What is Redwire's operating income?

Redwire's total operating income in 2025 was -$229.68 million, based on the following breakdown: Total Gross Profit: $17.29 million Total Operating Expenses: $246.96 million

Redwire (RDW) Financials

$7.71 -0.32 (-3.95%)

Closing price 11/13/2026 03:59 PM Eastern

Extended Trading

$7.60 -0.11 (-1.47%)

As of 11/13/2026 07:58 PM Eastern

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Annual Income Statements for Redwire

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

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-62	-131	-27	-114	-227
Consolidated Net Income / (Loss)	-62	-131	-27	-114	-227
Net Income / (Loss) Continuing Operations	-62	-131	-27	-114	-227
Total Pre-Tax Income	-73	-139	-28	-116	-252
Total Operating Income	-70	-146	-16	-42	-230
Total Gross Profit	29	29	58	44	17
Total Revenue	138	161	244	304	335
Operating Revenue	138	161	244	304	335
Total Cost of Revenue	108	132	186	260	318
Operating Cost of Revenue	108	132	186	260	318
Total Operating Expenses	100	175	74	87	247
Selling, General & Admin Expense	79	70	69	71	171
Research & Development Expense	4.52	4.94	4.98	6.13	20
Impairment Charge	0.00	97	0.00	0.00	35
Restructuring Charge	-	-	0.01	9.13	21
Total Other Income / (Expense), net	-2.62	7.86	-12	-74	-22
Interest Expense	-	-	0.00	0.00	1.00
Interest & Investment Income	-6.46	-8.22	-11	-13	-40
Other Income / (Expense), net	3.84	16	-1.50	-61	19
Income Tax Expense	-11	-7.97	-0.49	-2.02	-25
Preferred Stock Dividends Declared	-	1.76	20	41	46
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	-0.00	-0.00	0.00	0.00
Basic Earnings per Share	($1.36)	($2.09)	($0.73)	($2.35)	($2.28)
Weighted Average Basic Shares Outstanding	-	63.32M	64.65M	66.15M	119.54M
Diluted Earnings per Share	($1.36)	($2.09)	($0.73)	($2.35)	($2.28)
Weighted Average Diluted Shares Outstanding	-	63.32M	64.65M	66.15M	119.54M
Weighted Average Basic & Diluted Shares Outstanding	-	64.28M	65.58M	75.57M	191.98M

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

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	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	6/30/2026	9/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-8.10	-18	-21	-67	-6.48	-127	-43	-85	-78	-41	-23
Consolidated Net Income / (Loss)	-8.10	-18	-21	-67	-2.95	-97	-41	-85	-77	-41	-23
Net Income / (Loss) Continuing Operations	-8.10	-18	-21	-67	-2.95	-97	-41	-85	-77	-41	-23
Total Pre-Tax Income	-7.99	-18	-21	-69	-3.13	-130	-34	-85	-76	-39	-24
Total Operating Income	-3.58	-7.13	-13	-19	-14	-92	-42	-82	-70	-22	-26
Total Gross Profit	15	13	12	4.62	9.04	-19	17	10	26	33	35
Total Revenue	88	78	69	70	61	62	103	109	97	117	109
Operating Revenue	88	78	69	70	61	62	103	109	97	117	109
Total Cost of Revenue	73	65	57	65	52	81	87	98	71	85	74
Operating Cost of Revenue	73	65	57	65	52	81	87	98	71	85	74
Total Operating Expenses	18	20	25	24	23	73	59	92	96	55	61
Selling, General & Admin Expense	17	18	18	18	19	54	50	48	83	42	46
Research & Development Expense	1.04	1.75	1.89	1.45	0.81	1.72	7.69	9.54	13	13	14
Restructuring Charge	-	-	-	-	3.80	17	0.68	-	0.04	0.01	0.93
Total Other Income / (Expense), net	-4.41	-11	-8.92	-50	11	-38	7.56	-2.95	-6.16	-17	2.67
Interest Expense	-	-	-	-	0.00	0.00	0.00	-	2.55	1.19	0.00
Interest & Investment Income	-2.92	-3.01	-3.61	-3.95	-3.59	-24	-6.28	-6.07	-2.47	-0.80	2.65
Other Income / (Expense), net	-1.49	-7.93	-5.31	-46	15	-14	14	4.12	-1.15	-15	0.02
Income Tax Expense	0.11	0.02	-0.47	-1.67	-0.18	-33	6.86	0.91	0.64	1.86	-0.42
Preferred Stock Dividends Declared	3.04	9.70	3.38	25	3.53	30	1.67	11	1.51	0.50	0.00
Basic Earnings per Share	($0.17)	($0.42)	($0.37)	($1.39)	($0.09)	($1.41)	($0.29)	($0.49)	($0.40)	($0.19)	($0.09)
Weighted Average Basic Shares Outstanding	65.57M	65.70M	66.53M	66.15M	71.19M	89.55M	145.74M	119.54M	193.67M	220.47M	250.05M
Diluted Earnings per Share	($0.17)	($0.42)	($0.37)	($1.39)	($0.09)	($1.41)	($0.29)	($0.49)	($0.40)	($0.19)	($0.09)
Weighted Average Diluted Shares Outstanding	65.57M	65.70M	66.53M	66.15M	71.19M	89.55M	145.74M	119.54M	193.67M	220.47M	250.05M
Weighted Average Basic & Diluted Shares Outstanding	65.58M	66.54M	66.54M	75.57M	77.08M	144.04M	165.15M	191.98M	198.92M	249.99M	250.22M

