DRS financial statements

The full income statement, balance sheet, and cash-flow statement for Leonardo DRS Inc. (DRS), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 263.7M2024-09 264.4M2024-12 265.2M2025-03 266.0M2025-06 266.1M2025-09 266.0M2025-12 265.8M2026-03 266.8M2026-06 266.9M+1.2% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	3.65B YoY+12.8%	3.23B YoY+14.4%	2.83B YoY+4.9%	2.69B YoY-6.5%	2.88B YoY+3.6%
	869M YoY+18.1%	736M YoY+13.6%	648M YoY+12.7%	575M YoY+5.1%	547M YoY+10.7%
Cost of revenue	2.78B YoY+11.2%	2.50B YoY+14.7%	2.18B YoY+2.8%	2.12B YoY-9.2%	2.33B YoY+2.1%
Research & development	129M YoY+40.2%	92.0M YoY+12.2%	82.0M YoY+41.4%	58.0M YoY+20.8%	48.0M YoY+17.1%
Selling, general & administrative	497M YoY+20.0%	414M YoY+7.8%	384M YoY+7.6%	357M YoY+21.8%	293M YoY+3.5%
General & administrative	497M YoY+20.0%	414M YoY+7.8%	384M YoY+7.6%	357M YoY+21.8%	293M YoY+3.5%
Restructuring	2.00M YoY-75.0%	8.00M YoY-27.3%	11.0M YoY+266.7%	3.00M YoY-40.0%	5.00M YoY-58.3%
Amortization of intangibles	22.0M YoY+0.0%	22.0M YoY+0.0%	22.0M YoY+120.0%	10.0M YoY+11.1%	9.00M YoY+0.0%
Operating income	348M YoY+18.8%	293M YoY+26.8%	231M YoY-58.8%	561M YoY+137.7%	236M YoY+30.4%
Interest expense	—	21.0M YoY-41.7%	36.0M YoY+5.9%	34.0M YoY-2.9%	35.0M YoY-45.3%
Other non-operating income	-4.00M YoY+50.0%	-8.00M YoY-166.7%	-3.00M YoY-50.0%	-2.00M YoY-100.0%	-1.00M YoY+80.0%
Equity-method income	—	—	—	1.00M YoY-50.0%	2.00M YoY-33.3%
Pre-tax income	336M YoY+27.3%	264M YoY+37.5%	192M YoY-63.4%	525M YoY+162.5%	200M YoY+78.6%
Income tax	58.0M YoY+13.7%	51.0M YoY+112.5%	24.0M YoY-80.0%	120M YoY+160.9%	46.0M YoY+70.4%
	278M YoY+30.5%	213M YoY+26.8%	168M YoY-58.5%	405M YoY+163.0%	154M YoY+81.2%
Net income to common	278M YoY+30.5%	213M YoY+26.8%	168M YoY-58.5%	405M YoY+163.0%	154M YoY+81.2%
	$1.03 YoY+28.7%	$0.80 YoY+25.0%	$0.64 YoY-66.0%	$1.88 YoY+157.5%	$0.73 YoY+82.5%
EPS (basic)	$1.05 YoY+29.6%	$0.81 YoY+26.6%	$0.64 YoY-66.0%	$1.88 YoY+157.5%	$0.73 YoY+82.5%
	266M YoY+0.8%	264M YoY+0.8%	262M YoY+21.7%	215M YoY+2.3%	210M YoY+0.0%
	269M YoY+0.4%	268M YoY+1.3%	264M YoY+22.8%	215M YoY+2.4%	210M YoY+0.0%
Dividends per share	$0.36	—	—	$1.52	—
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.33B YoY+7.5%	2.16B YoY+12.8%	1.92B YoY+12.4%	1.71B YoY+22.9%	1.39B YoY+10.0%
Cash & equivalents	647M YoY+8.2%	598M YoY+28.1%	467M YoY+52.6%	306M YoY+27.5%	240M YoY+293.4%
Accounts receivable	334M YoY+32.0%	253M YoY+67.5%	151M YoY-9.0%	166M YoY+6.4%	156M YoY+52.9%
Inventory	352M YoY-1.7%	358M YoY+8.8%	329M YoY+3.1%	319M YoY+55.6%	205M YoY-17.0%
Prepaid expenses	26.0M YoY-3.7%	27.0M YoY+28.6%	21.0M YoY+5.0%	20.0M YoY-13.0%	23.0M YoY-30.3%
Other current assets	36.0M YoY-34.5%	55.0M YoY+31.0%	42.0M YoY+75.0%	24.0M YoY+9.1%	22.0M YoY-33.3%
