Leonardo DRS, Inc. (DRS) Income Statement
DRS 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsDRS revenue and net income
Where DRS's revenue goes
2025Each bar shows an amount and its share of revenue. DRS kept 7.6% of revenue as net income.
DRS profit margins
DRS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +12.8% | +10.6% | +5.6% | +1.0% |
| Gross profit | +18.1% | +14.8% | +12.0% | +7.4% |
| Operating income | +18.8% | −14.7% | +14.0% | −0.3% |
| Net income | +30.5% | −11.8% | +26.7% | +5.3% |
| EPS (diluted) | +21.3% | −19.3% | +41.6% | −5.9% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
DRS quarterly EPS vs estimates
Leonardo DRS beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 29, 2026 (estimate $0.35).
DRS income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.65B | $3.23B | $2.83B | $2.69B | $2.88B | $2.78B | $2.71B | $2.33B | $26.2M | $12.8M |
| Cost of revenue | $2.78B | $2.50B | $2.18B | $2.12B | $2.33B | $2.28B | $2.25B | $1.92B | $17.8M | $11.4M |
| Gross profit | $869.0M | $736.0M | $648.0M | $575.0M | $547.0M | $494.0M | $459.0M | $414.0M | $8.3M | $1.4M |
| Research & development | — | $92.0M | $82.0M | $58.0M | $48.0M | $41.0M | — | — | — | — |
| Sales, general & admin | $497.0M | $414.0M | $384.0M | $357.0M | $293.0M | $283.0M | $277.0M | $268.0M | $4.7M | $4.1M |
| Total operating expenses | $521.0M | $443.0M | $417.0M | $14.0M | $311.0M | $313.0M | $296.0M | $369.0M | — | — |
| Operating income | $348.0M | $293.0M | $231.0M | $561.0M | $236.0M | $181.0M | $163.0M | $45.0M | $2.0M | −$3.4M |
| Interest income | $8.0M | $21.0M | $36.0M | $34.0M | $60,000 | $159,000 | $132,000 | $119,000 | $190,000 | $1.5M |
| Interest expense | $8.0M | $21.0M | $36.0M | $34.0M | $35.0M | $64.0M | $65.0M | $58.0M | — | — |
| Income before taxes | $336.0M | $264.0M | $192.0M | $525.0M | $200.0M | $112.0M | $95.0M | −$17.0M | $1.8M | −$4.9M |
| Income taxes | $58.0M | $51.0M | $24.0M | $120.0M | $46.0M | $27.0M | $20.0M | −$7.0M | — | — |
| Net income | $278.0M | $213.0M | $168.0M | $405.0M | $154.0M | $85.0M | $75.0M | −$10.0M | $2.2M | −$4.9M |
| EBITDA | $437.0M | $376.0M | $313.0M | $624.0M | $293.0M | $229.0M | $211.0M | $169.0M | — | — |
| EPS (diluted) | $1.14 | $0.94 | $0.73 | $2.17 | $0.50 | $0.20 | −$0.05 | $0.01 | −$0.23 | −$0.35 |
| Gross margin | 23.8% | 22.8% | 22.9% | 21.4% | 19.0% | 17.8% | 16.9% | 17.7% | 31.9% | 11.2% |
| Operating margin | 9.5% | 9.1% | 8.2% | 20.8% | 8.2% | 6.5% | 6.0% | 1.9% | 7.6% | −26.5% |
| Net margin | 7.6% | 6.6% | 5.9% | 15.0% | 5.3% | 3.1% | 2.8% | −0.4% | 8.6% | −38.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $913.0M | $846.0M | $1.06B | $960.0M | $829.0M | $799.0M | $981.0M | $812.0M | $753.0M | $688.0M | $926.0M | $703.0M |
| Cost of revenue | $676.0M | $634.0M | $791.0M | $738.0M | $632.0M | $618.0M | $746.0M | $633.0M | $584.0M | $535.0M | $716.0M | $541.0M |
| Gross profit | $237.0M | $212.0M | $269.0M | $222.0M | $197.0M | $181.0M | $235.0M | $179.0M | $169.0M | $153.0M | $210.0M | $162.0M |
| Research & development | — | — | — | — | — | — | — | — | — | — | $82.0M | — |
