KTOS Kratos (KTOS) Q1 FY26 earnings call
Kratos delivered a strong Q1 FY26, surpassing revenue and EBITDA estimates, driven by record backlog and robust organic growth across Unmanned Systems, Turbine Technologies, and Microwave Products. The company is strategically investing in its industrial base and key programs like hypersonics and jet engines, aligning with increasing national security spend. While facing working capital demands and labor constraints, Kratos anticipates continued growth and margin expansion, leveraging its affordable, military-grade hardware and software.
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KTOS operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | This call Mar 2026 Q1 FY26 | Change vs prior quarter |
|---|---|---|---|
| Book-to-bill ratio | 1.3 ratioWe finished 2025, exceeding our financial objectives for the fourth quarter, generating approximately 20% Q4 year-over-year organic revenue growth, generating a 1.3:1 book-to-bill ratio on top of this 20% growth rate, having a record backlog of $1.573 billion, a record opportunity pipeline of $13.7 billion and with the opportunity set for Kratos having never been stronger and expected to continue to increase based on recent events.Source: earnings call transcript | 1.6 ratioThe success is reflected in our Q1 results, including a 1.6:1 book-to-bill ratio, a record backlog of $2 billion and increased opportunity pipeline up to $14 billion, and the $14 billion is after the 1.6:1 book-to-bill, reflecting Kratos' accelerating growth trajectory.Source: earnings call transcript | +23.1% |
| Backlog | $1.573BWe finished 2025, exceeding our financial objectives for the fourth quarter, generating approximately 20% Q4 year-over-year organic revenue growth, generating a 1.3:1 book-to-bill ratio on top of this 20% growth rate, having a record backlog of $1.573 billion, a record opportunity pipeline of $13.7 billion and with the opportunity set for Kratos having never been stronger and expected to continue to increase based on recent events.Source: earnings call transcript | $2BThe success is reflected in our Q1 results, including a 1.6:1 book-to-bill ratio, a record backlog of $2 billion and increased opportunity pipeline up to $14 billion, and the $14 billion is after the 1.6:1 book-to-bill, reflecting Kratos' accelerating growth trajectory.Source: earnings call transcript | +27.1% |
| Book-to-bill ratio space and satellite | 1.2 ratioAnd as a result, Kratos' space and satellite business opportunity pipeline is particularly robust even after generating a fourth quarter and 12-month book-to-bill ratio of 1.2:1 and now having a record backlog of $600 million at the end of Q4.Source: earnings call transcript | 3 ratioThe business is rapidly accelerating, including as reflected by a 3:1 book-to-bill ratio in Q1 for our satellite business.Source: earnings call transcript | +150% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
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