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Kratos Defense & Security Solutions (KTOS) investor relations material
Kratos Defense & Security Solutions Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Q2 2025 revenue reached $351.5M, up 17.1% year-over-year, with 15.2% organic growth and broad-based gains, especially in Defense Rocket and C5ISR segments.
Major new program wins include Poseidon (potential $750M value) and Deimos, with Poseidon ramping in 2027 after facility completion.
Tactical drone business momentum: Valkyrie named USMC program of record, Airbus partnership for European Valkyrie, and additional sole-source opportunities.
Net income for Q2 2025 was $2.9M, down from $7.9M in Q2 2024; adjusted EBITDA was $28.3M, compared to $29.9M last year.
Backlog reached $1.414B, up from $1.30B a year ago, with a $13B bid and proposal pipeline.
Financial highlights
Adjusted EBITDA for Q2 2025 was $28.3M, above guidance, but gross margin declined to 21.0% from 25.7% year-over-year due to higher costs and less favorable mix.
Cash and cash equivalents rose to $783.6M at June 29, 2025, from $329.3M at year-end, mainly due to a $555.9M equity raise.
Cash flow used in operations was $10.6M in Q2; free cash flow used was $31.1M after $20.5M in capex.
Six-month revenue increased 13.3% year-over-year to $654.1M; net income for the period was $7.4M, down from $9.2M.
Operating cash flow was negative $40.9M for the first half, reflecting increased working capital and inventory purchases.
Outlook and guidance
Full-year 2025 revenue guidance raised to $1.29B–$1.31B (11–13% organic growth); adjusted EBITDA guidance increased to $114M–$135M.
Q3 2025 revenue guidance is $315M–$325M, with adjusted EBITDA expected at $29M–$34M.
2026 base case organic revenue growth forecast of 13–15% over 2025 is substantially covered by existing programs.
Margin/EBITDA rate expected to increase 100–150 bps in 2026, with further improvement in 2027 as higher-margin programs ramp.
Continued elevated capex planned for facility and production expansion, especially in Rocket Systems and Hypersonic businesses.
How will Golden Dome impact target drone business?
What's the timeline for GEK to be a $1B business?
What's Kratos' plan with the capital raised?
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Next Kratos Defense & Security Solutions earnings date
Q3 20256 Nov, 2025
Next Kratos Defense & Security Solutions earnings date
Q3 20256 Nov, 2025
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Frequently asked questions
Kratos Defense & Security Solutions, Inc. is a technology company that develops and provides systems and solutions for the defense and national security sectors. The company's offerings include unmanned aerial systems, space and satellite communications, missile defense systems, and cyber security solutions. Kratos serves the U.S. Department of Defense, other government agencies, and commercial customers. Its products and services are designed to support mission-critical operations, including tactical warfare, surveillance, and secure communications. The company is headquartered in San Diego, California, and its shares are listed on the NASDAQ.
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