DRS (Leonardo DRS, Inc.) Stock Financials & Earnings | Market Cap Arena

DRS (Leonardo DRS, Inc.) Stock Financials & Earnings | Market Cap Arena

DRSLeonardo DRS, Inc.

Mkt Cap$12B

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

Revenue (TTM)$3.6B

Net Income (TTM)$278M

EPS (TTM)$1.04

Free Cash Flow (TTM)$227M

Gross Margin23.7%

Op. Margin9.5%

Net Margin7.6%

FCF Margin6.2%

P/S Ratio (TTM)3.4x

P/E Ratio (TTM)44.7x

YoY Rev Growth+12.8%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
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

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	4.7x	32.6x
Q2 23	4.7x	31.8x
Q3 23	4.6x	78.1x
Q4 23	4.4x	73.9x
Q1 24	4.2x	67.1x
Q2 24	4.0x	66.0x
Q3 24	3.9x	62.7x
Q4 24	3.8x	58.3x
Q1 25	3.7x	53.1x
Q2 25	3.6x	49.7x
Q3 25	3.5x	46.9x
Q4 25	3.4x	44.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
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

CapEx

Quarter	CapEx
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

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
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 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 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 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 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

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	262M	+14.4%
Q2 23	264M	+0.8%
Q3 23	265M	+0.4%
Q4 23	266M	+0.3%
Q1 24	266M	+0.3%
Q2 24	267M	+0.2%
Q3 24	268M	+0.4%
Q4 24	268M	+0.0%
Q1 25	269M	+0.3%
Q2 25	269M	+0.0%
Q3 25	269M	+0.0%
Q4 25	269M	+0.0%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 05	—	—
FY 06	—	—
FY 07	—	—
FY 18	—	—
FY 19	—	—
FY 20	—	—
FY 21	—	—
FY 22	$421K	6K
FY 23	$428K	7K
FY 24	$462K	7K
FY 25	$521K	7K