188.46%	49.00%	-31.10%	-183.44%	353.70%	-23.77%	-184.71%
Free Cash Flow Firm Growth	-105.17%	273.57%	30.46%	-129.29%	-619.04%	389.55%	-123.38%	-494.96%	110.43%	-256.93%	-93.31%
Invested Capital Growth	1.22%	-4.75%	-5.26%	3.57%	12.67%	26.44%	4.40%	22.84%	-1.38%	4.67%	20.70%
Revenue Q/Q Growth	1.53%	-100.00%	100.00%	100.00%	0.00%	-31.40%	-16.79%	4.38%	2.42%	0.83%	4.83%
EBITDA Q/Q Growth	-17.08%	65.22%	-60.96%	100.83%	6.69%	-3.58%	0.95%	-4.60%	12.90%	-8.27%	9.19%
EBIT Q/Q Growth	-79.31%	18.40%	-221.74%	637.50%	-1.84%	-3.27%	0.72%	-291.67%	27.94%	-21.96%	18.57%
NOPAT Q/Q Growth	-36.36%	17.05%	-246.34%	336.89%	-12.34%	1,664.00%	-99.40%	-216.00%	115.17%	-19.99%	5.15%
Net Income Q/Q Growth	-8.76%	-0.33%	-72.18%	88.49%	-14.29%	1,885.00%	-102.03%	-7.79%	129.63%	-9.44%	10.00%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-15.38%	2,133.33%	-103.03%	0.00%	0.00%	22.22%	0.00%
Operating Cash Flow Q/Q Growth	-395.00%	2.67%	-17.98%	92.59%	15.38%	121.29%	-45.96%	27.20%	1,287.23%	-30.49%	-389.53%
Free Cash Flow Firm Q/Q Growth	-105.68%	-26.52%	197.87%	-114.94%	-22.43%	317.38%	-108.54%	16.80%	123.52%	-98.06%	6.10%
Invested Capital Q/Q Growth	-1.03%	0.40%	-9.38%	0.87%	1.66%	13.73%	5.54%	0.16%	-5.49%	-4.26%	1.65%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	24.62%	0.00%	0.00%	0.00%	26.48%	27.18%	27.74%	25.16%	25.90%	25.28%	22.86%
EBITDA Margin	3.55%	0.00%	0.00%	0.00%	10.23%	8.64%	7.83%	4.39%	7.42%	7.23%	6.53%
Operating Margin	-0.68%	0.00%	0.00%	0.00%	5.30%	3.92%	3.44%	-0.32%	3.00%	2.55%	1.90%
EBIT Margin	-0.79%	0.00%	0.00%	0.00%	5.20%	3.96%	3.43%	-0.26%	3.05%	2.60%	2.09%
Profit (Net Income) Margin	3.01%	0.00%	0.00%	0.00%	1.76%	10.62%	-0.20%	-3.70%	0.23%	1.43%	1.63%
Tax Burden Percent	-44.39%	116.80%	74.78%	-40.23%	80.25%	1,167.65%	-36.36%	100.61%	21.62%	61.51%	64.71%
Interest Burden Percent	857.69%	299.42%	509.82%	29.49%	42.09%	22.97%	15.83%	1,434.78%	35.13%	89.83%	121.00%
Effective Tax Rate	0.00%	0.00%	0.00%	52.87%	30.57%	-1,080.88%	88.64%	0.00%	78.38%	38.49%	35.29%
Return on Invested Capital (ROIC)	-0.47%	0.00%	0.00%	0.00%	3.90%	42.68%	0.34%	-0.19%	0.58%	1.52%	1.16%
ROIC Less NNEP Spread (ROIC-NNEP)	4.79%	0.00%	0.00%	0.00%	-7.43%	-536.25%	19.42%	-31.63%	-1.82%	39.03%	-1.03%
Return on Net Nonoperating Assets (RNNOA)	8.74%	0.00%	0.00%	0.00%	-1.63%	-32.30%	-0.51%	-3.29%	-0.34%	-0.14%	0.15%
Return on Equity (ROE)	8.28%	-22.80%	-10.84%	-0.68%	2.27%	10.38%	-0.17%	-3.48%	0.25%	1.39%	1.31%
Cash Return on Invested Capital (CROIC)	-1.68%	2.97%	4.08%	-1.21%	-8.01%	19.33%	-3.96%	-20.70%	1.97%	-3.04%	-17.60%
Operating Return on Assets (OROA)	-0.51%	0.00%	0.00%	0.00%	3.40%	2.15%	1.76%	-0.15%	1.98%	1.65%	1.27%
Return on Assets (ROA)	1.95%	0.00%	0.00%	0.00%	1.15%	5.78%	-0.10%	-2.11%	0.15%	0.91%	1.00%
Return on Common Equity (ROCE)	8.28%	-22.80%	-10.84%	-0.68%	2.24%	10.18%	-0.17%	-3.43%	0.24%	1.37%	1.31%
Return on Equity Simple (ROE_SIMPLE)	7.79%	-21.89%	-8.35%	-0.67%	2.19%	8.58%	-0.17%	-3.55%	0.25%	1.20%	0.00%
Net Operating Profit after Tax (NOPAT)	-3.15	-13	-8.40	14	26	346	3.17	-2.03	6.72	18	17
NOPAT Margin	-0.48%	0.00%	0.00%	0.00%	3.68%	46.28%	0.39%	-0.23%	0.65%	1.57%	1.23%
Net Nonoperating Expense Percent (NNEP)	-5.26%	12.02%	14.49%	16.38%	11.34%	578.93%	-19.08%	31.44%	2.40%	-37.51%	2.19%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-0.17%	0.56%	1.17%	0.78%
Cost of Revenue to Revenue	75.38%	0.00%	0.00%	0.00%	73.52%	72.82%	72.26%	74.84%	74.10%	74.73%	77.14%
SG&A Expenses to Revenue	22.93%	0.00%	0.00%	0.00%	18.23%	19.33%	19.74%	20.35%	19.07%	18.83%	17.83%
R&D to Revenue	2.47%	0.00%	0.00%	0.00%	2.51%	3.61%	4.34%	4.30%	3.70%	3.55%	2.97%
Operating Expenses to Revenue	25.31%	0.00%	0.00%	0.00%	21.18%	23.26%	24.30%	25.48%	22.90%	22.72%	20.96%
Earnings before Interest and Taxes (EBIT)	-5.20	-17	-11	30	37	30	28	-2.30	32	30	28
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	23	7.60	13	48	73	65	64	39	77	82	88
