# Leonardo DRS, Inc.: overview

DRS · Nasdaq · CIK 1833756 · [Technology](/sectors/technology.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/drs.md) · [Financials](/companies/drs/financials.md) · [Filings](/companies/drs/filings.md) · [Insiders](/companies/drs/insiders.md)

Latest reported revenue: [$913.0m](/filings/0001833756-26-000040.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Jul 30, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001833756-26-000040).

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [812](/filings/0001833756-25-000010.md) | [981 d](/filings/0001833756-26-000013.md) | [799](/filings/0001833756-26-000025.md) | [829](/filings/0001833756-26-000040.md) | [960](/filings/0001833756-25-000010.md) | [1,060 d](/filings/0001833756-26-000013.md) | [846](/filings/0001833756-26-000025.md) | [913](/filings/0001833756-26-000040.md) |
| Gross margin | % | [22.0%](/filings/0001833756-25-000010.md) | [24.0% d](/filings/0001833756-26-000013.md) | [22.7%](/filings/0001833756-26-000025.md) | [23.8%](/filings/0001833756-26-000040.md) | [23.1%](/filings/0001833756-25-000010.md) | [25.4% d](/filings/0001833756-26-000013.md) | [25.1%](/filings/0001833756-26-000025.md) | [26.0%](/filings/0001833756-26-000040.md) |
| Operating margin | % | [9.2%](/filings/0001833756-25-000010.md) | [12.2% d](/filings/0001833756-26-000013.md) | [7.4%](/filings/0001833756-26-000025.md) | [8.4%](/filings/0001833756-26-000040.md) | [9.7%](/filings/0001833756-25-000010.md) | [11.9% d](/filings/0001833756-26-000013.md) | [9.1%](/filings/0001833756-26-000025.md) | [11.2%](/filings/0001833756-26-000040.md) |
| Net margin | % | [7.0%](/filings/0001833756-25-000010.md) | [9.1% d](/filings/0001833756-26-000013.md) | [6.3%](/filings/0001833756-26-000025.md) | [6.5%](/filings/0001833756-26-000040.md) | [7.5%](/filings/0001833756-25-000010.md) | [9.6% d](/filings/0001833756-26-000013.md) | [7.3%](/filings/0001833756-26-000025.md) | [9.4%](/filings/0001833756-26-000040.md) |
| Diluted EPS | $ per share | [0.21](/filings/0001833756-25-000010.md) | not reported | [0.19](/filings/0001833756-26-000025.md) | [0.20](/filings/0001833756-26-000040.md) | [0.26](/filings/0001833756-25-000010.md) | not reported | [0.23](/filings/0001833756-26-000025.md) | [0.32](/filings/0001833756-26-000040.md) |
| Free cash flow | $m | [47.0 d](/filings/0001833756-25-000010.md) | [414 d](/filings/0001833756-26-000013.md) | [(170)](/filings/0001833756-26-000025.md) | [(56.0) d](/filings/0001833756-26-000040.md) | [77.0 d](/filings/0001833756-25-000010.md) | [376 d](/filings/0001833756-26-000013.md) | [(96.0)](/filings/0001833756-26-000025.md) | [6.0 d](/filings/0001833756-26-000040.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [2,879](/filings/0001628280-24-007359.md) | [2,693](/filings/0001628280-25-009248.md) | [2,826](/filings/0001833756-26-000013.md) | [3,234](/filings/0001833756-26-000013.md) | [3,648](/filings/0001833756-26-000013.md) |
| Gross margin | % | [19.0%](/filings/0001628280-24-007359.md) | [21.4%](/filings/0001628280-25-009248.md) | [22.9%](/filings/0001833756-26-000013.md) | [22.8%](/filings/0001833756-26-000013.md) | [23.8%](/filings/0001833756-26-000013.md) |
| Operating margin | % | [8.2%](/filings/0001628280-24-007359.md) | [20.8%](/filings/0001628280-25-009248.md) | [8.2%](/filings/0001833756-26-000013.md) | [9.1%](/filings/0001833756-26-000013.md) | [9.5%](/filings/0001833756-26-000013.md) |
| Net margin | % | [5.3%](/filings/0001628280-24-007359.md) | [15.0%](/filings/0001628280-25-009248.md) | [5.9%](/filings/0001833756-26-000013.md) | [6.6%](/filings/0001833756-26-000013.md) | [7.6%](/filings/0001833756-26-000013.md) |
| Diluted EPS | $ per share | [0.73](/filings/0001628280-24-007359.md) | [1.88](/filings/0001628280-25-009248.md) | [0.64](/filings/0001833756-26-000013.md) | [0.80](/filings/0001833756-26-000013.md) | [1.03](/filings/0001833756-26-000013.md) |
| Free cash flow | $m | [118](/filings/0001628280-24-007359.md) | [(32.0)](/filings/0001628280-25-009248.md) | [145](/filings/0001833756-26-000013.md) | [186](/filings/0001833756-26-000013.md) | [227](/filings/0001833756-26-000013.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/drs/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $212.9m | 4,989,059 |  | Reduced −141,762 |
| [STATE STREET CORP](/funds/93751.md) | 2026-06-30 | $192.6m | 4,514,068 |  | Added +141,508 |
| [AQR CAPITAL MANAGEMENT LLC](/funds/1167557.md) | 2026-06-30 | $187.9m | 4,430,913 |  | Added +1,355,595 |
| [VANGUARD PORTFOLIO MANAGEMENT LLC](/funds/2100121.md) | 2026-06-30 | $153.8m | 3,605,042 |  | Reduced −93,385 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $152.3m | 3,569,634 |  | Added +19,953 |
| [FMR LLC](/funds/315066.md) | 2026-06-30 | $148.1m | 3,470,073 |  | Reduced −187,971 |
| [FIRST TRUST ADVISORS LP](/funds/1125816.md) | 2026-06-30 | $114.4m | 2,681,836 |  | Added +453,725 |
| [VOYA INVESTMENT MANAGEMENT LLC](/funds/1068837.md) | 2026-06-30 | $107.5m | 2,519,252 |  | Reduced −636,319 |
| [Stephens Investment Management Group LLC](/funds/1314440.md) | 2026-06-30 | $102.5m | 2,401,901 |  | Added +283,570 |
| [DIMENSIONAL FUND ADVISORS LP](/funds/354204.md) | 2026-06-30 | $88.6m | 2,076,065 |  | Added +93,067 |

