KBR, Inc. (KBR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la ingeniería global y los servicios técnicos, KBR, Inc. se erige como una potencia transformadora, navegando estratégicamente paisajes complejos de sectores de gobierno, defensa y energía. Al crear meticulosamente un lienzo de modelo de negocio integral que aprovecha las capacidades tecnológicas de vanguardia, las asociaciones estratégicas y la experiencia especializada, KBR se ha posicionado como un proveedor de soluciones indispensable para proyectos misioneros críticos en todo el mundo. Este intrincado modelo de negocio revela cómo la empresa transforma la resolución innovadora de problemas, la infraestructura robusta y el profundo conocimiento técnico en una ventaja competitiva que impulsa un valor sustancial para diversos segmentos de clientes en los mercados internacionales.

KBR, Inc. (KBR) - Modelo de negocios: asociaciones clave

Agencias del gobierno de EE. UU.

KBR posee múltiples contratos activos con agencias gubernamentales clave:

Agencia	Valor de contrato	Duración del contrato
Ministerio de defensa	$ 3.2 mil millones	2023-2028
NASA	$ 785 millones	2022-2026

Defensa internacional y contratistas aeroespaciales

Las asociaciones estratégicas incluyen:

• Lockheed Martin
• Northrop Grumman
• Sistemas BAE
• Defensa y espacio de Airbus

Empresas de tecnología e ingeniería

Pareja	Enfoque de colaboración	Valor de colaboración anual
Honeywell	Soluciones de ingeniería avanzada	$ 450 millones
Siemens	Proyectos de transformación digital	$ 350 millones

Empresas de energía global

Asociaciones de energía clave:

• Caparazón
• Exxonmobil
• Cheurón
• Energías totales

Subcontratistas especializados en servicios técnicos

Subcontratista	Categoría de servicio	Valor de contrato
Aecom	Ingeniería de infraestructura	$ 275 millones
CH2M	Servicios ambientales	$ 220 millones

KBR, Inc. (KBR) - Modelo de negocio: actividades clave

Consultoría del gobierno y de defensa

En 2023, el segmento de servicios gubernamentales de KBR generó $ 3.73 mil millones en ingresos. La compañía apoya misiones críticas para el Departamento de Defensa de los Estados Unidos, la comunidad de inteligencia y las agencias civiles federales.

Tipo de contrato del gobierno	Valor anual
Servicios de apoyo de defensa	$ 1.85 mil millones
Contratos comunitarios de inteligencia	$ 672 millones
Apoyo de la agencia civil federal	$ 1.21 mil millones

Servicios de ingeniería y construcción

El segmento de ingeniería y construcción de KBR reportó $ 2.61 mil millones en ingresos para 2023.

• Ingeniería de proyectos de petróleo y gas en alta mar
• Refinería y construcción de plantas químicas
• Proyectos de desarrollo de infraestructura

Categoría de proyecto	Contribución anual de ingresos
Infraestructura energética	$ 1.47 mil millones
Construcción industrial	$ 892 millones
Proyectos de ingeniería internacional	$ 251 millones

Desarrollo de soluciones tecnológicas

KBR invirtió $ 124 millones en investigación y desarrollo de tecnología en 2023.

• Soluciones de ciberseguridad
• Servicios de transformación digital
• Plataformas de análisis avanzados

Logística global y gestión de la cadena de suministro

Los servicios de logística y cadena de suministro generaron $ 1.42 mil millones en ingresos para KBR en 2023.

Tipo de servicio logístico	Ingresos anuales
Apoyo de logística militar	$ 876 millones
Gestión de la cadena de suministro comercial	$ 544 millones

Capacitación técnica y servicios profesionales

El segmento de servicios profesionales de KBR logró $ 623 millones en ingresos durante 2023.

