Leonardo DRS Reports 2025 Growth and Raises 2026 Guidance as Shares Surge

Overview

• Full-year revenue reached $3.6 billion with Q4 revenue of $1.1 billion, and adjusted EBITDA totaled $453 million.
• Management issued 2026 targets for $3.85–$3.95 billion in revenue, $505–$525 million in adjusted EBITDA, and $1.20–$1.26 in adjusted EPS.
• Bookings totaled $4.2 billion for 2025, including $1.1 billion in Q4, lifting the backlog to $8.7 billion for a 1.2x book-to-bill.
• Two non-routine items shaped 2025 results: a $73 million quantum laser IP license benefit and the conclusion of a legacy surveillance program that reduced revenue by about $67 million and EBITDA by $65 million.
• Shares jumped roughly 13.7% in early trading following the release of the results and guidance.