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Leonardo DRS
Leonardo DRS (DRS) investor relations material
Leonardo DRS Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
Achieved double-digit organic revenue growth of 13% in 2025, driven by strong customer demand, record bookings, and a book-to-bill ratio at or above 1.2x for the fourth consecutive year, with a year-end backlog of $8.7 billion providing strong visibility into 2026 growth.
Delivered 19% growth in full-year free cash flow, with net earnings of $278 million for the year and $102 million in Q4.
Secured a landmark position on the SDA Tracking Layer Tranche 3 program and a $100 million, 10-year quantum laser IP license agreement, contributing $73 million to 2025 revenue and Adjusted EBITDA.
Leadership transition with John Baylouny appointed CEO, emphasizing innovation and operational excellence, and Sally Wallace as COO.
Financial highlights
Q4 2025 revenue was $1.1 billion, up 8% year-over-year; full year revenue reached $3.648 billion, up 13% organically.
Adjusted EBITDA was $158 million in Q4 (up 13%) and $453 million for the year (up 13%).
Margins were 14.9% in Q4 and 12.4% for the full year, with margin flat year-over-year due to higher R&D investment and material cost growth.
Diluted EPS and Adjusted Diluted EPS for Q4 were $0.38 and $0.42, and for the full year $1.03 and $1.15, respectively.
Free cash flow for the year was $227 million, with a net cash position and strong liquidity at year-end.
Outlook and guidance
2026 revenue guidance is $3.85–$3.95 billion, implying 6–8% organic growth, supported by strong backlog.
Adjusted EBITDA expected at $505–$525 million, with margin improvement of 70–90 basis points year-over-year.
Adjusted Diluted EPS guidance is $1.20–$1.26 per share; free cash flow conversion expected at 80% of adjusted net earnings.
Effective tax rate for 2026 forecasted at 18.5%.
CapEx projected to be just under 5% of revenue in 2026, with continued focus on capacity expansion and modernization.
ASC margin sustainability post-IP license?
How to mitigate material input cost impact?
Capital deployment for future growth initiatives?
CEO's plan to accelerate operating cadence
Germanium supply chain impact on 2026
Charleston facility's role in future naval growth
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Next Leonardo DRS earnings date
Q1 202630 Apr, 2026
Leonardo DRS
Next Leonardo DRS earnings date
Q1 202630 Apr, 2026
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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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