Kratos Defense & Security Solutions, Inc. (KTOS) · Nov 5, 2026 · Earnings

Kratos earnings beat as backlog hits $2.65B, cash burn deepens

Beat — Adjusted EPS $0.24 vs ~$0.21 consensus

Kratos earnings beat adjusted EPS expectations and lifted EBITDA guidance, but heavier investment drives deeper 2026 cash burn.

Kratos is scaling a defense-technology platform around hypersonics, rocket systems, jet engines, space, and unmanned aircraft; the immediate strategy is to spend ahead of demand so production capacity catches up with a rapidly expanding order pipeline. The filing shows that strategy is working operationally, but not yet converting cleanly into GAAP profit or cash.

The quarter beat the published bar on adjusted earnings. Revenue of $471.8 million was slightly above the published consensus of approximately $470.5 million, while adjusted EPS of $0.24 exceeded the roughly $0.21 expectation. Adjusted EBITDA reached $50.9 million, above the prior Q3 guide of $40–$45 million, helped by a sharp step-up in Kratos Government Solutions.

Metric	Q3 2026	Q3 2025	Consensus / prior guide
Revenue (Income Statement)	$471.8M	$347.6M	~$470.5M consensus
Adjusted EPS (Adjusted EPS reconciliation)	$0.24	$0.14	~$0.21 consensus
Adjusted EBITDA (Reconciliation)	$50.9M	$30.8M	$40–$45M prior guide
GAAP operating income (Income Statement)	($4.9M)	$7.1M	—
FY26 revenue guide (Financial Forecast Estimates)	$1.780–$1.810B	—	$1.750–$1.810B prior guide
FY26 Adjusted EBITDA guide (Financial Forecast Estimates)	$176–$180M	—	$173–$176M prior guide
FY26 operating cash flow (Financial Forecast Estimates)	($10M)–$10M	—	$30–$50M prior guide
FY26 free-cash-flow use (Financial Forecast Estimates)	($110M)–($120M)	—	($85M)–($105M) prior guide

The demand signal is materially stronger. Consolidated bookings were $1.037 billion, producing a 2.2-to-1 book-to-bill ratio, and backlog rose to $2.650 billion from $2.084 billion at the end of the prior quarter. Most of that momentum came from Kratos Government Solutions, whose quarterly revenue grew 52.5% year over year and whose backlog reached $2.292 billion; Unmanned Systems was the weak spot, with revenue down to $74.6 million and a quarterly book-to-bill ratio below one.

Management raised the earnings-quality signal while lowering the cash-quality signal. The FY26 revenue range moved up at the low end and Adjusted EBITDA guidance increased, but operating cash flow shifted from a projected $30–$50 million inflow to roughly breakeven or a $10 million outflow. Planned free-cash-flow use also deepened to $110–$120 million. That reflects inventory, facilities, engines, rocket systems, and other capacity investments needed for the ramp—not a collapse in demand—but it means the growth story is becoming more capital intensive than previously expected.

The accounting-profit picture remains considerably weaker than the adjusted headline. Kratos posted a $4.9 million operating loss and a $0.2 million net loss despite the adjusted EPS beat. Corporate expense rose sharply, amortization increased following acquisitions, and the company is carrying substantial working-capital needs as production ramps. The filing therefore advances the demand and scale narrative, but it does not yet show a self-funding business model.

Bottom line: This was a modestly better-than-expected operating quarter with stronger orders and higher EBITDA guidance, but the improvement comes with heavier cash investment and continued GAAP losses. The business story is moving forward, though execution is still dependent on converting backlog into cash.

What to watch next

FY2026 results and FY2027 cash-flow guidance, late February 2027

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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Kratos earnings beat as backlog hits $2.65B, cash burn deepens

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