Every 8-K that Leonardo DRS, Inc. (DRS) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 8-K covers material events a company has to report between its quarterly reports, 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. reported second quarter 2026 revenue of $913 million, up 10% year-over-year, and net earnings of $86 million, up 59%. Diluted EPS was $0.32 and Adjusted Diluted EPS $0.35, rising 60% and 52% respectively, driven by higher volumes, favorable mix and lower interest and tax expense.
Adjusted EBITDA increased to $128 million, with margin improving to 14.0%. Bookings were $1.1 billion, giving a book-to-bill of 1.2x, and funded backlog reached a record $5.1 billion, 17% higher year-over-year. Operating cash flow was $35 million and Free Cash Flow $6 million, both higher than a year earlier.
The company ended the quarter with $270 million of cash and long-term debt of $139 million, down from $321 million at year-end. Management raised 2026 guidance for Adjusted EBITDA to $525–$540 million and Adjusted Diluted EPS to $1.34–$1.39, maintained revenue guidance, declared a $0.09 per share dividend, repurchased shares, and announced a pending $450 million acquisition of Raft to expand AI, data fusion and mission software capabilities.
Leonardo DRS, Inc. entered into a definitive agreement to acquire Raft LLC in an all-cash transaction valued at $450 million, expanding its multi-domain AI, data fusion and mission software capabilities for national security customers.
Raft, founded in 2018 and headquartered in McLean, Virginia, provides open-architecture mission software specializing in multi-domain data fusion and artificial intelligence to support real-time situational awareness and faster operational decision-making. The acquisition aligns with Leonardo DRS’s strategy to deliver integrated, mission-focused technologies by pairing its sensing and network computing franchises with Raft’s software to turn sensor data into actionable decision advantage and reduce operators’ cognitive burden. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in the fourth quarter of 2026. Leonardo DRS expects to fund the purchase through cash on hand and borrowings under its revolving credit facility and to realize a tax benefit over the next 15 years with a present value of approximately $50 million. The deal is expected to be accretive to Adjusted Diluted Earnings Per Share in the first full year of ownership.
Leonardo DRS, Inc. adopted a new Code of Ethics and Business Conduct applicable to all directors, officers, and employees, effective July 17, 2026.
The Board approved the new Code on July 15, 2026, replacing the prior code to reflect current compliance best practices, streamline and clarify provisions, and make non-substantive administrative and stylistic updates. The adoption did not involve any waiver for any director, officer, or employee, and the full Code is available in the investor relations governance section of the company website and as Exhibit 14.1.
Leonardo DRS, Inc. reported the final voting results from its 2026 Annual Meeting of Stockholders held on May 14, 2026. Stockholders voted on the election of nine directors, an advisory resolution on executive compensation, and ratification of the independent auditor.
Each director nominee received roughly 247 million to 250 million votes in favor, with relatively small numbers of votes withheld and 5,710,797 broker non-votes reported for each nominee. The advisory vote on compensation of named executive officers received 249,961,000 votes for, 246,614 against, 87,846 abstentions, and 5,710,797 broker non-votes. Ratification of Ernst & Young LLP as independent registered public accounting firm for the year ending December 31, 2026 received 255,915,526 votes for, 57,972 against, and 32,759 abstentions.
Leonardo DRS, Inc. reported strong first quarter 2026 results, with revenue of $846 million, up 6% from 2025, and net earnings of $62 million, up 24%. Adjusted EBITDA rose to $105 million, a 28% increase, and diluted EPS grew to $0.23, while adjusted diluted EPS reached $0.26, up 30%.
Bookings were $885 million with a book-to-bill of 1.0x, and funded backlog hit a record $4.7 billion, up 8% year-over-year. The company raised its 2026 guidance for revenue, adjusted EBITDA and adjusted diluted EPS, and declared a $0.09 per-share cash dividend payable on June 2, 2026.
Leonardo DRS, Inc. reported board changes tied to its proxy agreement with its majority stockholder and U.S. government security requirements. David W. Carey will retire from the Board at the end of his proxy holder term on March 31, 2026, with no disagreements cited regarding the company’s operations, policies, or practices.
The Defense Counterintelligence Security Agency approved the appointment of Reuben Jeffery III as a Class C proxy holder director, with his Board term running from April 1, 2026 through March 31, 2029. He will serve on the Audit, Nominating and Corporate Governance, and Government Security Committees and receive the standard non-employee director compensation.
The filing also notes that Dr. Louis Brothers’ term as a proxy holder director has been extended, with reappointment effective April 1, 2026 and continuing through March 31, 2029. These moves maintain the Board’s proxy holder structure under the amended and restated proxy agreement.
Leonardo DRS reported another year of solid growth for 2025, with fourth-quarter revenue of $1.06 billion (up 8%) and full-year revenue of $3.648 billion (up 13%). Full-year net earnings reached $278 million, with diluted EPS of $1.03 and Adjusted Diluted EPS of $1.15.
Adjusted EBITDA was $158 million in Q4 and $453 million for the year, both up 7% and 13% respectively, helped by a $100 million, 10‑year quantum laser IP license (net present value $73 million) and partly offset by concluding a legacy foreign ground surveillance program (reducing revenue by $67 million). Bookings were $4.245 billion with a book‑to‑bill of 1.2x, and backlog increased to $8.731 billion. Free cash flow was $227 million, supporting $96 million of dividends and $35 million of share repurchases. For 2026, the company guides revenue to $3.85–$3.95 billion, Adjusted EBITDA to $505–$525 million, and Adjusted Diluted EPS to $1.20–$1.26.
Leonardo DRS, Inc. entered into a new five-year senior unsecured $500 million revolving credit facility with a syndicate of lenders led by JPMorgan Chase Bank. The facility can be drawn over time for working capital and other general corporate purposes, and can be prepaid at any time without penalty.
U.S. subsidiaries guarantee the obligations, and the agreement includes financial covenants such as a maximum total net leverage ratio of 3.75 to 1.00, with a temporary step-up to 4.00 to 1.00 for certain acquisitions, and a minimum net interest coverage ratio of 3.00 to 1.00. At the same time, the company terminated its prior 2022 credit agreement, which had no outstanding borrowings and carried no early termination penalties.
Leonardo DRS (DRS) announced a planned CEO transition. William J. Lynn III will retire as Chief Executive Officer, Non-Proxy Holder Director, and Chairman effective at midnight on December 31, 2025, and remain an employee through April 1, 2026. The Board appointed John Baylouny as President and Chief Executive Officer, and as a Non-Proxy Holder Director, effective January 1, 2026.
The company entered into an employment agreement with Mr. Baylouny providing a 2026 base salary of $950,000, a target annual incentive equal to 120% of base salary (maximum 200% of target), and a 2026 long‑term incentive target of $2,500,000 under the 2022 Omnibus Equity Compensation Plan. If terminated by the company other than for cause, he is eligible for a lump sum equal to two times base salary, specified bonus components, continued vesting treatment on equity awards, and up to 18 months of COBRA and welfare benefits.
The Board also appointed Frances F. Townsend as Chair effective January 1, 2026. A news release covering these changes was furnished under Item 7.01.
Leonardo DRS, Inc. furnished an update on its business by issuing a news release reporting financial results for the third quarter ended September 30, 2025, via an 8-K under Item 2.02.
Management plans to discuss operations and results on an earnings conference call at 9:30 a.m. Eastern Time on October 29, 2025, with a live audio webcast and supplemental presentation available through the Investor Relations website. The materials are furnished, not filed, and the news release is attached as Exhibit 99.1.