0001069258-26-000013 | 10-K | XBRL Viewer | Kratos Defense Security Solutions INC

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Stockholders' Equity - Stock Option Plans and Restricted Stock Units Plans (Details) - USD ($) $ in Millions		12 Months Ended
	May 24, 2023	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023	May 23, 2023	May 22, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards granted (in shares)	0	0	0	0
Number of shares available for issuance (in shares)					2,280,707
Options outstanding (in shares)		0	0
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation expense related to nonvested restricted stock units		$ 41.8
Unrecognized stock-based compensation expense, period for recognition		1 year 10 months 24 days
Fair value of vested awards		$ 32.5	$ 44.3	$ 9.8
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based incentive award vesting period		10 years
Maximum \| Stock Options and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based incentive award vesting period		10 years
2023 Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance (in shares)		1,639,427			4,747,690	2,466,983

Income Taxes - Deferred Taxes (Details) - USD ($) $ in Millions	Dec. 28, 2025	Dec. 29, 2024
Deferred tax assets:
Stock-based compensation	$ 7.2	$ 7.3
Payroll related accruals	11.3	9.4
Lease accruals	32.8	28.7
Net operating loss carryforwards	30.0	33.3
Tax credit carryforwards	16.5	12.7
Deferred expenses	19.8	15.7
Other	16.1	17.0
Total deferred taxes	133.7	124.1
Valuation allowance	(7.4)	(7.6)
Total deferred tax assets, net of valuation allowance	126.3	116.5
Deferred tax liabilities:
Unearned revenue	(2.9)	(3.2)
Operating lease right-of-use assets	(29.2)	(25.5)
Other intangibles	(26.2)	(19.4)
Property and equipment, principally due to differences in depreciation	(13.3)	(6.6)
Other	(1.9)	(2.3)
Total deferred tax liabilities	(73.5)	(57.0)
Net deferred tax asset	$ 52.8	$ 59.5

Organization and Summary of Significant Accounting Policies - Schedule of Revenue by Geographic Area (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Revenue, Major Customer [Line Items]
Total revenues	$ 1,346.8	$ 1,136.3	$ 1,037.1
United States
Revenue, Major Customer [Line Items]
Total revenues	1,065.0	899.1	830.3
Other North America
Revenue, Major Customer [Line Items]
Total revenues	19.4	18.6	13.9
Asia Pacific
Revenue, Major Customer [Line Items]
Total revenues	71.2	61.7	64.1
Middle East
Revenue, Major Customer [Line Items]
Total revenues	66.2	73.1	43.1
Europe
Revenue, Major Customer [Line Items]
Total revenues	78.1	49.7	60.6
Other
Revenue, Major Customer [Line Items]
Total revenues	$ 46.9	$ 34.1	$ 25.1

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Segment Information - Narrative (Details) $ in Millions	12 Months Ended
Segment Information - Narrative (Details) $ in Millions	Dec. 28, 2025 USD ($) segment	Dec. 29, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable (in segments) \| segment	2
Total revenues	$ 1,346.8	$ 1,136.3	$ 1,037.1
Kratos Government Solutions
Segment Reporting Information [Line Items]
Total revenues	1,054.8	865.8	824.9
Assets of foreign subsidiaries	300.5	223.2	204.6
Non-US
Segment Reporting Information [Line Items]
Total revenues	$ 267.7	$ 226.6	$ 202.0
Percentage of foreign revenue to total revenue (percent)	20.00%	20.00%	19.00%

- Definition

+ References

+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Redeemable Noncontrolling Interest	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance, beginning of period at Dec. 25, 2022		$ 11.2
Redeemable Noncontrolling Interest
Net income (loss) from consolidated operations		11.3
Balance, end of period at Dec. 31, 2023		22.5
Balance, beginning of period (in shares) at Dec. 25, 2022			126,000,000.0
Balance, beginning of period at Dec. 25, 2022	$ 936.3		$ 0.0	$ 1,608.4	$ (0.8)	$ (671.3)
Increase (Decrease) in Stockholders' Equity
Stock-based compensation	25.3			25.3
Issuance of common stock for employee stock purchase plan and stock awards (in shares)			800,000
Issuance of common stock for employee stock purchase plan and stock awards	6.5			6.5
Restricted stock issued and related taxes (in shares)			700,000
Restricted stock issued and related taxes	(3.7)			(3.7)
Issuance of common stock for equity raise (in shares)			1,000,000.0
Issuance of common stock for equity raise	14.8			14.8
Gain (loss) on interest rate swap contract	0.7				0.7
Net income (loss) from consolidated operations	(8.9)					(8.9)
Other comprehensive income (loss), net of tax	1.8				1.8
Acquisition of noncontrolling interest (in shares)			800,000
Acquisition of noncontrolling interest	3.2			3.2
Balance, end of period (in shares) at Dec. 31, 2023			129,300,000
Balance, end of period at Dec. 31, 2023	976.0		$ 0.0	1,654.5	1.7	(680.2)
Redeemable Noncontrolling Interest
Acquisition of noncontrolling interest		(22.5)
Balance, end of period at Dec. 29, 2024		0.0
Increase (Decrease) in Stockholders' Equity
Stock-based compensation	29.8			29.8
Issuance of common stock for employee stock purchase plan and stock awards (in shares)			600,000
Issuance of common stock for employee stock purchase plan and stock awards	8.2			8.2
Restricted stock issued and related taxes (in shares)			1,400,000
Restricted stock issued and related taxes	(17.4)			(17.4)
Issuance of common stock for equity raise (in shares)			19,200,000
Issuance of common stock for equity raise	330.7		$ 0.2	330.5
Issuance of common stock for acquisitions	0.5			0.5
Gain (loss) on interest rate swap contract	0.1				0.1
Net income (loss) from consolidated operations	16.3					16.3
Other comprehensive income (loss), net of tax	(2.3)				(2.3)
Acquisition of noncontrolling interest (in shares)			600,000
Acquisition of noncontrolling interest	$ 11.3			11.3
Balance, end of period (in shares) at Dec. 29, 2024	151,092,292		151,100,000
Balance, end of period at Dec. 29, 2024	$ 1,353.2		$ 0.2	2,017.4	(0.5)	(663.9)
Balance, end of period at Dec. 28, 2025		$ 0.0
Increase (Decrease) in Stockholders' Equity
Stock-based compensation	35.5			35.5
Issuance of common stock for employee stock purchase plan and stock awards (in shares)			500,000
Issuance of common stock for employee stock purchase plan and stock awards	9.9			9.9
Restricted stock issued and related taxes (in shares)			1,200,000
Restricted stock issued and related taxes	(20.0)			(20.0)
Issuance of common stock for equity raise (in shares)			14,900,000
Issuance of common stock for equity raise	555.9			555.9
Issuance of common stock for acquisitions (in shares)			1,200,000
Issuance of common stock for acquisitions	37.2			37.2
Gain (loss) on interest rate swap contract	(0.9)				(0.9)
Net income (loss) from consolidated operations	22.0					22.0
Other comprehensive income (loss), net of tax	$ 3.5				3.5
Balance, end of period (in shares) at Dec. 28, 2025	168,875,032		168,900,000
Balance, end of period at Dec. 28, 2025	$ 1,996.3		$ 0.2	$ 2,635.9	$ 2.1	$ (641.9)

Balance Sheet Details - Inventory (Details) - USD ($) $ in Millions	Dec. 28, 2025	Dec. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 109.4	$ 90.1
Work in process	71.9	67.7
Finished goods	6.9	4.3
Inventoried costs, net	$ 188.2	$ 162.1

Leases - Schedule of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Leases [Abstract]
Amortization of right of use assets - finance leases	$ 4.1	$ 3.2	$ 3.1
Interest expense on lease liabilities - finance leases	4.1	3.3	3.1
Operating lease cost (expense resulting from amortization of total lease payments)	14.5	13.9	14.0
Short-term lease cost	1.5	1.4	1.2
Variable lease cost (cost excluded from lease payments)	0.0	0.0	0.1
Sublease income	(0.2)	(0.2)	0.0
Total lease cost	$ 24.0	$ 21.6	$ 21.5

Balance Sheet Details

12 Months Ended

Dec. 28, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Details

The detail of certain assets in the consolidated balance sheets consists of the following:

Cash and cash equivalents

The Company’s cash equivalents consist of overnight cash sweep accounts that are invested on a daily basis. Cash and cash equivalents at December 28, 2025 and December 29, 2024 were $560.6 million and $329.3 million, respectively, and approximated their fair value.

Accounts receivable, net and Unbilled receivables, net

Receivables including amounts due under long-term contracts are summarized as follows (in millions):


	December 28, 2025		December 29, 2024
Billed, current	$	165.9	$	118.5
Unbilled, current	292.5		206.4
Total current accounts receivable	458.4		324.9
Allowance for doubtful accounts	(1.0)		(1.1)
Total accounts receivable and unbilled receivables, net	$	457.4	$	323.8

Substantially all accounts receivable at December 28, 2025, are expected to be collected in 2026. The Company does not believe it has significant exposure to credit risk, as accounts receivable and the related unbilled amounts are primarily from contracts associated with the U.S. Government.

U.S. Government contract receivables where the Company is the prime contractor included in accounts receivable, net (in millions):


	December 28, 2025		December 29, 2024
Billed	$	25.4	$	11.6
Unbilled	88.3		61.2
Total U.S. Government contract receivables	$	113.7	$	72.8

Inventoried costs (in millions):


	December 28, 2025		December 29, 2024
Raw materials	$	109.4	$	90.1
Work in process	71.9		67.7
Finished goods	6.9		4.3



Total inventoried costs	$	188.2	$	162.1

Property, plant and equipment, net (in millions)


	December 28, 2025		December 29, 2024
Finance lease right of use assets	$	103.7	$	71.0
Land and buildings	40.5		41.3
Computer equipment and software	71.0		63.0
Machinery and equipment	201.0		178.2
Furniture and office equipment	9.3		8.6
Leasehold improvements	43.0		30.8
Construction in progress	103.9		81.8
Property and equipment	572.4		474.7
Accumulated depreciation and amortization	(210.5)		(186.5)
Total property and equipment, net	$	361.9	$	288.2

Depreciation expense was $37.5 million, $31.7 million and $26.4 million for the years ended December 28, 2025, December 29, 2024, and December 31, 2023, respectively.

Goodwill and Other Intangible Assets - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 28, 2025 USD ($) segment	Dec. 29, 2024 USD ($)	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Number of operating (in segments) \| segment	5
Amortization of intangible assets \| $	$ 9.6	$ 8.6	$ 6.8

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

Segment Information

12 Months Ended

Dec. 28, 2025

Segment Reporting [Abstract]

Segment Information

The Company operates in two reportable segments. The KGS reportable segment is comprised of an aggregation of KGS operating segments, including DRSS, ME, ST&C, MS, and KTT. The US reportable segment consists of the Company’s unmanned aerial, unmanned ground, unmanned seaborne and command, control and communications system products. The KGS and US segments provide products, solutions and services for mission critical National Security programs. KGS and US customers primarily include National Security related agencies, the DoW, intelligence agencies and classified agencies, and to a lesser degree, international government agencies and domestic and international commercial customers.

There were not any significant intersegment sales, cost of sales and profit for the years ended December 28, 2025, December 29, 2024, and December 31, 2023.

The Company’s chief operating decision maker is the President and Chief Executive Officer. The chief operating decision maker uses segment operating income (loss) predominantly in the annual budget and forecasting process. The chief operating decision maker considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources to each segment. The chief operating decision maker also uses segment operating income (loss) to assess the performance of each segment by comparing the results of each segment with one another and in determining the compensation of certain employees.

(a) Summary Operating Results

The tables below provide information about the Company’s reportable segments. In these tables total segment operating income (loss) of the reportable business segments is reconciled to the corresponding consolidated amount. “Unallocated amounts” includes costs for merger and acquisition expenses, stock-based compensation expenses, interest income (expense), net, and other income (expense) items not considered part of management’s evaluation of segment operating income (loss). See footnote 1(e) for segment revenues disaggregated by contract type, customer and geographic region. The summary operating results for the Company’s reportable segments for the years ended December 28, 2025, December 29, 2024, and December 31, 2023, are as follows (in millions):


Year Ended December 28, 2025	Kratos
	Government		Unmanned
	Solutions		Systems		Totals
Service revenues	$	460.3	$	8.7	$	469.0
Product sales	594.5		283.3		877.8
Total revenues	1,054.8		292.0		1,346.8
Cost of service revenue	350.1		6.7		356.8
Cost of product sales	447.6		234.5		682.1
Total cost of sales	797.7		241.2		1,038.9

Selling, general & administrative expenses	158.8		45.9		204.7
Research & development expenses	37.7		2.3		40.0

Total segment operating income	60.6		2.6		63.2
Reconciliation of segment operating income
Unallocated amounts:
Merger and acquisition related expenses					(2.1)
Stock compensation expense					(35.5)
Interest income (expense), net					5.9

Other income (expense), net					2.5

Income before income taxes					$	34.0

Revenues from foreign customers were approximately $267.7 million or 20% of total revenue for the year ended December 28, 2025. Revenues from any one foreign country did not exceed 10% of total revenues. Assets of foreign subsidiaries in the KGS segment were $300.5 million as of December 28, 2025. Assets from any one foreign country did not exceed 10% of total assets.


Year Ended December 29, 2024	Kratos
	Government		Unmanned
	Solutions		Systems		Totals
Service revenues	$	416.3	$	7.1	$	423.4
Product sales	449.5		263.4		712.9
Total revenues	865.8		270.5		1,136.3
Cost of service revenue	304.7		5.3		310.0
Cost of product sales	322.3		216.8		539.1
Total cost of sales	627.0		222.1		849.1

Selling, general & administrative expenses	146.1		41.3		187.4
Research & development expenses	36.1		4.2		40.3

Total segment operating income	56.6		2.9		59.5
Reconciliation of segment operating income
Unallocated amounts:
Merger and acquisition related expenses					(0.7)
Stock compensation expense					(29.8)
Interest income (expense), net					(3.0)

Other income (expense), net					0.5

Income before income taxes					$	26.5

Revenues from foreign customers were approximately $226.6 million or 20% of total revenue for the year ended December 29, 2024. Revenues from any one foreign country did not exceed 10% of total revenues. Assets of foreign subsidiaries in the KGS segment were $223.2 million as of December 29, 2024. Assets from any one foreign country did not exceed 10% of total assets.


Year Ended December 31, 2023	Kratos
	Government		Unmanned
	Solutions		Systems		Totals
Service revenues	$	395.9	$	6.7	$	402.6
Product sales	429.0		205.5		634.5
Total revenues	824.9		212.2		1,037.1
Cost of service revenue	298.3		4.9		303.2
Cost of product sales	301.9		163.4		465.3
Total cost of sales	600.2		168.3		768.5

Selling, general & administrative expenses	136.7		36.6		173.3
Research & development expenses	35.3		3.1		38.4

Total segment operating income (loss)	52.7		4.2		56.9
Reconciliation of segment operating income (loss)
Unallocated amounts:
Merger and acquisition related expenses					(0.4)
Stock compensation expense					(25.4)
Interest income (expense), net					(20.5)

Other income (expense), net					0.5

Income before income taxes					$	11.1

Revenues from foreign customers were approximately $202.0 million or 19% of total revenue for the year ended December 31, 2023. Revenues from any one foreign country did not exceed 10% of total revenues. Assets of foreign subsidiaries in the KGS segment were $204.6 million as of December 31, 2023. Assets from any one foreign country did not exceed 10% of total assets.

(b) Capital Expenditures (in millions):


	Year Ended
	December 28, 2025		December 29, 2024		December 31, 2023
Kratos Government Solutions	$	57.3	$	30.5	$	26.9
Unmanned Systems	37.9		27.3		24.9
Total reportable segment capital expenditures	95.2		57.8		51.8
Corporate capital expenditures	0.1		0.4		0.6
Total capital expenditures	$	95.3	$	58.2	$	52.4


	Year Ended
	December 28, 2025		December 29, 2024		December 31, 2023
Kratos Government Solutions	$	32.1	$	27.1	$	24.1
Unmanned Systems	15.0		13.2		9.1


Total depreciation and amortization	$	47.1	$	40.3	$	33.2

(d) Reportable Segment Assets are as follows (in millions):


	December 28, 2025		December 29, 2024
Kratos Government Solutions	$	1,472.9	$	1,250.4
Unmanned Systems	438.7		385.7
Total reportable segment assets	1,911.6		1,636.1

Corporate assets(1)	555.6		314.8
Total assets	$	2,467.2	$	1,950.9

(1)Corporate assets primarily include cash and cash equivalents, deferred income tax assets, and property, plant and equipment used in our corporate operations.

Assets of foreign subsidiaries in the KGS segment were $300.5 million, $223.2 million and $204.6 million as of December 28, 2025, December 29, 2024 and December 31, 2023, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Retirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
Retirement Plans (Details) - USD ($) $ in Millions	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Company's contributions to defined-contribution plans	$ 13.3	$ 11.8	$ 10.7

Balance Sheet Details - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 560.6	$ 329.3
Depreciation expense	$ 37.5	$ 31.7	$ 26.4

Stockholders' Equity (Tables)

12 Months Ended

Dec. 28, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Grants and Exercises Under the Company's Option Plans

During the years ended December 28, 2025, December 29, 2024, and December 31, 2023, the following values relate to the exercises under the Company’s option plans:


	2025		2024		2023
Total intrinsic value of options exercised (in thousands)	$	—	$	—	$	80.8

Schedule of Restricted Stock Units Activity

The following table summarizes the Company’s Restricted Stock Unit activity:


	Restricted Stock Units (000’s)	Weighted-Average Grant Date Fair Value		Weighted- Average Remaining Contractual Term (in years)
Nonvested balance at December 25, 2022	4,659	$	12.88	1.12
Granted	1,427	11.39
Vested	(871)	11.34
Forfeited or expired	(35)	16.12
Vested but not released	(245)	12.55
Nonvested balance at December 31, 2023	4,935	$	12.72	1.11
Granted	1,509	19.00
Vested	(2,398)	18.48
Forfeited or expired	(38)	16.10
Vested but not released	(220)	14.11
Nonvested balance at December 29, 2024	3,788	$	11.45	1.05
Granted	1,473	29.57
Vested	(1,775)	18.33
Forfeited or expired	(95)	18.10
Vested but not released	(70)	21.15
Nonvested balance at December 28, 2025	3,321	$	14.31	1.09

Schedule of Assumptions and Resulting Fair Values of Options Granted

The assumptions and resulting fair values of options granted for 2025, 2024 and 2023 were as follows:


	Offering Periods January 1 to December 31 2025	Offering Periods January 1 to December 31 2024	Offering Periods January 1 to December 31 2023
Expected term (in years)(1)	0.5	0.5	0.5
Risk-free interest rate(2)	4.24% - 4.29%	5.26% - 5.33%	4.76% - 5.47%
Expected volatility(3)	40.41% - 51.95%	40.15% - 40.68%	41.65% - 45.77%
Expected dividend yield(4)	—%	—%	—%
Weighted average grant-date fair value per share	$9.30	$5.40	$3.30

(1) The expected term is equivalent to the offering period.

(2) The risk-free interest rate is based on U.S. Treasury yields in effect at the time of grant with a term equal to the expected term.

(3) The Company estimated implied volatility based upon trailing volatility.

(4) The Company has no history or expectation of paying dividends on its common stock.

Organization and Summary of Significant Accounting Policies - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Contract assets	$ 292.4	$ 206.3
Contract assets, net change	86.1
Contract liabilities	73.4	76.3
Contract liabilities, net change	(2.9)
Net contract assets	219.0	$ 130.0
Net contract assets, net change	$ 89.0

Organization and Summary of Significant Accounting Policies - Schedule of Property and Equipment, Net (Details)	Dec. 28, 2025
Vehicles, furniture, and office equipment
Significant Accounting Policies Disclosure [Line Items]
Useful life of property and equipment	5 years
Minimum \| Buildings and improvements
Significant Accounting Policies Disclosure [Line Items]
Useful life of property and equipment	15 years
Minimum \| Machinery and equipment
Significant Accounting Policies Disclosure [Line Items]
Useful life of property and equipment	3 years
Minimum \| Computer equipment and software
Significant Accounting Policies Disclosure [Line Items]
Useful life of property and equipment	1 year
Maximum \| Buildings and improvements
Significant Accounting Policies Disclosure [Line Items]
Useful life of property and equipment	39 years
Maximum \| Machinery and equipment
Significant Accounting Policies Disclosure [Line Items]
Useful life of property and equipment	20 years
Maximum \| Computer equipment and software
Significant Accounting Policies Disclosure [Line Items]
Useful life of property and equipment	10 years

Significant Customers (Details) - USD ($) $ in Millions	12 Months Ended
Significant Customers (Details) - USD ($) $ in Millions	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Revenue, Major Customer [Line Items]
Revenue	$ 1,346.8	$ 1,136.3	$ 1,037.1
KGS
Revenue, Major Customer [Line Items]
Revenue	1,054.8	865.8	824.9
U.S. Government \| KGS
Revenue, Major Customer [Line Items]
Revenue	$ 917.1	$ 762.0	$ 712.7
U.S. Government \| KGS \| Revenue Benchmark \| Customer Concentration Risk
Revenue, Major Customer [Line Items]
Sales to the U.S. Government, percentage of total revenue (percent)	68.00%	67.00%	69.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- Definition

+ References

+ Details

Acquisitions

12 Months Ended

Dec. 28, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions

Norden Millimeter, Inc.

On January 27, 2025, the Company and Kratos Microwave, Inc., a subsidiary of the Company (“Kratos Microwave”), entered into an Asset Purchase Agreement (the “Purchase Agreement”) to acquire certain of the assets (the “Purchased Assets”) of Norden Millimeter, Inc. (“Norden”) and assume certain liabilities (the “Assumed Liabilities”) of Norden. Norden focuses on microwave and millimeter wave products. Pursuant to the Purchase Agreement, on February 4, 2025, the acquisition was completed following the satisfaction of all closing conditions and (a) the Company issued 1,095,674 shares of its common stock, with a deemed value of $32.2 million, to Norden in a private placement, (b) the Company agreed to issue up to $6 million worth of additional shares of its common stock to Norden in the future upon release of certain holdback amounts, and (c) Kratos Microwave agreed to assume the Assumed Liabilities, in each case, in exchange for the Purchased Assets. Included in these Assumed Liabilities is contingent bonus liability of $5.0 million payable to certain former employees of Norden. Kratos granted Norden certain registration rights under the Asset Purchase Agreement and registered the 1,095,674 shares with the SEC on February 7, 2025. The Purchased Assets and Assumed Liabilities are included in the KGS segment.

The operating results of this acquisition have been included in the Company’s results of operations from the effective acquisition date.

The excess of the purchase price over the fair value of the tangible and identifiable intangible assets acquired and liabilities assumed in the acquisition was allocated to goodwill. The goodwill represents the value the Company expects to be created by integrating the acquired Norden assets with Kratos’ related products and customers.

The acquisition has been accounted for using the acquisition method of accounting, which requires, among other things, that the identifiable assets acquired and the liabilities assumed be recognized at their fair values as of the acquisition date. These fair value measurements are based primarily on significant inputs not observable in the marketplace and thus represent Level 3 measurements.

The following table summarizes the allocation of the purchase price over the estimated fair values of the Norden assets acquired and liabilities assumed (in millions):


Accounts receivable	$	1.8
Inventory	6.1
Other current assets	0.1
Property and equipment	1.5
Intangible assets	9.7
Deferred tax asset	1.2
Total assets acquired	20.4
Total liabilities assumed	(10.1)
Goodwill	26.9
Total assets acquired	$	37.2

The identifiable intangible assets as of February 4, 2025 included customer relationships of $5.8 million with a useful life of 10 years, contracts and backlog of $1.4 million with a useful life of 2 years, developed technology of $1.4 million with a useful life of 5 years, trade names of $0.6 million with a useful life of 7 years, and a non-compete agreement valued at $0.5 million with a useful life of 5 years. The goodwill recorded in this transaction is expected to be tax-deductible.

The value of customer relationships was estimated using the multi-period excess earnings method (“MPEEM”), an income approach (Level 3), which converts projected revenues and costs into cash flows. To reflect the fact that certain other assets contribute to the cash flows generated, the returns for these contributory assets were removed to arrive at estimated cash flows solely attributable to the acquired customer relationships, which were discounted at a rate of 7.5% to determine the fair value referred to above. The value of contracts and backlog referred to above was also estimated using MPEEM. The value of developed technology referred to above was estimated using the relief-from royalty method, an income approach (Level 3), which estimates the cost savings that accrue to the owner of the intangible asset that would otherwise be payable as royalties or license fees on revenues earned through the use of the asset. A royalty rate was applied to the projected revenues associated with the developed technology intangible asset to determine the amount of savings, which was discounted at a rate of 8.8% to determine the fair value. The value of trade names referred to above was also estimated using the relief-from royalty method. A royalty rate was applied to the projected revenues associated with the trade names intangible asset to determine the amount of savings, which was discounted at a rate of 8.8% to determine the fair value referred to above. Quantitative information about significant unobservable inputs utilized to measure the fair value of Level 3 assets includes a range of discount rates from 6% to 12% and a weighted average discount rate of 8.8%.

The amounts of revenue and operating income of the acquired Norden assets included in the Company’s consolidated statement of operations for December 28, 2025 were $22.3 million and $2.6 million, respectively.

