DRS

MKT CAP:$11B

Leonardo DRS, Inc.

Market Cap

$11B

Industrials·Aerospace & Defense·🇺🇸 United States·NASDAQ

Industrials·Aerospace·🇺🇸·NASDAQ

Stock Price

$44.10+$9.32 (+26.81%)

Apr 20, 2026

Company Details

Leonardo DRS, Inc., together with its subsidiaries, provides defense products and technologies in the land, air, sea, space, cyber and security, and commercial domains for military applications. It operates in two segments, Advanced Sensing...

CEO

John A. Baylouny

IPO Date

Jun 24, 1985

Website

www.leonardodrs.com

Key Metrics TTM

Revenue

$3.6B

+12.8% YoY

Net Income

$278M

EPS (Diluted)

$1.04

Free Cash Flow

$227M

Revenue / Share

$13.57

Gross Margin

23.7%

Operating Margin

9.5%

Net Margin

7.6%

FCF Margin

6.2%

P/S

2.9x

P/E

38.1x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Jan 28, 2026

$3.6B+12.8%EPS $1.03

Q4 2025

Jan 28, 2026

$1.1B+8.1%EPS $0.38

Q3 2025

Oct 29, 2025

$960M+18.2%EPS $0.27

Q2 2025

Jul 30, 2025

$829M+10.1%EPS $0.20

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$612M	$134M	$56M
Q2 22	$627M	$127M	$42M
Q3 22	$634M	$130M	$376M
Q4 22	$820M	$184M	$87M
Q1 23	$569M	$131M	$25M
Q2 23	$628M	$145M	$42M
Q3 23	$703M	$162M	$59M
Q4 23	$926M	$210M	$105M
Q1 24	$688M	$153M	$43M
Q2 24	$753M	$169M	$55M
Q3 24	$812M	$179M	$75M
Q4 24	$981M	$235M	$120M
Q1 25	$799M	$181M	$59M
Q2 25	$829M	$197M	$70M
Q3 25	$960M	$222M	$93M
Q4 25	$1.1B	$263M	$126M

Valuation

Quarter	P/S	P/E
Q1 22	3.8x	65.8x
Q2 22	3.8x	68.8x
Q3 22	3.9x	26.6x
Q4 22	3.9x	26.2x
Q1 23	4.0x	27.8x
Q2 23	4.0x	27.1x
Q3 23	3.9x	66.6x
Q4 23	3.7x	63.1x
Q1 24	3.6x	57.3x
Q2 24	3.5x	56.4x
Q3 24	3.3x	53.5x
Q4 24	3.3x	49.7x
Q1 25	3.2x	45.3x
Q2 25	3.1x	42.4x
Q3 25	3.0x	40.0x
Q4 25	2.9x	38.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$255M	-$268M
Q2 22	$13M	$4M
Q3 22	-$4M	-$17M
Q4 22	$279M	$249M
Q1 23	-$334M	-$349M
Q2 23	-$12M	-$24M
Q3 23	$36M	$21M
Q4 23	$515M	$497M
Q1 24	-$265M	-$275M
Q2 24	$34M	$0
Q3 24	$59M	$47M
Q4 24	$443M	$414M
Q1 25	-$138M	-$170M
Q2 25	-$28M	-$56M
Q3 25	$107M	$77M
Q4 25	$425M	$376M

