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

Kratos Defense & Security Solutions, Inc.

Kratos Defense & Security Solutions, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.3 billion, up 18.5% from fiscal 2024.

Revenue: +30.5%
EPS: 0.00%
Free cash flow: +12.4%
Total debt: −42.2%

Quarter to June 2026, against a year earlier

Revenue growth 5 yrs

35.93 5.06 −12.34%

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Market cap: $7.7B
P/E: 241×
Fwd P/E: 209×
Dividend yield: —
F-score: 4/9
Altman Z: 16.42
Beneish M: −1.87
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Kratos Defense & Security Solutions, Inc. (KTOS) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by products and services, and margins
Product sales	878	65.18%
Service revenues	469	34.82%
Gross margin		22.86%
Operating margin		1.90%
Pre-tax margin		2.52%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Product sales	878 65.18%	713 62.74%	635 61.18%	573 63.80%	592 72.96%	499 66.74%	445 62.01%	417 67.52%	406 67.21%	321 59.16%
Service revenues	469 34.82%	423 37.26%	403 38.82%	325 36.20%	219 27.04%	249 33.26%	273 37.99%	201 32.48%	198 32.79%	221 40.84%
Revenue	1,347	1,136	1,037	898	812	748	718	618	603	542

Gross profit by product or service $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Product sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Service revenues	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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Revenue by segment $m

Line	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2010
Kratos Government Solutions	580 71.42%	561 74.99%	—	—	—	—	—	—	—	—	—
US	232 28.58%	187 25.01%	—	—	—	—	—	—	—	—	—
Kratos Government Solutions	—	—	556 77.51%	485 78.50%	482 79.83%	466 86.01%	446 67.89%	485 63.58%	513 60.75%	691 71.29%	372 91.11%
Unmanned Systems	—	—	161 22.49%	133 21.50%	122 20.17%	76 13.99%	66 10.09%	82 10.68%	122 14.41%	92 9.52%	—
Public Safety and Security	—	—	—	—	—	—	145 22.02%	196 25.74%	210 24.84%	186 19.19%	36 8.89%
Revenue	812	748	718	618	603	542	657	763	844	969	409

Operating income by segment $m, and margin

	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2010
Kratos Government Solutions	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
US	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Kratos Government Solutions	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Unmanned Systems	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Public Safety and Security	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

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

Figure	Quarter	Latest	A year before	Change
Bid and proposal pipeline	Q2 FY2026	$15.0B	$13.0B	+15.38%
Consolidated backlog	Q2 FY2026	$2.1B	$1.4B	+47.38%
Consolidated bookings	Q2 FY2026	$492.2M	$257.0M	+91.52%
Consolidated book to bill ratio	Q2 FY2026	1.1×	0.7×	+57.14%
Funded backlog	Q2 FY2026	$1.6B	$1.1B	+39.73%
KGS bookings	Q2 FY2026	$413.8M	$193.3M	+114.07%
KGS book-to-bill ratio	Q2 FY2026	1.1×	0.7×	+57.14%
KGS total backlog	Q2 FY2026	$1.7B	$1.1B	+58.92%
KUS bookings	Q2 FY2026	$78.4M	$63.7M	+23.08%
KUS book-to-bill ratio	Q2 FY2026	1.0×	0.9×	+11.11%
KUS total backlog	Q2 FY2026	$374.6M	$337.6M	+10.96%
Remaining performance obligations	Q2 FY2026	$2.1B	$1.4B	+47.43%
Unfunded backlog	Q2 FY2026	$512.7M	—	—

	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q1 FY2020	Q4 FY2019	Q3 FY2019	Q2 FY2019	Q1 FY2019	Q4 FY2018	Q3 FY2018	Q2 FY2018	Q1 FY2018
Bid and proposal pipeline	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Consolidated backlog	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Consolidated bookings	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Consolidated book to bill ratio	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Funded backlog	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
KGS bookings	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
KGS book-to-bill ratio	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
KGS total backlog	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
KUS bookings	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
KUS book-to-bill ratio	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
KUS total backlog	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Remaining performance obligations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Unfunded backlog	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

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.