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.97	1.64	2.14	2.75	3.29	3.50	2.60	1.27	2.68	2.96	6.57
Price to Tangible Book Value (P/TBV)	0.00	0.00	17.15	18.41	23.90	8.13	6.03	3.68	7.59	5.48	9.74
Price to Revenue (P/Rev)	0.37	0.00	0.00	0.00	2.63	4.33	3.03	1.32	2.52	3.53	9.74
Price to Earnings (P/E)	12.41	0.00	0.00	0.00	151.07	40.71	0.00	0.00	0.00	245.80	596.31
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	8.06%	0.00%	0.00%	0.00%	0.66%	2.46%	0.00%	0.00%	0.00%	0.41%	0.17%
Enterprise Value to Invested Capital (EV/IC)	0.97	1.26	2.05	2.42	2.83	3.55	2.60	1.21	2.43	3.21	8.13
Enterprise Value to Revenue (EV/Rev)	1.01	0.00	0.00	0.00	2.82	4.30	3.03	1.57	2.69	3.39	9.42
Enterprise Value to EBITDA (EV/EBITDA)	28.40	107.48	96.66	31.77	27.60	49.75	38.66	35.79	36.17	46.92	144.35
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	52.13	54.31	108.57	88.31	0.00	88.14	130.57	451.53
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	106.99	76.79	9.29	774.37	0.00	414.19	215.93	765.96
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	147.87	67.53	71.89	79.71	0.00	42.72	77.50	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	41.47	48.89	0.00	0.00	20.51	0.00	0.00	122.56	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.75	1.56	0.57	0.57	0.50	0.36	0.34	0.31	0.22	0.13	0.06
Long-Term Debt to Equity	1.75	1.56	0.57	0.57	0.50	0.36	0.34	0.31	0.22	0.13	0.06
Financial Leverage	1.83	1.50	0.60	0.21	0.22	0.06	-0.03	0.10	0.19	0.00	-0.15
Leverage Ratio	4.25	3.49	2.50	1.97	1.98	1.80	1.66	1.65	1.64	1.52	1.32
Compound Leverage Factor	36.47	10.45	12.76	0.58	0.83	0.41	0.26	23.62	0.57	1.37	1.60
Debt to Total Capital	63.65%	60.98%	36.46%	36.16%	33.37%	26.54%	25.54%	23.50%	18.01%	11.43%	6.10%
Short-Term Debt to Total Capital	0.14%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	63.51%	60.84%	36.46%	36.16%	33.37%	26.54%	25.54%	23.50%	18.01%	11.43%	6.10%
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%	1.70%	1.16%	1.18%	0.90%	1.85%	0.00%	0.00%
Common Equity to Total Capital	36.35%	39.02%	63.54%	63.84%	64.93%	72.31%	73.28%	75.60%	80.14%	88.57%	93.90%
Debt to EBITDA	19.10	56.84	22.58	6.08	4.02	5.26	5.19	7.39	2.85	2.13	1.47
Net Debt to EBITDA	17.85	47.68	12.51	2.30	1.67	-0.65	-0.32	5.32	1.90	-1.88	-4.90
Long-Term Debt to EBITDA	19.06	56.71	22.58	6.08	4.02	5.26	5.19	7.39	2.85	2.13	1.47
Debt to NOPAT	-141.30	-34.29	-34.94	20.47	11.19	0.98	103.90	-143.35	32.61	9.79	7.82
Net Debt to NOPAT	-132.03	-28.76	-19.36	7.74	4.64	-0.12	-6.31	-103.30	21.79	-8.67	-26.02
Long-Term Debt to NOPAT	-140.98	-34.21	-34.94	20.47	11.19	0.98	103.90	-143.35	32.61	9.79	7.82
Altman Z-Score	0.18	-0.43	0.59	1.23	2.11	3.53	2.76	1.42	2.81	4.53	17.40
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	1.35%	1.95%	1.58%	1.38%	1.73%	0.96%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.86	1.90	2.50	3.00	2.86	3.87	3.43	2.49	2.03	2.94	4.06
Quick Ratio	1.36	1.52	1.81	2.55	2.39	3.31	2.87	1.75	1.37	2.20	3.27
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-11	20	26	-7.53	-54	157	-37	-218	23	-36	-251
Operating Cash Flow to CapEx	-285.58%	-162.22%	-105.91%	0.00%	115.38%	124.86%	69.53%	-56.86%	147.85%	85.40%	-50.54%
Free Cash Flow to Firm to Interest Expense	-3.34	0.00	1.49	0.00	0.00	0.00	0.00	-16.76	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	-8.74	0.00	-1.55	0.00	0.00	0.00	0.00	-1.98	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-11.79	0.00	-3.02	0.00	0.00	0.00	0.00	-5.45	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.65	0.00	0.00	0.00	0.65	0.54	0.51	0.57	0.65	0.63	0.61
Accounts Receivable Turnover	3.10	0.00	0.00	0.00	2.86	2.79	2.91	2.93	3.15	3.48	3.45
Inventory Turnover	9.62	7.59	8.54	9.36	9.78	7.65	6.78	6.19	5.46	5.34	5.93
Fixed Asset Turnover	11.16	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.27	4.14
Accounts Payable Turnover	10.66	8.34	10.20	11.03	10.51	9.97	11.09	12.48	12.77	11.70	13.71
