Mercury Systems (MRCY) FY2026 results: revenue $984 million, up 7.9% on the year
Mercury Systems Inc. (MRCY) reported revenue of $984 million for fiscal 2026, the year ended 3 July 2026, up 7.9% on the year before. Net income was -$30 million, and diluted earnings per share $-0.50. The figures are the company's own, from the 10-K it filed with the SEC on 18 August 2026.
Revenue
$984 million
+7.9% on the year
FY2019FY2026
Operating margin
0.0%
-2.2% a year earlier
FY2019FY2026
Net income
-$30 million
FY2019FY2026
Diluted EPS
-$0.50
FY2019FY2026
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Q4 bookings nearly doubled prior record: Fourth quarter bookings reached record $660 million, up 93.1% year-over-year, representing nearly double the previous record bookings quarter set in Q3
Record backlog surged 38.4% year-over-year: Total backlog reached record over $1.9 billion, up 38.4% year-over-year from $1.4 billion at prior year end, providing substantial forward visibility
Adjusted EBITDA margin highest of year: Fourth quarter adjusted EBITDA was $49 million with an adjusted EBITDA margin of 16.7%, the highest margin level achieved in any quarter during fiscal 2026
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2026
FY2025
FY2024
On the year
Last 8 years
Operating cash flow
102
139
60.4
-26.3%
Capital expenditure
34.3
19.8
34.3
+73.2%
Free cash flow
68.1
119
26.1
-42.8%
Free cash flow margin
6.9%
13.1%
3.1%
Cash from investing
-35.7
-13.5
-34.3
Cash from financing
-163
1.4
82.7
Depreciation and amortisation
72.7
82.0
88.0
-11.4%
Share-based compensation
41.1
25.0
25.7
+64.4%
Buybacks
15.0
0.0
0.0
Diluted shares, weighted
59m
59m
58m
+1.2%
Shares outstanding at period end
60m
59m
58m
+1.0%
Balance sheet
$ million
FY2026
FY2025
FY2024
On the year
Last 8 years
Shareholders' equity
1,497
1,473
1,473
+1.6%
Debt
442
592
592
-25.4%
Operating lease liabilities
45.8
52.7
62.6
-13.1%
Other liabilities
338
317
252
+6.6%
Total liabilities and equity
2,323
2,435
2,379
-4.6%
Fixed assets
108
101
110
+6.9%
Goodwill
942
938
938
+0.5%
Intangible assets
176
211
251
-16.5%
Cash and equivalents
214
309
181
-30.7%
Receivables
69.2
110
111
-36.8%
Inventory
367
333
335
+10.2%
Other assets
446
433
453
+2.9%
Total assets
2,323
2,435
2,379
-4.6%
10-K for the year ended 3 July 2026, filed 18 August 2026: the filing.