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Investor Relations14 Oct 2025
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Leonardo DRS (DRS) investor relations material
Leonardo DRS Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary30 Jul, 2025
Executive summary
Q2 2025 revenue rose 10% year-over-year to $829 million, with net earnings up 42% to $54 million and strong growth in both ASC and IMS segments, driven by demand for electric power, propulsion, and advanced sensing technologies.
Backlog reached $8.6 billion, up 9% year-over-year, with a book-to-bill ratio of 1.0 for the quarter and robust new awards in both segments.
Adjusted EBITDA increased 17% to $96 million, with margin expanding by 70 basis points to 11.6%.
Diluted EPS was $0.20, up 43% year-over-year; adjusted diluted EPS was $0.23, up 28%.
Heightened global threats and increased defense investment are driving demand, while supply chain complexities, especially Germanium availability, are being actively managed.
Financial highlights
Q2 2025 revenue: $829 million (+10% YoY); six-month revenue: $1.63 billion (+13% YoY).
Net earnings for Q2: $54 million (+42% YoY); six-month net earnings: $104 million (+55% YoY).
Adjusted EBITDA margin improved to 11.6% in Q2, up 70 bps year-over-year.
Free cash outflow improved year over year despite higher capital expenditures, reflecting enhanced profitability and working capital efficiency.
Bookings for Q2: $853 million; backlog at $8.6 billion, up 9% year-over-year.
Outlook and guidance
Full-year 2025 revenue guidance raised to $3.525–$3.6 billion, implying 9%-11% growth, with 90% of revenue already realized or in backlog.
Adjusted EBITDA guidance narrowed to $437–$453 million, reflecting higher R&D and raw material costs but maintaining the midpoint.
Adjusted diluted EPS now expected between $1.06 and $1.11, up 14%-19% year-over-year, factoring in lower share count from repurchases and a 19% tax rate.
Free cash flow conversion expected at ~80% of adjusted net earnings; Q3 revenue expected around $925 million with mid-12% EBITDA margin.
Management anticipates continued backlog conversion and revenue growth, with international sales expected to remain stable as a percentage of total revenue.
Why did ASC adjusted EBITDA margin contract?
Explain drivers of IMS revenue growth.
What is causing higher working capital investment?
Assess impact of germanium shortage on ASC.
Discuss potential for electric drive systems.
Elaborate on international M&A interest.
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Next Leonardo DRS earnings date
Q3 202529 Oct, 2025
Next Leonardo DRS earnings date
Q3 202529 Oct, 2025
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Frequently asked questions
Leonardo DRS Inc., formerly known as DRS Technologies, Inc., is a U.S.-based defense contractor specializing in providing advanced defense products and technologies. The company's extensive portfolio includes advanced sensing, network computing, force protection, and electrical power conversion and propulsion technologies. Leonardo DRS operates through two primary technology-driven segments: Advanced Sensing and Computing, which focuses on equipment for real-time battlefield information processing, and Integrated Mission Systems, dedicated to critical force protection and vehicle integration among other systems. The company, a subsidiary of the Italian aerospace, defense, and security firm Leonardo S.p.A., underscores its role as a prime contractor and technology innovator in the defense sector, serving military forces, intelligence agencies, and defense contractors globally. The company is headquartered in Arlington, Virginia, and its shares are listed on the Nasdaq.
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