Booz Allen shares draw attention after adjusted EBITDA, free cash flow, and backlog strengthened.
Stock Earnings Results
July 24, 2026
Table of Contents
July 24, 2026
Booz Allen Hamilton Holding Corporation (NYSE: BAH) reported fiscal first-quarter 2027 results with lower revenue and lower GAAP net income, while adjusted earnings, adjusted EBITDA, margins, free cash flow, and backlog improved.
Booz Allen Hamilton is an advanced technology company that provides consulting, cyber, defense technology, artificial intelligence, analytics, engineering, digital solutions, and mission support services for U.S. defense, civil, and national security customers.
Revenue declined 4.2% year-over-year to $2.80 billion.
Revenue excluding billable expenses declined 3.8% to $1.97 billion.
Net income declined 26.9% to $198 million.
Diluted EPS declined 24.5% to $1.63.
Adjusted net income increased 17.9% to $217 million.
Adjusted diluted EPS increased 22.3% to $1.81.
Adjusted EBITDA increased 7.4% year-over-year to $334 million.
Adjusted EBITDA margin on revenue improved 130 basis points to 11.9%.
EBITDA increased 9.1% to $324 million.
The margin improvement suggests Booz Allen managed profitability well despite the revenue decline.
Management pointed to strong profitability, disciplined execution, and strategic investments as key drivers of the quarter.
Net cash provided by operating activities increased to $281 million from $119 million in the prior-year quarter.
Free cash flow increased to $261 million from $96 million.
The company also reported $447 million in total capital deployment.
Booz Allen declared a regular quarterly dividend of $0.59 per share, payable August 28, 2026, to stockholders of record as of August 14.
Total backlog increased 3.2% year-over-year to $39 billion.
Quarterly book-to-bill was 1.5 times.
Funded backlog was $4.66 billion.
Unfunded backlog was $10.22 billion.
Priced options were $24.60 billion.
The backlog and book-to-bill ratio point to continued demand for future work, even as reported revenue declined in the quarter.
Booz Allen said demand is accelerating across its National Security portfolio.
National Security revenue increased to $2.03 billion from $2.00 billion in the prior-year quarter.
Civil and Commercial revenue declined to $772 million from $923 million.
The company said Civil remains challenged, while it continues to focus on advanced cyber, defense technologies, AI-native products, and outcomes-based delivery.
For fiscal 2027, Booz Allen expects revenue of $11.2 billion to $11.7 billion.
That implies revenue growth of 0% to 4%.
Adjusted EBITDA is expected to range from $1.24 billion to $1.29 billion.
Adjusted EBITDA margin on revenue is expected to be about 11%.
Adjusted diluted EPS is expected to range from $6.00 to $6.35.
Free cash flow is expected to range from $825 million to $925 million.
Booz Allen delivered a mixed quarter.
Revenue fell and GAAP earnings declined, but adjusted EPS, adjusted EBITDA, free cash flow, margin, backlog, and book-to-bill all improved. The company appears to be leaning harder into National Security, cyber, defense technology, and AI-native work while managing weaker Civil demand.
The key question is whether Booz Allen can turn backlog strength and National Security demand into sustained revenue growth.
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