Leonardo DRS Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	265	213	168	405	154	85
Depreciation & Amortization	92	91	85	65	58	53
Loss (Gain) From Sale of Assets	-	-	-	-354	-	-
Stock-Based Compensation	25	22	17	5	-	-
Other Operating Activities	22	24	-51	-6	31	33
Change in Accounts Receivable	-147	-66	-21	-135	-125	30
Change in Inventory	-41	-29	-10	-33	42	-38
Change in Accounts Payable	41	15	-59	-14	1	-58
Change in Unearned Revenue	125	64	102	72	-3	2
Change in Other Net Operating Assets	2	-63	-26	28	20	18
Operating Cash Flow	384	271	205	33	178	125
Operating Cash Flow Growth	11.95%	32.20%	521.21%	-81.46%	42.40%	-20.38%
Capital Expenditures	-119	-85	-60	-65	-60	-56
Sale of Property, Plant & Equipment	-	1	1	-	-	5
Cash Acquisitions	-	-	-	19	-14	-
Divestitures	-	-	-	482	-	-
Investment in Securities	-15	-	-	-	-2	-4
Other Investing Activities	-	-	-	-	115	-15
Investing Cash Flow	-134	-84	-59	436	39	-70
Short-Term Debt Issued	-	-	20	775	930	1,105
Long-Term Debt Issued	-	280	715	223	-	-
Total Debt Issued	50	280	735	998	930	1,105
Short-Term Debt Repaid	-	-32	-	-1,000	-968	-1,181
Long-Term Debt Repaid	-	-291	-727	-	-	-
Total Debt Repaid	-60	-323	-727	-1,000	-968	-1,181
Net Debt Issued (Repaid)	-10	-43	8	-2	-38	-76
Issuance of Common Stock	12	16	12	-	-	-
Repurchase of Common Stock	-60	-19	-1	-	-	-
Common Dividends Paid	-72	-	-	-	-	-
Other Financing Activities	-9	-10	-4	-5	-	-4
Financing Cash Flow	-139	-56	15	-403	-38	-80
Foreign Exchange Rate Adjustments	-	-	-	-	-	1
Net Cash Flow	111	131	161	66	179	-24
Free Cash Flow	265	186	145	-32	118	69
Free Cash Flow Growth	-1.49%	28.28%	-	-	71.01%	-32.35%
Free Cash Flow Margin	7.42%	5.75%	5.13%	-1.19%	4.10%	2.48%
Free Cash Flow Per Share	0.99	0.69	0.55	-0.15	0.56	0.33
Cash Interest Paid	27	27	38	34	35	64
Levered Free Cash Flow	211.38	155	130.75	-56.13	203.75	25.13
Unlevered Free Cash Flow	218.25	168.13	153.25	-34.88	225.63	65.13
Change in Working Capital	-20	-79	-14	-82	-65	-46

Source: S&P Global Market Intelligence. Standard template. Financial Sources.