Jun 2026 (Q2 FY26) — Jul 30, 2026
Leonardo DRS Q2 FY26 — Strong Growth and Profitability, Strategic Acquisition
Read the full callLeonardo DRS (DRS) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Leonardo DRS earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 913 | +10.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 11.2 | +2.7 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 86.0 | +59.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
29 of 32 judged targets kept · 49 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Quarterly adjusted EBITDA margin | Mid-12% range, comparable to Q1 | Mar 2026 | Adjusted EBITDA margin was 14%, up 240 basis points from the prior year. | Achieved |
| Full-year adjusted diluted EPS | $1.20 to $1.26 per share | Dec 2025 | We now expect adjusted diluted EPS of $1.34 to $1.39 a share. | Revised Up |
| Annual free cash flow seasonality and linearity | Similar quarterly trend to recent years with modest linearity improvements | Dec 2025 | We are seeing improved quarterly linearity relative to last year. Free cash flow was positive in the quarter, supported by higher profitability and greater working capital efficiency. | On Track |
3 of Leonardo DRS, Inc.'s 81 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 78 more targets are in the full ledger.
Claimed
- Organic revenue growth accelerated to 10% year-over-year.
- Bookings exceeded $1 billion, driving book-to-bill to 1.2x for the quarter.
- Adjusted EBITDA grew 33% year-over-year to $128 million, with 240 basis points of margin expansion.
- Net earnings increased 59% to $86 million, and diluted EPS rose 60% to $0.32 per share.
- Announced agreement to acquire Raft LLC for $450 million, expanding multi-domain AI and mission software capabilities.
Qualified
- Anticipate a continuing resolution (CR) to govern the calendar fourth quarter for the U.S. budget.
- Expect high capital expenditures in the second half, with full-year CapEx likely in the 4% range of revenue.
Price
$35.47 +1.52% · +$0.53
Performance −19.1% 1Y
1Y: $43.85 on 14 Oct 2025 → $35.47. High $49.69 (11 Jun 2026), low $32.55 (17 Dec 2025).
- Previous close
- $34.94
- 52-week range
- $32.55 – $49.69
- One year
- −11.74%
Overview
- Symbol
- DRS
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
29 of 32 judged targets kept · 49 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Quarterly adjusted EBITDA margin | Mid-12% range, comparable to Q1 | Mar 2026 | Adjusted EBITDA margin was 14%, up 240 basis points from the prior year. | Achieved |
| Full-year adjusted diluted EPS | $1.20 to $1.26 per share | Dec 2025 | We now expect adjusted diluted EPS of $1.34 to $1.39 a share. | Revised Up |
| Annual free cash flow seasonality and linearity | Similar quarterly trend to recent years with modest linearity improvements | Dec 2025 | We are seeing improved quarterly linearity relative to last year. Free cash flow was positive in the quarter, supported by higher profitability and greater working capital efficiency. | On Track |
Claimed
- Organic revenue growth accelerated to 10% year-over-year.
- Bookings exceeded $1 billion, driving book-to-bill to 1.2x for the quarter.
- Adjusted EBITDA grew 33% year-over-year to $128 million, with 240 basis points of margin expansion.
- Net earnings increased 59% to $86 million, and diluted EPS rose 60% to $0.32 per share.
- Announced agreement to acquire Raft LLC for $450 million, expanding multi-domain AI and mission software capabilities.
Qualified
- Anticipate a continuing resolution (CR) to govern the calendar fourth quarter for the U.S. budget.
- Expect high capital expenditures in the second half, with full-year CapEx likely in the 4% range of revenue.