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

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-1.55	7.79	1.96	19	46
Net Cash From Operating Activities	-37	-32	1.23	-17	-177
Net Cash From Continuing Operating Activities	-37	-32	1.23	-17	-177
Net Income / (Loss) Continuing Operations	-62	-131	-27	-114	-227
Consolidated Net Income / (Loss)	-62	-131	-27	-114	-227
Depreciation Expense	11	11	11	12	33
Amortization Expense	0.30	0.49	0.61	0.86	2.28
Non-Cash Adjustments To Reconcile Net Income	29	92	5.85	57	92
Changes in Operating Assets and Liabilities, net	-16	-4.99	11	27	-78
Net Cash From Investing Activities	-39	-37	-8.33	-7.20	-175
Net Cash From Continuing Investing Activities	-39	-37	-8.33	-7.20	-175
Purchase of Property, Plant & Equipment	-2.09	-3.63	-5.62	-6.40	-13
Acquisitions	-41	-34	-2.71	-5.40	-162
Divestitures	-	-	0.00	4.60	0.00
Net Cash From Financing Activities	74	77	9.06	44	397
Net Cash From Continuing Financing Activities	74	77	9.06	44	397
Repayment of Debt	-53	-25	-27	-10	-235
Repurchase of Preferred Equity	-	-	0.00	0.00	-64
Repurchase of Common Equity	-	-4.83	-0.05	0.00	0.00
Issuance of Debt	53	23	37	46	191
Issuance of Common Equity	0.00	2.96	1.24	2.67	518
Other Financing Activities, net	110	-0.54	-1.58	5.20	-13
Effect of Exchange Rate Changes	0.14	0.27	-0.00	-0.38	1.02

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

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	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	6/30/2026	9/30/2026
Net Change in Cash & Equivalents	2.29	-1.74	12	5.98	5.15	24	-24	41	50	413	-69
Net Cash From Operating Activities	2.76	-9.51	-18	7.06	-45	-88	-20	-24	-6.67	-25	-64
Net Cash From Continuing Operating Activities	2.76	-9.51	-18	7.06	-45	-88	-20	-24	-6.67	-25	-64
Net Income / (Loss) Continuing Operations	-8.10	-18	-21	-67	-2.95	-97	-41	-85	-77	-41	-23
Consolidated Net Income / (Loss)	-8.10	-18	-21	-67	-2.95	-97	-41	-85	-77	-41	-23
Depreciation Expense	2.75	2.93	2.86	3.15	3.05	5.06	12	12	11	11	11
Amortization Expense	0.17	0.18	0.24	0.27	0.27	0.37	0.79	0.85	0.48	0.18	0.12
Non-Cash Adjustments To Reconcile Net Income	1.04	6.43	-1.42	51	-29	57	13	50	33	9.84	-5.40
Changes in Operating Assets and Liabilities, net	6.90	-0.95	1.61	20	-17	-54	-5.28	-2.05	25	-5.45	-46
Net Cash From Investing Activities	-2.37	2.91	-3.59	-4.15	-4.06	-158	-7.49	-5.85	-6.04	-10	-2.76
Net Cash From Continuing Investing Activities	-2.37	2.91	-3.59	-4.15	-4.06	-158	-7.49	-5.85	-6.04	-10	-2.76
Purchase of Property, Plant & Equipment	-1.56	-0.91	-1.59	-2.34	-1.79	-2.96	-6.54	-2.19	-4.76	-8.53	-1.75
Acquisitions	-0.81	-0.77	-2.01	-1.81	-2.27	-155	-0.95	-3.66	-1.28	-1.87	-1.01
Net Cash From Financing Activities	2.03	4.90	33	3.44	54	269	3.43	71	63	448	-2.31
Net Cash From Continuing Financing Activities	2.03	4.90	33	3.44	54	269	3.43	71	63	448	-2.31
Repayment of Debt	-2.91	-5.63	-0.78	-0.80	-26	-108	-1.47	-99	-90	-41	-1.31
Repurchase of Common Equity	0.00	-	-	-	-0.05	-	-	-	-1.62	-12	-0.15
Payment of Dividends	-	-	-	-	-	-	-	-	-	-	-0.32
Issuance of Common Equity	0.00	-	0.02	2.12	83	246	9.12	181	65	501	0.43
Other Financing Activities, net	-0.06	-	6.14	-0.89	-7.82	7.81	-2.76	-11	0.00	4.16	-0.97
Effect of Exchange Rate Changes	-0.14	-0.04	0.18	-0.37	0.10	0.38	0.15	0.39	-0.35	-0.54	-0.19