Days Sales Outstanding (DSO)	117.84	0.00	0.00	0.00	127.64	131.00	125.26	124.58	115.74	104.88	105.86
Days Inventory Outstanding (DIO)	37.95	48.07	42.75	39.00	37.33	47.69	53.81	58.96	66.90	68.41	61.54
Days Payable Outstanding (DPO)	34.23	43.74	35.79	33.10	34.74	36.60	32.93	29.24	28.59	31.19	26.63
Cash Conversion Cycle (CCC)	121.56	0.00	0.00	0.00	130.23	142.09	146.15	154.30	154.04	142.10	140.76
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	680	648	614	636	716	905	945	1,161	1,145	1,199	1,560
Invested Capital Turnover	0.97	0.00	0.00	0.00	1.06	0.92	0.88	0.85	0.90	0.97	0.94
Increase / (Decrease) in Invested Capital	8.20	-32	-34	22	81	189	40	216	-16	54	268
Enterprise Value (EV)	662	817	1,257	1,538	2,026	3,214	2,455	1,410	2,785	3,852	12,688
Market Capitalization	246	454	1,094	1,427	1,888	3,241	2,460	1,189	2,616	4,006	13,119
Book Value per Share	$4.30	$4.57	$4.95	$5.01	$5.40	$7.54	$7.62	$7.43	$7.57	$8.96	$11.82
Tangible Book Value per Share	($4.50)	($3.99)	$0.62	$0.75	$0.74	$3.25	$3.29	$2.56	$2.67	$4.84	$7.98
Total Capital	699	708	805	814	884	1,280	1,290	1,239	1,218	1,528	2,126
Total Debt	445	432	294	294	295	340	329	291	219	175	130
Total Long-Term Debt	444	431	294	294	295	340	329	291	219	175	130
Net Debt	416	362	163	111	123	-42	-20	210	147	-155	-431
Capital Expenditures (CapEx)	10	9.00	25	-43	26	36	44	45	44	58	83
Debt-free, Cash-free Net Working Capital (DFCFNWC)	120	108	152	147	167	186	188	267	229	246	391
Debt-free Net Working Capital (DFNWC)	149	178	283	330	340	567	537	348	302	575	952
Net Working Capital (NWC)	148	177	283	330	340	567	537	348	302	575	952
Net Nonoperating Expense (NNE)	-23	48	34	18	14	267	4.77	31	4.32	1.54	-5.44
Net Nonoperating Obligations (NNO)	426	371	102	116	127	-35	-15	214	147	-155	-436
Total Depreciation and Amortization (D&A)	29	25	24	19	36	35	36	42	45	53	60
Debt-free, Cash-free Net Working Capital to Revenue	18.23%	0.00%	0.00%	0.00%	23.26%	24.84%	23.12%	29.73%	22.07%	21.66%	29.05%
Debt-free Net Working Capital to Revenue	22.68%	0.00%	0.00%	0.00%	47.32%	75.86%	66.17%	38.78%	29.09%	50.64%	70.68%
Net Working Capital to Revenue	22.52%	0.00%	0.00%	0.00%	47.32%	75.86%	66.17%	38.78%	29.09%	50.64%	70.68%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.34	($0.99)	($0.48)	($0.03)	$0.12	$0.69	($0.02)	($0.29)	($0.07)	$0.11	$0.14
Adjusted Weighted Average Basic Shares Outstanding	58.70M	61.30M	89.50M	103.80M	106M	115.50M	124.60M	126.70M	130.40M	149M	162.70M
Adjusted Diluted Earnings per Share	$0.34	($0.99)	($0.48)	($0.03)	$0.11	$0.67	($0.02)	($0.29)	($0.07)	$0.11	$0.13
Adjusted Weighted Average Diluted Shares Outstanding	58.70M	61.30M	89.50M	106.10M	109.20M	118.70M	128M	126.70M	130.40M	150.90M	165.20M
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	59.58M	74.53M	103.51M	104.05M	106.94M	123.46M	124.64M	126.66M	130.00M	152.84M	170.33M
Normalized Net Operating Profit after Tax (NOPAT)	-3.57	-5.60	8.75	24	29	22	21	3.22	23	20	18
Normalized NOPAT Margin	-0.54%	0.00%	0.00%	0.00%	3.99%	2.97%	2.56%	0.36%	2.19%	1.78%	1.33%
Pre Tax Income Margin	-6.79%	0.00%	0.00%	0.00%	2.19%	0.91%	0.54%	-3.67%	1.07%	2.33%	2.52%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-1.53	0.00	-0.65	0.00	0.00	0.00	0.00	-0.18	0.00	0.00	0.00
NOPAT to Interest Expense	-0.93	0.00	-0.49	0.00	0.00	0.00	0.00	-0.16	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-4.59	0.00	-2.12	0.00	0.00	0.00	0.00	-3.65	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-3.99	0.00	-1.95	0.00	0.00	0.00	0.00	-3.63	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	-31.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Kratos Defense & Security Solutions' official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025	3/29/2026	6/28/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	170,329,158.00	187,519,984.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	170,329,158.00	187,519,984.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.07	0.02
