Document
Exhibit 99.1
CACI Reports Results for Its Fiscal 2026 Second Quarter and Raises Guidance for All Metrics
Revenues of $2.2 billion, up 5.7% YoY
Net income of $123.9 million; Diluted EPS of $5.59, up 14.5% YoY
Adjusted net income of $150.7 million; Adjusted diluted EPS of $6.81, up 14.5% YoY
EBITDA of $262.6 million and EBITDA margin of 11.8%
RESTON, Va.--(BUSINESS WIRE)--CACI International Inc (NYSE: CACI) announced results today for its fiscal second quarter ended December 31, 2025.
“Our strong second quarter results demonstrate the continued successful execution of our strategy and the value of our differentiated capabilities. With healthy free cash flow driven by solid revenue growth and strong EBITDA margin, we're delivering on our commitments to shareholders while addressing our customers' most critical mission needs,” said John Mengucci, CACI President and Chief Executive Officer. “Through bold, strategic investments we have built leading positions in electronic warfare and Agile software development, while continuing to strengthen our technology portfolio in space with the planned acquisition of ARKA Group — all areas vital to national security. With our strong results, expanding backlog, and robust pipeline, we are raising our fiscal year 2026 guidance and remain extremely well-positioned to achieve our 3-year financial targets and drive long-term value for our customers and our shareholders.”
Second Quarter Results
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Three Months Ended |
| (in millions, except earnings per share and DSO) |
12/31/2025 |
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12/31/2024 |
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% Change3 |
| Revenues |
$ |
2,220.1 |
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$ |
2,099.8 |
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5.7% |
| Income from operations |
$ |
206.5 |
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$ |
181.3 |
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13.9% |
| Net income |
$ |
123.9 |
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$ |
109.9 |
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12.7% |
Adjusted net income, a non-GAAP measure1 |
$ |
150.7 |
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$ |
134.2 |
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12.3% |
| Diluted earnings per share |
$ |
5.59 |
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$ |
4.88 |
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14.5% |
Adjusted diluted earnings per share, a non-GAAP measure1 |
$ |
6.81 |
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$ |
5.95 |
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14.5% |
Earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measure1 |
$ |
262.6 |
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$ |
232.9 |
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12.8% |
Net cash provided by operating activities excluding MARPA, a non-GAAP measure1 |
$ |
154.2 |
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$ |
76.0 |
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102.9% |
Free cash flow, a non-GAAP measure1 |
$ |
138.2 |
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$ |
66.1 |
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109.1% |
Days sales outstanding (DSO)2 |
57 |
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53 |
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(1)This non-GAAP measure should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. For additional information regarding this non-GAAP measure, see the related explanation and reconciliation to the GAAP measure included below in this release.
(2)The DSO calculations for three months ended December 31, 2025 and 2024, exclude the impact of the Company's Master Accounts Receivable Purchase Agreement (MARPA), which was 7 days for both periods.
(3)Percentages are calculated using the underlying whole dollar amounts. Some percentages may vary slightly due to rounding.
Revenues in the second quarter of fiscal year 2026 increased 5.7% year-over-year, driven by 4.5% organic growth. The increase in income from operations was driven by higher revenues and gross profit. Growth in diluted earnings per share and adjusted diluted earnings per share were driven by higher income from operations and share repurchases made during fiscal year 2025, partially offset by higher interest expense and a higher tax provision. The increase in cash from operations, excluding MARPA, was driven primarily by higher net income and strong working capital management.
Second Quarter Contract Awards
Contract awards in the second quarter totaled $1.4 billion, with approximately 70% for new business to CACI. Awards exclude ceiling values of multi-award, indefinite delivery, indefinite quantity (IDIQ) contracts. Some notable awards during the quarter were:
•CACI was awarded $265 million in new contracts and additional work on current programs within the intelligence community to support various national security efforts.
•CACI received its first production order for remote modular terminals (RMTs) that will intercept and disrupt adversarial beyond-line-of-sight (BLOS) satellite communication for a Department of Defense customer. RMT’s capabilities will allow customers to enhance capacity, adaptability, and resiliency in military operations.
Total backlog as of December 31, 2025, was $32.8 billion compared with $31.8 billion a year ago, an increase of 3.1%. Funded backlog as of December 31, 2025, was $4.4 billion compared with $4.1 billion a year ago, an increase of 7.3%.