This table presents Redwire'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	157	262	258	271	293	1,449
Total Current Assets	39	55	96	109	126	253
Cash & Equivalents	22	21	28	30	49	95
Accounts Receivable	11	16	27	32	22	37
Inventories, net	0.33	0.69	1.47	1.52	2.24	56
Prepaid Expenses	1.11	5.31	7.93	7.51	9.67	21
Other Current Assets	4.17	12	31	37	43	44
Plant, Property, & Equipment, net	3.26	19	13	16	18	49
Total Noncurrent Assets	114	187	149	146	149	1,147
Goodwill	53	96	65	66	71	779
Intangible Assets	61	91	67	63	62	336
Other Noncurrent Operating Assets	0.53	0.00	14	14	16	32
Total Liabilities & Shareholders' Equity	157	262	258	271	293	1,449
Total Liabilities	118	155	188	218	345	312
Total Current Liabilities	34	51	95	112	149	156
Short-Term Debt	2.90	3.68	3.58	1.38	1.27	7.33
Accounts Payable	7.16	13	18	19	32	32
Accrued Expenses	7.46	17	37	33	24	32
Current Deferred Revenue	16	16	30	53	67	60
Other Current Liabilities	0.38	1.57	7.18	6.54	25	24
Total Noncurrent Liabilities	84	103	93	106	195	156
Long-Term Debt	77	75	75	87	124	80
Noncurrent Deferred & Payable Income Tax Liabilities	7.37	8.60	3.26	2.40	0.58	38
Other Noncurrent Operating Liabilities	0.01	20	15	17	70	38
Commitments & Contingencies	-	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	0.00	76	96	137	77
Total Equity & Noncontrolling Interests	39	107	-6.48	-43	-189	1,060
Total Preferred & Common Equity	39	107	-6.70	-44	-189	1,060
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	39	107	-6.70	-44	-189	1,060
Common Stock	53	183	198	188	162	1,679
Retained Earnings	-14	-76	-207	-234	-348	-622
Treasury Stock	-	-	-0.38	-0.95	-3.57	-7.34
Accumulated Other Comprehensive Income / (Loss)	0.51	0.10	2.08	2.90	1.34	10

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

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	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	6/30/2026	9/30/2026
Total Assets	251	244	260	260	290	314	1,508	1,446	1,511	1,943	1,899
Total Current Assets	89	84	100	105	127	142	245	211	321	761	722
Cash & Equivalents	11	11	33	31	43	54	79	54	145	558	489
Accounts Receivable	25	25	19	22	23	15	37	32	24	27	29
Inventories, net	1.28	1.69	1.61	1.83	2.06	2.19	59	53	69	85	100
Prepaid Expenses	7.18	6.77	6.56	7.03	12	9.72	19	20	20	19	19
Other Current Assets	43	40	40	43	46	61	51	51	61	72	85
Plant, Property, & Equipment, net	14	15	16	16	17	19	48	51	51	56	57
Total Noncurrent Assets	148	145	144	139	146	153	1,216	1,185	1,139	1,126	1,120
Goodwill	65	64	65	65	73	72	789	800	776	772	770
Intangible Assets	64	63	62	62	63	62	396	353	327	319	312
Other Noncurrent Operating Assets	15	15	13	12	11	19	31	32	36	35	38
Total Liabilities & Shareholders' Equity	251	244	260	260	290	314	1,508	1,446	1,511	1,943	1,899
Total Liabilities	190	188	213	230	278	247	449	413	347	313	289
Total Current Liabilities	93	87	103	107	131	119	167	150	183	194	172
Short-Term Debt	0.78	1.98	0.78	0.78	1.76	0.78	12	8.45	8.00	7.67	7.67
Accounts Payable	17	14	28	28	20	28	39	34	42	54	49
Accrued Expenses	34	38	31	29	28	20	33	29	32	30	30
Current Deferred Revenue	34	27	37	44	57	60	65	60	80	85	73
Other Current Liabilities	7.34	6.35	6.67	6.03	25	10	17	18	21	18	14
Total Noncurrent Liabilities	97	100	110	123	147	129	281	264	163	119	117
Long-Term Debt	75	80	90	95	122	104	185	185	83	44	43
Noncurrent Deferred & Payable Income Tax Liabilities	2.99	2.20	2.44	2.44	2.38	0.62	41	37	38	40	39
Other Noncurrent Operating Liabilities	19	18	17	25	23	24	55	42	42	36	36
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	85	85	96	109	109	135	152	105	77	0.00	0.00
Total Equity & Noncontrolling Interests	-24	-29	-50	-78	-96	-68	908	928	1,088	1,630	1,609
Total Preferred & Common Equity	-24	-29	-50	-78	-96	-68	908	928	1,088	1,630	1,609
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	-24	-29	-50	-78	-96	-68	908	928	1,088	1,630	1,609
Common Stock	193	196	191	181	184	284	1,392	1,460	1,789	2,378	2,385
Retained Earnings	-219	-226	-242	-260	-281	-351	-493	-536	-698	-739	-762
Treasury Stock	-0.38	-0.63	-1.01	-1.01	-2.69	-3.57	-3.58	-6.34	-7.34	-7.34	-8.31
Accumulated Other Comprehensive Income / (Loss)	2.63	1.78	2.24	2.00	2.87	2.17	12	11	3.88	-1.28	-4.65

