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Dec 26, 2025
Mercury Q2 2026 Earnings Report
Mercury Systems reported its second quarter fiscal 2026 results, with solid year-over-year growth in backlog, revenue, and adjusted EBITDA.
Key Takeaways
Mercury Systems delivered strong second quarter fiscal 2026 results, exceeding expectations with $233 million in revenue, a GAAP net loss of $15 million, and adjusted EBITDA of $30 million. The company also achieved record bookings of $288 million and a record backlog of nearly $1.5 billion, driven by accelerated progress on high-priority customer programs.
Q2 FY26 Bookings reached $288 million, an 18.6% increase year-over-year, with a book-to-bill ratio of 1.23.
The company achieved a record backlog of $1.5 billion, up 8.8% year-over-year.
Record first-half revenue was reported, with Q2 FY26 revenue at $233 million, a 7.1% year-over-year increase in the first half.
Adjusted EBITDA for Q2 FY26 was $30 million, up 36.3% year-over-year, with an adjusted EBITDA margin of 12.9%.
Forward Guidance
The forward-looking statements indicate a focus on enhanced execution of the Company's strategic plan, but also highlight various risks and uncertainties that could impact actual results.
Positive Outlook
- Continued funding of defense programs is anticipated.
- The company expects continued success in technological advances and delivering innovations.
- Management is focused on enhanced execution of the strategic plan.
- The company aims to maintain qualified business systems and manufacturing quality certifications.
- Efforts are underway to fully realize expected benefits from acquisitions, restructurings, and operational efficiency initiatives.
Challenges Ahead
- Risks include the timing and amounts of defense program funding.
- General economic and business conditions, including unforeseen market weakness, could negatively impact results.
- Effects of any U.S. federal government shutdown or extended continuing resolution pose a risk.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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