Every material Form 8-K Kratos Defense & Security Solutions filed with the SEC in 2026, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Kratos reported third quarter 2026 revenue of $471.8 million, up 35.7% from a year earlier, and raised its adjusted EBITDA guidance for fiscal 2026 while tightening its revenue range. GAAP results weakened, with a net loss of $0.2 million compared with net income of $8.7 million a year earlier, and the company issued an initial 2027 forecast that assumes a continuing resolution into early 2027.
Q3 2026 revenue $471.8 million vs. $347.6 million in Q3 2025; organic growth 23.2%
GAAP net loss of $0.2 million (EPS $0.00) vs. net income of $8.7 million ($0.05 per share) in Q3 2025; adjusted EPS $0.24 vs. $0.14
FY2026 guidance: revenue $1,780 - $1,810 million and adjusted EBITDA $176 - $180 million
Initial FY2027 forecast: revenue $2,100 - $2,200 million and adjusted EBITDA $230 - $240 million; Q1 2027 expected to be the lightest quarter
Kratos Defense & Security Solutions reported second quarter 2026 revenue of $458.8 million, up from $351.5 million a year earlier, and raised its full-year 2026 revenue guidance to $1.750 billion to $1.810 billion. The company posted an operating loss of $1.6 million for the quarter, compared with operating income of $3.7 million a year earlier, while GAAP net income rose to $4.4 million, helped by interest income, and GAAP EPS was $0.02 in both periods.
Q2 2026 revenue of $458.8 million, up 30.5% from $351.5 million; organic growth of 19.1%
Operating loss of $1.6 million versus operating income of $3.7 million in Q2 2025; net income of $4.4 million versus $2.9 million
Adjusted EPS of $0.21 versus $0.11 a year earlier; Adjusted EBITDA of $38.2 million
Q3 2026 revenue guidance of $460 million to $480 million and operating income guidance of $1 million to $4 million; Q2 operating cash flow use of $11.0 million
Kratos reported first quarter 2026 revenue of $371.0 million, up 22.6% from $302.6 million a year earlier, and GAAP net income of $11.9 million, or $0.07 per diluted share, versus $4.5 million, or $0.03, in the prior-year quarter. The company raised its fiscal 2026 guidance to revenue of $1.700 billion to $1.760 billion and adjusted EBITDA of $170.0 million to $176.0 million, including the recently closed Orbit Technologies acquisition, but reported first quarter operating income of $4.7 million, down from $6.6 million, and cash flow used in operations of $27.4 million.
Q1 2026 revenue $371.0 million, up 22.6%; organic growth 15.8%
GAAP net income $11.9 million ($0.07 per diluted share) vs. $4.5 million ($0.03) in Q1 2025
Fiscal 2026 revenue guidance raised to $1.700 billion to $1.760 billion; adjusted EBITDA guidance $170.0 million to $176.0 million
Q1 2026 operating income $4.7 million vs. $6.6 million a year earlier; cash flow used in operations $27.4 million
Kratos Defense & Security Solutions appointed David King, a former Dynetics CEO and Leidos Group President, to its Board of Directors effective March 23, 2026, and to the Audit Committee. Bill Hoglund stepped down from the Audit Committee but remains Board Chairman. The filing describes a board appointment and committee change, not a change in financial results or company strategy.
David King appointed to Board effective March 23, 2026, following a March 19, 2026 recommendation from the Nominating and Corporate Governance Committee
King joins the Audit Committee, which now includes Scott Anderson (Chairperson), Colonel Bradley Boyd (Retired), Scot Jarvis and King
Bill Hoglund stepped down from the Audit Committee effective March 23, 2026 and remains Chairman of the Board
King will receive standard non-employee director compensation and a standard indemnification agreement
Kratos Defense & Security Solutions completed its merger with Orbit Technologies on March 2, 2026, making Orbit an indirect wholly owned subsidiary. The purchase price was approximately $352.7 million in cash, funded from Kratos's balance sheet cash, at $13.725 per Orbit ordinary share. The filing does not report Orbit's financial results or the deal's effect on Kratos's earnings.
Merger completed March 2, 2026; Orbit ceased public trading on the Tel Aviv Stock Exchange
Purchase price of approximately $352.7 million in cash for 100 percent of Orbit's ordinary shares
Merger consideration of $13.725 per Orbit ordinary share, as set out in the November 4, 2025 merger agreement
Outstanding Orbit options were fully vested and cashed out at the merger consideration less exercise price
Kratos Defense & Security Solutions priced a firm underwritten public offering of 14,285,714 common shares at $84.00 each, and the underwriters exercised their 30-day option in full on February 27, 2026. The offering was completed on March 2, 2026, with expected net proceeds of about $1,172,999,977. The company says it will use the proceeds for capital expenditures, product development, balance sheet strengthening, the recent Nomad acquisition, the pending Orbit acquisition and other strategic M&A, which means existing shareholders will own a larger share of the company.
Priced 14,285,714 shares at $84.00 per share; underwriters exercised option for an additional 2,142,857 shares in full on February 27, 2026
Expected net proceeds of approximately $1,172,999,977 after underwriting discounts and commissions
Offering closed March 2, 2026; Robert W. Baird & Co. acted as representative of the underwriters
Proceeds earmarked in part for the recent Nomad acquisition and the pending Orbit acquisition
Kratos reported fourth-quarter 2025 revenue of $345.1 million, up from $283.1 million a year earlier, and GAAP net income of $5.9 million, or $0.03 per share, versus $3.9 million. The company also issued its first 2026 base case guidance, with revenue of $1.595 billion to $1.675 billion and adjusted EBITDA of $157.0 million to $167.0 million, including the recently closed Nomad acquisition. Free cash flow used in operations was $125.4 million for full year 2025, which shareholders may weigh against the revenue growth.
Q4 2025 revenue $345.1 million, up 21.9% from $283.1 million; organic growth 20.0%
Q4 2025 GAAP net income $5.9 million ($0.03 per share) vs. $3.9 million; adjusted EPS $0.18 vs. $0.13
Full year 2025 revenue $1.347 billion; net income $22.0 million; free cash flow used $125.4 million
2026 base case guidance: revenue $1.595 billion to $1.675 billion; adjusted EBITDA $157.0 million to $167.0 million
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Kratos Defense & Security Solutions filing is on SEC EDGAR ↗. 8-K briefs of other companies →