MERCURY SYSTEMS INC (MRCY) Form 10-K — Aug 18, 2026

$MRCYForm 10-KFiled Aug 18, 2026, 5:05 PM ET0001049521-26-000045Original filing

Mercury Systems filed its fiscal 2026 annual report showing revenue of $983.6 million, up 7.9% from $912.0 million in fiscal 2025. The GAAP net loss narrowed to $29.7 million ($(0.50) per diluted share) from $37.9 million ($(0.65)) a year earlier, while adjusted EPS rose to $1.06 from $0.64 and adjusted EBITDA grew to $150.2 million from $119.4 million. Backlog jumped to approximately $1.9 billion as of July 3, 2026, from about $1.4 billion a year prior, with $996.0 million expected to convert to revenue within twelve months. Management attributes demand strength to rising defense budgets, prime contractor outsourcing, and programs spanning radar, electronic warfare, C4I, and space.

Key figures

Eps: $(0.50) diluted loss per share
Revenue: $983.6 million
Net Income: $(29.7) million net loss
Total Debt: $441.5 million drawn on revolving credit facility
Revenue Yoy: +7.9%
Shares Outstanding: 60136133
Backlog: $1.9 billion as of July 3, 2026 (vs ~$1.4 billion a year earlier)
Goodwill: $942.4 million
Employees: 2102
Adjusted EPS: $1.06 (vs $0.64 in fiscal 2025)
Gross Margin: 28.6% (up 70 bps from 27.9%)
R And DExpense: $59.7 million (vs $67.6 million in fiscal 2025)
Adjusted EBITDA: $150.2 million (vs $119.4 million in fiscal 2025)
Working Capital: $430.6 million
Intangible Assets: $175.8 million
Interest Rate Swap: $300.0 million of revolver borrowings fixed at 4.66%
Revolver Facility: $850.0 million, maturity extended to November 4, 2030
Backlog Next12 Months: $996.0 million
Defense Revenue Share: approximately 97% of fiscal 2026 net revenues
Non Affiliate Market Value: $4.5 billion (as of December 26, 2025)
Share Repurchase Remaining: $185.0 million of $200.0 million November 2025 authorization
Receivables Purchase Agreement: $100.0 million committed (June 2026)

Price after filing

1 day: +2.0%7 days: -21.0%30 days: -22.4%

Close on the filing date to close N calendar days later (from $111.12). Historical, not a forecast.

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