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CACI Reports Results for Its Fiscal 2026 Third QuarterApril 22, 2026 4:15 PM
Business Wire
Revenues of $2.4 billion, up 8.5% YoY
Net income of $130.4 million; Diluted EPS of $5.88, up 17.6% YoY
Adjusted net income of $161.1 million; Adjusted diluted EPS of $7.27, up 16.7% YoY
EBITDA of $289.7 million and EBITDA margin of 12.3%, which includes $17.4 million of ARKA-related transaction expenses
Raising fiscal year 2026 revenue and EBITDA margin guidance
CACI International Inc (NYSE: CACI) announced results today for its fiscal third quarter ended March 31, 2026.
“CACI delivered another outstanding quarter, reflecting the strength of our strategy and our continued ability to win in the market with differentiated capabilities and exceptional execution. Closing the ARKA Group acquisition represents another significant strategic step in advancing our ability to address our customers’ most critical missions in high-growth, high-demand markets,” said John Mengucci, CACI President and Chief Executive Officer. “We are raising our full year revenue guidance to reflect the addition of ARKA, and raising our EBITDA margin guidance to reflect the stronger performance of our organic business. In addition, we are reaffirming our free cash flow guidance even as we absorb additional costs from the ARKA transaction. Our strong results reinforce our confidence in achieving our Fiscal Year 2026 guidance, our 3-year targets, and in our ability to deliver long-term value for our customers and shareholders.”
Third Quarter Results
Three Months Ended
(in millions, except earnings per share and DSO)
3/31/2026
3/31/2025
% Change3
Revenues
$
2,351.0
$
2,167.0
8.5
%
Income from operations
$
228.9
$
196.4
16.6
%
Net income
$
130.4
$
111.9
16.6
%
Adjusted net income, a non-GAAP measure1
$
161.1
$
139.3
15.6
%
Diluted earnings per share
$
5.88
$
5.00
17.6
%
Adjusted diluted earnings per share, a non-GAAP measure1
$
7.27
$
6.23
16.7
%
Earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measure1
$
289.7
$
253.5
14.3
%
Net cash provided by operating activities excluding MARPA, a non-GAAP measure1
$
248.3
$
204.2
21.6
%
Free cash flow, a non-GAAP measure1
$
221.4
$
187.9
17.8
%
Days sales outstanding (DSO)2
55
55
(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 March 31, 2026 and 2025, exclude the impact of the Company's Master Accounts Receivable Purchase Agreement (MARPA), which was 8 days and 9 days, respectively.
(3)
Percentages are calculated using the underlying whole dollar amounts. Some percentages may vary slightly due to rounding.
Revenues in the third quarter of fiscal year 2026 increased 8.5% year-over-year, driven by 6.8% 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.
Third Quarter Contract Awards
Contract awards in the third quarter totaled $2.2 billion, with approximately 26% 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 a contract valued at up to $371 million to extend its work providing support to an intelligence community customer for two years, with an additional one-year option.
CACI was awarded a five-year task order valued at up to $306 million to continue providing software development and sustainment to the Defense Agencies Initiative’s (DAI) Global Model for the Defense Logistics Agency (DLA), delivering financial standardization and data transparency needed to drive operational efficiencies and transform the financial operations for Department of War (DoW) agencies.
CACI was awarded a seven-year technology contract valued at up to $287 million to drive the next phase of modernization for the U.S. Army’s Integrated Personnel and Pay System – Army (IPPS-A). CACI will provide advanced Agile, software-defined solutions that accelerate feature releases, enhance quality, boost flexibility and adaptability, and strengthen confidence across the Army.
CACI was awarded a base year technology task order with four option years valued at up to $231 million continuing nearly two decades of service to the U.S. Special Operations Command. CACI will deliver accurate, near-real-time satellite communications support providing program visibility to the Naval Information Warfare Center (NIWC) Atlantic.
CACI was awarded a five-year expertise task order valued at up to $85 million to continue providing critical engineering and technical support to ships, submarines, and other naval vehicles for the U.S. Navy Naval Surface Warfare Center (NSWC) Carderock Division’s Naval Architecture and Engineering Department.
Total backlog as of March 31, 2026, was $33.4 billion compared with $31.4 billion a year ago, an increase of 6.4%. Funded backlog as of March 31, 2026, was $5.0 billion compared with $4.2 billion a year ago, an increase of 19.0%.
