Parsons Corporation
82.74-0.67 (-0.8%)
Oct 29, 4:00:02 PM EDT · NYSE · PSN · USD
Key Stats
Market Cap
8.84BP/E (TTM)
37.10Basic EPS (TTM)
2.23Dividend Yield
0%Recent Filings
8-K
Parsons Q2 revenue dips, core grows
Parsons Corporation reported Q2 2025 revenue of $1.6 billion, down 5% year-over-year due to a confidential contract drop, yet core business grew 13% excluding it. Adjusted EBITDA dipped 1% to $149 million, but margins expanded 40 basis points to 9.4% on better program execution and the $89 million CTI acquisition. Backlog hit $8.9 billion with 70% funded. Guidance rose for revenue to $6.48-$6.68 billion and adjusted EBITDA to $595-$635 million. Acquisitions fuel growth, but contract volatility lingers.
10-Q
Q2 FY2025 results
Parsons Corporation posted Q2 revenue of $1.58B, down 5.2% y/y but up 1.1% q/q (derived), with operating income slipping to $95.7M from $111.4M y/y amid a Federal Solutions pullback, yet Critical Infrastructure surged 14.2% y/y on organic growth and acquisitions. Diluted EPS fell to $0.50 from $0.63 y/y, confirmed against 110.1M shares with no anti-dilution flags. Acquisitions like CTI for $89.2M cash (closed June 2025, $55.3M goodwill) and TRS for $36.6M (closed Jan 2025, $23.0M goodwill) bolstered capabilities, while cash dipped to $411M from $454M y/y and debt rose to $1.32B after refinancing a $450M term loan due 2028 at 5.5%. Operating cash flow hit $148M YTD, yielding $125M free cash flow (derived). Confidential contract termination poses revenue risks.
8-K
On June 5, 2025, Parsons Corporation entered into new credit agreements for a $450 million term loan and a $750 million revolving credit facility, refinancing prior facilities. The term loan has a three-year maturity, while the revolver has a five-year maturity. Both facilities are unsecured, with interest rates based on SOFR or alternative rates plus applicable margins. Financial covenants include a maximum consolidated leverage ratio of 3.75:1.00, increasable to 4.00:1.00 post-acquisitions. The agreements outline standard terms for borrowings, letters of credit, and default provisions.
Parsons Corporation has refinanced its existing term loan and revolving credit facilities with new agreements dated June 5, 2025. The new term loan credit facility totals $450 million, and the revolving credit facility is $750 million, both unsecured. The refinancing replaces the previous facilities from 2022 and 2021, respectively. The agreements include standard provisions for interest rates, fees, covenants, and events of default. The company maintains its guarantors and subsidiary structures under these new terms.
8-K
Parsons cuts 2025 guidance
Parsons Corporation trimmed its 2025 guidance on June 2, citing uncertainty from the Department of State's May 29 reorganization impacting a confidential contract. Total revenue now targets $6,450-$6,650M, down from $7,000-$7,500M, while excluding the contract it eyes $6,165-$6,365M with 17% year-over-year growth. Adjusted EBITDA holds at $590-$630M with margins expanding 30 basis points. Guidance drops sharply after June.
10-Q
Q1 FY2025 results
Parsons Corporation posted solid Q1 FY2025 results, with revenue edging up 1.2% year-over-year to $1.55B, driven by 13.7% growth in Critical Infrastructure to $712M from acquisitions and organic gains, while Federal Solutions dipped 7.4% to $843M due to a paused confidential contract. Operating income climbed 7.3% to $109M, boosting margins to 7.0%, and diluted EPS rose to $0.60 from $0.37, reconciling cleanly with 111M shares. Acquisitions fueled momentum: TRS closed January 2025 for $36.6M cash, adding $23M goodwill and $6.1M intangibles over 3-15 years; BCC in November 2024 for $233.5M cash recognized $176M goodwill and $32.4M intangibles over 1-4 years. Cash dipped to $270M amid $12M operating outflow and $62M investing uses, yet $650M revolver availability covers $1.22B debt including $350M term loan at 5.5%. Free cash flow not disclosed in the 10-Q. Backlog holds steady at $9.1B. Litigation risks linger from ongoing appeals in False Claims Act and Alstom disputes.
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