Reported results
- Revenues of $1.88 billion, approximately 6.3% growth; 5.3% organic growth (non-GAAP)
- Net income of $102 million; Adjusted EBITDA (non-GAAP) of $193 million or 10.3% of revenues
- Diluted earnings per share of $2.38; Adjusted diluted earnings per share (non-GAAP) of $3.01
- Cash flows provided by operating activities of $146 million; Free cash flow (non-GAAP) of $131 million
- Net bookings of $1.2 billion; quarterly book-to-bill ratio of 0.6; trailing twelve months book-to-bill ratio of 0.8
- Estimated backlog at end of quarter of approximately $22.1 billion, with approximately $3.8 billion funded
Guidance
- Fiscal Year 2027 Revenue: $7.2B - $7.3B (raised from prior guidance of $7.0B - $7.2B)
- Fiscal Year 2027 Organic Growth (non-GAAP): (2%) - (0%) (raised from prior guidance of (4%) - (2%))
- Fiscal Year 2027 Adjusted EBITDA (non-GAAP): $750M - $755M (raised from prior guidance of $720M - $730M)
- Fiscal Year 2027 Adjusted EBITDA Margin % (non-GAAP): 10.3% - 10.5% (raised from prior guidance of 10.1% - 10.3%)
- Fiscal Year 2027 Adjusted Diluted EPS (non-GAAP): $10.65 - $10.75 (raised from prior guidance of $9.90 - $10.10)
- Fiscal Year 2027 Free Cash Flow (non-GAAP): >$600M (reiterated)
Notes
Weighted-average diluted shares outstanding decreased to 42.8 million in Q2 FY2027 from 46.8 million in the prior year quarter. Company amended MARPA facility on August 14, 2026 to increase aggregate limit from $300 million to $400 million. Board declared quarterly dividend of $0.37 per share on August 27, 2026.
Price and volatility reaction
The stock moved +1.8% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -13.8 vol points across the event (constant-maturity series — not the front-week crush).
| Measure | Value | Basis |
|---|---|---|
| Close before release | 125.96 | 2026-08-28 |
| Close after release | 128.22 | 2026-08-31 |
| Realised move | +1.8% | close to close |
| 30d ATM IV change | -13.8 vol pts | constant-maturity series, not the front expiry |
Source
The figures above come from the earnings release the company filed with the SEC on 2026-08-31 (8-K, Item 2.02). Read the original filing on sec.gov.