Leonardo DRS Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	278	213	168	405	154
Depreciation & Amortization	93	91	85	65	58
Loss (Gain) From Sale of Assets	-	-	-	-354	-
Stock-Based Compensation	32	22	17	5	-
Other Operating Activities	28	24	-51	-6	31
Change in Accounts Receivable	-140	-66	-21	-135	-125
Change in Inventory	6	-29	-10	-33	42
Change in Accounts Payable	-79	15	-59	-14	1
Change in Unearned Revenue	186	64	102	72	-3
Change in Other Net Operating Assets	-38	-63	-26	28	20
Operating Cash Flow	366	271	205	33	178
Operating Cash Flow Growth	35.05%	32.20%	521.21%	-81.46%	42.40%
Capital Expenditures	-139	-85	-60	-65	-60
Sale of Property, Plant & Equipment	-	1	1	-	-
Cash Acquisitions	-	-	-	19	-14
Divestitures	-	-	-	482	-
Investment in Securities	-15	-	-	-	-2
Other Investing Activities	-	-	-	-	115
Investing Cash Flow	-154	-84	-59	436	39
Short-Term Debt Issued	1	-	20	775	930
Long-Term Debt Issued	-	280	715	223	-
Total Debt Issued	1	280	735	998	930
Short-Term Debt Repaid	-	-32	-	-1,000	-968
Long-Term Debt Repaid	-11	-291	-727	-	-
Total Debt Repaid	-11	-323	-727	-1,000	-968
Net Debt Issued (Repaid)	-10	-43	8	-2	-38
Issuance of Common Stock	9	16	12	-	-
Repurchase of Common Stock	-56	-19	-1	-	-
Common Dividends Paid	-96	-	-	-	-
Other Financing Activities	-10	-10	-4	-5	-
Financing Cash Flow	-163	-56	15	-403	-38
Net Cash Flow	49	131	161	66	179
Free Cash Flow	227	186	145	-32	118
Free Cash Flow Growth	22.04%	28.28%	-	-	71.01%
Free Cash Flow Margin	6.22%	5.75%	5.13%	-1.19%	4.10%
Free Cash Flow Per Share	0.84	0.69	0.55	-0.15	0.56
Cash Interest Paid	-	27	38	34	35
Levered Free Cash Flow	225.5	155	130.75	-56.13	203.75
Unlevered Free Cash Flow	230.5	168.13	153.25	-34.88	225.63
Change in Working Capital	-65	-79	-14	-82	-65

Updated Feb 24, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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