KRATOS DEFENSE & SECURITY SOLUTIONS, INC.

KTOS 10-K · FY 2025
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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 1,346.8 1,136.3 +18.5%
Show Product Lines breakouts
Product 877.8 712.9 +23.1%
Product · Kratos Government Solutions 594.5 449.5 +32.3%
Product · Operating Segments 877.8 712.9 +23.1%
Product · Unmanned Systems 283.3 263.4 +7.6%
Service 469 423.4 +10.8%
Service · Kratos Government Solutions 460.3 416.3 +10.6%
Service · Operating Segments 469 423.4 +10.8%
Service · Unmanned Systems 8.7 7.1 +22.5%
Show Business Segments breakouts
Kratos Government Solutions 1,054.8 865.8 +21.8%
Kratos Government Solutions · Cost plus fee 298.9 233.9 +27.8%
Kratos Government Solutions · Fixed Price Contract 703.1 571.5 +23.0%
Kratos Government Solutions · International 228.3 195.4 +16.8%
Kratos Government Solutions · Operating Segments 1,054.8 865.8 +21.8%
Kratos Government Solutions · Time And Materials Contract 52.8 60.4 -12.6%
Kratos Government Solutions · U.S. Commercial and other customers 154.2 142.4 +8.3%
Kratos Government Solutions · U.S. Government 917.1 762 +20.4%
Kratos Government Solutions · U.S. Government 672.3 528 +27.3%
Unmanned Systems 292 270.5 +7.9%
Unmanned Systems · Cost plus fee 58.1 48.1 +20.8%
Unmanned Systems · Fixed Price Contract 231.2 216.4 +6.8%
Unmanned Systems · International 39.3 31.3 +25.6%
Unmanned Systems · Operating Segments 292 270.5 +7.9%
Unmanned Systems · Time And Materials Contract 2.7 6 -55.0%
Unmanned Systems · U.S. Commercial and other customers 7.9 5.2 +51.9%
Unmanned Systems · U.S. Government 244.8 234 +4.6%
Show Geography breakouts
Asia Pacific 71.2 61.7 +15.4%
Europe 78.1 49.7 +57.1%
Middle East 66.2 73.1 -9.4%
Non Us 267.7 226.6 +18.1%
Other 46.9 34.1 +37.5%
Other North America 19.4 18.6 +4.3%
US 1,065 899.1 +18.5%
Show Consolidation Items breakouts
Operating Segments 1,346.8 1,136.3 +18.5%
Show Type Of Arrangement breakouts
Collaborative Arrangement Transaction With Party To Collaborative Arrangement 12.9 — —
Cost of Revenue 1,038.9 849.1 +22.4%
Show Product Lines breakouts
Product 682.1 539.1 +26.5%
Product · Kratos Government Solutions 447.6 322.3 +38.9%
Product · Operating Segments 682.1 539.1 +26.5%
Product · Unmanned Systems 234.5 216.8 +8.2%
Service 356.8 310 +15.1%
Service · Kratos Government Solutions 350.1 304.7 +14.9%
Service · Operating Segments 356.8 310 +15.1%
Service · Unmanned Systems 6.7 5.3 +26.4%
Show Business Segments breakouts
Kratos Government Solutions · Operating Segments 797.7 627 +27.2%
Unmanned Systems · Operating Segments 241.2 222.1 +8.6%
Show Consolidation Items breakouts
Operating Segments 1,038.9 849.1 +22.4%
Show Type Of Arrangement breakouts
Collaborative Arrangement Transaction With Party To Collaborative Arrangement 13.3 — —
Gross Profit 307.9 287.2 +7.2%
Selling, General & Administrative 240.2 217.2 +10.6%
Show Business Segments breakouts
Kratos Government Solutions · Operating Segments 158.8 146.1 +8.7%
Unmanned Systems · Operating Segments 45.9 41.3 +11.1%
Show Consolidation Items breakouts
Operating Segments 204.7 187.4 +9.2%
Business Combination Acquisition Related Costs 2.1 0.7 +200.0%
Show Consolidation Items breakouts
Material Reconciling Items 2.1 0.7 +200.0%