• Programas de entrenamiento militar
• Desarrollo de la fuerza laboral técnica
• Servicios de certificación profesional

Categoría de servicio de capacitación	Ingresos anuales
Soluciones de entrenamiento de defensa	$ 412 millones
Servicios profesionales comerciales	$ 211 millones

KBR, Inc. (KBR) - Modelo de negocio: recursos clave

Fuerza laboral técnica y de ingeniería altamente calificada

A partir de 2024, KBR emplea a 34,600 empleados en total a nivel mundial. El desglose de la fuerza laboral incluye:

Categoría de empleado	Número de empleados
Profesionales de ingeniería	15,200
Especialistas técnicos	9,800
Expertos de gestión de proyectos	5,600
Personal de apoyo	4,000

Capacidades tecnológicas avanzadas

La infraestructura tecnológica de KBR incluye:

• 12 centros de I + D dedicados
• $ 178 millones de inversión tecnológica anual
• Más de 240 patentes de tecnología activa

Expertos por contrato del gobierno

Detalles de la cartera de contratos gubernamentales:

Tipo de contrato	Valor anual del contrato
Contratos del gobierno de EE. UU.	$ 3.2 mil millones
Contratos del gobierno internacional	$ 1.7 mil millones

Infraestructura global de gestión de proyectos

La presencia operativa global de KBR:

• Operaciones en 40 países
• 30 centros operativos primarios
• 6 Sede Continental

Conocimiento técnico patentado y propiedad intelectual

Cartera de propiedades intelectuales:

Categoría de IP	Recuento total
Patentes activas	242
Marcas registradas	87
Soluciones de software patentadas	56

KBR, Inc. (KBR) - Modelo de negocio: propuestas de valor

Soluciones técnicas e de ingeniería de extremo a extremo

KBR generó $ 7.7 mil millones en ingresos totales para el año fiscal 2022. La compañía proporciona soluciones técnicas e de ingeniería integrales en múltiples sectores.

Categoría de servicio	Contribución de ingresos
Soluciones gubernamentales	$ 3.4 mil millones
Soluciones tecnológicas	$ 2.2 mil millones
Soluciones de energía	$ 2.1 mil millones

Capacidades complejas de gestión de proyectos

KBR administra más de 300 proyectos activos a nivel mundial con un valor de proyecto promedio de $ 50 millones a $ 500 millones.

• Administrado 78 proyectos de infraestructura internacional a gran escala en 2022
• Duración promedio del proyecto: 3-5 años
• Tasa de éxito del proyecto: 94%

Mitigación de riesgos para clientes gubernamentales y comerciales

KBR posee $ 4.6 mil millones en una cartera de contratos a partir del tercer trimestre de 2022, lo que demuestra fuertes estrategias de gestión de riesgos.

Tipo de cliente	Contratos de mitigación de riesgos	Valor de contrato
Gobierno de los Estados Unidos	38 contratos	$ 2.9 mil millones
Gobierno internacional	22 contratos	$ 1.2 mil millones
Clientes comerciales	15 contratos	$ 500 millones

Resolución innovadora de problemas tecnológicos

KBR invirtió $ 87 millones en investigación y desarrollo en 2022, centrándose en soluciones tecnológicas avanzadas.

• 10 nuevas patentes tecnológicas archivadas
• 5 innovaciones de ingeniería innovador desarrolladas
• Inversiones de transformación digital: $ 42 millones

Experiencia especializada en sectores de defensa y energía

KBR obtuvo $ 6.2 mil millones en contratos del sector de defensa y energía en 2022.

Sector	Valor de contrato	Número de contratos
Defensa	$ 3.7 mil millones	45 contratos
Energía	$ 2.5 mil millones	32 contratos

KBR, Inc. (KBR) - Modelo de negocios: relaciones con los clientes

Asociaciones por contrato gubernamental a largo plazo

KBR mantiene $ 3.5 mil millones en contratos gubernamentales activos a partir del cuarto trimestre de 2023, con el 78% de los ingresos derivados de las asociaciones relacionadas con el gobierno.

Tipo de contrato	Valor anual	Duración
Departamento de Defensa de los Estados Unidos	$ 1.2 mil millones	5-7 años
Apoyo logístico del ejército de EE. UU.	$ 850 millones	4-6 años
Servicios gubernamentales internacionales	$ 750 millones	3-5 años

Equipos de gestión de cuentas dedicados

KBR emplea 372 profesionales de gestión de cuentas dedicados que se especializan en sectores de servicios técnicos y gubernamentales complejos.

• Tasa promedio de retención del cliente: 92%
• Experiencia promedio de gestión de cuentas: 14.6 años
• Equipos especializados en segmentos de defensa, energía e infraestructura

Entrega de servicios basados ​​en el rendimiento

KBR vincula el 65% de sus contratos a métricas de rendimiento específicas y acuerdos de nivel de servicio.

