Parsons Q3 revenue down 10% to $1.6B; net income slides 11%; margin expands 60 bps

PARSONS CORP

2025-Q3 EPS reported $1.69 revenue$4,760,431,000

GAAP EPS $0.59 vs $0.65; adjusted EPS $0.86 vs $0.95; net income $64M, down 11% YoY.
Revenue $1.6B, down 10% total and 14% organic; ex-confidential contract, up 14% total and 9% organic.
Critical Infrastructure revenue +18%, adjusted EBITDA +83% to $86M; Federal Solutions revenue -29% (ex-confidential +9%).
Backlog $8.8B (72% funded, highest since IPO); book-to-bill 1.0x; TTM book-to-bill 1.0x for 6th straight year.
FY2025 revenue guidance lowered to $6.4-6.5B (from $6.48-6.68B); adjusted EBITDA and cash flow guidance reiterated at mid-point.

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