Key Facts
| Full Year 2025 Revenue | $1.347 billionUp $210.5 million year over year[1] |
| Unmanned Systems Segment Revenue | $292.0 millionKratos Unmanned Systems (KUS) full year 2025, against $270.5 million in 2024[1] |
| Full Year 2025 Adjusted EBITDA | $119.9 millionOperating income $25.6 million, net income $22.0 million[1] |
| Book-to-Bill Ratio | 1.1 to 1.0Consolidated, full year 2025[1] |
| Fiscal 2026 Revenue Forecast | $1.595 billion to $1.675 billionBase case announced February 2026, with adjusted EBITDA forecast of $157.0 million to $167.0 million[1] |
| Valkyrie Production Plan | Up to approximately 40 Valkyries annually by end of 2027Plan announced February 2026, based on expected customer delivery schedules[1] |
| Principal Executive Offices | Round Rock, TexasPer the FY2025 Form 10-K cover page (filed February 2026)[3] |
| Valkyrie Programme Selection | US Marine Corps MUX TACAIR CCATeammate Northrop Grumman competitively awarded the programme, pairing its capabilities with the Valkyrie[3] |
PRODUCTS
Valkyrie[3]
Jet-powered tactical unmanned aircraft; the aircraft in Northrop Grumman's US Marine Corps MUX TACAIR collaborative combat aircraft award.
Jet target drones[3]
Jet-powered aerial targets including the BQM-167 for the US Air Force, the BQM-177 for the US Navy and the MQM-178 for the US Army, also sold to allied countries.
Drone Intelligence Assessment
Kratos reported $1.347 billion of revenue and $25.6 million of operating income in 2025, a low single-digit operating margin. Most revenue came from Kratos Government Solutions ($1.055 billion); Kratos Unmanned Systems reported $292.0 million, a segment that includes target drones and tactical aircraft, and the disclosures do not separately quantify Valkyrie revenue. The company has invested in Valkyrie aircraft ahead of anticipated orders and in expanded production facilities, and in February 2026 announced a plan to reach a production rate of up to approximately 40 Valkyries a year by the end of 2027, alongside a 2026 base-case revenue forecast of $1.595 billion to $1.675 billion. Delivering that plan will require further execution and investment; the Marine Corps MUX TACAIR award won by teammate Northrop Grumman, with Valkyrie as the aircraft, is the programme anchor to watch.
Side-By-Side Comparisons
INDEPENDENT ASSESSMENT
Evaluating Kratos Defense & Security Solutions? Commission a Decision Brief.
One company, one decision question, five working days. Source-traced evidence, what is verified versus claimed, and the questions to put to management. £999.
Watch Kratos Defense & Security Solutions
Our trackers log every contract, raise, and programme change we verify for Kratos Defense & Security Solutions. Watched-company alerts are being designed with a small group of investment and strategy professionals. Join the list and tell us what you monitor.
Join the design-partner listSources & References
Drone Intelligence, Company Profile. Compiled from public filings, company disclosures and specialist reporting. Last updated 28 September 2026.
info@droneintelligence.ai