Kratos Defense & Security Solutions Inc (KTOS) financial statements: income statement, balance sheet and cash flow

Kratos Defense & Security Solutions 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 28, 2025 · FY), Kratos Defense & Security Solutions Inc reported revenue of $1.3B (+18.5% year on year) and net income of $22.0M (+35.0% year on year).

Income statement

Kratos Defense & Security Solutions Inc income statement, fiscal years

Line item	Dec 28, 2025 · FY	Dec 29, 2024 · FY	Dec 31, 2023 · FY	Dec 25, 2022 · FY
Total revenues	$1.3B	$1.1B	$1.0B	$898.3M
Total costs	$1.0B	$849.1M	$768.5M	$672.3M
Gross profit	$307.9M	$287.2M	$268.6M	$226.0M
Selling, general and administrative expenses	$240.2M	$214.0M	$197.8M	$182.5M
Merger and acquisition related items	$2.1M	$700.0K	$400.0K	$700.0K
Research and development expenses	$40.0M	$40.3M	$38.4M	$38.6M
Operating income	$25.6M	$29.0M	$31.1M	($2.6M)
Interest income (expense), net	$5.9M	($3.0M)	($20.5M)	($17.7M)
Other income (expense), net	$2.5M	$500.0K	$500.0K	$600.0K
Total other income (expense), net	$8.4M	($2.5M)	($20.0M)	($30.1M)
Income before income taxes	$34.0M	$26.5M	$11.1M	($32.7M)
Provision for income taxes	$12.0M	$10.2M	$8.9M	$1.4M
Net income from consolidated operations	$22.0M	$16.3M	$2.4M	($33.2M)
Less: Net income attributable to noncontrolling interest	$0	$0	$11.3M	$3.7M
Net income (loss) attributable to Kratos	$22.0M	$16.3M	($8.9M)	($36.9M)
Basic income (loss) per common share attributable to Kratos (in dollars per share)	$0.14	$0.11	-$0.07	-$0.29
Diluted income (loss) per common share attributable to Kratos (in dollars per share)	$0.13	$0.11	-$0.07	-$0.29
Basic (in shares)	162.7M	149.0M	130.4M	126.7M
Diluted (in shares)	165.2M	150.9M	130.4M	126.7M

Kratos Defense & Security Solutions Inc income statement, quarters

Line item	Jun 28, 2026 · Q2	Mar 29, 2026 · Q1	Sep 28, 2025 · Q3	Jun 29, 2025 · Q2
Total revenues	$458.8M	$371.0M	$347.6M	$351.5M
Total costs	$358.7M	$281.4M	$270.5M	$277.7M
Gross profit	$100.1M	$89.6M	$77.1M	$73.8M
Selling, general and administrative expenses	$87.3M	$72.3M	$59.8M	$59.9M
Merger and acquisition expenses	$800.0K	$1.9M	$200.0K	—
Research and development expenses	$13.6M	$10.7M	$10.0M	$10.2M
Operating income (loss)	($1.6M)	$4.7M	$7.1M	$3.7M
Interest income (expense), net	$10.2M	$4.5M	$4.6M	($1.2M)
Other income (expense), net	($1.6M)	$600.0K	$200.0K	$2.1M
Total other income (expense), net	$8.6M	$5.1M	$4.8M	$900.0K
Income before income taxes	$7.0M	$9.8M	$11.9M	$4.6M
Provision for income taxes	$2.6M	($2.1M)	$3.2M	$1.7M
Net income	$4.4M	$11.9M	$8.7M	$2.9M
Basic income per common share (in dollars per share)	$0.02	$0.07	$0.05	$0.02
Diluted income per common share (in dollars per share)	$0.02	$0.07	$0.05	$0.02
Basic (in shares)	188.6M	176.8M	170.5M	155.7M
Diluted (in shares)	190.1M	179.4M	172.9M	157.4M

