KTOS

MKT CAP:$12B

Kratos Defense & Security Solutions, Inc.

Market Cap

$12B

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

Industrials·Aerospace·🇺🇸·NASDAQ

Stock Price

$68.55-$10.74 (-13.55%)

Apr 21, 2026

Company Details

Kratos Defense & Security Solutions, Inc. operates as a government contractor of the U.S. Department of Defense. The company operates through two segments, Kratos Government Solutions and Unmanned Systems. The Kratos Government Solutions se...

CEO

Eric DeMarco

IPO Date

Nov 5, 1999

Website

www.kratosdefense.com

Key Metrics TTM

Revenue

$1.3B

+14.0% YoY

Net Income

$20M

EPS (Diluted)

$0.13

Free Cash Flow

-$93M

Revenue / Share

$7.43

Gross Margin

22.9%

Operating Margin

1.6%

Net Margin

1.6%

FCF Margin

-7.3%

P/S

9.0x

P/E

578.0x

Earnings Reports

Q4 2025

May 6, 2026

PENDING

FY 2025

Feb 23, 2026

$1.3B+18.5%EPS $0.13

Q3 2025

Nov 4, 2025

$348M+26.0%EPS $0.05

Q2 2025

Aug 7, 2025

$352M+17.1%EPS $0.02

Q1 2025

May 7, 2025

$303M+9.2%EPS $0.03

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$206M	$54M	$9M
Q1 21	$194M	$51M	$5M
Q2 21	$205M	$52M	$3M
Q3 21	$201M	$61M	$11M
Q1 22	$196M	$52M	-$1M
Q2 22	$224M	$58M	-$2M
Q3 22	$229M	$55M	-$4M
Q1 23	$232M	$59M	$500.0K
Q4 23	$274M	$72M	$12M
Q1 24	$277M	$71M	$7M
Q2 24	$300M	$77M	$13M
Q3 24	$276M	$69M	$7M
Q4 24	$283M	$70M	$3M
Q1 25	$303M	$74M	$7M
Q2 25	$352M	$74M	$4M
Q3 25	$348M	$77M	$7M

Valuation

Quarter	P/S	P/E
Q4 20	15.5x	145.2x
Q1 21	15.0x	141.5x
Q2 21	14.3x	138.4x
Q3 21	14.3x	146.9x
Q1 22	14.5x	—
Q2 22	14.0x	—
Q3 22	13.6x	—
Q1 23	13.1x	—
Q4 23	12.1x	—
Q1 24	11.4x	—
Q2 24	10.7x	2513.1x
Q3 24	10.3x	781.1x
Q4 24	10.2x	709.2x
Q1 25	10.0x	592.8x
Q2 25	9.5x	797.3x
Q3 25	9.0x	578.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	$25M	$12M
Q1 21	$22M	$13M
Q2 21	-$1M	-$12M
Q3 21	$12M	-$600.0K
Q1 22	-$8M	-$19M
Q2 22	-$22M	-$33M
Q3 22	-$3M	-$16M
Q1 23	-$26M	-$33M
Q4 23	$67M	$48M
Q1 24	$700.0K	-$16M
Q2 24	-$3M	-$15M
Q3 24	$6M	-$9M
Q4 24	$46M	$32M
Q1 25	-$29M	-$52M
Q2 25	-$12M	-$32M
Q3 25	-$13M	-$41M

Capital Expenditures

Quarter	CapEx
Q4 20	$13M
Q1 21	$10M
Q2 21	$11M
Q3 21	$13M
Q1 22	$11M
Q2 22	$11M
Q3 22	$13M
Q1 23	$8M
Q4 23	$19M
Q1 24	$17M
Q2 24	$13M
Q3 24	$15M
Q4 24	$14M
Q1 25	$23M
Q2 25	$21M
Q3 25	$28M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	+28.7%	+29.4%
Q1 21	+15.0%	+15.3%
Q2 21	+20.4%	+20.5%
Q3 21	-0.7%	+0.4%
Q1 22	-4.9%	+0.2%
Q2 22	+15.4%	+19.4%
Q3 22	+11.5%	+15.1%
Q1 23	+15.6%	+21.7%
Q4 23	+39.6%	+32.8%
Q1 24	+23.6%	+19.5%
Q2 24	+31.3%	+23.9%
Q3 24	+19.0%	+16.5%
Q4 24	+3.4%	+6.9%
Q1 25	+9.2%	+9.5%
Q2 25	+17.1%	+20.9%
Q3 25	+26.0%	+26.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$7M	3.1%
Q1 21	$6M	3.2%
Q2 21	$7M	3.2%
Q3 21	$6M	3.2%
Q1 22	$7M	3.6%
Q2 22	$6M	2.8%
Q3 22	$7M	2.9%
Q1 23	$7M	2.8%
Q4 23	$6M	2.3%
Q1 24	$9M	3.3%
Q2 24	$7M	2.2%
Q3 24	$7M	2.6%
Q4 24	$7M	2.4%
Q1 25	$9M	2.9%
Q2 25	$9M	2.4%
Q3 25	$9M	2.6%