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.83%	19.59%	16.82%	0.47%	3.40%	9.16%	17.13%	25.99%	21.90%	22.60%	30.53%
EBITDA Growth	57.23%	75.45%	47.46%	-18.03%	-29.60%	3.11%	-20.69%	16.75%	42.05%	28.64%	8.70%
EBIT Growth	133.33%	3,300.00%	82.61%	-51.26%	-65.87%	-7.35%	-53.97%	25.86%	102.33%	-15.87%	-155.17%
NOPAT Growth	132.41%	550.00%	622.24%	-33.37%	-66.07%	141.76%	-70.00%	44.74%	36.70%	3.77%	-143.12%
Net Income Growth	214.29%	122.41%	2,075.00%	6.67%	-30.36%	246.15%	-63.29%	171.88%	51.28%	164.44%	51.72%
EPS Growth	0.00%	120.00%	350.00%	300.00%	200.00%	200.00%	-60.00%	150.00%	0.00%	133.33%	0.00%
Operating Cash Flow Growth	876.81%	102.72%	-111.49%	0.00%	-32.34%	-4,271.43%	-333.33%	-318.03%	-73.46%	6.16%	5.98%
Free Cash Flow Firm Growth	110.15%	91.92%	18.40%	21.75%	-305.41%	-1,351.50%	-256.69%	-656.96%	-82.08%	-288.66%	-452.24%
Invested Capital Growth	-1.38%	1.24%	3.96%	3.33%	4.67%	15.53%	11.54%	22.62%	20.70%	51.13%	56.12%
Revenue Q/Q Growth	-0.29%	1.24%	8.26%	-8.06%	2.61%	6.89%	16.16%	-1.11%	-0.72%	7.51%	23.67%
EBITDA Q/Q Growth	7.30%	-22.80%	35.23%	-26.82%	-7.85%	13.07%	4.02%	7.73%	12.11%	2.40%	-12.11%
EBIT Q/Q Growth	5.88%	-46.03%	85.29%	-53.97%	-25.86%	46.51%	-7.94%	25.86%	19.18%	-39.08%	-160.38%
NOPAT Q/Q Growth	60.17%	-72.63%	241.78%	-53.88%	-18.44%	88.03%	-57.59%	122.53%	-22.97%	42.74%	-117.62%
Net Income Q/Q Growth	86.67%	-76.79%	507.69%	-59.49%	21.88%	15.38%	-35.56%	200.00%	-32.18%	101.69%	-63.03%
EPS Q/Q Growth	200.00%	0.00%	400.00%	-60.00%	50.00%	0.00%	-33.33%	150.00%	-40.00%	133.33%	-71.43%
Operating Cash Flow Q/Q Growth	0.00%	-98.96%	-485.71%	325.93%	647.54%	-164.04%	59.93%	-13.68%	190.98%	-326.45%	59.85%
Free Cash Flow Firm Q/Q Growth	152.48%	17.53%	-213.97%	6.64%	-37.75%	-259.47%	22.85%	-98.13%	5.15%	-168.05%	-9.63%
Invested Capital Q/Q Growth	-5.49%	1.80%	2.49%	1.29%	-4.26%	16.24%	-1.06%	11.35%	1.65%	34.94%	2.21%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	26.26%	25.61%	25.72%	25.08%	24.66%	24.32%	21.00%	22.18%	24.17%	24.15%	21.82%
EBITDA Margin	9.13%	6.96%	8.70%	6.92%	6.22%	6.58%	5.89%	6.42%	7.24%	6.90%	4.90%
Operating Margin	4.27%	2.53%	4.17%	2.36%	1.06%	2.18%	1.05%	2.04%	2.38%	1.27%	-0.35%
EBIT Margin	4.60%	2.45%	4.20%	2.10%	1.52%	2.08%	1.65%	2.10%	2.52%	1.43%	-0.70%
Profit (Net Income) Margin	2.05%	0.47%	2.63%	1.16%	1.38%	1.49%	0.83%	2.50%	1.71%	3.21%	0.96%
Tax Burden Percent	73.68%	32.50%	62.20%	55.17%	97.50%	83.33%	63.04%	73.11%	48.76%	121.43%	62.86%
Interest Burden Percent	60.32%	58.82%	100.79%	100.00%	93.02%	85.71%	79.31%	163.01%	139.08%	184.91%	-218.75%
Effective Tax Rate	26.32%	67.50%	37.80%	44.83%	2.50%	16.67%	36.96%	26.89%	51.24%	-21.43%	37.14%
Return on Invested Capital (ROIC)	2.83%	0.74%	2.41%	1.19%	1.00%	1.62%	0.62%	1.38%	1.09%	1.24%	-0.19%
ROIC Less NNEP Spread (ROIC-NNEP)	1.15%	-0.82%	2.59%	0.67%	-22.78%	3.33%	0.45%	0.07%	0.33%	0.29%	-0.77%
Return on Net Nonoperating Assets (RNNOA)	0.21%	-0.05%	0.15%	0.04%	0.08%	-0.14%	-0.09%	-0.01%	-0.05%	-0.08%	0.27%
Return on Equity (ROE)	3.05%	0.70%	2.56%	1.23%	1.08%	1.48%	0.52%	1.37%	1.05%	1.17%	0.08%
Cash Return on Invested Capital (CROIC)	1.97%	0.21%	-1.86%	-1.46%	-3.04%	-12.88%	-9.80%	-19.19%	-17.60%	-39.68%	-43.04%
Operating Return on Assets (OROA)	3.00%	1.53%	2.72%	1.35%	0.96%	1.23%	0.89%	1.24%	1.54%	0.67%	-0.32%
Return on Assets (ROA)	1.33%	0.29%	1.70%	0.75%	0.87%	0.88%	0.44%	1.48%	1.04%	1.50%	0.44%
Return on Common Equity (ROCE)	2.99%	0.69%	2.54%	1.22%	1.07%	1.47%	0.52%	1.37%	1.05%	1.17%	0.08%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.73%	1.34%	1.34%	0.00%	1.41%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	8.62	2.28	7.78	3.59	2.93	5.50	2.33	5.19	4.00	5.71	-1.01
NOPAT Margin	3.15%	0.82%	2.59%	1.30%	1.03%	1.82%	0.66%	1.49%	1.16%	1.54%	-0.22%
Net Nonoperating Expense Percent (NNEP)	1.68%	1.57%	-0.18%	0.52%	23.78%	-1.71%	0.17%	1.31%	0.77%	0.95%	0.58%
Return On Investment Capital (ROIC_SIMPLE)	0.72%	-	-	-	0.19%	0.33%	0.11%	0.25%	0.19%	0.16%	-0.03%
