KBR二季度业绩超预期但现金流和经营利润走弱，盘中已完成负向重定价

Second
Quarter Fiscal
2026
Results
(All comparisons against the second quarter fiscal 2025 unless noted.)
Revenues of $2.0 billion, up 2%
Net income attributable to KBR of $96 million, up 32%; Operating income of $172 million, down 11% with an Operating income margin of 8.7%
Adjusted EBITDA
2
of $258 million, up 7% with an Adjusted EBITDA
2
margin of 13.0%
Diluted EPS attributable to KBR of $0.75, up 34%
Adjusted EPS
2
of $0.99, up 9%
Bookings and options
1
of $1.8 billion with 1.1x book-to-bill
1
Second
Quarter YTD Fiscal
2026
Results
(All comparisons against the second quarter YTD fiscal 2025 unless noted.)
Revenues of $3.9 billion, down 2% due to expected EUCOM contingency runoff
Net income attributable to KBR of $198 million, up 5%; Operating income of $352 million, down 11% with an Operating income margin of 9.0%
Adjusted EBITDA
2
of $509 million, up 4% with an Adjusted EBITDA
2
margin of 13.0%
Diluted EPS attributable to KBR of $1.55, up 8%
Adjusted EPS
2
of $1.95, up 2%
Bookings and options
1
of $3.7 billion with 1.1x book-to-bill
1
HOUSTON, July 30, 2026 (GLOBE NEWSWIRE) -- KBR, Inc. (NYSE: KBR) today announced its second quarter fiscal 2026 results.
“We delivered a strong first half while continuing to position both businesses for long-term success as we advance toward separation,” said Stuart Bradie, President and Chief Executive Officer. “Demand remains healthy across our core markets, supported by strong customer relationships, disciplined execution and growing visibility into future performance. In STS, we delivered another strong quarter of bookings, driving record backlog levels and reinforcing the durability of demand across our portfolio. In MTS, customer demand remains strong, and awarded work under protest continues to provide visibility beyond reported backlog. As we prepare for separation, we are taking actions to simplify our cost structure, improve efficiency and position both companies to compete more effectively as focused, standalone businesses. We remain confident in the opportunities ahead and our ability to create long-term value for shareholders.”
1
As used throughout this release, book-to-bill and bookings and options exclude long-term UK PFIs. In the prior quarter, these metrics also excluded the Plaquemines LNG project.
2
As used throughout this earnings release, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted earnings per share, Adjusted operating cash flow, and Adjusted operating cash conversion are non-GAAP financial measures. All non-GAAP financial measures reflect results from continuing operations. See additional information at the end of this release regarding non-GAAP financial information, including reconciliations to the nearest GAAP measures
Summarized
Second
Quarter Fiscal
2026
Consolidated Results
Three months ended
Six months ended
July 3,
July 4,
July 3,
July 4,
Dollars in millions, except share data
2026
2025
2026
2025
Revenues
$
1,984
$
1,952
$
3,907
$
3,970
Operating income
172
194
352
396
Net income attributable to KBR
96
73
198
189
Net income attributable to KBR from continuing operations
95
105
198
225
Adjusted EBITDA
2
258
242
509
490
Operating income margin
8.7
%
9.9
%
9.0
%
10.0
%
Adjusted EBITDA
2
margin
13.0
%
12.4
%
13.0
%
12.3
%
Earnings per share:
Diluted earnings per share attributable to KBR
0.75
0.56
1.55
1.44
Diluted earnings per share from continuing operations
0.74
0.81
1.55
1.71
Adjusted earnings per share
2
0.99
0.91
1.95
1.91
Cash flows:
Operating cash flows from continuing operations
50
217
160
308
Adjusted operating cash flows
2
64
217
183
308
Return of capital to shareholders:
Payments to repurchase common stock
25
48
29
204
Payments of dividends to shareholders
21
21
42
41
July 3,
January 2,
2026
2026
Leverage:
Net debt
3
2,258
2,117
TTM Adjusted EBITDA
2
987
968
Net leverage
2.3x
2.2x
Second
Quarter
Fiscal
2026
Consolidated Results Review
(All comparisons against the second quarter fiscal 2025 unless noted.)