OpEx Breakdown

Quarter	R&D	SG&A
Q4 20	$8M	$37M
Q1 21	$8M	$38M
Q2 21	$10M	$38M
Q3 21	$8M	$42M
Q1 22	$9M	$43M
Q2 22	$9M	$45M
Q3 22	$10M	$49M
Q1 23	$10M	$48M
Q4 23	$8M	$52M
Q1 24	$10M	$54M
Q2 24	$10M	$55M
Q3 24	$10M	$53M
Q4 24	$11M	$53M
Q1 25	$10M	$57M
Q2 25	$10M	$60M
Q3 25	$10M	$60M

Revenue Segments

Quarter	Kratos Government Solutions	Kratos Unmanned Systems	Product	Service
Q1 21	$138M	$56M	—	—
Q2 21	$145M	$60M	—	—
Q3 21	$139M	$61M	—	—
Q1 22	$144M	$53M	—	—
Q2 22	$168M	$56M	—	—
Q3 22	$179M	$50M	—	—
Q1 23	$184M	$48M	—	—
Q1 24	—	—	$171M	$107M
Q2 24	—	—	$194M	$107M
Q3 24	—	—	$172M	$104M
Q1 25	—	—	$200M	$102M
Q2 25	—	—	$217M	$135M
Q3 25	—	—	$230M	$117M

Revenue by Geography

Quarter	Asia Pacific	Europe	Middle East	Other Countries	Other North America	United States
Q1 25	$16M	$15M	$16M	$11M	$6M	$239M
Q2 25	$23M	$17M	$12M	$9M	$3M	$288M
Q3 25	$17M	$11M	$14M	$15M	$5M	$286M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$254M	$0	$254M
Q2 22	$142M	$0	$142M
Q3 22	$125M	$0	$125M
Q4 22	$81M	$0	$81M
Q1 23	$47M	$0	$47M
Q2 23	$48M	$0	$48M
Q3 23	$42M	$0	$42M
Q4 23	$73M	$0	$73M
Q1 24	$339M	$0	$339M
Q2 24	$308M	$0	$308M
Q3 24	$302M	$0	$302M
Q4 24	$329M	$0	$329M
Q1 25	$264M	$0	$264M
Q2 25	$784M	$0	$784M
Q3 25	$566M	$0	$566M
Q4 25	$561M	$0	$561M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	127M	+0.5%	+17.8%
Q1 21	128M	+0.6%	+16.0%
Q2 21	128M	0.0%	+17.9%
Q3 21	125M	-2.2%	-1.2%
Q1 22	126M	+0.8%	-0.9%
Q2 22	126M	+0.4%	-1.0%
Q3 22	127M	+0.6%	-0.4%
Q1 23	128M	+0.7%	+2.6%
Q4 23	134M	+4.9%	+6.8%
Q1 24	142M	+5.3%	+11.9%
Q2 24	154M	+8.5%	+20.7%
Q3 24	154M	+0.4%	+20.3%
Q4 24	155M	+0.4%	+15.1%
Q1 25	156M	+1.0%	+10.4%
Q2 25	157M	+0.8%	+2.5%
Q3 25	173M	+9.8%	+12.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	$64.5K	3K
Q1 21	$60.7K	3K
Q2 21	$64.1K	3K
Q3 21	$62.7K	3K
Q1 22	$59.5K	3K
Q2 22	$67.9K	3K
Q3 22	$69.3K	3K
Q1 23	$64.4K	4K
Q4 23	$70.2K	4K
Q1 24	$71.1K	4K
Q2 24	$76.9K	4K
Q3 24	$70.7K	4K
Q4 24	$70.8K	4K
Q1 25	$75.7K	4K
Q2 25	$87.9K	4K
Q3 25	$86.9K	4K

Revenue / Employee