A summary of the consideration paid for the acquired assets is as follows (in millions):


Common stock issued and cash paid	$	32.3
Holdback, net of $1.1 million purchase price adjustment	4.9
Total consideration	$	37.2

Pro Forma Financial Information (Unaudited)

The following tables summarize the supplemental condensed consolidated statements of operations information on an unaudited pro forma basis as if the acquisition of the Norden assets occurred on December 30, 2024 and include adjustments that were directly attributable to the Norden acquisition transaction. There are no material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and income (loss). The pro forma results are for illustrative purposes only for the applicable period and do not purport to be indicative of the actual results that would have occurred had the transaction been completed as of the beginning of the period, nor are they indicative of results of operations that may occur in the future.

For the year-ended December 28, 2025 (all amounts, except per share amounts, are in millions):


	December 28, 2025
Pro forma revenues	$	1,348.4
Pro forma net income before tax	$	33.8
Pro forma net income	$	21.8

Basic pro forma income per share	$	0.13
Diluted pro forma income per share	$	0.13

Sierra Technical Services, Inc.

On October 3, 2023, the Company entered into an agreement to acquire all of the outstanding equity securities of aerial target drone designer Sierra Technical Services, Inc. (“STS”) pursuant to which the Company (i) issued 866,026 shares of

Kratos common stock valued at $12.8 million on October 3, 2023 and (ii) an additional 42,523 shares of

Kratos common stock valued at $1.1 million on October 3, 2024 pursuant to certain holdback and earn-out provisions, in each case, to the former stockholders of STS. The Company recorded net assets of $12.6 million and goodwill of $10.7 million related to the STS acquisition. Significant assets of STS acquired by the Company included accounts receivable of $11.0 million, and identified intangibles (contracts and backlog) of $14.0 million. Significant liabilities of STS assumed by the Company included deferred revenue of $11.4 million. The operating results of the acquisition have been included in the Company’s results of operations from the effective date of the acquisition. The amount of net sales and earnings of STS included in the consolidated statement of operations for the year ended December 29, 2024 are not material. Had the acquisition occurred as of December 26, 2022, net sales, net income from consolidated operations, net income attributable to Kratos, and basic and diluted net income per share attributable to Kratos on a pro forma basis for the year ended December 31, 2023 would not have been materially different than the reported amounts. STS is included in the US segment.

- Definition

The entire disclosure for business combination.

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-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-4

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 40
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479326/805-40-45-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-30/tableOfContent

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-20/tableOfContent

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-10/tableOfContent

+ Details

Balance Sheet Details (Tables)

12 Months Ended

Dec. 28, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

Receivables including amounts due under long-term contracts are summarized as follows (in millions):


	December 28, 2025		December 29, 2024
Billed, current	$	165.9	$	118.5
Unbilled, current	292.5		206.4
Total current accounts receivable	458.4		324.9
Allowance for doubtful accounts	(1.0)		(1.1)
Total accounts receivable and unbilled receivables, net	$	457.4	$	323.8

U.S. Government contract receivables where the Company is the prime contractor included in accounts receivable, net (in millions):


	December 28, 2025		December 29, 2024
Billed	$	25.4	$	11.6
Unbilled	88.3		61.2
Total U.S. Government contract receivables	$	113.7	$	72.8

Schedule of Inventory

Inventoried costs (in millions):


	December 28, 2025		December 29, 2024
Raw materials	$	109.4	$	90.1
Work in process	71.9		67.7
Finished goods	6.9		4.3



Total inventoried costs	$	188.2	$	162.1

Schedule of Property, Plant and Equipment

Assets are depreciated predominately using the straight-line method, with the following lives:


			Years
Buildings and improvements			15 – 39
Machinery and equipment			3 – 20
Computer equipment and software			1 – 10
Vehicles, furniture, and office equipment			5
Leasehold improvements			Shorter of useful life or length of lease

Property, plant and equipment, net (in millions)


	December 28, 2025		December 29, 2024
Finance lease right of use assets	$	103.7	$	71.0
Land and buildings	40.5		41.3
Computer equipment and software	71.0		63.0
Machinery and equipment	201.0		178.2
Furniture and office equipment	9.3		8.6
Leasehold improvements	43.0		30.8
Construction in progress	103.9		81.8
Property and equipment	572.4		474.7
Accumulated depreciation and amortization	(210.5)		(186.5)
Total property and equipment, net	$	361.9	$	288.2

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 28, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The fair value of this derivative represents the discounted value of the expected future discounted cash flows for the interest rate swap, based on the amortization schedule and the current forward curve for the remaining term of the contract, as of the date of each reporting period (in millions):


	December 28, 2025				December 29, 2024
	Notional Value		Fair Value		Notional Value		Fair Value
Interest rate swap contract designated as a cash flow hedge	$	—	$	—	$	185.0	$	0.8

Derivative Financial Instruments - Narrative (Details) - Designated as hedging instrument - USD ($) $ in Millions		12 Months Ended
	Apr. 28, 2023	Dec. 28, 2025	Dec. 29, 2024
Foreign exchange contract
Derivatives, Fair Value [Line Items]
Derivative notional amount		$ 0.0	$ 25.4
Derivative asset		0.0	0.2
Derivative liability		0.0	0.1
Derivative gain (loss)		1.2	0.1
Interest Rate Swap
Derivatives, Fair Value [Line Items]
Derivative notional amount	$ 195.0
Derivative gain (loss)		0.9	$ 2.8
Basis spread on variable rate percentage	3.721%
Proceeds from derivative instruments		$ 0.3

Stockholders' Equity - Employee Stock Purchase Plans (Details) - $ / shares	12 Months Ended
	Dec. 28, 2025	May 31, 2023	May 23, 2023	May 22, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance (in shares)			2,280,707
2023 Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance (in shares)	1,639,427		4,747,690	2,466,983
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued under the plan (in shares)	507,000
Average share price of shares issued under the plan (in dollars per share)	$ 19.40
Employee Stock Purchase Plan \| 2023 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)		3,500,000
Number of shares available for issuance (in shares)		766,586
Employee Stock Purchase Plan \| 2023 Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance (in shares)	3,200,000
Minimum weekly employment threshold to qualify for ESPP	20 hours
Minimum annual employment threshold to qualify for ESPP	5 months
Maximum percentage of employee compensation eligible to purchase shares under ESPP (percent)	15.00%
Purchase price of common stock as a percent of fair market value (percent)	85.00%
Employee Stock Purchase Plan \| 1999 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cumulative number of shares issued under ESPP (in shares)	8,500,000

Subsequent Events (Details) - USD ($) $ in Millions	Feb. 20, 2026	Feb. 12, 2026	Feb. 11, 2026	Nov. 04, 2025	Jun. 27, 2025	Feb. 27, 2024	Feb. 18, 2022
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares)					14,935,065	19,166,667
Term Loan A \| Secured debt
Subsequent Event [Line Items]
Debt instrument, face amount							$ 200.0
Revolving credit facility
Subsequent Event [Line Items]
Maximum borrowing capacity							200.0
Revolving credit facility \| 2022 Credit Facility
Subsequent Event [Line Items]
Maximum borrowing capacity							$ 200.0
Subsequent event \| Revolving credit facility \| 2026 Credit Facility
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 300.0
Debt instrument, term (in years)	5 years
Orbit Technologies
Subsequent Event [Line Items]
Aggregate purchase price				$ 356.3
Nomad Global Communication Solutions, Incorporated \| Subsequent event
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares)			972,136
Business combination, consideration transferred, equity interest			$ 88.8
Additional equity interests issuable			7.0
Business combination, holdback and other adjustments			6.0
Certain milestone amount			$ 10.0
Number of shares issued (in shares)		972,136

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 28, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The carrying amounts of goodwill as of December 28, 2025 and December 29, 2024 by reportable segment are as follows (in millions):


	As of December 28, 2025
	US		KGS		Total
Gross value	$	138.6	$	710.4	$	849.0
Less accumulated impairment	13.8		239.5		253.3
Net	$	124.8	$	470.9	$	595.7




	As of December 29, 2024
	US		KGS		Total
Gross value	$	138.6	$	683.6	$	822.2
Less accumulated impairment	13.8		239.5		253.3
Net	$	124.8	$	444.1	$	568.9

Schedule of Acquired Finite-Lived Intangible Assets

The following table sets forth information for acquired finite-lived and indefinite-lived intangible assets (in millions):


	As of December 28, 2025						As of December 29, 2024
	Gross Value		Accumulated Amortization		Net Value		Gross Value		Accumulated Amortization		Net Value
Acquired finite-lived intangible assets:
Customer relationships	$	86.7	$	(68.2)	$	18.5	$	80.9	$	(65.3)	$	15.6
Contracts and backlog	54.5		(47.7)		6.8		53.1		(43.2)		9.9
Non-compete Agreements	0.5		(0.1)		0.4		—		—		—
Developed technology and technical know-how	35.1		(30.8)		4.3		33.7		(29.4)		4.3
Trade names	4.4		(3.5)		0.9		3.8		(3.1)		0.7
In-process research and development	16.8		(0.7)		16.1		16.8		(0.4)		16.4
Total finite-lived intangible assets	198.0		(151.0)		47.0		188.3		(141.4)		46.9
Indefinite-lived trade names	6.9		—		6.9		6.9		—		6.9
Total intangible assets	$	204.9	$	(151.0)	$	53.9	$	195.2	$	(141.4)	$	53.8

Schedule of Acquired Indefinite-Lived Intangible Assets

The following table sets forth information for acquired finite-lived and indefinite-lived intangible assets (in millions):


	As of December 28, 2025						As of December 29, 2024
	Gross Value		Accumulated Amortization		Net Value		Gross Value		Accumulated Amortization		Net Value
Acquired finite-lived intangible assets:
Customer relationships	$	86.7	$	(68.2)	$	18.5	$	80.9	$	(65.3)	$	15.6
Contracts and backlog	54.5		(47.7)		6.8		53.1		(43.2)		9.9
Non-compete Agreements	0.5		(0.1)		0.4		—		—		—
Developed technology and technical know-how	35.1		(30.8)		4.3		33.7		(29.4)		4.3
Trade names	4.4		(3.5)		0.9		3.8		(3.1)		0.7
In-process research and development	16.8		(0.7)		16.1		16.8		(0.4)		16.4
Total finite-lived intangible assets	198.0		(151.0)		47.0		188.3		(141.4)		46.9
Indefinite-lived trade names	6.9		—		6.9		6.9		—		6.9
Total intangible assets	$	204.9	$	(151.0)	$	53.9	$	195.2	$	(141.4)	$	53.8

Schedule of Future Amortization Expense of Finite-Lived Intangible Assets

The estimated future amortization expense of acquired intangible assets with finite lives as of December 28, 2025 is as follows (in millions):


Fiscal Year	Amount
2026	10.7
2027	8.4
2028	5.6
2029	5.6
2030	5.1
Thereafter	11.6
Total	$	47.0

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Leases - Maturities of Operating and Financing Lease Liabilities (Details) $ in Millions	Dec. 28, 2025 USD ($)
Operating Leases
2026	$ 14.8
2027	12.9
2028	10.4
2029	6.5
2030	3.4
Thereafter	4.8
Total lease payments	52.8
Less: imputed interest	(6.2)
Total present value of lease liabilities	46.6
Finance Leases
2026	9.1
2027	9.6
2028	9.8
2029	9.8
2030	9.3
Thereafter	105.7
Total lease payments	153.3
Less: imputed interest	(54.1)
Total present value of lease liabilities	$ 99.2

Organization and Summary of Significant Accounting Policies - Foreign Currency (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Foreign currency transaction gain (loss)	$ (1.1)	$ (0.5)	$ (1.7)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Tax effect of change in unrealized cash flow hedge	$ 0.1	$ 0.2	$ 0.2

Organization and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 28, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Kratos and its consolidated subsidiaries, for which all intercompany transactions have been eliminated in consolidation.
Basis of Presentation	Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Kratos and its consolidated subsidiaries, for which all intercompany transactions have been eliminated in consolidation.
Fiscal Year	Fiscal Year The Company has a 52/53 week fiscal year ending on the last Sunday of the calendar year, with interim fiscal periods ending on the last Sunday of each calendar quarter. There were 52 calendar weeks in the fiscal years ending on December 28, 2025 and December 31, 2023, and 53 calendar weeks in the fiscal years ending on December 29, 2024.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include revenue recognition, valuation of long-lived assets including identifiable intangibles and goodwill, accounting for income taxes including the related valuation allowance on the deferred tax asset and uncertain tax positions, contingencies and litigation, contingent acquisition consideration, and stock-based compensation. In the future, the Company may realize actual results that differ from the current reported estimates and if the estimates that the Company has used change in the future, such changes could have a material impact on the Company’s consolidated financial position, results of operations and cash flows.
Revenue Recognition	Revenue Recognition Effective January 1, 2018, the Company adopted the Financial Accounting Standards Board (“FASB”) ASU 2014-09, Revenue from Contracts with Customers, and the related amendments, which are codified into Accounting Standards Codification (“ASC”) 606 (“ASC 606”). To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Once the contract is identified and determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account under ASC 606. The majority of the Company’s contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and, therefore, not distinct. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using the best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is the expected-cost-plus-margin approach, under which the Company forecasts the expected costs of satisfying a performance obligation and then adds an appropriate margin for that distinct good or service. For the majority of contracts, the Company satisfies the underlying performance obligations over time as the customer obtains control or receives benefits as work is performed on the contract. The Company generally recognizes revenue over time as work is performed on long-term contracts because of continuous transfer of control to the customer. For U.S. government contracts, this continuous transfer of control to the customer is supported by clauses in the contract that allow the customer to unilaterally terminate the contract for convenience, pay for costs incurred plus a reasonable profit and take control of any work in process. Similarly, for non-U.S. government contracts, the customer typically controls the work in process as evidenced either by contractual termination clauses or by our rights to payment of the transaction price associated with work performed to date on products or services that do not have an alternative use to the Company. As a result, under ASC 606 revenue is recognized over time using the cost-to-cost method (cost incurred relative to total estimated cost at completion). Remaining Performance Obligations Revenues from remaining performance obligations are calculated as the dollar value of the remaining performance obligations on executed contracts. On December 28, 2025, the Company had approximately $1,573.4 million of remaining performance obligations. The Company expects to recognize approximately 54% of the remaining performance obligations as revenue in 2026, an additional 20% in 2027, and the balance thereafter. Contract Estimates Due to the nature of the work required to be performed on many performance obligations, the estimation of total cost at completion is complex, subject to many variables and requires significant judgment. On a quarterly basis, the Company conducts its contract cost Estimate at Completion (“EAC”) process by reviewing the progress and execution of outstanding performance obligations within its contracts. As part of this process, management reviews information including, but not limited to, any outstanding key contract matters, progress towards completion and the related program schedule, identified risks and opportunities and the related changes in estimates of revenues and costs. The risks and opportunities include management’s judgment about the ability and cost to achieve the schedule (e.g., the number and type of milestone events), technical requirements (e.g., a newly-developed product versus a mature product) and other contract requirements. Management must make assumptions and estimates regarding labor productivity and availability, the complexity of the work to be performed, the availability of materials, the length of time to complete the performance obligation (e.g., to estimate increases in wages and prices for materials and related support cost allocations), execution by subcontractors, the availability and timing of funding from customers and overhead cost rates, among other variables. In addition, certain of the Company’s long-term contracts contain award fees, incentive fees, or other provisions that can either increase or decrease the transaction price. These variable amounts generally are awarded upon achievement of certain performance metrics, program milestones or cost targets and can be based upon customer discretion. Variable consideration is estimated at the most likely amount to which the Company is expected to be entitled. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information (historical, current and forecasted) that is reasonably available. Contracts are often modified to account for changes in contract specifications and requirements. Contract modifications are considered to exist when the modification either creates new or changes the existing enforceable rights and obligations. Most of the Company’s contract modifications are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price, and the measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. As a result of the EAC process, any quarterly adjustments to revenues, cost of sales, and the related impact to operating income are recognized as necessary in the period they become known. These adjustments may result from positive program performance, and may result in an increase in operating income during the performance of individual performance obligations, if it is determined the Company will be successful in mitigating risks surrounding the technical, schedule and cost aspects of those performance obligations or realizing related opportunities. Likewise, these adjustments may result in a decrease in operating income if it is determined the Company will not be successful in mitigating these risks or realizing related opportunities. Changes in estimates of net sales, cost of sales and the related impact to operating income are recognized quarterly on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on current and prior periods. A significant change in one or more of these estimates could affect the profitability of one or more of the Company’s contracts. When estimates of total costs to be incurred on a performance obligation exceed total estimates of revenue to be earned, a provision for the entire loss on the performance obligation is recognized in the period the loss is determined. No cumulative catch-up adjustment on any one contract was material to the Company’s consolidated financial statements for the years ended December 28, 2025, December 29, 2024 and December 31, 2023. Likewise, total cumulative catch-up adjustments were not material for the years ended December 28, 2025, December 29, 2024 and December 31, 2023. As of December 28, 2025 and December 29, 2024, accrued expenses included the accrual for losses on contracts of $3.5 million and $2.9 million, respectively. Contract Assets and Liabilities For each of the Company’s contracts, the timing of revenue recognition, customer billings, and cash collections results in a net contract asset or liability at the end of each reporting period. Fixed-price contracts are typically billed to the customer either using progress payments, whereby amounts are billed monthly as costs are incurred or work is completed, or performance based payments, which are based upon the achievement of specific, measurable events or accomplishments defined and valued at contract inception. Cost-type contracts are typically billed to the customer on a monthly or semi-monthly basis. Contract assets are equivalent to and reflected as unbilled receivables in the consolidated balance sheets and are primarily related to long-term contracts where revenue recognized under the cost-to-cost method exceeds amounts billed to customers. Unbilled receivables are classified as current assets and, in accordance with industry practice, include amounts that may be billed and collected beyond one year due to the long term nature of many of the Company’s contracts. Accumulated contract costs in Unbilled receivables include direct production costs, factory and engineering overhead, production tooling costs, and, for government contracts, recovery of allowable general and administrative expenses. Unbilled receivables also include certain estimates of variable consideration described above. The Company’s contracts that give rise to contract assets are not considered to include a significant financing component as the payment terms are intended to protect the customer in the event the Company does not perform on its obligations under the contract. Contract liabilities include advance payments and are reflected as Billings in excess of costs and earnings on uncompleted contracts in the consolidated balance sheets. Certain customers make advance payments prior to the satisfaction of the Company’s performance obligations on the contract. These amounts are recorded as contract liabilities until such performance obligations are satisfied, either over time as costs are incurred or at a point in time when deliveries are made. The Company’s contracts that give rise to contract liabilities do not include a significant financing component as the underlying advance payments received are generally utilized to pay for contract costs within a one-year period or are used to ensure the customer meets contractual requirements. For federal contracts, the Company follows U.S. Government procurement and accounting standards in assessing the allowability and the allocability of costs to contracts. Recurring evaluations of contract cost, scheduling and technical matters are performed by management. Costs incurred and allocated to contracts with the U.S. Government are scrutinized for compliance with regulatory standards by the Company’s personnel, and are subject to audit by the Defense Contract Audit Agency (“DCAA”). From time to time, the Company may proceed with work based on customer direction prior to the completion and signing of formal contract documents. The Company has a formal review process for approving any such work. Revenue associated with such work is recognized only when the criteria to establish a contract under ASC 606 are met and the obligations under the contract are legally enforceable. As of December 28, 2025 and December 29, 2024, approximately $34.5 million and $12.4 million, respectively, of the Company’s unbilled accounts receivable balance were under an authorization to proceed or work order from its customers where a formal purchase order had not yet been received.
Inventoried Costs	Inventoried costs Inventoried costs are stated at the lower of cost or estimated net realizable value. Cost is determined using the average cost or first-in, first-out methods and the applicable method is applied consistently within an operating entity. The Company capitalizes labor, material, subcontractor and overhead costs as work-in-process for contracts where control has not yet passed to the customer. In addition, the Company capitalizes costs incurred to fulfill a contract in advance of contract award in inventories as work-in-process if it is determined that contract award is probable. Pursuant to contract provisions of U.S. Government contracts, such customers may have title to, or a security interest in inventories related to such contracts as a result of advances, performance-based payments, and progress payments. The Company regularly reviews inventory quantities on hand, future purchase commitments with its suppliers, and the estimated utility of its inventory. If the Company’s review indicates a reduction in utility below carrying value, it reduces its inventory to a new cost basis.
Research and Development	Research and Development Costs incurred in research and development activities are expensed as incurred in accordance with FASB ASC Topic 730, Research and Development.
Income Taxes	Income Taxes The Company records deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company maintains a valuation allowance on the deferred tax assets for which it is more likely than not that the Company will not realize the benefits of these tax assets in future tax periods. The valuation allowance is based on estimates of future taxable income by tax jurisdiction in which the Company operates, the number of years over which the deferred tax assets will be recoverable, and scheduled reversals of deferred tax liabilities.
Income Taxes - Uncertain Tax Positions	In accordance with the recognition standards established by ASC Topic 740, Income Taxes (“Topic 740”), the Company makes a comprehensive review of its portfolio of uncertain tax positions regularly. In this regard, an uncertain tax position represents the Company’s expected treatment of a tax position taken in a filed tax return, or planned to be taken in a future tax return or claim, which has not been reflected in measuring income tax expense for financial reporting purposes. Until these positions are sustained by the taxing authorities, the Company has not recognized the tax benefits resulting from such positions and reports the tax effects as a liability for uncertain tax positions in its consolidated balance sheets.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC Topic 718, Compensation-Stock Compensation (“Topic 718”). All of the Company’s stock-based compensation plans are considered equity plans under Topic 718, and compensation expense recognized is net of estimated forfeitures over the vesting period. The Company issues stock options and stock awards under its existing plans. The fair value of stock awards is determined based on the closing market price of the Company’s common stock on the grant date and is adjusted for forfeiture estimates and number of awards expected to vest at each reporting date. Compensation expense for stock awards is expensed over the vesting period, usually five to ten years. Compensation expense for stock issued under the Company’s employee stock purchase plan is estimated at the beginning date of the offering period using a Black-Scholes option-pricing model and is expensed on a straight-line basis over the period of the offering, which is generally six months.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments, which results in bad debt expense. The allowance for doubtful accounts is a valuation account deducted from the cost basis of the assets to present their net carrying value at the amount expected to be collected. When the Company records customer receivables and contract assets arising from revenue transactions, it records an allowance for credit losses for the current expected credit losses inherent in the asset over its expected life. The Company estimates expected credit losses based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. Management determines the adequacy of this allowance by periodically evaluating the comprehensive risk profiles of all individual customer receivable balances including, but not limited to, the customer’s financial condition, credit agency reports, financial statements and overall current economic conditions. Additionally, on certain contracts whereby the Company performs services for a prime/general contractor, a specified percentage of the invoiced trade accounts receivable may be retained by the customer until the project is completed. The Company periodically reviews all retainages for collectability and records allowances for doubtful accounts when deemed appropriate, based on its assessment of the associated credit risks. Changes to estimates of contract value are recorded as adjustments to revenue and not as a component of the allowance for doubtful accounts. Individual accounts receivable are written off to the allowance for doubtful accounts when the Company becomes aware of a specific customer’s inability to meet its financial obligation, and all collection efforts are exhausted.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company’s cash equivalents consist of its highly liquid investments with an original maturity of three months or less when purchased by the Company.
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net owned by the Company is depreciated over the estimated useful lives of individual assets. Equipment acquired under finance leases are amortized over the shorter of the lease term or the estimated useful life of the asset. Improvements, which significantly improve and extend the useful life of an asset, are capitalized and depreciated over the shorter of the lease period or the estimated useful life. Expenditures for maintenance and repairs are charged to operations as incurred.
Leases	Leases The Company leases certain facilities, office space, vehicles and equipment. Lease assets and lease liabilities are recognized at the commencement of an arrangement where it is determined at inception that a lease exists. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using an incremental borrowing rate generally applicable to the location of the lease asset, unless the implicit rate is readily determinable. Lease assets also include any upfront lease payments made and exclude lease incentives. Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. The Company has operating lease arrangements with lease and non-lease components. The non-lease components in these arrangements are not significant when compared to the lease components. For all operating leases, the Company accounts for the lease and non-lease components as a single component in the calculation of the lease asset and corresponding liability. Variable lease payments are generally expensed as incurred. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and the expense for these short-term leases is recognized on a straight-line basis over the lease term. The depreciable life of lease assets and leasehold improvements is limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. See Note 6 for additional disclosures related to the Company’s lease obligations.
Goodwill and Other Intangible Assets, Net	Goodwill and Other Intangible Assets, Net In accordance with the provisions of ASC Topic 350, Intangibles-Goodwill and Other (“Topic 350”), the Company performs impairment tests for goodwill and indefinite lived intangibles as of the last day of its fiscal October, or when evidence of potential impairment exists. When it is determined that impairment has occurred, a charge to operations is recorded. Goodwill and other purchased intangible asset balances are included in the identifiable assets of the operating segment to which they have been assigned. Any goodwill impairment, as well as the amortization of other purchased intangible assets, is charged against the respective segments’ operating income. In accordance with Topic 350, the Company classifies intangible assets into two categories: (1) intangible assets with finite lives subject to amortization and (2) intangible assets with indefinite lives not subject to amortization. Separately, the Company tests intangible assets with finite lives for impairment if conditions exist that indicate the carrying value may not be recoverable. Such conditions may include an economic downturn in a geographic market or a change in the assessment of future operations. The Company records an impairment charge when the carrying value of the finite lived intangible asset is not recoverable by the cash flows generated from the use of the asset. The Company determines the useful lives of identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors considered when determining useful lives include the contractual term of any agreement, the history of the asset, the Company’s long-term strategy for the use of the asset, any laws or other local regulations that could impact the useful life of the asset, and other economic factors, including competition and specific market conditions. Intangible assets that are deemed to have finite lives are amortized, generally on a straight-line basis, over their useful lives, ranging from one to 15 years.
Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of	Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of Long-lived assets are reviewed for impairment in accordance with ASC Topic 360, Property, Plant, and Equipment, whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to future net cash flows (undiscounted and without interest) expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.
Fair Value of Financial Instruments	Fair Value of Financial Instruments ASC Topic 825, Financial Instruments, requires that fair values be disclosed for the Company’s financial instruments. The carrying amounts of cash equivalents, accounts receivable, accounts payable, accrued expenses, billings in excess of costs and earnings on uncompleted contracts, and income taxes payable, approximate fair value due to the short-term nature of these instruments. The estimated fair value of the Company’s long-term debt outstanding at December 29, 2024 is disclosed at fair value. As discussed in Note 5, on July 2, 2025, the Company extinguished the then-outstanding Term Loan A under the Company’s Credit Agreement. The Company uses forward exchange contracts to manage foreign currency risk associated with our debts as well as foreign currency risks associated with certain transactions, specifically forecasted materials and salaries paid in foreign currencies. These derivative instruments are measured at fair value using observable market inputs such as forward rates. Based on these inputs, the derivative instruments are classified within Level 2 of the valuation hierarchy. At December 29, 2024, the derivative instruments were included in other current assets and other current liabilities on the Company’s Consolidated Balance Sheets. At December 28, 2025, we had no such contracts outstanding. The carrying amounts and the related fair values of the Company’s derivative instruments measured at fair value on a recurring basis at December 28, 2025 and December 29, 2024, are presented in Note 16.
Concentrations and Uncertainties	Concentrations and Uncertainties The Company maintains cash balances at various financial institutions and such balances commonly exceed the $250,000 insured amount by the Federal Deposit Insurance Corporation. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to any significant credit risk with respect to such cash and cash equivalents. Financial instruments, which subject the Company to potential concentrations of credit risk, consist principally of the Company’s billed and unbilled accounts receivable. The Company’s accounts receivable result from sales to customers within the U.S. Government, state and local agencies and with commercial customers in various industries. The Company performs ongoing credit evaluations of its commercial customers. Credit is extended based on evaluation of the customer’s financial condition and collateral is not required. Accounts receivable are recorded at the invoiced amount and do not bear interest. See Note 13 for a discussion of the Company’s significant customers.
Debt Issuance Costs	Debt Issuance Costs Fees paid to obtain debt financing and revolving credit facilities or amendments under such debt financing and revolving credit facilities are treated as debt issuance costs and are capitalized and amortized over the expected term of the related debt or revolving credit facility and are shown as a financing activity in the consolidated statements of cash flows. Issuance costs related to debt are presented in the consolidated balance sheets as a direct deduction from the carrying amount of the associated debt liability. Issuance costs related to a revolving credit facility are included in other assets in the consolidated balance sheets.
Foreign Currency	Foreign Currency For operations outside the U.S. that prepare financial statements in currencies other than the U.S. dollar, results of operations and cash flows are translated at average exchange rates during the period, and assets and liabilities are generally translated at end-of-period exchange rates. Translation adjustments are included as a separate component of accumulated other comprehensive loss. The Company transacts with foreign customers in currencies other than the U.S. dollar. It experiences realized and unrealized foreign currency gains or losses on foreign denominated receivables. In addition, certain intercompany transactions give rise to realized and unrealized foreign currency gains or losses. Also, any other transactions between the Company or its subsidiaries and a third-party, denominated in a currency different from the functional currency, are foreign currency transactions.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires companies to disclose, on an annual basis, specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires companies to disclose additional information about income taxes paid. The Company has adopted ASU 2023-09 on a prospective basis effective for the period ending December 28, 2025. The adoption of this standard did not have an impact on the Company’s consolidated financial position, results of operations or cash flows. In November 2024, the FASB issued ASU 2024-03, Income Statement (Topic 220): Reporting Comprehensive Income – Expense Disaggregation Disclosures, which requires the amounts of purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. It also requires companies to include certain amounts that are already required to be disclosed under current GAAP in the same disclosure. Additionally, it requires companies to disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and to disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. ASU 2024-03 will be effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. with early adoption permitted and will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is currently evaluating the impact of the adoption of ASU 2024-03; however, the standard is not expected to have an impact on the Company’s consolidated financial position, results of operations or cash flows. In September 2025 the FASB issued ASU No. 2025-06 Targeted Improvements to the Accounting for Internal-Use Software (Subtopic 350-40). ASU 2025-06 removes references to prescriptive and sequential software development stages, requiring companies to capitalize internal-use software costs when management commits to funding the software project and it is probable the project will be completed. ASU 2025-06 will be effective for annual and interim periods beginning January 1, 2028, and can be applied on a prospective, modified prospective, or retrospective basis. The Company is currently evaluating the impact of the adoption of ASU 2025-06 on the Company’s consolidated financial position, results of operations and cash flows. In December 2025, the FASB issued ASU No. 2025-11 Interim Reporting (Topic 270): Narrow-Scope Improvements. ASU 2025-11 clarifies the applicability of Topic 270 and the form and content of interim financial statements. In addition, ASU 2025-11 requires entities to disclose material events occurring since the last annual reporting period. ASU 2025-11 will be effective for annual and interim periods beginning January 1, 2028, and can be applied on a prospective, or retrospective basis. The Company is currently evaluating the disclosure impact of the adoption of ASU 2025-11: however, the standard is not expected to have an impact on the Company’s consolidated financial position, results of operations or cash flows.
Joint Venture Arrangements	Joint Venture Arrangements The Company accounts for its investments in joint ventures and affiliates in which it has the ability to exercise significant influence, but does not have a controlling financial interest, using the equity method of accounting. Under the equity method, the investment is initially recorded at cost and subsequently adjusted for the Company’s share of net income or loss and cash contributions and distributions. The Company’s share of the joint venture's earnings or losses is reported in the Consolidated Statements of Operations within "Other income (expense), net. The Company has a remaining contractual commitment to contribute $82.3 million to the joint venture. The Company expects to fund approximately $55.0 million in 2026, with the remainder thereafter, in accordance with the joint venture agreement.
Goodwill	Goodwill The Company performs its annual impairment test for goodwill in accordance with Topic 350 as of the last day of its fiscal October or when evidence of potential impairment exists. The Company assesses goodwill for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment, referred to as a component. The Company determines its reporting units by first identifying its operating segments, and then assessing whether any components of these segments constitute a business for which discrete financial information is available and where segment management regularly reviews the operating results of that component. The Company aggregates components within an operating segment that have similar economic characteristics. The KGS reportable segment has five operating businesses: Defense and Rocket Support Systems (“DRSS”), Microwave Electronics (“ME”), Space, Training and Cybersecurity Solutions (“ST&C”), C5ISR/Modular Systems (“MS”), and Kratos Turbine Technologies (“KTT”). All of the KGS operating segments provide technology based defense solutions, involving products and services, primarily for mission critical U.S. National Security priorities, with the primary focus relating to the nation’s C5ISR requirements. The US reportable segment consists of its unmanned aerial system, unmanned ground, and unmanned seaborne system products. The Company identified its reporting units to be the DRSS, ME, ST&C, MS, KTT and US operating segments. The Company tests goodwill for impairment by first performing a qualitative assessment. If, based on its qualitative assessment management determines it is not more likely than not that the fair value of the reporting unit exceeds its carrying value, a quantitative assessment is then performed. For operations where a quantitative assessment is performed, the identification and measurement of impairment involves the estimation of the fair value of reporting units. If the fair value is determined to be less than the carrying value, a charge to operations is recorded for the amount that the carrying value exceeds fair value. As part of its quantitative assessment, the Company estimates the fair value of each of the reporting units based on a comparison and weighting of the income approach, specifically the discounted cash flow method and the market approach, which estimates the fair value of the reporting units based upon comparable market prices and recent transactions and also validates the reasonableness of the implied multiples from the income approach.
Fair Value Measurement	Fair Value Measurement ASC Topic 820, Fair Value Measurement, establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. As more fully described in Note 16, Derivative Financial Instruments, our forward exchange contracts used to manage foreign currency risks and an interest rate swap contract to hedge U.S. dollar-one month Term SOFR in order to mitigate the exposure to interest rate movements associated with the Company’s Term Loan A are recognized on the Consolidated Balance Sheets as either assets or liabilities and are measured at fair value. On June 30, 2025, in anticipation of the extinguishment of all outstanding Term Loan A debt under the 2022 Credit Facility, the Company terminated the interest rate swap contract referred to above. As of December 28, 2025, we had no derivative assets or liabilities recorded on the Consolidated Balance Sheets.

