Filing Flows › Industrials › Kratos Defense & Security Solutions (KTOS)
Kratos Defense & Security Solutions (KTOS) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Kratos Defense & Security Solutions (KTOS) Q3 2026 earnings results →
Q3 2026 Revenue up 36% year over year to $472M · 0¢ of every $1 of revenue lost · operating margin -1.0%
Kratos Defense & Security Solutions made $472M in Q3 2026 (+36% Y/Y): Product sales $295M, Service revenues $177M. Operating margin -1.0%, net loss $200K. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $471.8M in Q3 2026, up 36% year over year and up 3% from the previous quarter. Product sales was the largest line at 63% of revenue. Product sales added $64.7M year over year (up 28%), 52% of the total change.
Gross margin was 22.5%, up 0.3 points from Q3 2025. Operating costs exceeded revenue by $4.9M, an operating margin of -1.0%. Operating expenses grew 58% against revenue growth of 36%. The fastest-growing cost line was SG&A (+59%). The quarter ended with a net loss of $200K, after a profit of $4.4M the previous quarter. Non-operating items added $9.5M, 207% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$5.2M. Non-cash charges added back $25.0M of depreciation and amortization and $18.1M of share-based compensation. Working capital and other items used $48.1M. Capital expenditures of $30.2M exceeded it, leaving free cash flow of −$35.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $472M | +36% | -1.0% | −$200K | −$5.2M |
| Q2 2026 | 10-Q | Aug 4, 2026 | $459M | +30% | -0.3% | $4.4M | −$11.0M |
| Q1 2026 | 10-Q | May 6, 2026 | $371M | +23% | 1.3% | $11.9M | −$27.4M |
| Q4 2025 | 10-K | Feb 23, 2026 | $345M | +22% | 2.4% | $5.9M | $12.1M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $348M | +26% | 2.0% | $8.7M | −$13.3M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $352M | +17% | 1.1% | $2.9M | −$11.7M |
| Q1 2025 | 10-Q | May 7, 2025 | $303M | +9% | 2.2% | $4.5M | −$29.2M |
Charts
In supply chains and themes
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
Loading the interactive chart…
🌏Named in Asian annual reportsinteractive
Loading the interactive chart…
🔄Rotation against the market and its industry (RRG)interactive
Loading the interactive chart…
🔍Earnings qualityinteractive
Loading the interactive chart…
⚖️Fair value by methodinteractive
Loading the interactive chart…
🔭Outlook & guidanceinteractive
Loading the interactive chart…
📈Investments: gains and what it boughtinteractive
Loading the interactive chart…
🏭Its industry’s money flow (input-output)interactive
Loading the interactive chart…
Customers and suppliers named in filings
Sells to
- U.S. government — 68% of its revenue · Stated in 10-K (sentence) · source
- usgov · named in a filing
About Kratos Defense & Security Solutions
Kratos is a technology, hardware, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field relevant solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions.
In its own words, from its 10-K, filed Feb 23, 2026.
Kratos Defense & Security Solutions against its Guided Missiles & Space Vehicles & Parts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +36% against the peers' median +11%. Operating margin: -1.0% against the peers' median -44.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| KTOS Kratos Defense & Security Solutions | Q3 2026 | $472M | +36% | -1.0% |
| LMT Lockheed Martin | Q3 2026 | $20.7B | +11% | 11.8% |
| RKLB Rocket Lab | Q2 2026 | $234M | +62% | -24.6% |
| FLY Firefly Aerospace | Q2 2026 | $118M | +657% | -80.9% |
| RDW Redwire | Q3 2026 | $109M | +5% | -24.1% |
| YSS York Space Systems | Q2 2026 | $92.5M | +10% | -44.6% |
| VOYG Voyager Technologies | Q3 2026 | $88.7M | +124% | -69.8% |
| HLEO Helio | Q3 FY26 | $591K | -25% | -92.5% |
| MNTS Momentus | Q2 2026 | $25K | -87% | n/m |
Source: Kratos Defense & Security Solutions 10-Q on SEC EDGAR · CIK 1069258 · Guided Missiles & Space Vehicles & Parts
Guidance and outlook
13F: who owns KTOS and who is buying
More on KTOS
- How Kratos Defense & Security Solutions makes money: revenue by segment
- Kratos Defense & Security Solutions next earnings date and what analysts expect
- Kratos Defense & Security Solutions stock forecast, price target and fair value
- Who owns Kratos Defense & Security Solutions stock: holders, funds and Congress trades
- Kratos Defense & Security Solutions guidance and outlook
- Is Kratos Defense & Security Solutions a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Kratos Defense & Security Solutions guidance history: guided vs reported
- Kratos Defense & Security Solutions gross margin by quarter
- Kratos Defense & Security Solutions operating margin by quarter
- Kratos Defense & Security Solutions net income by quarter
- Kratos Defense & Security Solutions R&D spending by quarter
- Kratos Defense & Security Solutions Product sales revenue by quarter
- Kratos Defense & Security Solutions Service revenues revenue by quarter