Research & Development 40 40.3 -0.7%
Show Business Segments breakouts
Kratos Government Solutions · Operating Segments 37.7 36.1 +4.4%
Unmanned Systems · Operating Segments 2.3 4.2 -45.2%
Show Consolidation Items breakouts
Operating Segments 40 40.3 -0.7%
Operating Income 25.6 29 -11.7%
Show Business Segments breakouts
Kratos Government Solutions · Operating Segments 60.6 56.6 +7.1%
Unmanned Systems · Operating Segments 2.6 2.9 -10.3%
Show Consolidation Items breakouts
Operating Segments 63.2 59.5 +6.2%
Interest Income Expense Nonoperating Net 5.9 -3 +296.7%
Other Non-Operating Income (Expense) 2.5 0.5 +400.0%
Show Consolidation Items breakouts
Material Reconciling Items 2.5 0.5 +400.0%
Non-Operating Income (Expense) 8.4 -2.5 +436.0%
Income Before Taxes 34 26.5 +28.3%
Show Consolidation Items breakouts
Material Reconciling Items 34 26.5 +28.3%
Income Tax Expense (Benefit) 12 10.2 +17.6%
Net Income 22 16.3 +35.0%
Net Income 22 16.3 +35.0%
Show Equity Components breakouts
Retained Earnings 22 16.3 +35.0%
EPS (Basic) 0.14 0.11 +27.3%
EPS (Diluted) 0.13 0.11 +18.2%
Wtd Avg Shares (Basic) 162.7 149 +9.2%
Wtd Avg Shares (Diluted) 165.2 150.9 +9.5%
Interest Expense (FY) — — —
Show Consolidation Items breakouts
Material Reconciling Items 5.9 -3 +296.7%
Comprehensive Income 24.6 14.1 +74.5%
Other Comprehensive Income 3.5 -2.3 +252.2%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 3.5 -2.3 +252.2%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax -0.9 0.1 -1000.0%
Foreign Currency Transaction Gain Loss Before Tax -1.1 -0.5 -120.0%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 560.6 329.3 +70.2%
Accounts Receivable 165 117.5 +40.4%
Unbilled Receivables Current 292.4 206.3 +41.7%
Inventory Net Of Allowances Customer Advances And Progress Billings 188.2 162.1 +16.1%
Prepaid Expense Current 12.9 18 -28.3%
Other Assets Current 43.8 38.9 +12.6%
Total Current Assets 1,262.9 872.1 +44.8%
Non-Current Assets
Operating Lease Right-of-Use Assets 43.4 37.6 +15.4%
Goodwill 595.7 568.9 +4.7%
Show Business Segments breakouts
Kratos Government Solutions 470.9 444.1 +6.0%
Unmanned Systems 124.8 124.8 0.0%
Other Non-Current Assets 144.4 130.3 +10.8%
Total Assets 2,467.2 1,950.9 +26.5%
Show Business Segments breakouts
Kratos Government Solutions · Operating Segments 1,472.9 1,250.4 +17.8%
Unmanned Systems · Operating Segments 438.7 385.7 +13.7%
Show Consolidation Items breakouts
Corporate Non Segment 555.6 314.8 +76.5%
Operating Segments 1,911.6 1,636.1 +16.8%
Intangible Assets 47 46.9 +0.2%
Show Finite Lived Intangible Assets By Major Class breakouts
Contracts and backlog 6.8 9.9 -31.3%
Customer Relationships 18.5 15.6 +18.6%
Developed Technology Rights 4.3 4.3 0.0%
In-process research and development 16.1 16.4 -1.8%
Noncompete Agreements 0.4 — —
Trade Names 0.9 0.7 +28.6%
Other Assets
Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization 361.9 288.2 +25.6%
Intangible Assets Net Excluding Goodwill 53.9 53.8 +0.2%
Investments And Other Noncurrent Assets 5 — —
Current Liabilities
Accounts Payable 69.6 82 -15.1%
Accrued Liabilities 60.5 38.8 +55.9%
Employee Related Liabilities Current 82.3 71.9 +14.5%
Deferred Revenue (Current) 73.4 76.3 -3.8%
Operating Lease Liability Current 12.8 11.3 +13.3%