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

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	165,150,783.00
DEI Adjusted Shares Outstanding	-	-	-	-	165,150,783.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-1.37
Growth Metrics	-	-	-	-	-
Profitability Metrics	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	-49	-103	-11	-30	-161
Return On Investment Capital (ROIC_SIMPLE)	-	-	-24.22%	46.90%	-14.01%
Earnings before Interest and Taxes (EBIT)	-66	-130	-17	-103	-211
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-55	-119	-5.72	-90	-176
Valuation Ratios	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-54	-1.41	53	-1,265
Efficiency Ratios	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	165	117	107	25	1,129
Increase / (Decrease) in Invested Capital	0.00	-49	-9.47	-82	1,104
Book Value per Share	$5.24	($0.10)	($0.67)	($2.84)	$6.42
Tangible Book Value per Share	($3.90)	($2.16)	($2.66)	($4.83)	($0.33)
Total Capital	186	148	141	74	1,224
Total Debt	79	78	88	126	87
Total Long-Term Debt	75	75	87	124	80
Net Debt	58	47	54	77	-7.81
Capital Expenditures (CapEx)	2.09	3.63	5.62	6.40	13
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-13	-23	-32	-71	9.35
Debt-free Net Working Capital (DFNWC)	7.66	5.01	-1.35	-22	105
Net Working Capital (NWC)	3.98	1.43	-2.72	-23	97
Net Nonoperating Expense (NNE)	12	28	16	85	66
Net Nonoperating Obligations (NNO)	58	47	54	77	-7.81
Total Depreciation and Amortization (D&A)	11	12	11	13	35
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.36)	($2.09)	($0.73)	($2.35)	($2.28)
Adjusted Weighted Average Basic Shares Outstanding	45.08M	64.28M	64.65M	66.15M	119.54M
Adjusted Diluted Earnings per Share	($1.36)	($2.09)	($0.73)	($2.35)	($2.28)
Adjusted Weighted Average Diluted Shares Outstanding	45.08M	64.28M	64.65M	66.15M	119.54M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	64.28M	65.58M	75.57M	191.98M
Normalized Net Operating Profit after Tax (NOPAT)	-49	-35	-11	-30	-122
Debt Service Ratios	-	-	-	-	-
Payout Ratios	-	-	-	-	-

