Latest analysis
Updated Jul 30, 2026
KBR reaffirms FY2026 guidance as STS backlog hits record $5.5B and MTS spin-off branded 'Trinzic' targets January 2027 completion.
KBR's Q2 FY2026 results demonstrate a business in controlled transition: Sustainable Technology Solutions delivered a 1.5x book-to-bill and record backlog of $5.5 billion, validating durable demand in energy transition and industrial technology markets, while Mission Technology Solutions absorbed EUCOM contingency runoff and carries $10.6 billion of awarded work currently under protest that does not yet appear in reported backlog. The planned spin-off of MTS — now branded Trinzic — is targeting January 4, 2027, with leadership named and separation workstreams advanced. Full-year guidance is reaffirmed across all four metrics, and the consolidated Adjusted EBITDA margin expanded to 13.0% for the quarter, reflecting favorable portfolio mix and disciplined cost management despite $33 million in one-time spin-off costs.
Tone: mixedRevenue
$7.8B
KBR 10-K · FY 2026
Employees
36,000
Revenue growth YoY
+1%
EBITDA margin
13%
Profile
KBR 10-K Item 1 · Feb 26, 2026KBR, Inc. is a global science, technology, engineering, and logistics solutions company serving U.S. and allied government agencies and commercial clients. The company operates through two core segments: Mission Technology Solutions, focused on defense, intelligence, and space programs, and Sustainable Technology Solutions, anchored by over 85 proprietary process technologies for energy transition and industrial decarbonization. KBR is pursuing a planned spin-off of its Mission Technology Solutions business into a separate publicly traded company, targeting completion in the second half of fiscal 2026.
Read filing description ↓ Collapse description ↑
KBR, Inc., a Delaware corporation, delivers science, technology, engineering and logistics support solutions to the U.S. federal government, allied nations and commercial clients around the world. Drawing from its culture of innovation and mission focus, KBR creates sustainable value by combining deep domain expertise with its full-life cycle capabilities to help clients meet their most pressing challenges. KBR's capabilities include leading national security and defense systems engineering; rapid prototyping; test and evaluation; aerospace acquisition support; data analytics and systems and platform integration; and sustainment engineering. The company also provides operational expertise in space domain awareness; C5ISR; human spaceflight and satellite operations; integrated supply chain and logistics; and military aviation support. Advanced digital, artificial intelligence, machine learning and information operations solutions span cyber analytics and cybersecurity; space and air dominance; connected battlespace; national security intelligence; data analytics; mission planning systems; virtual/augmented reality and technical training. KBR also conducts scientific research such as quantum science and computing; health and human performance; materials science; life science research; and earth sciences. On the commercial and industrial side, KBR provides engineering and project management solutions to advance energy security, sustainable decarbonization, energy transition and asset optimization; proprietary, sustainability-focused process licensing; and digitally-enabled asset optimization solutions. The company's strategic growth vectors include defense modernization, national security space superiority, health and human performance, sustainable energy and industrial technology, high-end defense engineering, energy security and energy transition, and digital asset modernization and optimization.
Primary products
- Systems engineering and acquisition support
- C5ISR solutions
- Cyber analytics and cybersecurity
- Space domain awareness
- Test and evaluation
- Data analytics and integration
Business segments
End markets
Geographies
Named customers
Revenues from the U.S. government represented 57% of our total consolidated revenues for fiscal 2025.
“We operate in global markets with customers who demand innovation, technical and domain expertise and digitally enabled, technology-led sustainable solutions. We seek to differentiate ourselves in areas in which we believe we have a competitive advantage.” Competitive position, as stated in the filing
Revenue commentary · FY 2026
Total revenue increased by $76 million, or approximately 1%, in fiscal 2025 versus fiscal 2024, with MTS growth in Defense and Intel offset by declines in Readiness and Sustainment, and STS growing modestly.
The rest of KBR is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.