Kratos Reports Third Quarter 2025 Financial Results
Kratos (Nasdaq: KTOS) reported Q3 2025 revenue of $347.6M, up 26.0% (23.7% organic) versus Q3 2024, with GAAP net income of $8.7M and adjusted EBITDA of $30.8M. Unmanned Systems (KUS) revenue was $87.2M (+35.8% organic); Government Solutions (KGS) revenue was $260.4M (+20.0% organic). Consolidated bookings were $414.1M (book-to-bill 1.2) and consolidated backlog was $1.480B. Cash flow used in operations was $13.3M; free cash flow used was $41.3M in Q3 after $28.0M capex.
The company raised FY2025 revenue guidance to $1.320–$1.330B, forecasts 2026 organic growth 15–20% with ~100bp EBITDA-margin expansion, and set a 2027 organic growth target 18–23% with another ~100bp margin improvement.
Kratos (Nasdaq: KTOS) ha riportato entrate Q3 2025 di $347.6M, in aumento del 26,0% (23,7% organico) rispetto al Q3 2024, con utile netto GAAP di $8.7M e EBITDA rettificato di $30.8M. Le entrate di Unmanned Systems (KUS) sono state $87.2M (+35.8% organico); Government Solutions (KGS) entrate di $260.4M (+20.0% organico). Gli ordini consolidati sono stati $414.1M (book-to-bill 1.2) e l backlog consolidato era $1.480B. Il flusso di cassa operativo è stato -$13.3M; il free cash flow utilizzato è stato -$41.3M nel Q3 dopo $28.0M di capex.
L’azienda ha alzato la guidance di FY2025 a $1.320–$1.330B, prevede una crescita organica 2026 del 15–20% con circa 100bp di espansione del margine EBITDA, e ha fissato un obiettivo di crescita organica per il 2027 del 18–23% con un ulteriore miglioramento del margine di circa 100bp.
Kratos (Nasdaq: KTOS) informó ingresos del Q3 2025 de $347.6M, un incremento del 26,0% (23,7% orgánico) frente al Q3 2024, con ingreso neto GAAP de $8.7M y EBITDA ajustado de $30.8M. Los ingresos de Unmanned Systems (KUS) fueron $87.2M (+35.8% orgánico); Government Solutions (KGS) ingresos de $260.4M (+20.0% orgánico). Los pedidos consolidados fueron $414.1M (book-to-bill 1.2) y el backlog consolidado fue $1.480B. El flujo de efectivo de operaciones fue de -$13.3M; el flujo de caja libre utilizado fue de $ -41.3M en el Q3 tras $28.0M de capex.
La compañía elevó la guía de ingresos para FY2025 a $1.320–$1.330B, prevé un crecimiento orgánico 2026 de 15–20% con ~100pb de expansión de margen EBITDA, y estableció un objetivo de crecimiento orgánico 2027 de 18–23% con otra mejora de margen de ~100 pb.
Kratos (Nasdaq: KTOS)는 2025년 3분기 매출이 $347.6M로 전년동기 대비 26.0% 증가했고(유기적 23.7%), GAAP 순이익은 $8.7M, 조정 EBITDA는 $30.8M를 기록했습니다. 무인 시스템(KUS) 매출은 $87.2M (+유기적 35.8%); Government Solutions (KGS) 매출은 $260.4M (+유기적 20.0%). 연결 주문은 $414.1M (book-to-bill 1.2), 연결 백로그는 $1.480B. 영업현금흐름은 -$13.3M; 3분기 말 Capex 28.0M으로 자유현금흐름은 -$41.3M 감소했습니다.
회사은 2025회계연도 매출 가이던스를 $1.320–$1.330B로 상향했고, 2026년 유기적 성장 15–20%를 전망하며 EBITDA 마진 확장을 약 100bp 가정, 그리고 2027년 유기적 성장 목표를 18–23%로 설정하며 추가 약 100bp의 마진 개선을 제시했습니다.
Kratos (Nasdaq : KTOS) a enregistré un chiffre d'affaires du T3 2025 de 347,6 M$, en hausse de 26,0% ( 23,7% organique) par rapport au T3 2024, avec un bénéfice net GAAP de 8,7 M$ et un EBITDA ajusté de 30,8 M$. Les revenus des Systèmes sans pilote (KUS) s’établissent à 87,2 M$ (+35,8% organique) ; Solutions Gouvernementales (KGS) à 260,4 M$ (+20,0% organique). Les commandes consolidées s’élèvent à 414,1 M$ (book-to-bill 1,2) et le carnet de commandes consolidé est de 1,480 Md$. Le flux de trésorerie opérationnel est de -13,3 M$; le flux de trésorerie libre utilisé est de -41,3 M$ au T3 après 28,0 M$ de capex.
L’entreprise a relevé l’objectif de chiffre d’affaires pour FY2025 à 1,320–1,330 Md$, prévoit une croissance organique 2026 de 15–20% avec environ 100 pb d’expansion de la marge EBITDA, et a fixé un objectif de croissance organique 2027 de 18–23% avec une nouvelle amélioration d’environ 100 pb de marge.
Kratos (Nasdaq: KTOS) meldete im Q3 2025 einen Umsatz von 347,6 Mio. $, ein Anstieg von 26,0% (organisch 23,7%) gegenüber Q3 2024, mit GAAP-Nettoeinkommen von 8,7 Mio. $ und bereinigtem EBITDA von 30,8 Mio. $. Der Umsatz von Unmanned Systems (KUS) betrug 87,2 Mio. $ (+organisch 35,8%); Government Solutions (KGS) Umsatz von 260,4 Mio. $ (+organisch 20,0%). Konsolidierte Aufträge betrugen 414,1 Mio. $ (Book-to-Bill 1,2) und der konsolidierte Auftragsbestand war 1,480 Mrd. $. Der operative Zahlungsmittelzufluss betrug -13,3 Mio. $; freier Cashflow betrug -41,3 Mio. $ im Q3 nach 28,0 Mio. $ Capex.