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

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	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	6/30/2026	9/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	165,150,783.00	191,975,804.00	198,918,728.00	249,992,609.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	165,150,783.00	191,975,804.00	198,918,728.00	249,992,609.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-0.52	-0.41	-0.21	-0.09
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	52.40%	29.97%	9.62%	9.57%	-30.07%	-20.93%	50.69%	-	57.95%	89.56%	5.42%
EBITDA Growth	-5.56%	-4,862.24%	-1,771.16%	-2,212.57%	276.28%	-739.53%	-2.49%	-	-1,662.81%	74.61%	1.20%
EBIT Growth	-9.13%	-421.93%	-351.28%	-1,064.87%	109.15%	-602.57%	-57.16%	-	-15,369.18%	64.92%	6.28%
NOPAT Growth	-61.27%	-84.91%	-360.51%	-180.91%	-300.25%	-1,188.79%	-234.49%	-	-386.84%	75.96%	37.23%
Net Income Growth	-11.55%	-230.96%	-231.37%	-717.54%	63.59%	-436.18%	-96.35%	-	-2,495.05%	57.75%	43.68%
EPS Growth	5.56%	-162.50%	-164.29%	-456.00%	47.06%	-235.71%	21.62%	-	-344.44%	86.52%	68.97%
Operating Cash Flow Growth	119.68%	-434.25%	-442.69%	-54.98%	-1,731.01%	-822.19%	-15.03%	-	85.21%	71.55%	-212.87%
Free Cash Flow Firm Growth	-35.47%	178.83%	194.33%	1,356.91%	-212.43%	-5,163.69%	-4,866.31%	-	-3,798.48%	103.48%	98.46%
Invested Capital Growth	-20.66%	-22.55%	-25.71%	-76.90%	16.56%	1,140.57%	1,166.78%	-	844.45%	-4.71%	-0.11%
Revenue Q/Q Growth	38.29%	-11.03%	-12.13%	1.34%	-11.74%	0.59%	67.47%	-	-10.87%	20.73%	-6.87%
EBITDA Q/Q Growth	19.26%	-457.27%	-23.14%	-317.41%	106.15%	-2,753.95%	84.97%	-	7.96%	56.89%	41.49%
EBIT Q/Q Growth	9.01%	-197.16%	-18.31%	-264.15%	100.72%	-22,907.76%	73.53%	-	8.57%	47.60%	29.30%
NOPAT Q/Q Growth	47.06%	-99.33%	-75.48%	-51.70%	24.57%	-541.83%	54.45%	-	14.60%	68.31%	-18.92%
Net Income Q/Q Growth	1.46%	-123.41%	-15.88%	-220.48%	95.61%	-3,189.65%	57.57%	-	10.50%	46.44%	43.43%
EPS Q/Q Growth	32.00%	-147.06%	11.90%	-275.68%	93.53%	-1,466.67%	79.43%	-	18.37%	52.50%	52.63%
Operating Cash Flow Q/Q Growth	-82.38%	-443.92%	-85.88%	139.98%	-738.18%	-94.46%	76.81%	-	72.52%	-274.08%	-155.01%
Free Cash Flow Firm Q/Q Growth	401.05%	-4.61%	2.57%	197.18%	-138.67%	-4,195.99%	3.45%	-	10.31%	103.84%	-142.74%
Invested Capital Q/Q Growth	-5.84%	-5.82%	-2.66%	-73.24%	375.17%	902.38%	-0.60%	-	-1.64%	1.14%	4.19%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	16.89%	16.62%	17.52%	6.65%	14.73%	-30.87%	16.25%	-	26.61%	27.80%	32.30%
EBITDA Margin	-2.44%	-15.31%	-21.45%	-88.37%	6.16%	-162.56%	-14.59%	-	-60.97%	-21.77%	-13.68%
Operating Margin	-4.07%	-9.13%	-18.23%	-27.29%	-23.32%	-148.79%	-40.46%	-	-71.88%	-18.87%	-24.09%
EBIT Margin	-5.77%	-19.28%	-25.96%	-93.29%	0.76%	-171.35%	-27.08%	-	-73.06%	-31.71%	-24.07%
Profit (Net Income) Margin	-9.22%	-23.16%	-30.54%	-96.56%	-4.80%	-157.03%	-39.79%	-	-78.89%	-35.00%	-21.26%
Tax Burden Percent	101.36%	100.08%	97.80%	97.57%	94.19%	74.84%	120.01%	-	100.85%	104.76%	98.23%
Interest Burden Percent	157.57%	119.98%	120.26%	106.08%	-674.57%	122.45%	122.43%	-	107.07%	105.34%	89.89%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-6.85%	-17.14%	-35.05%	-88.07%	-41.49%	-42.74%	-13.27%	-	-30.39%	-4.89%	-6.22%
ROIC Less NNEP Spread (ROIC-NNEP)	-16.45%	-37.98%	-51.53%	-170.34%	-28.06%	-78.24%	-24.10%	-	1,876.79%	8.29%	-3.02%
Return on Net Nonoperating Assets (RNNOA)	-17.19%	-51.88%	-110.61%	-24,359.27%	-26.10%	-13.21%	-5.05%	-	-4.43%	-1.19%	0.34%
Return on Equity (ROE)	-24.04%	-69.02%	-145.66%	-24,447.34%	-67.59%	-55.94%	-18.32%	-	-34.82%	-6.08%	-5.88%
Cash Return on Invested Capital (CROIC)	12.66%	12.44%	10.17%	80.16%	-49.21%	-185.30%	-189.23%	-	-194.19%	-8.27%	-11.83%
Operating Return on Assets (OROA)	-6.27%	-22.01%	-28.97%	-100.63%	0.73%	-50.65%	-9.24%	-	-29.70%	-7.83%	-6.22%
Return on Assets (ROA)	-10.01%	-26.43%	-34.07%	-104.15%	-4.65%	-46.41%	-13.57%	-	-32.07%	-8.64%	-5.49%
Return on Common Equity (ROCE)	13.23%	76.73%	264.56%	6,197,854.90%	70.37%	-42.57%	-14.58%	-	-28.83%	-5.74%	-5.64%