Debt (Tables)

12 Months Ended

Dec. 28, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt and the Current Period Interest Rates

Term loan and revolving credit debt and the current period interest rates are as follows (in millions):


	December 28, 2025			December 29, 2024
Term Loan A	$	—		$	185.0
Revolving credit facility	—			—
Total debt	—			185.0
Less current portion	—			10.0
Total long-term debt, less current portion	—			175.0
Less long-term unamortized debt issuance costs - term loans				0.4
Total long-term debt, net of unamortized debt issuance costs - term loans	$	—		$	174.6
Unamortized debt issuance costs - revolving credit facility	$	0.4		$	0.4
Current period interest rate	—		%	5.9		%

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Segment Information - Revenues, Operating Income (Loss) and Assets by Reportable Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 1,346.8	$ 1,136.3	$ 1,037.1
Total costs	1,038.9	849.1	768.5
Selling, general and administrative expenses	240.2	217.2	198.7
Research and development expenses	40.0	40.3	38.4
Total segment operating income	25.6	29.0	31.1
Merger and acquisition related items	(2.1)	(0.7)	(0.4)
Loss on extinguishment of debt	(0.5)	0.0	0.0
Other income (expense), net	2.5	0.5	0.5
Income before income taxes	34.0	26.5	11.1
Total capital expenditures	95.3	58.2	52.4
Depreciation and amortization	47.1	40.3	33.2
Total assets	2,467.2	1,950.9
Operating segments
Segment Reporting Information [Line Items]
Total revenues	1,346.8	1,136.3	1,037.1
Total costs	1,038.9	849.1	768.5
Selling, general and administrative expenses	204.7	187.4	173.3
Research and development expenses	40.0	40.3	38.4
Total segment operating income	63.2	59.5	56.9
Total capital expenditures	95.2	57.8	51.8
Total assets	1,911.6	1,636.1
Unallocated amounts
Segment Reporting Information [Line Items]
Merger and acquisition related items	(2.1)	(0.7)	(0.4)
Stock compensation expense	(35.5)	(29.8)	(25.4)
Interest income (expense), net	5.9	(3.0)	(20.5)
Other income (expense), net	2.5	0.5	0.5
Income before income taxes	34.0	26.5	11.1
Corporate capital expenditures
Segment Reporting Information [Line Items]
Total capital expenditures	0.1	0.4	0.6
Total assets	555.6	314.8
Service revenues
Segment Reporting Information [Line Items]
Total revenues	469.0	423.4	402.6
Total costs	356.8	310.0	303.2
Service revenues \| Operating segments
Segment Reporting Information [Line Items]
Total revenues	469.0	423.4	402.6
Total costs	356.8	310.0	303.2
Product sales
Segment Reporting Information [Line Items]
Total revenues	877.8	712.9	634.5
Total costs	682.1	539.1	465.3
Product sales \| Operating segments
Segment Reporting Information [Line Items]
Total revenues	877.8	712.9	634.5
Total costs	682.1	539.1	465.3
Kratos Government Solutions \| Operating segments
Segment Reporting Information [Line Items]
Total revenues	1,054.8	865.8	824.9
Total costs	797.7	627.0	600.2
Selling, general and administrative expenses	158.8	146.1	136.7
Research and development expenses	37.7	36.1	35.3
Total segment operating income	60.6	56.6	52.7
Total capital expenditures	57.3	30.5	26.9
Depreciation and amortization	32.1	27.1	24.1
Total assets	1,472.9	1,250.4
Kratos Government Solutions \| Service revenues \| Operating segments
Segment Reporting Information [Line Items]
Total revenues	460.3	416.3	395.9
Total costs	350.1	304.7	298.3
Kratos Government Solutions \| Product sales \| Operating segments
Segment Reporting Information [Line Items]
Total revenues	594.5	449.5	429.0
Total costs	447.6	322.3	301.9
Unmanned Systems
Segment Reporting Information [Line Items]
Total revenues	292.0	270.5	212.2
Unmanned Systems \| Operating segments
Segment Reporting Information [Line Items]
Total revenues	292.0	270.5	212.2
Total costs	241.2	222.1	168.3
Selling, general and administrative expenses	45.9	41.3	36.6
Research and development expenses	2.3	4.2	3.1
Total segment operating income	2.6	2.9	4.2
Total capital expenditures	37.9	27.3	24.9
Depreciation and amortization	15.0	13.2	9.1
Total assets	438.7	385.7
Unmanned Systems \| Service revenues \| Operating segments
Segment Reporting Information [Line Items]
Total revenues	8.7	7.1	6.7
Total costs	6.7	5.3	4.9
Unmanned Systems \| Product sales \| Operating segments
Segment Reporting Information [Line Items]
Total revenues	283.3	263.4	205.5
Total costs	$ 234.5	$ 216.8	$ 163.4

Income Taxes - Components of Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Federal income taxes:
Current	$ 0.0	$ 0.0	$ 0.0
Deferred	8.3	7.1	2.4
Total Federal	8.3	7.1	2.4
State and local income taxes:
Current	(1.9)	1.8	1.1
Deferred	0.3	(2.7)	0.3
Total State and local	(1.6)	(0.9)	1.4
Foreign income taxes:
Current	5.8	4.2	5.1
Deferred	(0.5)	(0.2)	(0.2)
Total Foreign	5.3	4.0	4.9
Total	$ 12.0	$ 10.2	$ 8.7

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Total revenues	$ 1,346.8	$ 1,136.3	$ 1,037.1
Total costs	1,038.9	849.1	768.5
Gross profit	307.9	287.2	268.6
Selling, general and administrative expenses	240.2	217.2	198.7
Merger and acquisition related items	2.1	0.7	0.4
Research and development expenses	40.0	40.3	38.4
Operating income	25.6	29.0	31.1
Other income (expense):
Interest income (expense), net	5.9	(3.0)	(20.5)
Other income (expense), net	2.5	0.5	0.5
Total other income (expense), net	8.4	(2.5)	(20.0)
Income before income taxes	34.0	26.5	11.1
Provision for income taxes	12.0	10.2	8.7
Net income from consolidated operations	22.0	16.3	2.4
Less: Net income attributable to noncontrolling interest	0.0	0.0	11.3
Net income (loss) attributable to Kratos	$ 22.0	$ 16.3	$ (8.9)
Basic income (loss) per common share attributable to Kratos (in dollars per share)	$ 0.14	$ 0.11	$ (0.07)
Diluted income (loss) per common share attributable to Kratos (in dollars per share)	$ 0.13	$ 0.11	$ (0.07)
Weighted average common shares outstanding:
Basic (in shares)	162.7	149.0	130.4
Diluted (in shares)	165.2	150.9	130.4
Service revenues
Total revenues	$ 469.0	$ 423.4	$ 402.6
Total costs	356.8	310.0	303.2
Product sales
Total revenues	877.8	712.9	634.5
Total costs	$ 682.1	$ 539.1	$ 465.3

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 28, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity risk management program includes a cybersecurity incident response plan (“IRP”). The purpose of the IRP is to provide a structured and systematic incident response process for all Information Security Incidents that affect any of our or our subsidiaries’ information technology systems, network, or data, including data of ours and our subsidiaries held, or IT services provided by, third-party vendors or other service providers. We developed and maintain our program as required by applicable laws and regulations, including without limitation the Cybersecurity Maturity Model Certification (CMMC) and 17 CFR Part 229. On September 10, 2025, the Department of War (DoW) published its final Cybersecurity Maturity Model Certification (CMMC) rule in the Federal Register, effective November 10, 2025, officially launching a three-year phased rollout of cybersecurity requirements across DoW contracts. The rule, implemented through the Defense Federal Acquisition Regulation Supplement (DFARS) under Title 48 CFR, establishes mandatory cybersecurity standards for all contractors and subcontractors. Certification is required to handle Federal Contract Information (FCI) or Controlled Unclassified Information (CUI) and to bid on new contracts. CMMC 2.0, announced July 17, 2021, streamlined requirements to three levels: •Level 1: Self-attestation allowed. •Levels 2 & 3: Third-party assessments required. Failure to achieve CMMC certification will prevent bidding on new or follow-on contracts, creating significant contract risk. Compliance efforts will require substantial and ongoing investment, increasing cost pressures. Additionally, non-compliant subcontractors may jeopardize overall eligibility for DoW work. Collectively, these factors could negatively impact revenue, operating margins, and cash flow. As of July 24, 2025, Kratos has received Final CMMC Level 2 (C3PAO) Certification. Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across our global enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas. We have designated our Chief Information Officer (CIO) to implement and maintain the IRP. Our CIO has over 20 years of experience in the field of information technology including cybersecurity and is responsible for the management of our cybersecurity and data privacy program. Among other information security duties, the CIO is responsible for: •implementing the IRP, •identifying and managing an incident response team (“IRT”) principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents, •coordinating IRT activities, including developing, maintaining, and following appropriate procedures to respond to, appropriately escalate, make decisions regarding, and document identified cybersecurity incidents, •conducting post-incident reviews to gather feedback on identified cybersecurity incident response procedures and address any identified gaps in security measures, •providing training and conducting periodic exercises to promote employee and stakeholder preparedness and awareness of the IRP, and •reviewing the IRP at least annually, or whenever there is a material change in our business practices that may reasonably affect its cybersecurity incident response procedures. Our cybersecurity risk management program includes: •risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT environment including risks associated with ransomware; •the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls; •cybersecurity awareness training of our employees, incident response personnel, and senior management; •a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and •a third-party risk management process for service providers, suppliers, and vendors. We have developed processes to identify and oversee risks from cybersecurity threats associated with our third-party service providers, which includes the information security team assisting with and assessing cybersecurity robustness during vendor onboarding as well as risk-based monitoring of vendors on an ongoing basis. We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across our global enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our entire Board considers cybersecurity risk as part of its risk oversight function and our entire board oversees management’s implementation of our cybersecurity risk management program. Our entire Board receives regular reports from management on our cybersecurity risks. In addition, management updates our entire Board, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential. Board members receive presentations on cybersecurity topics from our CIO, internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies. Our management team is responsible for assessing and managing our material risks from cybersecurity threats. Our CIO regularly informs our management team of all aspects related to cybersecurity risks and incidents. This is designed to ensure that the highest levels of management are kept abreast of the cybersecurity posture and potential risks facing the Company. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained cybersecurity consultants. Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our entire Board considers cybersecurity risk as part of its risk oversight function and our entire board oversees management’s implementation of our cybersecurity risk management program. Our entire Board receives regular reports from management on our cybersecurity risks. In addition, management updates our entire Board, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential. Board members receive presentations on cybersecurity topics from our CIO, internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Role of Management [Text Block]	Our management team is responsible for assessing and managing our material risks from cybersecurity threats. Our CIO regularly informs our management team of all aspects related to cybersecurity risks and incidents. This is designed to ensure that the highest levels of management are kept abreast of the cybersecurity posture and potential risks facing the Company. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained cybersecurity consultants. Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	We have designated our Chief Information Officer (CIO) to implement and maintain the IRP. Our CIO has over 20 years of experience in the field of information technology including cybersecurity and is responsible for the management of our cybersecurity and data privacy program
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	CIO has over 20 years of experience in the field of information technology including cybersecurity and is responsible for the management of our cybersecurity and data privacy program. Among other information security duties, the CIO is responsible for: •implementing the IRP, •identifying and managing an incident response team (“IRT”) principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents, •coordinating IRT activities, including developing, maintaining, and following appropriate procedures to respond to, appropriately escalate, make decisions regarding, and document identified cybersecurity incidents, •conducting post-incident reviews to gather feedback on identified cybersecurity incident response procedures and address any identified gaps in security measures, •providing training and conducting periodic exercises to promote employee and stakeholder preparedness and awareness of the IRP, and •reviewing the IRP at least annually, or whenever there is a material change in our business practices that may reasonably affect its cybersecurity incident response procedures.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our management team is responsible for assessing and managing our material risks from cybersecurity threats. Our CIO regularly informs our management team of all aspects related to cybersecurity risks and incidents. This is designed to ensure that the highest levels of management are kept abreast of the cybersecurity posture and potential risks facing the Company. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained cybersecurity consultants. Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Income Taxes - Income Taxes Paid (Details)	12 Months Ended
Income Taxes - Income Taxes Paid (Details)	Dec. 28, 2025 USD ($)
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal	$ 0
State	1,300,000
Foreign	5,200,000
Israel
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	2,600,000
France
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	800,000
Canada
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	800,000
Japan
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	$ 600,000

Income Taxes

12 Months Ended

Dec. 28, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The components of income (loss) from consolidated operations before income taxes are comprised of the following (in millions):


	December 28, 2025		December 29, 2024		December 31, 2023
Domestic	$	17.1	$	3.8	$	(9.6)
Foreign	16.9		22.7		20.7
Total	$	34.0	$	26.5	$	11.1

The provision for income taxes from consolidated operations are comprised of the following (in millions):


	Year Ended
	December 28, 2025		December 29, 2024		December 31, 2023
Federal income taxes:
Current	$	—	$	—	$	—
Deferred	8.3		7.1		2.4
Total Federal	8.3		7.1		2.4
State and local income taxes:
Current	(1.9)		1.8		1.1
Deferred	0.3		(2.7)		0.3
Total State and local	(1.6)		(0.9)		1.4
Foreign income taxes:
Current	5.8		4.2		5.1
Deferred	(0.5)		(0.2)		(0.2)
Total Foreign	5.3		4.0		4.9
Total	$	12.0	$	10.2	$	8.7

The reconciliation from the statutory federal income tax rate of 21% to the Company’s effective income tax rate, applying ASU 2023-09 prospectively for the years ended December 28, 2025, is as follows (in millions):


	Amount		Rate
	December 28, 2025		December 28, 2025
Income tax (benefit) at federal statutory rate	$	7.1	21.0	%
State taxes (benefit), net of federal tax benefit	1.1		3.2
Foreign tax effects:
Israel tax expense (benefit)	(0.6)		(1.9)

Other foreign jurisdictions tax expense (benefit)	1.2		3.4
Effects of cross-border tax laws:
Global intangible low-taxed income	3.2		9.5
Tax credits:
Research & development tax credits	(0.5)		(1.6)
Change in federal valuation allowance	(0.2)		(0.7)
Nondeductible items:
Stock-based compensation	0.3		0.9
Officer’s compensation 162(m) limitation	0.8		2.5
Other nondeductible items	0.7		2.0
Changes in unrecognized tax benefits	(1.0)		(2.9)
Other adjustments	(0.1)		(0.2)
Total	$	12.0	35.2	%

The reconciliation from the statutory federal income tax rate to our effective income tax rate, applying ASC 740 prior to the adoption of ASU 2023-09 is as follows (in millions):


	Year Ended
	December 29, 2024		December 31, 2023
Income tax (benefit) at federal statutory rate	$	5.6	$	2.3
State taxes (benefit), net of federal tax benefit and valuation allowance	1.9		3.7
Difference in tax rates between U.S. and foreign	2.6		1.7
Increase (decrease) in valuation allowance	(4.2)		(2.0)
Nondeductible expense	0.5		0.5
Increase (decrease) in reserve for uncertain tax positions	0.3		0.3

Other	0.9		0.1
Officer’s compensation 162(m) limitation	0.8		0.5



R&D tax credit	(0.9)		(0.9)
Stock-based compensation	2.7		2.5

Total	$	10.2	$	8.7

For the fiscal year ending December 28, 2025, California comprises the majority (i.e., greater than 50%) of the Company’s domestic state and local income taxes, net of the federal effect category.