Das Unternehmen hob die Umsatzguidance für FY2025 auf 1,320–1,330 Mrd. $ an, prognostiziert 2026 organisches Wachstum von 15–20% mit ca. 100 Basispunkten EBITDA-Margen-Erweiterung und setzte ein Ziel für organisches Wachstum 2027 von 18–23% mit weiterer ca. 100 Basispunkten Marginverbesserung.
Kratos (ناسداك: KTOS) أبلغت عن إيرادات الربع الثالث 2025 بقدر $347.6M بارتفاع 26.0% (عضوي 23.7%) مقارنة بالربع الثالث 2024، مع صافي دخل GAAP قدره $8.7M و EBITDA معدل قدره $30.8M. إيرادات أنظمة بدون طيار (KUS) بلغت $87.2M (+عضوي 35.8%)؛ إيرادات حلول الحكومة (KGS) بلغت $260.4M (+20.0% عضوي). الطلبات المجمعة كانت $414.1M (book-to-bill 1.2) ورصيد الطلبات المجمّع كان $1.480B. التدفق النقدي من العمليات كان -$13.3M; التدفق النقدي الحر المستخدم كان -$41.3M في الربع الثالث بعد استثمار رأسمالي قدره $28.0M.
رفعت الشركة توجيهات الإيرادات للسنة المالية 2025 إلى $1.320–$1.330B، وتتوقع نموًا عضويًا 2026 بمعدل 15–20% مع توسع في هامش EBITDA بنحو 100 نقطة أساس، وحددت هدف نمو عضوي 2027 بين 18–23% مع تحسين هامش إضافي بنحو 100 نقطة أساس.
- Revenue +26.0% year-over-year to $347.6M
- KUS organic revenue +35.8% to $87.2M
- KGS organic revenue +20.0% to $260.4M
- Consolidated bookings $414.1M; book-to-bill 1.2
- Consolidated backlog $1.480B at Sept 28, 2025
- Raised FY2025 revenue guidance to $1.320–$1.330B
- 2026 organic growth guidance 15–20% with +100bp EBITDA
- Cash flow used in operations $13.3M in Q3
- Free cash flow used $41.3M in Q3 after $28.0M capex
- FY2025 expected free cash flow use $95–$105M
- KUS book-to-bill 0.6 in Q3 and backlog declined sequentially
- Margin pressure from increased material, subcontractor, labor costs
- Customer receivables increased; collections delayed by government shutdown
Insights
Strong organic revenue growth, raised guidance, and expanding margins, tempered by near-term cash burn and working-capital strain.
Kratos delivered
The principal near-term risk is cash conversion: Q3 used operating cash flow of
Third Quarter 2025 Revenues of
Unmanned Systems Third Quarter 2025 Revenues of
Kratos Government Solutions Third Quarter 2025 Revenues of
Third Quarter 2025 Consolidated Book to Bill Ratio of 1.2 to 1 and Bookings of
Last Twelve Months Ended September 28, 2025, Consolidated Book to Bill Ratio of 1.1 to 1 and Bookings of
Increased Full Year 2026 Organic Revenue Growth Rate Forecast To 15 Percent to 20 Percent Above 2025 Forecast Full Year Revenue with Projected 100BP Increase in Adjusted EBITDA Margin Over 2025
Provides Preliminary 2027 Organic Revenue Growth Rate Target of 18 Percent to 23 Percent Above 2026 Revenue Forecast with Projected Additional 100BP Increase in Adjusted EBITDA Margin Over 2026
SAN DIEGO, Nov. 04, 2025 (GLOBE NEWSWIRE) -- Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a Technology Company in the Defense, National Security and Commercial Markets, today reported its third quarter 2025 financial results, including Revenues of
Third quarter 2025 Net Income and Operating Income includes non-cash stock compensation expense of
Kratos reported in the third quarter 2025 GAAP Net Income of
Third quarter 2025 Revenues of
Third quarter 2025 Cash Flow Used in Operations was
For the third quarter of 2025, KUS generated Revenues of
For the third quarter of 2025, Kratos’ Government Solutions (KGS) segment Revenues of
KGS reported Operating Income of
KGS reported a book-to-bill ratio of 1.4 to 1.0 for the third quarter of 2025, a book to bill ratio of 1.2 to 1.0 for the last twelve months ended September 28, 2025, and bookings of
Kratos reported consolidated bookings of
Eric DeMarco, Kratos’ President and CEO, said, “Our Q3 financial results are representative of the increasing demand for Kratos’ military grade hardware, systems and software to support U.S. National Security and its allies. Also reflective of this demand, we are once again increasing our full year 2025 revenue guidance, and we are increasing our full year 2026 organic revenue growth forecast up to 15 percent to 20 percent above our expected increased annual 2025 revenue. Additionally, we are providing a preliminary 2027 organic revenue growth target of 18 percent to 23 percent above this increased 2026 estimated revenue range. We are also expecting EBITDA margin expansion for both 2026 and 2027, as we scale the business and transition to more profitable contracts, with EBITDA margins expected to increase even as we continue to make significant bid, proposal and other new opportunity related investments as we have in 2025, as we pursue multiple large new program opportunities.”
Mr. DeMarco continued, “The industry and Kratos are at the beginning of a generational and structural multi-year/decade recapitalization and rebuild of the west’s National Security apparatus to address the existing geopolitical threat environment and to deter and defeat our enemies. Congress, the Administration and the Pentagon are aligned to rebuild the U.S. Defense Industrial base and reform the procurement system, as represented in Presidential Executive Orders, the Senate FoRGED Act, the House SPEED Act and the Department of War’s initiatives to improve the acquisition process. We believe that these changes are incredibly positive for our country and for Kratos and are a key element in our confidence in building a highly valuable, multi-billion dollar National Security technology company.”
Mr. DeMarco added, “Also importantly for the industry and Kratos, recent Missile Technology Control Regime (MTCR) rule changes by the U.S. Government reclassify certain high-endurance unmanned aerial systems to be reviewed similar to manned fighter aircraft like the F-35 – sold widely to allies internationally – removing the current, strict “strong presumption of denial” for certain MTCR Category 1 items. This U.S. policy shift aims to facilitate transfers of U.S.- made drone systems and technology to allies and partners to bolster their defense capabilities, strengthen U.S. competitiveness and deter adversaries.”