The full ledger
Open Leonardo DRS, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 81 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 5, 2026
Leonardo DRS Q1 FY26 — Strong Start, Raised Full-Year Outlook
Read the full callDec 2025 (Q4 FY25) — Feb 24, 2026
Leonardo DRS Q4 FY25 — Strong Backlog and Strategic Investments Drive Growth
Read the full callEvery analysed call
Leonardo DRS earnings calls (DRS)
Financials
What the filings say
Net profit, year on year: +59% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 812 | 981 | 799 | 829 | 960 | 1,060 | 846 | 913 |
| Operating profit | 75 | 120 | 59 | 70 | 93 | 126 | 77 | 102 |
| Operating margin | 9.2% | 12.2% | 7.4% | 8.4% | 9.7% | 11.9% | 9.1% | 11.2% |
| Interest | 5 | 4 | 1 | — | — | — | — | — |
| Profit before tax | 69 | 111 | 58 | 67 | 87 | 124 | 77 | 100 |
| Tax rate | 17.4% | 19.8% | 13.8% | 19.4% | 17.2% | 17.7% | 19.5% | 14.0% |
| Net profit | 57 | 89 | 50 | 54 | 72 | 102 | 62 | 86 |
| EPS ($ per share) | 0.22 | — | 0.19 | 0.20 | 0.27 | — | 0.23 | 0.33 |
| Line item | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Equity capital | — | 1 | 2 | 3 | 3 | 3 | 3 |
| Reserves | — | -3,137 | -2,983 | -2,974 | -2,806 | -2,593 | -2,315 |
| Total liabilities | — | 1,529 | 1,476 | 1,550 | 1,596 | 1,627 | 1,756 |
| Fixed assets | — | 355 | 364 | 404 | 402 | 440 | 512 |
| Total assets | — | 2,956 | 3,069 | 3,677 | 3,921 | 4,184 | 4,486 |
| Line item | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Cash from operations | 157 | 125 | 178 | 33 | 205 | 271 | 366 |
| Cash from investing | -151 | -70 | 39 | 436 | -59 | -84 | -154 |
| Cash from financing | -1 | -80 | -38 | -403 | 15 | -56 | -163 |
| Net cash flow | 6 | -24 | 179 | 66 | 161 | 131 | 49 |
| Capital expenditure | -55 | -56 | -60 | -65 | -60 | -85 | -139 |
| Free cash flow | 102 | 69 | 118 | -32 | 145 | 186 | 227 |
DRS revenue by segment
Integrated Mission Systems grew from 35% to 36% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Advanced Sensing and Computing | — | 67% | 64% | 65% | 60% | 68% | 66% | 64% | +8.3% |
| Integrated Mission Systems | 35% | 33% | 36% | 35% | 40% | 32% | 35% | 36% | +14.8% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- US 88% ↑ 1 pt
- Non Us 12% ↓ 1 pt
As DRS cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
97 filings between Nov 13, 2025 and Sep 30, 2026.
Open market
decisions to buy or sellPurchases
$1.07M
1 purchase by 1 insider
Sales
$9.16M
22 sales by 7 insiders
86% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 12
- Award — granted as compensation
- 29
- Option exercise — converted options into shares
- 30
- Tax withheld — shares kept back by the company to cover tax
Also filed: 3 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Dippold Michael | — | $2.77M | Sep 2, 2026 |
| Baylouny John | — | $1.67M | Jun 18, 2026 |
| Dorfman Mark | — | $1.61M | Sep 4, 2026 |
| Wallace Sally | — | $1.45M | Jun 11, 2026 |
| Jeffery Reuben III | $1.07M | — | May 19, 2026 |
| Morrow Pamela | — | $1.06M | May 27, 2026 |
| Rinsky Jason | — | $533.5K | Aug 4, 2026 |
| Casey George | — | $67.7K | Mar 4, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 30, 2026 | TOWNSEND FRANCES F Director | Option exercise | 1,006 | $0 |
| Sep 9, 2026 | Krieg Kenneth J Director | Gift | 3,700 | $0 |
| Sep 4, 2026 | Dorfman Mark EVP, GC and Secretary | Sale 10b5-1 plan | 7,471 | $276.5K |
| Sep 2, 2026 | Dippold Michael EVP and CFO | Sale 10b5-1 plan | 20,317 | $755.4K |
| Aug 4, 2026 | Rinsky Jason EVP Chief Tax and Treasury | Sale 10b5-1 plan | 3,864 | $177.0K |
| Jul 7, 2026 | Rinsky Jason EVP Chief Tax and Treasury | Sale 10b5-1 plan | 3,865 | $175.4K |
| Jun 30, 2026 | TOWNSEND FRANCES F Director | Option exercise | 1,006 | $0 |
| Jun 18, 2026 | Baylouny John President and CEO | Sale 10b5-1 plan | 36,471 | $1.67M |
