Reve ue: $913 millio , up 10% yea -ove -yeaNet Ea i gs: $86 millio , up 59% yea -ove -yeaAdjusted EBITDA: $128 millio , up 33% yea -ove -yeaDiluted EPS: $0.32, up 60% yea -ove -yeaAdjusted Diluted EPS: $0.35, up 52% yea -ove -yeaBooki gs: $1.1 billio (book-to-bill atio of 1.2x)Reco d Fu ded Backlog: $5.1 billio , up 17% yea -ove -yeaI c eases 2026 guida ce fo Adjusted EBITDA a d Adjusted Diluted EPSA ou ced the $450 millio acquisitio of Raft, expa di g DRS’s multi-domai AI, data fusio a d missio softwa e capabilitiesDivide d: Compa y decla es cash divide d of $0.09 pe sha e to be paid o August 27, 2026
ARLINGTON, Va., July 30, 2026 (GLOBE NEWSWIRE) — Leo a do DRS, I c. (Nasdaq: DRS), a leadi g p ovide of adva ced defe se tech ologies, today epo ted fi a cial esults fo the seco d qua te 2026, which e ded Ju e 30, 2026.
| (I millio s, except pe sha e amou ts) | Reve ues | $913 | $829 | 10 | % | $1,759 | $1,628 | 8 | % | Net Ea i gs | $86 | $54 | 59 | % | $148 | $104 | 42 | % | Net Ma gi | 9.4 | % | 6.5 | % | 290 bps | 8.4 | % | 6.4 | % | 200 bps | Diluted weighted ave age umbe of sha es outsta di g (WASO) | 268.935 | 269.025 | 268.661 | 268.802 | Diluted Ea i gs Pe Sha e (EPS) | $0.32 | $0.20 | 60 | % | $0.55 | $0.39 | 41 | % | Adjusted EBITDA | $128 | $96 | 33 | % | $233 | $178 | 31 | % | Adjusted EBITDA Ma gi | 14.0 | % | 11.6 | % | 240 bps | 13.2 | % | 10.9 | % | 230 bps | Adjusted Net Ea i gs | $94 | $62 | 52 | % | $163 | $116 | 41 | % | Adjusted Diluted EPS | $0.35 | $0.23 | 52 | % | $0.61 | $0.43 | 42 | % |
(1) The compa y epo ts its fi a cials i acco da ce with U.S. ge e ally accepted accou ti g p i ciples (“GAAP”). I fo matio about the compa y’s use of o -GAAP fi a cial measu es, i cludi g a eco ciliatio of the o -GAAP fi a cial measu es to the most compa able fi a cial measu es calculated a d p ese ted i acco da ce with U.S. GAAP, is p ovided u de “No -GAAP Fi a cial Measu es.”
The compa y delive ed 10% eve ue g owth i the seco d qua te 2026. The yea -ove -yea g owth was p ima ily led by p og ams elated to tactical ada s, elect ic powe a d p opulsio , i f a ed se si g a d fo ce p otectio .
Discipli ed p og am executio ac oss the po tfolio, favo able mix a d leve age f om i c eased volume fueled obust Adjusted EBITDA g owth a d ma gi expa sio . Additio ally, st o g ope atio al pe fo ma ce, lowe et i te est expe se a d a lowe tax ate suppo ted yea -ove -yea g owth i seco d qua te et ea i gs, Adjusted Net Ea i gs, diluted EPS a d Adjusted Diluted EPS.
Additio ally, the compa y epu chased 261,526 sha es of its commo stock fo app oximately $12 millio i the seco d qua te , pu sua t to a p eviously a ou ced stock epu chase p og am.
| (Dolla s i millio s) | Booki gs | $1,085 | $853 | $1,970 | $1,844 | Book-to-Bill | 1.2x | 1.0x | 1.1x | 1.1x | Fu ded Backlog | $5,092 | $4,355 | $5,092 | $4,355 |
Seco d qua te ew fu ded booki gs totaled $1.1 billio . Custome dema d emai ed esilie t, with the st o gest co t ibutio s f om elect ic powe a d p opulsio , i f a ed se si g, tactical ada s a d aval etwo k computi g. At qua te e d, fu ded backlog stood at a eco d $5.1 billio , a 17% i c ease yea -ove -yea a d also up seque tially.