Mr. DeMarco went on, “To take advantage of this generational opportunity set and policy changes, Kratos is currently making significant investments in facilities, plant, and equipment to rapidly scale and support major new program wins we have received, including Anaconda, Helios and Poseidon, and those we expect to receive, as well as to support our forecasted expected future growth, including beyond 2027. We continue to be presented with new multi-year/decade billion-dollar potential opportunities, certain of which we plan on pursuing, assuming the business case and expected rate of return on Kratos capital invested is acceptable. We believe that Kratos’ strategy and business model is balanced, including making investments, rapidly organically growing the Company, while also generating significant profitability, with line of sight on building an incredibly valuable business that generates significant future cash flow.”
Mr. DeMarco concluded, “We have been executing our strategy for over 15 years and today, Kratos is the industry leader in jet drones, hypersonic systems, jet engines for drones and missiles, and satellite C2 systems. Kratos is a military-grade, multi-platform product and hardware company built in anticipation of the modern needs of the U.S. Government, Russia/Ukraine/Europe type situations and the China threat, all of which has made our customers realize that they need what Kratos has, does and can do. We are routinely told that there is no other company like Kratos that shares our business model, capabilities, opportunities and responsibility, and our entire organization is incredibly proud and honored to support our country and its warfighters.”
Financial Guidance
We are providing our initial 2025 fourth quarter guidance, increasing our full year 2025 Revenue guidance range and affirming our full year Adjusted EBITDA guidance range, which includes our assumptions, including as related to: current forecasted business mix, employee sourcing, hiring and retention; manufacturing, production and supply chain disruptions; parts shortages and related continued significant cost and price increases in each of these areas, that are impacting the industry and Kratos. We are also making significant investments in bid, proposal and other new program opportunity areas which are currently adversely impacting our profit margins. These investments are expected to continue at least into Kratos’ fiscal 2026, as our opportunity pipeline continues to increase. We are adjusting our full year free cash flow and operating cash flow estimates primarily as a result of the organic revenue growth we are experiencing and the related future contractual payment milestones and other expected customer payments, and also reflecting Kratos making certain long-lead material purchases ahead of contract funding award to meet customer execution timelines, which has resulted in an increase in our customer accounts receivable balances. Additionally, the Federal government shutdown and its impact on government program, administrative and other offices and functions, including the impact to certain milestones, has resulted in certain expected government contract receivable payment dates to be delayed, resulting in an increase in customer accounts receivable days sales outstanding. The collection of these accounts receivable is expected in the future, with a delay in the timing of the payments expected as a result of the Federal government shutdown. Additionally, certain of the new facility construction, existing facility expansion, machinery, equipment and other capital expenditures and investments we had planned for 2025, are now expected to be incurred in 2026, including as a result of our managing the Company’s cash expenditures to the degree that we can control, which has resulted in a reduction in our full year 2025 capital expenditure forecast.
Kratos’ operating cash flow guidance also assumes certain investments in our Rocket Systems and Unmanned Systems businesses related to the procurement of rocket and related systems and the completion of certain derivatives of our unmanned systems vehicles, of approximately
Our fourth quarter and full year 2025 guidance ranges are as follows:
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| Revenues | |||
| R&D | |||
| Operating Income | |||
| Depreciation | |||
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| Free Cash Flow Use | ( | ||
We are increasing our full year 2025 revenue guidance from
We are also providing an initial 2027 full year organic revenue growth rate target of 18 percent to 23 percent above the full year 2026 revenue forecast we provided today, and we are forecasting an additional approximate 100 basis point increase in fiscal year 2027 Adjusted EBITDA margin rates above our currently forecasted 2026 Adjusted EBITDA margin rates.
Management will discuss the Company’s financial results on a conference call beginning at 2:00 p.m. Pacific (5:00 p.m. Eastern) today. The call will be available at www.kratosdefense.com. Participants may register for the call using this Online Form. Upon registration, all telephone participants will receive the dial-in number along with a unique PIN that can be used to access the call. For those who cannot access the live broadcast, a replay will be available on Kratos’ website.
About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a technology, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as an innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low-cost future manufacturing which is a value add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe that our probability of win (PWin) is high and any investment required by Kratos is within our capital resource comfort level. We intend to partner and team with a large, traditional system integrator when our assessment of PWin is greater or required investment is beyond Kratos’ comfort level. Kratos’ primary business areas include virtualized ground systems for satellites and space vehicles including software for command & control (C2) and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, hypersonic vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, C5ISR and microwave electronic products for missile, radar, missile defense, space, satellite, counter UAS, directed energy, communication and other systems, and virtual & augmented reality training systems for the warfighter. For more information, visit www.KratosDefense.com
Notice Regarding Forward-Looking Statements
This news release contains certain forward-looking statements that involve risks and uncertainties, including, without limitation, express or implied statements concerning the Company’s expectations regarding its future financial performance, including the Company’s expectations for its fourth quarter and full year 2025 revenues, R&D, operating income, depreciation, amortization, stock based compensation expense, and Adjusted EBITDA, and full year 2025 operating cash flow, capital expenditures, and free cash flow, forecasted company and business unit organic revenue growth, estimated revenue and organic revenue growth for 2026 and 2027, EBITDA margins in 2026 and 2027, future initiation of higher margin programs and negotiation of lower margin contracts which are expected to be renewed in the future, expected future investments in property, plant, facilities, and equipment, the Company’s bid and proposal pipeline and backlog, including the Company’s ability to timely execute on its backlog, demand for its products and services, including the Company’s alignment with today’s National Security requirements and the positioning of its C5ISR and other businesses, ability to successfully compete and expected new customer awards, the impact of the Company’s restructuring efforts and cost reduction measures, the availability and timing of government funding for the Company’s offerings, availability of an experienced skilled workforce, inflation and increased costs, risks related to potential cybersecurity events or disruptions of our information technology systems, and delays in our financial projections, industry, business and operations, including projected growth. Such statements are only predictions, and the Company’s actual results may differ materially from the results expressed or implied by these statements. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Factors that may cause the Company’s results to differ include, but are not limited to: risks to our business and financial results related to the reductions and other spending constraints imposed on the U.S. Government and our other customers, including as a result of sequestration and extended continuing resolutions, the Federal budget deficit and Federal government shut-downs; risks of adverse regulatory action or litigation; risks associated with debt leverage; risks that our cost-cutting initiatives will not provide the anticipated benefits; risks that changes, cutbacks or delays in spending by the DoD may occur, which could cause delays or cancellations of key government contracts; risks of delays to or the cancellation of our projects as a result of protest actions submitted by our competitors; risks that changes may occur in Federal government (or other applicable) procurement laws, regulations, policies and budgets; risks of the availability of government funding for the Company's products and services due to performance, cost growth, or other factors, changes in government and customer priorities and requirements (including cost-cutting initiatives, the potential deferral of awards, terminations or reduction of expenditures to respond to the priorities of Congress and the Administration, or budgetary cuts resulting from Congressional committee recommendations or automatic sequestration under the Budget Control Act of 2011, as amended); risks that the unmanned aerial systems and unmanned ground sensor markets do not experience significant growth; risks that products we have developed or will develop will not become programs of record; risks that we cannot expand our customer base or that our products do not achieve broad acceptance which could impact our ability to achieve our anticipated level of growth; risks of increases in the Federal government initiatives related to in-sourcing; risks related to security breaches, including cyber security attacks and threats or other significant disruptions of our information systems, facilities and infrastructures; risks related to our compliance with applicable contracting and procurement laws, regulations and standards; risks related to the new DoD Cybersecurity Maturity Model Certification; risks relating to the ongoing conflict in Ukraine and the Israeli-Palestinian military conflict; risks to our business in Israel; risks related to contract performance; risks related to failure of our products or services; risks associated with our subcontractors’ or suppliers’ failure to perform their contractual obligations, including the appearance of counterfeit or corrupt parts in our products; changes in the competitive environment (including as a result of bid protests); failure to successfully integrate acquired operations and compete in the marketplace, which could reduce revenues and profit margins; risks that potential future goodwill impairments will adversely affect our operating results; risks that anticipated tax benefits will not be realized in accordance with our expectations; risks that a change in ownership of our stock could cause further limitation to the future utilization of our net operating losses; risks that we may be required to record valuation allowances on our net operating losses which could adversely impact our profitability and financial condition; risks that the current economic environment will adversely impact our business, including with respect to our ability to recruit and retain sufficient numbers of qualified personnel to execute on our programs and contracts, as well as expected contract awards and risks related to increasing interest rates and risks related to the interest rate swap contract to hedge Term SOFR associated with the Company’s Term Loan A; currently unforeseen risks associated with any public health crisis, and risks related to natural disasters or severe weather. These and other risk factors are more fully discussed in the Company’s Annual Report on Form 10-K for the period ended December 29, 2024, and in our other filings made with the Securities and Exchange Commission.
Note Regarding Use of Non-GAAP Financial Measures and Other Performance Metrics
This news release contains non-GAAP financial measures, including organic revenue growth rates, Adjusted EPS (computed using income before income taxes, excluding depreciation, amortization of intangible assets, amortization of capitalized contract and development costs, stock-based compensation expense, acquisition and restructuring related items and other, which includes, but is not limited to, legal related items, non-recoverable rates and costs, and foreign transaction gains and losses, less the estimated impact to income taxes) and Adjusted EBITDA (which excludes, among other things, acquisition and restructuring related items, stock compensation expense, foreign transaction gains and losses, and the associated margin rates). Additional non-GAAP financial measures include Free Cash Flow from Operations computed as Cash Flow from Operations less Capital Expenditures plus proceeds from sale of assets and Adjusted EBITDA related to our KUS and KGS businesses. Kratos believes this information is useful to investors because it provides a basis for measuring the Company’s available capital resources, the actual and forecasted operating performance of the Company’s business and the Company’s cash flow, excluding non-recurring items and non-cash items that would normally be included in the most directly comparable measures calculated and presented in accordance with GAAP. The Company’s management uses these non-GAAP financial measures, along with the most directly comparable GAAP financial measures, in evaluating the Company’s actual and forecasted operating performance, capital resources and cash flow. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and investors should carefully evaluate the Company’s financial results calculated in accordance with GAAP and reconciliations to those financial results. In addition, non-GAAP financial measures as reported by the Company may not be comparable to similarly titled amounts reported by other companies. As appropriate, the most directly comparable GAAP financial measures and information reconciling these non-GAAP financial measures to the Company’s financial results prepared in accordance with GAAP are included in this news release.
Another Performance Metric the Company believes is a key performance indicator in our industry is our Book to Bill Ratio as it provides investors with a measure of the amount of bookings or contract awards as compared to the amount of revenues that have been recorded during the period and provides an indicator of how much of the Company’s backlog is being burned or utilized in a certain period. The Book to Bill Ratio is computed as the number of bookings or contract awards in the period divided by the revenues recorded for the same period. The Company believes that the rolling or last twelve months’ Book to Bill Ratio is meaningful since the timing of quarter-to-quarter bookings can vary.
