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Mercury Systems (MRCY) investor relations material
Mercury Systems Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary4 Nov, 2025
Executive summary
Q1 FY26 revenue reached $225.2 million, up 10.2% year-over-year, with adjusted EBITDA of $35.6 million and margin of 15.8%, a 530 bps increase year-over-year.
Bookings totaled $250.2 million, resulting in a record backlog of $1.4 billion and a book-to-bill ratio of 1.11.
Free cash outflow improved to $4.4 million, a $16.5 million year-over-year improvement, with $304.7 million in cash on hand at quarter end.
Net loss narrowed to $12.5 million from $17.5 million in the prior year quarter, with adjusted EPS improving to $0.26 from $0.04.
Continued focus on performance excellence, organic growth, margin expansion, and free cash flow improvement.
Financial highlights
Gross margin improved to 27.9%, up 260 bps year-over-year, driven by favorable mix and lower manufacturing adjustments.
Operating expenses increased to $71.5 million, mainly due to higher compensation and litigation costs.
Research and development expenses decreased by $5.2 million due to headcount reductions and lower outside service costs.
Adjusted EBITDA margin reached 15.8%, up 530 bps year-over-year.
Free cash flow was $(4.4) million, improving by $16.5 million year-over-year.
Outlook and guidance
Full-year FY26 revenue growth expected in low single digits; first half flat, second half increasing sequentially.
Full-year adjusted EBITDA margin projected to approach mid-teens, with Q4 margins highest.
Free cash flow expected to be positive for FY26, with stronger generation in the second half.
Guidance excludes further acceleration of deliveries or upside from potential defense budget tailwinds.
Management expects continued volatility in the federal contracting environment due to the ongoing U.S. government shutdown.
What is the rationale for the new share repurchase program?
What drove the Q1 adjusted EBITDA margin expansion?
How does the revolver amendment impact liquidity?
Phoenix factory expansion's scaling potential
EBITDA margin target: drivers and timeline
Golden Dome: Mercury's positioning and timing
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Next Mercury Systems earnings date
Q2 20263 Feb, 2026
Next Mercury Systems earnings date
Q2 20263 Feb, 2026
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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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