Parsons reported record backlog on October 28 while disclosing a decline in third-quarter net income, according to its SEC-filed earnings release.
The national-security and infrastructure contractor said total backlog reached $9.4 billion, up 6% from a year earlier. Funded backlog increased 7% to $6.8 billion. Quarterly net bookings totaled $1.8 billion, exceeding revenue.
Revenue rose 2% to approximately $1.7 billion in the quarter ended September 30, although sales declined 1% on the company's organic basis. Net income fell 16% to $54 million, with the company citing higher transaction-related expenses. Diluted earnings attributable to Parsons were 51 cents per share, down from 59 cents.
Adjusted earnings before interest, taxes, depreciation and amortization increased 6% to $168 million. The adjusted margin reached 10.2%, which Parsons described as a record. Adjusted measures supplement standard accounting results.
Parsons narrowed its 2026 revenue forecast to $6.25 billion–$6.45 billion and its adjusted earnings range to $510 million–$550 million, keeping both midpoints unchanged. Its operating-cash-flow forecast remained $430 million–$490 million.
Sources: Parsons earnings release filed with the SEC.