## Recent filings

[All 429 filings](/companies/drs/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-29 | 07:29 ET | [8-K](/filings/0001833756-26-000042.md) | 2.02 Results of operations; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001833756-26-000042 |
| 2026-07-30 | 16:25 ET | [10-Q](/filings/0001833756-26-000040.md) | Quarterly report, period 2026-06-30 | 0001833756-26-000040 |
| 2026-07-30 | 07:29 ET | [8-K](/filings/0001833756-26-000037.md) | 2.02 Results of operations; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001833756-26-000037 |
| 2026-07-28 | 11:30 ET | [8-K](/filings/0001833756-26-000034.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001833756-26-000034 |
| 2026-07-17 | 16:15 ET | [8-K](/filings/0001833756-26-000031.md) | 5.05 Item not in the standard list; 9.01 Financial statements and exhibits | 0001833756-26-000031 |
| 2026-05-14 | 16:20 ET | [8-K](/filings/0001833756-26-000027.md) | 5.07 Shareholder vote results | 0001833756-26-000027 |
| 2026-05-05 | 16:36 ET | [10-Q](/filings/0001833756-26-000025.md) | Quarterly report, period 2026-03-31 | 0001833756-26-000025 |
| 2026-05-05 | 07:30 ET | [8-K](/filings/0001833756-26-000023.md) | 2.02 Results of operations; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001833756-26-000023 |
| 2026-04-03 | 16:23 ET | [DEF 14A](/filings/0001833756-26-000019.md) | Proxy statement, period 2026-05-14 | 0001833756-26-000019 |
| 2026-03-10 | 16:01 ET | [8-K](/filings/0001833756-26-000015.md) | 5.02 Departure or appointment of officers or directors; 8.01 Other events; 9.01 Financial statements and exhibits | 0001833756-26-000015 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001833756-26-000013.md), filed Feb 27, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, locked when the 8-K was accepted. It is scored when the 10-Q or 10-K is ingested. [See the target](/leagues/2026q3/targets/cb44e6aa-b543-44e5-8882-805ca333523e)

## About the filer

- CIK: 1833756
- Tickers: DRS
- Exchange: Nasdaq
- SIC code: 3812 Search, Detection, Navigation, Guidance, Aeronautical Sys
- State of incorporation: DE
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 29, 2026, 17:20 ET. No prices; not investment advice.