Additional Highlights
•CACI entered into a definitive agreement to acquire ARKA Group L.P. (ARKA) from funds managed by Blackstone Tactical Opportunities (Blackstone) in an all-cash transaction for $2.6 billion. Aligned with CACI’s commitment to delivering advanced technology for national security customers, ARKA supports national security missions through its space-based sensor portfolio and ground-based software processing, accelerating the delivery of actionable intelligence to the warfighter.
•CACI was named as an awardee for the Missile Defense Agency Scalable Homeland Innovative Enterprise Layered Defense (SHIELD) IDIQ contract with a ceiling of $151 billion. This contract encompasses a broad range of work areas that allows for the rapid delivery of innovative capabilities to the warfighter with increased speed and agility, including ensuring continuous, layered protection against air, missile, space, cyber, and hybrid threats originating from any domain.
•CACI announced the appointment of Adm. Michael Gilday, U.S. Navy (Ret.), and David Keffer to its Board of Directors, both joining following the death of Michael A. Daniels in July 2025 and the resignation of William L. Jews. Their extensive leadership experience and defense sector knowledge will strengthen CACI’s continued ability to drive shareholder value while delivering solutions to the nation’s most complex challenges.
•President and Chief Executive Officer, John Mengucci, was named Executive of the Year by the Northern Virginia Chamber (NVC) and the Professional Services Council (PSC) during the 2025 Greater Washington Government Contractor Awards. Mengucci was recognized in the over $300 million revenue category for his achievements in calendar year 2024.
•CACI received the National Veteran Small Business Coalition’s (NVSBC) Champions Award for exceeding the NVSBC-established goals for subcontracting to service-disabled and veteran-owned small businesses (SD/VOSB) during the U.S. government’s fiscal year 2024. This marks the 15th consecutive year that CACI has been recognized for this honor.
•CACI’s commitment to supporting veterans, National Guard and Reserve members, and military spouses remains a defining part of its culture. In 2025, that longstanding dedication was reinforced through 10 prestigious distinctions, reflecting continued efforts to create meaningful career pathways for the military-affiliated community.
Fiscal Year 2026 Guidance
The table below summarizes our fiscal year 2026 guidance and represents our views as of January 21, 2026. This guidance does not include our planned acquisition of ARKA Group.
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| (in millions, except earnings per share) |
Fiscal Year 2026 |
| Current Guidance |
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Prior Guidance |
| Revenues |
$9,300 - $9,500 |
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$9,200 - $9,400 |
Adjusted net income, a non-GAAP measure1 |
$630 - $645 |
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$605 - $625 |
Adjusted diluted earnings per share, a non-GAAP measure1 |
$28.25 - $28.92 |
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$27.13 - $28.03 |
| Diluted weighted average shares |
22.3 |
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22.3 |
Free cash flow, a non-GAAP measure2 |
at least $725 |
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at least $710 |
(1)Adjusted net income and adjusted diluted earnings per share are defined as GAAP net income and GAAP diluted EPS, respectively, excluding intangible amortization expense and the related tax impact. This non-GAAP measure should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. For additional information regarding this non-GAAP measure, see the related explanation and reconciliation to the GAAP measure included below in this release.
(2)Free cash flow is defined as net cash provided by operating activities excluding MARPA, less payments for capital expenditures. Fiscal year 2026 free cash flow guidance assumes approximately $50 million in tax benefit related to the modification of Section 174 in the One Big Beautiful Bill Act of 2025 and an approximately $40 million cash tax refund related to our method change enacted in fiscal year 2021. This non-GAAP measure should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. For additional information regarding this non-GAAP measure, see the related explanation and reconciliation to the GAAP measure included below in this release.
Conference Call Information
We have scheduled a conference call for 8:00 AM Eastern Time Thursday, January 22, 2026, during which members of our senior management will be making a brief presentation focusing on second quarter results and operating trends, followed by a question-and-answer session. You can listen to the webcast and view the accompanying exhibits on CACI’s investor relations website at http://investor.caci.com/events/default.aspx at the scheduled time. A replay of the call will also be available on CACI’s investor relations website at http://investor.caci.com/.