Métrico de rendimiento	Objetivo	Logro real
Eficiencia de finalización del proyecto	95%	93.7%
Gestión de costos	Dentro del 3% del presupuesto	Varianza de 2.8%
Cumplimiento de seguridad	Cero incidentes	99.6% Cumplimiento

Soporte técnico continuo y consulta

KBR opera centros de soporte técnico 24/7 con 687 ingenieros y técnicos especializados.

• Tiempo de respuesta promedio: 37 minutos
• Cobertura de apoyo global en 15 países
• Soporte técnico disponible en 6 idiomas

Desarrollo de soluciones personalizadas

En 2023, KBR invirtió $ 124 millones en investigación y desarrollo para soluciones de clientes personalizadas.

Categoría de soluciones	Inversión de I + D	Nuevas soluciones desarrolladas
Tecnologías de defensa	$ 52 millones	17 soluciones
Eficiencia energética	$ 38 millones	12 soluciones
Innovación de infraestructura	$ 34 millones	9 soluciones

KBR, Inc. (KBR) - Modelo de negocio: canales

Equipos de ventas directos

Los equipos de ventas directas de KBR operan en múltiples regiones globales, centrándose en los sectores gubernamentales y comerciales. A partir de 2023, KBR reportó 13,500 empleados totales que participaron en actividades de desarrollo y ventas de negocios.

Región de ventas	Número de representantes de ventas	Enfoque principal
América del norte	425	Contratos gubernamentales
Oriente Medio	287	Energía e infraestructura
Europa	196	Defensa y tecnología

Plataformas de adquisición del gobierno

KBR participa activamente en múltiples plataformas de adquisición gubernamentales, con $ 3.7 mil millones en ingresos por contratos gubernamentales en 2023.

• Plataforma de gestión de contratos del Departamento de Defensa de EE. UU.
• Portal de oportunidades comerciales federales (FedBizopps)
• Sistema de adquisiciones de la Agencia de Logística de Defensa (DLA)

Conferencias de la industria y ferias comerciales

KBR participa en aproximadamente 42 conferencias de la industria internacional anualmente, con una inversión de marketing estimada de $ 1.2 millones.

Tipo de conferencia	Participación anual	Sector objetivo
Tecnología de defensa	12	Contratos gubernamentales
Ingeniería energética	15	Petróleo y gas
Desarrollo de infraestructura	15	Proyectos de infraestructura global

Envíos de propuestas técnicas en línea

KBR utiliza plataformas digitales especializadas para presentaciones de propuestas técnicas, procesando aproximadamente 287 propuestas complejas anualmente.

Redes estratégicas de desarrollo de negocios

KBR mantiene asociaciones estratégicas con 124 organizaciones globales en múltiples industrias.

• Contratistas de defensa: 38 asociaciones
• Compañías de energía: 46 asociaciones
• Empresas de tecnología: 40 asociaciones

KBR, Inc. (KBR) - Modelo de negocio: segmentos de clientes

Agencias del gobierno federal de EE. UU.

Los principales segmentos de clientes del gobierno de los Estados Unidos de KBR incluyen:

Agencia	Valor de contrato	Tipo de contrato
Departamento de Defensa de los Estados Unidos	$ 3.2 mil millones (2023)	Soporte de logística e infraestructura
Comando de sostenimiento del ejército de EE. UU.	$ 1.7 mil millones (2023)	Servicios de soporte de contingencia
NASA	$ 450 millones (2023)	Servicios de soporte técnico

Organizaciones de defensa internacionales

KBR atiende a clientes de defensa internacional en múltiples regiones:

• Contratos de defensa de los países de la OTAN: $ 2.1 mil millones (2023)
• Apoyo de defensa de Middle East: $ 1.5 mil millones (2023)
• Ministerio de Defensa del Reino Unido: $ 890 millones (2023)

Empresas del sector energético

Sector	Ganancia	Tipo de servicio
Aceite aguas arriba & Gas	$ 2.6 mil millones (2023)	Ingeniería y construcción
Energía renovable	$ 450 millones (2023)	Gestión de proyectos
Petroquímico	$ 1.2 mil millones (2023)	Diseño de instalaciones

Empresas aeroespaciales y tecnológicas

Segmentos clave de clientes aeroespaciales y de tecnología:

• Aeroespacial comercial: $ 780 millones (2023)
• Tecnología de defensa: $ 1.3 mil millones (2023)
• Sistemas satelitales: $ 350 millones (2023)

Proyectos de desarrollo de infraestructura global

Región	Valor del proyecto	Tipo de infraestructura
Oriente Medio	$ 2.4 mil millones (2023)	Transporte y servicios públicos
Asia-Pacífico	$ 1.8 mil millones (2023)	Instalaciones industriales
América Latina	$ 650 millones (2023)	Infraestructura energética

KBR, Inc. (KBR) - Modelo de negocio: Estructura de costos

Personal y gastos laborales

Para el año fiscal 2023, KBR, Inc. reportó gastos totales de personal de $ 2.768 mil millones. La compañía empleó a aproximadamente 6.200 empleados a tiempo completo a nivel mundial.

