In fiscal 2025, which ended Dec 28, 2025, Kratos Defense & Security Solutions, Inc. used $42.1 million of cash from operations, down 184.7% from the year before. It spent $95.3 million on capital expenditures. Free cash flow was negative, at -$137.4 million.
USD in millions, except per-share amounts and ratios. The percent under a figure is the change from the year before.
| Line |
FY 2026
Sep 27, 2026
|
FY 2025
Dec 28, 2025
|
FY 2024
Dec 29, 2024
|
FY 2023
Dec 31, 2023
|
FY 2022
Dec 25, 2022
|
FY 2021
Dec 26, 2021
|
FY 2020
Dec 27, 2020
|
FY 2019
Dec 29, 2019
|
FY 2018
Dec 30, 2018
|
FY 2017
Dec 31, 2017
|
FY 2016
Dec 25, 2016
|
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | |||||||||||
| Depreciation and amortization |
77
+73.2%
|
47
+16.9%
|
40
+21.4%
|
33
+8.9%
|
30
+18.7%
|
26
+4.5%
|
25
+5.1%
|
23
+30.7%
|
18
-19.4%
|
22
-1.3%
|
22
-11.8%
|
| Stock-based compensation |
58
+76.2%
|
36
+19.1%
|
30
+17.8%
|
25
-3.8%
|
26
+1.9%
|
26
+22.9%
|
21
+90.9%
|
11
+52.8%
|
7
-7.7%
|
8
+52.9%
|
5
-16.4%
|
| Operating cash flow |
-32
-266.3%
|
-42
-184.7%
|
50
-23.8%
|
65
+354.7%
|
-26
-172.5%
|
35
-21.0%
|
45
+54.7%
|
29
+59.7%
|
18
+167.3%
|
-27
-84.2%
|
-15
+50.8%
|
| Investing | |||||||||||
| Capital expenditures |
92
+8.0%
|
95
+63.7%
|
58
+11.1%
|
52
+15.4%
|
45
|
—
|
—
|
—
|
—
|
—
|
—
|
| Investing cash flow |
-426
-402.8%
|
-88
-26.7%
|
-70
-59.1%
|
-44
+75.3%
|
-177
-240.5%
|
-52
+40.3%
|
-87
-99.8%
|
-44
-207.9%
|
40
+259.4%
|
-25
-80.1%
|
-14
-147.4%
|
| Financing | |||||||||||
| Debt issued |
—
|
—
|
0
|
0
-100.0%
|
200
|
0
-100.0%
|
5
|
0
|
0
-100.0%
|
300
|
0
|
| Debt repaid |
—
|
—
|
—
|
—
|
—
|
—
|
—
|
0
|
0
-100.0%
|
449
+3083.0%
|
14
-91.9%
|
| Financing cash flow |
1,297
+263.1%
|
361
+29.9%
|
278
+1004.2%
|
-31
+51.5%
|
-63
-580.6%
|
-9
-103.8%
|
248
+6977.1%
|
4
+105.9%
|
2
-98.5%
|
113
+79.7%
|
63
+129.4%
|
| Change in cash | |||||||||||
| Net change in cash |
838
+217.1%
|
231
-9.8%
|
256
+3117.6%
|
-8
+96.8%
|
-268
-735.2%
|
-32
-115.4%
|
209
+2108.7%
|
-10
-120.0%
|
52
|
—
|
—
|
| Free cash flow |
-123
-31.8%
|
-137
-1516.5%
|
-8
-166.4%
|
13
+118.0%
|
-71
|
—
|
—
|
—
|
—
|
—
|
—
|
| Per share | |||||||||||
| Free cash flow per share |
-0.67
-16.2%
|
-0.83
-1376.5%
|
-0.06
-157.4%
|
0.10
+117.5%
|
-0.56
|
—
|
—
|
—
|
—
|
—
|
—
|
| Ratios | |||||||||||
| Free cash flow margin |
-7.47%
|
-10.20%
|
-0.75%
|
1.23%
|
-7.90%
|
—
|
—
|
—
|
—
|
—
|
—
|
| Capital expenditures to revenue |
5.56%
|
7.08%
|
5.12%
|
5.05%
|
5.05%
|
—
|
—
|
—
|
—
|
—
|
—
|
| Stock-based compensation to revenue |
3.55%
|
2.64%
|
2.62%
|
2.44%
|
2.93%
|
3.18%
|
2.81%
|
1.53%
|
1.17%
|
1.04%
|
0.76%
|
| Cash conversion |
-1.43x
|
-1.91x
|
3.05x
|
—
|
—
|
—
|
0.56x
|
2.31x
|
—
|
—
|
—
|
How these figures are calculated
Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and ratios. Capital expenditures, debt repaid, dividends, and buybacks are positive amounts. Investing and financing cash flow keep the filing sign, so an outflow is negative. Free cash flow is operating cash flow minus capital expenditures. The first column is the trailing twelve months through the latest quarter. Returned to shareholders is dividends plus buybacks. Free cash flow margin, capital expenditures, and stock-based compensation are divided by revenue. Cash conversion is operating cash flow divided by net income. More on our methodology.
Company profile
- Industry
- Guided Missiles & Space Vehicles & Parts (SIC 3760)
- Listed as
- KTOS (Nasdaq)
- Fiscal year ends
- December 27
- Incorporated in
- DE
- Headquarters
- San Diego, CA
- SEC filer status
- Large accelerated filer
- SEC CIK
- 1069258
- Former names
- WIRELESS FACILITIES INC (until Sep 14, 2007)
Other Guided Missiles & Space Vehicles & Parts companies
- Lockheed Martin Corp LMT
- Rocket Lab Corp RKLB
- MDA Space Ltd. MDA
- Firefly Aerospace Inc. FLY
- Redwire Corp RDW
- Voyager Technologies, Inc./TX VOYG
- York Space Systems Inc. YSS
- Xtend AI Robotics, Inc. XTND
Source: SEC EDGAR filings. This is company-reported data, not investment advice.