Quarterly ResultOct 28, 2026, 06:36 AM
Parsons Reports Record Q3 Adjusted EBITDA; Revenue Up 2%
AI Summary
Parsons Corporation reported strong third-quarter financial results, exceeding commitments with record adjusted EBITDA and margin. Revenue grew 2% year-over-year to $1.7 billion, while adjusted EBITDA increased 6% to a record $168 million, with a margin expansion to 10.2%. The company also achieved record total and funded backlog, and saw a significant increase in contract awards, particularly in Federal Solutions. In a management change, CFO Matt Ofilos will resign, with George Ball stepping in as interim CFO. Parsons reiterated its fiscal year 2026 guidance.
Key Highlights
- Revenue increased 2% year-over-year to $1.7 billion, with adjusted EBITDA reaching a record $168 million, up 6%.
- Adjusted EBITDA margin expanded 40 basis points to a record 10.2%.
- Total backlog reached a record $9.4 billion, up 6% year-over-year, with funded backlog at $6.8 billion, up 7%.
- Contract awards increased 14% year-over-year to $1.8 billion, with Federal Solutions contract awards up 53%.
- Operating cash flow for Q3 2026 was $269 million, compared to $163 million in Q3 2025.
- CFO Matt Ofilos to resign effective November 6, 2026; George Ball appointed interim CFO.
- Company reiterates and narrows fiscal year 2026 revenue and adjusted EBITDA guidance ranges.
Price Impact
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