	4.49B YoY+7.2%	4.18B YoY+6.7%	3.92B YoY+6.6%	3.68B YoY+19.8%	3.07B YoY+3.8%
Operating lease right-of-use	107M YoY+35.4%	79.0M YoY-3.7%	82.0M YoY-1.2%	83.0M YoY-1.2%	84.0M YoY-4.5%
Goodwill	1.24B YoY+0.0%	1.24B YoY+0.0%	1.24B YoY+0.2%	1.24B YoY+15.4%	1.07B YoY+1.3%
Intangible assets	112M YoY-15.2%	132M YoY-12.6%	151M YoY-12.2%	172M YoY+230.8%	52.0M YoY-13.3%
Deferred tax assets	88.0M YoY-26.7%	120M YoY-2.4%	123M YoY+86.4%	66.0M YoY+17.9%	56.0M YoY-35.6%
Other non-current assets	210M YoY+130.8%	91.0M YoY+2.2%	89.0M YoY-3.3%	92.0M YoY-32.8%	137M YoY+2.2%
Total non-current assets	2.16B YoY+6.9%	2.02B YoY+0.9%	2.00B YoY+1.7%	1.97B YoY+17.3%	1.68B YoY-0.8%
	1.23B YoY+10.3%	1.12B YoY+3.5%	1.08B YoY+3.5%	1.04B YoY+5.4%	989M YoY+1.4%
Accounts payable	351M YoY-17.6%	426M YoY+7.0%	398M YoY-12.9%	457M YoY-4.6%	479M YoY+0.2%
Deferred revenue	585M YoY+46.6%	399M YoY+19.1%	335M YoY+43.8%	233M YoY+33.9%	174M YoY-1.7%
Short-term & current debt	26.0M YoY+4.0%	25.0M YoY-56.1%	57.0M YoY+96.6%	29.0M YoY-29.3%	41.0M YoY-22.6%
Current lease liability	28.0M YoY+3.7%	27.0M YoY+17.4%	23.0M YoY-8.0%	25.0M YoY+4.2%	24.0M YoY+9.1%
Other current liabilities	269M YoY+1.1%	266M YoY-7.6%	288M YoY-10.8%	323M YoY+9.5%	295M YoY+10.5%
Finance lease liability (current)	10.0M YoY+0.0%	10.0M YoY+0.0%	10.0M YoY+25.0%	8.00M YoY+33.3%	6.00M YoY+20.0%
Long-term debt	348M YoY-4.9%	366M YoY-10.1%	407M YoY+2.8%	396M YoY+0.8%	393M YoY+5.1%
Non-current lease liability	95.0M YoY+43.9%	66.0M YoY-2.9%	68.0M YoY+0.0%	68.0M YoY-6.8%	73.0M YoY-9.9%
Operating lease liability (total)	123M YoY+32.3%	93.0M YoY+2.2%	91.0M YoY-2.2%	93.0M YoY-4.1%	97.0M
Finance lease liability (total)	106M YoY-6.2%	113M YoY-28.5%	158M YoY-1.9%	161M YoY+0.0%	161M YoY-1.2%
Finance lease liability	96.0M YoY-6.8%	103M YoY+2.0%	101M YoY-3.8%	105M YoY-1.9%	107M YoY-1.8%
Deferred tax liabilities	3.00M YoY-57.1%	7.00M YoY+75.0%	4.00M	0.00	—
Other non-current liabilities	166M YoY+27.7%	130M YoY+0.8%	129M YoY+31.6%	98.0M YoY+32.4%	74.0M YoY-19.6%
Total non-current liabilities	525M YoY+2.7%	511M YoY-1.4%	518M YoY+2.0%	508M YoY+4.3%	487M YoY-12.1%
	2.73B YoY+6.8%	2.56B YoY+10.0%	2.33B YoY+9.3%	2.13B YoY+33.5%	1.59B YoY+11.6%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	3.00M YoY+0.0%	3.00M YoY+0.0%	3.00M YoY+0.0%	3.00M YoY+50.0%	2.00M YoY+100.0%
Additional paid-in capital	5.08B YoY-2.1%	5.19B YoY+0.4%	5.17B YoY+0.5%	5.15B YoY+11.1%	4.63B YoY-0.0%
Retained earnings	-2.31B YoY+10.7%	-2.59B YoY+7.6%	-2.81B YoY+5.6%	-2.97B YoY+0.3%	-2.98B YoY+4.9%
Accumulated other comprehensive income	-41.0M YoY+12.8%	-47.0M YoY+0.0%	-47.0M YoY+4.1%	-49.0M YoY+15.5%	-58.0M YoY+17.1%
Total liabilities & equity	4.49B YoY+7.2%	4.18B YoY+6.7%	3.92B YoY+6.6%	3.68B YoY+19.8%	3.07B YoY+3.8%
	266M YoY+0.3%	265M YoY+1.0%	263M YoY+0.9%	260M YoY+0.0%	260M YoY+79.5%