| Jun 11, 2026 | Wallace Sally EVP, Chief Operating Officer | Sale 10b5-1 plan | 1,300 | $65.0K |
| Jun 8, 2026 | Dippold Michael EVP and CFO | Sale 10b5-1 plan | 8,318 | $386.6K |
| Jun 4, 2026 | Brothers Louis R Jr Director | Option exercise | 3,556 | $0 |
| Jun 4, 2026 | TOWNSEND FRANCES F Director | Option exercise | 3,556 | $0 |
| Jun 4, 2026 | Jeffery Reuben III Director | Option exercise | 649 | $0 |
| Jun 4, 2026 | Baker Gail Director | Option exercise | 3,556 | $0 |
| Jun 4, 2026 | SALZMAN ERIC Director | Option exercise | 3,556 | $0 |
| Jun 4, 2026 | GALLAGHER MARY E Director | Option exercise | 3,556 | $0 |
| Jun 4, 2026 | Casey George Director | Option exercise | 3,556 | $0 |
| Jun 4, 2026 | Dorfman Mark EVP, GC and Secretary | Sale 10b5-1 plan | 5,536 | $253.3K |
| Jun 4, 2026 | Krieg Kenneth J Director | Option exercise | 3,556 | $0 |
| Jun 3, 2026 | Rinsky Jason EVP Chief Tax and Treasury | Sale 10b5-1 plan | 3,865 | $181.2K |
| May 27, 2026 | Morrow Pamela SVP and Controller | Sale | 11,545 | $521.0K |
| May 19, 2026 | Jeffery Reuben III Director | Purchase | 25,000 | $1.07M |
| Apr 2, 2026 | Dorfman Mark EVP, GC and Secretary | Sale 10b5-1 plan | 4,659 | $211.4K |
| Apr 2, 2026 | Wallace Sally EVP, Chief Operating Officer | Sale 10b5-1 plan | 28,960 | $1.34M |
| Apr 2, 2026 | Dippold Michael EVP and CFO | Sale 10b5-1 plan | 7,071 | $320.9K |
| Apr 1, 2026 | Dorfman Mark EVP, GC and Secretary | Award 10b5-1 plan | 23,367 | $0 |
| Apr 1, 2026 | TOWNSEND FRANCES F Director | Option exercise | 1,006 | $0 |
| Apr 1, 2026 | Baylouny John President and CEO | Tax withheld | 2,710 | $124.3K |
| Apr 1, 2026 | Baylouny John President and CEO | Option exercise | 6,008 | $0 |
| Apr 1, 2026 | Dorfman Mark EVP, GC and Secretary | Tax withheld 10b5-1 plan | 9,956 | $456.6K |
| Apr 1, 2026 | Baylouny John President and CEO | Tax withheld | 3,755 | $172.2K |
| Apr 1, 2026 | Wallace Sally EVP, Chief Operating Officer | Option exercise 10b5-1 plan | 3,042 | $0 |
| Apr 1, 2026 | Wallace Sally EVP, Chief Operating Officer | Tax withheld 10b5-1 plan | 2,128 | $97.6K |
| Apr 1, 2026 | Wallace Sally EVP, Chief Operating Officer | Option exercise 10b5-1 plan | 4,337 | $0 |
| Apr 1, 2026 | Baylouny John President and CEO | Option exercise | 8,325 | $0 |
| Apr 1, 2026 | Baylouny John President and CEO | Tax withheld | 5,695 | $261.2K |
| Apr 1, 2026 | Baylouny John President and CEO | Option exercise | 12,627 | $0 |
| Apr 1, 2026 | Wallace Sally EVP, Chief Operating Officer | Award 10b5-1 plan | 15,664 | $0 |
| Apr 1, 2026 | Baylouny John President and CEO | Tax withheld | 12,301 | $564.0K |
| Apr 1, 2026 | Morrow Pamela SVP and Controller | Option exercise | 2,517 | $0 |
| Apr 1, 2026 | Wallace Sally EVP, Chief Operating Officer | Tax withheld 10b5-1 plan | 9,839 | $451.2K |
| Apr 1, 2026 | Wallace Sally EVP, Chief Operating Officer | Award 10b5-1 plan | 23,367 | $0 |
| Apr 1, 2026 | Baylouny John President and CEO | Award | 27,274 | $0 |
| Apr 1, 2026 | Wallace Sally EVP, Chief Operating Officer | Tax withheld 10b5-1 plan | 7,684 | $352.4K |
| Apr 1, 2026 | Wallace Sally EVP, Chief Operating Officer | Option exercise 10b5-1 plan | 7,252 | $0 |
| Apr 1, 2026 | Wallace Sally EVP, Chief Operating Officer | Tax withheld 10b5-1 plan | 3,558 | $163.2K |
| Apr 1, 2026 | Dorfman Mark EVP, GC and Secretary | Tax withheld 10b5-1 plan | 1,692 | $77.6K |
| Apr 1, 2026 | Dorfman Mark EVP, GC and Secretary | Option exercise 10b5-1 plan | 3,448 | $0 |
| Apr 1, 2026 | Dorfman Mark EVP, GC and Secretary | Tax withheld 10b5-1 plan | 2,340 | $107.3K |
| Apr 1, 2026 | Dorfman Mark EVP, GC and Secretary | Option exercise 10b5-1 plan | 4,770 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
Your own record
Start an Inve Case for Leonardo DRS, Inc.
Free account. Everything above stays public.
Write why you follow Leonardo DRS, Inc. and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading