Revenue has hovered near $1.9B to $2.1B with a 14.8% gross margin and 9.2% operating margin in 2026Q3, suggesting stable but unspectacular operating performance with limited operating leverage.
KBR, Inc. (KBR) annual income statement — 23-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Jan'25 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'02 |
|---|
| Sales/Revenue | 7.82B | 7.79B | 7.74B | 6.96B | 6.56B | 7.34B | 5.77B | 5.64B | 4.91B | 4.17B | 4.27B | 5.1B | 6.37B | 7.21B | 7.77B | 9.1B | 9.96B | 12.11B | 11.58B | 8.74B | 9.63B | 10.21B | 11.96B | 5.13B |
| Revenue Growth % | -2.98% | 0.57% | 11.3% | 5.97% | -10.56% | 27.26% | 2.27% | 14.78% | 17.79% | -2.27% | -16.25% | -19.95% | -11.75% | -7.16% | -14.64% | -8.62% | -17.7% | 4.52% | 32.43% | -9.22% | -5.61% | -14.67% | 133.37% | - |
| Cost of Goods Sold | 6.67B | 6.64B | 6.64B | 5.98B | 5.74B | 6.53B | 5.1B | 4.99B | 4.33B | 3.73B | 4.16B | 4.77B | 6.43B | 6.8B | 7.25B | 8.46B | 9.27B | 11.35B | 10.82B | 8.22B | 9.29B | 9.72B | 12.17B | 5.22B |
| COGS % of Revenue | - | 85.23% | 85.75% | 85.95% | 87.39% | 89.02% | 88.45% | 88.42% | 88.11% | 89.47% | 97.38% | 93.62% | 101.02% | 94.22% | 93.33% | 92.97% | 93.08% | 93.75% | 93.43% | 94.05% | 96.39% | 95.2% | 101.76% | 101.81% |
| Gross Profit | 1.15B | 1.15B | 1.1B | 977M | 828M | 806M | 666M | 653M | 584M | 439M | 112M | 325M | -65M | 417M | 518M | 640M | 689M | 757M | 761M | 520M | 348M | 490M | -211M | -93M |
| Gross Margin % | 14.69% | 14.77% | 14.25% | 14.05% | 12.61% | 10.98% | 11.55% | 11.58% | 11.89% | 10.53% | 2.62% | 6.38% | -1.02% | 5.78% | 6.67% | 7.03% | 6.92% | 6.25% | 6.57% | 5.95% | 3.61% | 4.8% | -1.76% | -1.81% |
| Gross Profit Growth % | - | 4.26% | 12.9% | 18% | 2.73% | 21.02% | 1.99% | 11.82% | 33.03% | 291.96% | -65.54% | 600% | -115.59% | -19.5% | -19.06% | -7.11% | -8.98% | -0.53% | 46.35% | 49.43% | -28.98% | 332.23% | -126.88% | - |
| Operating Expenses | 464M | 582M | 441M | 529M | 485M | 575M | 609M | 291M | 116M | 175M | 84M | 15M | 729M | 109M | 219M | 53M | 80M | 221M | 220M | 226M | 102M | 35M | 146M | 89M |
| OpEx % of Revenue | - | 7.47% | 5.7% | 7.6% | 7.39% | 7.83% | 10.56% | 5.16% | 2.36% | 4.2% | 1.97% | 0.29% | 11.45% | 1.51% | 2.82% | 0.58% | 0.8% | 1.83% | 1.9% | 2.58% | 1.06% | 0.34% | 1.22% | 1.74% |
| Selling, General & Admin | 559M | 578M | 544M | 488M | 420M | 393M | 335M | 341M | 294M | 244M | 133M | 155M | 239M | 248M | 222M | 214M | 212M | 217M | 223M | 226M | 108M | 85M | 92M | 89M |
| SG&A % of Revenue | - | 7.42% | 7.03% | 7.02% | 6.4% | 5.36% | 5.81% | 6.05% | 5.98% | 5.85% | 3.12% | 3.04% | 3.75% | 3.44% | 2.86% | 2.35% | 2.13% | 1.79% | 1.93% | 2.58% | 1.12% | 0.83% | 0.77% | 1.74% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -2M | 4M | -103M | 41M | 65M | 182M | 274M | -50M | -178M | -69M | -49M | -140M | 490M | -139M | -3M | -161M | -132M | 4M | -3M | 0 | -6M | -50M | 54M | 0 |
| Operating Income | 685M | 568M | 662M | 448M | 343M | 231M | 57M | 362M | 468M | 264M | 28M | 310M | -794M | 308M | 299M | 587M | 609M | 536M | 541M | 294M | 246M | 455M | -357M | -182M |
| Operating Margin % | 8.76% | 7.3% | 8.55% | 6.44% | 5.23% | 3.15% | 0.99% | 6.42% | 9.53% | 6.33% | 0.66% | 6.08% | -12.47% | 4.27% | 3.85% | 6.45% | 6.11% | 4.43% | 4.67% | 3.36% | 2.55% | 4.46% | -2.98% | -3.55% |
| Operating Income Growth % | - | -14.2% | 47.77% | 30.61% | 48.48% | 305.26% | -84.25% | -22.65% | 77.27% | 842.86% | -90.97% | 139.04% | -357.79% | 3.01% | -49.06% | -3.61% | 13.62% | -0.92% | 84.01% | 19.51% | -45.93% | 227.45% | -96.15% | - |
| EBITDA | 808M | 737M | 818M | 589M | 480M | 377M | 172M | 466M | 531M | 312M | 73M | 349M | -722M | 376M | 364M | 658M | 671M | 591M | 590M | 335M | 293M | 511M | -305M | -153M |
| EBITDA Margin % | 10.33% | 9.47% | 10.57% | 8.47% | 7.31% | 5.14% | 2.98% | 8.26% | 10.81% | 7.48% | 1.71% | 6.85% | -11.34% | 5.21% | 4.68% | 7.23% | 6.74% | 4.88% | 5.09% | 3.83% | 3.04% | 5.01% | -2.55% | -2.99% |
| EBITDA Growth % | -9.72% | -9.9% | 38.88% | 22.71% | 27.32% | 119.19% | -63.09% | -12.24% | 70.19% | 327.4% | -79.08% | 148.34% | -292.02% | 3.3% | -44.68% | -1.94% | 13.54% | 0.17% | 76.12% | 14.33% | -42.66% | 267.54% | -99.35% | - |
| D&A (Non-Cash Add-back) | 123M | 169M | 156M | 141M | 137M | 146M | 115M | 104M | 63M | 48M | 45M | 39M | 72M | 68M | 65M | 71M | 62M | 55M | 49M | 41M | 47M | 56M | 52M | 29M |
| EBIT | 741M | 772M | 655M | -51M | 371M | 226M | 58M | 367M | 462M | 268M | 46M | 323M | -304M | 169M | 296M | 590M | 603M | 542M | 541M | 294M | 246M | 455M | -357M | -182M |
| Net Interest Income | -156M | -158M | -144M | -115M | -87M | -80M | -83M | -99M | -66M | -21M | -13M | -11M | 0 | -5M | -7M | -18M | -17M | -1M | 35M | 62M | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 35M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 156M | 158M | 144M | 115M | 87M | 80M | 83M | 99M | 66M | 21M | 13M | 11M | 0 | 5M | 7M | 18M | 17M | 1M | 0 | 62M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -104M | 46M | -151M | -614M | -59M | -85M | -82M | -94M | -72M | -17M | 5M | 2M | 17M | -8M | -11M | -15M | -23M | -4M | 27M | 48M | -26M | -22M | -28M | 1M |
| Pretax Income | 581M | 614M | 511M | -166M | 284M | 146M | -25M | 268M | 396M | 247M | 33M | 312M | -777M | 300M | 288M | 572M | 586M | 532M | 568M | 342M | 220M | 433M | -385M | -181M |
| Pretax Margin % | 7.43% | 7.89% | 6.6% | -2.39% | 4.33% | 1.99% | -0.43% | 4.75% | 8.06% | 5.92% | 0.77% | 6.12% | -12.21% | 4.16% | 3.71% | 6.28% | 5.88% | 4.39% | 4.9% | 3.91% | 2.28% | 4.24% | -3.22% | -3.53% |