The amount of income taxes paid, net of refunds received, by jurisdiction are as follows (in millions) :


Federal:	None
State:	$	1.3
Foreign	$	5.2

Furthermore, the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5% of the total income taxes paid (net of refunds received) are as follows (in millions):


Israel:	$	2.6
France:	$	0.8
Canada:	$	0.8
Japan:	$	0.6

The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities are as follows (in millions):


	December 28, 2025		December 29, 2024
Deferred tax assets:
Stock-based compensation	$	7.2	$	7.3
Payroll related accruals	11.3		9.4
Lease accruals	32.8		28.7
Net operating loss carryforwards	30.0		33.3
Tax credit carryforwards	16.5		12.7
Deferred expenses	19.8		15.7
Other	16.1		17.0
Total deferred taxes	133.7		124.1
Valuation allowance	(7.4)		(7.6)
Total deferred tax assets, net of valuation allowance	126.3		116.5
Deferred tax liabilities:
Unearned revenue	(2.9)		(3.2)
Operating lease right-of-use assets	(29.2)		(25.5)
Other intangibles	(26.2)		(19.4)
Property and equipment, principally due to differences in depreciation	(13.3)		(6.6)
Other	(1.9)		(2.3)
Total deferred tax liabilities	(73.5)		(57.0)
Net deferred tax asset	$	52.8	$	59.5

During the fourth quarter of 2025, the Company evaluated all available evidence, both positive and negative, to determine whether based on the weight of that evidence, a valuation allowance for deferred tax assets was needed. Evidence evaluated by the Company included but was not limited to, its three-year cumulative results, and its forecast of taxable income. As a result, the Company determined that the majority of the Company’s U.S. net deferred tax assets were more likely than not to be realized and that a valuation allowance with respect to a majority of the Company’s net deferred tax assets was not required. The valuation allowance on the Company’s deferred tax assets as of December 28, 2025 relates primarily to state net operating loss carryforwards, capital loss carryforwards and research and development tax credit carryforwards the Company estimates it may not be able to utilize in future periods. During fiscal 2025, the Company recorded a net decrease in its valuation allowance of $0.2 million.

At December 28, 2025, the Company had federal tax loss carryforwards of $116.4 million and various state tax loss carryforwards of $204.4 million. The federal tax loss carryforwards will begin to expire in 2034 and state tax loss carryforwards begin to expire in 2026 in certain states.

At December 28, 2025, the Company had federal tax credit carryforwards of $15.2 million and various state tax credit carryforwards of $1.3 million. The federal tax credit carryforwards will begin to expire in 2026 and the state tax credit carryforwards do not have an expiration.

Federal and state income tax laws impose restrictions on the utilization of net operating losses (“NOLs”) and tax credit carryforwards in the event that an “ownership change” occurs for tax purposes, as defined by Section 382 of the Internal Revenue Code of 1986, as amended (“Section 382”).

In tax year 2010 the Company experienced a Section 382 “ownership change” that will limit the utilization of NOL carryforwards generated before the “ownership change” date. Additionally, the Company has acquired corporations with NOL carryforwards at the date of acquisition (“Acquired NOLs”). The Acquired NOLs are subject to separate limitations that may further restrict the use of Acquired NOLs. For the year ended December 28, 2025, there was no impact of such Section 382 limitations on the income tax provision since the amount of taxable income did not exceed NOLs available for utilization. However, future equity offerings or acquisitions that have equity as a component of the purchase price could also cause an “ownership change.” If and when any other “ownership change” occurs, utilization of the NOLs or other tax attributes may be further limited.

As of December 31, 2017, all accumulated undistributed earnings of our foreign subsidiaries were subject to the one-time transition tax on foreign earnings required by the 2017 Tax Cuts and Jobs Act. It is the Company’s intention to permanently reinvest undistributed earnings of its foreign subsidiaries. As such, the Company has not provided deferred U.S. income taxes or foreign withholding taxes of approximately $7.8 million on temporary differences relating to the outside basis in its investment in foreign subsidiaries. As of December 28, 2025, the Company has $30.3 million of cash and cash equivalents available for distribution.

The Company is subject to taxation in the U.S., various state tax jurisdictions and various foreign tax jurisdictions. The Company’s tax years for 2005 and later are subject to examination by the U.S. and state tax authorities due to the existence of NOL carryforwards. Generally, the Company’s tax years for 2020 and later are subject to examination by various foreign tax authorities as well.

The following table summarizes the activity related to the Company’s unrecognized tax benefits (in millions):


Balance as of December 25, 2022	$	25.0
Increases related to prior periods	0.2
Increases related to current year tax positions	0.2
Expiration of applicable statutes of limitations	(0.1)



Balance as of December 31, 2023	25.3
Increases related to prior periods	0.1
Increases related to current year tax positions	0.2
Expiration of applicable statutes of limitations	(0.2)



Balance as of December 29, 2024	25.4
Increases related to prior periods	1.8
Decreases related to prior periods	(1.2)
Increases related to current year tax positions	0.2
Expiration of applicable statutes of limitations	(0.2)


Balance as of December 28, 2025	$	26.0

Included in the balance of unrecognized tax benefits at December 28, 2025, are $22.9 million of tax benefits that, if recognized, would impact the effective tax rate. Included in this amount is $11.3 million that would become a deferred tax asset if the tax benefit were recognized. As such, this benefit may be impacted by a corresponding change in valuation allowance depending upon the Company’s assessment of the realizability of the deferred tax asset at the time the benefits are recognized.

The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. For the years ended December 28, 2025, December 29, 2024 and December 31, 2023, the Company recorded $0.2 million, $0.3 million, and $0.3 million in interest and penalties expense each year, respectively. These amounts are netted by a benefit for interest and penalties related to the reversal of prior positions of $2.5 million, $0.1 million, and $0.1 million for the years ended December 28, 2025, December 29, 2024, and December 31, 2023, respectively. As of December 28, 2025, December 29, 2024, and December 31, 2023, the Company had accrued total interest and penalties of $3.3 million, $5.6 million and $5.3 million, respectively.

The Organization for Economic Co-operation and Development (OECD) has issued Pillar Two model rules, introducing a new global minimum tax of 15%. While the United States has not adopted Pillar Two, other countries have enacted such legislation or are considering implementation. Given our limited operations in low-tax jurisdictions, Pillar Two has not materially increased our global tax costs. On January 5, 2026, the OECD released a comprehensive package for a “side-by-side arrangement” with respect to Pillar Two. Notably, once adopted, this new guidance will prevent other countries from imposing tax on the U.S. profits of American companies. We will continue to monitor U.S. and international legislative developments, including further announcements on the Side-by-Side package, to assess any potential impacts on our operations.

On July 4, 2025, the President signed into law the One Big Beautiful Bill Act (OBBBA). The OBBBA maintains the 21 percent corporate tax rate and makes permanent many of the beneficial expired and expiring tax provisions originally enacted in the Tax Cuts and Jobs Act of 2017, including the immediate expensing of domestic research and development expenditures, more favorable interest deductibility and 100 percent bonus depreciation with effective dates in 2025. Revisions to the international tax framework are effective in 2026. In the third quarter of 2025, we recorded impacts of the OBBBA, which were not material. In the fourth quarter of 2025, we elected to take 100 percent bonus depreciation on the Company’s eligible fixed assets placed in service during the year ended December 28, 2025.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Balance Sheet Details - Accounts Receivable and Unbilled Receivables (Details) - USD ($) $ in Millions	Dec. 28, 2025	Dec. 29, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current accounts receivable	$ 458.4	$ 324.9
Allowance for doubtful accounts	(1.0)	(1.1)
Total accounts receivable and unbilled receivables, net	457.4	323.8
U.S. Government
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total U.S. Government contract receivables	113.7	72.8
Billed
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current accounts receivable	165.9	118.5
Billed \| U.S. Government
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total U.S. Government contract receivables	25.4	11.6
Unbilled
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current accounts receivable	292.5	206.4
Unbilled \| U.S. Government
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total U.S. Government contract receivables	$ 88.3	$ 61.2

Organization and Summary of Significant Accounting Policies - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,346.8	$ 1,136.3	$ 1,037.1
U.S. Government \| Revenue Benchmark \| Government Contracts Concentration Risk
Disaggregation of Revenue [Line Items]
Sales to the U.S. Government, percentage of total revenue (percent)	68.00%	67.00%	69.00%
Kratos Government Solutions
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,054.8	$ 865.8	$ 824.9
Kratos Government Solutions \| U.S. Government
Disaggregation of Revenue [Line Items]
Total revenues	672.3	528.0	512.5
Kratos Government Solutions \| International
Disaggregation of Revenue [Line Items]
Total revenues	228.3	195.4	192.8
Kratos Government Solutions \| U.S. Commercial and other customers
Disaggregation of Revenue [Line Items]
Total revenues	154.2	142.4	119.6
Kratos Government Solutions \| Fixed price
Disaggregation of Revenue [Line Items]
Total revenues	703.1	571.5	566.3
Kratos Government Solutions \| Cost plus fee
Disaggregation of Revenue [Line Items]
Total revenues	298.9	233.9	209.5
Kratos Government Solutions \| Time and materials
Disaggregation of Revenue [Line Items]
Total revenues	52.8	60.4	49.1
Unmanned Systems
Disaggregation of Revenue [Line Items]
Total revenues	292.0	270.5	212.2
Unmanned Systems \| U.S. Government
Disaggregation of Revenue [Line Items]
Total revenues	244.8	234.0	200.2
Unmanned Systems \| International
Disaggregation of Revenue [Line Items]
Total revenues	39.3	31.3	9.2
Unmanned Systems \| U.S. Commercial and other customers
Disaggregation of Revenue [Line Items]
Total revenues	7.9	5.2	2.8
Unmanned Systems \| Fixed price
Disaggregation of Revenue [Line Items]
Total revenues	231.2	216.4	160.9
Unmanned Systems \| Cost plus fee
Disaggregation of Revenue [Line Items]
Total revenues	58.1	48.1	41.9
Unmanned Systems \| Time and materials
Disaggregation of Revenue [Line Items]
Total revenues	$ 2.7	$ 6.0	$ 9.4

Organization and Summary of Significant Accounting Policies - Contract Assets and Liabilities - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Contract assets, net change	$ 86.1
Contract liabilities, net change	(2.9)
Revenue recognized	$ 64.7	$ 85.8

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 28, 2025	Dec. 29, 2024
Current assets:
Cash and cash equivalents	$ 560.6	$ 329.3
Accounts receivable, net	165.0	117.5
Unbilled receivables, net	292.4	206.3
Inventoried costs, net	188.2	162.1
Prepaid expenses	12.9	18.0
Other current assets	43.8	38.9
Total current assets	1,262.9	872.1
Property, plant and equipment, net	361.9	288.2
Operating lease right-of-use assets, net	43.4	37.6
Goodwill	595.7	568.9
Intangible assets, net	53.9	53.8
Other assets	144.4	130.3
Investment in joint venture	5.0	0.0
Total assets	2,467.2	1,950.9
Current liabilities:
Accounts payable	69.6	82.0
Accrued expenses	60.5	38.8
Accrued compensation	82.3	71.9
Billings in excess of costs and earnings on uncompleted contracts	73.4	76.3
Current portion of operating lease liabilities	12.8	11.3
Current portion of finance lease obligations	3.4	1.9
Other current liabilities	9.0	14.5
Total current liabilities	311.0	296.7
Long-term debt	0.0	174.6
Operating lease liabilities, net of current portion	33.8	29.8
Finance lease liabilities, net of current portion	95.8	64.4
Other long-term liabilities	30.3	32.2
Total liabilities	470.9	597.7
Commitments and contingencies (Note 14)
Stockholders’ equity:
Preferred stock, $0.001 par value, 5,000,000 authorized, 0 shares issued and outstanding at December 28, 2025 and December 29, 2024	0.0	0.0
Common stock, $0.001 par value, 195,000,000 shares authorized; 168,875,032 and 151,092,292 shares issued and outstanding at December 28, 2025 and December 29, 2024, respectively	0.2	0.2
Additional paid-in capital	2,635.9	2,017.4
Accumulated other comprehensive income (loss)	2.1	(0.5)
Accumulated deficit	(641.9)	(663.9)
Total stockholders’ equity	1,996.3	1,353.2
Total liabilities and stockholders’ equity	$ 2,467.2	$ 1,950.9

Fair Value Measurement	12 Months Ended
Fair Value Measurement	Dec. 28, 2025
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement ASC Topic 820, Fair Value Measurement, establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. As more fully described in Note 16, Derivative Financial Instruments, our forward exchange contracts used to manage foreign currency risks and an interest rate swap contract to hedge U.S. dollar-one month Term SOFR in order to mitigate the exposure to interest rate movements associated with the Company’s Term Loan A are recognized on the Consolidated Balance Sheets as either assets or liabilities and are measured at fair value. On June 30, 2025, in anticipation of the extinguishment of all outstanding Term Loan A debt under the 2022 Credit Facility, the Company terminated the interest rate swap contract referred to above. As of December 28, 2025, we had no derivative assets or liabilities recorded on the Consolidated Balance Sheets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 28, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. On November 4, 2025, the Company and certain of its subsidiaries entered into a definitive merger agreement (the “Orbit Merger Agreement”) pursuant to which the Company agreed to acquire Orbit Technologies Ltd., a company organized under the laws of the State of Israel (“Orbit”). Orbit’s ordinary shares are currently publicly traded on the Tel Aviv Stock Exchange. The aggregate consideration payable by the Company pursuant to the Orbit Merger Agreement is expected to be approximately $356.3 million, which is expected to be funded via cash on the Company’s balance sheet immediately prior to closing. Consummation of the acquisition of Orbit is subject to a number of customary closing conditions. The transaction is expected to close in the first half of 2026. On February 11, 2026, the Company and the other parties thereto entered into an Agreement and Plan of Merger (“Nomad Merger Agreement”) pursuant to which the Company acquired Nomad Global Communication Solutions, Incorporated, a Montana corporation (“Nomad”). The Nomad acquisition was consummated on February 11, 2026. Nomad is a company that focuses on the design and manufacture of connected mobile operations centers. Pursuant to the Nomad Merger Agreement, the Company (i) issued 972,136 shares of Kratos common stock with a deemed value of $88.8 million on February 11, 2026 to the former Nomad shareholders in a private placement, (ii) agreed to issue up to $7 million worth of additional shares of Kratos common stock to the former Nomad shareholders in the future upon release of certain holdback amounts, (iii) agreed to pay up to $6 million in cash to the former Nomad shareholders in the future upon release of a certain holdback amount, and (iv) agreed to issue up to $10 million worth of additional shares of Kratos common stock upon achievement of certain milestones. Kratos granted the former shareholders of Nomad certain registration rights under the Nomad Merger Agreement and registered the 972,136 shares of Kratos common stock issued to the former Nomad shareholders on February 11, 2026 with the SEC on February 12, 2026. On February 20, 2026, the Company completed the refinancing of its 2022 Credit Facility, which originally consisted of a $200 million Revolving Credit Facility and a $200 million Term Loan A, with a new 5-year $300 million Revolving Credit Facility (the “2026 Credit Facility”). There are no borrowings under the 2026 Credit Facility and, as stated above, there have been no outstanding borrowings under the 2022 Credit Facility subsequent to the repayment in full of the Term Loan A under the 2022 Credit Facility on July 2, 2025. The outstanding letters of credit under the 2022 Credit Facility were transferred to the 2026 Credit Facility.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 28, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

(a) Goodwill

The Company performs its annual impairment test for goodwill in accordance with Topic 350 as of the last day of its fiscal October or when evidence of potential impairment exists.

The Company assesses goodwill for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment, referred to as a component. The Company determines its reporting units by first identifying its operating segments, and then assessing whether any components of these segments constitute a business for which discrete financial information is available and where segment management regularly reviews the operating results of that component. The Company aggregates components within an operating segment that have similar economic characteristics.

The KGS reportable segment has five operating businesses: Defense and Rocket Support Systems (“DRSS”), Microwave Electronics (“ME”), Space, Training and Cybersecurity Solutions (“ST&C”), C5ISR/Modular Systems (“MS”), and Kratos Turbine Technologies (“KTT”). All of the KGS operating segments provide technology based defense solutions, involving products and services, primarily for mission critical U.S. National Security priorities, with the primary focus relating to the nation’s C5ISR requirements. The US reportable segment consists of its unmanned aerial system, unmanned ground, and unmanned seaborne system products.

The Company identified its reporting units to be the DRSS, ME, ST&C, MS, KTT and US operating segments. The Company tests goodwill for impairment by first performing a qualitative assessment. If, based on its qualitative assessment management determines it is not more likely than not that the fair value of the reporting unit exceeds its carrying value, a quantitative assessment is then performed. For operations where a quantitative assessment is performed, the identification and measurement of impairment involves the estimation of the fair value of reporting units. If the fair value is determined to be less than the carrying value, a charge to operations is recorded for the amount that the carrying value exceeds fair value. As part of its quantitative assessment, the Company estimates the fair value of each of the reporting units based on a comparison and weighting of the income approach, specifically the discounted cash flow method and the market approach, which estimates the fair value of the reporting units based upon comparable market prices and recent transactions and also validates the reasonableness of the implied multiples from the income approach.

In determining the fair value for the reporting units, where a quantitative assessment is performed, there are key assumptions relating to future expected cash flows, terminal growth rates, appropriate discount rates, market multiples, and the control premium a controlling shareholder could be expected to pay.

The carrying amounts of goodwill as of December 28, 2025 and December 29, 2024 by reportable segment are as follows (in millions):


	As of December 28, 2025
	US		KGS		Total
Gross value	$	138.6	$	710.4	$	849.0
Less accumulated impairment	13.8		239.5		253.3
Net	$	124.8	$	470.9	$	595.7




	As of December 29, 2024
	US		KGS		Total
Gross value	$	138.6	$	683.6	$	822.2
Less accumulated impairment	13.8		239.5		253.3
Net	$	124.8	$	444.1	$	568.9

(b) Purchased Intangible Assets

The following table sets forth information for acquired finite-lived and indefinite-lived intangible assets (in millions):


	As of December 28, 2025						As of December 29, 2024
	Gross Value		Accumulated Amortization		Net Value		Gross Value		Accumulated Amortization		Net Value
Acquired finite-lived intangible assets:
Customer relationships	$	86.7	$	(68.2)	$	18.5	$	80.9	$	(65.3)	$	15.6
Contracts and backlog	54.5		(47.7)		6.8		53.1		(43.2)		9.9
Non-compete Agreements	0.5		(0.1)		0.4		—		—		—
Developed technology and technical know-how	35.1		(30.8)		4.3		33.7		(29.4)		4.3
Trade names	4.4		(3.5)		0.9		3.8		(3.1)		0.7
In-process research and development	16.8		(0.7)		16.1		16.8		(0.4)		16.4
Total finite-lived intangible assets	198.0		(151.0)		47.0		188.3		(141.4)		46.9
Indefinite-lived trade names	6.9		—		6.9		6.9		—		6.9
Total intangible assets	$	204.9	$	(151.0)	$	53.9	$	195.2	$	(141.4)	$	53.8

The aggregate amortization expense for finite-lived intangible assets was $9.6 million, $8.6 million and $6.8 million, for the years ended December 28, 2025, December 29, 2024, and December 31, 2023, respectively. The Company records all amortization expense in selling, general and administrative expenses.

The estimated future amortization expense of acquired intangible assets with finite lives as of December 28, 2025 is as follows (in millions):


Fiscal Year	Amount
2026	10.7
2027	8.4
2028	5.6
2029	5.6
2030	5.1
Thereafter	11.6
Total	$	47.0

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Unrecognized Tax Benefits
Balance at the beginning of period	$ 25.4	$ 25.3	$ 25.0
Increases related to prior periods	1.8	0.1	0.2
Decreases related to prior periods	(1.2)
Increases related to current year tax positions	0.2	0.2	0.2
Expiration of applicable statutes of limitations	(0.2)	(0.2)	(0.1)
Balance at the end of period	$ 26.0	$ 25.4	$ 25.3

Significant Customers	12 Months Ended
Significant Customers	Dec. 28, 2025
Segment Reporting [Abstract]
Significant Customers	Significant Customers Revenue from the U.S. Government (which includes foreign military sales) includes revenue from contracts for which the Company is the prime contractor as well as those for which the Company is a subcontractor and the ultimate customer is the U.S. Government. The KGS and US segments have substantial revenue from the U.S. Government. Sales to the U.S. Government amounted to approximately $917.1 million, $762.0 million, and $712.7 million or 68%, 67%, and 69%, of total revenue for the years ended December 28, 2025, December 29, 2024, and December 31, 2023, respectively.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 3A
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-URI https://asc.fasb.org/1943274/2147482836/275-10-55-3A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/275/tableOfContent

+ Details

Organization and Summary of Significant Accounting Policies - Schedule of Interest Income (Expense), Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest expense incurred primarily on indebtedness	$ (9.6)	$ (15.2)	$ (21.7)
Interest income	15.5	12.2	1.2
Interest income (expense), net	$ 5.9	$ (3.0)	$ (20.5)

Leases

12 Months Ended

Dec. 28, 2025

Leases [Abstract]

Leases

The components of lease expense for the years ended December 28, 2025, December 29, 2024, and December 31, 2023 were as follows (in millions):


	December 28, 2025		December 29, 2024		December 31, 2023
Amortization of right of use assets - finance leases	$	4.1	$	3.2	$	3.1
Interest expense on lease liabilities - finance leases	4.1		3.3		3.1
Operating lease cost (expense resulting from amortization of total lease payments)	14.5		13.9		14.0
Short-term lease cost	1.5		1.4		1.2
Variable lease cost (cost excluded from lease payments)	—		—		0.1
Sublease income	(0.2)		(0.2)		—
Total lease cost	$	24.0	$	21.6	$	21.5

The components of leases on the balance sheet were as follows (in millions):


	December 28, 2025		December 29, 2024
Operating Leases:
Operating lease right-of-use assets	$	43.4	$	37.6
Current portion of operating lease liabilities	$	12.8	$	11.3
Operating lease liabilities, net of current portion	$	33.8	$	29.8
Finance leases:
Property, plant and equipment, net	$	86.2	$	57.6
Other current liabilities	$	3.4	$	1.9
Other long-term liabilities	$	95.8	$	64.4

Cash paid for amounts included in the measurement of lease liabilities for the years ended December 28, 2025, December 29, 2024, and December 31, 2023 were as follows (in millions):


	December 28, 2025			December 29, 2024			December 31, 2023
Finance lease - cash paid for interest		$	3.9		$	3.3		$	3.1
Finance lease - financing cash flows		$	1.8		$	1.4		$	1.5
Operating lease - operating cash flows (fixed payments)		$	14.9		$	14.3		$	14.1

Other supplemental noncash information (in millions):


	December 28, 2025			December 29, 2024
Operating lease liabilities arising from obtaining right-of-use assets	$	18.9		$	3.7
Finance lease liabilities arising from obtaining right-of-use assets	$	34.8		$	15.4

Weighted-average remaining lease term (in years):
Operating leases	4.46			4.03
Finance leases	14.96			13.81

Weighted-average discount rate:
Operating leases	5.32		%	4.99		%
Finance leases	6.17		%	6.35		%

The maturity of lease liabilities is (in millions):


	Operating Leases		Finance Leases
2026	$	14.8	$	9.1
2027	12.9		9.6
2028	10.4		9.8
2029	6.5		9.8
2030	3.4		9.3
Thereafter	4.8		105.7
Total lease payments	52.8		153.3
Less: imputed interest	(6.2)		(54.1)
Total present value of lease liabilities	$	46.6	$	99.2

Leases

The components of lease expense for the years ended December 28, 2025, December 29, 2024, and December 31, 2023 were as follows (in millions):


	December 28, 2025		December 29, 2024		December 31, 2023
Amortization of right of use assets - finance leases	$	4.1	$	3.2	$	3.1
Interest expense on lease liabilities - finance leases	4.1		3.3		3.1
Operating lease cost (expense resulting from amortization of total lease payments)	14.5		13.9		14.0
Short-term lease cost	1.5		1.4		1.2
Variable lease cost (cost excluded from lease payments)	—		—		0.1
Sublease income	(0.2)		(0.2)		—
Total lease cost	$	24.0	$	21.6	$	21.5

The components of leases on the balance sheet were as follows (in millions):


	December 28, 2025		December 29, 2024
Operating Leases:
Operating lease right-of-use assets	$	43.4	$	37.6
Current portion of operating lease liabilities	$	12.8	$	11.3
Operating lease liabilities, net of current portion	$	33.8	$	29.8
Finance leases:
Property, plant and equipment, net	$	86.2	$	57.6
Other current liabilities	$	3.4	$	1.9
Other long-term liabilities	$	95.8	$	64.4

Cash paid for amounts included in the measurement of lease liabilities for the years ended December 28, 2025, December 29, 2024, and December 31, 2023 were as follows (in millions):


	December 28, 2025			December 29, 2024			December 31, 2023
Finance lease - cash paid for interest		$	3.9		$	3.3		$	3.1
Finance lease - financing cash flows		$	1.8		$	1.4		$	1.5
Operating lease - operating cash flows (fixed payments)		$	14.9		$	14.3		$	14.1

Other supplemental noncash information (in millions):


	December 28, 2025			December 29, 2024
Operating lease liabilities arising from obtaining right-of-use assets	$	18.9		$	3.7
Finance lease liabilities arising from obtaining right-of-use assets	$	34.8		$	15.4

Weighted-average remaining lease term (in years):
Operating leases	4.46			4.03
Finance leases	14.96			13.81

Weighted-average discount rate:
Operating leases	5.32		%	4.99		%
Finance leases	6.17		%	6.35		%

The maturity of lease liabilities is (in millions):


	Operating Leases		Finance Leases
2026	$	14.8	$	9.1
2027	12.9		9.6
2028	10.4		9.8
2029	6.5		9.8
2030	3.4		9.3
Thereafter	4.8		105.7
Total lease payments	52.8		153.3
Less: imputed interest	(6.2)		(54.1)
Total present value of lease liabilities	$	46.6	$	99.2

Debt - Narrative (Details) - USD ($) $ in Millions				12 Months Ended
Debt - Narrative (Details) - USD ($) $ in Millions	Jul. 02, 2025	Apr. 28, 2023	Feb. 18, 2022	Dec. 28, 2025	Sep. 28, 2025
Interest Rate Swap
Debt Instrument [Line Items]
Fixed interest rate		3.721%
Interest Rate Swap \| Designated as hedging instrument
Debt Instrument [Line Items]
Basis spread on variable rate percentage		3.721%
Proceeds from derivative instruments				$ 0.3
6.5% Notes \| Senior notes
Debt Instrument [Line Items]
Long-term debt			$ 300.0
Stated interest rate			6.50%
Term Loan A \| Interest Rate Swap
Debt Instrument [Line Items]
Initial hedge amount		$ 195.0
Revolving credit facility
Debt Instrument [Line Items]
Outstanding borrowings			$ 90.0
Revolving credit facility			$ 200.0
Revolving credit facility \| New Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, term (in years)			5 years
Unused borrowing capacity			$ 200.0
Debt issuance costs			$ 3.3
Revolving credit facility \| New Revolving Credit Facility \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate percentage			0.50%
Revolving credit facility \| New Revolving Credit Facility \| Adjusted Term Secured Overnight Financing Rate
Debt Instrument [Line Items]
Basis spread on variable rate percentage			1.00%
Revolving credit facility \| New Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate percentage			1.25%
Revolving credit facility \| New Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate percentage			2.25%
Revolving credit facility \| New Revolving Credit Facility \| Base rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate percentage			0.25%
Revolving credit facility \| New Revolving Credit Facility \| Base rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate percentage			1.25%
Secured debt \| Term Loan A
Debt Instrument [Line Items]
Debt instrument, term (in years)			5 years
National amount			$ 200.0
2022 Credit Facility \| Term Loan A
Debt Instrument [Line Items]
Outstanding aggregate principal value	$ 177.5
Unamortized debt issuance costs					$ 0.5
Swing line loan \| New Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility			10.0
Letter of credit
Debt Instrument [Line Items]
Revolving credit facility			$ 50.0

Organization and Summary of Significant Accounting Policies - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Allowance for Doubtful Accounts
Provisions	$ 0.0	$ 0.0	$ (1.0)
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts
Balance at Beginning of Year	1.1	1.1	0.4
Provisions	0.0	0.0	1.0
Write-offs/ Recoveries	(0.1)	0.0	(0.3)
Balance at End of Year	$ 1.0	$ 1.1	$ 1.1

Net Income (Loss) Per Common Share

12 Months Ended

Dec. 28, 2025

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share

The Company calculates net income (loss) per common share in accordance with FASB ASC Topic 260, Earnings per Share (“Topic 260”). Under Topic 260, basic net income (loss) per common share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the reporting period. Diluted net income (loss) per common share reflects the effects of potentially dilutive securities.

