Kratos Defense & Security Solutions (KTOS) financial statements
Kratos Defense & Security Solutions reported revenue of $1.3B in fiscal 2025, up 10.6% a year over 9 years.
Net income was $22M and the operating margin 1.9%, against -3.3% in 2016.
Free cash flow was -$137M.
The diluted share count rose 169% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Kratos Defense & Security Solutions's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $542M | $603M | $618M | $718M | $748M | $812M | $898M | $1.0B | $1.1B | $1.3B |
| Cost of revenue | $515M | $555M | $448M | $528M | $544M | $586M | $672M | $768M | $849M | $1.0B |
| Gross profit | $120M | $158M | $170M | $190M | $203M | $225M | $226M | $269M | $287M | $308M |
| Research and development | $14M | $18M | $16M | $18M | $27M | $35M | $39M | $38M | $40M | $40M |
| Selling, general and admin | $115M | $127M | $120M | $131M | $144M | $160M | $183M | $199M | $217M | $240M |
| Operating income | -$18M | -$12M | $30M | $38M | $29M | $28M | -$3M | $31M | $29M | $26M |
| Interest expense | $35M | $29M | $22M | $24M | $24M | $24M | $18M | $22M | $15M | $10M |
| Pre-tax income | -$52M | -$57M | $9M | $16M | $7M | $4M | -$33M | $11M | $26M | $34M |
| Income tax | $6M | -$10M | $5M | $5M | -$74M | $4M | $200,000 | $9M | $10M | $12M |
| Net income | -$60M | -$43M | -$4M | $12M | $80M | -$2M | -$37M | -$9M | $16M | $22M |
| EPS (diluted) | -$0.99 | -$0.48 | -$0.03 | $0.11 | $0.67 | -$0.02 | -$0.29 | -$0.07 | $0.11 | $0.13 |
| Diluted shares | 61M | 90M | 106M | 109M | 119M | 128M | 127M | 130M | 151M | 165M |
| Gross margin | 22.2% | 26.1% | 27.5% | 26.5% | 27.2% | 27.7% | 25.2% | 25.9% | 25.3% | 22.9% |
| Operating margin | -3.3% | -2.0% | 4.9% | 5.3% | 3.9% | 3.4% | -0.3% | 3.0% | 2.6% | 1.9% |
| Net margin | -11.2% | -7.1% | -0.6% | 1.7% | 10.6% | -0.2% | -4.1% | -0.9% | 1.4% | 1.6% |
Balance sheet
Fiscal years, from Kratos Defense & Security Solutions's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $69M | $130M | $183M | $173M | $381M | $349M | $81M | $73M | $329M | $561M |
| Receivables | $229M | $74M | $65M | $85M | $95M | $94M | $106M | $129M | $118M | $165M |
| Inventory | $57M | $50M | $47M | — | — | — | — | — | — | — |
| Total current assets | $373M | $471M | $495M | $522M | $765M | $758M | $583M | $594M | $872M | $1.3B |
| Property, plant and equipment | $50M | $58M | $67M | $117M | $144M | $168M | $213M | $244M | $288M | $362M |
| Goodwill | $485M | $426M | $426M | $456M | $484M | $494M | $558M | $569M | $569M | $596M |
| Total assets | $949M | $1.0B | $1.0B | $1.2B | $1.6B | $1.6B | $1.6B | $1.6B | $2.0B | $2.5B |
| Total current liabilities | $196M | $189M | $165M | $183M | $198M | $221M | $234M | $292M | $297M | $311M |
| Long-term debt | $431M | $294M | $294M | $295M | $301M | $297M | $250M | $219M | $175M | $0 |
| Total liabilities | $672M | $512M | $491M | $597M | $623M | $629M | $604M | $634M | $598M | $471M |
| Shareholders' equity | $276M | $512M | $519M | $574M | $925M | $945M | $936M | $976M | $1.4B | $2.0B |
| Net debt | $363M | $164M | $112M | $122M | -$80M | -$53M | $169M | $146M | -$155M | -$561M |
Cash flow
Fiscal years, from Kratos Defense & Security Solutions's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$15M | -$27M | $18M | $29M | $45M | $35M | -$26M | $65M | $50M | -$42M |
| Capital spending | — | — | — | — | $36M | $46M | $45M | $52M | $58M | $95M |
| Free cash flow | — | — | — | — | $9M | -$11M | -$71M | $13M | -$8M | -$137M |
| Stock-based compensation | $5M | $8M | $7M | $11M | $21M | $26M | $26M | $25M | $30M | $36M |
| Net borrowing | -$14M | -$149M | $0 | $0 | $5M | $0 | $200M | $0 | $0 | — |
| Free cash flow margin | — | — | — | — | 1.2% | -1.4% | -7.9% | 1.2% | -0.7% | -10.2% |
Questions
What was Kratos Defense & Security Solutions's revenue in 2025?
$1.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Kratos Defense & Security Solutions generate?
-$137M in fiscal 2025 (operating cash flow minus capital spending).
From Kratos Defense & Security Solutions's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.