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KBR

KBR, Inc.

KBR

KBR, Inc. • NYSE
$41.22 ▲ 1.10% (+0.45)
Market Cap $5.23 B
52w High $61.49
52w Low $39.61
Dividend Yield 0.65%
P/E 12.92
Volume 529.72K
Outstanding Shares 126.99M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.931B ▼ $79M ▼ $115M ▲ 5.955% ▲ $0.9 ▲ $234M ▲
Q2-2025 $1.952B $96M $73M 3.74% $0.55 $231M
Q2-2025 $1.952B ▼ $96M ▼ $73M ▼ 3.74% ▼ $0.55 ▼ $231M ▼
Q1-2025 $2.055B ▼ $103M ▼ $116M ▲ 5.645% ▲ $0.88 ▲ $239M ▲
Q4-2024 $2.122B $151M $76M 3.582% $0.57 $189M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $539M ▲ $6.649B ▼ $5.18B ▼ $1.464B ▼
Q2-2025 $285M ▼ $6.793B ▼ $5.304B ▼ $1.487B ▲
Q1-2025 $315M ▼ $6.847B ▲ $5.417B ▲ $1.417B ▼
Q4-2024 $350M ▲ $6.663B ▼ $5.196B ▼ $1.453B ▼
Q3-2024 $315M $6.781B $5.267B $1.503B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $116M ▲ $194M ▲ $71M ▲ $-129M ▲ $136M ▲ $186M ▲
Q2-2025 $104M ▼ $183M ▲ $-27M ▼ $-205M ▼ $-39M ▼ $176M ▲
Q1-2025 $116M ▲ $98M ▲ $-9M ▲ $-6M ▲ $92M ▲ $89M ▲
Q4-2024 $78M ▼ $40M ▼ $-25M ▲ $-101M ▼ $-112M ▼ $17M ▼
Q3-2024 $100M $161M $-769M $643M $48M $142M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Government Solutions
Government Solutions
 $1.49Bn ▲$1.60Bn ▲$1.50Bn ▼$1.41Bn ▼
Sustainable Technology Solutions
Sustainable Technology Solutions
 $460.00M ▲$520.00M ▲$550.00M ▲$540.00M ▼

Five-Year Company Overview

Income Statement

Income Statement KBR’s income statement shows a business that has grown its sales again after a soft patch a few years ago, with revenue now above prior levels. Profitability has improved meaningfully: gross and operating profit have both strengthened as the mix shifts toward higher‑margin, technology and government work. The company did report a noticeable loss in 2023, which likely reflects one‑time items or contract issues rather than a breakdown in the core business, since profit rebounded strongly afterward. Overall, earnings are trending in the right direction, but results can still be a bit lumpy year to year, which is typical for project‑driven and contract‑driven businesses.

Balance Sheet

Balance Sheet The balance sheet looks reasonably solid but more leveraged than in the past. Total assets have stayed fairly steady, while debt has climbed over time, outpacing growth in shareholders’ equity. Cash levels are stable but not excessive, so the company relies on steady cash generation and access to debt markets rather than a large cash cushion. This structure is common for mature engineering and services firms, but it does mean that debt management, interest costs, and refinancing conditions remain important watch points.

Cash Flow

Cash Flow KBR’s cash flow profile is a key strength. The company has consistently generated positive cash from its operations for several years, and that cash flow has been trending upward. After modest capital spending needs, free cash flow has remained positive, suggesting the business is not very capital intensive and can fund growth, service debt, and support shareholder returns from internal resources. This pattern helps offset some of the concerns about higher leverage, as it points to a business that regularly converts accounting profits into actual cash.

Competitive Edge

Competitive Edge KBR’s competitive position is built on specialized technology, long‑standing customer relationships, and a strong presence in government and mission‑critical work. Its technology licensing in areas like ammonia and sustainable fuels provides higher‑margin, repeatable income that many traditional engineering firms lack. Deep relationships with defense, space, and government customers add stability and create high switching costs, while the company’s global reach and end‑to‑end offerings make it a natural partner on complex, long‑duration projects. The planned spin‑off of its government services arm by mid‑to‑late 2026 will eventually reshape this competitive mix, likely making KBR more of a pure technology and sustainability play but also reducing some of the defensive, government‑driven stability.

Innovation and R&D

Innovation and R&D Innovation is at the heart of KBR’s strategy. The company has a long history of process technology breakthroughs and is now heavily focused on the energy transition, including blue and green ammonia, sustainable aviation fuel, advanced plastics recycling, and technologies that enable the emerging hydrogen economy. It also invests in digital capabilities—such as digital twins, AI‑driven analytics, and autonomous systems—which can deepen customer relationships and differentiate its offerings. Many of these areas are still early in their commercial adoption, so they offer meaningful upside but also carry execution and policy risk if markets or regulations evolve differently than expected.

Summary

KBR is in the midst of a significant transformation from a traditional engineering contractor into a more technology‑ and sustainability‑focused solutions provider. Financially, the company shows steady revenue growth, improving margins, and reliable cash generation, though earnings can be uneven in individual years. The balance sheet carries a noticeable but manageable level of debt, supported by consistent free cash flow. Strategically, KBR’s strengths lie in its proprietary technologies, strong government and industrial relationships, and growing presence in decarbonization and digital solutions. The upcoming spin‑off of its government services business and the commercialization of its newer technologies (such as hydrogen, ammonia, and sustainable fuels) are key developments that will shape the company’s risk profile and growth trajectory over the next several years.

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