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Earnings report Q4 2023

KBR Reports Increase in Revenue for 2023, Driven by Growth in Government and Technology Services Segments

Segments of revenue

In 2023, KBR reported total revenues of $6.96 billion, representing a 6% increase compared to the previous year. This growth was primarily driven by the Government Solutions (GS) and Technology Solutions (STS) business segments. The GS segment experienced contract growth and increased activity, resulting in higher revenues. The STS segment saw increased revenues from technology sales, engineering, and professional services. Additionally, there was increased activity to support exercises, training, and other activities within the European Command.


KBR benefited from a significant base of long-term enduring contracts in the government business segment. The company also possesses a diverse portfolio of high-quality proprietary process technologies. Market tailwinds, such as defense modernization, energy transition, energy security, and high-end engineering, further supported KBR's capabilities and technologies. The company's truly global client base contributed to its growth in earnings during the year.


KBR faced challenges related to the winding down of contingency work associated with the OAW program, which resulted in a decrease in revenue. Additionally, there was a ramp-down of construction work for the Aspire program, leading to further decreases in revenue.


KBR's revenues and operating income increased in 2023 compared to the previous year. This positive performance can be attributed to the growth in both the GS and STS business segments. The company's long-term vision, enduring contracts, and diverse portfolio of technologies have played a significant role in its success.


KBR reported a 6% increase in revenues for 2023, driven by growth in the Government Solutions and Technology Solutions segments. The company's long-term contracts, diverse technology portfolio, and global client base have contributed to its positive financial performance. However, challenges related to the winding down of certain programs and construction work have impacted revenue. Overall, KBR's performance in the latest quarter demonstrates its ability to capitalize on market opportunities and deliver strong financial results.

Source documents

Form 10-K  filed on Feb 20, 2024
75 pages scanned

Reference data

Company financials Q4 revenue 1.73B
Analyst estimates Q4 EPS missed by -7.21%
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