MERCURY SYSTEMS (MRCY) Company Report

Mercury Systems (MRCY) reported Q1 2026 revenue of $225.2 million, marking a 10.2% increase year-over-year.
The company achieved Q1 adjusted EBITDA of $35.6 million, with an adjusted EBITDA margin of 15.8%, representing a 530 basis point improvement year-over-year.
Bookings for Q1 reached $250.2 million, leading to a 1.11 book-to-bill ratio and a record backlog of $1.4 billion.
Free cash outflow improved by $16.5 million year-over-year to $4.4 million in Q1, with $304.7 million of cash on hand at the end of the quarter.
For fiscal year 2026, Mercury Systems anticipates low single-digit revenue growth, adjusted EBITDA margins approaching the mid-teens, and expects to be free cash flow positive.

Nov 4, 2025, 10:00 PM

Presentation

Mercury Systems Reports Strong Q1 FY2026 Results, Record Backlog, and Announces Share Buyback

MRCY

Earnings

Guidance Update

Share Buyback

Mercury Systems reported Q1 FY2026 revenue of $225 million, up 10.2% year-over-year, and adjusted EBITDA of $35.6 million, up 66% year-over-year, with an adjusted EBITDA margin of 15.8%.
The company achieved record bookings of $250 million and a book-to-bill ratio of 1.11, contributing to a record backlog of $1.4 billion. Free cash flow was an outflow of $4.4 million, a $16.5 million improvement year-over-year.
For FY2026, the company maintains its outlook for low single-digit annual revenue growth and expects to be free cash flow positive for the year, with adjusted EBITDA margins approaching mid-teens. Q2 revenue and adjusted EBITDA margin are anticipated to be lower due to accelerated deliveries into Q1.
A new $200 million share buyback authorization was announced, and the revolving credit facility was extended by five years to $850 million, enhancing financial flexibility.

Nov 4, 2025, 10:00 PM

Transcript

Mercury Systems Reports Strong Q1 FY26 Results and Authorizes New Share Buyback

MRCY

Earnings

Guidance Update

Share Buyback

Mercury Systems reported strong Q1 FY26 results, with revenue up 10.2% year-over-year to $225 million and adjusted EBITDA increasing 66% year-over-year to $35.6 million, partly due to accelerated deliveries.
The company achieved a record backlog of $1.4 billion with a 1.11 book-to-bill in Q1 FY26, reflecting solid bookings of $250 million.
MRCY announced a new $200 million share buyback authorization, underscoring confidence in the business and improving fundamentals.
For the full fiscal year 2026, the company maintains its outlook for low single-digit annual revenue growth and expects to be free cash flow positive, with margins expanding in the second half.

Nov 4, 2025, 10:00 PM

Transcript

Mercury Systems Reports Q1 FY26 Results and Authorizes Share Repurchase Program

MRCY

Earnings

Share Buyback

Debt Issuance

Mercury Systems reported Q1 FY26 bookings of $250.2 million with a book-to-bill of 1.11, contributing to a record backlog of $1.4 billion.
Q1 FY26 revenue increased 10.2% year-over-year to $225.2 million, and adjusted EBITDA grew 66% year-over-year to $35.6 million.
The company posted a GAAP net loss of $12.5 million and adjusted EPS of $0.26 per share for Q1 FY26.
The Board of Directors authorized a new share repurchase program for up to $200.0 million of outstanding common stock.
Mercury Systems also amended its revolving credit facility, extending its maturity by five years with an $850.0 million facility size.

Nov 4, 2025, 9:12 PM

8-K

Mercury Systems Reports First Quarter Fiscal 2026 Results

MRCY

Earnings

Share Buyback

Debt Issuance

Mercury Systems reported Q1 FY26 revenue of $225.2 million, an increase of 10.2% year-over-year, with adjusted EBITDA of $35.6 million, up 66% year-over-year.
The company achieved bookings of $250.2 million and a book-to-bill ratio of 1.11 in Q1 FY26, resulting in a record backlog of $1.4 billion, which is up 6.5% year-over-year.
Operating cash flow for Q1 FY26 was $2.2 million, with free cash flow at $(4.4) million.
The Board of Directors authorized a new share repurchase program for up to $200.0 million of the Company’s outstanding common stock.

Nov 4, 2025, 9:01 PM

Press Release

Mercury Systems Awarded Contract for Multi-Mission Subsystem Development

MRCY

New Projects/Investments

Mercury Systems (MRCY) was awarded a multi-year, cost-plus-fixed-fee development contract in September to develop a multi-mission, multi-domain subsystem for a U.S. defense prime contractor.
The program will leverage the Mercury Processing Platform's capabilities, including advanced microelectronics packaging, mixed signal conversion, thermal management, and chassis-level integration.
This award highlights the customer's confidence in Mercury's ability to rapidly develop integrated solutions and transition to high-rate manufacturing for national security platforms.

Oct 22, 2025, 11:00 AM

Press Release

Mercury Systems Expands Defense Production Agreements

MRCY

New Projects/Investments

Mercury Systems recently signed two agreements with a European defense prime contractor to expand and accelerate production of processing subsystems and components for radar and electronic warfare missions.
This includes a five-year agreement signed in June, extending a decades-long customer relationship, to enable faster, higher-volume production of sensor processing subsystems for airborne, land-based, and sea-based radar systems.

Jul 24, 2025, 1:15 PM

Press Release

Mercury Systems Receives New Production Awards

MRCY

New Projects/Investments

Mercury Systems, Inc. (MRCY) received two new production awards in June, totaling $36.9 million.
These awards are for ground-based radar programs.
The programs leverage Mercury's Common Processing Architecture and cybersecurity software from its recently acquired Star Lab.
The company stated these are follow-on programs with two U.S. defense primes, indicating strong demand for secure, high-performance processing solutions at the edge.

Jul 8, 2025, 11:01 AM

Press Release

Mercury Systems Q3 2025 Earnings Results

MRCY

Earnings

Revenue Acceleration/Inflection

Guidance Update

Mercury Systems delivered a strong Q3 FY '25 performance with $211M in revenue and adjusted EBITDA of approximately $25M (11.7% margin)
Robust order execution was evident with $200M in Q3 bookings and a $1.34B backlog (up 4% YoY)
Solid cash flow performance featured $24M in free cash flow in Q3 along with a significant $148M YoY reduction in net working capital
The company also achieved 8.9% year-to-date revenue growth, underscoring ongoing momentum
Looking ahead, updated FY '25 guidance calls for mid-single digit revenue growth, evolving margins toward a low double-digit to mid 20% adjusted EBITDA range, and a targeted recurring 50% free cash flow conversion that reinforces confidence in Mercury Systems’ strategic positioning

May 6, 2025, 9:01 PM

Transcript Presentation 8-K

Mercury Systems Q3 2025 8-K Update

MRCY

Management Change

Executive Compensation

Mercury Systems reiterated its fiscal year guidance ending June 27, 2025, confirming its updated operational expectations.
Charles R. Wells, IV, the Chief Operating Officer, resigned to pursue a CEO role at a privately held company, triggering a management change.
CFO David E. Farnsworth is taking on expanded operational leadership and will receive a $1,000,000 restricted stock unit award as part of his new compensation package.

Apr 1, 2025, 12:00 AM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for MERCURY SYSTEMS.