| Income Tax | 136M | 156M | 130M | 95M | 92M | 111M | 26M | 59M | 86M | -193M | 84M | 86M | 421M | 129M | 86M | 32M | 191M | 168M | 212M | 138M | 129M | 182M | -96M | -98M |
| Effective Tax Rate % | 23.41% | 25.41% | 25.44% | -57.23% | 32.39% | 76.03% | -104% | 22.01% | 21.72% | -78.14% | 254.55% | 27.56% | -54.18% | 43% | 29.86% | 5.59% | 32.59% | 31.58% | 37.32% | 40.35% | 58.64% | 42.03% | 24.94% | 54.14% |
| Net Income | 442M | 415M | 375M | -265M | 190M | 27M | -72M | 202M | 281M | 432M | -61M | 203M | -1.26B | 75M | 144M | 480M | 327M | 290M | 319M | 302M | 168M | 240M | -303M | -92M |
| Net Margin % | 5.65% | 5.33% | 4.84% | -3.81% | 2.89% | 0.37% | -1.25% | 3.58% | 5.72% | 10.36% | -1.43% | 3.98% | -19.82% | 1.04% | 1.85% | 5.27% | 3.28% | 2.4% | 2.75% | 3.45% | 1.74% | 2.35% | -2.53% | -1.8% |
| Net Income Growth % | 16.32% | 10.67% | 241.51% | -239.47% | 603.7% | 137.5% | -135.64% | -28.11% | -34.95% | 808.2% | -130.05% | 116.09% | -1782.67% | -47.92% | -70% | 46.79% | 12.76% | -9.09% | 5.63% | 79.76% | -30% | 179.21% | -229.35% | - |
| Net Income (Continuing) | 445M | 458M | 381M | -261M | 192M | 35M | -51M | 209M | 310M | 440M | -51M | 226M | -1.2B | 171M | 202M | 540M | 395M | 364M | 356M | 182M | 81M | 210M | -314M | -128M |
| Discontinued Operations | 2M | -36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11M | 120M | 87M | 30M | 11M | 0 |
| Minority Interest | 10M | 9M | 14M | 11M | 12M | 14M | 29M | 14M | 20M | -8M | -12M | -13M | -7M | -22M | -31M | -53M | -42M | 8M | -18M | -32M | 35M | 143M | 115M | 0 |
| EPS (Diluted) | 3.51 | 3.21 | 2.80 | -1.96 | 1.26 | 0.19 | -0.36 | 1.42 | 1.99 | 3.05 | -0.43 | 1.40 | -8.64 | 0.50 | 0.97 | 3.16 | 2.07 | 1.79 | 1.90 | 1.79 | 1.20 | 1.76 | -2.23 | -0.68 |
| EPS Growth % | 20% | 14.64% | 242.86% | -255.56% | 563.16% | 152.78% | -125.35% | -28.64% | -34.75% | 809.3% | -130.71% | 116.2% | -1828% | -48.45% | -69.3% | 52.66% | 15.64% | -5.79% | 6.15% | 49.17% | -31.82% | 178.92% | -227.94% | - |
| EPS (Basic) | - | 3.21 | 2.79 | -1.96 | 1.36 | 0.19 | -0.36 | 1.43 | 2.01 | 3.05 | -0.43 | 1.40 | -8.66 | 0.50 | 0.97 | 3.18 | 2.08 | 1.80 | 1.91 | 1.80 | 1.20 | 1.76 | -2.23 | -0.68 |
| Diluted Shares Outstanding | 126M | 129M | 134M | 135M | 156M | 141M | 142M | 142M | 141M | 141M | 142M | 144M | 146M | 149M | 149M | 151M | 157M | 161M | 167M | 169M | 140M | 136M | 136M | 136M |
| Basic Shares Outstanding | 126M | 129M | 134M | 135M | 139M | 140M | 142M | 141M | 140M | 141M | 141.86M | 144M | 145.73M | 148M | 148M | 150M | 156M | 160M | 166M | 168M | 140M | 136M | 136M | 136M |
| Dividend Payout Ratio | - | 20.24% | 21.07% | - | 34.74% | 225.93% | - | 22.77% | 15.66% | 10.42% | - | 23.15% | - | 48% | 25.69% | 6.25% | 9.79% | 11.03% | 16.61% | 11.59% | - | - | - | - |
Quick answers to the most common questions about buying KBR stock.