Return on Equity Simple (ROE_SIMPLE)	56.44%	52.03%	57.41%	0.00%	160.38%	0.00%	0.00%	-	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-2.50	-4.99	-8.76	-13	-10	-64	-29	-57	-49	-15	-18
NOPAT Margin	-2.85%	-6.39%	-12.76%	-19.10%	-16.32%	-104.15%	-28.32%	-	-50.31%	-13.21%	-16.86%
Net Nonoperating Expense Percent (NNEP)	9.60%	20.84%	16.48%	82.27%	-13.44%	35.50%	10.83%	-	-1,907.18%	-13.18%	-3.19%
Return On Investment Capital (ROIC_SIMPLE)	-6.11%	-	-	21.10%	-27.02%	-5.82%	-2.61%	-4.98%	-4.14%	-0.92%	-1.11%
Cost of Revenue to Revenue	83.11%	83.38%	82.48%	93.35%	85.27%	130.87%	83.75%	-	73.39%	72.20%	67.70%
SG&A Expenses to Revenue	19.78%	23.16%	25.53%	26.49%	30.53%	88.19%	48.62%	-	85.48%	35.94%	42.34%
R&D to Revenue	1.18%	2.24%	2.76%	2.08%	1.32%	2.79%	7.44%	-	12.97%	10.72%	13.20%
Operating Expenses to Revenue	20.96%	25.75%	35.75%	33.93%	38.05%	117.92%	56.72%	-	98.49%	46.67%	56.40%
Earnings before Interest and Taxes (EBIT)	-5.07	-15	-18	-65	0.46	-106	-28	-77	-71	-37	-26
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-2.15	-12	-15	-61	3.78	-100	-15	-64	-59	-25	-15
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	1.38	1.40	-	1.50	1.49	1.62
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	4.52	4.94
Price to Revenue (P/Rev)	1.05	1.61	1.53	3.60	2.26	4.81	4.37	-	4.40	5.71	6.04
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00
Dividend Yield	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%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	4.35	6.77	6.98	52.88	6.91	1.30	1.31	-	1.49	1.71	1.86
Enterprise Value to Revenue (EV/Rev)	1.60	2.20	2.17	4.30	2.92	5.85	5.20	-	4.46	4.52	5.03
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	24.31	113.03	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	30.37	47.53	58.55	24.76	0.00	0.00	0.00	-	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.95	3.14	10.05	-2.42	1.58	0.19	0.19	-	0.08	0.03	0.03
Long-Term Debt to Equity	1.93	3.11	9.90	-2.40	1.57	0.18	0.18	-	0.07	0.03	0.03
Financial Leverage	1.04	1.37	2.15	143.00	0.93	0.17	0.21	-	0.00	-0.14	-0.11
Leverage Ratio	4.52	5.56	7.75	615.60	5.07	1.62	1.66	-	1.48	1.28	1.27
Compound Leverage Factor	7.13	6.67	9.31	653.03	-34.18	1.99	2.03	-	1.59	1.35	1.14
Debt to Total Capital	66.05%	75.82%	90.95%	170.32%	61.20%	15.74%	15.75%	-	7.28%	3.05%	3.02%
Short-Term Debt to Total Capital	0.57%	0.62%	1.30%	1.72%	0.45%	0.99%	0.69%	-	0.64%	0.46%	0.46%
Long-Term Debt to Total Capital	65.48%	75.20%	89.65%	168.60%	60.74%	14.75%	15.06%	-	6.64%	2.59%	2.56%
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%
Noncontrolling Interests to Total Capital	70.28%	86.37%	80.16%	185.32%	78.41%	12.08%	8.55%	-	6.13%	0.00%	0.00%
Common Equity to Total Capital	-36.33%	-62.19%	-71.11%	-255.64%	-39.61%	72.18%	75.69%	-	86.59%	96.95%	96.98%
Debt to EBITDA	-15.52	-5.44	-3.92	-1.39	-1.25	-1.15	-1.12	-	-0.38	-0.31	-0.31
Net Debt to EBITDA	-9.32	-3.68	-2.55	-0.85	-0.60	-0.69	-0.80	-	0.23	3.09	2.68
Long-Term Debt to EBITDA	-15.39	-5.39	-3.86	-1.38	-1.24	-1.07	-1.07	-	-0.35	-0.27	-0.26
Debt to NOPAT	-7.65	-6.76	-5.88	-4.26	-2.84	-2.05	-1.65	-	-0.46	-0.34	-0.36
Net Debt to NOPAT	-4.59	-4.57	-3.82	-2.60	-1.37	-1.24	-1.19	-	0.27	3.36	3.14
Long-Term Debt to NOPAT	-7.58	-6.70	-5.79	-4.21	-2.82	-1.92	-1.58	-	-0.42	-0.29	-0.30
Altman Z-Score	0.48	0.75	0.44	0.45	0.93	1.23	1.55	-	2.38	4.63	5.38
Noncontrolling Interest Sharing Ratio	155.02%	211.17%	281.63%	25,451.86%	204.11%	23.91%	20.43%	-	17.20%	5.65%	3.97%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.97	0.98	0.97	0.84	1.20	1.46	1.41	-	1.75	3.92	4.20
Quick Ratio	0.50	0.49	0.50	0.48	0.59	0.69	0.58	-	0.93	3.01	3.01
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	24	23	23	69	-27	-1,148	-1,109	-1,162	-1,042	40	-17
Operating Cash Flow to CapEx	177.07%	-1,040.04%	-1,112.02%	302.53%	-2,518.49%	-2,959.59%	-310.97%	-	-140.19%	-292.26%	-3,627.50%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	-409.39	33.73	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	-2.62	-21.03	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	-4.49	-28.22	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.09	1.14	1.12	1.08	0.97	0.30	0.34	-	0.41	0.25	0.26