The following shares were excluded from the calculation of diluted income (loss) per common share because their inclusion would have been anti-dilutive (in millions):

Year Ended

December 28, 2025

December 29, 2024

December 31, 2023

Shares from stock options and awards

2.5

1.9

1.8

Stockholders' Equity - Grants and Exercises Under Option Plans (Details) - USD ($)	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Total intrinsic value of options exercised	$ 0	$ 0	$ 80,800

Organization and Summary of Significant Accounting Policies - Description of Business (Details)	12 Months Ended
	Dec. 28, 2025 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable (in segments)	2

Leases - Schedule of Supplemental Balance Sheet (Details) - USD ($) $ in Millions	Dec. 28, 2025	Dec. 29, 2024
Operating Leases:
Operating lease right-of-use assets, net	$ 43.4	$ 37.6
Current portion of operating lease liabilities	12.8	11.3
Operating lease liabilities, net of current portion	33.8	29.8
Finance leases:
Property, plant and equipment, net	$ 86.2	$ 57.6
Finance lease, right-of-use asset, statement of financial position [Extensible List]	Property, plant and equipment, net	Property, plant and equipment, net
Other current liabilities	$ 3.4	$ 1.9
Other long-term liabilities	$ 95.8	$ 64.4

Stockholders' Equity

12 Months Ended

Dec. 28, 2025

Share-Based Payment Arrangement [Abstract]

Stockholders' Equity

Stockholders’ Equity

(a) Common Stock

On February 27, 2024, the Company sold 19,166,667 shares of its common stock at a public offering price of $18.00 per share in an underwritten offering. The Company received gross proceeds of approximately $345.0 million. After deducting underwriting fees and other offering expenses, the Company received approximately $331.2 million in net proceeds. The Company has used and expects to continue to use the net proceeds of this public equity offering to facilitate its long-term strategy, including potential investment in facilities, expanding manufacturing capacity, anticipated capital expenditures for expansion of current sole source/single award programs and high probability pipeline opportunities, initiate or accelerate production or integration of unmanned drone, hypersonic or other systems in anticipation of customer contract awards, further strengthen its balance sheet in anticipation of upcoming customer and partner decisions and source selection on additional large, new program and contract opportunities, for general corporate purposes, including paydown of debt, and to pay fees and expenses in connection with this public equity offering. During the three months ended March 31, 2024, the Company used $45 million of the proceeds from this public equity offering to pay down amounts outstanding under its Revolving Credit Facility.

On June 27, 2025, the Company sold 14,935,065 shares of its common stock at a public offering price of $38.50 per share in an underwritten offering. The Company received gross proceeds of approximately $575.0 million. After deducting underwriting fees and other offering expenses, the Company received approximately $555.9 million in net proceeds. The Company has used and expects to continue to use the net proceeds of this public equity offering to (i) fund investments and capital expenditures to scale and successfully execute on large, mission critical National Security priorities related to existing programs, recent program awards and significant high-probability pipeline opportunities; (ii) to finance important customer and program targeted acquisitions; (iii) and for general corporate purposes, including pay-down of debt and to pay fees and expenses in connection with this public equity offering. On July 2, 2025, the Company used a portion of the proceeds of the June 2025 public equity offering to pay off the then-outstanding $177.5 million aggregate principal amount of the Term Loan A debt, plus accrued interest, under the 2022 Credit Facility.

(b) Equity Incentive Plans

In May 2023, the Company’s board of directors (the “Board”) and stockholders approved the 2023 Equity Incentive Plan (the “2023 Equity Plan”). The 2023 Equity Plan is the successor to the Amended and Restated Kratos Defense & Security Systems, Inc. 2014 Equity Incentive Plan (the “2014 Plan”), the Kratos Defense & Security Solutions, Inc. 2011 Equity Incentive Plan (the “2011 Plan”), and the Kratos Defense & Security Solutions, Inc. Amended and Restated 2005 Equity Incentive Plan (the “2005 Plan”), (collectively, the “Prior Plans”). The 2023 Equity Plan became effective May 24, 2023 and no additional stock awards were granted under the Prior Plans as of May 24, 2023. All outstanding stock awards granted subject to the terms of the Prior Plans will continue to be subject to the terms and conditions as set forth in the agreements evidencing such stock awards and the terms of the respective Prior Plans. As of May 23, 2023, there were 2,280,707 shares remaining available for issuance under the Prior Plans. The 2023 Equity Plan increased the number of shares remaining available for issuance under its equity compensation plans by 2,466,983 shares to 4,747,690 shares.

The Board may grant equity-based awards to selected employees, directors and consultants of the Company pursuant to its 2023 Equity Plan. As of December 28, 2025, there were 1,639,427 shares reserved for issuance for future grant under the 2023 Equity Plan. The Board may amend or terminate the 2023 Equity Plan at any time. Certain amendments, including an increase in the share reserve, require stockholder approval. Generally, restricted stock units outstanding vest over periods not exceeding ten years. The Company records compensation expense for employee restricted stock unit awards based on the market value of the awards on the date of grant. There were no stock options granted or related expenses for stock options in 2025, 2024 or 2023. There were no stock options outstanding as of December 29, 2024 and December 28, 2025.

During the years ended December 28, 2025, December 29, 2024, and December 31, 2023, the following values relate to the exercises under the Company’s option plans:


	2025		2024		2023
Total intrinsic value of options exercised (in thousands)	$	—	$	—	$	80.8

The following table summarizes the Company’s Restricted Stock Unit activity:


	Restricted Stock Units (000’s)	Weighted-Average Grant Date Fair Value		Weighted- Average Remaining Contractual Term (in years)
Nonvested balance at December 25, 2022	4,659	$	12.88	1.12
Granted	1,427	11.39
Vested	(871)	11.34
Forfeited or expired	(35)	16.12
Vested but not released	(245)	12.55
Nonvested balance at December 31, 2023	4,935	$	12.72	1.11
Granted	1,509	19.00
Vested	(2,398)	18.48
Forfeited or expired	(38)	16.10
Vested but not released	(220)	14.11
Nonvested balance at December 29, 2024	3,788	$	11.45	1.05
Granted	1,473	29.57
Vested	(1,775)	18.33
Forfeited or expired	(95)	18.10
Vested but not released	(70)	21.15
Nonvested balance at December 28, 2025	3,321	$	14.31	1.09

As of December 28, 2025, there was $41.8 million of total unrecognized stock-based compensation expense related to nonvested restricted stock units which is expected to be recognized over a remaining weighted-average vesting period of 1.9 years. The fair value of restricted stock unit awards that vested in 2025, 2024, and 2023 was $32.5 million, $44.3 million, and $9.8 million, respectively.

In May 2023, the Board approved the 2023 Employee Stock Purchase Plan (as amended from time to time, the “2023 Purchase Plan”). The 2023 Purchase Plan is the successor to the 1999 Employee Stock Purchase Plan (as amended from time to time, the “1999 Purchase Plan”). The total number of shares of our common stock that were authorized for issuance under the 2023 Purchase Plan is equal to the sum of (1) 3,500,000 shares, plus (2) 766,586 shares, which is the number of shares that remained available for issuance under the 1999 Purchase Plan as of its termination on June 30, 2023 (after giving effect to the purchases pursuant to the offering period ending on such date under the Existing ESPP). The 2023 Purchase Plan qualifies as an employee stock purchase plan within the meaning of Section 423 of the Internal Revenue Service Code. Unless otherwise determined by the Compensation Committee of the Board, all U.S. employees are eligible to participate in the 2023 Purchase Plan, so long as they are employed by the Company (or a subsidiary designated by the Board) for at least 20 hours per week and were customarily employed by the Company (or a subsidiary designated by the Board) for at least 5 months per calendar year. The 2023 Plan also allows the Board to extend the employee stock purchase program to eligible employees outside of the U.S. In 2023, Kratos employees in Canada and the United Kingdom have been allowed to participate in the 2023 Purchase Plan.

Employees who actively participate in the 2023 Purchase Plan are eligible to have up to 15% of their earnings for each purchase period withheld pursuant to the 2023 Purchase Plan. The amount that is withheld is used at various purchase dates within the offering period to purchase shares of common stock. The price paid for common stock at each such purchase date is equal to the lower of 85% of the fair market value of the common stock at the commencement date of that offering period or 85% of the fair market value of the common stock on the relevant purchase date. Employees are also able to end their participation in the offering at any time during the offering period, and participation ends automatically upon termination of employment. At December 28, 2025, the cumulative number of shares of common stock that have been issued under the 2023 Purchase Plan and predecessor plans is 8.5 million and approximately 3.2 million shares are available for future issuance under the Plan. During 2025, approximately 507,000 shares were issued under the 2023 Purchase Plan at an average price of $19.40 per share.

The fair value of shares issued under the 2023 Purchase Plan for 2025 was estimated using the Black-Scholes option pricing model. The assumptions and resulting fair values of options granted for 2025, 2024 and 2023 were as follows:


	Offering Periods January 1 to December 31 2025	Offering Periods January 1 to December 31 2024	Offering Periods January 1 to December 31 2023
Expected term (in years)(1)	0.5	0.5	0.5
Risk-free interest rate(2)	4.24% - 4.29%	5.26% - 5.33%	4.76% - 5.47%
Expected volatility(3)	40.41% - 51.95%	40.15% - 40.68%	41.65% - 45.77%
Expected dividend yield(4)	—%	—%	—%
Weighted average grant-date fair value per share	$9.30	$5.40	$3.30

(1) The expected term is equivalent to the offering period.

(2) The risk-free interest rate is based on U.S. Treasury yields in effect at the time of grant with a term equal to the expected term.

(3) The Company estimated implied volatility based upon trailing volatility.

(4) The Company has no history or expectation of paying dividends on its common stock.

As of December 28, 2025, there was no material unrecognized compensation expense related to the 2023 Purchase Plan or the 1999 Purchase Plan.

Redeemable Noncontrolling Interest	12 Months Ended
Redeemable Noncontrolling Interest	Dec. 28, 2025
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	Redeemable Noncontrolling Interest On February 27, 2019, the Company acquired 80.1% of the issued and outstanding shares of capital stock of Florida Turbine Technologies Inc., a Florida corporation (“FTT Inc.”), and 80.1% of the membership interests in KTT Core, a Delaware limited liability company, for an aggregate purchase price of approximately $60 million. On February 18, 2022, the capital stock of FTT Inc. was conveyed to KTT Core for organizational purposes such that FTT Inc. is now a wholly owned subsidiary of KTT Core. In connection with the Company’s acquisition of FTT Inc., and KTT Core, (i) beginning in January 2024, the holders (the “Holders”) of the minority interests in KTT Core (the “Minority Interests”) had an annual right (the “Put Right”) to sell all of the Minority Interests to the Company at a purchase price based on a specified multiple of the trailing 12 months EBITDA of KTT Core and its subsidiaries (the “Acquired Companies”), subject to adjustment as set forth in the Exchange Agreement entered into by and among the Company, the Acquired Companies and the Holders, as amended on February 18, 2022 (the “Exchange Agreement”). On June 13, 2022, the Company entered into an Equity Purchase Agreement (the “Equity Purchase Agreement”) to acquire an additional 9.95% (the “Purchased Shares”) of the issued and outstanding shares of capital stock of KTT Core (together with its wholly-owned subsidiaries including FTT Inc.), a majority owned subsidiary of the Company, for an aggregate estimated purchase price of approximately $6.4 million, to be paid in shares of Kratos common stock. Pursuant to the Equity Purchase Agreement, the Company paid consideration of $2.7 million, paid in 190,258 shares of its common stock, based upon Kratos’ trading price on the date of distribution, representing half of the aggregate estimated purchase price to be paid by the Company for the Purchased Shares. Following the closing of the transactions contemplated by the Equity Purchase Agreement, the Company owned 90.05% of KTT Core. On April 7, 2023, the final aggregate purchase price, as updated to reflect the actual 2022 operating results and to reflect the market price of Kratos common stock on the day of issuance, was determined and 828,128 shares of Kratos common stock were issued to the Holders of the minority interest with a value of $10.7 million. On March 22, 2024, the Holders notified Kratos of their intent to sell their remaining Minority Interests through the Holders’ exercise of the Put Right. On June 21, 2024, the Company acquired the remaining 9.95% of the issued and outstanding shares of capital stock of KTT Core for an aggregate purchase price of approximately $22.5 million, which was comprised of approximately $11.25 million in cash and 583,700 shares of Kratos common stock valued at $11.25 million based on Kratos’ 90 day average trading price ending on day immediately prior to the date of acquisition. Following the closing of the transaction the Company owned 100% of KTT Core. Prior to the purchase of the remaining shares of KTT Core, the Company adjusted the carrying value of the redeemable noncontrolling interest based on an allocation of subsidiary earnings based on ownership interest. Redeemable noncontrolling interest is recorded outside of permanent equity at the higher of its carrying value or management’s estimate of the amount (the “Redemption Amount”) that the Company could be required to pay in connection with the Put Right. Adjustments to the Redemption Amount will have a corresponding effect on net income per share attributable to Kratos shareholders. For the year ended December 29, 2024, the Company recorded an adjustment of $9.9 million to increase the carrying value of the redeemable noncontrolling interest to the estimated Redemption Amount. As a result of the Company’s acquisition of the remaining 9.95% of the issued and outstanding shares of capital stock of KTT Core on June 21, 2024, the carrying value of the redeemable noncontrolling interest was reduced to zero.

Collaborative Arrangement	12 Months Ended
Collaborative Arrangement	Dec. 28, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaborative Arrangement	Collaborative Arrangement On June 3, 2025, the Company and GE Aerospace (“GE”) announced a formal teaming agreement to advance the development and production of engines for the next generation of affordable unmanned aerial systems and Collaborative Combat Aircraft-type (CCA-type) aircraft. This teaming agreement supersedes an earlier letter of intent and memorandum of understanding between the Company and GE related to the development, testing and fielding of these engines. Under this arrangement, the Company and GE share in the risks and rewards of the program through various revenue, cost and profit-sharing payment structures. In accordance with FASB ASC Topic 808, Collaborative Arrangements, (“Topic 808”), the accounting for the arrangement is within the scope of ASC 606 and revenue and costs are recognized as the promised services are provided. The ASC 606 considerations and facts discussed in Note 3. Revenue Recognition apply to this arrangement. Since the signing of the memorandum of understanding between the Company and GE on July 22, 2024, the Company has recorded revenues of $31.5 million and cost of sales of $31.9 million through December 28, 2025 related to this arrangement. The Company recorded revenues of $12.9 million and cost of sales of $13.3 million for the year ended December 28, 2025 related to this arrangement.

Organization and Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Millions	Dec. 28, 2025	Dec. 29, 2024
Unbilled
Disaggregation of Revenue [Line Items]
Accounts receivable	$ 34.5	$ 12.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

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-Name Accounting Standards Codification
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-Paragraph 91
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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

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-Topic 606
-SubTopic 10
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-Section 55
-Paragraph 91
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Section 55
-Paragraph 91
-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

Goodwill and Other Intangible Assets - Intangible Asset Amortization (Details) - USD ($) $ in Millions	Dec. 28, 2025	Dec. 29, 2024
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2026	$ 10.7
2027	8.4
2028	5.6
2029	5.6
2030	5.1
Thereafter	11.6
Total	$ 47.0	$ 46.9

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Millions	Dec. 28, 2025	Dec. 29, 2024
Goodwill [Line Items]
Gross value	$ 849.0	$ 822.2
Less accumulated impairment	253.3	253.3
Net	595.7	568.9
US
Goodwill [Line Items]
Gross value	138.6	138.6
Less accumulated impairment	13.8	13.8
Net	124.8	124.8
KGS
Goodwill [Line Items]
Gross value	710.4	683.6
Less accumulated impairment	239.5	239.5
Net	$ 470.9	$ 444.1

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Balance Sheet Details - Property, Plant and Equipment (Details) - USD ($) $ in Millions	Dec. 28, 2025	Dec. 29, 2024
Property, Plant and Equipment [Line Items]
Finance lease right of use assets	$ 103.7	$ 71.0
Property and equipment	572.4	474.7
Accumulated depreciation and amortization	(210.5)	(186.5)
Total property and equipment, net	361.9	288.2
Land and buildings
Property, Plant and Equipment [Line Items]
Property and equipment	40.5	41.3
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment	71.0	63.0
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment	201.0	178.2
Furniture and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment	9.3	8.6
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	43.0	30.8
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment	$ 103.9	$ 81.8

Acquisitions - Narrative (Details) $ in Millions				12 Months Ended
Acquisitions - Narrative (Details) $ in Millions	Jun. 27, 2025 shares	Feb. 04, 2025 USD ($) shares	Feb. 27, 2024 shares	Dec. 28, 2025 USD ($)	Dec. 29, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jan. 27, 2025 USD ($)	Oct. 03, 2024 USD ($)	Oct. 03, 2023 USD ($) shares	May 23, 2022
Business Combination [Line Items]
Number of shares issued in transaction (in shares) \| shares	14,935,065		19,166,667
Issuance of common stock for equity raise				$ 555.9	$ 330.7	$ 14.8
Goodwill				595.7	$ 568.9
Level 3 \| Discount Rate \| Income Approach
Business Combination [Line Items]
Discount rate										0.075
Level 3 \| Discount Rate \| Income Approach \| Minimum
Business Combination [Line Items]
Discount rate		0.06
Level 3 \| Discount Rate \| Income Approach \| Maximum
Business Combination [Line Items]
Discount rate		0.12
Level 3 \| Royalty Rate \| Income Approach \| Minimum
Business Combination [Line Items]
Discount rate										0.088
Level 3 \| Royalty Rate \| Income Approach \| Maximum
Business Combination [Line Items]
Discount rate										0.088
Norden Millimeter Inc
Business Combination [Line Items]
Number of shares issued in transaction (in shares) \| shares		1,095,674
Issuance of common stock for equity raise		$ 32.2
Additional equity interests issuable		6.0
Contingent bonus liability							$ 5.0
Business combination, pro forma information, revenue of acquiree since acquisition date, actual				22.3
Business combination, pro forma information, earnings or loss of acquiree since acquisition date, actual				$ 2.6
Goodwill							26.9
Accounts receivable							$ 1.8
Norden Millimeter Inc \| Trade names
Business Combination [Line Items]
Finite-lived intangible assets acquired		$ 0.6
Acquired finite-lived intangible assets, weighted average useful life		7 years
Norden Millimeter Inc \| Customer relationships
Business Combination [Line Items]
Finite-lived intangible assets acquired		$ 5.8
Acquired finite-lived intangible assets, weighted average useful life		10 years
Norden Millimeter Inc \| Contracts and backlog
Business Combination [Line Items]
Finite-lived intangible assets acquired		$ 1.4
Acquired finite-lived intangible assets, weighted average useful life		2 years
Norden Millimeter Inc \| Developed technology and technical know-how
Business Combination [Line Items]
Finite-lived intangible assets acquired		$ 1.4
Acquired finite-lived intangible assets, weighted average useful life		5 years
Norden Millimeter Inc \| Non-compete Agreements
Business Combination [Line Items]
Finite-lived intangible assets acquired		$ 0.5
Acquired finite-lived intangible assets, weighted average useful life		5 years
Sierra Technical Services Inc
Business Combination [Line Items]
Additional equity interests issuable								$ 1.1
Number of common stock shares acquired (in shares) \| shares									866,026
Business acquisition, common stock value acquired									$ 12.8
Number of additional common shares to be acquired (in shares) \| shares									42,523
Business combination, net assets									$ 12.6
Goodwill									10.7
Accounts receivable									11.0
Finite-lived intangible assets acquired									14.0
Deferred revenue									$ 11.4

Income Taxes (Tables)

12 Months Ended

Dec. 28, 2025

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) before Income Tax, Domestic and Foreign

The components of income (loss) from consolidated operations before income taxes are comprised of the following (in millions):


	December 28, 2025		December 29, 2024		December 31, 2023
Domestic	$	17.1	$	3.8	$	(9.6)
Foreign	16.9		22.7		20.7
Total	$	34.0	$	26.5	$	11.1

Schedule of Components of Income Tax Expense

The provision for income taxes from consolidated operations are comprised of the following (in millions):


	Year Ended
	December 28, 2025		December 29, 2024		December 31, 2023
Federal income taxes:
Current	$	—	$	—	$	—
Deferred	8.3		7.1		2.4
Total Federal	8.3		7.1		2.4
State and local income taxes:
Current	(1.9)		1.8		1.1
Deferred	0.3		(2.7)		0.3
Total State and local	(1.6)		(0.9)		1.4
Foreign income taxes:
Current	5.8		4.2		5.1
Deferred	(0.5)		(0.2)		(0.2)
Total Foreign	5.3		4.0		4.9
Total	$	12.0	$	10.2	$	8.7

Schedule of Income Tax Reconciliation


	Amount		Rate
	December 28, 2025		December 28, 2025
Income tax (benefit) at federal statutory rate	$	7.1	21.0	%
State taxes (benefit), net of federal tax benefit	1.1		3.2
Foreign tax effects:
Israel tax expense (benefit)	(0.6)		(1.9)

Other foreign jurisdictions tax expense (benefit)	1.2		3.4
Effects of cross-border tax laws:
Global intangible low-taxed income	3.2		9.5
Tax credits:
Research & development tax credits	(0.5)		(1.6)
Change in federal valuation allowance	(0.2)		(0.7)
Nondeductible items:
Stock-based compensation	0.3		0.9
Officer’s compensation 162(m) limitation	0.8		2.5
Other nondeductible items	0.7		2.0
Changes in unrecognized tax benefits	(1.0)		(2.9)
Other adjustments	(0.1)		(0.2)
Total	$	12.0	35.2	%

The reconciliation from the statutory federal income tax rate to our effective income tax rate, applying ASC 740 prior to the adoption of ASU 2023-09 is as follows (in millions):


	Year Ended
	December 29, 2024		December 31, 2023
Income tax (benefit) at federal statutory rate	$	5.6	$	2.3
State taxes (benefit), net of federal tax benefit and valuation allowance	1.9		3.7
Difference in tax rates between U.S. and foreign	2.6		1.7
Increase (decrease) in valuation allowance	(4.2)		(2.0)
Nondeductible expense	0.5		0.5
Increase (decrease) in reserve for uncertain tax positions	0.3		0.3

Other	0.9		0.1
Officer’s compensation 162(m) limitation	0.8		0.5



R&D tax credit	(0.9)		(0.9)
Stock-based compensation	2.7		2.5

Total	$	10.2	$	8.7

Schedule of Income Taxes Paid

The amount of income taxes paid, net of refunds received, by jurisdiction are as follows (in millions) :