About CACI
CACI International Inc (NYSE: CACI) is a national security company with 26,000 talented employees who are Ever Vigilant in expanding the limits of national security. We ensure our customers’ success by delivering differentiated technology and distinctive expertise to accelerate innovation, drive speed and efficiency, and rapidly anticipate and eliminate threats. Our culture drives our success and earns us recognition as a Fortune World's Most Admired Company. We are members of the Fortune 500™, the Russell 1000 Index, and the S&P MidCap 400 Index. For more information, visit us at caci.com.
There are statements made herein that do not address historical facts and, therefore, could be interpreted to be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are subject to risk factors that could cause actual results to be materially different from anticipated results. These risk factors include, but are not limited to, the following: our reliance on U.S. government contracts, which includes general risk around the government contract procurement process (such as bid protest, small business set asides, loss of work due to organizational conflicts of interest, etc.) and termination risks; significant delays or reductions in appropriations for our programs and broader changes in U.S. government funding and spending patterns; legislation that amends or changes discretionary spending levels or budget priorities, such as for homeland security or to address global pandemics; legal, regulatory, and political change from successive presidential administrations that could result in economic uncertainty; changes in U.S. federal agencies, current agreements with other nations, foreign events, or any other events which may affect the global economy, including the impact of global pandemics; the results of government audits and reviews conducted by the Defense Contract Audit Agency, the Defense Contract Management Agency, or other governmental entities with cognizant oversight; competitive factors such as pricing pressures and/or competition to hire and retain employees (particularly those with security clearances); failure to achieve contract awards in connection with re-competes for present business and/or competition for new business; regional and national economic conditions in the United States and globally, including but not limited to: terrorist activities or war, changes in interest rates, currency fluctuations, significant fluctuations in the equity markets, and market speculation regarding our continued independence; our ability to meet contractual performance obligations, including technologically complex obligations dependent on factors not wholly within our control; limited access to certain facilities required for us to perform our work, including during a global pandemic; changes in tax law, the interpretation of associated rules and regulations, or any other events impacting our effective tax rate; changes in technology; the potential impact of the announcement or consummation of a proposed transaction and our ability to successfully integrate the operations of our recent and any future acquisitions; our ability to achieve the objectives of near term or long-term business plans; the effects of health epidemics, pandemics and similar outbreaks may have material adverse effects on our business, financial position, results of operations and/or cash flows; and other risks described in our Securities and Exchange Commission filings.
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Corporate Communications and Media: |
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Investor Relations: |
| Gino Bona, Executive Vice President, Corporate Communications |
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George Price, Senior Vice President, Investor Relations |
| (571) 597-2787, gino.bona@caci.com |
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(703) 841-7818, george.price@caci.com |
CACI International Inc
Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
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Three Months Ended |
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Six Months Ended |
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12/31/2025 |
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12/31/2024 |
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% Change |
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12/31/2025 |
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12/31/2024 |
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% Change |
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| Revenues |
$ |
2,220,097 |
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$ |
2,099,809 |
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5.7% |
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$ |
4,507,720 |
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$ |
4,156,698 |
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8.4% |
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| Costs of revenues: |
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| Direct costs |
1,495,011 |
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1,402,225 |
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6.6% |
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3,042,205 |
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2,816,649 |
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8.0% |
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| Indirect costs and selling expenses |
464,585 |
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466,661 |
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(0.4)% |
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938,441 |
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894,607 |
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4.9% |
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| Depreciation and amortization |
54,032 |
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49,625 |
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8.9% |
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108,330 |
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84,303 |
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28.5% |
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| Total costs of revenues |
2,013,628 |
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1,918,511 |
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5.0% |
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4,088,976 |
