Leonardo DRS Inc (DRS) financial statements: income statement, balance sheet and cash flow
Leonardo DRS Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Leonardo DRS Inc reported revenue of $3.6B (+12.8% year on year) and net income of $278.0M (+30.5% year on year).
Income statement
Leonardo DRS Inc income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Revenues
$3.6B
$3.2B
$2.8B
$2.7B
Cost of revenues
($2.8B)
($2.5B)
($2.2B)
($2.1B)
Gross profit
$869.0M
$736.0M
$648.0M
$575.0M
General and administrative expenses
($497.0M)
($414.0M)
($384.0M)
($357.0M)
Amortization of acquired intangible assets
($22.0M)
($22.0M)
($22.0M)
($10.0M)
Other operating expenses, net
($2.0M)
($7.0M)
($11.0M)
$353.0M
Operating earnings
$348.0M
$293.0M
$231.0M
$561.0M
Interest expense, net
($8.0M)
—
—
—
Other, net
($4.0M)
($8.0M)
($3.0M)
($2.0M)
Earnings before taxes
$336.0M
$264.0M
$192.0M
$525.0M
Income tax provision
($58.0M)
$51.0M
$24.0M
$120.0M
Net earnings
$278.0M
$213.0M
$168.0M
$405.0M
Basic earnings per share (in dollars per share)
$1.05
$0.81
$0.64
$1.88
Diluted earnings per share (in dollars per share)
$1.03
$0.80
$0.64
$1.88
Leonardo DRS Inc income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Revenues
$913.0M
$846.0M
$960.0M
$829.0M
Cost of revenues
($676.0M)
($634.0M)
($738.0M)
($632.0M)
Gross profit
$237.0M
$212.0M
$222.0M
$197.0M
General and administrative expenses
($129.0M)
($130.0M)
($123.0M)
($121.0M)
Amortization of acquired intangible assets
($6.0M)
($5.0M)
($5.0M)
($6.0M)
Operating earnings
$102.0M
$77.0M
$93.0M
$70.0M
Interest income (expense), net
$2.0M
$0
($4.0M)
($2.0M)
Other, net
($4.0M)
—
($2.0M)
($1.0M)
Earnings before taxes
$100.0M
$77.0M
$87.0M
$67.0M
Income tax provision
($14.0M)
($15.0M)
$15.0M
$13.0M
Net earnings
$86.0M
$62.0M
$72.0M
$54.0M
Basic earnings per share (in dollars per share)
$0.33
$0.23
$0.27
$0.20
Diluted earnings per share (in dollars per share)
$0.32
$0.23
$0.26
$0.20
Balance sheet
Leonardo DRS Inc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$647.0M
$598.0M
$467.0M
$306.0M
Accounts receivable, net
$334.0M
$253.0M
$151.0M
$166.0M
Contract assets
$931.0M
$872.0M
$908.0M
$872.0M
Inventories
$352.0M
$358.0M
$329.0M
$319.0M
Prepaid expenses
$26.0M
$27.0M
$21.0M
$20.0M
Other current assets
$36.0M
$55.0M
$42.0M
$24.0M
Total current assets
$2.3B
$2.2B
$1.9B
$1.7B
Property, plant and equipment, net
$512.0M
$440.0M
$402.0M
$404.0M
Intangible assets, net
$112.0M
$132.0M
$151.0M
$172.0M
Goodwill
$1.2B
$1.2B
$1.2B
$1.2B
Deferred tax assets
$88.0M
$120.0M
$123.0M
$66.0M
Other noncurrent assets
$210.0M
$91.0M
$89.0M
$92.0M
Total noncurrent assets
$2.2B
$2.0B
$2.0B
$2.0B
Total assets
$4.5B
$4.2B
$3.9B
$3.7B
Short-term borrowings and current portion of long-term debt
$26.0M
$25.0M
$57.0M
$29.0M
Accounts payable
$351.0M
$426.0M
$398.0M
$457.0M
Contract liabilities
$585.0M
$399.0M
$335.0M
$233.0M
Other current liabilities
$269.0M
$266.0M
$288.0M
$323.0M
Total current liabilities
$1.2B
$1.1B
$1.1B
$1.0B
Long-term debt
$321.0M
$340.0M
$349.0M
$365.0M
Pension and other postretirement benefit plan liabilities
$35.0M
$34.0M
$36.0M
$45.0M
Deferred tax liabilities
$3.0M
