KTOS financial statements

The full income statement, balance sheet, and cash-flow statement for Kratos Defense & Security Solutions Inc. (KTOS), 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)

2024-06 151.0M2024-09 151.1M2024-12 152.8M2025-03 153.4M2025-06 168.8M2025-09 168.8M2025-12 170.3M2026-03 187.5M2026-06 187.7M+24.3% 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 28 ’25	as ofDec 29 ’24	as ofDec 31 ’23	as ofDec 25 ’22	as ofDec 26 ’21
Revenue	1.35B YoY+18.5%	1.14B YoY+9.6%	1.04B YoY+15.5%	898M YoY+10.7%	812M YoY+8.5%
	308M YoY+7.2%	287M YoY+6.9%	269M YoY+18.8%	226M YoY+0.4%	225M YoY+10.8%
Cost of revenue	1.04B YoY+22.4%	849M YoY+10.5%	769M YoY+14.3%	672M YoY+14.6%	586M YoY+7.7%
Research & development	40.0M YoY-0.7%	40.3M YoY+4.9%	38.4M YoY-0.5%	38.6M YoY+9.7%	35.2M YoY+30.4%
Selling, general & administrative	240M YoY+10.6%	217M YoY+9.3%	199M YoY+8.7%	183M YoY+14.1%	160M YoY+10.9%
Amortization of intangibles	9.60M YoY+11.6%	8.60M YoY+26.5%	6.80M YoY-8.1%	7.40M YoY+57.4%	4.70M YoY-30.9%
Provision for credit losses	0.00	0.00 YoY-100.0%	1.00M	0.00 YoY+100.0%	-200K
Operating income	25.6M YoY-11.7%	29.0M YoY-6.8%	31.1M YoY+1172.4%	-2.90M YoY-110.4%	27.9M YoY-4.8%
Interest expense	9.60M YoY-36.8%	15.2M YoY-30.0%	21.7M YoY+18.6%	18.3M YoY-22.8%	23.7M YoY+0.4%
Other non-operating income	2.50M YoY+400.0%	500K YoY+0.0%	500K YoY-16.7%	600K YoY+700.0%	-100K YoY-133.3%
Pre-tax income	34.0M YoY+28.3%	26.5M YoY+138.7%	11.1M YoY+133.6%	-33.0M YoY-850.0%	4.40M YoY-35.3%
Income tax	12.0M YoY+17.6%	10.2M YoY+17.2%	8.70M YoY+4250.0%	200K YoY-94.9%	3.90M YoY+105.3%
	22.0M YoY+35.0%	16.3M YoY+283.1%	-8.90M YoY+75.9%	-36.9M YoY-1745.0%	-2.00M YoY-102.5%
Discontinued operations	—	—	200K YoY-77.8%	900K YoY+142.9%	-2.10M YoY-133.3%
Net income to non-controlling interest	0.00	0.00 YoY-100.0%	11.3M YoY+205.4%	3.70M YoY+825.0%	400K YoY+300.0%
	$0.13 YoY+18.2%	$0.11 YoY+257.1%	-$0.07 YoY+75.9%	-$0.29 YoY-1350.0%	-$0.02 YoY-103.0%
EPS (basic)	$0.14 YoY+27.3%	$0.11 YoY+257.1%	-$0.07 YoY+75.9%	-$0.29 YoY-1350.0%	-$0.02 YoY-102.9%
	163M YoY+9.2%	149M YoY+14.3%	130M YoY+2.9%	127M YoY+1.7%	125M YoY+7.9%
	165M YoY+9.5%	151M YoY+15.7%	130M YoY+2.9%	127M YoY-1.0%	128M YoY+7.8%
Balance Sheet	as ofDec 28 ’25	as ofDec 29 ’24	as ofDec 31 ’23	as ofDec 25 ’22	as ofDec 26 ’21
	1.26B YoY+44.8%	872M YoY+46.8%	594M YoY+2.0%	583M YoY-23.1%	758M YoY-0.9%
Cash & equivalents	561M YoY+70.2%	329M YoY+352.3%	72.8M YoY-10.5%	81.3M YoY-76.7%	349M YoY-8.2%
Accounts receivable	165M YoY+40.4%	118M YoY-8.8%	129M YoY+21.9%	106M YoY+12.6%	93.9M YoY-1.5%
Prepaid expenses	12.9M YoY-28.3%	18.0M YoY+12.5%	16.0M YoY+34.5%	11.9M YoY+21.4%	9.80M YoY-18.3%
Other current assets	43.8M YoY+12.6%	38.9M YoY+94.5%	20.0M YoY-43.5%	35.4M YoY+57.3%	22.5M YoY+26.4%