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3,795,559 |
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7.7% |
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| Income from operations |
206,469 |
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181,298 |
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13.9% |
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418,744 |
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361,139 |
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16.0% |
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| Interest expense and other, net |
44,950 |
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44,066 |
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2.0% |
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91,123 |
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68,036 |
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33.9% |
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| Income before income taxes |
161,519 |
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137,232 |
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17.7% |
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327,621 |
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293,103 |
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11.8% |
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| Income taxes |
37,664 |
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27,294 |
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38.0% |
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78,956 |
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62,988 |
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25.4% |
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| Net income |
$ |
123,855 |
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$ |
109,938 |
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12.7% |
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$ |
248,665 |
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$ |
230,115 |
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8.1% |
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| Basic earnings per share |
$ |
5.61 |
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$ |
4.90 |
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14.5% |
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$ |
11.28 |
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$ |
10.29 |
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9.6% |
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| Diluted earnings per share |
$ |
5.59 |
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$ |
4.88 |
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14.5% |
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$ |
11.22 |
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$ |
10.21 |
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9.9% |
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| Weighted average basic shares outstanding |
22,082 |
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22,414 |
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(1.5)% |
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22,038 |
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22,359 |
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(1.4)% |
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| Weighted average diluted shares outstanding |
22,145 |
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22,534 |
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(1.7)% |
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22,156 |
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22,537 |
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(1.7)% |
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CACI International Inc
Consolidated Balance Sheets (Unaudited)
(in thousands)
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12/31/2025 |
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6/30/2025 |
| ASSETS |
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| Current assets: |
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| Cash and cash equivalents |
$ |
422,976 |
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$ |
106,181 |
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| Accounts receivable, net |
1,366,321 |
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1,405,441 |
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| Prepaid expenses and other current assets |
325,380 |
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268,323 |
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| Total current assets |
2,114,677 |
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1,779,945 |
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| Goodwill |
5,017,707 |
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5,021,805 |
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| Intangible assets, net |
1,021,022 |
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1,091,276 |
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| Property, plant, and equipment, net |
207,491 |
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212,035 |
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| Operating lease right-of-use assets |
373,753 |
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343,944 |
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| Supplemental retirement savings plan assets |
103,196 |
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101,024 |
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| Other assets |
95,443 |
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97,569 |
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| Total assets |
$ |
8,933,289 |
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$ |
8,647,598 |
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| LIABILITIES AND SHAREHOLDERS’ EQUITY |
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| Current liabilities: |
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| Current portion of long-term debt |
$ |
38,750 |
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$ |
68,750 |
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| Accounts payable |
337,115 |
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381,574 |
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| Accrued compensation and benefits |
221,233 |
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282,987 |
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| Other accrued expenses and current liabilities |