Cost of Revenue to Revenue	73.74%	74.39%	74.28%	74.92%	75.34%	75.68%	79.00%	77.82%	75.83%	75.85%	78.18%
SG&A Expenses to Revenue	18.92%	19.62%	18.16%	19.06%	18.54%	18.84%	17.04%	17.20%	18.40%	19.49%	19.03%
R&D to Revenue	2.92%	3.46%	3.40%	3.59%	3.74%	3.30%	2.90%	2.88%	2.84%	2.88%	2.96%
Operating Expenses to Revenue	21.99%	23.09%	21.56%	22.73%	23.60%	22.14%	19.94%	20.14%	21.79%	22.88%	22.17%
Earnings before Interest and Taxes (EBIT)	13	6.80	13	5.80	4.30	6.30	5.80	7.30	8.70	5.30	-3.20
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	25	19	26	19	18	20	21	22	25	26	23
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.68	0.00	2.26	2.62	2.96	3.38	3.59	7.35	6.57	3.59	2.58
Price to Tangible Book Value (P/TBV)	7.59	0.00	4.28	4.90	5.48	6.44	5.40	10.96	9.74	5.31	3.79
Price to Revenue (P/Rev)	2.52	0.00	2.67	3.12	3.53	4.04	5.80	11.34	9.74	8.66	5.81
Price to Earnings (P/E)	0.00	0.00	300.35	237.62	245.80	240.47	485.09	728.18	596.31	416.79	286.50
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.33%	0.42%	0.41%	0.42%	0.21%	0.14%	0.17%	0.24%	0.35%
Enterprise Value to Invested Capital (EV/IC)	2.43	0.00	2.35	2.74	3.21	3.37	4.68	9.20	8.13	5.20	3.52
Enterprise Value to Revenue (EV/Rev)	2.69	0.00	2.58	3.04	3.39	4.04	5.32	10.99	9.42	7.74	4.98
Enterprise Value to EBITDA (EV/EBITDA)	36.17	0.00	31.04	38.26	46.92	56.77	83.47	175.37	144.35	116.98	79.43
Enterprise Value to EBIT (EV/EBIT)	88.14	0.00	66.26	90.59	130.57	161.89	290.64	595.65	451.53	404.02	418.68
Enterprise Value to NOPAT (EV/NOPAT)	414.19	0.00	118.44	153.60	215.93	234.86	444.98	896.15	765.96	603.40	543.80
Enterprise Value to Operating Cash Flow (EV/OCF)	42.72	0.00	44.48	47.89	77.50	237.11	597.43	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	122.56	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.22	0.16	0.16	0.16	0.13	0.19	0.10	0.06	0.06	0.05	0.05
Long-Term Debt to Equity	0.22	0.16	0.16	0.16	0.13	0.19	0.10	0.06	0.06	0.05	0.05
Financial Leverage	0.19	0.05	0.06	0.06	0.00	-0.04	-0.21	-0.16	-0.15	-0.27	-0.34
Leverage Ratio	1.64	1.53	1.52	1.51	1.52	1.44	1.37	1.30	1.32	1.26	1.24
Compound Leverage Factor	0.99	0.90	1.53	1.51	1.42	1.24	1.09	2.13	1.83	2.33	-2.71
Debt to Total Capital	18.01%	13.91%	13.84%	13.48%	11.43%	16.25%	9.34%	5.68%	6.10%	4.66%	4.85%
Short-Term Debt 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%
Long-Term Debt to Total Capital	18.01%	13.91%	13.84%	13.48%	11.43%	16.25%	9.34%	5.68%	6.10%	4.66%	4.85%
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	1.85%	1.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	80.14%	84.63%	86.16%	86.52%	88.57%	83.75%	90.66%	94.32%	93.90%	95.34%	95.15%
Debt to EBITDA	2.85	2.52	2.28	2.34	2.13	3.26	2.61	1.48	1.47	1.78	1.83
Net Debt to EBITDA	1.90	-1.46	-1.01	-1.03	-1.88	0.07	-7.52	-5.55	-4.90	-13.94	-13.36
Long-Term Debt to EBITDA	2.85	2.52	2.28	2.34	2.13	3.26	2.61	1.48	1.47	1.78	1.83
Debt to NOPAT	32.61	12.40	8.70	9.38	9.79	13.47	13.93	7.57	7.82	9.19	12.54
Net Debt to NOPAT	21.79	-7.17	-3.85	-4.14	-8.67	0.28	-40.11	-28.35	-26.02	-71.90	-91.48
Long-Term Debt to NOPAT	32.61	12.40	8.70	9.38	9.79	13.47	13.93	7.57	7.82	9.19	12.54
Altman Z-Score	2.78	0.00	3.56	4.18	4.49	5.02	7.38	20.41	17.37	12.32	8.73
Noncontrolling Interest Sharing Ratio	1.73%	1.54%	0.64%	0.83%	0.96%	0.83%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.03	3.02	3.13	3.22	2.94	2.84	4.43	4.30	4.06	5.63	5.54
Quick Ratio	1.37	2.31	2.37	2.38	2.20	2.05	3.67	3.44	3.27	4.85	4.74
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	25	-13	-39	-37	-51	-182	-140	-278	-264	-707	-775
Operating Cash Flow to CapEx	349.22%	4.22%	-21.26%	39.87%	335.29%	-129.20%	-57.07%	-47.50%	50.00%	-174.52%	-139.24%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.65	0.62	0.65	0.64	0.63	0.59	0.54	0.59	0.61	0.47	0.46
Accounts Receivable Turnover	3.15	3.19	3.33	3.36	3.48	3.38	3.29	3.46	3.45	3.18	3.12
