)

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.
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.
Next Mercury Systems earnings date

Next Mercury Systems earnings date

The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
)
)
)
Frequently asked questions
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Explore our global coverage