| (Dolla s i millio s) | Reve ues | $587 | $542 | 8 | % | $1,146 | $1,053 | 9 | % | Ope ati g Ea i gs | $49 | $37 | 32 | % | $89 | $62 | 44 | % | Ope ati g Ma gi | 8.3 | % | 6.8 | % | 150 bps | 7.8 | % | 5.9 | % | 190 bps | Booki gs | $691 | $559 | $1,120 | $1,228 | Book-to-Bill | 1.2x | 1.0x | 1.0x | 1.2x | Segme t Adjusted EBITDA | $69 | $58 | 19 | % | $131 | $100 | 31 | % | Segme t Adjusted EBITDA Ma gi | 11.8 | % | 10.7 | % | 110 bps | 11.4 | % | 9.5 | % | 190 bps |
(1) The compa y epo ts its fi a cials i acco da ce with U.S. GAAP. I fo matio about the compa y’s use of o -GAAP fi a cial measu es, i cludi g a eco ciliatio of the o -GAAP fi a cial measu es to the most compa able fi a cial measu es calculated a d p ese ted i acco da ce with U.S. GAAP, is p ovided u de “No -GAAP Fi a cial Measu es.”
ASC qua te ly booki gs we e suppo ted by healthy dema d fo i f a ed se si g, tactical ada s a d aval etwo k computi g. The segme t’s eve ue g owth was p ima ily att ibutable to p og ams elated to tactical ada s a d i f a ed se si g. Adjusted EBITDA a d ma gi ose ve sus seco d qua te 2025 o favo able mix, st o g ope atio al executio a d leve age f om highe volume, despite i c eased i vestme t i i te al esea ch a d developme t.
| (Dolla s i millio s) | Reve ues | $333 | $290 | 15 | % | $628 | $581 | 8 | % | Ope ati g Ea i gs | $53 | $33 | 61 | % | $90 | $67 | 34 | % | Ope ati g Ma gi | 15.9 | % | 11.4 | % | 450 bps | 14.3 | % | 11.5 | % | 280 bps | Booki gs | $394 | $294 | $850 | $616 | Book-to-Bill | 1.2x | 1.0x | 1.4x | 1.1x | Segme t Adjusted EBITDA | $59 | $38 | 55 | % | $102 | $78 | 31 | % | Segme t Adjusted EBITDA Ma gi | 17.7 | % | 13.1 | % | 460 bps | 16.2 | % | 13.4 | % | 280 bps |
(1) The compa y epo ts its fi a cials i acco da ce with U.S. GAAP. I fo matio about the compa y’s use of o -GAAP fi a cial measu es, i cludi g a eco ciliatio of the o -GAAP fi a cial measu es to the most compa able fi a cial measu es calculated a d p ese ted i acco da ce with U.S. GAAP, is p ovided u de “No -GAAP Fi a cial Measu es.”
Elect ic powe a d p opulsio p og ams d ove qua te ly booki gs i the IMS segme t. B oad-based eve ue g owth eflected mome tum ac oss the segme t. Adjusted EBITDA a d ma gi expa ded sig ifica tly ove seco d qua te 2025, eflecti g outsta di g p og am executio a d ope atio al leve age f om highe volume.
| Reve ue | $3,900 millio – $3,975 millio | $3,900 millio – $3,975 millio | Adjusted EBITDA | $525 millio – $540 millio | $515 millio – $530 millio | Tax Rate | 16.5% | 18.5% | Diluted WASO | 269.0 millio | 269.0 millio | Adjusted Diluted EPS | $1.34 – $1.39 | $1.26 – $1.30 |
The guida ce excludes the pe di g acquisitio of Raft.
The compa y does ot p ovide a eco ciliatio of fo wa d-looki g Adjusted EBITDA a d Adjusted Diluted EPS due to the i he e t difficulty i fo ecasti g a d qua tifyi g the adjustme ts that a e ecessa y to calculate such o -GAAP measu es without u easo able effo t. Mate ial cha ges to a y o e of these items could have a sig ifica t effect o futu e GAAP esults.
A live audio b oadcast of the co fe e ce call alo g with a suppleme tal p ese tatio will be available to the public th ough li ks o the Leo a do DRS I vesto Relatio s website (https://i vesto s.leo a dod s.com).