Revenues were $2.0 billion, up 2% or $32 million. Growth was driven by the continued ramp-up of recently awarded projects within Sustainable Technology Solutions, as well as growth in Mission Technology Solutions across International Government Clients. Within U.S. Government Defense and Intelligence Clients, reported revenues declined year over year due to the expected runoff of EUCOM contingency-related activity; excluding EUCOM runoff, revenues increased year over year.
Operating income was $172 million, down 11% or $22 million, as higher gross profit was more than offset by one-time spin-off costs and other charges associated with the planned separation.
Net income attributable to KBR was $96 million, up 32% or $23 million, reflecting higher gross profit, lower selling, general and administrative expenses, lower interest expense and the absence of prior-year losses from discontinued operations associated with the HomeSafe contract termination, partially offset by one-time spin-off costs and other charges related to the planned separation.
Diluted earnings per share attributable to KBR were $0.75, up 34% or $0.19, in line with increased net income attributable to KBR noted above and lower diluted weighted average common shares outstanding due to open market share repurchases.
Adjusted EBITDA
2
was $258 million, up 7% or $16 million, reflecting strong project execution, including unconsolidated JVs, favorable portfolio mix and continued cost discipline across the enterprise. Adjusted EBITDA
2
margin was 13.0%.
Adjusted earnings per share
2
were $0.99, up 9% or $0.08, due to the increase in adjusted EBITDA
2
noted above, lower below-the-line expenses and lower adjusted weighted average common shares outstanding due to open market share repurchases.
Backlog and options as of the quarter end totaled $23.0 billion. Book-to-bill
1
was 1.1x for the quarter.
Summarized
Second
Quarter Fiscal
2026
Segment Results
Three months ended
Six months ended
July 3,
July 4,
July 3,
July 4,
Dollars in millions
2026
2025
2026
2025
Revenues
$
1,984
$
1,952
$
3,907
$
3,970
Mission Technology Solutions
1,308
1,336
2,604
2,717
Sustainable Technology Solutions
676
616
1,303
1,253
Adjusted EBITDA
2
258
242
509
490
Mission Technology Solutions
158
136
296
275
Sustainable Technology Solutions
123
134
260
269
Corporate
(23
)
(28
)
(47
)
(54
)
Adjusted EBITDA
2
margin
13.0
%
12.4
%
13.0
%
12.3
%
Mission Technology Solutions
12.1
%
10.2
%
11.4
%
10.1
%
Sustainable Technology Solutions
18.2
%
21.8
%
20.0
%
21.5
%
July 3,
January 2,
2026
2026
Backlog
17,805
16,864
Mission Technology Solutions
12,282
12,552
Sustainable Technology Solutions
5,523
4,312
Backlog and options
22,997
23,211
Mission Technology Solutions
17,474
18,899
Sustainable Technology Solutions
5,523
4,312
Second
Quarter Fiscal
2026
Segment Results Review
(All comparisons against the second quarter fiscal 2025 unless noted.)
Mission Technology Solutions (MTS)
Revenues were $1.3 billion, down 2% or $28 million. Continued expansion within International Government Clients, particularly in Australia and the United Kingdom, was more than offset by lower EUCOM contingency-related activity and reduced activity within U.S. Government Federal Civilian Clients. Within U.S. Government Defense and Intelligence Clients, reported revenues declined year over year due to the expected runoff of EUCOM contingency-related activity; excluding EUCOM runoff, revenues increased year over year.
Operating income was $116 million, up 7% or $8 million, driven by favorable portfolio mix, partially offset by one-time spin-off costs and other charges associated with the planned separation. Operating income margin was 8.9%.
Adjusted EBITDA
2
was $158 million, up 16% or $22 million, reflecting favorable portfolio mix, disciplined cost management and benefits from contract closeouts. Adjusted EBITDA
2
margin was 12.1%.
Backlog and options as of the quarter end totaled $17.5 billion. Book-to-bill
1
was 0.8x for the quarter. Reported backlog and book-to-bill do not refl