Inventory Turnover	5.46	5.46	5.54	5.42	5.34	5.19	5.57	5.85	5.93	5.43	5.67
Fixed Asset Turnover	0.00	4.66	0.00	4.44	4.27	4.20	0.00	4.12	4.14	3.96	4.16
Accounts Payable Turnover	12.77	13.74	14.20	14.15	11.70	12.06	11.85	15.57	13.71	11.21	11.58
Days Sales Outstanding (DSO)	115.74	114.57	109.61	108.66	104.88	108.13	110.91	105.47	105.86	114.91	116.93
Days Inventory Outstanding (DIO)	66.90	66.83	65.94	67.32	68.41	70.29	65.50	62.44	61.54	67.18	64.40
Days Payable Outstanding (DPO)	28.59	26.57	25.70	25.79	31.19	30.27	30.80	23.44	26.63	32.56	31.51
Cash Conversion Cycle (CCC)	154.04	154.84	149.85	150.18	142.10	148.15	145.61	144.47	140.76	149.53	149.83
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,145	1,206	1,236	1,252	1,199	1,393	1,378	1,535	1,560	2,105	2,152
Invested Capital Turnover	0.90	0.90	0.93	0.92	0.97	0.89	0.93	0.92	0.94	0.81	0.86
Increase / (Decrease) in Invested Capital	-16	15	47	40	54	187	143	283	268	712	774
Enterprise Value (EV)	2,785	0.00	2,909	3,424	3,852	4,695	6,452	14,117	12,688	10,949	7,578
Market Capitalization	2,616	0.00	3,003	3,517	4,006	4,689	7,034	14,564	13,119	12,253	8,853
Book Value per Share	$7.57	$9.36	$8.86	$8.89	$8.96	$9.08	$12.77	$11.74	$11.82	$20.02	$18.27
Tangible Book Value per Share	$2.67	$4.85	$4.68	$4.76	$4.84	$4.77	$8.49	$7.88	$7.98	$13.54	$12.45
Total Capital	1,218	1,543	1,543	1,552	1,528	1,657	2,162	2,101	2,126	3,577	3,602
Total Debt	219	215	214	209	175	269	202	119	130	167	175
Total Long-Term Debt	219	215	214	209	175	269	202	119	130	167	175
Net Debt	147	-124	-95	-92	-155	5.50	-582	-447	-431	-1,305	-1,275
Capital Expenditures (CapEx)	19	17	13	15	14	23	21	28	24	16	7.90
Debt-free, Cash-free Net Working Capital (DFCFNWC)	229	245	271	276	246	296	323	384	391	435	494
Debt-free Net Working Capital (DFNWC)	302	584	579	578	575	560	1,107	950	952	1,900	1,931
Net Working Capital (NWC)	302	584	579	578	575	560	1,107	950	952	1,900	1,931
Net Nonoperating Expense (NNE)	3.02	0.98	-0.12	0.39	-0.98	1.00	-0.57	-3.51	-1.90	-6.19	-5.41
Net Nonoperating Obligations (NNO)	147	-123	-94	-91	-155	5.50	-582	-447	-436	-1,305	-1,275
Total Depreciation and Amortization (D&A)	12	13	14	13	13	14	15	15	16	20	26
Debt-free, Cash-free Net Working Capital to Revenue	22.07%	22.60%	24.05%	24.53%	21.66%	25.46%	26.62%	29.86%	29.05%	30.77%	32.42%
Debt-free Net Working Capital to Revenue	29.09%	53.90%	51.43%	51.28%	50.64%	48.16%	91.21%	73.91%	70.68%	134.24%	126.84%
Net Working Capital to Revenue	29.09%	53.90%	51.43%	51.28%	50.64%	48.16%	91.21%	73.91%	70.68%	134.24%	126.84%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.01	$0.01	$0.05	$0.02	$0.03	$0.03	$0.02	$0.05	$0.04	$0.07	$0.02
Adjusted Weighted Average Basic Shares Outstanding	130.40M	139.60M	151.80M	152.60M	149M	154.20M	155.70M	170.50M	162.70M	176.80M	188.60M
Adjusted Diluted Earnings per Share	$0.01	$0.01	$0.05	$0.02	$0.03	$0.03	$0.02	$0.05	$0.03	$0.07	$0.02
Adjusted Weighted Average Diluted Shares Outstanding	130.40M	141.50M	153.50M	154.10M	150.90M	156.20M	157.40M	172.90M	165.20M	179.40M	190.10M
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	130.00M	150.10M	151.00M	151.07M	152.84M	153.44M	168.79M	168.84M	170.33M	187.52M	187.72M
Normalized Net Operating Profit after Tax (NOPAT)	8.92	4.90	7.78	3.70	6.53	5.50	2.33	5.34	5.74	4.62	-0.50
Normalized NOPAT Margin	3.26%	1.77%	2.59%	1.34%	2.31%	1.82%	0.66%	1.54%	1.66%	1.25%	-0.11%
Pre Tax Income Margin	2.78%	1.44%	4.23%	2.10%	1.41%	1.78%	1.31%	3.42%	3.51%	2.64%	1.53%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	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%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Kratos Defense & Security Solutions (NASDAQ: KTOS) posted another quarter of solid revenue growth in Q1 2026, but profitability and operating cash flow were pressured by a large acquisition-related investment and working-capital swing. The latest quarter looks more like a strategic expansion period than a clean earnings story.