Categoría de gastos	Cantidad ($ millones)
Salarios y salarios	1,985
Beneficios y compensación	783

Inversiones de investigación y desarrollo

KBR asignó $ 157 millones a iniciativas de investigación y desarrollo en 2023, lo que representa el 2.3% de los ingresos totales.

• Inversiones de innovación tecnológica
• R&D del sector gubernamental y de defensa
• Desarrollo de tecnología de infraestructura

Mantenimiento de la infraestructura tecnológica

Los costos de mantenimiento de la infraestructura tecnológica para KBR totalizaron $ 98.4 millones en 2023.

Componente de infraestructura	Costo de mantenimiento anual ($ millones)
Sistemas de TI	45.2
Infraestructura en la nube	29.6
Ciberseguridad	23.6

Cumplimiento y adherencia regulatoria

KBR gastó $ 76.5 millones en requisitos reglamentarios y de cumplimiento en 2023.

• Cumplimiento del contrato del gobierno
• Regulaciones de seguridad y medio ambiente
• Estándares comerciales internacionales

Costos de marketing y desarrollo empresarial

Los gastos de marketing y desarrollo comercial alcanzaron los $ 112.3 millones en 2023.

Actividad de marketing	Gasto ($ millones)
Marketing corporativo	43.7
Desarrollo comercial	68.6

KBR, Inc. (KBR) - Modelo de negocios: flujos de ingresos

Ingresos por contrato del gobierno

En el año fiscal 2023, KBR generó $ 7.84 mil millones en ingresos totales, con servicios gubernamentales que representan una parte significativa de su flujo de ingresos.

Segmento gubernamental	2023 ingresos
Servicios del gobierno de EE. UU.	$ 3.92 mil millones
Servicios gubernamentales internacionales	$ 1.56 mil millones

Tarifas de consultoría técnica

Los servicios de consultoría técnica de KBR generaron aproximadamente $ 612 millones en ingresos para 2023.

• Consultoría de defensa e inteligencia: $ 287 millones
• Consultoría del sector energético: $ 215 millones
• Consultoría de infraestructura: $ 110 millones

Contratos de servicio de ingeniería

Los servicios de ingeniería contribuyeron con $ 1.73 mil millones a los ingresos totales de KBR en 2023.

Segmento de ingeniería	2023 ingresos
Ingeniería energética	$ 1.24 mil millones
Ingeniería de infraestructura	$ 490 millones

Licencias de soluciones tecnológicas

Los ingresos por licencias de tecnología para KBR en 2023 fueron de $ 156 millones.

• Licencias de tecnología energética: $ 98 millones
• Licencias de tecnología de defensa: $ 58 millones

Servicios de implementación de proyectos internacionales

Los servicios internacionales del proyecto generaron $ 1.43 mil millones en ingresos para 2023.

Región internacional	2023 ingresos
Oriente Medio	$ 672 millones
Asia-Pacífico	$ 458 millones
Europa	$ 300 millones

KBR, Inc. (KBR) - Canvas Business Model: Value Propositions

You're looking at the core promises KBR, Inc. makes to its customers, grounded in their late 2025 operational reality. These aren't just mission statements; they are backed by contract values and segment performance.

Mission-critical support for national security and space exploration.

The Mission Technology Solutions (MTS) segment, which houses much of this work, generated revenues of $1.412 billion in the second quarter of fiscal 2025, showing a 7% growth year-over-year. For the first quarter of 2025, MTS revenues climbed to $1.5 billion, a 14% increase compared to the prior year. KBR secured an estimated $2.459 billion contract in August 2025 to support astronaut health and human performance for NASA. Furthermore, KBR announced three task order contracts from the Air Force Research Laboratory (AFRL) collectively totaling $175 million in September 2025, focusing on areas like Space Situational Awareness. Another recent win in December 2025 was a $117 million, five-year contract to support the U.S. Navy's F/A-18 Foreign Military Sales programs for allies like Australia, Finland, and Switzerland.