Additional Highlights
CACI completed its acquisition of ARKA Group L.P. (ARKA) in an all-cash transaction for $2.6 billion. ARKA provides industry-leading electro-optical/infrared (EO/IR) and hyperspectral imaging capabilities, and Agentic AI-based software, that deliver robust geospatial intelligence for critical national security missions. With ARKA’s decades-long track record of superior performance, CACI immediately expands its portfolio of national security space programs and strengthens its market position.
CACI’s Spectral program has successfully achieved Milestone C after completing a rigorous review by the U.S. Navy’s Program Executive Office for Command, Control, Communications, Computers, and Intelligence (PEO C4I). CACI partnered with PEO C4I’s Program Manager Warfare Battlespace Awareness and Information Operations Program Office (PMW 120), to achieve this historic accomplishment, marking the start of the program’s low-rate initial production (LRIP) and deployment phase, a defining step toward placing this critical electronic warfare (EW) technology in the hands of U.S. sailors.
CACI contributed advanced optical communications to NASA’s historic Artemis II mission, enabling real-time high-definition video and data transmission between the Orion spacecraft and Earth through the company’s O2O laser communications payload, marking a major leap forward in next-generation deep-space connectivity. Also, CACI’s recent acquisition, ARKA Group, contributed critical cryogenic-level sensing technology to the SLS rocket supporting precise propellant-level measurement and helps enable engine shutdown determination during ascent.
CACI successfully migrated the Defense Agencies Initiative’s mission-critical workloads from the Defense Information Systems Agency enclave to the Oracle Cloud Infrastructure (OCI). This migration provides a modern platform for continued growth and innovation to the DAI user community furthering their commitment to financial accountability and integrity, positioning United States DoW agencies toward greater transparency and continuous audit readiness.
The U.S. Marine Corps received another clean audit for its fiscal year 2025, marking its third consecutive unmodified audit opinion with CACI’s support. The USMC remains the first and only military service within the United States Department of War to achieve this outcome, leveraging DAI’s single financial management ERP system.
CACI was named a Fortune World’s Most Admired Company for the ninth consecutive year, marking the company’s 15th appearance on the list. CACI achieved impressive results for its innovation, leadership, financial soundness, and quality of its technology. This year, CACI advanced to sixth place in its category, which reflects the company’s deliberate strategy, informed investments, and flexible and opportunistic capital deployment. These actions have expanded CACI’s technology portfolio that sets it apart from its peers to deliver the art of the possible.
The Intelligence and National Security Alliance (INSA) named Meisha Lutsey, CACI executive vice president of mission and engineering support, to its Board of Directors. Lutsey has more than three decades of experience in operations management for defense, intelligence, and federal civilian customers around the world. In her current role, Lutsey and her team support frontline national security efforts, advancing some of the country’s most critical missions across a diverse portfolio of programs.
Fiscal Year 2026 Guidance
The table below summarizes our fiscal year 2026 guidance and represents our views as of April 22, 2026. Our current guidance now includes the expected contribution from our acquisition of ARKA Group, which closed on March 9, 2026, including revenue of approximately $150 million, as well as related transaction expenses and additional interest expense. In addition, our current guidance reflects an EBITDA margin range of 11.8% to 11.9%, which is an increase from our prior EBITDA margin expectations of 11.7% to 11.8%.
(in millions, except earnings per share)
Fiscal Year 2026
Current Guidance
Prior Guidance
Revenues
$9,500 - $9,600
$9,300 - $9,500
Adjusted net income, a non-GAAP measure1
$615 - $630
$630 - $645
Adjusted diluted earnings per share, a non-GAAP measure1
$27.70 -$28.38
$28.25 - $28.92
Diluted weighted average shares
22.2
22.3
Free cash flow, a non-GAAP measure2
at least $725
at least $725
(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 a.m. Eastern time Thursday, April 23, 2026, during which members of our senior management will be making a brief presentation focusing on third quarter results and operating trends, followed by a question-and-answer session. You can listen to the webcast and view additional information provided in the accompanying slide 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 27,000 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.