Balance sheet

Kratos Defense & Security Solutions Inc balance sheet, fiscal years

Line item	Dec 28, 2025 · FY	Dec 29, 2024 · FY	Dec 31, 2023 · FY	Dec 25, 2022 · FY
Cash and cash equivalents	$560.6M	$329.3M	$72.8M	$81.3M
Accounts receivable, net	$165.0M	$117.5M	$128.8M	$105.7M
Unbilled receivables, net	$292.4M	$206.3M	$200.4M	$222.8M
Inventoried costs, net	$188.2M	$162.1M	$156.2M	$125.5M
Prepaid expenses	$12.9M	$18.0M	$16.0M	$11.9M
Other current assets	$43.8M	$38.9M	$20.0M	$35.4M
Total current assets	$1.3B	$872.1M	$594.2M	$582.6M
Property, plant and equipment, net	$361.9M	$288.2M	$243.6M	$213.1M
Operating lease right-of-use assets, net	$43.4M	$37.6M	$45.7M	$47.4M
Goodwill	$595.7M	$568.9M	$569.1M	$558.2M
Intangible assets, net	$53.9M	$53.8M	$62.4M	$55.2M
Other assets	$144.4M	$130.3M	$117.5M	$95.0M
Investment in joint venture	$5.0M	—	—	—
Total assets	$2.5B	$2.0B	$1.6B	$1.6B
Accounts payable	$69.6M	$82.0M	$63.1M	$57.3M
Accrued expenses	$60.5M	$38.8M	$35.4M	$33.8M
Accrued compensation	$82.3M	$71.9M	$64.7M	$52.2M
Billings in excess of costs and earnings on uncompleted contracts	$73.4M	$76.3M	$101.8M	$62.1M
Current portion of operating lease liabilities	$12.8M	$11.3M	$12.1M	$10.8M
Current portion of finance lease obligations	$3.4M	$1.9M	—	—
Other current liabilities	$9.0M	$14.5M	$12.8M	$15.6M
Total current liabilities	$311.0M	$296.7M	$292.5M	$234.2M
Long-term debt	$0	$174.6M	$219.3M	$250.2M
Operating lease liabilities, net of current portion	$33.8M	$29.8M	$37.8M	$40.8M
Finance lease liabilities, net of current portion	$95.8M	$64.4M	—	—
Other long-term liabilities	$30.3M	$32.2M	$83.3M	$77.4M
Total liabilities	$470.9M	$597.7M	$634.0M	$604.0M
Preferred stock, $0.001 par value, 5,000,000 authorized, 0 shares issued and outstanding at December 28, 2025 and December 29, 2024	0	0	0	0
Common stock, $0.001 par value, 195,000,000 shares authorized; 168,875,032 and 151,092,292 shares issued and outstanding at December 28, 2025 and December 29, 2024, respectively	200.0K	200.0K	0	0
Additional paid-in capital	$2.6B	$2.0B	$1.7B	$1.6B
Accumulated other comprehensive income (loss)	$2.1M	($500.0K)	$1.7M	($800.0K)
Accumulated deficit	($641.9M)	($663.9M)	($680.2M)	($671.3M)
Total stockholders’ equity	$2.0B	$1.4B	$976.0M	$936.3M
Total liabilities and stockholders’ equity	$2.5B	$2.0B	$1.6B	$1.6B

Kratos Defense & Security Solutions Inc balance sheet, quarters

Line item	Jun 28, 2026	Mar 29, 2026	Sep 28, 2025	Jun 29, 2025
Cash and cash equivalents	$1.4B	$1.5B	$565.9M	$783.6M
Accounts receivable, net	$171.3M	$194.5M	$136.3M	$142.2M
Unbilled receivables, net	$405.4M	$334.1M	$287.1M	$256.6M
Inventoried costs, net	$235.9M	$225.7M	$180.0M	$177.8M
Prepaid expenses	$24.1M	$22.5M	$14.8M	$14.5M
Other current assets	$82.2M	$69.3M	$52.9M	$54.2M
Total current assets	$2.4B	$2.3B	$1.2B	$1.4B
Property, plant and equipment, net	$419.4M	$414.2M	$342.5M	$311.8M
Operating lease right-of-use assets, net	$50.6M	$45.4M	$42.0M	$40.6M
Goodwill	$871.2M	$884.1M	$595.0M	$598.8M
Intangible assets, net	$220.8M	$219.7M	$57.2M	$58.9M
Other assets	$159.4M	$161.9M	$149.6M	$146.7M
Investment in joint venture	$11.9M	$7.0M	—	—
Total assets	$4.1B	$4.0B	$2.4B	$2.6B
Accounts payable	$104.8M	$112.0M	$66.2M	$97.6M
Accrued expenses	$95.9M	$58.7M	$66.8M	$48.4M
Accrued compensation	$92.2M	$88.8M	$68.7M	$71.7M
Billings in excess of costs and earnings on uncompleted contracts	$93.6M	$108.1M	$64.2M	$77.3M
Current portion of operating lease liabilities	$13.8M	$13.9M	$12.2M	$11.9M
Current portion of finance lease liabilities	$5.1M	$4.8M	$2.8M	$2.1M
Other current liabilities	$19.9M	$24.4M	$6.5M	$13.4M
Total current liabilities	$425.3M	$410.7M	$287.4M	$322.4M
Operating lease liabilities, net of current portion	$39.9M	$34.7M	$33.3M	$32.2M
Finance lease liabilities, net of current portion	$134.8M	$132.0M	$86.0M	$63.3M
Other long-term liabilities	$63.0M	$55.3M	$35.1M	$38.0M
Total liabilities	$663.0M	$632.7M	$441.8M	$625.7M
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding at June 28, 2026 and December 28, 2025	0	0	0	0
Common stock, $0.001 par value, 245,000,000 shares authorized and 187,557,916 shares issued and outstanding at June 28, 2026; 195,000,000 shares authorized and 168,875,032 shares issued and outstanding at December 28, 2025.	200.0K	200.0K	200.0K	200.0K
Additional paid-in capital	$4.1B	$4.0B	$2.6B	$2.6B
Accumulated other comprehensive income	$600.0K	$1.1M	$2.1M	$2.8M
Accumulated deficit	($625.6M)	($630.0M)	($647.8M)	($656.5M)
Total stockholders’ equity	$3.4B	$3.4B	$2.0B	$2.0B
Total liabilities and stockholders’ equity	$4.1B	$4.0B	$2.4B	$2.6B

