Parsons Q3 2026: Record $9.36B Backlog Follows a Rare Loss Quarter
As seen on the 24/7 Wall St. homepage on October 28, 2026.
One quarter after a loss, Parsons swung back with a double beat and a record $9.36 billion backlog, up 6%. The offset: CFO Matt Ofilos departs November 6.
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After a Q2 2026 loss that came in missing expectations, Parsons swung back in Q3 with adjusted diluted EPS of $0.89, beating expectations on revenue that grew year over year.
The number that matters is the record $9.36 billion backlog, which locks in forward revenue visibility heading into the final quarter of fiscal 2026. Federal Solutions awards and record Critical Infrastructure revenue drove the build.
On the GAAP side, net income fell 16% to $54.15 million, pressured by transaction-related costs tied to ongoing M&A activity. That drag explains the softer reported bottom line as the company reshapes its portfolio.
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Parsons narrowed its fiscal 2026 revenue guidance to $6.25 billion to $6.45 billion while reiterating its adjusted EBITDA and operating cash flow ranges. CEO Carey Smith cited the record backlog and a robust pipeline as the foundation for continued organic growth, with procurement timing and geopolitical uncertainty as ongoing variables.
CFO Matt Ofilos departs effective November 6, 2026, adding execution risk while the company navigates active M&A, a confidential contract headwind on organic revenue, and elevated transaction costs. Backlog conversion now rests on an unsettled finance seat.
Mentioned: PSN