CACI International Inc
Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
Three Months Ended
Nine Months Ended
3/31/2026
3/31/2025
% Change
3/31/2026
3/31/2025
% Change
Revenues
$
2,351,002
$
2,166,982
8.5
%
$
6,858,722
$
6,323,680
8.5
%
Costs of revenues:
Direct costs
1,553,169
1,434,735
8.3
4,595,374
4,251,384
8.1
Indirect costs and selling expenses
510,182
480,917
6.1
1,448,623
1,375,524
5.3
Depreciation and amortization
58,774
54,961
6.9
167,104
139,264
20.0
Total costs of revenues
2,122,125
1,970,613
7.7
6,211,101
5,766,172
7.7
Income from operations
228,877
196,369
16.6
647,621
557,508
16.2
Interest expense and other, net
52,267
45,117
15.8
143,390
113,153
26.7
Income before income taxes
176,610
151,252
16.8
504,231
444,355
13.5
Income taxes
46,217
39,392
17.3
125,173
102,380
22.3
Net income
$
130,393
$
111,860
16.6
%
$
379,058
$
341,975
10.8
%
Basic earnings per share
$
5.90
$
5.02
17.5
%
$
17.19
$
15.31
12.3
%
Diluted earnings per share
$
5.88
$
5.00
17.6
%
$
17.11
$
15.21
12.5
%
Weighted average basic shares outstanding
22,087
22,279
(0.9
)%
22,054
22,332
(1.2
)%
Weighted average diluted shares outstanding
22,165
22,383
(1.0
)%
22,158
22,485
(1.5
)%
CACI International Inc
Consolidated Balance Sheets (Unaudited)
(in thousands)
3/31/2026
6/30/2025
ASSETS
Current assets:
Cash and cash equivalents
$
157,996
$
106,181
Accounts receivable, net
1,506,780
1,405,441
Prepaid expenses and other current assets
378,023
268,323
Total current assets
2,042,799
1,779,945
Goodwill
6,466,549
5,021,805
Intangible assets, net
2,163,214
1,091,276
Property, plant, and equipment, net
340,824
212,035
Operating lease right-of-use assets
389,041
343,944
Supplemental retirement savings plan assets
102,978
101,024
Other assets
97,442
97,569
Total assets
$
11,602,847
$
8,647,598
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt
$
46,750
$
68,750
Accounts payable
359,322
381,574
Accrued compensation and benefits
291,536
282,987
Other accrued expenses and current liabilities
569,145
474,795
Total current liabilities
1,266,753
1,208,106
Long-term debt, net of current portion
5,133,827
2,849,190
Supplemental retirement savings plan obligations, net of current portion
117,531
114,261
Deferred income taxes
306,319
142,636
Operating lease liabilities
435,417
377,080
Other liabilities
62,890
62,380
Total liabilities
7,322,737
4,753,653
Total shareholders’ equity
4,280,110
3,893,945
Total liabilities and shareholders’ equity
$
11,602,847
$
8,647,598
CACI International Inc
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Nine Months Ended March 31,
2026
2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income
$
379,058
$
341,975
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
167,104
139,264
Amortization of deferred financing costs
3,826
2,134
Stock-based compensation expense
53,361
44,108
Deferred income taxes
72,121
(7,813
)
Changes in operating assets and liabilities, net of effect of business acquisitions:
Accounts receivable, net
10,137
(90,185
)
Prepaid expenses and other assets
(61,343
)
359
Accounts payable and other accrued expenses
(90,256
)
(3,759
)
Accrued compensation and benefits
(2,912
)
(44,238
)
Income taxes
(28,083
)
6,685
Operating lease liabilities, net
4,986
389
Long-term liabilities
445
2,108
Net cash provided by operating activities
508,444
391,027
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures
(59,876
)
(37,640
)
Acquisitions of businesses, net of cash acquired
(2,625,424
)
(1,642,075
)
Other
158
2,410
Net cash used in investing activities
