Kratos Defense & Security Solutions (KTOS) FY2024 results: revenue $1.1 billion, up 9.6% on the year

Kratos Defense & Security Solutions, Inc. (KTOS) reported revenue of $1.1 billion for fiscal 2024, the year ended 29 December 2024, up 9.6% on the year before. Net income was $16 million, and diluted earnings per share $0.11. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2025.

Revenue

$1.1 billion

+9.6% on the year

FY2017FY2024

Operating margin

2.6%

3.0% a year earlier

FY2017FY2024

Net income

$16 million

FY2017FY2024

Diluted EPS

$0.11

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,136	1,037	898	+9.6%
Cost of revenue	849	768	672	+10.5%
Gross profit	287	269	226	+6.9%
Gross margin	25.3%	25.9%	25.2%
Research and development	40.3	38.4	38.6	+4.9%
Selling, general and administrative	217	199	182	+9.3%
Operating income	29.0	31.1	-2.9	-6.8%
Operating margin	2.6%	3.0%	-0.3%
Interest expense	15.2	21.7	18.3	-30.0%
Pre-tax income	26.5	11.1	-33.0	+138.7%
Income tax	10.2	8.7	0.2	+17.2%
Effective tax rate	38.5%	78.4%	n/a
Net income	16.3	-8.9	-36.9
Net margin	1.4%	-0.9%	-4.1%
Diluted EPS	$0.11	-$0.07	-$0.29

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	49.7	65.2	-25.7	-23.8%
Capital expenditure	58.2	52.4	45.4	+11.1%
Free cash flow	-8.5	12.8	-71.1
Free cash flow margin	-0.7%	1.2%	-7.9%
Cash from investing	-69.7	-43.8	-177
Cash from financing	278	-30.7	-63.3
Depreciation and amortisation	40.3	33.2	30.5	+21.4%
Share-based compensation	29.8	25.3	26.3	+17.8%
Diluted shares, weighted	151m	130m	127m	+15.7%
Shares outstanding at period end	151m	129m	126m	+16.9%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,353	976	936	+38.6%
Non-controlling interest	0.0	22.5	n/a
Redeemable equity	0.0	22.5	11.2
Debt	175	219	250	-20.4%
Operating lease liabilities	29.8	37.8	40.8	-21.2%
Finance lease liabilities	64.4	50.9	49.9	+26.5%
Other liabilities	329	304	263	+8.4%
Total liabilities and equity	1,951	1,632	1,552	+19.5%
Goodwill	569	569	558	-0.0%
Intangible assets	53.8	62.4	55.2	-13.8%
Cash and equivalents	329	72.8	81.3	+352.3%
Receivables	118	129	106	-8.8%
Other assets	881	799	751	+10.3%
Total assets	1,951	1,632	1,552	+19.5%

10-K for the year ended 29 December 2024, filed 26 February 2025: the filing.