Leonardo DRS, Inc.
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 27, 2026
DRS$36.53+0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| (Dollars in millions) | 2025 | 2024 | 2023 |
| Operating activities | |||
| Net earnings | $278 | $213 | $168 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Depreciation and amortization | 93 | 91 | 85 |
| Deferred income taxes | 28 | 23 | (52) |
| Stock-based compensation expense | 32 | 22 | 17 |
| Other | — | 1 | 1 |
| Changes in assets and liabilities: | |||
| Accounts receivable | (81) | (102) | 15 |
| Contract assets | (59) | 36 | (36) |
| Inventories | 6 | (29) | (10) |
| Prepaid expenses | 1 | (6) | (1) |
| Other current assets | 23 | (13) | (18) |
| Other noncurrent assets | (44) | 17 | 19 |
| Defined benefit obligations | (10) | (2) | (8) |
| Accounts payable | (79) | 15 | (59) |
| Contract liabilities | 186 | 64 | 102 |
| Other current liabilities | 3 | (39) | (26) |
| Other noncurrent liabilities | (11) | (20) | 8 |
| Net cash provided by operating activities | 366 | 271 | 205 |
| Investing activities | |||
| Capital expenditures | (139) | (85) | (60) |
| Proceeds from sales of assets | — | 1 | 1 |
| Purchases of investments | (15) | — | — |
| Net cash used in investing activities | (154) | (84) | (59) |
| Financing activities | |||
| Net increase (decrease) in borrowings (maturities of 90 days or less) | 1 | (32) | 20 |
| Repayments of borrowings | (11) | (291) | (727) |
| Proceeds from borrowings | — | 280 | 715 |
| Proceeds from stock issuance | 9 | 16 | 12 |
| Repurchases of common stock | (35) | — | — |
| Payments of employee taxes withheld from stock-based awards | (21) | (19) | (1) |
| Dividends paid | (28) | — | — |
| Dividends paid to related party | (68) | — | — |
| Other | (10) | (10) | (4) |
| Net cash (used in) provided by financing activities | (163) | (56) | 15 |
| Effect of exchange rate changes on cash and cash equivalents | — | — | — |
| Net increase in cash and cash equivalents | 49 | 131 | 161 |
| Cash and cash equivalents at beginning of year | 598 | 467 | 306 |
| Cash and cash equivalents at end of year | $647 | $598 | $467 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.