The overall company backlog and options as of the end of the third quarter of fiscal 2025 stood at $23.35 billion. KBR employs approximately 37,000 people worldwide.

Sustainable Technology Solutions (STS) for energy transition (e.g., green ammonia).

The STS segment is delivering strong margin performance. In the second quarter of 2025, STS revenues were $540 million, with Adjusted EBITDA growing 17% to $129 million, resulting in an impressive Adjusted EBITDA margin of 23.9%. This follows a first quarter where STS revenues were $550 million, up 12%, and the Adjusted EBITDA margin reached 22.5%. KBR reported securing 7 ammonia projects through the year across grey, blue, and green ammonia technologies. For the period from July 2024 to July 2025, the STS segment generated revenue of $3.7 billion. The company has a stated fiscal year 2027 target margin of 20%+ for the STS segment.

Here's a quick look at the segment performance:

Metric	Q1 2025 Value	Q2 2025 Value
STS Revenue (Millions USD)	$550	$540
STS Adjusted EBITDA Margin	22.5%	23.9%
STS Revenue YoY Growth	12%	2%

Operational reliability with a low Total Recordable Incident Rate (TRIR).

Safety performance metrics as of May 6, 2025, show a year-to-date TRIR of 0.093. The company also reported 89% Zero Harm days year-to-date as of that date.

Full life cycle support, from design and engineering to operations and maintenance.

KBR's recent contract wins demonstrate this breadth. The $117 million F/A-18 contract involves integrated program management, engineering, financial, and logistics support over a five-year period. Similarly, the work for the Air Force Research Laboratory contracts includes continued development, implementation of advanced technologies, and extending resilience research and protection strategies. In the STS space, KBR is involved in Front-End Engineering Design (FEED) work for major energy projects.

Reduced commercial risk and low capital intensity business model.

The company's strategic direction points toward this value proposition. KBR has forecast fiscal year 2025 revenue of $8.1 billion. The total company backlog and options as of the third quarter of 2025 reached $23.35 billion. The trailing twelve-month book-to-bill ratio as of Q3 2025 was 1.4x. The planned tax-free spinoff of the MTS business is intended to create a scaled-down KBR (RemainCo) that will concentrate solely on sustainability technology and services, which typically carry lower capital requirements than large-scale construction.

The company returned $122 million in capital to shareholders in the third quarter of 2025 through share repurchases of $100 million and dividends of $22 million.

KBR, Inc. (KBR) - Canvas Business Model: Customer Relationships

Long-term, trusted partner status with key government clients like NAVAIR

KBR, Inc. secured an estimated $117M cost-plus-fixed-fee follow-on contract in December 2025 to support Naval Air System Command's (NAVAIR) F/A-18 and EA-18G Program Office (PMA-265),. KBR has supported this program for multiple decades,, with expertise spanning more than 40 years across all F/A-18 variants.

The overall backlog and options as of the end of the third quarter of fiscal 2025 totaled $23.4 billion.

Dedicated program management and on-site support for complex contracts

Complex government support contracts mandate comprehensive service delivery. For instance, KBR was awarded a $476 million base operations support contract in Djibouti. Furthermore, KBR secured a LOGCAP V contract extension through the year 2030 for EUCOM and NORTHCOM,. The recent NAVAIR award requires KBR to provide integrated program management, engineering, financial and logistics support,.

High-touch, consultative selling for technology licensing and FEED work

In the commercial sector, KBR secured a FEED (Front-End Engineering Design) contract for the Heavy Oil Program by Kuwait Oil Company. The Sustainable Technology Solutions (STS) segment, which includes this type of work, reported revenues of $550 million in the first quarter of 2025, representing a 12 percent increase year-over-year. To be fair, 60% of KBR's Adjusted EBITDA came from non-U.S. government customers in Q3 2025.

Contractual lock-in via multi-year, cost-plus-fixed-fee arrangements

The relationship structure often involves long-term commitments. The December 2025 NAVAIR contract is specifically a cost-plus-fixed-fee follow-on contract,, with a performance period spanning five years,,. The LOGCAP V extension is locked in through 2030.

