KBR provides engineering, technology, and professional services to two main customer groups: government defense agencies and industrial energy customers. KBR operates through two segments: Mission Technology Solutions (MTS) and Sustainable Technology Solutions (STS). MTS — the larger segment — supports U.S., U.K., and Australian defense and intelligence agencies with systems engineering, cybersecurity, space domain awareness, missile defense, C5ISR, and readiness services. MTS revenue is predominantly from cost-reimbursable U.S. government contracts, where KBR is reimbursed for costs plus a fee. The U.S. government accounts for roughly 57% of total revenue, and the U.K. government adds another 9%. STS licenses KBR's portfolio of over 85 proprietary process technologies — covering ammonia/syngas, petrochemicals, refining, and circular economy processes — to fertilizer producers, refiners, and chemical companies worldwide. STS also provides engineering, program management, and advisory services, and holds equity stakes in JVs including the Plaquemines LNG construction JV and Brown & Root Industrial Services (BRIS), a maintenance and turnaround JV. KBR's business model is asset-light with low capital intensity. STS equity JV earnings flow through the P&L but not revenue, inflating reported STS margins. KBR announced in September 2025 a planned spin-off of MTS into a separate public company, targeted for completion in the second half of FY2026, which would leave KBR as a pure-play STS business.