| Sales, general & admin | $129.0M | $130.0M | $136.0M | $123.0M | $121.0M | $117.0M | $108.0M | $98.0M | $110.0M | $101.0M | $98.0M | $96.0M |
| Total operating expenses | $135.0M | $135.0M | $143.0M | $129.0M | $127.0M | $122.0M | $115.0M | $104.0M | $114.0M | $110.0M | $105.0M | $103.0M |
| Operating income | $102.0M | $77.0M | $126.0M | $93.0M | $70.0M | $59.0M | $120.0M | $75.0M | $55.0M | $43.0M | $105.0M | $59.0M |
| Interest income | — | — | $1.0M | $4.0M | $2.0M | $1.0M | $4.0M | $5.0M | — | — | — | $10.0M |
| Interest expense | $2.0M | $0 | $1.0M | $4.0M | $2.0M | $1.0M | $4.0M | $5.0M | $7.0M | $5.0M | $9.0M | $10.0M |
| Income before taxes | $100.0M | $77.0M | $124.0M | $87.0M | $67.0M | $58.0M | $111.0M | $69.0M | $47.0M | $37.0M | $95.0M | $48.0M |
| Income taxes | $14.0M | $15.0M | $22.0M | $15.0M | $13.0M | $8.0M | $22.0M | $12.0M | $9.0M | $8.0M | $21.0M | $1.0M |
| Net income | $86.0M | $62.0M | $102.0M | $72.0M | $54.0M | $50.0M | $89.0M | $57.0M | $38.0M | $29.0M | $74.0M | $47.0M |
| EBITDA | $132.0M | $101.0M | $149.0M | $114.0M | $93.0M | $82.0M | $138.0M | $97.0M | $77.0M | $64.0M | $126.0M | $79.0M |
| EPS (diluted) | $0.35 | $0.26 | $0.42 | $0.29 | $0.23 | $0.20 | $0.38 | $0.24 | $0.18 | $0.14 | $0.31 | $0.20 |
| Gross margin | 26.0% | 25.1% | 25.4% | 23.1% | 23.8% | 22.7% | 24.0% | 22.0% | 22.4% | 22.2% | 22.7% | 23.0% |
| Operating margin | 11.2% | 9.1% | 11.9% | 9.7% | 8.4% | 7.4% | 12.2% | 9.2% | 7.3% | 6.2% | 11.3% | 8.4% |
| Net margin | 9.4% | 7.3% | 9.6% | 7.5% | 6.5% | 6.3% | 9.1% | 7.0% | 5.0% | 4.2% | 8.0% | 6.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in DRS's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
DRS financial results
In fiscal year 2025 (ended December 31, 2025), Leonardo DRS reported revenue of $3.6 billion, up 12.8% from the year before. It had net income of $278.0 million (up 30.5%), a net profit margin of 7.6%. Diluted earnings per share came to $1.14. Over five years revenue grew at an average rate of 5.6% a year.
See the DRS stock overview for the latest quote and news, or the DRS chart for price history and technical indicators.
DRS income statement FAQ
What is Leonardo DRS's annual revenue?
Leonardo DRS reported total revenue of $3.6 billion for fiscal year 2025, which ended on December 31, 2025. That was up 12.8% from $3.2 billion the previous year.
Is Leonardo DRS profitable?
Yes. Leonardo DRS reported net income of $278.0 million in fiscal 2025, a net profit margin of 7.6%; its operating margin was 9.5%.
What is Leonardo DRS's gross margin?
Leonardo DRS's gross margin was 23.8% in fiscal 2025: for every $100 of revenue, Leonardo DRS kept $24 after the direct cost of its products and services.
How fast is Leonardo DRS growing?
Revenue grew 5.6% a year on average over the last five fiscal years, from $2.8 billion to $3.6 billion.
What are Leonardo DRS's earnings per share?
Leonardo DRS earned $1.14 per diluted share in fiscal 2025, compared with $0.94 a year earlier.
When will Leonardo DRS report its next earnings?
Leonardo DRS is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Leonardo DRS's fiscal year end?
Leonardo DRS's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.