Every 10-Q that Kratos Defense & Security Solutions, Inc. (KTOS) 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 10-Q covers the quarterly report filed between annual reports, so if you follow KTOS 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 KTOS filings page.
Kratos Defense & Security Solutions reported stronger Q2 2026 results, with total revenues of $458.8 million versus $351.5 million a year earlier and net income of $4.4 million versus $2.9 million. For the first six months of 2026, revenues were $829.8 million and net income $16.3 million, up from $654.1 million and $7.4 million. Growth was led by the Kratos Government Solutions segment at $379.7 million Q2 revenue, while higher SG&A and R&D plus acquisition-related amortization kept operating income modest.
Cash and cash equivalents rose to $1,437.6 million from $560.6 million, primarily after a February 2026 equity offering of 16.4 million shares that generated approximately $1,348.4 million in net proceeds; the new $300 million revolver had no borrowings. Operating cash flow was a use of $38.4 million in the first half, driven by higher unbilled receivables, inventories and other working-capital items, while investing cash outflows of $375.3 million mainly reflected the $352.7 million Orbit and $148.6 million Nomad acquisitions. These deals significantly increased goodwill and intangibles, and helped lift remaining performance obligations to about $2.084 billion.
Kratos Defense & Security Solutions, Inc. reported quarterly revenue of $371.0 million, up from $302.6 million a year earlier, as both service and product sales increased. Net income rose to $11.9 million, or $0.07 per diluted share, compared with $4.5 million, or $0.03 per share.
Cash and cash equivalents climbed to $1,464.3 million, driven mainly by a $1,348.6 million net equity raise completed at $84.00 per share. Kratos used $352.7 million in cash to acquire Orbit Technologies and recorded $148.8 million of consideration for the Nomad acquisition, adding goodwill and intangible assets but producing negative operating cash flow of $27.4 million in the quarter.
Kratos Defense & Security Solutions (KTOS) reported third‑quarter results. Total revenue was $347.6 million, up from $275.9 million a year ago, driven by higher product sales. Net income was $8.7 million (diluted EPS $0.05) versus $3.2 million (EPS $0.02) last year. For the first nine months, revenue reached $1,001.7 million with net income of $16.1 million.
Liquidity improved: cash and cash equivalents rose to $565.9 million from $329.3 million, helped by a $555.9 million public equity raise. The company repaid $177.5 million of Term Loan A, leaving no long‑term debt outstanding and maintaining an undrawn $200 million revolver. Shares outstanding were 168,840,708 as of October 31, 2025.
Backlog visibility remained strong with remaining performance obligations of ~$1.480 billion, with approximately 19% expected in fiscal 2025 and 47% in 2026. Capital expenditures were $71.1 million year‑to‑date. Kratos completed the Norden asset acquisition (1,095,674 shares issued; preliminary $37.4 million consideration), contributing $17.0 million revenue and $2.4 million operating income year‑to‑date. The company also announced Prometheus Energetics, a ~50/50 joint venture with RAFAEL, with up to $175 million of combined capital commitments.
Kratos Defense (KTOS) Q2-25 highlights: revenue rose 17% YoY to $351.5 million driven by 28% growth in Government Solutions and 12% decline in Unmanned Systems. Six-month sales reached $654.1 million (+13%). Despite top-line expansion, cost inflation and mix pushed gross margin down to 21.0% from 25.7%, cutting operating income to $3.7 million (-70%) and net income to $2.9 million (EPS $0.02, -60%). For the half-year, EPS slipped to $0.05 (-17%).
Balance-sheet reset: a June 27 public offering added $555.9 million in equity, lifting cash to $783.6 million and APIC to $2.61 billion. Shares outstanding jumped 11% to 168.6 million. Proceeds were used to extinguish the $177.5 million Term Loan A on July 2; the undrawn $200 million revolver remains available. Leverage falls to net-cash positive, while stockholder equity climbs 45% to $1.96 billion.
Strategic moves: • Closed $37 million all-stock acquisition of microwave specialist Norden Millimeter (adds $10.7 million H1 revenue, $2.6 million op profit). • Issued $4.4 million in stock for Sierra Technical Services earn-out. • Formed 50/50 JV “Prometheus Energetics” with RAFAEL, committing up to $175 million to build a U.S. solid-rocket-motor plant (production targeted 2027). Backlog stands at $1.41 billion (36% due in 2025).
Cash flow & guidance notes: H1 operating cash outflow of $40.9 million reflects working-capital build (unbilled receivables +$50 million). Cap-ex rose to $43.1 million. Management continues cost-to-cost revenue recognition with no material EAC adjustments.
Key takeaways: stronger liquidity and lower financial risk offset near-term margin pressure and dilution. Investors should watch gross-margin recovery, Unmanned Systems turnaround, and execution on the Prometheus build-out.