$7.0M
$4.0M
—
Other noncurrent liabilities
$166.0M
$130.0M
$129.0M
$98.0M
Total noncurrent liabilities
$525.0M
$511.0M
$518.0M
$508.0M
Preferred stock, $0.01 par value: 10,000,000 shares authorized; none issued
0
0
0
0
Common stock, $0.01 par value: 350,000,000 shares authorized; 265,822,404 and 265,064,755 shares issued and outstanding as of December 31, 2025 and 2024, respectively
3.0M
3.0M
3.0M
3.0M
Additional paid-in capital
$5.1B
$5.2B
$5.2B
$5.1B
Accumulated deficit
($2.3B)
($2.6B)
($2.8B)
($3.0B)
Accumulated other comprehensive loss
($41.0M)
($47.0M)
($47.0M)
($49.0M)
Total stockholders' equity
$2.7B
$2.6B
$2.3B
$2.1B
Total liabilities and stockholders' equity
$4.5B
$4.2B
$3.9B
$3.7B
Leonardo DRS Inc balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$270.0M
$328.0M
$309.0M
$278.0M
Accounts receivable, net
$319.0M
$324.0M
$327.0M
$265.0M
Contract assets
$1.0B
$975.0M
$1.1B
$1.0B
Inventories
$383.0M
$371.0M
$404.0M
$400.0M
Prepaid expenses
$29.0M
$27.0M
$32.0M
$26.0M
Other current assets
$37.0M
$31.0M
$40.0M
$40.0M
Total current assets
$2.0B
$2.1B
$2.2B
$2.0B
Property, plant and equipment, net
$526.0M
$512.0M
$477.0M
$463.0M
Intangible assets, net
$100.0M
$106.0M
$114.0M
$120.0M
Goodwill
$1.2B
$1.2B
$1.2B
$1.2B
Deferred tax assets
$81.0M
$89.0M
$118.0M
$118.0M
Other noncurrent assets
$212.0M
$210.0M
$132.0M
$115.0M
Total noncurrent assets
$2.2B
$2.2B
$2.1B
$2.1B
Total assets
$4.2B
$4.2B
$4.2B
$4.1B
Short-term borrowings and current portion of long-term debt
$10.0M
$11.0M
$24.0M
$22.0M
Accounts payable
$182.0M
$187.0M
$342.0M
$265.0M
Contract liabilities
$598.0M
$640.0M
$440.0M
$436.0M
Other current liabilities
$275.0M
$267.0M
$276.0M
$235.0M
Total current liabilities
$1.1B
$1.1B
$1.1B
$958.0M
Long-term debt
$139.0M
$140.0M
$326.0M
$331.0M
Pension and other postretirement benefit plan liabilities
$31.0M
$32.0M
$28.0M
$29.0M
Deferred tax liabilities
$3.0M
$4.0M
$5.0M
$6.0M
Other noncurrent liabilities
$156.0M
$160.0M
$156.0M
$155.0M
Total noncurrent liabilities
$329.0M
$336.0M
$515.0M
$521.0M
Preferred stock, $0.01 par value: 10,000,000 shares authorized; none issued
0
0
0
0
Common stock, $0.01 par value: 350,000,000 shares authorized; 266,832,196 and 265,822,404 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
3.0M
3.0M
3.0M
3.0M
Additional paid-in capital
$5.0B
$5.1B
$5.1B
$5.1B
Accumulated deficit
($2.2B)
($2.3B)
($2.4B)
($2.5B)
Accumulated other comprehensive loss
($43.0M)
($42.0M)
($43.0M)
($42.0M)
Total stockholders' equity
$2.8B
$2.8B
$2.6B
$2.6B
Total liabilities and stockholders' equity
$4.2B
$4.2B
$4.2B
$4.1B
Cash flow statement
Leonardo DRS Inc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net earnings
$278.0M
$213.0M
$168.0M
$405.0M
Depreciation and amortization
$93.0M
$91.0M
$85.0M
$65.0M
Deferred income taxes
$28.0M
$23.0M
($52.0M)
($6.0M)
Stock-based compensation expense
$32.0M
$22.0M
$17.0M
—
Other
$0
$1.0M
$1.0M
$5.0M
Accounts receivable
($81.0M)
($102.0M)
$15.0M
($1.0M)
Contract assets
($59.0M)
$36.0M
($36.0M)
($134.0M)
Inventories
$6.0M
($29.0M)
($10.0M)
($33.0M)
Prepaid expenses
$1.0M
($6.0M)
($1.0M)
($1.0M)
Other current assets
$23.0M
($13.0M)