Press Contact:
Claire Cantrell
claire.cantrell@kratosdefense.com
Investor Information:
877-934-4687
investor@kratosdefense.com
| Kratos Defense & Security Solutions, Inc. | ||||||||||||||||
| Unaudited Condensed Consolidated Statements of Operations | ||||||||||||||||
| (in millions, except per share data) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 28, | September 29, | September 28, | September 29, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Service revenues | $ | 117.4 | $ | 103.9 | $ | 354.7 | $ | 316.9 | ||||||||
| Product sales | 230.2 | 172.0 | 647.0 | 536.3 | ||||||||||||
| Total revenues | 347.6 | 275.9 | 1,001.7 | 853.2 | ||||||||||||
| Cost of service revenues | 91.2 | 76.7 | 274.1 | 232.9 | ||||||||||||
| Cost of product sales | 179.3 | 130.0 | 503.1 | 402.9 | ||||||||||||
| Total costs | 270.5 | 206.7 | 777.2 | 635.8 | ||||||||||||
| Gross profit - service revenues | 26.2 | 27.2 | 80.6 | 84.0 | ||||||||||||
| Gross profit - product sales | 50.9 | 42.0 | 143.9 | 133.4 | ||||||||||||
| Total gross profit | 77.1 | 69.2 | 224.5 | 217.4 | ||||||||||||
| Selling, general and administrative expenses | 54.5 | 47.9 | 160.9 | 147.9 | ||||||||||||
| Merger and acquisition expenses | 0.2 | 0.2 | 0.2 | 0.2 | ||||||||||||
| Research and development expenses | 10.0 | 9.9 | 30.2 | 29.7 | ||||||||||||
| Depreciation | 2.9 | 2.5 | 8.5 | 7.1 | ||||||||||||
| Amortization of intangible assets | 2.4 | 2.2 | 7.3 | 6.5 | ||||||||||||
| Operating income | 7.1 | 6.5 | 17.4 | 26.0 | ||||||||||||
| Interest income (expense), net | 4.6 | - | 2.5 | (2.7 | ) | |||||||||||
| Other income (expense), net | 0.2 | (0.7 | ) | 2.0 | (0.8 | ) | ||||||||||
| Income before income taxes | 11.9 | 5.8 | 21.9 | 22.5 | ||||||||||||
| Provision for income taxes | 3.2 | 2.6 | 5.8 | 10.1 | ||||||||||||
| Net Income | $ | 8.7 | $ | 3.2 | $ | 16.1 | $ | 12.4 | ||||||||
| Basic income per common share | $ | 0.05 | $ | 0.02 | $ | 0.10 | $ | 0.08 | ||||||||
| Diluted income per common share | $ | 0.05 | $ | 0.02 | $ | 0.10 | $ | 0.08 | ||||||||
| Weighted average common shares outstanding: | ||||||||||||||||
| Basic | 170.5 | 152.6 | 160.1 | 147.8 | ||||||||||||
| Diluted | 172.9 | 154.1 | 162.3 | 147.8 | ||||||||||||
| Adjusted EBITDA (1) | $ | 30.8 | $ | 24.6 | $ | 85.8 | $ | 80.5 | ||||||||
| Unaudited Reconciliation of GAAP to Non-GAAP Measures | ||||||||||||||||
| Note: (1) Adjusted EBITDA is a non-GAAP measure defined as GAAP net income adjusted for net interest income (expense), provision for income taxes, depreciation and amortization expense of intangible assets, amortization of capitalized contract and development costs, stock-based compensation, acquisition and restructuring related items and other, and foreign transaction (gain) loss. | ||||||||||||||||
| Adjusted EBITDA as calculated by us may be calculated differently than Adjusted EBITDA for other companies. We have provided Adjusted EBITDA because we believe it is a commonly used measure of financial performance in comparable companies and is provided to help investors evaluate companies on a consistent basis, as well as to enhance understanding of our operating results. Adjusted EBITDA should not be construed as either an alternative to net income (loss) or as an indicator of our operating performance or an alternative to cash flows as a measure of liquidity. The adjustments to calculate this non-GAAP financial measure and the basis for such adjustments are outlined below. | ||||||||||||||||
| Please refer to the following table below that reconciles GAAP net income (loss) to Adjusted EBITDA. | ||||||||||||||||
| The adjustments to calculate this non-GAAP financial measure, and the basis for such adjustments, are outlined below: | ||||||||||||||||
| Interest income and interest expense, net.The Company receives interest income on investments and incurs interest expense on loans, capital leases and other financing arrangements, including the amortization of issue discounts and deferred financing costs. These amounts may vary from period to period due to changes in cash and debt balances. | ||||||||||||||||
| Income taxes.The Company's tax expense can fluctuate materially from period to period due to tax adjustments that may not be directly related to underlying operating performance or to the current period of operations and may not necessarily reflect the impact of utilization of our NOLs. | ||||||||||||||||
| Depreciation.The Company incurs depreciation expense (recorded in cost of revenues and in operating expenses) related to capital assets purchased, leased or constructed to support the ongoing operations of the business. The assets are recorded at cost or fair value and are depreciated over the estimated useful lives of individual assets. | ||||||||||||||||
| Amortization of intangible assets.The Company incurs amortization of intangible expense related to acquisitions it has made. These intangible assets are valued at the time of acquisition and are amortized over the estimated useful lives. | ||||||||||||||||
| Amortization of capitalized contract and development costs.The Company incurs amortization of previously capitalized software development and non-recurring engineering costs related to certain targets in its Unmanned Systems, ballistic missile target and space and satellite businesses as related units are sold or over the estimated useful life, as applicable. | ||||||||||||||||
