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Mercury Systems
Mercury Systems (MRCY) investor relations material
Mercury Systems Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary3 Feb, 2026
Executive summary
Q2 FY26 delivered strong organic growth, margin expansion, and record backlog, with first-half revenue up 7.1% year-over-year and bookings of $288 million, up 18.6% year-over-year.
Adjusted EBITDA for Q2 was $30 million, up 36.3% year-over-year, and adjusted EPS was $0.16, more than double the prior year.
Net loss for Q2 was $15.1 million ($0.26 per share), improved from $17.6–$18 million loss last year.
Streamlined operations, performance excellence initiatives, and key contract wins in missile defense, air mobility, and space supported results.
Financial highlights
Q2 revenue reached $233 million, up 4.4% year-over-year; first half revenue up 7.1%.
Adjusted EBITDA margin was 12.9% (up 300 bps); gross margin for Q2 was 26.0%, down 130 bps year-over-year.
Free cash flow for Q2 was $46 million, down from $82 million prior year; cash and equivalents at $335 million.
GAAP net loss per share was $0.26; adjusted EPS was $0.16.
Q2 revenue growth driven by modules/sub-assemblies and components, offset by a decrease in integrated solutions.
Outlook and guidance
FY26 guidance maintained: low single-digit annual revenue growth, adjusted EBITDA margin approaching mid-teens, and positive free cash flow.
Q3 revenue expected to be down year-over-year due to Q2 delivery acceleration, with a ramp in Q4.
Management expects existing cash, cash flow, and credit facilities to be sufficient for at least the next 12 months.
Targeting above-market top-line growth, adjusted EBITDA margins in low to mid 20% range, and 50% free cash flow conversion over time.
About 50% of $823.5 million in remaining performance obligations expected to be recognized as revenue in the next 12 months.
Long-term revenue visibility from backlog
What factors drove YoY operating cash flow decline?
Identify largest non-cash adjustments to adjusted EBITDA
When does low-margin backlog become negligible?
How consistent are future delivery accelerations?
Potential upside from market tailwinds?
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Next Mercury Systems earnings date
Q3 20265 May, 2026
Mercury Systems
Next Mercury Systems earnings date
Q3 20265 May, 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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