475,970 |
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474,795 |
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| Total current liabilities |
1,073,068 |
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1,208,106 |
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| Long-term debt, net of current portion |
2,922,639 |
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2,849,190 |
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| Supplemental retirement savings plan obligations, net of current portion |
119,581 |
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114,261 |
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| Deferred income taxes |
191,386 |
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142,636 |
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| Operating lease liabilities |
425,961 |
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377,080 |
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| Other liabilities |
62,886 |
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62,380 |
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| Total liabilities |
4,795,521 |
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4,753,653 |
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| Total shareholders’ equity |
4,137,768 |
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3,893,945 |
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| Total liabilities and shareholders’ equity |
$ |
8,933,289 |
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$ |
8,647,598 |
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CACI International Inc
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
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Six Months Ended December 31, |
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2025 |
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2024 |
| CASH FLOWS FROM OPERATING ACTIVITIES |
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| Net income |
$ |
248,665 |
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$ |
230,115 |
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| Adjustments to reconcile net income to net cash provided by operating activities: |
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| Depreciation and amortization |
108,330 |
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84,303 |
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| Amortization of deferred financing costs |
2,633 |
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1,291 |
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| Stock-based compensation expense |
33,805 |
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31,343 |
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| Deferred income taxes |
47,428 |
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(13,352) |
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| Changes in operating assets and liabilities, net of effect of business acquisitions: |
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| Accounts receivable, net |
35,296 |
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(51,731) |
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| Prepaid expenses and other assets |
(49,731) |
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(12,995) |
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| Accounts payable and other accrued expenses |
(20,304) |
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(27,907) |
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| Accrued compensation and benefits |
(61,100) |
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(86,261) |
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| Income taxes |
(23,082) |
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|
5,077 |
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| Operating lease liabilities, net |
530 |
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(572) |
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| Long-term liabilities |
2,790 |
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1,392 |
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| Net cash provided by operating activities |
325,260 |
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160,703 |
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| CASH FLOWS FROM INVESTING ACTIVITIES |
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| Capital expenditures |
(33,058) |
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(21,400) |
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| Acquisitions of businesses, net of cash acquired |
15,800 |
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(1,569,388) |
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| Other |
158 |
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|
2,410 |
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| Net cash used in investing activities |
(17,100) |
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(1,588,378) |
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| CASH FLOWS FROM FINANCING ACTIVITIES |
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| Proceeds from borrowings |
2,025,173 |
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|
4,347,000 |
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| Principal payments on borrowings |
(1,975,298) |
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(2,824,148) |
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| Deferred financing costs |
(9,061) |
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(9,803) |
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| Proceeds from employee stock purchase plans |
7,400 |
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|
6,415 |
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| Repurchases of common stock |
(9,012) |
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(10,352) |
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| Payment of taxes for equity transactions |
(29,918) |
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(35,797) |
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| Net cash provided by financing activities |
9,284 |
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|
1,473,315 |
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| Effect of exchange rate changes on cash and cash equivalents |
(649) |
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(3,894) |
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| Net change in cash and cash equivalents |
316,795 |
