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Leonardo DRS cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$58.0M in Q3 2026 · $344M over twelve months

Operating cash flow$96.0M
Capital spending−$38.0M
Free cash flow+$58.0M
Cash / net income0.8×
Cash conversion cycle47 days

Analysis

In Q3 2026, Leonardo DRS generated $96.0M of operating cash flow and spent $38.0M on capital projects, leaving free cash flow of $58.0M. That is $19.0M less than in Q3 2025 ($77.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $490M; the largest uses were net borrowing (+) / repaid (−) ($196M), capital spending ($146M), other financing ($109M); besides operations, cash came from shares issued ($8.0M), asset & business sales ($1.0M); the cash balance fell by $15.0M.

Operating cash flow was $96.0M against net income of $115M — 0.8× profit, less cash than reported earnings, worth checking against working capital. The largest differences: contract assets −$81.0M, payables +$74.0M, receivables −$39.0M.

Its cash conversion cycle was 47 days (receivables 29 + inventory 43 − payables 25).

Free cash flow

Leonardo DRS: free cash flow by quarterLeonardo DRS: free cash flow by quarter$414MQ4 2024−$170MQ1 2025−$56.0MQ2 2025$77.0MQ3 2025$376MQ4 2025−$96.0MQ1 2026$6.0MQ2 2026$58.0MQ3 2026
Operating cash flow less capital spending.
Leonardo DRS: operating cash flow against capital spendingLeonardo DRS: operating cash flow against capital spendingOperating cash flowCapital spending$443M$29.0MQ4 2024−$138M$32.0MQ1 2025−$28.0M$28.0MQ2 2025$107M$30.0MQ3 2025$425M$49.0MQ4 2025−$66.0M$30.0MQ1 2026$35.0M$29.0MQ2 2026$96.0M$38.0MQ3 2026
Latest (Q3 2026): Operating cash flow $96.0M, Capital spending $38.0M.

Capital allocation, year by year

Leonardo DRS: where the cash came from (up) and went (down), by fiscal yearLeonardo DRS: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $178MFY2021: Net borrowing −$23.0MFY2021: Capital spending −$60.0MFY2021: Acquisitions −$14.0M$178MFY2021FY2022: Operating cash flow $33.0MFY2022: Asset sales $482MFY2022: Capital spending −$65.0MFY2022: Acquisitions $19.0MFY2022: Dividends −$396M$534MFY2022FY2023: Operating cash flow $205MFY2023: Net borrowing $8.0MFY2023: Shares issued $12.0MFY2023: Asset sales $1.0MFY2023: Capital spending −$60.0M$226MFY2023FY2024: Operating cash flow $271MFY2024: Net borrowing −$43.0MFY2024: Shares issued $16.0MFY2024: Asset sales $1.0MFY2024: Capital spending −$85.0M$288MFY2024FY2025: Operating cash flow $366MFY2025: Net borrowing −$20.0MFY2025: Shares issued $9.0MFY2025: Capital spending −$139MFY2025: Buybacks −$35.0M$375MFY2025
Over these 5 years operating cash flow totalled $1.1B; the largest uses were capital spending ($409M) and dividends ($396M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$294M
Debt$348M
Net debt$54.0M
Due within a year$26.0M

Leonardo DRS funds itself: free cash flow was $344M over the last twelve months, and $294M of cash and investments stands against $348M of debt ($26.0M due within a year, 11.3× covered by cash).

Leonardo DRS: debt maturities by year (FY2025)Leonardo DRS: debt maturities by year (FY2025)$26.0MYear 1$189MYear 2$8.0MYear 3$8.0MYear 4$9.0MYear 5$108MAfter year 5
Principal due in each year as disclosed in the annual report, against $294M of cash and investments now.

Where the cash came from and went

Leonardo DRS: sources (+) and uses (−) of cash, Q3 2026Leonardo DRS: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$96.0MCapital spending−$38.0MOther financing−$26.0MCash drawn (+) / kept (−)−$24.0MBuybacks−$12.0MShares issued$3.0MOther investing$1.0M
Leonardo DRS: sources (+) and uses (−) of cash, TTM to Q3 2026Leonardo DRS: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$490MNet borrowing (+) / repaid (−)−$196MCapital spending−$146MOther financing−$109MBuybacks−$39.0MTaxes on employees’ shares−$25.0MCash drawn (+) / kept (−)$15.0MShares issued$8.0MAsset & business sales$1.0MOther investing$1.0M

From profit to cash

Leonardo DRS: net income to operating cash flow, Q3 2026Leonardo DRS: net income to operating cash flow, Q3 2026Net income$115MDepreciation & amortization$27.0MStock-based pay$6.0MDeferred taxes−$4.0MReceivables−$39.0MInventory$9.0MPayables$74.0MDeferred revenue−$4.0MContract assets−$81.0MPrepaid and other assets$10.0MOther liabilities$20.0MOperating cash flow$96.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202629432547
Q2 202632512558
Q1 202635513848
Q4 202529444032
Q3 202528503841
Q2 202528574144
Q1 202529545330
Q4 202423444423

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$96.0M−$38.0M−$12.0M—$3.0M−$24.0M$58.0M
Q2 2026$35.0M−$29.0M−$12.0M−$1.0M$2.0M$58.0M$6.0M
Q1 2026−$66.0M−$30.0M−$4.0M−$195M$3.0M$319M−$96.0M
Q4 2025$425M−$49.0M−$11.0M——−$338M$376M
Q3 2025$107M−$30.0M−$10.0M−$1.0M$6.0M−$31.0M$77.0M
Q2 2025−$28.0M−$28.0M−$11.0M−$8.0M$3.0M$102M−$56.0M
Q1 2025−$138M−$32.0M−$3.0M−$1.0M—$218M−$170M
Q4 2024$443M−$29.0M——$3.0M−$400M$414M

Leonardo DRS: income statement and cash flow

Leonardo DRS, Q3 2026: revenue $1.1B (+11% year over year), operating margin 10.9%. The chart follows the revenue to costs, profit and cash.

Leonardo DRS: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.