What stood out in Q1 2026:

Revenue rose to $371.0 million from $345.1 million in Q4 2025 and $302.6 million in Q1 2025, showing strong top-line momentum.
Gross profit increased to $89.6 million, up from $83.4 million in Q4 2025 and $73.6 million a year ago.
Net income improved to $11.9 million, versus $5.9 million in Q4 2025 and $4.5 million in Q1 2025.
The company ended the quarter with $1.46 billion in cash and equivalents, giving it meaningful liquidity after recent financing activity.
Equity climbed to $3.41 billion, reflecting a much larger balance sheet than a year ago.
The company continues to invest in growth, with $19.9 million of capex in the quarter and a major $349.4 million acquisition.
Non-cash expenses remained significant, including $16.8 million of depreciation and $3.5 million of amortization, which is typical for an asset-heavy defense business.
SG&A rose to $72.3 million from $63.5 million in Q4 2025, so overhead is still expanding as the business grows.
Operating cash flow was negative $27.4 million in Q1 2026, down sharply from positive $12.6 million in Q4 2025.
Cash flow was heavily impacted by a -$75.8 million change in operating assets and liabilities, suggesting working-capital pressure.

Longer-term trend: KTOS has clearly grown its revenue base over the last four years. Quarterly revenue has moved from roughly the $230 million to $280 million range in 2022-2023 to the $300 million to $370 million range in 2025-2026. That is a healthy trajectory for a defense contractor.