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|
41,746 |
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| Cash and cash equivalents, beginning of period |
106,181 |
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|
133,961 |
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| Cash and cash equivalents, end of period |
$ |
422,976 |
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$ |
175,707 |
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Revenues by Customer Type (Unaudited)
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Three Months Ended |
| (in thousands) |
12/31/2025 |
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12/31/2024 |
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$ Change |
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% Change |
| Department of Defense |
$ |
1,152,152 |
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51.8% |
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$ |
1,118,987 |
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53.3% |
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$ |
33,165 |
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3.0% |
| Intelligence Community |
539,040 |
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24.3 |
|
527,744 |
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25.1 |
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11,296 |
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2.1 |
| Federal civilian agencies |
438,632 |
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19.8 |
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365,742 |
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17.4 |
|
72,890 |
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19.9 |
| Commercial and other |
90,273 |
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4.1 |
|
87,336 |
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4.2 |
|
2,937 |
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3.4 |
| Total |
$ |
2,220,097 |
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100.0% |
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$ |
2,099,809 |
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100.0% |
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$ |
120,288 |
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5.7% |
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Six Months Ended |
| (in thousands) |
12/31/2025 |
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12/31/2024 |
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$ Change |
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% Change |
| Department of Defense |
$ |
2,331,778 |
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51.7% |
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$ |
2,206,275 |
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53.1% |
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$ |
125,503 |
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5.7% |
| Intelligence Community |
1,135,469 |
|
|
25.2 |
|
1,062,087 |
|
|
25.6 |
|
73,382 |
|
|
6.9 |
| Federal civilian agencies |
850,362 |
|
|
18.9 |
|
717,961 |
|
|
17.3 |
|
132,401 |
|
|
18.4 |
| Commercial and other |
190,111 |
|
|
4.2 |
|
170,375 |
|
|
4.0 |
|
19,736 |
|
|
11.6 |
| Total |
$ |
4,507,720 |
|
|
100.0% |
|
$ |
4,156,698 |
|
|
100.0% |
|
$ |
351,022 |
|
|
8.4% |
Revenues by Contract Type (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
| (in thousands) |
12/31/2025 |
|
12/31/2024 |
|
$ Change |
|
% Change |
| Cost-plus-fee |
$ |
1,310,111 |
|
|
59.0% |
|
$ |
1,240,213 |
|
|
59.1% |
|
$ |
69,898 |
|
|
5.6% |
| Fixed-price |
598,017 |
|
|
26.9 |
|
602,859 |
|
|
28.7 |
|
(4,842) |
|
|
(0.8) |
| Time-and-materials |
311,969 |
|
|
14.1 |
|
256,737 |
|
|
12.2 |
|
55,232 |
|
|
21.5 |
| Total |
$ |
2,220,097 |
|
|
100.0% |
|
$ |
2,099,809 |
|
|
100.0% |
|
$ |
120,288 |
|
|
5.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
| (in thousands) |
12/31/2025 |
|
12/31/2024 |
|
$ Change |
|
% Change |
| Cost-plus-fee |
$ |
2,692,741 |
|
|
59.8% |
|
$ |
2,520,223 |
|
|
60.7% |
|
$ |
172,518 |
|
|
6.8% |
| Fixed-price |
1,209,510 |
|
|
26.8 |
|
1,078,115 |
|
|
25.9 |
|
131,395 |
|
|
12.2 |
| Time-and-materials |
605,469 |
|
|
13.4 |
|
558,360 |
|
|
13.4 |
|
47,109 |
|
|
8.4 |
| Total |
$ |
4,507,720 |
|
|
100.0% |
|
$ |
4,156,698 |
|
|
100.0% |
|
$ |
351,022 |
|
|
8.4% |
Revenues by Prime or Subcontractor (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
| (in thousands) |
12/31/2025 |
|
12/31/2024 |
|
$ Change |
|
% Change |
| Prime contractor |
$ |
2,009,569 |
|
|
90.5% |
|
$ |
1,862,098 |
|
|
88.7% |
|
$ |
147,471 |
|
|
7.9% |
| Subcontractor |
210,528 |
|
|
9.5 |
|
237,711 |
|
|
11.3 |
|
(27,183) |
|
|
(11.4) |
| Total |
$ |
2,220,097 |
|
|
100.0% |
|
$ |
2,099,809 |
|
|
100.0% |
|
$ |
120,288 |
|
|
5.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
| (in thousands) |
12/31/2025 |
|
12/31/2024 |
|
$ Change |
|
% Change |
| Prime contractor |
$ |
4,086,468 |
|
|
90.7% |
|
$ |
3,742,517 |
|
|
90.0% |
|
$ |
343,951 |
|
|
9.2% |
| Subcontractor |
421,252 |
|
|
9.3 |
|
414,181 |
|
|
10.0 |
|
$ |
7,071 |
|
|
1.7 |
| Total |
$ |
4,507,720 |
|
|
100.0% |
|
$ |
4,156,698 |
|
|
100.0% |
|
$ |
351,022 |
|
|
8.4% |
Revenues by Expertise or Technology (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
| (in thousands) |
12/31/2025 |
|
12/31/2024 |
|
$ Change |
|
% Change |
| Expertise |
$ |
924,201 |
|
|
41.6% |
|
$ |
925,900 |
|
|
44.1% |
|
$ |
(1,699) |
|
|
(0.2)% |
| Technology |
1,295,896 |
|
|
58.4 |
|
1,173,909 |
|
|
55.9 |
|
121,987 |
|
|
10.4 |
| Total |
$ |
2,220,097 |
|
|
100.0% |
|
$ |
2,099,809 |
|
|
100.0% |
|
$ |
120,288 |
|
|
5.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
| (in thousands) |
12/31/2025 |
|
12/31/2024 |
|
$ Change |
|
% Change |
| Expertise |
$ |
1,911,092 |
|
|
42.4% |
|
$ |
1,914,165 |
|
|
46.1% |
|
$ |
(3,073) |
|
|
(0.2)% |
| Technology |
2,596,628 |
|
|
57.6 |
|
2,242,533 |
|
|
53.9 |
|
354,095 |
|
|
15.8 |
| Total |
$ |
4,507,720 |
|
|
100.0% |
|
$ |
4,156,698 |
|
|
100.0% |
|
$ |
351,022 |
|
|
8.4% |
Contract Awards (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
| (in thousands) |
12/31/2025 |
|
12/31/2024 |
|
$ Change |
|
% Change |
| Contract Awards |
$ |
1,441,956 |
|
|
$ |
1,168,955 |
|
|
$ |
273,001 |
|
|
23.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
| (in thousands) |
12/31/2025 |
|
12/31/2024 |
|
$ Change |
|
% Change |
| Contract Awards |
$ |
6,440,640 |
|
|
$ |
4,508,590 |
|
|
$ |
1,932,050 |
|
|
42.9% |
Note: Some percentages may vary slightly due to rounding.