(2,685,142
)
(1,677,305
)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings
5,069,751
5,833,500
Principal payments on borrowings
(2,781,486
)
(4,257,835
)
Deferred financing costs
(21,752
)
(9,803
)
Proceeds from employee stock purchase plans
10,523
9,668
Repurchases of common stock
(12,714
)
(163,998
)
Payment of taxes for equity transactions
(31,231
)
(37,058
)
Other
(2,772
)
—
Net cash provided by financing activities
2,230,319
1,374,474
Effect of exchange rate changes on cash and cash equivalents
(1,806
)
1,740
Net change in cash and cash equivalents
51,815
89,936
Cash and cash equivalents, beginning of period
106,181
133,961
Cash and cash equivalents, end of period
$
157,996
$
223,897
Revenues by Customer Type (Unaudited)
Three Months Ended
(in thousands)
3/31/2026
3/31/2025
$ Change
% Change
Department of Defense
$
1,295,628
55.1
%
$
1,180,820
54.5
%
$
114,808
9.7
%
Intelligence Community
582,235
24.8
552,796
25.5
29,439
5.3
Federal civilian agencies
373,582
15.9
350,044
16.2
23,538
6.7
Commercial and other
99,557
4.2
83,322
3.8
16,235
19.5
Total
$
2,351,002
100.0
%
$
2,166,982
100.0
%
$
184,020
8.5
%
Nine Months Ended
(in thousands)
3/31/2026
3/31/2025
$ Change
% Change
Department of Defense
$
3,627,406
53.0
%
$
3,387,095
53.6
%
$
240,311
7.1
%
Intelligence Community
1,717,704
25.0
1,614,883
25.5
102,821
6.4
Federal civilian agencies
1,223,944
17.8
1,068,005
16.9
155,939
14.6
Commercial and other
289,668
4.2
253,697
4.0
35,971
14.2
Total
$
6,858,722
100.0
%
$
6,323,680
100.0
%
$
535,042
8.5
%
Revenues by Contract Type (Unaudited)
Three Months Ended
(in thousands)
3/31/2026
3/31/2025
$ Change
% Change
Cost-plus-fee
$
1,273,227
54.2
%
$
1,316,805
60.7
%
$
(43,578
)
(3.3
)%
Fixed-price
749,908
31.9
573,464
26.5
176,444
30.8
Time-and-materials
327,867
13.9
276,713
12.8
51,154
18.5
Total
$
2,351,002
100.0
%
$
2,166,982
100.0
%
$
184,020
8.5
%
Nine Months Ended
(in thousands)
3/31/2026
3/31/2025
$ Change
% Change
Cost-plus-fee
$
3,965,968
57.8
%
$
3,837,028
60.7
%
$
128,940
3.4
%
Fixed-price
1,959,418
28.6
1,651,579
26.1
307,839
18.6
Time-and-materials
933,336
13.6
835,073
13.2
98,263
11.8
Total
$
6,858,722
100.0
%
$
6,323,680
100.0
%
$
535,042
8.5
%
Revenues by Prime or Subcontractor (Unaudited)
Three Months Ended
(in thousands)
3/31/2026
3/31/2025
$ Change
% Change
Prime contractor
$
2,125,078
90.4
%
$
1,955,753
90.3
%
$
169,325
8.7
%
Subcontractor
225,924
9.6
211,229
9.7
14,695
7.0
Total
$
2,351,002
100.0
%
$
2,166,982
100.0
%
$
184,020
8.5
%
Nine Months Ended
(in thousands)
3/31/2026
3/31/2025
$ Change
% Change
Prime contractor
$
6,211,546
90.6
%
$
5,698,270
90.1
%
$
513,276
9.0
%
Subcontractor
647,176
9.4
625,410
9.9
21,766
3.5
Total
$
6,858,722
100.0
%
$
6,323,680
100.0
%
$
535,042
8.5
%
Revenues by Expertise or Technology (Unaudited)
Three Months Ended
(in thousands)
3/31/2026
3/31/2025
$ Change
% Change
Expertise
$
1,023,728
43.5
%
$
973,037
44.9
%
$
50,691
5.2
%
Technology
1,327,274
56.5
1,193,945
55.1
133,329
11.2
Total
$
2,351,002
100.0
%
$
2,166,982
100.0
%
$
184,020
8.5
%
Nine Months Ended
(in thousands)
3/31/2026
3/31/2025
$ Change
% Change
Expertise
$
2,934,820
42.8
%
$
2,887,202
45.7
%
$
47,618
1.6
%
Technology
3,923,902
57.2
3,436,478
54.3
487,424
14.2
Total
$
6,858,722
100.0
%
$
6,323,680
100.0
%
$
535,042
8.5
%
Contract Awards (Unaudited)
Three Months Ended
(in thousands)
3/31/2026
3/31/2025
$ Change
% Change
Contract Awards
$
2,160,503
$
2,496,253
$
(335,750
)
(13.5
)%
Nine Months Ended
(in thousands)
3/31/2026