A eplay of the co fe e ce call will be available o the Leo a do DRS website app oximately 2 hou s afte the co clusio of the co fe e ce call.
| Steve Vathe | Ca ie Robi so | SVP, Co po ate Developme t & I vesto Relatio s | VP, Ma keti g a d Co po ate Commu icatio s | +1 703 409 2906 | +1 321 266 7691 | stephe .vathe @d s.com | ca ie. obi so @d s.com |
Fo wa d-looki g stateme ts a e subject to k ow a d u k ow isks a d u ce tai ties, ma y of which may be beyo d ou co t ol. We cautio you that fo wa d-looki g stateme ts a e ot gua a tees of futu e pe fo ma ce o outcomes a d that actual pe fo ma ce a d outcomes may diffe mate ially f om those made i o suggested by the fo wa d-looki g stateme ts co tai ed i this p ess elease. I additio , eve if futu e pe fo ma ce a d outcomes a e co siste t with the fo wa d-looki g stateme ts co tai ed i this p ess elease, those esults o developme ts may ot be i dicative of esults o developme ts i subseque t pe iods. New facto s eme ge f om time to time that may cause ou busi ess ot to develop as we expect a d it is ot possible fo us to p edict all of them. Facto s that could cause actual esults a d outcomes to diffe f om those eflected i fo wa d-looki g stateme ts i clude, without limitatio : dis uptio s, i cludi g f om gove me t shutdow s, o dete io atio s i ou elatio ship with the eleva t age cies of the U.S. gove me t, as well as a y failu e to pass outi e audits o othe wise comply with gove me tal equi eme ts i cludi g those elated to secu ity clea a ce o p ocu eme t ules, i cludi g the False Claims Act; sig ifica t delays, i cludi g f om gove me t shutdow s, o eductio s i app op iatio s fo ou p og ams a d cha ges i U.S. gove me t p io ities a d spe di g levels mo e b oadly; a y failu e to comply with the ame ded a d estated p oxy ag eeme t with the U.S. Depa tme t of Wa (“DoW”); the effect of i flatio a d othe cost p essu es o ou supply chai a d/o ou labo costs; ou mix of fixed-p ice, cost-plus a d time-a d-mate ials type co t acts a d a y esulti g impact o ou cash flows due to cost ove u s; failu e to p ope ly comply with va ious cove a ts of the ag eeme ts gove i g ou debt could egatively impact ou busi ess; ou depe de ce o U.S. gove me t co t acts, which ofte a e o ly pa tially fu ded a d a e subject to immediate te mi atio , some of which a e classified a d the co ce t atio of ou custome base i the U.S. defe se i dust y; ou use of estimates i p ici g a d accou ti g fo ma y of ou p og ams that a e i he e tly u ce tai a d which may ot p ove to be accu ate; ou ability to ealize the full value of ou backlog; ou ability to p edict futu e capital eeds o to obtai additio al fi a ci g if eeded, o te ms acceptable to us, if at all; ou ability to espo d to the apid tech ological cha ges i the ma kets i which we compete; the effect of global a d egio al eco omic dow tu s a d isi g i te est ates; ou ability to mai tai a effective system of i te al co t ol ove fi a cial epo ti g; ou i ability to app op iately ma age ou i ve to y; ou i ability to fully ealize the value of ou total estimated co t act value o booki gs; ou ability to compete efficie tly, i cludi g due to U.S. gove me t o ga izatio al co flict of i te est ules which may limit ew co t act oppo tu ities o equi e us to wi d dow existi g co t acts; ou elatio ships with othe i dust y pa ticipa ts, i cludi g a y co t actual disputes o the i ability of ou key supplie s to timely delive ou compo e ts, pa ts o se vices; p efe e ces o set-asides fo small o small disadva taged busi esses could impact ou ability to be a p ime co t acto ; a y failu e to meet ou co t actual obligatio s i cludi g due to pote tial impacts to ou busi ess f om supply chai isks, such as lo ge lead times a d sho tages of elect o ics a d othe compo e ts; a y secu ity b each, i cludi g a y cybe -attack, cybe i t usio , i side th eat, o othe sig ifica t dis uptio of ou IT etwo ks a d elated systems, as well as a y act of te o ism o othe th eat to ou physical secu ity a d pe so el; ou ability to fully exploit o obtai pate ts o othe i tellectual p ope ty p otectio s ecessa y to secu e ou p op ieta y tech ology, i cludi g ou ability to avoid i f i gi g upo the