Asc was Leonardo DRS’s largest segment in fiscal 2025, bringing in $2.36B of $3.65B (65%).
| Segment | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|
| Asc | $1.73B | $1.83B | $2.12B | $2.36B | |||
| Ncc | — | — | — | — | |||
| Ims | $983.00M | $1.02B | $1.14B | $1.31B | |||
| Ast | — | — | — | — | |||
| Corporate & Eliminations | — | -$26.00M | -$22.00M | -$14.00M | |||
| Intersegment Eliminations | -$23.00M | — | — | — | |||
| Total | $2.69B | $2.83B | $3.23B | $3.65B |
Leonardo DRS brought in $3.65B from its three segments in fiscal 2025, the year ended December 31, 2025. That was up 12.8% from $3.23B in fiscal 2024. Asc was the largest at $2.36B (64.6%), ahead of Ims at $1.31B (35.8%).
Compared with fiscal 2024, Ims grew 14.9% to $1.31B and Asc grew 11.2% to $2.36B.
The total is net of Corporate & Eliminations, which took $14.00M off revenue in fiscal 2025.
Firm-Fixed Price was Leonardo DRS’s largest revenue line in fiscal 2025, bringing in $3.21B of $3.65B (88%).
| Contract With Customer Basis Of Pricing | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|
| Firm-Fixed Price | $2.35B | $2.37B | $2.71B | $3.21B | |||
| Firm Fixed Price | — | — | — | — | |||
| Flexibly Priced | $346.00M | $453.00M | $524.00M | $443.00M | |||
| Total | $2.69B | $2.83B | $3.23B | $3.65B |
Leonardo DRS brought in $3.65B from its two revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 12.8% from $3.23B in fiscal 2024. Firm-Fixed Price was the largest at $3.21B (87.9%), ahead of Flexibly Priced at $443.00M (12.1%).
Compared with fiscal 2024, Firm-Fixed Price grew 18.3% to $3.21B, while Flexibly Priced fell 15.5% to $443.00M. From fiscal 2022 to 2025, combined revenue from these revenue lines grew from $2.69B to $3.65B, a compound annual growth rate of 10.6%. Firm-Fixed Price's share of the total rose from 87.2% to 87.9%.
Subcontractor was Leonardo DRS’s largest revenue line in fiscal 2025, bringing in $2.24B of $3.65B (61%).
| Contract With Customer Sales Channel | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|
| Subcontractor | $1.59B | $1.72B | $2.05B | $2.24B | |||
| Prime Contractor | $1.10B | $1.11B | $1.18B | $1.41B | |||
| Total | $2.69B | $2.83B | $3.23B | $3.65B |
Leonardo DRS brought in $3.65B from its two revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 12.8% from $3.23B in fiscal 2024. Subcontractor was the largest at $2.24B (61.4%), ahead of Prime Contractor at $1.41B (38.6%).
Compared with fiscal 2024, Prime Contractor grew 18.8% to $1.41B and Subcontractor grew 9.3% to $2.24B. From fiscal 2022 to 2025, combined revenue from these revenue lines grew from $2.69B to $3.65B, a compound annual growth rate of 10.6%. Subcontractor's share of the total rose from 59.0% to 61.4%.
Leonardo DRS (DRS) reports its revenue by segment, by contract with customer basis of pricing and by contract with customer sales channel. In fiscal 2025, Asc was its largest segment, bringing in $2.36B (64.6% of the total), followed by Ims at $1.31B (35.8%).
Asc was Leonardo DRS's largest segment in fiscal 2025, bringing in $2.36B, or 64.6% of the $3.65B total across its three segments.
Firm-Fixed Price was Leonardo DRS's largest revenue line in fiscal 2025, bringing in $3.21B, or 87.9% of the $3.65B total across its two revenue lines.
Ims grew faster than Asc in fiscal 2025, up 14.9% from $1.14B to $1.31B. Asc grew 11.2% to $2.36B.
Every figure comes from Leonardo DRS's annual financial filings, as reported. Each line keeps the name Leonardo DRS gives it, and years follow its fiscal calendar.
Leonardo DRS's revenue by segment goes back to fiscal 2019, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.