Here are the 10-K annual reports from Leonardo DRS, Inc. (DRS) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow DRS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full DRS filings page.
Leonardo DRS, Inc. files its Annual Report describing a mid-sized defense technology business focused on U.S. national security customers and allied forces. The company operates through two segments: Advanced Sensing and Computing, and Integrated Mission Systems, supplying sensing, network computing and naval electric power and propulsion solutions.
About 80% of 2025 revenue came directly or indirectly from U.S. government contracts, heavily concentrated in the Department of War, making federal defense budgets and shutdowns critical to its outlook. Revenue is largely from fixed-price work, with 2025 sales of $3,205 million on firm-fixed price contracts and $443 million on flexibly priced contracts, which exposes the business to cost overrun and inflation risk.
The company reports funded backlog of $4,643 million as of December 31, 2025 and emphasizes long-term Navy shipbuilding and ground systems positions. It highlights extensive regulatory, security clearance, FOCI mitigation and export-control obligations, and details numerous risk factors ranging from government funding changes and audits to supply chain disruptions, cybersecurity, labor, environmental and governance constraints under its proxy agreement with the Department of War.