Federal:	None
State:	$	1.3
Foreign	$	5.2


Israel:	$	2.6
France:	$	0.8
Canada:	$	0.8
Japan:	$	0.6

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities are as follows (in millions):


	December 28, 2025		December 29, 2024
Deferred tax assets:
Stock-based compensation	$	7.2	$	7.3
Payroll related accruals	11.3		9.4
Lease accruals	32.8		28.7
Net operating loss carryforwards	30.0		33.3
Tax credit carryforwards	16.5		12.7
Deferred expenses	19.8		15.7
Other	16.1		17.0
Total deferred taxes	133.7		124.1
Valuation allowance	(7.4)		(7.6)
Total deferred tax assets, net of valuation allowance	126.3		116.5
Deferred tax liabilities:
Unearned revenue	(2.9)		(3.2)
Operating lease right-of-use assets	(29.2)		(25.5)
Other intangibles	(26.2)		(19.4)
Property and equipment, principally due to differences in depreciation	(13.3)		(6.6)
Other	(1.9)		(2.3)
Total deferred tax liabilities	(73.5)		(57.0)
Net deferred tax asset	$	52.8	$	59.5

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the activity related to the Company’s unrecognized tax benefits (in millions):


Balance as of December 25, 2022	$	25.0
Increases related to prior periods	0.2
Increases related to current year tax positions	0.2
Expiration of applicable statutes of limitations	(0.1)



Balance as of December 31, 2023	25.3
Increases related to prior periods	0.1
Increases related to current year tax positions	0.2
Expiration of applicable statutes of limitations	(0.2)



Balance as of December 29, 2024	25.4
Increases related to prior periods	1.8
Decreases related to prior periods	(1.2)
Increases related to current year tax positions	0.2
Expiration of applicable statutes of limitations	(0.2)


Balance as of December 28, 2025	$	26.0

Goodwill and Other Intangible Assets - Purchased Intangible Assets (Details) - USD ($) $ in Millions	Dec. 28, 2025	Dec. 29, 2024
Acquired finite-lived intangible assets:
Gross Value	$ 198.0	$ 188.3
Accumulated Amortization	(151.0)	(141.4)
Total	47.0	46.9
Total intangible assets, gross value	204.9	195.2
Total intangible assets, net value	53.9	53.8
Trade names
Acquired finite-lived intangible assets:
Indefinite-lived trade names	6.9	6.9
Customer relationships
Acquired finite-lived intangible assets:
Gross Value	86.7	80.9
Accumulated Amortization	(68.2)	(65.3)
Total	18.5	15.6
Contracts and backlog
Acquired finite-lived intangible assets:
Gross Value	54.5	53.1
Accumulated Amortization	(47.7)	(43.2)
Total	6.8	9.9
Non-compete Agreements
Acquired finite-lived intangible assets:
Gross Value	0.5	0.0
Accumulated Amortization	(0.1)	0.0
Total	0.4	0.0
Developed technology and technical know-how
Acquired finite-lived intangible assets:
Gross Value	35.1	33.7
Accumulated Amortization	(30.8)	(29.4)
Total	4.3	4.3
Trade names
Acquired finite-lived intangible assets:
Gross Value	4.4	3.8
Accumulated Amortization	(3.5)	(3.1)
Total	0.9	0.7
In-process research and development
Acquired finite-lived intangible assets:
Gross Value	16.8	16.8
Accumulated Amortization	(0.7)	(0.4)
Total	$ 16.1	$ 16.4

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023	Dec. 31, 2017
Operating Loss Carryforwards [Line Items]
Increase (decrease) in deferred tax asset	$ 0.2
Unrecognized deferred income taxes or foreign withholding taxes				$ 7.8
Unrecognized deferred income taxes or foreign withholding taxes, cash and cash equivalents available for distribution	30.3
Unrecognized tax benefits that if recognized would affect effective tax rate	22.9
Amount that would become a deferred tax asset included in unrecognized tax benefits that would impact the effective tax rate	11.3
Income tax penalties and interest expense	0.2	$ 0.3	$ 0.3
Benefit for income tax penalties and interest related to reversal of prior positions	2.5	0.1	0.1
Total interest and penalties accrued	3.3	$ 5.6	$ 5.3
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	116.4
Tax credit carryforward, amount	15.2
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	204.4
Tax credit carryforward, amount	$ 1.3

Audit Information	12 Months Ended
Audit Information	Dec. 28, 2025
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	San Diego, California

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 28, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Organization and Summary of Significant Accounting Policies

12 Months Ended

Dec. 28, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Summary of Significant Accounting Policies

All references to the “Company” and “Kratos” refer to Kratos Defense & Security Solutions, Inc., a Delaware corporation,

and its subsidiaries.

(a) Description of Business

Kratos is a technology, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and the Company seeks to utilize proven, leading edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach designed to reduce cost, schedule and risk, and enable the Company to be first to market with cost effective solutions. Kratos believes that it is known as the innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low cost future manufacturing, which is a value add competitive differentiator for the Company’s large traditional prime system integrator partners and also for the Company’s government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe that our probability of win is high and any investment required by Kratos is within our capital resource comfort level. Kratos intends to partner and team with a large, traditional system integrator when our assessment of probability of win is greater or when the required investment is beyond Kratos’ comfort level. Kratos’ primary business areas include, virtualized ground systems for satellites and space vehicles, including software for command & control (C2) and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, hypersonic vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, C5ISR and microwave electronic products for missile, radar, missile defense, space, satellite, counter UAS, directed energy, communication and other systems, and virtual and augmented reality training systems for the warfighter.

The Company conducts most of its business with the U.S. Government (which includes foreign military sales) and performs work as the prime contractor, subcontractor, or preferred supplier. The Company also conducts business with local, state, and foreign governments and domestic and international commercial customers.

The Company operates in two reportable segments. The Kratos Government Solutions (“KGS”) reportable segment is comprised of an aggregation of KGS operating segments, including its microwave electronic products, space, satellite, training and cybersecurity, C5ISR/modular systems, turbine technologies and defense and rocket support services operating segments. The Unmanned Systems (“US”) reportable segment is comprised of an aggregation of US operating segments, including its unmanned aerial system and unmanned ground and seaborne system products.

The Company organizes its operating segments based primarily on the nature of the products, solutions and services offered. Transactions between segments are negotiated and accounted for under terms and conditions similar to other government and commercial contracts, and these intercompany transactions are eliminated in consolidation. For additional information regarding the Company’s operating segments, see Note 13 of these Notes to Consolidated Financial Statements.

Certain prior year items have been reclassified to be consistent with current year presentation.

(b) Principles of Consolidation and Basis of Presentation

The consolidated financial statements include the accounts of Kratos and its consolidated subsidiaries, for which all intercompany transactions have been eliminated in consolidation.

The Company has a 52/53 week fiscal year ending on the last Sunday of the calendar year, with interim fiscal periods ending on the last Sunday of each calendar quarter. There were 52 calendar weeks in the fiscal years ending on December 28, 2025 and December 31, 2023, and 53 calendar weeks in the fiscal years ending on December 29, 2024.

(d) Use of Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include revenue recognition, valuation of long-lived assets including identifiable intangibles and goodwill, accounting for income taxes including the related valuation allowance on the deferred tax asset and uncertain tax positions, contingencies and litigation, contingent acquisition consideration, and stock-based compensation. In the future, the Company may realize actual results that differ from the current reported estimates and if the estimates that the Company has used change in the future, such changes could have a material impact on the Company’s consolidated financial position, results of operations and cash flows.

(e) Revenue Recognition

Effective January 1, 2018, the Company adopted the Financial Accounting Standards Board (“FASB”) ASU 2014-09, Revenue from Contracts with Customers, and the related amendments, which are codified into Accounting Standards Codification (“ASC”) 606 (“ASC 606”).

To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Once the contract is identified and determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account under ASC 606. The majority of the Company’s contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and, therefore, not distinct. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using the best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is the expected-cost-plus-margin approach, under which the Company forecasts the expected costs of satisfying a performance obligation and then adds an appropriate margin for that distinct good or service.

For the majority of contracts, the Company satisfies the underlying performance obligations over time as the customer obtains control or receives benefits as work is performed on the contract. The Company generally recognizes revenue over time as work is performed on long-term contracts because of continuous transfer of control to the customer. For U.S. government contracts, this continuous transfer of control to the customer is supported by clauses in the contract that allow the customer to unilaterally terminate the contract for convenience, pay for costs incurred plus a reasonable profit and take control of any work in process. Similarly, for non-U.S. government contracts, the customer typically controls the work in process as evidenced either by contractual termination clauses or by our rights to payment of the transaction price associated with work performed to date on products or services that do not have an alternative use to the Company. As a result, under ASC 606 revenue is recognized over time using the cost-to-cost method (cost incurred relative to total estimated cost at completion).

Remaining Performance Obligations

Revenues from remaining performance obligations are calculated as the dollar value of the remaining performance obligations on executed contracts. On December 28, 2025, the Company had approximately $1,573.4 million of remaining performance obligations. The Company expects to recognize approximately 54% of the remaining performance obligations as revenue in 2026, an additional 20% in 2027, and the balance thereafter.

Contract Estimates

Due to the nature of the work required to be performed on many performance obligations, the estimation of total cost at completion is complex, subject to many variables and requires significant judgment. On a quarterly basis, the Company conducts its contract cost Estimate at Completion (“EAC”) process by reviewing the progress and execution of outstanding performance obligations within its contracts. As part of this process, management reviews information including, but not

limited to, any outstanding key contract matters, progress towards completion and the related program schedule, identified risks and opportunities and the related changes in estimates of revenues and costs. The risks and opportunities include management’s judgment about the ability and cost to achieve the schedule (e.g., the number and type of milestone events), technical requirements (e.g., a newly-developed product versus a mature product) and other contract requirements. Management must make assumptions and estimates regarding labor productivity and availability, the complexity of the work to be performed, the availability of materials, the length of time to complete the performance obligation (e.g., to estimate increases in wages and prices for materials and related support cost allocations), execution by subcontractors, the availability and timing of funding from customers and overhead cost rates, among other variables.

In addition, certain of the Company’s long-term contracts contain award fees, incentive fees, or other provisions that can either increase or decrease the transaction price. These variable amounts generally are awarded upon achievement of certain performance metrics, program milestones or cost targets and can be based upon customer discretion. Variable consideration is estimated at the most likely amount to which the Company is expected to be entitled. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information (historical, current and forecasted) that is reasonably available.

Contracts are often modified to account for changes in contract specifications and requirements. Contract modifications are considered to exist when the modification either creates new or changes the existing enforceable rights and obligations. Most of the Company’s contract modifications are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price, and the measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis.

As a result of the EAC process, any quarterly adjustments to revenues, cost of sales, and the related impact to operating income are recognized as necessary in the period they become known. These adjustments may result from positive program performance, and may result in an increase in operating income during the performance of individual performance obligations, if it is determined the Company will be successful in mitigating risks surrounding the technical, schedule and cost aspects of those performance obligations or realizing related opportunities. Likewise, these adjustments may result in a decrease in operating income if it is determined the Company will not be successful in mitigating these risks or realizing related opportunities. Changes in estimates of net sales, cost of sales and the related impact to operating income are recognized quarterly on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on current and prior periods. A significant change in one or more of these estimates could affect the profitability of one or more of the Company’s contracts. When estimates of total costs to be incurred on a performance obligation exceed total estimates of revenue to be earned, a provision for the entire loss on the performance obligation is recognized in the period the loss is determined. No cumulative catch-up adjustment on any one contract was material to the Company’s consolidated financial statements for the years ended December 28, 2025, December 29, 2024 and December 31, 2023. Likewise, total cumulative catch-up adjustments were not material for the years ended December 28, 2025, December 29, 2024 and December 31, 2023. As of December 28, 2025 and December 29, 2024, accrued expenses included the accrual for losses on contracts of $3.5 million and $2.9 million, respectively.

Contract Assets and Liabilities

For each of the Company’s contracts, the timing of revenue recognition, customer billings, and cash collections results in a net contract asset or liability at the end of each reporting period. Fixed-price contracts are typically billed to the customer either using progress payments, whereby amounts are billed monthly as costs are incurred or work is completed, or performance based payments, which are based upon the achievement of specific, measurable events or accomplishments defined and valued at contract inception. Cost-type contracts are typically billed to the customer on a monthly or semi-monthly basis.

Contract assets are equivalent to and reflected as unbilled receivables in the consolidated balance sheets and are primarily related to long-term contracts where revenue recognized under the cost-to-cost method exceeds amounts billed to customers. Unbilled receivables are classified as current assets and, in accordance with industry practice, include amounts that may be billed and collected beyond one year due to the long term nature of many of the Company’s contracts. Accumulated contract costs in Unbilled receivables include direct production costs, factory and engineering overhead, production tooling costs, and, for government contracts, recovery of allowable general and administrative expenses. Unbilled receivables also include certain estimates of variable consideration described above. The Company’s contracts that give rise to contract assets

are not considered to include a significant financing component as the payment terms are intended to protect the customer in the event the Company does not perform on its obligations under the contract.

Contract liabilities include advance payments and are reflected as Billings in excess of costs and earnings on uncompleted contracts in the consolidated balance sheets. Certain customers make advance payments prior to the satisfaction of the Company’s performance obligations on the contract. These amounts are recorded as contract liabilities until such performance obligations are satisfied, either over time as costs are incurred or at a point in time when deliveries are made. The Company’s contracts that give rise to contract liabilities do not include a significant financing component as the underlying advance payments received are generally utilized to pay for contract costs within a one-year period or are used to ensure the customer meets contractual requirements.

Net contract assets and liabilities are as follows (in millions):


	December 28, 2025		December 29, 2024		Net Change
Contract assets	$	292.4	$	206.3	$	86.1
Contract liabilities	$	73.4	$	76.3	$	(2.9)
Net contract assets	$	219.0	$	130.0	$	89.0

The change in the balances of the Company’s contract assets and liabilities primarily results from timing differences between revenue recognition and customer billings and/or payments. Contract assets increased $86.1 million during the year ended December 28, 2025, primarily due to more unbilled receivables. There were no significant impairment losses related to any receivables or contract assets arising from the Company’s contracts with customers during the year ended December 28, 2025. Contract liabilities decreased $2.9 million during the year ended December 28, 2025, primarily due to payments received less than revenue recognized on these performance obligations. For the years ended December 28, 2025 and December 29, 2024, the Company recognized revenue of $64.7 million and $85.8 million, respectively, that was previously included in the beginning balance of contract liabilities.

Disaggregation of Revenue

The following series of tables presents the Company’s revenue disaggregated by several categories. For the majority of contracts, revenue is recognized over time as work is performed on the contract. Revenue by contract type was as follows (in millions):


	Year Ended December 28, 2025		Year Ended December 29, 2024		Year Ended December 31, 2023
Kratos Government Solutions
Fixed price	$	703.1	$	571.5	$	566.3
Cost plus fee	298.9		233.9		209.5
Time and materials	52.8		60.4		49.1
Total Kratos Government Solutions	1,054.8		865.8		824.9
Unmanned Systems
Fixed price	231.2		216.4		160.9
Cost plus fee	58.1		48.1		41.9
Time and materials	2.7		6.0		9.4
Total Unmanned Systems	292.0		270.5		212.2
Total Revenues	$	1,346.8	$	1,136.3	$	1,037.1

Revenue by customer was as follows (in millions):


	Year Ended December 28, 2025		Year Ended December 29, 2024		Year Ended December 31, 2023
Kratos Government Solutions
U.S. Government (1)	$	672.3	$	528.0	$	512.5
International (2)	228.3		195.4		192.8
U.S. Commercial and other customers	154.2		142.4		119.6
Total Kratos Government Solutions	1,054.8		865.8		824.9
Unmanned Systems
U.S. Government (1)	244.8		234.0		200.2
International (2)	39.3		31.3		9.2
U.S. Commercial and other customers	7.9		5.2		2.8
Total Unmanned Systems	292.0		270.5		212.2
Total Revenues	$	1,346.8	$	1,136.3	$	1,037.1

(1) Sales to the U.S. Government include sales from contracts for which the Company is the prime contractor, as well as those for which the Company is a subcontractor and the ultimate customer is the U.S. Government. Each of the Company’s segments derives substantial revenue from the U.S. Government. These sales include foreign military sales contracted through the U.S. Government. Revenues from U.S. Government agency customers in aggregate accounted for approximately 68%, 67% and 69% of total revenues in 2025, 2024, and 2023, respectively. Other than the U.S. Government, no sales from any customer exceeded 10% of total revenues in 2025, 2024, and 2023.

(2) International sales include sales from contracts for which the Company is the prime contractor, as well as those for which the Company is a subcontractor and the ultimate customer is an international customer. These sales include direct sales with governments outside the U.S. and commercial sales with customers outside the U.S.

Revenue by Geographic Area was as follows (in millions):


	Year Ended December 28, 2025		Year Ended December 29, 2024		Year Ended December 31, 2023
United States	$	1,065.0	$	899.1	$	830.3
Other North America	19.4		18.6		13.9
Asia Pacific	71.2		61.7		64.1
Middle East	66.2		73.1		43.1
Europe	78.1		49.7		60.6
Other	46.9		34.1		25.1
Total Revenues	$	1,346.8	$	1,136.3	$	1,037.1

For federal contracts, the Company follows U.S. Government procurement and accounting standards in assessing the allowability and the allocability of costs to contracts. Recurring evaluations of contract cost, scheduling and technical matters are performed by management. Costs incurred and allocated to contracts with the U.S. Government are scrutinized for compliance with regulatory standards by the Company’s personnel, and are subject to audit by the Defense Contract Audit Agency (“DCAA”).

From time to time, the Company may proceed with work based on customer direction prior to the completion and signing of formal contract documents. The Company has a formal review process for approving any such work. Revenue associated with such work is recognized only when the criteria to establish a contract under ASC 606 are met and the obligations under the contract are legally enforceable. As of December 28, 2025 and December 29, 2024, approximately $34.5 million and $12.4 million, respectively, of the Company’s unbilled accounts receivable balance were under an authorization to proceed or work order from its customers where a formal purchase order had not yet been received.

(f) Inventoried costs

Inventoried costs are stated at the lower of cost or estimated net realizable value. Cost is determined using the average cost or first-in, first-out methods and the applicable method is applied consistently within an operating entity. The Company capitalizes labor, material, subcontractor and overhead costs as work-in-process for contracts where control has not yet passed to the customer. In addition, the Company capitalizes costs incurred to fulfill a contract in advance of contract award in inventories as work-in-process if it is determined that contract award is probable. Pursuant to contract provisions of U.S. Government contracts, such customers may have title to, or a security interest in inventories related to such contracts as a result of advances, performance-based payments, and progress payments.

The Company regularly reviews inventory quantities on hand, future purchase commitments with its suppliers, and the estimated utility of its inventory. If the Company’s review indicates a reduction in utility below carrying value, it reduces its inventory to a new cost basis.

(g) Research and Development

Costs incurred in research and development activities are expensed as incurred in accordance with FASB ASC Topic 730, Research and Development.

(h) Income Taxes

The Company records deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

The Company maintains a valuation allowance on the deferred tax assets for which it is more likely than not that the Company will not realize the benefits of these tax assets in future tax periods. The valuation allowance is based on estimates of future taxable income by tax jurisdiction in which the Company operates, the number of years over which the deferred tax assets will be recoverable, and scheduled reversals of deferred tax liabilities.

In accordance with the recognition standards established by ASC Topic 740, Income Taxes (“Topic 740”), the Company makes a comprehensive review of its portfolio of uncertain tax positions regularly. In this regard, an uncertain tax position represents the Company’s expected treatment of a tax position taken in a filed tax return, or planned to be taken in a future tax return or claim, which has not been reflected in measuring income tax expense for financial reporting purposes. Until these positions are sustained by the taxing authorities, the Company has not recognized the tax benefits resulting from such positions and reports the tax effects as a liability for uncertain tax positions in its consolidated balance sheets.

(i) Stock-Based Compensation

The Company accounts for stock-based compensation in accordance with ASC Topic 718, Compensation-Stock Compensation (“Topic 718”). All of the Company’s stock-based compensation plans are considered equity plans under Topic 718, and compensation expense recognized is net of estimated forfeitures over the vesting period. The Company issues stock options and stock awards under its existing plans. The fair value of stock awards is determined based on the closing market price of the Company’s common stock on the grant date and is adjusted for forfeiture estimates and number of awards expected to vest at each reporting date. Compensation expense for stock awards is expensed over the vesting period, usually five to ten years. Compensation expense for stock issued under the Company’s employee stock purchase plan is estimated at the beginning date of the offering period using a Black-Scholes option-pricing model and is expensed on a straight-line basis over the period of the offering, which is generally six months.

When tax deductions from stock awards are greater than the cumulative book compensation expense, the tax effect of the resulting difference is a windfall. For the year ended December 28, 2025, an income tax benefit of $3.0 million was recorded for windfalls generated from stock awards exercised in 2025. For the year ended December 29, 2024, an income tax expense of $0.2 million was recorded for the shortfall generated from stock awards exercised in 2024. For the tax year ended December 31, 2023, an income tax expense of $0.4 million was recorded for the shortfall generated from stock awards exercised in 2023.

The following table shows the amounts recognized in the consolidated financial statements for stock-based compensation expense related to stock awards and stock offered under the Company’s employee stock purchase plan (in millions).


	Year ended December 28, 2025		Year ended December 29, 2024		Year ended December 31, 2023
Selling, general and administrative expenses	$	35.5	$	29.8	$	25.3
Total cost of employee stock-based compensation included in operating income from consolidated operations	$	35.5	$	29.8	$	25.3

(j) Allowance for Doubtful Accounts

The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments, which results in bad debt expense. The allowance for doubtful accounts is a valuation account deducted from the cost basis of the assets to present their net carrying value at the amount expected to be collected. When the Company records customer receivables and contract assets arising from revenue transactions, it records an allowance for credit losses for the current expected credit losses inherent in the asset over its expected life. The Company estimates expected credit losses based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount.

Management determines the adequacy of this allowance by periodically evaluating the comprehensive risk profiles of all individual customer receivable balances including, but not limited to, the customer’s financial condition, credit agency reports, financial statements and overall current economic conditions. Additionally, on certain contracts whereby the Company performs services for a prime/general contractor, a specified percentage of the invoiced trade accounts receivable may be retained by the customer until the project is completed. The Company periodically reviews all retainages for collectability and records allowances for doubtful accounts when deemed appropriate, based on its assessment of the associated credit risks. Changes to estimates of contract value are recorded as adjustments to revenue and not as a component of the allowance for doubtful accounts. Individual accounts receivable are written off to the allowance for doubtful accounts when the Company becomes aware of a specific customer’s inability to meet its financial obligation, and all collection efforts are exhausted.

The following table outlines the balance of the Company’s allowance for doubtful accounts for 2025, 2024 and 2023. The table identifies the additional provisions each year as well as the write-offs that utilized the allowance (in millions).


Allowance for Doubtful Accounts	Balance at Beginning of Year		Provisions		Write-offs/ Recoveries		Balance at End of Year
Year ended December 31, 2023	$	0.4	$	1.0	$	(0.3)	$	1.1
Year ended December 29, 2024	$	1.1	$	—	$	—	$	1.1
Year ended December 28, 2025	$	1.1	$	—	$	(0.1)	$	1.0

(k) Cash and Cash Equivalents

The Company’s cash equivalents consist of its highly liquid investments with an original maturity of three months or less when purchased by the Company.

(l) Property and Equipment, Net

Property and equipment, net owned by the Company is depreciated over the estimated useful lives of individual assets. Equipment acquired under finance leases are amortized over the shorter of the lease term or the estimated useful life of the asset. Improvements, which significantly improve and extend the useful life of an asset, are capitalized and depreciated over the shorter of the lease period or the estimated useful life. Expenditures for maintenance and repairs are charged to operations as incurred.

Assets are depreciated predominately using the straight-line method, with the following lives:


			Years
Buildings and improvements			15 – 39
Machinery and equipment			3 – 20
Computer equipment and software			1 – 10
Vehicles, furniture, and office equipment			5
Leasehold improvements			Shorter of useful life or length of lease

(m) Leases

The Company leases certain facilities, office space, vehicles and equipment. Lease assets and lease liabilities are recognized at the commencement of an arrangement where it is determined at inception that a lease exists. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using an incremental borrowing rate generally applicable to the location of the lease asset, unless the implicit rate is readily determinable. Lease assets also include any upfront lease payments made and exclude lease incentives. Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. The Company has operating lease arrangements with lease and non-lease components. The non-lease components in these arrangements are not significant when compared to the lease components. For all operating leases, the Company accounts for the lease and non-lease components as a single component in the calculation of the lease asset and corresponding liability.

Variable lease payments are generally expensed as incurred. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and the expense for these short-term leases is recognized on a straight-line basis over the lease term.

The depreciable life of lease assets and leasehold improvements is limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

See Note 6 for additional disclosures related to the Company’s lease obligations.

(n) Goodwill and Other Intangible Assets, Net

In accordance with the provisions of ASC Topic 350, Intangibles-Goodwill and Other (“Topic 350”), the Company performs impairment tests for goodwill and indefinite lived intangibles as of the last day of its fiscal October, or when evidence of potential impairment exists. When it is determined that impairment has occurred, a charge to operations is recorded. Goodwill and other purchased intangible asset balances are included in the identifiable assets of the operating segment to which they have been assigned. Any goodwill impairment, as well as the amortization of other purchased intangible assets, is charged against the respective segments’ operating income.