Cash flow statement

Kratos Defense & Security Solutions Inc cash flow statement, fiscal years

Line item	Dec 28, 2025 · FY	Dec 29, 2024 · FY	Dec 31, 2023 · FY	Dec 25, 2022 · FY
Net income from consolidated operations	$22.0M	$16.3M	$2.4M	($33.2M)
Depreciation and amortization	$47.1M	$40.3M	$33.2M	$30.5M
Deferred income taxes	$8.1M	$4.4M	$2.5M	($3.1M)
Amortization of lease right-of-use assets	$12.2M	$11.6M	$11.5M	$10.4M
Stock-based compensation	$35.5M	$29.8M	$25.3M	$26.3M
Loss on extinguishment of debt	$500.0K	$0	$0	$13.0M
Amortization of deferred financing costs	$500.0K	$700.0K	$700.0K	$800.0K
Provision for doubtful accounts	$0	$0	$1.0M	$0
Accounts receivable	($44.6M)	$11.2M	($13.1M)	($4.9M)
Unbilled receivables	($81.4M)	($6.1M)	$14.4M	($22.4M)
Inventoried costs	($19.3M)	($5.0M)	($29.6M)	($23.8M)
Prepaid expenses	$5.1M	($1.8M)	($3.9M)	($1.9M)
Other assets	($27.1M)	($35.6M)	($12.3M)	($18.7M)
Operating lease liabilities	($12.1M)	($12.4M)	($11.4M)	($10.5M)
Accounts payable	($13.7M)	$15.1M	$4.4M	$4.5M
Accrued expenses	$22.1M	$1.7M	$1.4M	$5.6M
Accrued compensation	$10.7M	$7.0M	$12.4M	$800.0K
Billings in excess of costs and earnings on uncompleted contracts	($5.5M)	($25.7M)	$28.4M	$2.7M
Income tax receivable and payable	$900.0K	($300.0K)	($500.0K)	$100.0K
Other liabilities	($3.1M)	($1.5M)	($1.6M)	($6.5M)
Net cash provided by (used in) operating activities	($42.1M)	$49.7M	—	—
Cash paid for acquisitions, net of cash acquired	$0	($11.5M)	$300.0K	($132.2M)
Proceeds from sale of assets	$12.0M	$0	$8.3M	$200.0K
Investment in joint venture	($5.0M)	—	—	—
Capital expenditures	($95.3M)	($58.2M)	($52.4M)	($45.4M)
Net cash used in investing activities	($88.3M)	($69.7M)	($43.8M)	($177.4M)
Proceeds from the issuance of common stock, net of issuance costs	$555.9M	$330.7M	—	$0
Borrowing under credit facility	$0	$10.0M	$69.0M	$100.0M
Repayment under credit facility, term loan and other debt	($185.0M)	($52.5M)	($101.0M)	($42.5M)
Payments of employee taxes withheld from share-based awards	($20.0M)	($17.4M)	($3.7M)	($12.5M)
Payments under finance leases	($1.8M)	($1.4M)	($1.5M)	($1.4M)
Proceeds from shares issued under equity plans	9.9M	8.2M	6.5M	6.2M
Proceeds from state grant for capital construction	$1.7M	—	—	—
Net cash provided by (used in) financing activities	$360.7M	$277.6M	($30.7M)	($63.3M)
Net cash provided (used)	$230.3M	$257.6M	($9.3M)	($266.3M)
Effect of exchange rate changes on cash and cash equivalents	$1.0M	($1.1M)	$800.0K	($1.7M)
Net increase (decrease) in cash and cash equivalents	$231.3M	$256.5M	($8.5M)	($268.1M)
Cash, and cash equivalents at beginning of year	$329.3M	$72.8M	$81.3M	$349.4M
Cash and cash equivalents at end of year	$560.6M	$329.3M	—	—
Cash paid during the year for interest	$6.3M	$14.6M	$19.6M	$13.7M
Net cash paid during the year for income taxes	$6.5M	$5.0M	$6.5M	$4.4M
Financing lease obligations incurred	$34.8M	$15.4M	$6.9M	$9.1M
Capital expenditures included in accounts payable and accrued expenses	$8.2M	$8.8M	$600.0K	$2.7M
Common stock issuance for purchase of noncontrolling interests	$0	$11.3M	$10.7M	$2.7M
Common stock issuance for acquisition	$37.2M	$500.0K	$14.8M	$5.0M