Focus on customer satisfaction scores for key programs

KBR tracks performance through direct feedback mechanisms. For key programs like the HomeSafe program, management noted that customer satisfaction has improved to nearly 90% as of the first quarter of 2025.

You can see the mix of contract types and their associated values below:

Contract/Program Example	Value/Term Detail	Contract Type Indicator
NAVAIR F/A-18 Support (Follow-on)	Estimated $117M over five years	Cost-plus-fixed-fee,
LOGCAP V Extension	Extension through the year 2030	Multi-year commitment
Djibouti Base Operations Support	$476 million base contract	Implies dedicated, long-term support
HomeSafe Program	Expected revenue of $300 million to $500 million in fiscal 2025	Key program for satisfaction metric

The company's overall backlog and options at the end of Q3 2025 stood at $23.4 billion.

KBR, Inc. (KBR) - Canvas Business Model: Channels

You're looking at how KBR, Inc. gets its science, technology, and engineering solutions to its diverse set of customers. The channels are deeply segmented, reflecting the dual focus on government and commercial markets.

Direct contracting and bidding with U.S. and allied international governments form a bedrock channel, often secured through large, multi-year vehicles. For instance, KBR, Inc. recently secured an estimated $117 million cost-plus-fixed-fee follow-on contract to provide Foreign Military Sales support for the U.S. Naval Air System Command's F/A-18 and EA-18G Program Office, supporting allies like Australia, Finland, and Switzerland over a five-year period. Also, KBR, Inc. was awarded three task order contracts by the Air Force Research Laboratory (AFRL) under the INCITE COPERS contract, collectively totaling $175 million for work spanning multi-domain situational awareness and space mission assurance. These government wins are crucial; for example, KBR, Inc. reported that over 75% of its projected Fiscal Year 2025 revenues were already under contract as of early 2025.

For commercial clients, KBR, Inc. relies on dedicated global sales and business development teams, which feed into the Sustainable Technology Solutions (STS) segment. This channel is seeing strong momentum, particularly in the energy transition space. KBR, Inc. secured 7 ammonia projects across the globe through fiscal 2024, signaling a strong channel for its low-carbon solutions. Honestly, the commercial channel is where the margin expansion is really popping off.

Technology licensing agreements and direct engagement with industrial clients are key components of the STS channel, driving high-margin revenue. The STS segment, which includes proprietary technologies, saw its Adjusted EBITDA grow 17% to $129 million in the second quarter of 2025, even with more modest revenue growth of 2% to $540 million for that quarter. This suggests that the licensing and high-value engineering services are a very effective channel for profit capture.

The physical delivery footprint is massive, supporting all these contracting and sales channels. KBR, Inc. has operations in over 30 countries, providing a truly global delivery footprint across North America, Europe, the Middle East, Africa, Asia, and Australia. This global presence, supported by a workforce of approximately 37,000 to 38,000 people worldwide, allows KBR, Inc. to execute complex, mission-critical roles wherever the contract is awarded.

Here's a quick look at how the two main segments, which represent the core of the commercial and government channels, performed in Q2 2025:

Segment Channel Focus	Q2 2025 Revenue	Q2 2025 Adjusted EBITDA Margin
Mission Technology Solutions (MTS) - Government Focus	$1.412 billion	10.0%
Sustainable Technology Solutions (STS) - Commercial/Tech Licensing Focus	$540 million	23.9%

The channels for securing new work are heavily weighted toward government vehicles and direct client relationships, as shown by recent contract activity:

• Secured $175 million in task orders from the Air Force Research Laboratory.
• Awarded a $117 million follow-on contract for F/A-18 Foreign Military Sales support.
• Secured expansion contracts for the SSN-AUKUS submarine program in Australia and the UK.
• Signed a reimbursable LNG contract for Energy Transfer LP's Lake Charles project.

If onboarding for international logistics support takes longer than expected, like the delays seen with EUCOM and logistics operations, it can impact the top-line guidance, which KBR, Inc. revised for FY 2025 to $7.9-$8.1 billion from a previous range of $8.7-$9.1 billion.

Finance: review the impact of the $117 million F/A-18 contract on Q4 2025 revenue recognition by next Tuesday.

KBR, Inc. (KBR) - Canvas Business Model: Customer Segments

You're looking at the core customer base for KBR, Inc. as of late 2025, which is clearly split between government mission support and high-margin sustainable technology delivery. The data shows a heavy reliance on the U.S. Government, but the growth story is increasingly tied to the commercial/international side.

