DRS · Leonardo DRS, Inc.
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AI Brief
Q2 FY26 earnings call · Jul 30, 2026TL;DR. Leonardo DRS reported Q2 revenue up 10% to $913M, adjusted EBITDA up 33% with 240 bps of margin expansion, and record funded backlog of $5.1B, prompting a raise to full-year adjusted EBITDA and adjusted diluted EPS guidance alongside the announced $450M Raft acquisition.
- + Q2 revenue grew 10% year-over-year to $913M with organic growth accelerating, driven by tactical radars, electric power and propulsion, infrared sensing and force protection
- + Q2 adjusted EBITDA rose 33% to $128M with 240 bps of margin expansion to 14.0%, reflecting execution and favorable program mix
- + Funded backlog reached a record $5.1B, up 17% year-over-year, with Q2 bookings of $1.1B producing a 1.2x book-to-bill
- + Announced $450M all-cash acquisition of Raft to add multi-domain AI, data fusion and mission software capabilities, expected to be accretive to adjusted diluted EPS in first full year
- + Diluted EPS grew 60% to $0.32 and adjusted diluted EPS grew 52% to $0.35, aided by lower net interest expense and a lower tax rate
- − Q3 adjusted EBITDA margin is expected to step down to the mid-13% range sequentially due to non-recurrence of Q2 program risk retirement gain
- − Six-month free cash flow remained negative at -$89M, and full-year capex is expected to run in the mid-4% range of revenue
- − Management flagged potential government continuing resolution in the calendar Q4 and noted risk from a prolonged CR impacting funding mechanics, even though impact is described as minimal
- − H1 financing activities used $288M of cash, including $191M of debt repayments, reducing cash balance to $270M from $647M at year-end 2025
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders NeutralIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
Aerospace & Defense — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
DRS
this stock
Leonardo DRS, Inc.
|
$9.58B | +8.2% | +12.8% | 30.2 | 1.2% |
|
SPCX
Space Exploration Technologies Corp
|
$1.90T | — | — | — | 1.3% |
|
GE
General Electric Co
|
$329.49B | -0.3% | +18.5% | 37.4 | 1.5% |
|
RTX
RTX Corp
|
$261.28B | +6.6% | +17.1% | 34.1 | 0.9% |
|
EADSF
Airbus SE/ADR
|
$181.25B | -4.2% | — | — | 0.1% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| DRS | -0.2% | -18.7% | -16.3% | -3.0% | +8.2% |
| SPY | -1.1% | -2.0% | +16.0% | -1.3% | +11.1% |
| vs SPY | +0.9% | -16.7% | -32.3% | -1.7% | -2.9% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.