Accounts Receivable Turnover	12.90	12.28	12.60	11.20	16.22	8.88	10.84	-	18.74	13.26	14.19
Inventory Turnover	140.61	152.18	132.26	138.29	125.67	8.40	10.25	-	9.42	4.72	4.28
Fixed Asset Turnover	19.02	19.62	18.89	18.02	16.03	8.24	8.77	-	10.57	8.23	8.01
Accounts Payable Turnover	10.23	10.58	14.51	10.24	8.50	7.64	10.50	-	9.55	7.32	7.90
Days Sales Outstanding (DSO)	28.29	29.73	28.96	32.60	22.50	41.13	33.67	-	19.48	27.53	25.73
Days Inventory Outstanding (DIO)	2.60	2.40	2.76	2.64	2.90	43.46	35.60	-	38.75	77.26	85.33
Days Payable Outstanding (DPO)	35.69	34.51	25.16	35.64	42.94	47.77	34.77	-	38.22	49.85	46.21
Cash Conversion Cycle (CCC)	-4.80	-2.37	6.56	-0.40	-17.53	36.81	34.50	-	20.01	54.94	64.85
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	101	95	92	25	118	1,179	1,172	1,129	1,111	1,123	1,170
Invested Capital Turnover	2.40	2.68	2.75	4.61	2.54	0.41	0.47	-	0.60	0.37	0.37
Increase / (Decrease) in Invested Capital	-26	-28	-32	-82	17	1,084	1,079	1,104	993	-55	-1.29
Enterprise Value (EV)	439	643	646	1,309	812	1,528	1,539	-	1,655	1,926	2,171
Market Capitalization	288	470	457	1,095	627	1,256	1,295	-	1,632	2,433	2,610
Book Value per Share	($0.76)	($1.19)	($1.45)	($2.84)	($0.90)	$11.77	$6.44	$6.42	$5.66	$8.19	$6.44
Tangible Book Value per Share	($2.70)	($3.13)	($3.48)	($4.83)	($2.67)	($3.60)	($1.56)	($0.33)	($0.08)	$2.71	$2.11
Total Capital	137	126	136	74	172	1,257	1,226	1,224	1,256	1,681	1,659
Total Debt	91	95	123	126	105	198	193	87	91	51	50
Total Long-Term Debt	90	95	122	124	104	185	185	80	83	44	43
Net Debt	54	65	80	77	51	119	139	-7.81	-54	-506	-439
Capital Expenditures (CapEx)	1.56	0.91	1.59	2.34	1.79	2.96	6.54	2.19	4.76	8.53	1.75
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-35	-32	-46	-71	-30	11	15	9.35	0.40	17	68
Debt-free Net Working Capital (DFNWC)	-2.72	-1.21	-2.72	-22	24	90	70	105	146	575	557
Net Working Capital (NWC)	-3.50	-1.99	-4.49	-23	24	77	61	97	138	567	550
Net Nonoperating Expense (NNE)	5.59	13	12	54	-7.07	33	12	28	28	26	4.79
Net Nonoperating Obligations (NNO)	54	65	80	77	51	119	139	-7.81	-54	-506	-439
Total Depreciation and Amortization (D&A)	2.92	3.10	3.10	3.43	3.32	5.43	13	13	12	12	11
Debt-free, Cash-free Net Working Capital to Revenue	-12.88%	-10.97%	-15.37%	-23.42%	-10.75%	4.20%	5.13%	-	0.11%	3.96%	15.84%
Debt-free Net Working Capital to Revenue	-0.99%	-0.41%	-0.91%	-7.28%	8.78%	34.26%	23.47%	-	39.25%	134.79%	129.04%
Net Working Capital to Revenue	-1.28%	-0.68%	-1.50%	-7.70%	8.50%	29.50%	20.62%	-	37.10%	133.00%	127.26%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.17)	($0.42)	($0.37)	($1.39)	($0.09)	($1.41)	($0.29)	($0.49)	($0.40)	($0.19)	($0.09)
Adjusted Weighted Average Basic Shares Outstanding	65.57M	65.70M	66.53M	66.15M	71.19M	89.55M	145.74M	119.54M	193.67M	220.47M	250.05M
Adjusted Diluted Earnings per Share	($0.17)	($0.42)	($0.37)	($1.39)	($0.09)	($1.41)	($0.29)	($0.49)	($0.40)	($0.19)	($0.09)
Adjusted Weighted Average Diluted Shares Outstanding	65.57M	65.70M	66.53M	66.15M	71.19M	89.55M	145.74M	119.54M	193.67M	220.47M	250.05M
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	65.58M	66.54M	66.54M	75.57M	77.08M	144.04M	165.15M	191.98M	198.92M	249.99M	250.22M
Normalized Net Operating Profit after Tax (NOPAT)	-2.50	-4.99	-8.76	-13	-10	-64	-29	-57	-49	-15	-18
Normalized NOPAT Margin	-2.85%	-6.39%	-12.76%	-19.10%	-16.32%	-104.15%	-28.32%	-	-50.29%	-13.20%	-16.27%
Pre Tax Income Margin	-9.10%	-23.14%	-31.22%	-98.97%	-5.10%	-209.82%	-33.15%	-	-78.23%	-33.41%	-21.64%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	-27.84	-31.30	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	-19.17	-13.04	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	-29.71	-38.50	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	-21.04	-20.23	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%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	-0.04%	0.00%	0.00%	-	-0.52%	-5.69%	-6.21%

