Quarterly ResultApr 29, 2026, 06:32 AM
PSN Q1 Adj. EBITDA +1% to $151M (Record); Backlog $9.3B (Record)
AI Summary
Parsons Corporation reported Q1 2026 financial results, with Adjusted EBITDA increasing 1% to a record $151 million and Adjusted EBITDA margin expanding 50 basis points to a record 10.1%. Total backlog reached a record $9.3 billion, and funded backlog hit a record $6.6 billion. While total revenue decreased 4% to $1.5 billion and net income fell 20% to $53 million, revenue increased 8% excluding a confidential contract. The company also announced significant contract wins and the acquisition of Altamira Technologies Corporation.
Key Highlights
- Q1 Adjusted EBITDA increased 1% to a record $151 million, with margin expanding 50 bps to a record 10.1%.
- Total backlog reached a record $9.3 billion, and funded backlog hit a record $6.6 billion.
- Q1 revenue was $1.5 billion, down 4% YoY; excluding a confidential contract, revenue grew 8%.
- Net income decreased 20% to $53 million, and GAAP diluted EPS was $0.49.
- Critical Infrastructure segment revenue grew 3% to $732.8 million, with Adjusted EBITDA up 8% to $79.4 million.
- Federal Solutions segment revenue decreased 10% to $758.3 million, with Adjusted EBITDA down 5% to $71.6 million.
- Book-to-bill ratio was 1.4x on $2.1 billion net bookings; cash flow used in operations was a Q1 record $4 million.
- Secured significant contracts, including a $593M FAA extension and a $500M U.S. Cyber Command award.