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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.
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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.

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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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