Parsons Corp filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $6.3 billion, which fell 2.7% on the year before. That growth rate was up 3.2 percentage points on the rate a quarter earlier.
Source: SEC EDGAR XBRL company facts. Latest period shown: FY26 Q3.
View chart data
| Period | Revenue growth, TTM YoY | Operating margin (TTM) | FCF margin (TTM) |
|---|---|---|---|
| FY24 Q4 | 24.0% | 6.3% | 7.0% |
| FY25 Q1 | 16.6% | 6.4% | 7.7% |
| FY25 Q2 | 9.2% | 6.3% | 7.8% |
| FY25 Q3 | -0.2% | 6.4% | 5.9% |
| FY25 Q4 | -5.7% | 6.6% | 6.4% |
| FY26 Q1 | -6.9% | 6.4% | 6.6% |
| FY26 Q2 | -5.8% | 4.9% | 4.9% |
| FY26 Q3 | -2.7% | 4.8% | 6.5% |
What stands out in the filings
Net income fell 38.5% over the year while free cash flow rose 6.9%, indicating that reported profit and cash are moving at different speeds. Capital spending rose 47.6%, faster than operating cash flow’s 12.0%, so less of the cash generated was left over.
What the company earns
Profit and cash are telling different stories: cash flow rose while earnings fell. The trailing gross margin was 22.2%. The trailing operating margin was 4.8%, down 1.5 percentage points from a year earlier. Alongside that, the trailing net margin was 2.3%. Net income over the twelve months was $147.4 million, which fell 38.5% on the year before.
The cash picture
Investment is rising faster than operating cash flow, squeezing what is left for shareholders. Operating cash flow over the twelve months was $490.1 million, up 12.0% on the year before. Capital spending was $80.9 million, or 1.3% of revenue. Free cash flow, operating cash flow less capital spending, was $409.2 million, up 6.9% on the year before. Free cash flow was 6.5% of revenue (the free-cash-flow margin), up 0.6 percentage points from a year earlier.
Shares outstanding
The average diluted share count fell 2.6% over the year.
Against its own history
Set against the company’s own record: today’s free-cash-flow margin of 6.5% is higher than 55% of the company’s own past quarterly readings, which have ranged from 2.3% to 9.1%. Today’s operating margin of 4.8% is higher than 58% of past readings (2.3% to 6.6%). Today’s twelve-month revenue growth rate of −2.7% is higher than 26% of past readings (−8.0% to 31.3%).
Guidance
The company lowered its fiscal year 2026 guidance for revenue to a range of $6.2 billion to $6.5 billion, for adjusted EBITDA including non-controlling interest to a range of $500.0 million to $560.0 million, and for cash flow from operating activities to a range of $430.0 million to $490.0 million.
The valuation angle
Our model translates these figures into value. In our model, growth 5 percentage points lower would lower the value by 29.8%, and 5 percentage points higher would raise it by 39.1%. A free-cash-flow margin 1 percentage point lower would lower it by 16.3%.
What to watch
The next filing will show whether the trends above continue, slow or reverse.