Kratos Defense & Security Solutions Inc cash flow statement, quarters

Line item	Jun 28, 2026 · YTD	Mar 29, 2026 · Q1	Sep 28, 2025 · YTD	Jun 29, 2025 · YTD
Net income	$16.3M	$11.9M	$16.1M	$7.4M
Depreciation and amortization	$38.9M	$16.8M	$34.1M	$22.2M
Deferred income taxes	$2.1M	$1.2M	($100.0K)	$0
Amortization of lease right-of-use assets	$6.9M	$3.4M	$9.0M	$6.0M
Stock-based compensation	$31.3M	$15.0M	$26.4M	$17.3M
Amortization of deferred financing costs	$200.0K	$100.0K	$400.0K	$300.0K
Provision for doubtful accounts	$100.0K	—	—	—
Accounts receivable	$16.7M	($2.0M)	($16.5M)	($23.1M)
Unbilled receivables	($104.3M)	($26.7M)	($80.5M)	($49.9M)
Inventoried costs	($24.8M)	($14.7M)	$900.0K	($7.3M)
Prepaid expenses and other assets	($36.6M)	($26.5M)	($31.5M)	($27.3M)
Operating lease liabilities	($7.5M)	($3.7M)	($8.8M)	($5.7M)
Accounts payable	$23.0M	$30.8M	($14.3M)	$17.5M
Accrued expenses	$20.6M	($16.1M)	$28.2M	$9.1M
Accrued compensation	($3.2M)	($6.4M)	($3.0M)	$0
Billings in excess of costs and earnings on uncompleted contracts	($10.7M)	$100.0K	($14.7M)	($5.1M)
Income tax receivable and payable	($3.9M)	($3.8M)	$1.0M	($900.0K)
Other liabilities	($3.5M)	($6.8M)	($1.4M)	($1.4M)
Net cash used in operating activities	($38.4M)	($27.4M)	($54.2M)	($40.9M)
Cash paid for acquisitions, net of cash acquired	($346.8M)	($347.4M)	$0	$0
Investment in joint venture	($6.9M)	($2.0M)	—	—
Proceeds from sale of assets	$13.5M	$4.2M	—	—
Capital expenditures	($37.1M)	($19.9M)	($71.1M)	($43.1M)
Proceeds from state grant for capital construction	$2.0M	$300.0K	—	—
Net cash used in investing activities	($375.3M)	($365.1M)	($71.1M)	($43.1M)
Proceeds from the issuance of common stock, net of issuance costs	$1.3B	$1.3B	$555.9M	$555.9M
Repayment under credit facility and term loan	$0	$0	($185.0M)	($5.0M)
Debt issuance costs	($1.4M)	($1.1M)	—	—
Payments under finance leases	($2.0M)	($900.0K)	($1.4M)	($900.0K)
Payments of employee taxes withheld from share-based awards	($59.1M)	($54.9M)	($19.2M)	($18.3M)
Proceeds from shares issued under equity plans	5.3M	5.3M	9.9M	4.6M
Net cash provided by financing activities	$1.3B	$1.3B	$360.2M	$536.3M
Net cash provided	$877.5M	$904.8M	$234.9M	$452.3M
Effect of exchange rate changes on cash and cash equivalents	($500.0K)	($1.1M)	$1.7M	$2.0M
Net increase in cash and cash equivalents	$877.0M	$903.7M	$236.6M	$454.3M
Cash and cash equivalents at beginning of period	$560.6M	$560.6M	$329.3M	$329.3M
Cash and cash equivalents at end of period	$1.4B	$1.5B	$565.9M	$783.6M
Cash paid for interest	$100.0K	—	—	—
Cash paid for income taxes	$5.8M	—	—	—
Finance lease obligation recognized	$42.3M	$37.3M	$23.8M	$0
Capital expenditures included in accounts payable and accrued expenses	$9.1M	$6.8M	$6.1M	$4.9M
Common stock issuance for contingent acquisition consideration	$1.0M	—	$0	$0
Common stock issuance for acquisition	$88.8M	$88.8M	$36.6M	$36.6M

Kratos Defense & Security Solutions Inc score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.