Reconciliation of Net Income to Adjusted Net Income and Diluted EPS to Adjusted Diluted EPS (Unaudited)
Adjusted net income and adjusted diluted EPS are non-GAAP performance measures. We define adjusted net income and adjusted diluted EPS as GAAP net income and GAAP diluted EPS, respectively, excluding intangible amortization expense and the related tax impact as we do not consider intangible amortization expense to be indicative of our operating performance. We believe that these performance measures provide management and investors with useful information in assessing trends in our ongoing operating performance, provide greater visibility in understanding the long-term financial performance of the Company, and allow investors to more easily compare our results to results of our peers. These non-GAAP measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except per share data) |
Three Months Ended |
|
Six Months Ended |
|
|
12/31/2025 |
|
12/31/2024 |
|
% Change |
|
12/31/2025 |
|
12/31/2024 |
|
% Change |
|
|
Net income, as reported |
$ |
123,855 |
|
|
$ |
109,938 |
|
|
12.7% |
|
$ |
248,665 |
|
|
$ |
230,115 |
|
|
8.1% |
|
|
Intangible amortization expense |
35,984 |
|
|
32,442 |
|
|
10.9 |
|
72,017 |
|
|
50,449 |
|
|
42.8 |
|
|
Tax effect of intangible amortization1 |
(9,092) |
|
|
(8,197) |
|
|
10.9 |
|
(18,196) |
|
|
(12,746) |
|
|
42.8 |
|
|
Adjusted net income |
$ |
150,747 |
|
|
$ |
134,183 |
|
|
12.3% |
|
$ |
302,486 |
|
|
$ |
267,818 |
|
|
12.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
12/31/2025 |
|
12/31/2024 |
|
% Change |
|
12/31/2025 |
|
12/31/2024 |
|
% Change |
|
|
Diluted EPS, as reported |
$ |
5.59 |
|
|
$ |
4.88 |
|
|
14.5% |
|
$ |
11.22 |
|
|
$ |
10.21 |
|
|
9.9% |
|
|
Intangible amortization expense |
1.62 |
|
|
1.44 |
|
|
12.5 |
|
3.25 |
|
|
2.24 |
|
|
45.1 |
|
|
Tax effect of intangible amortization1 |
(0.40) |
|
|
(0.37) |
|
|
8.1 |
|
(0.82) |
|
|
(0.57) |
|
|
43.9 |
|
|
Adjusted diluted EPS |
$ |
6.81 |
|
|
$ |
5.95 |
|
|
14.5% |
|
$ |
13.65 |
|
|
$ |
11.88 |
|
|
14.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY26 Guidance Range |
|
|
|
|
|
|
|
|
(in millions, except per share data) |
Low End |
|
|
|
High End |
|
|
|
|
|
|
|
|
Net income, as reported |
$ |
524 |
|
|
--- |
|
$ |
539 |
|
|
|
|
|
|
|
|
|
Intangible amortization expense |
142 |
|
|
--- |
|
142 |
|
|
|
|
|
|
|
|
|
Tax effect of intangible amortization1 |
(36) |
|
|
--- |
|
(36) |
|
|
|
|
|
|
|
|
|
Adjusted net income |
$ |
630 |
|
|
--- |
|
$ |
645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY26 Guidance Range |
|
|
|
|
|
|
|
|
|
Low End |
|
|
|
High End |
|
|
|
|
|
|
|
|
Diluted EPS, as reported |
$ |
23.50 |
|
|
--- |
|
$ |
24.17 |
|
|
|
|
|
|
|
|
|
Intangible amortization expense |
6.37 |
|
|
--- |
|
6.37 |
|
|
|
|
|
|
|
|
|
Tax effect of intangible amortization1 |
(1.62) |
|
|
--- |
|
(1.62) |
|
|
|
|
|
|
|
|
|
Adjusted diluted EPS |
$ |
28.25 |
|
|
--- |
|
$ |
28.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Calculation uses an assumed full year statutory tax rate of 25.3% on non-GAAP tax deductible adjustments for December 31, 2025 and 2024.
Note: Numbers may not sum due to rounding.