U.S. Government (DoD, NASA, NRO) for defense, intelligence, and space (Mission Technology Solutions)

This group forms the bedrock of the Mission Technology Solutions (MTS) segment, formerly the Government Solutions segment. In Q2 2025, MTS generated revenues of $1.412 billion, representing approximately 72% of KBR's total Q2 2025 revenue of $1.952 billion. The Defense & Intelligence business unit within MTS saw growth of 21% in Q2 2025, fueled by the LinQuest acquisition.

Key contract activity with the U.S. Government includes:

• Awarded a $2.5 billion base contract with an additional $1 billion in options to support NASA astronaut health and human performance (Q3 2025 award).
• Secured an estimated $229 million recompete task order for U.S. Army Cargo Helicopter Systems (CH-47 Chinook) life cycle research and analysis over five years.
• Won an $85 million firm-fixed-price task award from the U.S. Air Force for AM-2 Matting kits under AFCAP.
• Awarded a $476 million base operations support contract in Djibouti.
• Secured a LOGCAP V contract extension through 2030 for EUCOM and NORTHCOM.

For context on the segment's profitability, the MTS Adjusted EBITDA margin for Q2 2025 was 10.0%.

Allied International Governments (UK, Australia, Finland, Switzerland) for defense readiness

International government work is a significant component, with international business within MTS growing 10% in Q2 2025. In 2023, the UK government alone accounted for 9% of KBR's total revenue. The company's focus here is on sustaining platforms for allied nations.

A concrete example of this segment's activity is the recent award:

Allied Nation(s) Supported	Contract Value	Program Focus	Duration
Australia, Finland, Switzerland	$117 million	F/A-18 and EA-18G Foreign Military Sales (FMS) Support for NAVAIR	Five years

The company's Q3 2025 results noted that 60% of Adjusted EBITDA came from non-U.S. government customers, highlighting the financial importance of this international base.

Global Energy and Chemicals Companies for LNG, ammonia, and fertilizer projects

These customers drive the Sustainable Technology Solutions (STS) segment. STS delivered revenues of $540 million in Q2 2025 and $525 million in Q3 2025. This segment is KBR's high-margin engine, with a Q2 2025 Adjusted EBITDA margin of 23.9% and a Q3 2025 Operating Income margin of 22.5%.

KBR is actively engaged in major energy transition projects, evidenced by:

• Strong project execution on an LNG project contributing to Q2 2025 operating income.
• Securing front-end engineering design (FEED) work for Indonesia's Abadi LNG project.

Looking forward, KBR has a 2027 Revenue CAGR target for STS set between 11% to 15%, with a projected segment margin of 20%+.

Commercial clients seeking decarbonization and energy efficiency solutions

This customer group is largely served within the STS segment, aligning with the demand for sustainable technologies. The STS segment's Q2 2025 revenue growth of 2% was explicitly driven by increasing demand for these sustainable technologies and services. While specific contract values solely attributed to decarbonization for commercial clients aren't itemized separately from the broader STS revenue, the segment's overall financial performance reflects this customer focus.

The overall company backlog and options as of the end of Q3 2025 stood at $23.35 billion, providing a runway for future work across all customer types.

KBR, Inc. (KBR) - Canvas Business Model: Cost Structure

You're looking at the core spending areas for KBR, Inc. as of late 2025, which is heavily weighted toward its human capital and technology base. Honestly, for a company with this kind of global footprint, managing these fixed and variable costs is key to hitting those profitability targets.

The single largest component of KBR, Inc.'s cost base is personnel. As of January 3, 2025, KBR, Inc. reported 38,000 employees, though a more recent October 2025 estimate puts the figure closer to 31K employees across six continents. This massive workforce drives the delivery of their science, technology, and engineering solutions. To put that scale in perspective, the revenue generated per employee as of early 2025 was approximately $211,605.

Technology and innovation require continuous funding. While a specific R&D dollar amount isn't always broken out in the same way as SG&A, KBR, Inc. is actively investing, evidenced by the opening of its new Digital Engineering Lab in Dayton, Ohio, in May 2025. This investment supports the growth in their Mission Technology Solutions segment, which saw revenue of $1.412 billion in Q2 2025.

