Monday, May 11, 2026
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Strong 1Q. Kratos’s balanced business model of making internally funded investments and the rapid development and fielding of relevant products for the Department of War is producing positive results. The Company significantly exceeded the first quarter forecast across the board, with EBITDA being particularly strong as a result of execution and product delivery mix, with Kratos’ Microwave Electronics, Turbine Technologies, and Unmanned Systems businesses each having a particularly strong quarter.
1Q26 Results. Revenue of $371 million rose 22.6%, including 15.8% organic growth, over the same period last year. We were at $340 million. Adjusted EBITDA totaled $38.7 million, or a 10.4% margin, compared to $26.7 million and 6.6% in 1Q25. Our forecast was for $27 million. Net income was $11.9 million, or $0.07/sh, up from $4.5 million, or $0.03/sh, in 1Q25. Adjusted EPS was $0.16 in 1Q26, up from $0.12 last year. We were at $0.02 and $0.13, respectively.
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