KBR, Inc. (KBR)

KBR reported third-quarter fiscal 2026 revenues of $2.0 billion, up 5 percent, and net income attributable to KBR of $133 million, up 16 percent, on 29 October 2026 1.

The growth came from engineering projects in Sustainable Technology Solutions, where revenues rose 26 percent to $762 million 1. Mission Technology Solutions revenues fell 5 percent to $1.3 billion, mainly because of expected NASA reductions 1.

The company plans to spin off the Mission Technology Solutions business as Trinzic, Inc., with a target date of 4 January 2027 2. A registration statement on Form 10 was filed with the SEC on 30 September 2026 2.

The company reaffirmed its fiscal 2026 revenue guidance of $7.90 billion to $8.36 billion 1. Investor days are set for 11 November 2026 for KBR and 12 November 2026 for Trinzic 1.

The spin-off still needs final approval by the board of directors and other customary conditions 2.

KBR now reports two businesses: for fiscal 2025 it renamed its Government Solutions segment Mission Technology Solutions and kept Sustainable Technology Solutions as it was 3.

In fiscal 2023 revenues were $6,956 million, and net loss was $261 million, after a $494 million charge tied to its convertible notes and a $144 million legal settlement of a legacy matter 3.

In fiscal 2024 revenues rose 11 percent to $7,710 million, and operating income rose 47 percent to $659 million 3.

In August 2024 KBR acquired LinQuest, an engineering, data analytics and digital integration company, which added defense and intelligence programs to Mission Technology Solutions 3.

Fiscal 2025 revenues rose 1 percent to $7,786 million 3. LinQuest added revenue, but European command and science and space programs shrank 3. Operating income rose 18 percent to $778 million 3.

Net income attributable to KBR rose 11 percent to $415 million 3. Equity in earnings of unconsolidated affiliates, the share of profit from joint ventures, rose 96 percent to $210 million, mainly from services on an LNG project 3.

On 18 June 2025 the household goods joint venture HomeSafe, 72 percent owned by KBR, said the U.S. Transportation Command had terminated its role in the Global Household Goods Contract 3. KBR disposed of HomeSafe in the second quarter of fiscal 2025, and its loss of $55 million after tax is reported as discontinued operations 3.

In September 2025 KBR announced its intention to spin off Mission Technology Solutions into a separate, publicly traded U.S. company 3.

Mission Technology Solutions

Mission Technology Solutions provides support to defense, intelligence, space, aviation and other government missions, mainly in the U.S., U.K. and Australia 3. Its customers include the U.S. Army, Navy, Air Force and Space Force, NASA and the U.K. Ministry of Defence 3.

It had revenues of $5,581 million in fiscal 2025, out of $7,786 million for the whole company 3. Its operating income was $463 million, up 12 percent 3.

In the third quarter the company reached a settlement with U.S. TRANSCOM on the Global Household Goods Contract, turning the government's termination for default into a termination for convenience 1. It also reported a re-award of the Antarctic Science and Engineering Support Contract, with an $8 billion ceiling, after a GAO protest 1.

Sustainable Technology Solutions

Sustainable Technology Solutions licenses patented process technology and sells the engineering around it 3. Its portfolio has over 85 proprietary technologies in ammonia and syngas, chemicals and petrochemicals, clean refining and circular economy solutions 3.

It had revenues of $2,205 million in fiscal 2025 and operating income of $477 million, up 18 percent 3. Third-quarter backlog reached a record $5.8 billion 1.

Recent awards include an offshore engineering contract from Aramco for the Marjan field and a selection of KBR's Purifier ammonia technology for a 3,500 MTPD ammonia plant for SABIC Agri-Nutrients in Saudi Arabia 1. KBR will also license its PureSAF technology for a sustainable aviation fuel plant in Kazakhstan 1.

Customers, people and places

The U.S. government was 57 percent of revenues in fiscal 2025 and the U.K. government 9 percent 3. No other customer reached 10 percent 3.

KBR employed approximately 36,000 people in over 28 countries at the end of fiscal 2025 3. Stuart Bradie is board Chair, President and Chief Executive Officer 5. The board added Rami Qasem, an energy and technology executive, on 1 October 2026 5.

The headquarters is leased at 601 Jefferson Street in Houston, and the main owned office is in Leatherhead, United Kingdom 3.

Current problems

The third-quarter book-to-bill ratio, new orders divided by revenue, was 0.6x in Mission Technology Solutions, and 0.8x without the NASA insourcing debooking 1. Operating income fell 3 percent as spin-off costs rose 1.

The umbrella, in words

The annual report lists subsidiaries such as Frazer-Nash Consultancy, Granherne, BE&K, Inc. and Brown & Root Industrial Services, plus the Aspire Defence and Affinity entities 4.

KBR owns 45 percent of Aspire Defence Limited, which services British Army garrisons, and 50 percent of the Affinity flying training joint venture with Elbit Systems 3. It owns 50 percent of Brown & Root Industrial Services, 30 percent of JKC Australia LNG and 45 percent of KZJV in Louisiana 3.

Invesco Ltd. reported on Schedule 13G/A that it may be deemed to own 8,353,001 shares, or 6.6 percent of the class, as of 30 June 2026 6.

For fiscal 2026 the company reaffirmed guidance of revenues of $7.90 billion to $8.36 billion and adjusted EBITDA of $980 million to $1,040 million 1. It also guided adjusted operating cash flows of $560 million to $600 million 1.

The company targets 4 January 2027 for the spin-off of Mission Technology Solutions, subject to final board approval, a tax opinion or IRS ruling, the Form 10 taking effect, financing and regulatory approvals 2.

The company says Trinzic is to launch with more than $5 billion in annual revenue and 20,000 employees 1. KBR says it will operate afterward as a focused standalone company 1.

KBR will hold its investor day on 11 November 2026 and Trinzic on 12 November 2026 1. KBR said on 1 October 2026 that it expects to provide more separation updates in the coming months 5.

The Antarctic support contract re-award is not yet reflected in backlog or book-to-bill, the company said 1.