In accordance with Topic 350, the Company classifies intangible assets into two categories: (1) intangible assets with finite lives subject to amortization and (2) intangible assets with indefinite lives not subject to amortization. Separately, the Company tests intangible assets with finite lives for impairment if conditions exist that indicate the carrying value may not be recoverable. Such conditions may include an economic downturn in a geographic market or a change in the assessment of future operations. The Company records an impairment charge when the carrying value of the finite lived intangible asset is not recoverable by the cash flows generated from the use of the asset.

The Company determines the useful lives of identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors considered when determining useful lives include the contractual term of any agreement, the history of the asset, the Company’s long-term strategy for the use of the asset, any laws or other local regulations that could impact the useful life of the asset, and other economic factors, including competition and specific market conditions. Intangible assets that are deemed to have finite lives are amortized, generally on a straight-line basis, over their useful lives, ranging from one to 15 years.

(o) Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of

Long-lived assets are reviewed for impairment in accordance with ASC Topic 360, Property, Plant, and Equipment, whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to future net cash flows (undiscounted and without interest) expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.

(p) Fair Value of Financial Instruments

ASC Topic 825, Financial Instruments, requires that fair values be disclosed for the Company’s financial instruments. The carrying amounts of cash equivalents, accounts receivable, accounts payable, accrued expenses, billings in excess of costs and earnings on uncompleted contracts, and income taxes payable, approximate fair value due to the short-term nature of these instruments. The estimated fair value of the Company’s long-term debt outstanding at December 29, 2024 is disclosed at fair value. As discussed in Note 5, on July 2, 2025, the Company extinguished the then-outstanding Term Loan A under the Company’s Credit Agreement.

The Company uses forward exchange contracts to manage foreign currency risk associated with our debts as well as foreign currency risks associated with certain transactions, specifically forecasted materials and salaries paid in foreign currencies. These derivative instruments are measured at fair value using observable market inputs such as forward rates. Based on these inputs, the derivative instruments are classified within Level 2 of the valuation hierarchy. At December 29, 2024, the derivative instruments were included in other current assets and other current liabilities on the Company’s Consolidated Balance Sheets. At December 28, 2025, we had no such contracts outstanding. The carrying amounts and the related fair values of the Company’s derivative instruments measured at fair value on a recurring basis at December 28, 2025 and December 29, 2024, are presented in Note 16.

(q) Concentrations and Uncertainties

The Company maintains cash balances at various financial institutions and such balances commonly exceed the $250,000 insured amount by the Federal Deposit Insurance Corporation. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to any significant credit risk with respect to such cash and cash equivalents.

Financial instruments, which subject the Company to potential concentrations of credit risk, consist principally of the Company’s billed and unbilled accounts receivable. The Company’s accounts receivable result from sales to customers within the U.S. Government, state and local agencies and with commercial customers in various industries. The Company performs ongoing credit evaluations of its commercial customers. Credit is extended based on evaluation of the customer’s financial condition and collateral is not required. Accounts receivable are recorded at the invoiced amount and do not bear interest. See Note 13 for a discussion of the Company’s significant customers.

(r) Debt Issuance Costs

Fees paid to obtain debt financing and revolving credit facilities or amendments under such debt financing and revolving credit facilities are treated as debt issuance costs and are capitalized and amortized over the expected term of the related debt or revolving credit facility and are shown as a financing activity in the consolidated statements of cash flows. Issuance costs related to debt are presented in the consolidated balance sheets as a direct deduction from the carrying amount of the associated debt liability. Issuance costs related to a revolving credit facility are included in other assets in the consolidated balance sheets.

(s) Interest Income (Expense), Net

Interest income (expense), net is summarized in the following table (in millions):


	Year ended December 28, 2025		Year ended December 29, 2024		Year ended December 31, 2023
Interest expense incurred primarily on indebtedness	$	(9.6)	$	(15.2)	$	(21.7)
Interest income	15.5		12.2		1.2
Interest income (expense), net	$	5.9	$	(3.0)	$	(20.5)

(t) Foreign Currency

For operations outside the U.S. that prepare financial statements in currencies other than the U.S. dollar, results of operations and cash flows are translated at average exchange rates during the period, and assets and liabilities are generally translated at end-of-period exchange rates. Translation adjustments are included as a separate component of accumulated other comprehensive loss.

The Company transacts with foreign customers in currencies other than the U.S. dollar. It experiences realized and unrealized foreign currency gains or losses on foreign denominated receivables. In addition, certain intercompany transactions give rise to realized and unrealized foreign currency gains or losses. Also, any other transactions between the Company or its subsidiaries and a third-party, denominated in a currency different from the functional currency, are foreign currency transactions.

The aggregate foreign currency transaction loss included in determining net income from consolidated operations for the years ended December 28, 2025, December 29, 2024, and December 31, 2023 was approximately $1.1 million, $0.5 million, and $1.7 million, respectively, which is included in other income (expense), net on the accompanying consolidated statements of operations and comprehensive income (loss).

(u) Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires companies to disclose, on an annual basis, specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires companies to disclose additional information about income taxes paid. The Company has adopted ASU 2023-09 on a prospective basis effective for the period ending December 28, 2025. The adoption of this standard did not have an impact on the Company’s consolidated financial position, results of operations or cash flows.

In November 2024, the FASB issued ASU 2024-03, Income Statement (Topic 220): Reporting Comprehensive Income – Expense Disaggregation Disclosures, which requires the amounts of purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. It also requires companies to include certain amounts that are already required to be disclosed under current GAAP in the same disclosure. Additionally, it requires companies to disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and to disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. ASU 2024-03 will be effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. with early adoption permitted and will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is currently evaluating the impact of the adoption of ASU 2024-03; however, the standard is not expected to have an impact on the Company’s consolidated financial position, results of operations or cash flows.

In September 2025 the FASB issued ASU No. 2025-06 Targeted Improvements to the Accounting for Internal-Use Software (Subtopic 350-40). ASU 2025-06 removes references to prescriptive and sequential software development stages, requiring companies to capitalize internal-use software costs when management commits to funding the software project and it is probable the project will be completed. ASU 2025-06 will be effective for annual and interim periods beginning January 1, 2028, and can be applied on a prospective, modified prospective, or retrospective basis. The Company is currently evaluating the impact of the adoption of ASU 2025-06 on the Company’s consolidated financial position, results of operations and cash flows.

In December 2025, the FASB issued ASU No. 2025-11 Interim Reporting (Topic 270): Narrow-Scope Improvements. ASU 2025-11 clarifies the applicability of Topic 270 and the form and content of interim financial statements. In addition, ASU 2025-11 requires entities to disclose material events occurring since the last annual reporting period. ASU 2025-11 will be effective for annual and interim periods beginning January 1, 2028, and can be applied on a prospective, or retrospective basis. The Company is currently evaluating the disclosure impact of the adoption of ASU 2025-11: however, the standard is not expected to have an impact on the Company’s consolidated financial position, results of operations or cash flows.

(v) Joint Venture Arrangements

The Company accounts for its investments in joint ventures and affiliates in which it has the ability to exercise significant influence, but does not have a controlling financial interest, using the equity method of accounting. Under the equity method, the investment is initially recorded at cost and subsequently adjusted for the Company’s share of net income or loss and cash contributions and distributions. The Company’s share of the joint venture's earnings or losses is reported in the Consolidated Statements of Operations within "Other income (expense), net. The Company has a remaining contractual commitment to contribute $82.3 million to the joint venture. The Company expects to fund approximately $55.0 million in 2026, with the remainder thereafter, in accordance with the joint venture agreement.

On February 26, 2025, the Company and RAFAEL Advanced Defense Systems, Ltd. (“RAFAEL”) announced an approximate 50/50 joint venture for the establishment of a U.S.-based merchant supplier of solid rocket motors (“SRMs”) and other energetics. The new joint venture, named Prometheus Energetics (“Prometheus”), is headquartered on an approximately 500-acre site near the U.S. Navy and Army facility in Crane, Indiana. Kratos and RAFAEL (through its U.S. based subsidiary RAFAEL USA) have jointly committed up to $175 million in capital for the establishment of Prometheus and required property, plant, equipment and personnel needed for the new, state-of-the-art energetics manufacturing campus and facilities. After construction of the plant and once RAFAEL’s technology transfer is completed and certified for operations, Prometheus is expected to begin production of SRMs in 2027. As of December 28, 2025, the carrying value of the investment was $5.0 million and is included in "Investment in joint venture" on the Consolidated Balance Sheets.

Leases - Weighted Average (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Weighted Average (Details) - USD ($) $ in Millions	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease liabilities arising from obtaining right-of-use assets	$ 18.9	$ 3.7
Finance lease liabilities arising from obtaining right-of-use assets	$ 34.8	$ 15.4	$ 6.9
Weighted-average remaining lease term (in years):
Operating leases	4 years 5 months 15 days	4 years 10 days
Finance leases	14 years 11 months 15 days	13 years 9 months 21 days
Weighted-average discount rate:
Operating leases	5.32%	4.99%
Finance leases	6.17%	6.35%

Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands					12 Months Ended
	Jun. 21, 2024	Apr. 07, 2023	Jun. 13, 2022	Feb. 27, 2019	Dec. 29, 2024
Noncontrolling Interest [Line Items]
Noncontrolling interest, change in redemption value					$ 9,900
Florida Turbine Technologies, Inc.
Noncontrolling Interest [Line Items]
Percentage of voting interests acquired				80.10%
Aggregate purchase price			$ 6,400
KTT CORE, LLC
Noncontrolling Interest [Line Items]
Percentage of voting interests acquired	9.95%		9.95%	80.10%
Aggregate purchase price	$ 22,500			$ 60,000
Business combination, consideration transferred, equity interest	$ 11,250		$ 2,700
KTT CORE, LLC \| Common Stock
Noncontrolling Interest [Line Items]
Number of shares issued (in shares)	583,700		190,258
KTT CORE, LLC \| KTT CORE, LLC
Noncontrolling Interest [Line Items]
Business combination, consideration transferred, equity interest	$ 11,250	$ 10,700
Subsidiary percent owned (as a percent)			90.05%
Ownership interest after acquisition (as a percent)	100.00%
KTT CORE, LLC \| KTT CORE, LLC \| Common Stock
Noncontrolling Interest [Line Items]
Number of shares issued (in shares)		828,128

Retirement Plans	12 Months Ended
Retirement Plans	Dec. 28, 2025
Retirement Benefits [Abstract]
Retirement Plans	Retirement Plans The Company provides eligible employees the opportunity to participate in defined-contribution savings plans (commonly known as 401(k) plans), which permit contributions on a before-tax basis. Generally, salaried employees and certain hourly employees are eligible to participate in the plans. Under most plans, the employee may contribute to various investment alternatives. In certain plans, the Company matches a portion of the employees’ contributions. The Company’s matching contributions to these defined-contribution savings plans totaled $13.3 million in 2025, $11.8 million in 2024, and $10.7 million in 2023.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (d)(iii)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Derivative Financial Instruments - Interest Rate Swap Contracts Designated as Cash Flow Hedge (Details) - Interest Rate Swap - Designated as hedging instrument - USD ($) $ in Millions	Dec. 28, 2025	Dec. 29, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Value	$ 0.0	$ 185.0
Fair Value	$ 0.0	$ 0.8

- Definition

Fair value, before effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets elected not to be offset. Excludes assets not subject to a master netting arrangement.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Net Income (Loss) Per Common Share (Tables)

12 Months Ended

Dec. 28, 2025

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following shares were excluded from the calculation of diluted income (loss) per common share because their inclusion would have been anti-dilutive (in millions):

Year Ended

December 28, 2025

December 29, 2024

December 31, 2023

Shares from stock options and awards

2.5

1.9

1.8

Organization and Summary of Significant Accounting Policies - Schedule of Stock-Based Compensation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Selling, general and administrative expenses
Significant Accounting Policies Disclosure [Line Items]
Stock compensation expense	$ 35.5	$ 29.8	$ 25.3
Total cost of employee stock-based compensation included in operating income from consolidated operations
Significant Accounting Policies Disclosure [Line Items]
Stock compensation expense	$ 35.5	$ 29.8	$ 25.3

Acquisitions (Tables)

12 Months Ended

Dec. 28, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Business Combination, Recognized Asset Acquired and Liability Assumed

The following table summarizes the allocation of the purchase price over the estimated fair values of the Norden assets acquired and liabilities assumed (in millions):


Accounts receivable	$	1.8
Inventory	6.1
Other current assets	0.1
Property and equipment	1.5
Intangible assets	9.7
Deferred tax asset	1.2
Total assets acquired	20.4
Total liabilities assumed	(10.1)
Goodwill	26.9
Total assets acquired	$	37.2

Schedule of Business Acquisitions,

A summary of the consideration paid for the acquired assets is as follows (in millions):


Common stock issued and cash paid	$	32.3
Holdback, net of $1.1 million purchase price adjustment	4.9
Total consideration	$	37.2

Schedule of Business Combination, Pro Forma Information

For the year-ended December 28, 2025 (all amounts, except per share amounts, are in millions):


	December 28, 2025
Pro forma revenues	$	1,348.4
Pro forma net income before tax	$	33.8
Pro forma net income	$	21.8

Basic pro forma income per share	$	0.13
Diluted pro forma income per share	$	0.13

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Debt

12 Months Ended

Dec. 28, 2025

Debt Disclosure [Abstract]

Debt

(a) 2022 Credit Facility

On February 18, 2022, the Company completed the refinancing of its then-outstanding $90 million revolving credit facility and $300 million 6.5% Senior Secured Notes due November 2025 (the “Senior Secured Notes”), with a 5-year $200 million Revolving Credit Facility and 5-year $200 million Term Loan A (collectively, the “2022 Credit Facility”). The Company incurred debt issuance costs of $3.3 million associated with the 2022 Credit Facility. On July 2, 2025, the Company extinguished all outstanding Term Loan A debt under the 2022 Credit Facility. The then-outstanding Term Loan A aggregate principal balance of $177.5 million, plus accrued interest, was paid in full utilizing a portion of the proceeds received from the June 27, 2025 public equity offering, which is described further in Note 10. The Company incurred a loss on the extinguishment of the debt of $0.5 million during the three months ended September 28, 2025 related to the write-off of unamortized debt issuance costs. This loss is included in Other income (expense) in the consolidated statement of operations.

The 2022 Credit Facility is governed by a Credit Agreement (the “Credit Agreement”), which established a five-year senior secured credit facility which is comprised of a $200 million revolving credit facility (the “Revolving Credit Facility”) (which includes sub-facilities for the incurrence of up to $10.0 million of swingline loans and the issuance of up to $50.0 million of Letters of Credit) and a $200 million term loan (the “Term Loan A”). The Credit Agreement contemplates uncommitted incremental credit facilities of up to $200 million (which amount would be reduced by the aggregate amount of any and all incremental credit facilities actually established under the Credit Agreement) plus additional uncommitted incremental capacity subject to a limitation based on the Company’s pro forma total net leverage ratio (including any such additional uncommitted incremental capacity).

Borrowings under the revolving credit facility and the term loan credit facility may take the form of base rate loans or Secured Overnight Financing Rate (“SOFR”) loans. Base rate loans under the Credit Agreement will bear interest at a rate per annum equal to the sum of the Applicable Margin (as defined in the Credit Agreement) from time to time in effect plus the highest of (i) the Agent’s (as defined in the Credit Agreement) prime lending rate, as in effect at such time, (ii) the Federal Funds Rate (as defined in the Credit Agreement), as in effect at such time, plus 0.50%, (iii) the Adjusted Term SOFR (as

defined in the Credit Agreement) for a one-month tenor in effect on such day, plus 1.00% and (iv) 1.00%. SOFR loans will bear interest at a rate per annum equal to the sum of the Applicable Margin from time to time in effect plus the Adjusted Term SOFR for an Interest Period (as defined in the Credit Agreement) selected by the Company of one, three or six months. The Applicable Margin varies between 1.25% and 2.25% per annum for SOFR loans and between 0.25% and 1.25% per annum for base rate loans, and is based on the Company’s total net leverage ratio from time to time.

The Credit Agreement contains certain covenants, which include, but are not limited to, restrictions on indebtedness, liens, fundamental changes, restricted payments, asset sales, and investments, and places limits on various other payments. The Company was in compliance with the covenants contained in the Credit Agreement as of December 28, 2025.

On April 28, 2023, the Company entered into an interest rate swap contract to hedge U.S. dollar-one month Term SOFR in order to fix the interest rate movements associated with the Company’s Term Loan A. The initial hedge amount was $195.0 million and amortizes in accordance with Term Loan A. The swap was at a fixed rate of one-month term SOFR of 3.721% and settled monthly on the last day of each calendar month. The swap had an effective date of May 1, 2023 and was scheduled to terminate on May 1, 2026. Refer to Note 16 for further discussion of the accounting treatment of the swap arrangement. On June 30, 2025, in anticipation of the extinguishment of Term Loan A, the Company terminated the swap. The Company received a payment of approximately $0.3 million representing the termination value of the swap. Refer to Note 16 for further discussion of the accounting treatment of the swap arrangement.

On February 20, 2026, the 2022 Credit Facility was terminated in connection with the execution of the 2026 Credit Agreement. Please see “Note 18 – Subsequent Events” for more information regarding the 2026 Credit Agreement.

Term Loan and Revolving Credit Debt

Term loan and revolving credit debt and the current period interest rates are as follows (in millions):


	December 28, 2025			December 29, 2024
Term Loan A	$	—		$	185.0
Revolving credit facility	—			—
Total debt	—			185.0
Less current portion	—			10.0
Total long-term debt, less current portion	—			175.0
Less long-term unamortized debt issuance costs - term loans				0.4
Total long-term debt, net of unamortized debt issuance costs - term loans	$	—		$	174.6
Unamortized debt issuance costs - revolving credit facility	$	0.4		$	0.4
Current period interest rate	—		%	5.9		%

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Dec. 28, 2025	Jan. 27, 2025	Dec. 29, 2024
Business Combination [Line Items]
Goodwill	$ 595.7		$ 568.9
Norden Millimeter Inc
Business Combination [Line Items]
Accounts receivable		$ 1.8
Inventory		6.1
Other current assets		0.1
Property and equipment		1.5
Intangible assets		9.7
Deferred tax asset		1.2
Total assets acquired		20.4
Total liabilities assumed		(10.1)
Goodwill		26.9
Total assets acquired		$ 37.2

Organization and Summary of Significant Accounting Policies - Contract Estimates (Details) - USD ($) $ in Millions	Dec. 28, 2025	Dec. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Provision for loss on contracts	$ 3.5	$ 2.9

Debt - Long-Term Debt and the Current Period Interest Rates (Details) - Line of credit - USD ($) $ in Millions	Dec. 28, 2025	Dec. 29, 2024
Line of Credit Facility [Line Items]
Long-Term Debt, Gross	$ 0.0	$ 185.0
Less current portion	0.0	10.0
Total long-term debt, less current portion	$ 0.0	$ 175.0
Current period interest rate	0.00%	5.90%
Secured debt
Line of Credit Facility [Line Items]
Long-Term Debt, Gross	$ 0.0	$ 185.0
Unamortized debt issuance costs		0.4
Total long-term debt, net of unamortized debt issuance costs - term loans	0.0	174.6
Revolving credit facility
Line of Credit Facility [Line Items]
Long-Term Debt, Gross	0.0	0.0
Unamortized debt issuance costs	$ 0.4	$ 0.4

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 28, 2025	Dec. 29, 2024
Preferred Stock:
Par value (in dollars per share)	$ 0.001	$ 0.001
Shares authorized (in shares)	5,000,000	5,000,000
Shares issued (in shares)	0	0
Shares outstanding (in shares)	0	0
Common Stock:
Par value (in dollars per share)	$ 0.001	$ 0.001
Shares authorized (in shares)	195,000,000	195,000,000
Shares issued (in shares)	168,875,032	151,092,292
Shares outstanding (in shares)	168,875,032	151,092,292

Stockholders' Equity - Summary of Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan - $ / shares	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Assumptions and resulting fair values of options granted
Expected term (in years)	6 months	6 months	6 months
Risk-free interest rate, lower range (percent)	4.24%	5.26%	4.76%
Risk-free interest rate, upper range (percent)	4.29%	5.33%	5.47%
Expected volatility, lower range (percent)	40.41%	40.15%	41.65%
Expected volatility, upper range (percent)	51.95%	40.68%	45.77%
Expected dividend yield (percent)	0.00%	0.00%	0.00%
Weighted average grant-date fair value per share (in dollars per share)	$ 9.30	$ 5.40	$ 3.30

Income Taxes - Reconciliation of Income Tax Provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Amount
Income tax (benefit) at federal statutory rate	$ 7.1	$ 5.6	$ 2.3
State taxes (benefit), net of federal tax benefit and valuation allowance		1.9	3.7
Difference in tax rates between U.S. and foreign		2.6	1.7
Global intangible low-taxed income	3.2
R&D tax credit	(0.5)	(0.9)	(0.9)
Change in federal valuation allowance	(0.2)	(4.2)	(2.0)
Stock-based compensation	0.3	2.7	2.5
Officer’s compensation 162(m) limitation	0.8	0.8	0.5
Other nondeductible items	0.7
Changes in unrecognized tax benefits	(1.0)	0.3	0.3
Other	(0.1)	0.9	0.1
Nondeductible expense		0.5	0.5
Total	$ 12.0	$ 10.2	$ 8.7
Rate
Income tax (benefit) at federal statutory rate	21.00%
Global intangible low-taxed income	9.50%
Research & development tax credits	(1.60%)
Change in federal valuation allowance	(0.70%)
Stock-based compensation	0.90%
Officer’s compensation 162(m) limitation	2.50%
Other nondeductible items	2.00%
Changes in unrecognized tax benefits	(2.90%)
Other adjustments	(0.20%)
Total	35.20%
United States
Amount
State taxes (benefit), net of federal tax benefit and valuation allowance	$ 1.1
Rate
State taxes (benefit), net of federal tax benefit	3.20%
Israel
Amount
Difference in tax rates between U.S. and foreign	$ (0.6)
Rate
Foreign tax expense (benefit)	(1.90%)
Other foreign jurisdictions
Amount
Difference in tax rates between U.S. and foreign	$ 1.2
Rate
Foreign tax expense (benefit)	3.40%

Acquisitions - Consideration Paid (Details) - Norden Millimeter Inc $ in Millions	Jan. 27, 2025 USD ($)
Business Combination [Line Items]
Common stock issued and cash paid	$ 32.3
Holdback, net of $1.1 million purchase price adjustment	1.1
Holdback, net of $1.1 million purchase price adjustment	4.9
Total consideration	$ 37.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
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+ Details

Net Income (Loss) Per Common Share (Details) - shares shares in Millions	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Shares from stock options and awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS (in shares)	2.5	1.9	1.8

Organization and Summary of Significant Accounting Policies - Remaining Performance Obligations (Details) $ in Millions	Dec. 28, 2025 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Remaining performance obligation	$ 1,573.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1,573.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-12-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	54.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-12-28
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	20.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year

Segment Information (Tables)

12 Months Ended

Dec. 28, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


Year Ended December 28, 2025	Kratos
	Government		Unmanned
	Solutions		Systems		Totals
Service revenues	$	460.3	$	8.7	$	469.0
Product sales	594.5		283.3		877.8
Total revenues	1,054.8		292.0		1,346.8
Cost of service revenue	350.1		6.7		356.8
Cost of product sales	447.6		234.5		682.1
Total cost of sales	797.7		241.2		1,038.9

Selling, general & administrative expenses	158.8		45.9		204.7
Research & development expenses	37.7		2.3		40.0

Total segment operating income	60.6		2.6		63.2
Reconciliation of segment operating income
Unallocated amounts:
Merger and acquisition related expenses					(2.1)
Stock compensation expense					(35.5)
Interest income (expense), net					5.9

Other income (expense), net					2.5

Income before income taxes					$	34.0


Year Ended December 29, 2024	Kratos
	Government		Unmanned
	Solutions		Systems		Totals
Service revenues	$	416.3	$	7.1	$	423.4
Product sales	449.5		263.4		712.9
Total revenues	865.8		270.5		1,136.3
Cost of service revenue	304.7		5.3		310.0
Cost of product sales	322.3		216.8		539.1
Total cost of sales	627.0		222.1		849.1

Selling, general & administrative expenses	146.1		41.3		187.4
Research & development expenses	36.1		4.2		40.3

Total segment operating income	56.6		2.9		59.5
Reconciliation of segment operating income
Unallocated amounts:
Merger and acquisition related expenses					(0.7)
Stock compensation expense					(29.8)
Interest income (expense), net					(3.0)

Other income (expense), net					0.5

Income before income taxes					$	26.5


Year Ended December 31, 2023	Kratos
	Government		Unmanned
	Solutions		Systems		Totals
Service revenues	$	395.9	$	6.7	$	402.6
Product sales	429.0		205.5		634.5
Total revenues	824.9		212.2		1,037.1
Cost of service revenue	298.3		4.9		303.2
Cost of product sales	301.9		163.4		465.3
Total cost of sales	600.2		168.3		768.5

Selling, general & administrative expenses	136.7		36.6		173.3
Research & development expenses	35.3		3.1		38.4

Total segment operating income (loss)	52.7		4.2		56.9
Reconciliation of segment operating income (loss)
Unallocated amounts:
Merger and acquisition related expenses					(0.4)
Stock compensation expense					(25.4)
Interest income (expense), net					(20.5)

Other income (expense), net					0.5

Income before income taxes					$	11.1

(b) Capital Expenditures (in millions):


	Year Ended
	December 28, 2025		December 29, 2024		December 31, 2023
Kratos Government Solutions	$	57.3	$	30.5	$	26.9
Unmanned Systems	37.9		27.3		24.9
Total reportable segment capital expenditures	95.2		57.8		51.8
Corporate capital expenditures	0.1		0.4		0.6
Total capital expenditures	$	95.3	$	58.2	$	52.4


	Year Ended
	December 28, 2025		December 29, 2024		December 31, 2023
Kratos Government Solutions	$	32.1	$	27.1	$	24.1
Unmanned Systems	15.0		13.2		9.1


Total depreciation and amortization	$	47.1	$	40.3	$	33.2

Reportable Segment Assets are as follows (in millions):


	December 28, 2025		December 29, 2024
Kratos Government Solutions	$	1,472.9	$	1,250.4
Unmanned Systems	438.7		385.7
Total reportable segment assets	1,911.6		1,636.1

Corporate assets(1)	555.6		314.8
Total assets	$	2,467.2	$	1,950.9

(1)Corporate assets primarily include cash and cash equivalents, deferred income tax assets, and property, plant and equipment used in our corporate operations.

