MRCY
Mercury Systems, Inc.71.80
-2.69-3.61%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
4.32BP/E (TTM)
-Basic EPS (TTM)
-0.56Dividend Yield
0%Recent Filings
8-K
10-Q
8-K
Board elections and leadership shifts
Mercury Systems refreshed its board at the October 22, 2025 annual meeting, electing William L. Ballhaus, Lisa S. Disbrow, and Howard L. Lance as Class I directors for three-year terms through 2028, while confirming Jean Bua as Class II director for one year. Shareholders approved executive compensation advisory, the 2025 Long Term Incentive Plan, and KPMG's audit ratification with strong majorities. Post-meeting, Ballhaus became Chairman, Barry R. Nearhos Lead Independent Director, signaling steady governance continuity. Committees realigned for audit, compensation, and M&A focus.
10-K
FY2025 results
Mercury Systems posted FY2025 revenues of $912.0 million, up 9.2% y/y, with Q4 accelerating growth amid a pivot to production programs like LTAMDS and KC-46, though radar and C4I drove the annual lift while electronic warfare dipped. Gross margins expanded to 27.9%, a 440 bps y/y gain, fueled by $21.1 million net favorable EAC adjustments (derived) and lower manufacturing costs, yet net loss narrowed to $(37.9) million from $(137.6) million as SG&A and R&D fell 7.4% and 33.3% on headcount cuts. Q4 momentum shone in sequential margin gains and backlog hitting $1.4 billion, up from $1.3 billion. Liquidity strengthened with $309.1 million cash and $308.5 million Revolver availability, no buybacks or dividends, but capex eased to $19.8 million. No FY2026 guidance disclosed. Yet, heavy reliance on partially funded defense programs risks quarterly delays from budget gridlock.
8-K
Record bookings boost backlog
Mercury Systems posted record Q4 bookings of $341.5 million and a 1.25 book-to-bill, swelling backlog to $1.40 billion—up 6% year-over-year. Revenue climbed 9.9% to $273.1 million, with adjusted EBITDA surging 64% to $51.3 million at 18.8% margin, while full-year free cash flow hit a record $119.0 million. Backlog burns down lower margins, yet new wins align with mid-20% targets. Risks lurk in supply chain snags and defense funding delays.
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