Financials Breakdown Chart

Key Financial Trends

Redwire’s Q2 2026 results show a meaningful improvement in operating performance, although the company remains unprofitable and dependent on external financing. Revenue reached $117.1 million, up from $97.0 million in Q1 2026 and $61.8 million in the restated Q2 2025. This continues a broader multiyear growth trend from $36.7 million in Q2 2022.

Gross profit increased to $32.5 million, producing a gross margin of approximately 27.8%. That compares with a negative gross margin in Q2 2025 and 26.6% in Q1 2026. Redwire also sharply reduced selling, general and administrative expense to $42.1 million from $82.9 million in Q1, helping narrow its operating loss to $22.1 million from $69.7 million.

Despite the operational progress, Redwire reported a $41.0 million net loss, or $0.19 per basic share. The loss was affected by $15.0 million of net other expense and $1.2 million of interest expense. Operating cash flow also remained negative at $24.9 million, indicating that the business has not yet reached self-sustaining cash generation.

The balance sheet is substantially stronger than it was in prior years. Cash and equivalents rose to $557.7 million at June 30, 2026, compared with $145.2 million at the end of Q1 and $54.3 million in Q3 2025. However, most of the Q2 cash increase came from a $500.9 million common-equity issuance rather than operating activity. The financing helped Redwire repay $41.3 million of debt, reducing total debt to approximately $51.2 million.

Revenue growth accelerated: Q2 2026 revenue of $117.1 million was approximately 20.7% higher than Q1 2026 and 89.5% above restated Q2 2025 revenue.
Gross margins recovered: The company generated a 27.8% gross margin in Q2 2026, compared with a negative gross margin in Q2 2025.
Operating expenses declined sharply: SG&A fell by nearly half sequentially, contributing to a $47.6 million improvement in operating loss from Q1 2026.
Liquidity improved substantially: Cash increased to $557.7 million, while the current ratio was approximately 3.9 based on Q2 current assets and current liabilities.
Debt reduction strengthened the balance sheet: Total debt declined from approximately $91.4 million in Q1 2026 and $193.1 million in Q3 2025 to about $51.2 million in Q2 2026.
Acquisition spending moderated: Q2 2026 acquisition cash outflow was $1.9 million, far below the $154.7 million recorded in restated Q2 2025, reducing near-term cash demands.
Deferred revenue remains a meaningful liability: Current deferred revenue increased to $85.0 million from $79.8 million in Q1 2026, which may represent future revenue obligations but is not immediately available as unrestricted cash.
Asset quality warrants monitoring: Goodwill and intangible assets totaled approximately $1.09 billion, or more than half of total assets, leaving the company exposed to future impairment charges if acquired businesses underperform.
Redwire continues to report substantial losses: The Q2 net loss was $41.0 million, and retained earnings remained negative at $739.2 million.
Cash flow remains dependent on financing: Operating cash flow was negative $24.9 million, while the quarterly cash increase was driven primarily by a $500.9 million equity issuance. Weighted-average basic shares also rose to 220.5 million from 193.7 million in Q1, creating significant dilution risk for existing shareholders.

Overall, Redwire’s latest statements point to stronger demand, improved gross margins, lower overhead and a much better liquidity position. The key question for investors is whether this revenue and margin improvement can continue long enough for the company to achieve positive operating cash flow. Until then, equity financing, dilution and continued net losses remain important risks.

11/14/26 04:52 PM ETAI Generated. May Contain Errors.

Redwire Financials - Frequently Asked Questions

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

Redwire's net income appears to be on a downward trend, with a most recent value of -$226.55 million in 2025, falling from -$61.54 million in 2021. The previous period was -$114.31 million in 2024. See Redwire's forecast for analyst expectations on what's next for the company.

Redwire's total operating income in 2025 was -$229.68 million, based on the following breakdown:

Total Gross Profit: $17.29 million
Total Operating Expenses: $246.96 million

Over the last 4 years, Redwire's total revenue changed from $137.60 million in 2021 to $335.38 million in 2025, a change of 143.7%.

In the past 13 quarters, Redwire's cash and equivalents has ranged from $10.86 million in Q3 2023 to $557.72 million in Q2 2026, and is currently $488.87 million as of their latest financial filing in Q3 2026.

Redwire had total debt of $87.37 million at the end of 2025, a 30.5% decrease from 2024, and a 11.2% increase since 2021.

Over the last 4 years, Redwire's book value per share changed from 5.24 in 2021 to 6.42 in 2025, a change of 22.5%.

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Financial statements for NYSE:RDW last updated on 11/5/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Redwire (RDW) Financials

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