Parsons cuts FY2025 revenue guidance by ~$700M at midpoint on State Dept contract uncertainty

PARSONS CORP

Total revenue guidance lowered to $6.45-6.65B from $7.0-7.5B; midpoint down 3% YoY.
Adjusted EBITDA guidance reduced to $590-630M from $640-710M; margin flat at 9.1%-9.5%.
Cash flow from operations guidance cut to $380-420M from $420-480M, down 24% at midpoint.
Company cites May 29, 2025 State Department reorganization creating uncertainty for confidential contract after June 2025.
Excluding confidential contract, revenue guidance $6.165-6.365B, up 17% (14% organic) YoY at midpoint.

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