Wednesday 4 November 2026 Export DRS’s income statement to Excel — free account

Leonardo DRS, Inc.

Leonardo DRS, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.6 billion, up 12.8% from fiscal 2024.

Revenue: +11.0%
EPS: +59.6%
Free cash flow: −24.7%
Total debt: −50.0%

Quarter to September 2026, against a year earlier

35.43 3.43 −8.83%

Follow DRS

Alert me

Market cap: $10.4B
P/E: 28.0×
Fwd P/E: 26.7×
Dividend yield: —
F-score: 7/9
Altman Z: 3.74
Beneish M: −2.33
Dividend safety: 70/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Leonardo DRS, Inc. (DRS) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
ASC	2,355	64.56%
IMS	1,307	35.83%
Gross margin		23.82%
Operating margin		9.54%
Pre-tax margin		9.21%

Revenue by product or service $m

Line	FY2023	FY2022	FY2021	FY2020	FY2019
Product	2,631 93.10%	2,443 90.72%	2,505 87.01%	2,412 86.83%	2,220 81.80%
Service	195 6.90%	250 9.28%	374 12.99%	366 13.17%	494 18.20%
Revenue	2,826	2,693	2,879	2,778	2,714

Gross profit by product or service $m, and margin

	FY2023	FY2022	FY2021	FY2020	FY2019
Product	‡	‡	‡	‡	‡
Service	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
ASC	2,355 64.56%	2,118 65.49%	1,831 64.79%	1,733 64.35%	1,940 67.38%	1,958 70.48%	781 28.78%
IMS	1,307 35.83%	1,138 35.19%	1,021 36.13%	983 36.50%	959 33.31%	834 30.02%	917 33.79%
Network Computing & Communications	—	—	—	—	—	—	1,053 38.80%
Eliminations	—	(22) (0.68%)	(26) (0.92%)	(23) (0.85%)	(20) (0.69%)	(14) (0.50%)	(37) (1.36%)
Revenue	3,648	3,234	2,826	2,693	2,879	2,778	2,714

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
ASC	‡	‡	‡	‡	‡	‡	‡
IMS	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Advanced sensing and computing bookings	Q3 FY2026	$1.0B	$757.0M	+34.35%
Advanced sensing and computing book-to-bill	Q3 FY2026	1.5×	1.3×	+15.38%
Backlog	Q4 FY2025	$8.7B	$8.5B	+2.61%
Bookings	Q3 FY2026	$1.6B	$1.3B	+25.40%
Book-to-bill	Q3 FY2026	1.5×	1.4×	+7.14%
Funded backlog	Q3 FY2026	$5.6B	—	—
Integrated mission systems bookings	Q3 FY2026	$622.0M	$550.0M	+13.09%
Integrated mission systems book-to-bill	Q3 FY2026	1.5×	1.4×	+7.14%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024
Advanced sensing and computing bookings	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Advanced sensing and computing book-to-bill	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Backlog	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Bookings	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Book-to-bill	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Funded backlog	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Integrated mission systems bookings	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Integrated mission systems book-to-bill	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.