Parsons beats Q3 profit estimate and narrows 2026 guidance as CFO steps down
Revenue came in at $1.65 billion, in line with what was expected.
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Parsons reported third-quarter earnings of $0.89 a share, $0.09 more than expected. Revenue was $1.65 billion, matching expectations. The profit beat therefore came from lines below the top line, not from higher sales.
Chair, President and CEO Carey Smith said record adjusted EBITDA, bookings and backlog reflect the resilience of the company's diversified portfolio. She said the results give Parsons a foundation for continued organic growth across both of its segments.
Parsons narrowed its fiscal 2026 revenue guidance to $6.25 billion to $6.45 billion, from $6.20 billion to $6.50 billion. The midpoint of that range is unchanged. It also narrowed adjusted EBITDA guidance to $510 million to $550 million, from $500 million to $560 million, with the midpoint unchanged. The floor of the EBITDA range rose by $10 million. Operating cash flow guidance of $430 million to $490 million was reaffirmed.
Chief Financial Officer Matt Ofilos will leave Parsons on November 6, 2026. George Ball, who was CFO from 2008 to 2022, will take the role on an interim basis. The change is a leadership transition. The guidance changes are narrow, not upgrades, so the next test is whether the record results management points to carry through into the narrowed fiscal 2026 ranges.
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