Leonardo DRS (DRS) financial statements
Leonardo DRS reported revenue of $3.6B in fiscal 2025, up 5.1% a year over 6 years.
Net income was $278M and the operating margin 9.5%, against 6.0% in 2019.
Free cash flow was $227M, and the company returned $35M in net buybacks.
The diluted share count rose 28% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Leonardo DRS's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $2.7B | $2.8B | $2.9B | $2.7B | $2.8B | $3.2B | $3.6B |
| Cost of revenue | $2.3B | $2.3B | $2.3B | $2.1B | $2.2B | $2.5B | $2.8B |
| Gross profit | $459M | $494M | $547M | $575M | $648M | $736M | $869M |
| Research and development | $31M | $41M | $48M | $58M | $82M | $92M | $129M |
| Selling, general and admin | $277M | $283M | $293M | $357M | $384M | $414M | $497M |
| Operating income | $163M | $181M | $236M | $561M | $231M | $293M | $348M |
| Interest expense | $65M | $64M | $35M | $34M | $36M | $21M | — |
| Pre-tax income | $95M | $112M | $200M | $525M | $192M | $264M | $336M |
| Income tax | $20M | $27M | $46M | $120M | $24M | $51M | $58M |
| Net income | $75M | $85M | $154M | $405M | $168M | $213M | $278M |
| EPS (diluted) | $0.52 | $0.40 | $0.73 | $1.88 | $0.64 | $0.80 | $1.03 |
| Diluted shares | — | 210M | 210M | 215M | 264M | 268M | 269M |
| Gross margin | 16.9% | 17.8% | 19.0% | 21.4% | 22.9% | 22.8% | 23.8% |
| Operating margin | 6.0% | 6.5% | 8.2% | 20.8% | 8.2% | 9.1% | 9.5% |
| Net margin | 2.8% | 3.1% | 5.3% | 15.0% | 5.9% | 6.6% | 7.6% |
Balance sheet
Fiscal years, from Leonardo DRS's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $85M | $61M | $240M | $306M | $467M | $598M | $647M |
| Receivables | — | $102M | $156M | $166M | $151M | $253M | $334M |
| Inventory | — | $247M | $205M | $319M | $329M | $358M | $352M |
| Total current assets | — | $1.3B | $1.4B | $1.7B | $1.9B | $2.2B | $2.3B |
| Property, plant and equipment | — | $355M | $364M | $404M | $402M | $440M | $512M |
| Goodwill | $1.1B | $1.1B | $1.1B | $1.2B | $1.2B | $1.2B | $1.2B |
| Total assets | — | $3.0B | $3.1B | $3.7B | $3.9B | $4.2B | $4.5B |
| Total current liabilities | — | $975M | $989M | $1.0B | $1.1B | $1.1B | $1.2B |
| Long-term debt | — | $374M | $352M | $365M | $349M | $340M | $321M |
| Total liabilities | — | $1.5B | $1.5B | $1.6B | $1.6B | $1.6B | $1.8B |
| Shareholders' equity | $1.0B | $1.4B | $1.6B | $2.1B | $2.3B | $2.6B | $2.7B |
| Net debt | -$85M | $366M | $153M | $88M | -$61M | -$233M | -$300M |
Cash flow
Fiscal years, from Leonardo DRS's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $157M | $125M | $178M | $33M | $205M | $271M | $366M |
| Capital spending | $55M | $56M | $60M | $65M | $60M | $85M | $139M |
| Free cash flow | $102M | $69M | $118M | -$32M | $145M | $186M | $227M |
| Stock-based compensation | — | $0 | $0 | $5M | $17M | $22M | $32M |
| Dividends paid | — | $0 | $0 | $396M | $0 | $0 | — |
| Share buybacks (net) | — | — | — | — | $0 | $0 | -$35M |
| Free cash flow margin | 3.8% | 2.5% | 4.1% | -1.2% | 5.1% | 5.8% | 6.2% |
| Dividends per share | — | — | — | $1.84 | — | — | — |
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Open DRS in InvestinglyQuestions
What was Leonardo DRS's revenue in 2025?
$3.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Leonardo DRS generate?
$227M in fiscal 2025 (operating cash flow minus capital spending).
From Leonardo DRS's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.