KBR, Inc. reported fiscal 2025 revenues of $7.79 billion, a slight 1% increase over 2024, driven by gains in defense and sustainable technology despite softness in some international and science/space programs [F1][S27]. Operating income rose 17.5% to $778 million, supported by operational improvements and acquisitions [F1][S11]. The company is advancing its planned spin-off of the Mission Technology Solutions (MTS) segment, aiming for mid-to-late 2026 completion, which presents both strategic focus opportunities and execution risks [S2]. Its backlog remains strong at approximately $13.3 billion, underpinning stable near-term revenue visibility [S19][S25]. Capital allocation reflects disciplined buybacks and dividend growth, with free cash flow around $420 million, supporting financial flexibility [F1][S12].