# Leonardo DRS bookings reach 1.5 times quarterly revenue Leonardo DRS raised its 2026 outlook with record funded backlog, while quarterly free cash flow fell from a year earlier. Published 2026-10-29 by TGOs. Canonical: https://tgos.io/news/2026/10/29/leonardo-drs-bookings-reach-1-5-times-quarterly-revenue/ Leonardo DRS booked $1,639 million in the third quarter of 2026.[1] Its book-to-bill ratio reached 1.5x, up from 1.2x in the second quarter.[1][2] DRS said demand was led by naval power and propulsion, tactical radars and force protection programs.[1] Funded backlog reached a record $5,640 million, up 21% from a year earlier.[1] President and CEO John Baylouny said that backlog and improved fourth-quarter visibility gave DRS confidence to raise its full-year revenue and profitability outlook.[1] The full-year outlook, which excludes the pending Raft acquisition, now calls for revenue of $3,950 million to $3,985 million.[1] DRS also raised its non-GAAP adjusted EBITDA outlook to $545 million to $555 million.[1] Quarterly revenue rose 11% to $1,066 million, growth the company described as organic.[1] Company-defined, non-GAAP free cash flow fell to $61 million from $77 million a year earlier.[1] DRS attributed the decline to higher cash used for working capital, partially offset by increased earnings.[1] Nine-month free cash flow was negative $28 million, improved from negative $149 million in the comparable prior-year period.[1] ## Why it matters By our calculation, the revenue outlook implies $1,125 million to $1,160 million in fourth-quarter sales, excluding Raft and exceeding the third-quarter level.[1] ## Sources 1. Leonardo DRS third quarter 2026 results release, Oct. 29, 2026 2. Leonardo DRS second quarter 2026 results release, July 30, 2026