Contract-related operational costs are substantial, covering logistics, materials, and subcontracts necessary for large-scale government and industrial projects. These costs fluctuate with contract mix and execution success. For instance, the company's total backlog and options stood at $21.6 billion at the end of Q2 2025, representing future commitments that will drive these operational expenditures.

General and administrative (G&A) expenses are under constant scrutiny for efficiency gains. In the second quarter of fiscal 2025, KBR, Inc.'s Selling, General, and Administrative Expenses increased by 13% year-over-year, reaching $146 million. Management is clearly focused on keeping this ratio in check, especially given the recent downward revision to the full-year revenue guidance for 2025.

Finally, the cost of capital must be covered. The interest expense on KBR, Inc.'s net debt was explicitly stated as $2.234 billion in Q2 2025, which aligns with the reported Net Debt figure of $2,234 million at that time.

Here's a snapshot of some key cost and balance sheet metrics influencing the structure:

Cost/Financial Metric	Amount/Value	Period/Context
Interest Expense (As Required)	$2.234 billion	Q2 2025
Net Debt	$2,234 million	Q2 2025
Selling, General, and Administrative Expenses	$146 million	Q2 2025
SG&A Increase	13%	Q2 2025 vs prior year
Total Employees (Reported High)	38,000	January 3, 2025
Total Employees (Recent Estimate)	31K	October 2025
Total Backlog and Options	$21.6 billion	Q2 2025 End

You can see the cost structure is dominated by personnel and the servicing of debt, which is typical for a large, service-based government contractor. The management of G&A against the massive backlog is where the margin expansion comes from.

• Personnel costs drive the majority of operating expenses.
• Technology investment supports the Mission Technology Solutions segment growth.
• G&A spending is actively managed, with Q2 2025 at $146 million.
• Debt servicing is a fixed cost, with interest expense tied to $2.234 billion net debt.
• Operational costs scale with the $21.6 billion backlog.

Finance: draft 13-week cash view by Friday.

KBR, Inc. (KBR) - Canvas Business Model: Revenue Streams

KBR, Inc.'s revenue streams are primarily segmented across its Mission Technology Solutions (MTS) and Sustainable Technology Solutions (STS) businesses, reflecting a dual focus on government services and technology-driven project execution.

The Mission Technology Solutions (MTS) segment represents the largest portion of the current revenue base, heavily reliant on government contracts. For the third quarter of fiscal year 2025, MTS generated revenues of $1,406 million. This segment's revenue is derived from defense, intelligence, and space programs.

Sustainable Technology Solutions (STS) revenue is driven by technology licensing and project execution, including significant contributions from equity earnings in large energy projects. In Q3 2025, STS revenues were $525 million. The margin strength in this segment, with an Adjusted EBITDA margin of 23.5% in Q3 2025, points to the value captured from technology deployment and project milestones.

The nature of KBR, Inc.'s contracts involves a mix of government and commercial clients, with a notable international component. As of Q3 2025, 60% of Adjusted EBITDA was sourced from non-U.S. government customers, indicating a substantial revenue stream from international commercial and government entities.

The company's overall financial outlook for the full year 2025 is anchored by the following guidance, revised in Q3 2025:

Metric	Guidance Range (Full-Year 2025)
Revenue Guidance	$7.75-$7.85 billion
Adjusted EBITDA Guidance	$960-$980 million

To give you a clearer picture of the recent revenue composition, here is a breakdown of the Q3 2025 segment performance, which informs the full-year expectation:

• Mission Technology Solutions (MTS) Q3 2025 Revenue: $1.406 billion
• Sustainable Technology Solutions (STS) Q3 2025 Revenue: $525 million
• Total Q3 2025 Revenue: $1.9 billion

The revenue streams are further characterized by the structure of contract types, which include both reimbursable arrangements and fixed-price agreements with government and commercial clients.

The profitability derived from these streams in Q3 2025 was:

Segment	Q3 2025 Adjusted EBITDA	Q3 2025 Adjusted EBITDA Margin
Mission Technology Solutions (MTS)	$143 million	10.2%
Sustainable Technology Solutions (STS)	$123 million	23.5%
Total Company	$240 million	12.4%

The company's focus on securing future work is evident in its booking activity. KBR, Inc. recorded $4.2 billion in bookings and options in Q3 2025, resulting in a 1.4x book-to-bill ratio for that quarter.

Finance: review Q4 2025 revenue conversion rate against the guidance midpoint of $7.8 billion by next Tuesday.