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Mercury Systems (MRCY) investor relations material
Mercury Systems Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Aug, 2025
Executive summary
Achieved record Q4 bookings of $342M and a book-to-bill ratio of 1.25, driving backlog to $1.4B, up 6% year-over-year.
Q4 revenue reached $273.1M, up 9.9% year-over-year; full-year revenue was $912M, up 9.2% year-over-year.
Q4 adjusted EBITDA was $51M (18.8% margin); full-year adjusted EBITDA was $119M (13.1% margin), both up substantially year-over-year.
Free cash flow for Q4 was $34M, with a record full-year free cash flow of $119M; ended Q4 with $309M in cash and net debt of $282M, the lowest since 2022.
Operating expenses reduced, driving increased operating leverage and improved margins.
Financial highlights
Q4 gross margin was 31%, up 160 basis points year-over-year, driven by favorable program mix and reduced EAC change impacts.
Q4 adjusted EPS was $0.47, up from $0.23 in Q4 last year; full-year adjusted EPS was $0.64, compared to a loss of $0.69 last year.
Q4 GAAP net income was $16.4M ($0.27/share) versus a net loss of $10.8M ($0.19/share) in the prior year; full-year GAAP net loss was $38M ($0.65/share), a significant improvement from a $138M loss ($2.38/share) the prior year.
Q4 operating cash flow was $38.1M; full-year operating cash flow was $138.9M, more than double the prior year.
Free cash flow for FY25 was $119M, up 356% year-over-year.
Outlook and guidance
FY26 revenue expected to grow at low single digits, with the first half flat year-over-year and sequential volume increases in the second half.
Full-year adjusted EBITDA margin expected to approach mid-teens, with Q4 margin highest for the year.
Free cash flow expected to remain positive, with stronger performance in the second half; target profile includes FCF conversion of 50% over time.
No specific FY26 guidance provided; outlook excludes potential acceleration of deliveries and funding increases from programs like Golden Dome.
Management highlighted strong execution and expects continued growth, supported by record backlog and robust bookings.
How will factory capacity allocation impact FY26 revenue?
What's driving the pull-forward of revenues?
What's the target net working capital % of sales?
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Next Mercury Systems earnings date
Q1 20264 Nov, 2025
Next Mercury Systems earnings date
Q1 20264 Nov, 2025
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Frequently asked questions
Mercury Systems Inc. delivers secure processing and sensor solutions for aerospace and defense applications. The company develops mission-critical technologies including embedded systems, signal processing, and RF components for government and commercial clients. It is headquartered in Andover, Massachusetts, and its shares are listed on the NASDAQ.
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