PARSONS CORP

Parsons Corporation announced that its Chief Financial Officer, Matt Ofilos, will resign effective November 6, 2026, to pursue another opportunity. His resignation is not a result of any disagreement with the company. The board of directors has appointed George Ball, a former CFO and current board member, as Interim CFO, also effective November 6, 2026. Mr. Ball will receive a $2,400,000 RSU award as compensation for his interim role.

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.

Parsons Corporation announced it has been awarded a $70 million task order under the U.S. Air Force's Air Base Air Defense (ABAD) contract. This order requires Parsons to provide integration, testing, deployment, maintenance, and operational transition support for operational capabilities across the USAFE-AFAFRICA region. The contract has a four-year performance period with three 12-month option periods, expanding Parsons' role in strengthening defense capabilities against aerial threats.

Parsons Corporation announced it has secured the first task order under the Defense Threat Reduction Agency’s (DTRA) Cooperative Threat Reduction Integration Contract (CTRIC) IV. This award reinforces Parsons' leadership in countering weapons of mass destruction and its position as a trusted partner in global threat reduction. Under the task order, Parsons will provide chemical security training, exercises, and workshops to enhance capabilities in Southeast Asian nations like Malaysia, Indonesia, and the Philippines, supporting USPACOM priorities.

Parsons Corporation announced it has been awarded a $40 million Non-Kinetic Effects (NOKE) cost plus fixed fee contract by the U.S. Army. This contract, which includes a base year and four-and-a-half option years, is new work for the company and focuses on advancing next-generation electromagnetic warfare capabilities. Parsons will deliver advanced EW solutions to counter and disrupt adversary systems, enhancing the operational advantage of U.S. and allied forces.

Parsons Corporation announced it was selected by the South Carolina Department of Transportation (SCDOT) as the lead designer for the Interstate 526 Long Point Road Interchange Improvements project. This approximately $227 million design-build project, where Parsons' design services represent about 10% of the total value, aims to improve safety, reduce congestion, and enhance mobility in the Charleston region. The award, part of the Ames Construction design-build team, expands Parsons' portfolio of complex transportation infrastructure projects.

Parsons Corporation reported a net loss of $15.2 million for the second quarter of 2026, a significant decline from a net income of $55.2 million in the same period last year, resulting in basic and diluted EPS of $(0.14). Revenue for the quarter slightly decreased to $1.576 billion. Year-to-date net income also saw a substantial drop to $37.7 million. The company completed the acquisition of Altamira Technologies Corporation for $339 million in cash, aiming to expand its defense and intelligence capabilities, and also acquired Applied Sciences Consulting, Inc. and Chesapeake Technology International, Corp in recent periods.

Parsons Corporation reported a Q2 2026 net loss of $(15) million and a 72% decrease in Adjusted EBITDA to $42 million, primarily due to $118 million in charges related to portfolio-shaping actions and a joint venture program. Revenue decreased 1% to $1.6 billion. Despite the financial decline, the company highlighted strong demand with a 1.2x book-to-bill ratio and a 24% increase in contract awards, along with 10% organic revenue growth in the Middle East. However, Parsons revised its fiscal year 2026 guidance downwards for revenue, Adjusted EBITDA, and operating cash flow.

Parsons Corporation reported a net loss of $15 million for the second quarter of 2026, a $70 million decrease year-over-year, primarily due to portfolio-shaping actions and charges on a joint venture program. Adjusted EBITDA also saw a significant 72% decrease to $42 million. Despite these financial declines, the company maintained strong demand with a 1.2x book-to-bill ratio and increased its total backlog to $9.3 billion. Consequently, Parsons revised its fiscal year 2026 guidance downwards for revenue, adjusted EBITDA, and operating cash flow.

Parsons Corporation announced the opening of the Gordie Howe International Bridge, connecting Detroit, Michigan, and Windsor, Ontario. Parsons served as the owner's engineer for the $4.7 billion ($6.4 billion CAD) project, which features a 2,800-foot-long cable-stayed main span. This bridge is expected to enhance trade, reduce congestion, and stimulate economic growth in the busiest trade corridor between the U.S. and Canada.