3/31/2025
$ Change
% Change
Contract Awards
$
8,601,143
$
7,004,843
$
1,596,300
22.8
%
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
Nine Months Ended
3/31/2026
3/31/2025
% Change
3/31/2026
3/31/2025
% Change
Net income, as reported
$
130,393
$
111,860
16.6
%
$
379,058
$
341,975
10.8
%
Intangible amortization expense
41,023
36,765
11.6
113,040
87,214
29.6
Tax effect of intangible amortization1
(10,365
)
(9,289
)
11.6
(28,561
)
(22,035
)
29.6
Adjusted net income
$
161,051
$
139,336
15.6
%
$
463,537
$
407,154
13.8
%
Three Months Ended
Nine Months Ended
3/31/2026
3/31/2025
% Change
3/31/2026
3/31/2025
% Change
Diluted EPS, as reported
$
5.88
$
5.00
17.6
%
$
17.11
$
15.21
12.5
%
Intangible amortization expense
1.85
1.64
12.8
5.10
3.88
31.4
Tax effect of intangible amortization1
(0.46
)
(0.41
)
12.2
(1.29
)
(0.98
)
31.6
Adjusted diluted EPS
$
7.27
$
6.23
16.7
%
$
20.92
$
18.11
15.5
%
FY26 Guidance Range
(in millions, except per share data)
Low End
High End
Net income, as reported
$
481
---
$
496
Intangible amortization expense
180
---
180
Tax effect of intangible amortization1
(46
)
---
(46
)
Adjusted net income
$
615
---
$
630
FY26 Guidance Range
Low End
High End
Diluted EPS, as reported
$
21.67
---
$
22.34
Intangible amortization expense
8.11
---
8.11
Tax effect of intangible amortization1
(2.07
)
---
(2.07
)
Adjusted diluted EPS
$
27.70
---
$
28.38
(1)
Calculation uses an assumed full year statutory tax rate of 25.3% on non-GAAP tax deductible adjustments for March 31, 2026 and 2025.
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
Nine Months Ended
(in thousands)
3/31/2026
3/31/2025
% Change
3/31/2026
3/31/2025
% Change
Net income
$
130,393
$
111,860
16.6
%
$
379,058
$
341,975
10.8
%
Plus:
Income taxes
46,217
39,392
17.3
125,173
102,380
22.3
Interest income and expense, net
52,267
45,117
15.8
143,390
113,153
26.7
Depreciation and amortization expense, including amounts within direct costs
60,793
57,136
6.4
173,229
144,750
19.7
EBITDA
$
289,670
$
253,505
14.3
%
$
820,850
$
702,258
16.9
%
Three Months Ended
Nine Months Ended
(in thousands)
3/31/2026
3/31/2025
% Change
3/31/2026
3/31/2025
% Change
Revenues, as reported
$
2,351,002
$
2,166,982
8.5
%
$
6,858,722
$
6,323,680
8.5
%
EBITDA
289,670
253,505
14.3
820,850
702,258
16.9
EBITDA margin
12.3
%
11.7
%
12.0
%
11.1
%
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
Nine Months Ended
(in thousands)
3/31/2026
3/31/2025
3/31/2026
3/31/2025
Net cash provided by operating activities
$
183,184
$
230,324
$
508,444
$
391,027
Cash used in (provided by) MARPA
65,073
(26,159
)
53,982
(50,000
)
Net cash provided by operating activities excluding MARPA
248,257
204,165
562,426
341,027
Capital expenditures
(26,818
)
(16,240
)
(59,876
)
(37,640
)
Free cash flow
$
221,439
$
187,925
$
502,550
$
303,387
FY26 Guidance
(in millions)
Current
Prior
Net cash provided by operating activities
$
820
$
810
Cash used in (provided by) MARPA
—
—
Net cash provided by operating activities excluding MARPA
820
810
Capital expenditures
(95
)
(85
)
Free cash flow
$
725
$
725
View source version on businesswire.com: https://www.businesswire.com/news/home/20260422200925/en/
Corporate Communications and Media:
Gino Bona, Executive Vice President, Corporate Communications
(571) 597-2787, gino.bona@caci.com
Investor Relations:
George Price, Senior Vice President, Investor Relations
(703) 841-7818, george.price@caci.com
Original: CACI Reports Results for Its Fiscal 2026 Third Quarter
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