	2.47B YoY+26.5%	1.95B YoY+19.5%	1.63B YoY+5.2%	1.55B YoY-2.4%	1.59B YoY+1.7%
Operating lease right-of-use	43.4M YoY+15.4%	37.6M YoY-17.7%	45.7M YoY-3.6%	47.4M YoY+23.1%	38.5M YoY-10.3%
Goodwill	596M YoY+4.7%	569M YoY-0.0%	569M YoY+2.0%	558M YoY+13.0%	494M YoY+2.1%
Intangible assets	53.9M YoY+0.2%	53.8M YoY-13.8%	62.4M YoY+13.0%	55.2M YoY+27.8%	43.2M YoY+0.5%
Other non-current assets	144M YoY+10.8%	130M YoY+10.9%	118M YoY+23.7%	95.0M YoY+8.6%	87.5M YoY+3.7%
	311M YoY+4.8%	297M YoY+1.4%	293M YoY+24.9%	234M YoY+5.9%	221M YoY+11.9%
Accounts payable	69.6M YoY-15.1%	82.0M YoY+30.0%	63.1M YoY+10.1%	57.3M YoY+13.7%	50.4M YoY-9.0%
Accrued liabilities	60.5M YoY+55.9%	38.8M YoY+9.6%	35.4M YoY+4.7%	33.8M YoY+24.3%	27.2M YoY-21.6%
Deferred revenue	73.4M YoY-3.8%	76.3M YoY-25.0%	102M	—	58.1M YoY+70.9%
Current lease liability	12.8M YoY+13.3%	11.3M YoY-6.6%	12.1M YoY+12.0%	10.8M YoY+6.9%	10.1M YoY+13.5%
Other current liabilities	9.00M YoY-37.9%	14.5M YoY+2.8%	14.1M YoY-9.6%	15.6M YoY-39.3%	25.7M YoY+116.0%
Finance lease liability (current)	3.40M YoY+78.9%	1.90M YoY+46.2%	1.30M YoY-23.5%	1.70M YoY+41.7%	1.20M YoY+33.3%
	471M YoY-21.2%	598M YoY-5.7%	634M YoY+5.0%	604M YoY-4.0%	629M YoY+1.0%
Long-term debt	0.00 YoY-100.0%	175M YoY-20.4%	219M YoY-12.4%	250M YoY-15.7%	297M YoY-1.4%
Non-current lease liability	33.8M YoY+13.4%	29.8M YoY-21.2%	37.8M YoY-7.4%	40.8M YoY+24.8%	32.7M YoY-15.3%
Operating lease liability (total)	46.6M YoY+13.4%	41.1M YoY-17.6%	49.9M YoY-3.3%	51.6M YoY+20.6%	42.8M YoY-9.9%
Finance lease liability (total)	99.2M YoY+49.6%	66.3M YoY+27.0%	52.2M YoY+1.2%	51.6M YoY+16.2%	44.4M YoY+11.8%
Finance lease liability	95.8M YoY+48.8%	64.4M YoY+26.5%	50.9M YoY+2.0%	49.9M YoY+15.5%	43.2M YoY+11.3%
Other non-current liabilities	30.3M YoY-5.9%	32.2M YoY-3.9%	33.5M YoY-56.7%	77.4M YoY+1.6%	76.2M YoY-8.2%
	2.00B YoY+47.5%	1.35B YoY+38.6%	976M YoY+4.2%	936M YoY-0.9%	945M YoY+2.1%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	200K YoY+0.0%	200K	0.00	0.00	0.00
Additional paid-in capital	2.64B YoY+30.7%	2.02B YoY+21.9%	1.65B YoY+2.9%	1.61B YoY+1.9%	1.58B YoY+1.5%
Retained earnings	-642M YoY+3.3%	-664M YoY+2.4%	-680M YoY-1.3%	-671M YoY-5.8%	-634M YoY-0.3%
Accumulated other comprehensive income	2.10M YoY+520.0%	-500K YoY-129.4%	1.70M YoY+312.5%	-800K YoY-233.3%	600K YoY-57.1%
Non-controlling interest	—	0.00 YoY-100.0%	22.5M	—	—
Total equity incl. non-controlling	2.00B YoY+47.5%	1.35B YoY+38.6%	976M YoY+4.2%	936M YoY-0.9%	945M YoY+2.1%
Total liabilities & equity	2.47B YoY+26.5%	1.95B YoY+19.5%	1.63B YoY+5.2%	1.55B YoY-2.4%	1.59B YoY+1.7%
	169M YoY+11.8%	151M YoY+16.9%	129M YoY+2.6%	126M YoY+1.6%	124M YoY+0.8%
	169M YoY+11.8%	151M YoY+16.9%	129M YoY+2.6%	126M YoY+1.6%	124M YoY+0.8%
	170M YoY+11.4%	153M YoY+17.6%	130M YoY+2.6%	127M YoY+1.6%	125M YoY+1.0%
