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Kratos Defense & Security Solutions
Kratos Defense & Security Solutions (KTOS) investor relations material
Kratos Defense & Security Solutions Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary23 Feb, 2026
Executive summary
Achieved 20% organic revenue growth in Q4 2025, with total revenues of $345.1M, surpassing guidance and setting records in backlog ($1.573B) and opportunity pipeline ($13.7B).
Full year 2025 revenues were $1.347B, up 16.6% organically; net income for Q4 was $5.9M (GAAP EPS $0.03), and for the year $22.0M (GAAP EPS $0.13); adjusted EPS for Q4 was $0.18 and for the year $0.55.
Positioned to meet 2026 and 2027 financial targets, with Q1 expected to be the lowest due to resolved government shutdown and CRA.
Demand for affordable, military-grade hardware and software is accelerating, driven by global defense spending increases and industry consolidation.
Strategic focus on internally funded investments, rapid product development, and not paying dividends or buying back stock.
Financial highlights
Q4 2025 revenue was $345.1M, exceeding the $320M-$330M guidance, with 20% organic growth over Q4 2024; full year operating income was $25.6M.
Adjusted EBITDA for Q4 2025 was $34.1M (9.9% margin), above guidance; full year adjusted EBITDA was $119.9M (8.9% margin).
Q4 cash flow from operations was $12.1M; full year cash flow used in operations was $(42.1)M, reflecting working capital investments.
Free cash flow used in operations for Q4 2025 was $0.1M after $24.2M in capex, offset by $12M from Valkyrie sales; full year free cash flow used was $(125.4)M after $95.3M in capex.
Consolidated DSOs increased to 121 days due to revenue growth and delayed government payments.
Outlook and guidance
Fiscal 2026 revenue forecast is $1.59B–$1.675B, with 12.7%–18.5% organic growth over 2025; adjusted EBITDA forecast is $157M–$167M (9.9%–10.0% margin).
Q1 2026 revenue guidance: $335M–$345M, reflecting 7.5%–9.5% organic growth over Q1 2025.
2026 capital expenditures forecasted at $135M–$145M, with significant investments in hypersonics, unmanned systems, and facility expansions.
Guidance includes Nomad acquisition but excludes pending Orbit Technologies acquisition.
Second half of 2026 expected to deliver higher revenue and EBITDA than the first half due to contract timing and ramping programs.
Quantify Valkyrie production impact on FY26/27
Detail FY26 investments driving negative FCF
Timeline for $1B hypersonic program opportunity
Hypersonic growth beyond $700M in 2027?
Valkyrie production ramp-up beyond 40 units?
Microwave Electronics growth drivers beyond 2026?
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Next Kratos Defense & Security Solutions earnings date
Q1 20266 May, 2026
Kratos Defense & Security Solutions
Next Kratos Defense & Security Solutions earnings date
Q1 20266 May, 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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