i tellectual p ope ty of thi d pa ties o p eve t thi d pa ties f om i f i gi g upo ou ow i tellectual p ope ty; the co duct of ou employees, age ts, affiliates, subco t acto s, supplie s, busi ess pa t e s o joi t ve tu es i which we pa ticipate which may impact ou eputatio a d ability to do busi ess; the outcome of litigatio , a bit atio , i vestigatio s, claims, disputes, e fo ceme t actio s a d othe legal p oceedi gs i which we a e i volved; va ious geopolitical a d eco omic facto s, laws a d egulatio s i cludi g the Fo eig Co upt P actices Act, the Expo t Co t ol Act, the I te atio al T affic i A ms Regulatio s, the Expo t Admi ist atio Regulatio s, ece t U.S. ta iffs imposed o th eate ed to be imposed o othe cou t ies a d a y elated etaliato y actio s take by such cou t ies a d those that we a e exposed to as a esult of ou i te atio al busi ess; ou ability to obtai expo t lice ses ecessa y to co duct ce tai ope atio s ab oad, i cludi g a y attempts by Co g ess to p eve t p oposed sales to ce tai fo eig gove me ts; ou ability to att act a d etai tech ical a d othe key pe so el; the occu e ce of p olo ged wo k stoppages; the u availability o i adequacy of ou i su a ce cove age, custome i dem ificatio s o othe liability p otectio s to cove all of ou sig ifica t isks o to pay fo mate ial losses we i cu ; futu e cha ges i U.S. tax laws a d egulatio s o i te p etatio s the eof; futu e cha ges i the DoW’s a d othe gove me ts’ budgets; ce tai limitatio s o ou ability to use ou et ope ati g losses to offset futu e taxable i come; te mi atio of ou leases o ou i ability to e ew ou leases o acceptable te ms; cha ges i estimates used i accou ti g fo ou pe sio pla s, i cludi g with espect to the fu di g status the eof; cha ges i futu e busi ess o othe ma ket co ditio s that could cause busi ess i vestme ts a d/o eco ded goodwill o othe lo g-te m assets to become impai ed; isks elated to ou p oposed acquisitio of Raft, i cludi g the failu e to complete the t a sactio o the a ticipated timeli e o at all, the failu e to ealize the a ticipated be efits of the t a sactio , i cludi g expected acc etio a d tax be efits, i teg atio difficulties, ete tio of key pe so el, t a sactio a d i teg atio costs, a d i c eased i debted ess i cu ed to fu d the t a sactio ; adve se co seque ces f om a y acquisitio s such as ope ati g difficulties, dilutio a d othe ha mful co seque ces o a y modificatio , delay o p eve tio of a y futu e acquisitio o i vestme t activity by the Committee o Fo eig I vestme t i the U ited States; atu al disaste s, seve e weathe o othe sig ifica t dis uptio s; failu e to p ope ly co tai a global pa demic i a timely ma e could mate ially affect how we a d ou busi ess pa t e s ope ate; ou complia ce with e vi o me tal laws a d egulatio s a d a y e vi o me tal liabilities that may affect ou eputatio o fi a cial positio ; a y co flict of i te est that may a ise because Leo a do US Holdi g, LLC, ou majo ity stockholde , o Leo a do S.p.A., ou i di ect majo ity stockholde , may have i te ests that a e diffe e t f om, o co flict with, those of ou othe stockholde s, i cludi g as a esult of a y o goi g busi ess elatio ships Leo a do S.p.A. may have with us a d thei sig ifica t ow e ship i us may discou age cha ge of co t ol t a sactio s (ou ame ded a d estated ce tificate of i co po atio p ovides that we waive a y i te est o expecta cy i co po ate oppo tu ities p ese ted to Leo a do S.p.A); o ou obligatio s to p ovide ce tai se vices to Leo a do S.p.A., which may dive t huma a d fi a cial esou ces f om ou busi ess.
You should ead this p ess elease completely a d with the u de sta di g that actual futu e esults may be mate ially diffe e t f om expectatio s. All fo wa d-looki g stateme ts made i this p ess elease a e qualified by these cautio a y stateme ts. These fo wa d-looki g stateme ts a e made o ly as of the date of this p ess elease a d we do ot u de take a y obligatio , othe tha as may be equi ed by law, to update o evise a y fo wa d-looki g o cautio a y stateme ts to eflect cha ges i assumptio s, the occu e ce of eve ts, u a ticipated o othe wise a d cha ges i futu e ope ati g esults ove time o othe wise.