Finance Lease Liability Current 3.4 1.9 +78.9%
Other Liabilities Current 9 14.5 -37.9%
Total Current Liabilities 311 296.7 +4.8%
Non-Current Liabilities
Operating Lease Liabilities 33.8 29.8 +13.4%
Finance Lease Liability Noncurrent 95.8 64.4 +48.8%
Other Non-Current Liabilities 30.3 32.2 -5.9%
Total Liabilities 470.9 597.7 -21.2%
Stockholders' Equity
Common Stock 0.2 0.2 0.0%
Additional Paid In Capital Common Stock 2,635.9 2,017.4 +30.7%
Accumulated Other Comprehensive Income 2.1 -0.5 +520.0%
Retained Earnings -641.9 -663.9 +3.3%
Total Stockholders' Equity 1,996.3 1,353.2 +47.5%
Total Liabilities & Equity 2,467.2 1,950.9 +26.5%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Depreciation & Amortization 47.1 40.3 +16.9%
Show Business Segments breakouts
Kratos Government Solutions · Operating Segments 32.1 27.1 +18.5%
Unmanned Systems · Operating Segments 15 13.2 +13.6%
Deferred Income Taxes 8.1 4.4 +84.1%
Operating And Finance Lease Rightof Use Asset Amortization 12.2 11.6 +5.2%
Stock-Based Compensation 35.5 29.8 +19.1%
Gains Losses On Extinguishment Of Debt 0.5 — —
Amortization Of Deferred Charges 0.5 0.7 -28.6%
Change in Accounts Receivable -44.6 11.2 -498.2%
Increase Decrease In Contract With Customer Asset -81.4 -6.1 -1234.4%
Change in Inventory -19.3 -5 -286.0%
Increase Decrease In Prepaid Expense 5.1 -1.8 +383.3%
Increase Decrease In Other Operating Assets -27.1 -35.6 +23.9%
Increase Decrease In Operating Lease Liabilities -12.1 -12.4 +2.4%
Change in Accounts Payable -13.7 15.1 -190.7%
Increase Decrease In Other Accrued Liabilities 22.1 1.7 +1200.0%
Increase Decrease In Employee Related Liabilities 10.7 7 +52.9%
Change in Deferred Revenue -5.5 -25.7 +78.6%
Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable 0.9 -0.3 +400.0%
Increase Decrease In Other Operating Liabilities -3.1 -1.5 -106.7%
Net Cash from Operations -42.1 49.7 -184.7%
Investing Activities
Proceeds From Sale Of Property Plant And Equipment 12 — —
Payments To Acquire Interest In Joint Venture -5 — —
Payments To Acquire Productive Assets -95.3 -58.2 -63.7%
Net Cash from Investing -88.3 -69.7 -26.7%
Right Of Use Asset Obtained In Exchange For Finance Lease Liability 34.8 15.4 +126.0%
Stock Issued For Acquisition 37.2 0.5 +7340.0%
Common Stock Issued For Contingent Acquisition Consideration Financing And Investing 0.5 — —
Financing Activities
Proceeds From Issuance Of Common Stock 555.9 330.7 +68.1%
Repayments Of Long Term Lines Of Credit -185 -52.5 -252.4%
Tax Withholding for Share Compensation -20 -17.4 -14.9%
Finance Lease Principal Payments -1.8 -1.4 -28.6%
Proceeds From Stock Options Exercised 9.9 8.2 +20.7%
Proceeds From Payments For Other Financing Activities 1.7 — —
Net Cash from Financing 360.7 277.6 +29.9%
Supplemental
Interest Paid 6.3 14.6 -56.8%
Income Taxes Paid 6.5 5 +30.0%
Unpaid Capital Expenditures 8.2 8.8 -6.8%
Other Cash Flow
Net Cash Provided By Used In Continuing Operations 230.3 257.6 -10.6%
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations 1 -1.1 +190.9%
Net Change in Cash 231.3 256.5 -9.8%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 560.6 329.3 +70.2%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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