Kratos Defense & Security Solutions, Inc.
kratosdefense.comWhat Do They Do?
Builds unmanned aircraft and other defense systems, hardware and software for U.S. and allied military agencies, government customers, and commercial organizations.
10-K for FY2025, filed Feb 23, 2026Kratos is a technology, hardware, products, system and software company addressing the defense, national security, and commercial markets.…View ↗
Technology-driven company aligned with and supporting our customers’ increased innovation, technology, and strategic National Security…View ↗
We believe that Kratos is an industry leader of high performance, jet powered unmanned aerial target drone systems, which represent certain…View ↗
Kratos also provides Kratos’ Mako high performance jet powered tactical unmanned drone, which flew manned/unmanned teaming missions with a…View ↗
How Do They Make Money?
Government agencies and commercial customers pay for products, systems and services, often under long-term contracts billed as work is performed. Fixed-price contracts may be billed as costs are incurred or work is completed, while cost-type contracts are typically billed monthly or semi-monthly.
10-K for FY2025, filed Feb 23, 2026
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10-K for FY2025, filed Feb 23, 2026
FY2025 revenue by product or service ↗
$1.3B
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10-K for FY2025, filed Feb 23, 2026
$1.3B ↗
| Segment | Share | Revenue |
|---|---|---|
|
Service revenues
|
35%
FY2022: 36%
|
Service revenues, FY2025
$469M Sources
|
|
Product sales
|
65%
FY2022: 64%
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Product sales, FY2025
$877.8M Sources
|
Who Are Their Customers?
U.S. military and other government agencies buy directly or through Kratos as a subcontractor; commercial organizations and large defense contractors also buy its products and services.
10-K for FY2025, filed Feb 23, 2026Technology-driven company aligned with and supporting our customers’ increased innovation, technology, and strategic National Security…View ↗
A representative list of government customers in our KGS and US segments during 2025 included the U.S. Air Force, U.S. Army, U.S. Navy…View ↗
Revenue from the U.S. Government (which includes FMS) includes revenue from contracts for which we are the prime contractor as well as…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 2 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$137.4M.
10-K for FY2025, filed Feb 23, 2026
$25.6MView ↗
10-K for FY2025, filed Feb 23, 2026
$22MView ↗
10-K for FY2025, filed Feb 23, 2026
−$137.4MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
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Mar 6, 2026
Kratos completed its acquisition of Orbit Technologies.
Orbit became an indirect wholly owned subsidiary after Kratos paid cash for all of its ordinary shares.
Sources
8-K, filed Mar 6, 2026
Kratos Defense & Security Solutions, Inc. (the “Company”), Kratos Holdings U K Limited, a private limited company incorporated under the…View ↗
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Mar 2, 2026
Kratos completed a public stock offering.
The company issued common shares and said proceeds would support expansion, product development, acquisitions and general corporate purposes.
Sources
8-K, filed Mar 2, 2026
On February 26, 2026, Kratos Defense & Security Solutions, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting…View ↗
Growing. Revenue grew 66% in 4 years, from $811.5M in FY2021 to $1.3B in FY2025, about 14% a year.
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