Reconciliation of Net Income to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (Unaudited)
The Company views EBITDA and EBITDA margin, both of which are defined as non-GAAP measures, as important indicators of performance, consistent with the manner in which management measures and forecasts the Company’s performance. EBITDA is a commonly used non-GAAP measure when comparing our results with those of other companies. We define EBITDA as GAAP net income plus net interest expense, income taxes, and depreciation and amortization expense (including depreciation within direct costs). We consider EBITDA to be a useful metric for management and investors to evaluate and compare the ongoing operating performance of our business on a consistent basis across reporting periods, as it eliminates the effect of non-cash items such as depreciation of tangible assets and amortization of intangible assets primarily recognized in business combinations, which we do not believe are indicative of our operating performance. EBITDA margin is EBITDA divided by revenue. These non-GAAP measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
(in thousands) |
12/31/2025 |
|
12/31/2024 |
|
% Change |
|
12/31/2025 |
|
12/31/2024 |
|
% Change |
|
|
Net income |
$ |
123,855 |
|
|
$ |
109,938 |
|
12.7% |
|
$ |
248,665 |
|
|
$ |
230,115 |
|
|
8.1% |
|
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
37,664 |
|
|
27,294 |
|
|
38.0 |
|
78,956 |
|
|
62,988 |
|
|
25.4 |
|
|
Interest income and expense, net |
44,950 |
|
|
44,066 |
|
|
2.0 |
|
91,123 |
|
|
68,036 |
|
|
33.9 |
|
|
Depreciation and amortization expense, including amounts within direct costs |
56,098 |
|
|
51,564 |
|
|
8.8 |
|
112,436 |
|
|
87,614 |
|
|
28.3 |
|
|
EBITDA |
$ |
262,567 |
|
|
$ |
232,862 |
|
|
12.8% |
|
$ |
531,180 |
|
|
$ |
448,753 |
|
|
18.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
(in thousands) |
12/31/2025 |
|
12/31/2024 |
|
% Change |
|
12/31/2025 |
|
12/31/2024 |
|
% Change |
|
|
Revenues, as reported |
$ |
2,220,097 |
|
|
$ |
2,099,809 |
|
|
5.7% |
|
$ |
4,507,720 |
|
|
$ |
4,156,698 |
|
|
8.4% |
|
|
EBITDA |
262,567 |
|
232,862 |
|
12.8 |
|
531,180 |
|
448,753 |
|
18.4 |
|
|
EBITDA margin |
11.8% |
|
11.1% |
|
|
|
11.8% |
|
10.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Cash Provided by Operating Activities to Net Cash Provided by Operating Activities Excluding MARPA and to Free Cash Flow (Unaudited)
The Company defines net cash provided by operating activities excluding MARPA, a non-GAAP measure, as net cash provided by operating activities calculated in accordance with GAAP, adjusted to exclude cash flows from CACI’s MARPA for the sale of certain designated eligible U.S. government receivables up to a maximum amount of $350.0 million. Free cash flow is a non-GAAP liquidity measure and may not be comparable to similarly titled measures used by other companies. The Company defines free cash flow as net cash provided by operating activities excluding MARPA, less payments for capital expenditures. The Company uses these non-GAAP measures to assess our ability to generate cash from our business operations and plan for future operating and capital actions. We believe these measures allow investors to more easily compare current period results to prior period results and to results of our peers. Free cash flow does not represent residual cash flows available for discretionary purposes and should not be used as a substitute for cash flow measures prepared in accordance with GAAP.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
(in thousands) |
12/31/2025 |
|
12/31/2024 |
|
12/31/2025 |
|
12/31/2024 |
|
|
Net cash provided by operating activities |
$ |
154,195 |
|
|
$ |
126,042 |
|
|
$ |
325,260 |
|
|
$ |
160,703 |
|
|
|
Cash used in (provided by) MARPA |
— |
|
|
(50,051) |
|
|
(11,091) |
|
|
(23,841) |
|
|
|
Net cash provided by operating activities excluding MARPA |
154,195 |
|
|
75,991 |
|
|
314,169 |
|
|
136,862 |
|
|
|
Capital expenditures |
(16,044) |
|
|
(9,924) |
|
|
(33,058) |
|
|
(21,400) |
|
|
|
Free cash flow |
$ |
138,151 |
|
|
$ |
66,067 |
|
|
$ |
281,111 |
|
|
$ |
115,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY26 Guidance |
|
|
|
|
|
|
(in millions) |
Current |
|
Prior |
|
|
|
|
|
|
Net cash provided by operating activities |
$ |
810 |
|
|
$ |
795 |
|
|
|
|
|
|
|
Cash used in (provided by) MARPA |
— |
|
|
— |
|
|
|
|
|
|
|
Net cash provided by operating activities excluding MARPA |
810 |
|
|
795 |
|
|
|
|
|
|
|
Capital expenditures |
(85) |
|
|
(85) |
|
|
|
|
|
|
|
Free cash flow |
$ |
725 |
|
|
$ |
710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
エドガーで原本を確認する