| Stock-based compensation expense.The Company incurs expense related to stock-based compensation included in its GAAP presentation of selling, general and administrative expense. Although stock-based compensation is an expense of the Company and viewed as a form of compensation, these expenses vary in amount from period to period, and are affected by market forces that are difficult to predict and are not within the control of management, such as the market price and volatility of the Company's shares, risk-free interest rates and the expected term and forfeiture rates of the awards. Management believes that exclusion of these expenses allows comparison of operating results to those of other companies that disclose non-GAAP financial measures that exclude stock-based compensation. | ||||||||||||||||
| Foreign transaction (gain) loss.The Company incurs transaction gains and losses which are not hedged related to transactions with foreign customers in currencies other than the U.S. dollar. In addition, certain intercompany transactions can give rise to realized and unrealized foreign currency gains and losses. | ||||||||||||||||
| Acquisition and transaction related items.The Company incurs transaction related costs, such as legal and accounting fees and other expenses, related to acquisitions and divestiture activities. Management believes these items are outside the normal operations of the Company's business and are not indicative of ongoing operating results. | ||||||||||||||||
| Restructuring costs.The Company incurs restructuring costs for cost reduction actions which include employee termination costs, facility shut-down related costs and lease commitment costs for unused, excess or exited facilities. Management believes that these costs are not indicative of ongoing operating results as they are either non-recurring and/or not expected when full capacity and volumes are achieved. | ||||||||||||||||
| Legal related items.The Company incurs costs related to pending legal settlements and other legal related matters. Management believes these items are outside the normal operations of the Company's business and are not indicative of ongoing operating results. | ||||||||||||||||
| Adjusted EBITDA is a non-GAAP financial measure and should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. This non-GAAP financial measure may not be computed in the same manner as similarly titled measures used by other companies. The Company expects to continue to incur expenses similar to the Adjusted EBITDA financial adjustments described above, and investors should not infer from the Company's presentation of this non-GAAP financial measure that these costs are unusual, infrequent, or non-recurring. | ||||||||||||||||
| Reconciliation of Net Income to Adjusted EBITDA is as follows: | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 28, | September 29, | September 28, | September 29, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net income | $ | 8.7 | $ | 3.2 | $ | 16.1 | $ | 12.4 | ||||||||
| Interest expense, net | (4.6 | ) | - | (2.5 | ) | 2.7 | ||||||||||
| Loss on extinguishment of debt | 0.5 | - | 0.5 | - | ||||||||||||
| Provision for income taxes | 3.2 | 2.6 | 5.8 | 10.1 | ||||||||||||
| Depreciation (including cost of service revenues and product sales) | 9.5 | 8.1 | 26.8 | 23.5 | ||||||||||||
| Stock-based compensation | 9.1 | 7.2 | 26.4 | 23.0 | ||||||||||||
| Foreign transaction loss | (0.1 | ) | 0.9 | 0.6 | 1.2 | |||||||||||
| Amortization of intangible assets | 2.4 | 2.2 | 7.3 | 6.5 | ||||||||||||
| Amortization of capitalized contract and development costs | 1.2 | 0.2 | 3.0 | 0.9 | ||||||||||||
| Acquisition and restructuring related items and other | 0.2 | 0.2 | 0.2 | 0.2 | ||||||||||||
| Resolution of previously recorded contingent liability | - | - | (1.1 | ) | - | |||||||||||
| Litigation fees and legal related items | 0.7 | - | 2.7 | - | ||||||||||||
| Adjusted EBITDA | $ | 30.8 | $ | 24.6 | $ | 85.8 | $ | 80.5 | ||||||||
| Kratos Defense & Security Solutions, Inc. | ||||||||||||||||
| Unaudited Segment Data | ||||||||||||||||
| (in millions) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 28, | September 29, | September 28, | September 29, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues: | ||||||||||||||||
| Unmanned Systems | $ | 87.2 | $ | 64.2 | $ | 223.5 | $ | 209.4 | ||||||||
| Kratos Government Solutions | 260.4 | 211.7 | 778.2 | 643.8 | ||||||||||||
| Public Safety & Security | ||||||||||||||||
| Total revenues | $ | 347.6 | $ | 275.9 | $ | 1,001.7 | $ | 853.2 | ||||||||
| Operating income (loss) | ||||||||||||||||
| Unmanned Systems | $ | 2.7 | $ | 0.4 | $ | 0.7 | $ | 3.6 | ||||||||
| Kratos Government Solutions | 13.7 | 13.5 | 43.3 | 45.6 | ||||||||||||
| Unallocated corporate expense, net | (9.3 | ) | (7.4 | ) | (26.6 | ) | (23.2 | ) | ||||||||
| Total operating income | $ | 7.1 | $ | 6.5 | $ | 17.4 | $ | 26.0 | ||||||||
| Note: Unallocated corporate expense, net includes costs for certain stock-based compensation programs (including stock-based compensation costs for the employee stock purchase plan and restricted stock units), the effects of items not considered part of management’s evaluation of segment operating performance, and acquisition and restructuring related items, corporate costs not allocated to the segments, legal related items, and other miscellaneous corporate activities. | ||||||||||||||||
| Reconciliation of Segment Operating Income (Loss) to Adjusted EBITDA is as follows: | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 28, | September 29, | September 28, | September 29, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Unmanned Systems | ||||||||||||||||
| Operating loss | $ | 2.7 | $ | 0.4 | $ | 0.7 | $ | 3.6 | ||||||||
| Other income | - | - | 0.1 | 0.1 | ||||||||||||
| Depreciation | 2.5 | 2.2 | 7.5 | 6.9 | ||||||||||||
| Amortization of intangible assets | 0.9 | 1.0 | 2.9 | 3.0 | ||||||||||||
| Amortization of capitalized contract and development costs | 0.3 | - | 0.3 | 0.1 | ||||||||||||