Othe isks, u ce tai ties a d facto s, i cludi g those discussed i ou latest SEC fili gs u de “Risk Facto s” of ou latest A ual Repo t o Fo m 10-K a d Qua te ly Repo ts o Fo m 10-Q, all of which may be viewed o obtai ed th ough the i vesto elatio s sectio of ou website at www.Leo a doDRS.com, could cause ou actual esults to diffe mate ially f om those p ojected i a y fo wa d-looki g stateme ts we make. Reade s should ead the discussio of these facto s ca efully to bette u de sta d the isks a d u ce tai ties i he e t i ou busi ess a d u de lyi g a y fo wa d-looki g stateme ts.
| (Dolla s i millio s, except pe sha e amou ts) | Reve ues | 913 | 829 | 1,759 | 1,628 | Cost of eve ues | (676 | ) | (632 | ) | (1,310 | ) | (1,250 | ) | 237 | 197 | 449 | 378 | Ge e al a d admi ist ative expe ses | (129 | ) | (121 | ) | (259 | ) | (238 | ) | Amo tizatio of acqui ed i ta gible assets | (6 | ) | (6 | ) | (11 | ) | (11 | ) | 102 | 70 | 179 | 129 | I te est i come (expe se), et | 2 | (2 | ) | 2 | (3 | ) | Othe , et | (4 | ) | (1 | ) | (4 | ) | (1 | ) | 100 | 67 | 177 | 125 | I come tax p ovisio | (14 | ) | (13 | ) | (29 | ) | (21 | ) | $86 | $54 | $148 | $104 | Basic ea i gs pe sha e | $0.33 | $0.20 | $0.56 | $0.39 | Diluted ea i gs pe sha e | $0.32 | $0.20 | $0.55 | $0.39 |
| (Dolla s i millio s, except pe sha e amou ts) | Cash a d cash equivale ts | $270 | $647 | Accou ts eceivable, et | 319 | 334 | Co t act assets | 1,002 | 931 | I ve to ies | 383 | 352 | P epaid expe ses | 29 | 26 | Othe cu e t assets | 37 | 36 | | | P ope ty, pla t a d equipme t, et | 526 | 512 | I ta gible assets, et | 100 | 112 | Goodwill | 1,238 | 1,238 | Defe ed tax assets | 81 | 88 | Othe o cu e t assets | 212 | 210 | | | | | Sho t-te m bo owi gs a d cu e t po tio of lo g-te m debt | $10 | $26 | Accou ts payable | 182 | 351 | Co t act liabilities | 598 | 585 | Othe cu e t liabilities | 275 | 269 | | | Lo g-te m debt | 139 | 321 | Pe sio a d othe post eti eme t be efit pla liabilities | 31 | 35 | Defe ed tax liabilities | 3 | 3 | Othe o cu e t liabilities | 156 | 166 | | | P efe ed stock, $0.01 pa value: 10,000,000 sha es autho ized; o e issued | $— | $— | Commo stock, $0.01 pa value: 350,000,000 sha es autho ized; 266,832,196 a d 265,822,404 sha es issued a d outsta di g as of Ju e 30, 2026 a d Decembe 31, 2025, espectively | 3 | 3 | Additio al paid-i capital | 5,010 | 5,083 | Accumulated deficit | (2,167 | ) | (2,315 | ) | Accumulated othe comp ehe sive loss | (43 | ) | (41 | ) | | | | |
| (Dolla s i millio s) | Net ea i gs | $148 | $104 | Adjustme ts to eco cile et ea i gs to et cash used i ope ati g activities: | Dep eciatio a d amo tizatio | 50 | 46 | Defe ed i come taxes | — | 1 | Stock-based compe satio expe se | 11 | 14 | Cha ges i assets a d liabilities: | Accou ts eceivable | 15 | (12 | ) | Co t act assets | (72 | ) | (144 | ) | I ve to ies | (31 | ) | (42 | ) | P epaid expe ses | (3 | ) | 1 | Othe cu e t assets | (3 | ) | 20 | Othe o cu e t assets | 6 | 9 | Defi ed be efit obligatio s | (4 | ) | (5 | ) | Accou ts payable | (159 | ) | (156 | ) | Co t act liabilities | 13 | 37 | Othe cu e t liabilities | 13 | (32 | ) | Othe o cu e t liabilities | (15 | ) | (7 | ) | | | Capital expe ditu es | (59 | ) | (60 | ) | P oceeds f om sales of assets | 1 | — | | | Net dec ease i bo owi gs (matu ities of 90 days o less) | (5 | ) | (3 | ) | Repayme ts of bo owi gs | (191 | ) | (6 | ) | P oceeds f om stock issua ce | 5 | 3 | Repu chases of commo stock | (16 | ) | (14 | ) | Payme ts of employee taxes withheld f om stock-based awa ds | (25 | ) | (21 | ) | Divide ds paid | (14 | ) | (14 | ) | Divide ds paid to elated pa ty | (34 | ) | (34 | ) | Othe | (8 | ) | (5 | ) | | | Effect of excha ge ate cha ges o cash a d cash equivale ts | — | — | | | Cash a d cash equivale ts at begi i g of yea | 647 | 598 | | |
