Leonardo DRS, Inc. reported first quarter ended March 31, 2026 results: revenue $846 million, net income $62 million, EPS $0.23. Guidance raised.
“Leonardo DRS Announces Financial Results for First Quarter 2026 • Revenue: $846 million, up 6% year-over-year • Net Earnings: $62 million, up 24% year-over-year • Adjusted EBITDA: $105 million, up 28% year-over-year • Diluted EPS: $0.23, up 21% year-over-year • Adjusted Diluted EPS: $0.26, up 30% year-over-year • Bookings: $885 million (book-to-bill ratio of 1.0x) • Funded Backlog: $4.7 billion, up 8% year-over-year • Raises 2026 guidance across key metrics”
Debt Financings
Leonardo DRS, Inc. incurred revolving credit of $500 million with JPMorgan Chase Bank, N.A. at Term SOFR plus 1.250% to 1.625% maturing five years.
“The Credit Agreement provides for a five-year senior unsecured $500 million revolving credit facility”
Material Agreements
Leonardo DRS, Inc. terminated Old Credit Agreement with Bank of America, N.A., as administrative agent, Swing Line Lender and L/C Issuer, the Guarantors, and the other lenders party thereto (effective 2026-01-28).
“the Company terminated its existing credit agreement, dated as of November 29, 2022, with Bank of America, N.A., as administrative agent, Swing Line Lender and L/C Issuer, the Guarantors, and the other lenders party thereto (the “Old Credit Agreement”).”
Material Agreements
Leonardo DRS, Inc. entered into Credit Agreement with JPMorgan Chase Bank, N.A., as Administrative Agent and Swing Line Lender, and the other lenders party thereto valued at $500 million (effective 2026-01-28).
“On January 28, 2026, Leonardo DRS, Inc., a Delaware corporation (the “Company”), and certain direct and indirect U.S. subsidiaries of the Company (the “Guarantors”) entered into a credit agreement (the “Credit Agreement”) by and among the Company, as borrower, the Guarantors, JPMorgan Chase Bank, N.A. (“JPMorgan”), as Administrative Agent and Swing Line Lender, and the other lenders party thereto.”
Governance Changes
Leonardo DRS, Inc.: Amended and restated bylaws to remove a 'pop-up' supermajority requirement to amend, alter, or repeal the bylaws, consistent with the charter amendment (effective 2025-06-05).
“The Bylaws were amended and restated to remove a “pop-up” supermajority requirement to amend, alter, or repeal the Bylaws consistent with the provisions in the Amendment.”
Governance Changes
Leonardo DRS, Inc.: Removed certain 'pop-up' supermajority voting requirements in Article Twelfth of the Amended and Restated Certificate of Incorporation, changing approval thresholds from 66 2/3% to a majority vote for certain amendments (effective 2025-06-05).
“The Amendment calls for the elimination of requirements in Article Twelfth that currently provide that under certain circumstances, certain provisions of the Charter may only be altered, amended, or repealed and any provisions inconsistent therewith be adopted or added if such alteration, amendment, repeal, adoption or addition is approved by 66 2⁄3% of the voting power of the outstanding common stock then entitled to vote at any annual meeting or special meeting of stockholders.”
Shareholder Votes
Leonardo DRS, Inc. shareholders approved Approval of the Amendment and Restatement of the Leonardo DRS, Inc. 2022 Omnibus Equity Compensation Plan at the 2024-05-15 meeting.
“Approval of the Amendment and Restatement of the Leonardo DRS, Inc. 2022 Omnibus Equity Compensation Plan 250,467,618 861,989 87,959 3,912,857”
Shareholder Votes
Leonardo DRS, Inc. shareholders approved Approval of the Leonardo DRS, Inc. Employee Stock Purchase Plan at the 2024-05-15 meeting.
“Approval of the Leonardo DRS, Inc. Employee Stock Purchase Plan 251,319,881 69,247 28,438 3,912,857”
Shareholder Votes
Leonardo DRS, Inc. shareholders approved Ratification of Appointment of Ernst & Young LLP as the Company’s Independent Registered Public Accounting Firm for the fiscal year ending December 31, 2024 at the 2024-05-15 meeting.
“Ratification of Appointment of Ernst & Young LLP as the Company’s Independent Registered Public Accounting Firm for the fiscal year ending December 31, 2024 255,204,772 67,207 58,444 N/A”
Shareholder Votes
Leonardo DRS, Inc. shareholders approved Advisory Resolution Regarding Compensation of the Company’s NEOs at the 2024-05-15 meeting.
“Advisory Resolution Regarding Compensation of the Company’s NEOs 250,541,067 755,296 121,203 3,912,857”
Shareholder Votes
Leonardo DRS, Inc. shareholders approved Election of Directors at the 2024-05-15 meeting.
“Election of Directors Shares Voted For Shares Voted Against Withheld Broker Non-Votes William J. Lynn III 249,843,624 N/A 1,573,942 3,912,857 Frances F. Townsend 249,969,986 N/A 1,447,580 3,912,857 Gail S. Baker 250,761,350 N/A 656,216 3,912,857 Dr. Louis R. Brothers 250,768,672 N/A 648,894 3,912,857 David W. Carey 249,336,972 N/A 2,080,594 3,912,857 General George W. Casey, Jr. 250,763,399 N/A 654,167 3,912,857 Mary E. Gallagher 250,765,518 N/A 652,048 3,912,857 Kenneth J. Krieg 236,280,607 N/A 15,136,959 3,912,857 Eric Salzman 250,051,465 N/A 1,366,101 3,912,857”
Earnings Releases
Leonardo DRS, Inc. reported first quarter ended March 31, 2024 results: revenue $688 million, net income $29 million, EPS $0.11. Guidance reaffirmed.
“Leonardo DRS Announces Financial Results for First Quarter 2024 • Revenue: $688 million, up 21% year-over-year • Net Earnings: $29 million, up 142% year-over-year • Adjusted EBITDA: $70 million, up 43% year-over-year • Diluted EPS: $0.11, up 120% year-over-year • Adjusted Diluted EPS: $0.14, up 100% year-over-year • Bookings: $815 million (book-to-bill ratio of 1.2x) • Backlog: $7.8 billion, up 84% year-over-year • Confirms solid 2024 guidance”
Facts are extracted by an LLM and gated to those whose source quote is present verbatim in the filing text. Coverage is best-effort while backfill and monitoring mature; this is not yet a full-market index. See methodology.