| Resolution of Previously Recorded Contingent Liability | - | - | (0.3 | ) | - | |||||||||||
| Litigation Fees and Legal Related Items | - | - | 0.5 | - | ||||||||||||
| Adjusted EBITDA | $ | 6.4 | $ | 3.6 | $ | 11.7 | $ | 13.7 | ||||||||
| % of revenue | 7.3 | % | 5.6 | % | 5.2 | % | 6.5 | % | ||||||||
| Kratos Government Solutions | ||||||||||||||||
| Operating income | $ | 13.7 | $ | 13.5 | $ | 43.3 | $ | 45.6 | ||||||||
| Other income | 0.4 | 0.2 | 2.8 | 0.3 | ||||||||||||
| Depreciation | 7.0 | 5.9 | 19.3 | 16.6 | ||||||||||||
| Amortization of intangible assets | 1.5 | 1.2 | 4.4 | 3.5 | ||||||||||||
| Amortization of capitalized contract and development costs | 0.9 | 0.2 | 2.7 | 0.8 | ||||||||||||
| Acquisition and restructuring related items and other | 0.2 | - | 0.2 | - | ||||||||||||
| Resolution of Previously Recorded Contingent Liability | - | - | (0.8 | ) | - | |||||||||||
| Litigation Fees and Legal Related Items | 0.7 | - | 2.2 | - | ||||||||||||
| Adjusted EBITDA | $ | 24.4 | $ | 21.0 | $ | 74.1 | $ | 66.8 | ||||||||
| % of revenue | 9.4 | % | 9.9 | % | 9.5 | % | 10.4 | % | ||||||||
| Total Adjusted EBITDA | $ | 30.8 | $ | 24.6 | $ | 85.8 | $ | 80.5 | ||||||||
| % of revenue | 8.9 | % | 8.9 | % | 8.6 | % | 9.4 | % | ||||||||
| Kratos Defense & Security Solutions, Inc. | ||||||||||||||||
| Unaudited Condensed Consolidated Balance Sheets | ||||||||||||||||
| (in millions) | ||||||||||||||||
| September 28, | December 29, | |||||||||||||||
| 2025 | 2024 | |||||||||||||||
| Assets | ||||||||||||||||
| Current assets: | ||||||||||||||||
| Cash and cash equivalents | $ | 565.9 | $ | 329.3 | ||||||||||||
| Accounts receivable, net | 136.3 | 117.5 | ||||||||||||||
| Unbilled receivables, net | 287.1 | 206.3 | ||||||||||||||
| Inventoried costs, net | 180.0 | 162.1 | ||||||||||||||
| Prepaid expenses | 14.8 | 18.0 | ||||||||||||||
| Other current assets | 52.9 | 38.9 | ||||||||||||||
| Total current assets | 1,237.0 | 872.1 | ||||||||||||||
| Property, plant and equipment, net | 342.5 | 288.2 | ||||||||||||||
| Operating lease right-of-use assets | 42.0 | 37.6 | ||||||||||||||
| Goodwill | 595.0 | 568.9 | ||||||||||||||
| Intangible assets, net | 57.2 | 53.8 | ||||||||||||||
| Other assets | 149.6 | 130.3 | ||||||||||||||
| Total assets | $ | 2,423.3 | $ | 1,950.9 | ||||||||||||
| Liabilities and Stockholders’ Equity | ||||||||||||||||
| Current liabilities: | ||||||||||||||||
| Accounts payable | $ | 66.2 | $ | 82.0 | ||||||||||||
| Accrued expenses | 66.8 | 38.8 | ||||||||||||||
| Accrued compensation | 68.7 | 71.9 | ||||||||||||||
| Billings in excess of costs and earnings on uncompleted contracts | 64.2 | 76.3 | ||||||||||||||
| Current portion of operating lease liabilities | 12.2 | 11.3 | ||||||||||||||
| Current portion of finance lease liabilities | 2.8 | 1.9 | ||||||||||||||
| Other current liabilities | 6.5 | 14.5 | ||||||||||||||
| Total current liabilities | 287.4 | 296.7 | ||||||||||||||
| Long-term debt | - | 174.6 | ||||||||||||||
| Operating lease liabilities, net of current portion | 33.3 | 29.8 | ||||||||||||||
| Finance lease liabilities, net of current portion | 86.0 | 64.4 | ||||||||||||||
| Other long-term liabilities | 35.1 | 32.2 | ||||||||||||||
| Total liabilities | 441.8 | 597.7 | ||||||||||||||
| Commitments and contingencies | ||||||||||||||||
| Stockholders’ equity: | ||||||||||||||||
| Common stock | 0.2 | 0.2 | ||||||||||||||
| Additional paid-in capital | 2,627.0 | 2,017.4 | ||||||||||||||
| Accumulated other comprehensive income (loss) | 2.1 | (0.5 | ) | |||||||||||||
| Accumulated deficit | (647.8 | ) | (663.9 | ) | ||||||||||||
| Total equity | 1,981.5 | 1,353.2 | ||||||||||||||
| Total liabilities and stockholders’ equity | $ | 2,423.3 | $ | 1,950.9 | ||||||||||||
| Kratos Defense & Security Solutions, Inc. | ||||||||||||||||
| Unaudited Condensed Consolidated Statements of Cash Flows | ||||||||||||||||
| (in millions) | ||||||||||||||||
| Nine Months Ended | ||||||||||||||||
| September 28, | September 29, | |||||||||||||||
| 2025 | 2024 | |||||||||||||||
| Operating activities: | ||||||||||||||||
| Net income | $ | 16.1 | $ | 12.4 | ||||||||||||
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||
| Depreciation and amortization | 34.1 | 30.0 | ||||||||||||||
| Amortization of lease right-of-use assets | 9.0 | 8.8 | ||||||||||||||
| Deferred income taxes | (0.1 | ) | 0.1 | |||||||||||||
| Stock-based compensation | 26.4 | 23.0 | ||||||||||||||
| Loss on extinguishment of debt | 0.5 | |||||||||||||||
| Amortization of deferred financing costs | 0.4 | 0.5 | ||||||||||||||
| Changes in assets and liabilities, net of acquisitions: | ||||||||||||||||
| Accounts receivable | (16.5 | ) | 16.2 | |||||||||||||
| Unbilled receivables | (80.5 | ) | (6.0 | ) | ||||||||||||
| Inventoried costs | 0.9 | (2.0 | ) | |||||||||||||
| Prepaid expenses and other assets | (31.5 | ) | (35.5 | ) | ||||||||||||
| Operating lease liabilities | (8.8 | ) | (9.0 | ) | ||||||||||||
| Accounts payable | (14.3 | ) | (3.4 | ) | ||||||||||||
| Accrued expenses | 28.2 | (4.1 | ) | |||||||||||||
| Accrued compensation | (3.0 | ) | 4.6 | |||||||||||||
| Billings in excess of costs and earnings on uncompleted contracts | (14.7 | ) | (39.9 | ) | ||||||||||||
| Income tax receivable and payable | 1.0 | 5.7 | ||||||||||||||
| Other liabilities | (1.4 | ) | 2.7 | |||||||||||||
| Net cash provided by (used in) operating activities | (54.2 | ) | 4.1 | |||||||||||||
| Investing activities: | ||||||||||||||||
| Cash paid for acquisitions, net of cash acquired | - | (11.5 | ) | |||||||||||||
| Capital expenditures | (71.1 | ) | (44.6 | ) | ||||||||||||
| Net cash used in investing activities | (71.1 | ) | (56.1 | ) | ||||||||||||
| Financing activities: | ||||||||||||||||
