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Kratos Defense & Security Solutions vs Firefly Aerospace: KTOS and FLY compared
Kratos Defense & Security Solutions is the larger company: $472M of revenue in its latest quarter (Q3 2026) against $118M for Firefly Aerospace (Q2 2026). Firefly Aerospace is growing faster (+657% against +36% a year earlier). Kratos Defense & Security Solutions is more profitable, with an operating margin of -1.0% against -80.9%.
Where the money goes: KTOS and FLY
Kratos Defense & Security Solutions (KTOS) · Q3 2026
Kratos Defense & Security Solutions, Q3 2026: revenue $472M (+36% year over year), operating margin -1.0%, net loss $200K, operating cash flow −$5.2M. The chart follows the revenue to costs, profit and cash.
Firefly Aerospace (FLY) · Q2 2026
Firefly Aerospace, Q2 2026: revenue $118M (+657% year over year), operating margin -80.9%, net loss $92.3M, operating cash flow −$81.6M. The chart follows the revenue to costs, profit and cash.
| Kratos Defense & Security Solutions (KTOS) | Firefly Aerospace (FLY) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $472M | $118M |
| Revenue growth, Y/Y | +36% | +657% |
| Operating margin | -1.0% | -80.9% |
| Net earnings | −$200K | −$92.3M |
| Net margin | 0.0% | -78.4% |
| Operating cash flow | −$5.2M | −$81.6M |
| Market value | $6.6B | — |
| Analysts’ mean target | $89.56 | — |
Where the revenue comes from
Kratos Defense & Security Solutions
- Product sales: $295M (63%)
- Service revenues: $177M (37%)
Firefly Aerospace
- Spacecraft Solutions Revenue: $108M (92%)
- Launch Revenue: $9.4M (8%)
Questions
Which is bigger, Kratos Defense & Security Solutions or Firefly Aerospace?
Kratos Defense & Security Solutions is the larger company: $472M of revenue in its latest quarter (Q3 2026) against $118M for Firefly Aerospace (Q2 2026).
Is Kratos Defense & Security Solutions or Firefly Aerospace growing faster?
Firefly Aerospace is growing faster (+657% against +36% a year earlier).
Which is more profitable, Kratos Defense & Security Solutions or Firefly Aerospace?
Kratos Defense & Security Solutions is more profitable, with an operating margin of -1.0% against -80.9%.
More: Kratos Defense & Security Solutions earnings · how Kratos Defense & Security Solutions makes money · Firefly Aerospace earnings · how Firefly Aerospace makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Aug 11, 2026). Fiscal quarters can end on different dates. Not investment advice.