| Stage | NOC | % of rev | DRS | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $11.1B | 100.00% | $1.1B | 100.00% | NOC ×10.43 |
| Gross profit | $2.4B | 21.15% | $263M | 24.67% | DRS +3.5pp |
| Operating income | $1.3B | 11.41% | $116M | 10.88% | NOC +0.5pp |
| Pre-tax income | $1.3B | 11.67% | $116M | 10.88% | NOC +0.8pp |
| Net income | $1.1B | 10.11% | $115M | 10.79% | DRS +0.7pp |
| Stage | NOC | DRS | Gap · A − B |
|---|---|---|---|
| Revenue | $11.1B100.00% | $1.1B100.00% | NOC ×10.43 |
| Gross profit | 21.15%$2.4B | 24.67%$263M | DRS +3.5pp |
| Operating income | 11.41%$1.3B | 10.88%$116M | NOC +0.5pp |
| Pre-tax income | 11.67%$1.3B | 10.88%$116M | NOC +0.8pp |
| Net income |
| 10.11%$1.1B |
| 10.79%$115M |
| DRS +0.7pp |
NOC 10-KJan 27 '26
“Sales to the U.S. government accounted for 84 percent, 87 percent and 86 percent of sales during the years ended December 31, 2025, 2024 and 2023, respectively.”
DRS 10-KFeb 27 '26
“Revenues derived directly or indirectly from contracts with the U.S. government represented approximately 80%, 79% and 80% of our total revenues for the years ended December 31, 2025, 2024, and 2023, respectively, with revenues principally derived directly or indirectly from contracts with the U.S. Navy and U.S. Army, which represented 36% and 36%, respectively, of our total revenues for the year ended December 31, 2025.”
NOC 10-KJan 30 '25
“Integrated Battle Command System (IBCS) for the U.S. Army and Poland, which is an open architecture system that seamlessly integrates sensors and effectors to deliver among the most advanced C2 systems for joint and coalition forces;”
DRS 10-KFeb 27 '26
“Revenues derived directly or indirectly from contracts with the U.S. government represented approximately 80%, 79% and 80% of our total revenues for the years ended December 31, 2025, 2024, and 2023, respectively, with revenues principally derived directly or indirectly from contracts with the U.S. Navy and U.S. Army, which represented 36% and 36%, respectively, of our total revenues for the year ended December 31, 2025.”
NOC 10-KJan 30 '25
“Aeronautics Systems is a leader in the design, development, production, integration, sustainment and modernization of military aircraft systems for the U.S. Air Force, the U.S. Navy, other U.S. government agencies, and international customers.”
DRS 10-KFeb 27 '26
“Revenues derived directly or indirectly from contracts with the U.S. government represented approximately 80%, 79% and 80% of our total revenues for the years ended December 31, 2025, 2024, and 2023, respectively, with revenues principally derived directly or indirectly from contracts with the U.S. Navy and U.S. Army, which represented 36% and 36%, respectively, of our total revenues for the year ended December 31, 2025.”