| Borrowing under credit facility | - | 10.0 | ||||||||||||||
| Repayment under credit facility and term loan | (185.0 | ) | (50.0 | ) | ||||||||||||
| Proceeds from the issuance of common stock, net of issuance costs | 555.9 | 330.7 | ||||||||||||||
| Payment under finance leases | (1.4 | ) | (1.0 | ) | ||||||||||||
| Payments of employee taxes withheld from share-based awards | (19.2 | ) | (17.3 | ) | ||||||||||||
| Proceeds from shares issued under equity plans | 9.9 | 8.2 | ||||||||||||||
| Net cash provided by financing activities | 360.2 | 280.6 | ||||||||||||||
| Net cash flows | 234.9 | 228.6 | ||||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | 1.7 | 0.1 | ||||||||||||||
| Net increase in cash and cash equivalents | 236.6 | 228.7 | ||||||||||||||
| Cash and cash equivalents at beginning of period | 329.3 | 72.8 | ||||||||||||||
| Cash and cash equivalents at end of period | $ | 565.9 | $ | 301.5 | ||||||||||||
| Kratos Defense & Security Solutions, Inc. | ||||||||||||||||
| Unaudited Non-GAAP Measures | ||||||||||||||||
| Computation of Adjusted Earnings Per Share | ||||||||||||||||
| (in millions, except per share data) | ||||||||||||||||
| Adjusted income and adjusted income per diluted common share (Adjusted EPS) are non-GAAP measures for reporting financial performance and exclude the impact of certain items and, therefore, have not been calculated in accordance with GAAP. Management believes that exclusion of these items assists in providing a more complete understanding of the Company's underlying results and trends and allows for comparability with our peer company index and industry. The Company uses these measures along with the corresponding GAAP financial measures to manage the Company's business and to evaluate its performance compared to prior periods and the marketplace. The Company defines adjusted income before amortization of intangible assets, depreciation, stock-based compensation, foreign transaction gain/loss, and acquisition and restructuring related items and other. The estimated impact to income taxes includes the impact to the effective tax rate, current tax provision and deferred tax provision, and excludes the impact of discrete items, including transaction related expenses and release of valuation allowance, or benefit related to the add-backs.* Adjusted EPS reflects adjusted income on a per share basis using weighted average diluted shares outstanding. | ||||||||||||||||
| The following table reconciles the most directly comparable GAAP financial measures to the non-GAAP financial measures. | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 28, | September 29, | September 28, | September 29, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net income | $ | 8.7 | $ | 3.2 | $ | 16.1 | $ | 12.4 | ||||||||
| Less: GAAP provision for income taxes | 3.2 | 2.6 | 5.8 | 10.1 | ||||||||||||
| Income before taxes | 11.9 | 5.8 | 21.9 | 22.5 | ||||||||||||
| Add: Amortization of intangible assets | 2.4 | 2.2 | 7.3 | 6.5 | ||||||||||||
| Add: Amortization of capitalized contract and development costs | 1.2 | 0.2 | 3.0 | 0.9 | ||||||||||||
| Add: Depreciation | 9.5 | 8.1 | 26.8 | 23.5 | ||||||||||||
| Add: Stock-based compensation | 9.1 | 7.2 | 26.4 | 23.0 | ||||||||||||
| Add: Loss on extinguishment of debt | 0.5 | - | 0.5 | - | ||||||||||||
| Add: Foreign transaction loss | (0.1 | ) | 0.9 | 0.6 | 1.2 | |||||||||||
| Add: Acquisition and restructuring related items and other | 0.2 | 0.2 | 0.2 | 0.2 | ||||||||||||
| Non-GAAP Adjusted income from consolidated operations before income taxes | 34.7 | 24.6 | 86.7 | 77.8 | ||||||||||||
| Income taxes on Non-GAAP measure Adjusted income* | 10.4 | 7.4 | 26.4 | 23.7 | ||||||||||||
| Non-GAAP Adjusted net income | $ | 24.3 | $ | 17.2 | $ | 60.3 | $ | 54.1 | ||||||||
| Diluted earnings per common share | $ | 0.05 | $ | 0.02 | $ | 0.10 | $ | 0.08 | ||||||||
| Less: GAAP provision for income taxes | 0.02 | 0.02 | 0.04 | 0.07 | ||||||||||||
| Add: Amortization of intangible assets | 0.01 | 0.01 | 0.04 | 0.04 | ||||||||||||
| Add: Amortization of capitalized contract and development costs | 0.01 | - | 0.02 | 0.01 | ||||||||||||
| Add: Depreciation | 0.06 | 0.05 | 0.17 | 0.16 | ||||||||||||
| Add: Stock-based compensation | 0.05 | 0.05 | 0.16 | 0.16 | ||||||||||||
| Add: Loss on extinguishment of debt | - | - | - | - | ||||||||||||
| Add: Foreign transaction loss | - | 0.01 | - | 0.01 | ||||||||||||
| Add: Acquisition and restructuring related items and other | - | - | - | - | ||||||||||||
| Income taxes on Non-GAAP measure Adjusted income* | (0.06 | ) | (0.05 | ) | (0.16 | ) | (0.16 | ) | ||||||||
| Adjusted income per diluted common share | $ | 0.14 | $ | 0.11 | $ | 0.37 | $ | 0.37 | ||||||||
| Weighted average diluted common shares outstanding | 172.9 | 154.1 | 162.3 | 147.8 | ||||||||||||
| *The impact to income taxes is calculated by recasting income before income taxes to include the add-backs involved in determining Adjusted income before income taxes and recalculating the income tax provision, including current and deferred income taxes, using the Adjusted income before income taxes. The recalculation also adjusts for any discrete tax expense, including transaction related expenses and the release of valuation allowance, or benefit related to the add-backs. | ||||||||||||||||
FAQ
What were Kratos (KTOS) Q3 2025 revenues and adjusted EBITDA?
How did Kratos' segments perform in Q3 2025 for KTOS?
What guidance did Kratos give for full year 2025 (KTOS)?
What growth and margin outlook did Kratos provide for 2026 and 2027 (KTOS)?
What were Kratos' bookings, backlog, and book-to-bill in Q3 2025 (KTOS)?
Why did Kratos report negative operating cash flow in Q3 2025 (KTOS)?