For fiscal year 2025, KBR, Inc. (KBR) reported total revenue of $7.79B. This represents a 51.9% increase compared to $5.13B in 2002.
KBR, Inc. (KBR) is profitable, generating $415.0M in net income for the fiscal year ending 2025 with a net profit margin of 5.3%.
KBR, Inc. (KBR) reported an operating income of $568.0M, resulting in an operating profit margin of 7.3%. This margin reflects the operational efficiency of the business before interest and taxes.
KBR, Inc. (KBR) generated $1.15B in gross profit for the year, representing a gross profit margin of 14.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Elevated leverage amid separation
Metrics are mathematically derived from official filings.
Flat Top Line Masks Quarterly Swings
Based on KBR's reported quarterly income statements, revenue has hovered near $1.9B to $2.1B across the last ten quarters, with latest reported growth of 0.6% YoY implying the business is in a stabilization phase rather than an expansion phase.
The quarterly revenue series shows no sustained acceleration, with the most recent YoY reading of 0.6% suggesting that volume gains in the Government Solutions segment are being offset by softness elsewhere. This pattern may indicate that growth is increasingly dependent on pricing, contract mix, or the timing of large project milestones rather than broad-based demand. Investors should monitor whether the upcoming quarters show a sustained return to mid-single-digit growth, since the current trajectory does not yet demonstrate durable top-line momentum.
Gross Margin Holds Near Mid-Teens
As reported in KBR's quarterly statements, gross margin has ranged from roughly 13.8% to 15.4% over the period, with the latest quarter at 14.8%, a band that appears consistent with a services-weighted mix anchored by reimbursable cost pass-throughs.
The narrow gross margin band suggests that pricing discipline and contract mix have been relatively stable, rather than being driven by one-off project outcomes. The margin profile appears structurally constrained by reimbursable costs, which may inflate revenue while compressing percentage margins, and a sustained move toward the higher-margin Sustainable Technology Solutions segment would be needed to shift this baseline. Absent that mix shift, margin expansion appears limited.
EPS Volatility Outpaces Operating Trend
Based on KBR's reported EPS figures, diluted EPS has swung between $0.55 and $1.06 across recent quarters, with growth rates ranging from a 30.4% decline to a 130.4% increase, a level of volatility that appears disproportionate to the relatively steady operating margin band.
Operating margin has stayed within roughly 7.6% to 9.9%, which suggests that the large EPS swings are more likely driven by below-the-line items, tax effects, or share count changes than by core operating performance. Stock-based compensation is not separately reported in the supplied data, so its contribution cannot be assessed. This disconnect warrants further investigation before attributing EPS movements to underlying business momentum.
Operating Income Tracks Revenue Closely
Operating income has moved in close step with revenue across the ten quarters, with operating margin ranging from 7.6% to 9.9%, suggesting limited operating leverage and SG&A that scales roughly in line with activity.
SG&A has remained in a fairly tight range relative to revenue, implying that overhead efficiency has not produced meaningful incremental margin gains. This pattern suggests the business is largely variable in cost structure, which provides resilience in downturns but limits earnings acceleration during upturns. Investors may need to see explicit overhead reduction or a mix shift to recognize operating leverage.
Leverage and Separation Risks Persist
The reported debt-to-equity ratio of 2.07 and flat revenue growth may constrain flexibility around the planned separation, a concern that appears more significant than the constructive EPS beat in the latest quarter might suggest.
A single quarter of EPS outperformance does not establish a trend reversal, particularly when revenue growth remains near 0.6% YoY. Elevated leverage combined with separation execution could limit capital allocation options if earnings volatility resurfaces. The debt-to-equity figure is also unusually low for this industry and may warrant verification against total debt obligations before drawing firm conclusions.