($18.0M)
$3.0M
Other noncurrent assets
($44.0M)
$17.0M
$19.0M
$24.0M
Defined benefit obligations
($10.0M)
($2.0M)
($8.0M)
($4.0M)
Accounts payable
($79.0M)
$15.0M
($59.0M)
($14.0M)
Contract liabilities
$186.0M
$64.0M
$102.0M
$72.0M
Other current liabilities
$3.0M
($39.0M)
($26.0M)
$14.0M
Other noncurrent liabilities
($11.0M)
($20.0M)
$8.0M
($8.0M)
Net cash provided by operating activities
$366.0M
$271.0M
$205.0M
$33.0M
Capital expenditures
($139.0M)
($85.0M)
($60.0M)
($65.0M)
Proceeds from sales of assets
$0
$1.0M
$1.0M
$0
Purchases of investments
($15.0M)
—
—
—
Net cash used in investing activities
($154.0M)
($84.0M)
($59.0M)
$436.0M
Net increase (decrease) in borrowings (maturities of 90 days or less)
$1.0M
($32.0M)
$20.0M
($8.0M)
Repayments of borrowings
($11.0M)
($291.0M)
($727.0M)
—
Proceeds from borrowings
$0
$280.0M
$715.0M
$223.0M
Proceeds from stock issuance
$9.0M
$16.0M
$12.0M
—
Repurchases of common stock
($35.0M)
—
—
—
Payments of employee taxes withheld from stock-based awards
($21.0M)
—
—
—
Dividends
($96.0M)
$0
$0
($396.0M)
Other
($10.0M)
($10.0M)
($4.0M)
($8.0M)
Net cash (used in) provided by financing activities
($163.0M)
($56.0M)
$15.0M
($403.0M)
Effect of exchange rate changes on cash and cash equivalents
$0
$0
$0
$0
Net increase in cash and cash equivalents
$49.0M
$131.0M
$161.0M
$66.0M
Cash and cash equivalents at beginning of year
$598.0M
$467.0M
$306.0M
$240.0M
Cash and cash equivalents at end of year
$647.0M
$598.0M
—
—
Leonardo DRS Inc cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net earnings
$148.0M
$62.0M
$176.0M
$104.0M
Depreciation and amortization
$50.0M
$24.0M
$69.0M
$46.0M
Deferred income taxes
$0
$0
$0
$1.0M
Stock-based compensation expense
$11.0M
$4.0M
$19.0M
$14.0M
Accounts receivable
$15.0M
$10.0M
($74.0M)
($12.0M)
Contract assets
($72.0M)
($44.0M)
($182.0M)
($144.0M)
Inventories
($31.0M)
($19.0M)
($46.0M)
($42.0M)
Prepaid expenses
($3.0M)
($1.0M)
($5.0M)
$1.0M
Other current assets
($3.0M)
$4.0M
$19.0M
$20.0M
Other noncurrent assets
$6.0M
$4.0M
$13.0M
$9.0M
Defined benefit obligations
($4.0M)
($3.0M)
($6.0M)
($5.0M)
Accounts payable
($159.0M)
($152.0M)
($80.0M)
($156.0M)
Contract liabilities
$13.0M
$55.0M
$41.0M
$37.0M
Other current liabilities
$13.0M
($3.0M)
$9.0M
($32.0M)
Other noncurrent liabilities
($15.0M)
($7.0M)
($12.0M)
($7.0M)
Net cash used in operating activities
($31.0M)
($66.0M)
($59.0M)
($166.0M)
Capital expenditures
($59.0M)
($30.0M)
($90.0M)
($60.0M)
Proceeds from sales of assets
$1.0M
$1.0M
$0
—
Net cash used in investing activities
($58.0M)
($29.0M)
($105.0M)
($60.0M)
Net decrease in borrowings (maturities of 90 days or less)
($5.0M)
($4.0M)
($1.0M)
($3.0M)
Repayments of borrowings
($191.0M)
($191.0M)
($9.0M)
($6.0M)
Proceeds from stock issuance
$5.0M
$3.0M
$9.0M
$3.0M
Repurchases of common stock
($16.0M)
($4.0M)
($24.0M)
($14.0M)
Payments of employee taxes withheld from stock-based awards
($25.0M)
$0
($21.0M)
($21.0M)
Dividends paid
($48.0M)
($24.0M)
($72.0M)
($48.0M)
Other
($8.0M)
($4.0M)
$0
$0
Net cash used in financing activities
($288.0M)
($224.0M)
($125.0M)
($94.0M)
Effect of exchange rate changes on cash and cash equivalents