However, profitability has been uneven. KTOS has posted several quarters of modest earnings, but margins have fluctuated, and some periods were loss-making at the common-share level. The company’s operating income can swing meaningfully based on SG&A, restructuring charges, and interest expense or income.

Balance sheet trend: The balance sheet has expanded dramatically since 2024, largely because of financing and acquisitions. Total assets rose to $4.04 billion in Q1 2026 from $2.42 billion in Q3 2025 and about $2.00 billion in Q1 2025. That’s a major change, but it also comes with execution risk.

Key risk to watch: KTOS’s growth is increasingly tied to acquisitions and capital deployment. That can create a stronger long-term defense platform, but it also raises the bar for integration, margin improvement, and eventually free-cash-flow generation.

Bottom line: Kratos is showing strong revenue growth and a much larger cash position, but investors should keep an eye on cash burn from operations, acquisition integration, and whether earnings growth can keep pace with the balance-sheet expansion.

08/15/26 09:07 AM ETAI Generated. May Contain Errors.

Kratos Defense & Security Solutions Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Kratos Defense & Security Solutions' financial year ends in December. Their financial year 2025 ended on December 28, 2025.

Kratos Defense & Security Solutions' net income appears to be on an upward trend, with a most recent value of $22 million in 2025, rising from $19.80 million in 2015. The previous period was $16.30 million in 2024. View Kratos Defense & Security Solutions' forecast to see where analysts expect Kratos Defense & Security Solutions to go next.

Kratos Defense & Security Solutions' total operating income in 2025 was $25.60 million, based on the following breakdown:

Total Gross Profit: $307.90 million
Total Operating Expenses: $282.30 million

Over the last 10 years, Kratos Defense & Security Solutions' total revenue changed from $657.10 million in 2015 to $1.35 billion in 2025, a change of 105.0%.

Kratos Defense & Security Solutions' total liabilities were at $470.90 million at the end of 2025, a 21.2% decrease from 2024, and a 27.5% decrease since 2015.

In the past 10 years, Kratos Defense & Security Solutions' cash and equivalents has ranged from $28.50 million in 2015 to $560.60 million in 2025, and is currently $560.60 million as of their latest financial filing in 2025.

Over the last 10 years, Kratos Defense & Security Solutions' book value per share changed from 4.30 in 2015 to 11.82 in 2025, a change of 174.8%.

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Financial statements for NASDAQ:KTOS last updated on 8/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Kratos Defense & Security Solutions (KTOS) Financials

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