	266M YoY+0.3%	265M YoY+1.0%	263M YoY+0.9%	260M YoY+0.0%	260M YoY+79.5%
	266M YoY+0.3%	265M YoY+1.0%	263M YoY+0.8%	261M YoY+79.7%	145M
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	366M YoY+35.1%	271M YoY+32.2%	205M YoY+521.2%	33.0M YoY-81.5%	178M YoY+42.4%
Depreciation & amortization	93.0M YoY+2.2%	91.0M YoY+7.1%	85.0M YoY+30.8%	65.0M YoY+12.1%	58.0M YoY+9.4%
Intangible amortization	22.0M YoY+0.0%	22.0M YoY+0.0%	22.0M YoY+120.0%	10.0M YoY+11.1%	9.00M YoY+0.0%
Share-based compensation	32.0M YoY+45.5%	22.0M YoY+29.4%	17.0M YoY+240.0%	5.00M	0.00
Deferred income taxes	28.0M YoY+21.7%	23.0M YoY+144.2%	-52.0M YoY-1833.3%	3.00M YoY-93.5%	46.0M YoY+109.1%
Change in receivables	81.0M YoY-20.6%	102M YoY+780.0%	-15.0M YoY-1600.0%	1.00M YoY-98.1%	54.0M YoY+54.3%
Change in inventory	-6.00M YoY-120.7%	29.0M YoY+190.0%	10.0M YoY-69.7%	33.0M YoY+178.6%	-42.0M YoY-210.5%
Change in payables	-79.0M YoY-626.7%	15.0M YoY+125.4%	-59.0M YoY-321.4%	-14.0M YoY-1500.0%	1.00M YoY+101.7%
Other operating activities	0.00 YoY-100.0%	1.00M YoY+0.0%	1.00M	0.00	0.00 YoY-100.0%
	-154M YoY-83.3%	-84.0M YoY-42.4%	-59.0M YoY-113.5%	436M YoY+1017.9%	39.0M YoY+155.7%
Capital expenditure	139M YoY+63.5%	85.0M YoY+41.7%	60.0M YoY-7.7%	65.0M YoY+8.3%	60.0M YoY+7.1%
Free cash flow	227M YoY+22.0%	186M YoY+28.3%	145M YoY+553.1%	-32.0M YoY-127.1%	118M YoY+71.0%
Acquisitions	0.00	0.00	0.00 YoY+100.0%	-19.0M YoY-235.7%	14.0M
	-163M YoY-191.1%	-56.0M YoY-473.3%	15.0M YoY+103.7%	-403M YoY-960.5%	-38.0M YoY+52.5%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	9.00M YoY-43.8%	16.0M YoY+33.3%	12.0M	0.00	0.00
Common stock repurchased	35.0M	0.00	0.00	0.00	0.00
Dividends paid	—	0.00	0.00 YoY-100.0%	396M	0.00
Other financing activities	-10.0M YoY+0.0%	-10.0M YoY-150.0%	-4.00M YoY+50.0%	-8.00M	0.00 YoY+100.0%
FX effect on cash	0.00	0.00	0.00	0.00	0.00 YoY-100.0%
Net change in cash	49.0M YoY-62.6%	131M YoY-18.6%	161M YoY+143.9%	66.0M YoY-63.1%	179M YoY+845.8%
Income taxes paid	24.0M YoY-66.2%	71.0M YoY+57.8%	45.0M YoY-49.4%	89.0M YoY+456.3%	16.0M
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	9.06B YoY+5.8%	8.57B YoY+62.9%	5.26B YoY+183.7%	1.85B YoY+35.7%	1.37B YoY-3.4%
P/E	32.6× YoY-19.0%	40.2× YoY+21.6%	33.1× YoY+610.2%	4.7× YoY-47.5%	8.9× YoY-46.7%
P/S	2.5× YoY-6.2%	2.6× YoY+37.0%	1.9× YoY+180.9%	0.7× YoY+45.0%	0.5× YoY-6.8%
P/B	3.3× YoY-0.9%	3.4× YoY+42.9%	2.3× YoY+94.6%	1.2× YoY+40.5%	0.9× YoY-13.5%
P/FCF	39.9× YoY-13.3%	46.1×	—	—	11.6× YoY-43.5%
	3.1% YoY+23.4%	2.5% YoY-17.8%	3.0% YoY-85.9%	21.5% YoY+90.5%	11.3% YoY+87.5%
	2.5% YoY+15.4%	2.2%	—	—	8.6% YoY+77.0%
	1.1%	—	—	11.9%	—
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: DRS's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all DRS filings on SEC EDGAR → Not investment advice.