Capital Expenditures

Quarter	CapEx
Q1 22	$13M
Q2 22	$9M
Q3 22	$13M
Q4 22	$30M
Q1 23	$15M
Q2 23	$12M
Q3 23	$15M
Q4 23	$18M
Q1 24	$10M
Q2 24	$34M
Q3 24	$12M
Q4 24	$29M
Q1 25	$32M
Q2 25	$28M
Q3 25	$30M
Q4 25	$49M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-10.1%	-11.7%
Q2 22	-4.7%	-3.6%
Q3 22	-11.9%	-61.3%
Q4 22	+0.0%	-0.8%
Q1 23	-7.0%	-2.2%
Q2 23	+0.2%	+0.2%
Q3 23	+10.9%	+149.6%
Q4 23	+12.9%	+12.0%
Q1 24	+20.9%	+18.6%
Q2 24	+19.9%	+19.1%
Q3 24	+15.5%	+14.4%
Q4 24	+5.9%	+4.9%
Q1 25	+16.1%	+14.7%
Q2 25	+10.1%	+8.7%
Q3 25	+18.2%	+17.6%
Q4 25	+8.1%	+8.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$5M	0.6%
Q1 23	$4M	0.7%
Q2 23	$4M	0.6%
Q3 23	$0	0.0%
Q4 23	$17M	1.8%
Q1 24	$1M	0.1%
Q2 24	$10M	1.3%
Q3 24	$5M	0.6%
Q4 24	$6M	0.6%
Q1 25	$8M	1.0%
Q2 25	$6M	0.7%
Q3 25	$5M	0.5%
Q4 25	$13M	1.2%

OpEx Breakdown

Quarter	G&A
Q1 22	$76M
Q2 22	$84M
Q3 22	$101M
Q4 22	$96M
Q1 23	$100M
Q2 23	$90M
Q3 23	$96M
Q4 23	$98M
Q1 24	$101M
Q2 24	$107M
Q3 24	$98M
Q4 24	$108M
Q1 25	$117M
Q2 25	$121M
Q3 25	$123M
Q4 25	$136M

Revenue Segments

Quarter	Product	Service
Q1 22	$541M	$71M
Q2 22	$549M	$78M
Q3 22	$580M	$54M
Q4 22	$773M	$47M
Q1 23	$520M	$49M
Q2 23	$590M	$38M
Q3 23	$651M	$52M
Q4 23	$870M	$56M
Q1 24	$623M	$65M
Q2 24	$731M	$22M
Q3 24	$762M	$50M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$113M	$0	$113M
Q2 22	$69M	$0	$69M
Q3 22	$63M	$0	$63M
Q4 22	$306M	$0	$306M
Q1 23	$174M	$0	$174M
Q2 23	$35M	$0	$35M
Q3 23	$47M	$0	$47M
Q4 23	$467M	$0	$467M
Q1 24	$160M	$0	$160M
Q2 24	$149M	$0	$149M
Q3 24	$198M	$0	$198M
Q4 24	$598M	$0	$598M
Q1 25	$380M	$0	$380M
Q2 25	$278M	$0	$278M
Q3 25	$309M	$0	$309M
Q4 25	$647M	$0	$647M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	144M	-0.7%	-0.7%
Q2 22	210M	+45.8%	+44.4%
Q3 22	145M	-30.8%	-0.4%
Q4 22	229M	+57.6%	+58.0%
Q1 23	262M	+14.4%	+81.9%
Q2 23	264M	+0.8%	+25.7%
Q3 23	265M	+0.4%	+82.4%
Q4 23	266M	+0.3%	+16.0%
Q1 24	266M	+0.3%	+1.7%
Q2 24	267M	+0.2%	+1.1%
Q3 24	268M	+0.4%	+1.1%
Q4 24	268M	0.0%	+0.9%
Q1 25	269M	+0.3%	+0.9%
Q2 25	269M	0.0%	+0.7%
Q3 25	269M	0.0%	+0.3%
Q4 25	269M	0.0%	+0.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	$128.1K	6K
Q1 23	$88.9K	6K
Q2 23	$98.1K	6K
Q3 23	$109.8K	6K
Q4 23	$140.3K	7K
Q1 24	$104.2K	7K
Q2 24	$114.1K	7K
Q3 24	$123.0K	7K
Q4 24	$140.1K	7K
Q1 25	$114.1K	7K
Q2 25	$118.4K	7K
Q3 25	$137.1K	7K
Q4 25	$151.4K	7K

Revenue / Employee