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Kratos Defense & Security Solutions (KTOS) investor relations material
Kratos Defense & Security Solutions Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 revenues reached $347.6 million, up 26% year-over-year, driven by strong growth in unmanned systems, KGS, and international drone shipments.
Net income for Q3 2025 was $8.7 million, up from $3.2 million in Q3 2024; adjusted EPS was $0.14 versus $0.11 year-over-year.
Major new program wins and international partnerships, including with Airbus, Northrop Grumman, Taiwan's NCSIST, and Korea Aerospace Industries, are driving growth.
Announced $356 million acquisition of Orbit, a satellite-based communications provider, expected to close in the first half of 2026 and be immediately accretive.
Backlog reached $1.48 billion, with a Q3 book-to-bill ratio of 1.2 to 1 and robust bookings supporting future growth.
Financial highlights
Q3 2025 adjusted EBITDA was $30.8 million, up from $24.6 million in Q3 2024 and above guidance.
Free cash flow used in operations was $41.3 million, reflecting $28 million in capital expenditures.
Cash and cash equivalents at quarter-end were $565.9 million, up from $329.3 million at year-end 2024.
All outstanding Term Loan A debt was paid off in July 2025 using proceeds from a $555.9 million equity offering.
Gross margin declined to 22.2% from 25.1% year-over-year, impacted by higher labor and material costs.
Outlook and guidance
Full-year 2025 revenue guidance increased to $1.320–$1.330 billion, with adjusted EBITDA guidance at $114–$120 million.
2026 and 2027 organic revenue growth targets set at 15–20% and 18–23% above prior years, with projected 100 basis point EBITDA margin expansion each year.
Q4 2025 revenue guidance is $320–$330 million, reflecting 11–14% organic growth over Q4 2024.
Guidance excludes Orbit acquisition until closing.
Significant capital expenditures planned, especially in unmanned systems, with some 2025 CapEx deferred to 2026.
Cash flow impact from growth and investments
Explain MTCR rule changes impact on drones
KUS fixed-price contract profitability impact
Kratos growth funding strategy given cash burn
Update on IGT data center opportunity
Impact of new drone export policy on sales
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Next Kratos Defense & Security Solutions earnings date
Q4 202525 Feb, 2026
Next Kratos Defense & Security Solutions earnings date
Q4 202525 Feb, 2026
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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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