Parsons Corp. (PSN): 2Q26 First Take: Segment charges drive core miss and lower guidance

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Equity Research

29 July 2026 | 8:01AM EDT

Parsons Corp. (PSN): 2Q26 First Take: Segment charges drive core miss

and lower guidance

Bottom Line: PSN 2Q26 revenue is 2% below FactSet consensus, and adj. EBITDA

and EPS are below, driven by charges in both of the segments. In FS, PSN recorded a

$77.5mn pre-tax loss on two contracts currently held for sale. In CI, PSN recorded a

$40.9mn pre-tax charge on a project being performed as part of a JV (PSN cited

historic rainfall and program delays). Excluding the impact of those contract

divestitures and program charges, revenue is still slightly below consensus, while adj.

EBITDA ($160.6mn) and adj. EPS ($0.86) are above. Revenue was down 5%

organically in the quarter (FS down 14% organically, CI up 4% organically). Total

reported book to bill is 1.2X (1.1X LTM). PSN updated its 2026 guidance, with

revenue, adj. EBITDA, and cash from ops below consensus, while normalized adjusted

EBITDA brackets consensus.

Details: Revenue of $1.58bn is down 5% organically yoy and 2% below FactSet

consensus, with Federal Solutions down 14% and Critical Infrastructure up 4%

organically. Adjusted total EBITDA of $42mn is 72% below consensus of $153mn, on

a 2.7% margin (down 710bps yoy and 684bps below consensus). Total reported

book to bill is 1.2X (1.1X LTM), with FS at 1.3X and CI at 1.1X; total backlog of $9.3bn

is up 4% yoy. Book-to-bill implied by change in backlog is 0.97X (1.06X TTM). Cash

from operations is $58mn in the quarter vs. our modeled $95mn. PSN lowered its

2026 guidance, including revenue of $6.2-$6.5bn ($6.5-$6.8bn prior, vs. consensus

at $6.65bn), adj. EBITDA of $500-$560mn ($615-$675mn prior, vs. consensus at

$653mn), and cash from ops of $430-$490mn ($470-$530mn prior, vs. consensus at

$533mn). PSN included a normalized adj. EBITDA guide of $615-$675mn, which

excludes the impact of the contracts held for sale and the JV program charge.

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