Organization and Summary of Significant Accounting Policies - Stock-Based Compensation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Significant Accounting Policies Disclosure [Line Items]
ESPP offering & expense recognition period	6 months
Deferred tax expense (benefit) from stock options exercised	$ (3.0)	$ 0.2	$ 0.4
Maximum
Significant Accounting Policies Disclosure [Line Items]
Share-based incentive award vesting period	10 years
Minimum
Significant Accounting Policies Disclosure [Line Items]
Share-based incentive award vesting period	5 years

Leases (Tables)

12 Months Ended

Dec. 28, 2025

Leases [Abstract]

Schedule of Lease Cost

The components of lease expense for the years ended December 28, 2025, December 29, 2024, and December 31, 2023 were as follows (in millions):


	December 28, 2025		December 29, 2024		December 31, 2023
Amortization of right of use assets - finance leases	$	4.1	$	3.2	$	3.1
Interest expense on lease liabilities - finance leases	4.1		3.3		3.1
Operating lease cost (expense resulting from amortization of total lease payments)	14.5		13.9		14.0
Short-term lease cost	1.5		1.4		1.2
Variable lease cost (cost excluded from lease payments)	—		—		0.1
Sublease income	(0.2)		(0.2)		—
Total lease cost	$	24.0	$	21.6	$	21.5

Cash paid for amounts included in the measurement of lease liabilities for the years ended December 28, 2025, December 29, 2024, and December 31, 2023 were as follows (in millions):


	December 28, 2025			December 29, 2024			December 31, 2023
Finance lease - cash paid for interest		$	3.9		$	3.3		$	3.1
Finance lease - financing cash flows		$	1.8		$	1.4		$	1.5
Operating lease - operating cash flows (fixed payments)		$	14.9		$	14.3		$	14.1

Other supplemental noncash information (in millions):


	December 28, 2025			December 29, 2024
Operating lease liabilities arising from obtaining right-of-use assets	$	18.9		$	3.7
Finance lease liabilities arising from obtaining right-of-use assets	$	34.8		$	15.4

Weighted-average remaining lease term (in years):
Operating leases	4.46			4.03
Finance leases	14.96			13.81

Weighted-average discount rate:
Operating leases	5.32		%	4.99		%
Finance leases	6.17		%	6.35		%

Schedule of Balance Sheet Information

The components of leases on the balance sheet were as follows (in millions):


	December 28, 2025		December 29, 2024
Operating Leases:
Operating lease right-of-use assets	$	43.4	$	37.6
Current portion of operating lease liabilities	$	12.8	$	11.3
Operating lease liabilities, net of current portion	$	33.8	$	29.8
Finance leases:
Property, plant and equipment, net	$	86.2	$	57.6
Other current liabilities	$	3.4	$	1.9
Other long-term liabilities	$	95.8	$	64.4

Schedule of Maturities of Operating Lease Liabilities

The maturity of lease liabilities is (in millions):


	Operating Leases		Finance Leases
2026	$	14.8	$	9.1
2027	12.9		9.6
2028	10.4		9.8
2029	6.5		9.8
2030	3.4		9.3
Thereafter	4.8		105.7
Total lease payments	52.8		153.3
Less: imputed interest	(6.2)		(54.1)
Total present value of lease liabilities	$	46.6	$	99.2

Schedule of Maturities of Financing Lease Liabilities

The maturity of lease liabilities is (in millions):


	Operating Leases		Finance Leases
2026	$	14.8	$	9.1
2027	12.9		9.6
2028	10.4		9.8
2029	6.5		9.8
2030	3.4		9.3
Thereafter	4.8		105.7
Total lease payments	52.8		153.3
Less: imputed interest	(6.2)		(54.1)
Total present value of lease liabilities	$	46.6	$	99.2

Stockholders' Equity - Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended	12 Months Ended
	Jul. 02, 2025	Jun. 27, 2025	Feb. 27, 2024	Mar. 31, 2024	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)		14,935,065	19,166,667
Price per share (in dollars per share)		$ 38.50	$ 18.00
Consideration received on transaction		$ 575.0	$ 345.0
Proceeds from the issuance of common stock, net of issuance costs		$ 555.9	$ 331.2		$ 555.9	$ 330.7	$ 0.0
Revolving credit facility
Class of Stock [Line Items]
Repayments of debt				$ 45.0
2022 Credit Facility \| Term Loan A
Class of Stock [Line Items]
Outstanding aggregate principal value	$ 177.5

Insider Trading Arrangements

3 Months Ended

12 Months Ended

Dec. 28, 2025

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the fiscal quarter ended December 28, 2025, none of our directors or officers (as defined in Rule 16a-1 under the Exchange Act) adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 105b-1 trading arrangement" (as those terms are defined in Item 408 of Regulation S-K), except as described in the table below:

Name

Title

Action

Applicable Date

Expiration Date

Rule 10b5-1 Trading Arrangement? (Y/N)(1)

Aggregated Number of Securities Subject to Trading Arrangement

Maria Cervantes De Burgreen

Vice President & Corporate Controller

Adopted

12/15/2025

3/15/2027

14,568

(2)

William Hoglund

Director

Adopted

12/10/2025

9/30/2026

(2)

183,000

(3)

(1)Denotes whether the trading arrangement is intended to satisfy the affirmative defense of Rule 10b5-1(c).

(2)This number represents the maximum number of shares of our common stock that may be sold pursuant to the trading arrangement. The number of shares actually sold will depend on the satisfaction of certain conditions set forth in the trading arrangement.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Maria Cervantes De Burgreen [Member]

Trading Arrangements, by Individual

Name

Maria Cervantes De Burgreen

Title

Vice President & Corporate Controller

Rule 10b5-1 Arrangement Adopted

true

12/15/2025

3/15/2027

455 days

14,568

William Hoglund [Member]

Trading Arrangements, by Individual

Name

William Hoglund

Title

Director

Rule 10b5-1 Arrangement Adopted

true

12/10/2025

9/30/2026

294 days

183,000

Leases - Cash Paid (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Cash Paid (Details) - USD ($) $ in Millions	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Leases [Abstract]
Finance lease - cash paid for interest	$ 3.9	$ 3.3	$ 3.1
Finance lease - financing cash flows	1.8	1.4	1.5
Operating lease - operating cash flows (fixed payments)	$ 14.9	$ 14.3	$ 14.1

Income Taxes - Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Components of income (loss) from continuing operations before income taxes
Domestic	$ 17.1	$ 3.8	$ (9.6)
Foreign	16.9	22.7	20.7
Income before income taxes	$ 34.0	$ 26.5	$ 11.1

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Acquisitions - Pro Forma Financial Information (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 28, 2025 USD ($) $ / shares
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Pro forma revenues	$ 1,348.4
Pro forma net income before tax	33.8
Pro forma net income	$ 21.8
Basic pro forma income per share (in dollars per share) \| $ / shares	$ 0.13
Diluted pro forma income per share (in dollars per share) \| $ / shares	$ 0.13

Derivative Financial Instruments

12 Months Ended

Dec. 28, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

The Company’s derivative portfolio consists of forward exchange contracts used to manage foreign currency risks and an interest rate swap contract to hedge U.S. dollar-one month Term SOFR in order to mitigate the exposure to interest rate movements associated with the Company’s Term Loan A. Derivative financial instruments are recognized on the Consolidated Balance Sheets as either assets or liabilities and are measured at fair value.

Forward Exchange Contracts

Changes in the fair values of foreign currency exchange contracts are recorded each period in earnings. As of December 28, 2025, the Company did not use hedge accounting for its foreign currency exchange contracts. The notional value of the Company’s foreign currency forward contracts at December 28, 2025 was $0.0 million. At December 28, 2025, the fair value amounts of the forward exchange contracts were a $0.0 million asset and a $0.0 million liability. The net gain from these derivative instruments of $1.2 million is included in other income (expense) for the year ended December 28, 2025. The notional value of the Company’s foreign currency forward contracts at December 29, 2024, was $25.4 million. At December 29, 2024, the fair value amounts of the forward exchange contracts were a $0.2 million asset and a $0.1 million liability. The net gain from these derivative instruments of $0.1 million is included in other income (expense) for the year ended December 29, 2024.

Interest Rate Swap Contract

On April 28, 2023, the Company entered into an interest rate swap contract with an initial notional amount of $195.0 million to manage the variability of cash flows associated with the Term Loan A. The interest rate swap contract matures on May 1, 2026 and requires periodic interest rate settlements. The swap is at a fixed SOFR of 3.721% and settles monthly on the last day of each calendar month. The Company has designated the interest rate swap contract as a cash flow hedge and assesses the hedge effectiveness both at the onset of the hedge and at regular intervals throughout the life of the derivative. Changes in fair value (gains and losses) related to derivative financial instruments that qualify as cash flow hedges are deferred in Accumulated Other Comprehensive Income (Loss) (“AOCI”) until the underlying transaction is reflected in earnings. The net gain reclassified from AOCI from the interest rate swap reflected in earnings was $0.9 million for the year ended December 28, 2025 and is recorded as an offset to interest expense. The net gain reclassified from AOCI from the interest rate swap reflected in earnings was $2.8 million for the year ended December 29, 2024 and is recorded as an offset to interest expense.

On June 30, 2025, in anticipation of the extinguishment of all outstanding Term Loan A debt under the 2022 Credit Facility, the Company terminated the interest rate swap contract referred to above. The Company received a payment of approximately $0.3 million representing the termination value of the interest rate swap.


	December 28, 2025				December 29, 2024
	Notional Value		Fair Value		Notional Value		Fair Value
Interest rate swap contract designated as a cash flow hedge	$	—	$	—	$	185.0	$	0.8

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 22.0	$ 16.3	$ 2.4
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Change in unrealized cash flow hedge (net of taxes of $0.1 million, at December 28, 2025, $0.2 million at December 29, 2024 and $0.2 million at December 31, 2023).	(0.9)	0.1	0.7
Change in cumulative translation adjustment	3.7	(2.2)	1.9
Postretirement benefit reserve adjustment net of tax	(0.2)	(0.1)	(0.1)
Total other comprehensive income (loss), net of tax	2.6	(2.2)	2.5
Comprehensive income, net of tax	24.6	14.1	4.9
Less: Comprehensive income attributable to noncontrolling interest	0.0	0.0	11.3
Comprehensive income (loss) attributable to Kratos, net of tax	$ 24.6	$ 14.1	$ (6.4)

Stockholders' Equity - Restricted Stock Unit Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023	Dec. 25, 2022
Weighted-Average Grant Date Fair Value
Weighted- Average Remaining Contractual Term (in years)	1 year 1 month 2 days	1 year 18 days	1 year 1 month 9 days	1 year 1 month 13 days
RSUs
Restricted Stock Units
Nonvested balance at beginning of period (in shares)	3,788	4,935	4,659
Granted (in shares)	1,473	1,509	1,427
Vested (in shares)	(1,775)	(2,398)	(871)
Forfeited or expired (in shares)	(95)	(38)	(35)
Vested but not released (in shares)	(70)	(220)	(245)
Nonvested balance at end of period (in shares)	3,321	3,788	4,935	4,659
Weighted-Average Grant Date Fair Value
Nonvested balance at beginning of period (in dollars per share)	$ 11.45	$ 12.72	$ 12.88
Granted (in dollars per share)	29.57	19.00	11.39
Vested (in dollars per share)	18.33	18.48	11.34
Forfeited or expired (in dollars per share)	18.10	16.10	16.12
Vested but not released (in dollars per share)	21.15	14.11	12.55
Nonvested balance at end of period (in dollars per share)	$ 14.31	$ 11.45	$ 12.72	$ 12.88

Organization and Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets, Net (Details)	Dec. 28, 2025
Minimum
Significant Accounting Policies Disclosure [Line Items]
Finite-lived intangible asset, useful life	1 year
Maximum
Significant Accounting Policies Disclosure [Line Items]
Finite-lived intangible asset, useful life	15 years

Organization and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 28, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Net Contract Assets and Liabilities

Net contract assets and liabilities are as follows (in millions):


	December 28, 2025		December 29, 2024		Net Change
Contract assets	$	292.4	$	206.3	$	86.1
Contract liabilities	$	73.4	$	76.3	$	(2.9)
Net contract assets	$	219.0	$	130.0	$	89.0

Schedule of Disaggregation of Revenue


	Year Ended December 28, 2025		Year Ended December 29, 2024		Year Ended December 31, 2023
Kratos Government Solutions
Fixed price	$	703.1	$	571.5	$	566.3
Cost plus fee	298.9		233.9		209.5
Time and materials	52.8		60.4		49.1
Total Kratos Government Solutions	1,054.8		865.8		824.9
Unmanned Systems
Fixed price	231.2		216.4		160.9
Cost plus fee	58.1		48.1		41.9
Time and materials	2.7		6.0		9.4
Total Unmanned Systems	292.0		270.5		212.2
Total Revenues	$	1,346.8	$	1,136.3	$	1,037.1

Revenue by customer was as follows (in millions):


	Year Ended December 28, 2025		Year Ended December 29, 2024		Year Ended December 31, 2023
Kratos Government Solutions
U.S. Government (1)	$	672.3	$	528.0	$	512.5
International (2)	228.3		195.4		192.8
U.S. Commercial and other customers	154.2		142.4		119.6
Total Kratos Government Solutions	1,054.8		865.8		824.9
Unmanned Systems
U.S. Government (1)	244.8		234.0		200.2
International (2)	39.3		31.3		9.2
U.S. Commercial and other customers	7.9		5.2		2.8
Total Unmanned Systems	292.0		270.5		212.2
Total Revenues	$	1,346.8	$	1,136.3	$	1,037.1

Schedule of Revenue by Geographic Areas

Revenue by Geographic Area was as follows (in millions):


	Year Ended December 28, 2025		Year Ended December 29, 2024		Year Ended December 31, 2023
United States	$	1,065.0	$	899.1	$	830.3
Other North America	19.4		18.6		13.9
Asia Pacific	71.2		61.7		64.1
Middle East	66.2		73.1		43.1
Europe	78.1		49.7		60.6
Other	46.9		34.1		25.1
Total Revenues	$	1,346.8	$	1,136.3	$	1,037.1

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs


	Year ended December 28, 2025		Year ended December 29, 2024		Year ended December 31, 2023
Selling, general and administrative expenses	$	35.5	$	29.8	$	25.3
Total cost of employee stock-based compensation included in operating income from consolidated operations	$	35.5	$	29.8	$	25.3

Schedule of Valuation and Qualifying Accounts Disclosure


Allowance for Doubtful Accounts	Balance at Beginning of Year		Provisions		Write-offs/ Recoveries		Balance at End of Year
Year ended December 31, 2023	$	0.4	$	1.0	$	(0.3)	$	1.1
Year ended December 29, 2024	$	1.1	$	—	$	—	$	1.1
Year ended December 28, 2025	$	1.1	$	—	$	(0.1)	$	1.0

Schedule of Property, Plant and Equipment

Assets are depreciated predominately using the straight-line method, with the following lives:


			Years
Buildings and improvements			15 – 39
Machinery and equipment			3 – 20
Computer equipment and software			1 – 10
Vehicles, furniture, and office equipment			5
Leasehold improvements			Shorter of useful life or length of lease

Property, plant and equipment, net (in millions)


	December 28, 2025		December 29, 2024
Finance lease right of use assets	$	103.7	$	71.0
Land and buildings	40.5		41.3
Computer equipment and software	71.0		63.0
Machinery and equipment	201.0		178.2
Furniture and office equipment	9.3		8.6
Leasehold improvements	43.0		30.8
Construction in progress	103.9		81.8
Property and equipment	572.4		474.7
Accumulated depreciation and amortization	(210.5)		(186.5)
Total property and equipment, net	$	361.9	$	288.2

Schedule of Interest Income (Expense), Net

Interest income (expense), net is summarized in the following table (in millions):


	Year ended December 28, 2025		Year ended December 29, 2024		Year ended December 31, 2023
Interest expense incurred primarily on indebtedness	$	(9.6)	$	(15.2)	$	(21.7)
Interest income	15.5		12.2		1.2
Interest income (expense), net	$	5.9	$	(3.0)	$	(20.5)

Organization and Summary of Significant Accounting Policies - Joint Venture Arrangements (Details) $ in Millions	Dec. 28, 2025 USD ($)	Feb. 26, 2025 USD ($) a
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Commitment balance	$ 82.3
Expected future contributions	55.0
Number of acres \| a		500
Capital committed to joint venture		$ 175.0
Investment in joint venture	$ 5.0

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

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Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 28, 2025	Feb. 20, 2026	Jun. 29, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 28, 2025
Current Fiscal Year End Date	--12-28
Document Transition Report	false
Entity File Number	001-34460
Entity Registrant Name	KRATOS DEFENSE & SECURITY SOLUTIONS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3818604
Entity Address, Address Line One	1 Chisholm Trail
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Round Rock
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78681
City Area Code	512
Local Phone Number	238-9840
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	KTOS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 6.5
Entity Common Stock, Shares Outstanding		170,329,158
Documents Incorporated by Reference	Items 10, 11, 12, 13 and 14 of Part III of this annual report on Form 10-K incorporate information by reference from the registrant’s definitive proxy statement to be filed pursuant to Regulation 14A in connection with the registrant’s 2026 Annual Meeting of Stockholders or an amendment to this annual report on Form 10-K to be filed with the Securities and Exchange Commission within 120 days after the close of the fiscal year covered by this annual report on Form 10-K.
Entity Central Index Key	0001069258
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Operating activities:
Net income from consolidated operations	$ 22.0	$ 16.3	$ 2.4
Adjustments to reconcile income from consolidated operations to net cash provided by (used in) operating activities:
Depreciation and amortization	47.1	40.3	33.2
Deferred income taxes	8.1	4.4	2.5
Amortization of lease right-of-use assets	12.2	11.6	11.5
Stock-based compensation	35.5	29.8	25.3
Loss on extinguishment of debt	0.5	0.0	0.0
Amortization of deferred financing costs	0.5	0.7	0.7
Provision for doubtful accounts	0.0	0.0	1.0
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	(44.6)	11.2	(13.1)
Unbilled receivables	(81.4)	(6.1)	14.4
Inventoried costs	(19.3)	(5.0)	(29.6)
Prepaid expenses	5.1	(1.8)	(3.9)
Other assets	(27.1)	(35.6)	(12.3)
Operating lease liabilities	(12.1)	(12.4)	(11.4)
Accounts payable	(13.7)	15.1	4.4
Accrued expenses	22.1	1.7	1.4
Accrued compensation	10.7	7.0	12.4
Billings in excess of costs and earnings on uncompleted contracts	(5.5)	(25.7)	28.4
Income tax receivable and payable	0.9	(0.3)	(0.5)
Other liabilities	(3.1)	(1.5)	(1.6)
Net cash provided by (used in) operating activities	(42.1)	49.7	65.2
Investing activities:
Cash paid for acquisitions, net of cash acquired	0.0	(11.5)	0.3
Proceeds from sale of assets	12.0	0.0	8.3
Investment in joint venture	(5.0)	0.0	0.0
Capital expenditures	(95.3)	(58.2)	(52.4)
Net cash used in investing activities	(88.3)	(69.7)	(43.8)
Financing activities:
Proceeds from the issuance of common stock, net of issuance costs	555.9	330.7	0.0
Borrowing under credit facility	0.0	10.0	69.0
Repayment under credit facility, term loan and other debt	(185.0)	(52.5)	(101.0)
Payments of employee taxes withheld from share-based awards	(20.0)	(17.4)	(3.7)
Payments under finance leases	(1.8)	(1.4)	(1.5)
Proceeds from shares issued under equity plans	9.9	8.2	6.5
Proceeds from state grant for capital construction	1.7	0.0	0.0
Net cash provided by (used in) financing activities	360.7	277.6	(30.7)
Net cash provided (used)	230.3	257.6	(9.3)
Effect of exchange rate changes on cash and cash equivalents	1.0	(1.1)	0.8
Net increase (decrease) in cash and cash equivalents	231.3	256.5	(8.5)
Cash, and cash equivalents at beginning of year	329.3	72.8	81.3
Cash and cash equivalents at end of year	560.6	329.3	72.8
Supplemental disclosure of cash flow information:
Cash paid during the year for interest	6.3	14.6	19.6
Net cash paid during the year for income taxes	6.5	5.0	6.5
Non-cash financing and investing activities:
Financing lease obligations incurred	34.8	15.4	6.9
Capital expenditures included in accounts payable and accrued expenses	8.2	8.8	0.6
Common stock issuance for purchase of noncontrolling interests	0.0	11.3	10.7
Common stock issuance for acquisition	37.2	0.5	14.8
Common stock issued for contingent acquisition consideration	$ 0.5	$ 0.0	$ 0.0

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 28, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In addition to commitments and obligations in the ordinary course of business, the Company is subject to various claims, pending and potential legal actions for damages, investigations relating to governmental laws and regulations and other matters arising out of the normal conduct of the Company’s business. The Company assesses contingencies to determine the degree of probability and range of possible loss for potential accrual in its consolidated financial statements. An estimated loss contingency is accrued in the Company’s consolidated financial statements if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Because litigation is inherently unpredictable and unfavorable resolutions could occur, assessing litigation contingencies is highly subjective and requires judgments about future events. When evaluating contingencies, the Company may be unable to provide a meaningful estimate due to a number of factors, including but not limited to the procedural status of the matter in question, the presence of complex or novel legal theories, and the ongoing discovery and development of information important to the matters. In addition, damage amounts claimed in litigation against it may be unsupported, exaggerated or unrelated to possible outcomes, and as such are not meaningful indicators of its potential liability. The Company regularly reviews contingencies to determine the adequacy of its accruals and related disclosures. The amount of ultimate loss may differ from these estimates. It is possible that cash flows or results of operations could be materially affected in any particular period by the unfavorable resolution of one or more of these contingencies. Whether any losses finally determined in any claim, action, investigation or proceeding could reasonably have a material effect on the Company’s business, financial condition, results of operations or cash flows will depend on a number of variables, including: the timing and amount of such losses; the structure and type of any remedies; the monetary significance any such losses, damages or remedies may have on the consolidated financial statements; and the unique facts and circumstances of the particular matter that may give rise to additional factors. Legal and Regulatory Matters. U.S. Government Cost Claims The Company’s contracts with the DoW are subject to audit by the DCAA. As a result of these audits, from time to time the Company is advised of claims concerning potential disallowed, overstated or disputed costs. For example, during the course of recent audits of the Company’s contracts, the DCAA is closely examining and questioning certain of the established and disclosed practices that it had previously audited and accepted. Costs incurred and allocated to contracts with the U.S. Government are regularly scrutinized for compliance with regulatory standards by the Company’s personnel. For those Company subsidiaries and fiscal years which have not yet been audited by the DCAA or for those audits which are in process which have not been completed by the DCAA, the Company cannot reasonably estimate the range of loss, if any, that may result from audits and reviews in which it is currently involved given the inherent difficulty in predicting regulatory action, fines and penalties, if any, and the various remedies and levels of judicial review available to the Company in the event of an adverse finding. As a result, the Company has not recorded any liability related to these matters. Other Litigation Matters The Company is subject to normal and routine litigation arising from the ordinary course and conduct of business, and, at times, as a result of acquisitions and dispositions. Such disputes include, for example, commercial, employment, intellectual property, environmental and securities matters. The aggregate amounts accrued related to these matters are not material to the total liabilities of the Company. The Company intends to defend itself in any such matters and does not currently believe that the outcome of any such matters will have a material adverse impact on its financial condition, results of operations or cash flows.

Collaborative Arrangement (Details) - USD ($) $ in Millions	12 Months Ended			17 Months Ended
Collaborative Arrangement (Details) - USD ($) $ in Millions	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023	Dec. 28, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 1,346.8	$ 1,136.3	$ 1,037.1
Total costs	1,038.9	$ 849.1	$ 768.5
Party to collaborative arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	12.9			$ 31.5
Total costs	$ 13.3			$ 31.9

- Definition

The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.

+ References + Details

- Definition

+ References

+ Details