Cash Flow	as ofDec 28 ’25	as ofDec 29 ’24	as ofDec 31 ’23	as ofDec 25 ’22	as ofDec 26 ’21
	-42.1M YoY-184.7%	49.7M YoY-23.8%	65.2M YoY+353.7%	-25.7M YoY-172.8%	35.3M YoY-21.0%
Depreciation & amortization	47.1M YoY+16.9%	40.3M YoY+21.4%	33.2M YoY+8.9%	30.5M YoY+18.7%	25.7M YoY+4.5%
Intangible amortization	9.60M YoY+11.6%	8.60M YoY+26.5%	6.80M YoY-8.1%	7.40M YoY+57.4%	4.70M YoY-30.9%
Share-based compensation	35.5M YoY+19.1%	29.8M YoY+17.8%	25.3M YoY-3.8%	26.3M YoY+1.9%	25.8M YoY+22.9%
Deferred income taxes	8.10M YoY+84.1%	4.40M YoY+76.0%	2.50M YoY+180.6%	-3.10M YoY-675.0%	-400K YoY+99.5%
Change in receivables	44.6M YoY+498.2%	-11.2M YoY-185.5%	13.1M YoY+167.3%	4.90M YoY+288.5%	-2.60M YoY-170.3%
Change in inventory	19.3M YoY+286.0%	5.00M YoY-83.1%	29.6M YoY+24.4%	23.8M YoY+349.1%	5.30M YoY+0.0%
Change in payables	-13.7M YoY-190.7%	15.1M YoY+243.2%	4.40M YoY-2.2%	4.50M YoY+184.9%	-5.30M YoY-120.8%
	-88.3M YoY-26.7%	-69.7M YoY-59.1%	-43.8M YoY+75.3%	-177M YoY-240.5%	-52.1M YoY+40.3%
Capital expenditure	95.3M YoY+63.7%	58.2M YoY+11.1%	52.4M YoY+15.4%	45.4M YoY-2.4%	46.5M YoY+29.5%
Free cash flow	-137M YoY-1516.5%	-8.50M YoY-166.4%	12.8M YoY+118.0%	-71.1M YoY-534.8%	-11.2M YoY-227.3%
Acquisitions	0.00 YoY-100.0%	11.5M YoY+3933.3%	-300K YoY-100.2%	132M YoY+974.8%	12.3M YoY-76.1%
Proceeds from sale of PP&E	12.0M	0.00 YoY-100.0%	8.30M YoY+4050.0%	200K YoY-90.9%	2.20M YoY+2100.0%
	361M YoY+29.9%	278M YoY+1004.2%	-30.7M YoY+51.5%	-63.3M YoY-580.6%	-9.30M YoY-103.8%
Long-term debt issued	0.00	0.00	0.00 YoY-100.0%	200M	0.00 YoY-100.0%
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	556M YoY+68.1%	331M	0.00	0.00	0.00 YoY-100.0%
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	0.00	0.00	0.00	0.00	0.00
Other financing activities	1.70M	0.00	0.00	—	—
Net change in cash	231M YoY-9.8%	257M YoY+3117.6%	-8.50M YoY+96.8%	-268M YoY-735.2%	-32.1M YoY-115.4%
Interest paid	6.30M YoY-56.8%	14.6M YoY-25.5%	19.6M YoY+43.1%	13.7M YoY-31.2%	19.9M YoY+0.0%
Income taxes paid	6.50M YoY+30.0%	5.00M YoY-23.1%	6.50M YoY+47.7%	4.40M YoY+120.0%	2.00M YoY-20.0%
Valuation Ratios	as ofDec 28 ’25	as ofDec 29 ’24	as ofDec 31 ’23	as ofDec 25 ’22	as ofDec 26 ’21
Market cap	13.1B YoY+227.4%	4.01B YoY+53.1%	2.62B YoY+120.0%	1.19B YoY-51.7%	2.46B YoY-24.1%
P/E	655.9× YoY+142.3%	270.7×	—	—	31.3× YoY-95.7%
P/S	10.2× YoY+187.2%	3.6× YoY+37.6%	2.6× YoY+87.0%	1.4× YoY-54.7%	3.1× YoY-31.6%
P/B	6.6× YoY+121.9%	3.0× YoY+8.7%	2.7× YoY+115.9%	1.3× YoY-51.3%	2.6× YoY-32.7%
P/FCF	—	527.2×	—	—	177.0× YoY+29.4%
	0.15% YoY-58.7%	0.37%	—	—	3.2% YoY+2204.1%
	—	0.19%	—	—	0.57% YoY-22.7%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: KTOS'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 KTOS filings on SEC EDGAR → Not investment advice.