Parsons Q3 Revenue Reaches $1.7 Billion as Backlog Hits Record
Parsons (PSN) reported Q3 2026 revenue of $1.7B, up 2% YoY, with net income down 16% to $54.2M. Backlog hit a record $9.4B. Adjusted EBITDA rose 6% to $168M. CFO Matt Ofilos to resign, replaced by George Ball. Insiders made 4 purchases in the past 6 months. Hedge funds showed mixed activity in Q2 2026.
How this was made
The 30-second read
Why it matters
Traders can reassess near-term revenue trajectory using the narrowed 2026 guidance range and backlog visibility, while monitoring whether GAAP profitability weakness persists and whether leadership transition creates execution risk.
Market read
A company-specific earnings and guidance update with record backlog and a CFO change provides actionable inputs for positioning and expectations into subsequent quarters.
What to watch
The CFO resignation and interim CFO appointment could affect near-term reporting quality, contract execution, and investor confidence, even if operational metrics look strong.
Background
Parsons is a government services and engineering contractor; the article summarizes its Q3 results, backlog, bookings, cash flow, guidance update, and CFO transition.
Ticker impact
Parsons reported Q3 2026 revenue of $1.7B, record backlog of $9.4B, and narrowed 2026 revenue guidance to $6.25B-$6.45B.
Shares may face mixed reaction, with backlog and guidance narrowing providing support while GAAP EPS decline and CFO resignation temper optimism.
The article contains multiple company-specific datapoints: revenue up 2% YoY, record backlog, guidance range narrowed, but GAAP net income and EPS down YoY, plus an announced CFO resignation effective Nov 6.
Market effects
Signals demand resilience and order visibility for defense and government services contractors, potentially influencing sentiment across the sector.
Limited direct regional read-through; primarily US-listed contractor sentiment.
Modest, as the disclosure is company-specific rather than a global macro or procurement shift.
Counterpoint
Record backlog may not translate into near-term earnings if revenue conversion slows, and GAAP profitability deterioration could indicate cost pressure despite EBITDA margin improvement.
Key entities
- companyParsons
Reported Q3 2026 revenue, GAAP EPS, record backlog, bookings, operating cash flow, and narrowed 2026 revenue guidance; CFO Matt Ofilos to resign Nov 6, 2026.
- executiveMatt Ofilos
CFO resigns effective November 6, 2026.
- executiveGeorge Ball
Appointed interim CFO.