We believe the o -GAAP fi a cial measu es p ese ted i this docume t will help i vesto s u de sta d ou fi a cial co ditio a d ope ati g esults a d assess ou futu e p ospects. We believe these o -GAAP fi a cial measu es, each of which is discussed i g eate detail below, a e impo ta t suppleme tal measu es because they exclude u usual o o – ecu i g items as well as o -cash items that a e u elated to o may ot be i dicative of ou o goi g ope ati g esults. Fu the , whe ead i co ju ctio with ou GAAP esults, these o -GAAP fi a cial measu es p ovide a baseli e fo a alyzi g t e ds i ou u de lyi g busi esses a d ca be used by ma ageme t as a tool to help make fi a cial, ope atio al a d pla i g decisio s. Fi ally, these measu es a e ofte used by a alysts a d othe i te ested pa ties to evaluate compa ies i ou i dust y by p ovidi g mo e compa able measu es that a e less affected by facto s such as capital st uctu e.
We ecog ize that these o -GAAP fi a cial measu es have limitatio s, i cludi g that they may be calculated diffe e tly by othe compa ies o may be used u de diffe e t ci cumsta ces o fo diffe e t pu poses, the eby affecti g thei compa ability f om compa y to compa y. I o de to compe sate fo these a d the othe limitatio s discussed below, ma ageme t does ot co side these measu es i isolatio f om o as alte atives to the compa able fi a cial measu es dete mi ed i acco da ce with U.S. GAAP. Reade s should eview the eco ciliatio s below a d should ot ely o a y si gle fi a cial measu e to evaluate ou busi ess.
We defi e these o -GAAP fi a cial measu es as:
| (Dolla s i millio s) | | | | | I come tax p ovisio | 14 | 13 | 29 | 21 | I te est (i come) expe se, et | (2 | ) | 2 | (2 | ) | 3 | Amo tizatio of i ta gibles | 6 | 6 | 11 | 11 | Dep eciatio | 20 | 17 | 39 | 35 | Othe o e-time o -ope atio al eve ts | 4 | 4 | 8 | 4 | | | | | Adjusted EBITDA Ma gi | 14.0 | % | 11.6 | % | 13.2 | % | 10.9 | % |
| (Dolla s i millio s) | | | | | Amo tizatio of i ta gibles | 6 | 6 | 11 | 11 | Dep eciatio | 14 | 12 | 27 | 24 | Othe o e-time o -ope atio al eve ts | — | 3 | 4 | 3 | | | | | Segme t Adjusted EBITDA Ma gi | 11.8 | % | 10.7 | % | 11.4 | % | 9.5 | % |
| (Dolla s i millio s) | | | | | Dep eciatio | 6 | 5 | 12 | 11 | | | | | Segme t Adjusted EBITDA Ma gi | 17.7 | % | 13.1 | % | 16.2 | % | 13.4 | % |
| (I millio s, except pe sha e amou ts) | | | | | Amo tizatio of i ta gibles | 6 | 6 | 11 | 11 | Othe o e-time o -ope atio al eve ts | 4 | 4 | 8 | 4 | Tax effect of adjustme ts (1) | (2 | ) | (2 | ) | (4 | ) | (3 | ) | | | | | Diluted WASO | 268.935 | 269.025 | 268.661 | 268.802 | | | | | | | | |
(1) Calculatio uses a estimated statuto y tax ate o o -GAAP adjustme ts.
| (Dolla s i millio s) | | | | | Capital expe ditu es | (29 | ) | (28 | ) | (59 | ) | (60 | ) | P oceeds f om sales of assets | — | — | 1 | — | | | | |
