The FY27 revenue guidance of 0-4% growth implies the multi-quarter revenue decline may be bottoming, but adjusted EPS guidance of $6.00-$6.35 (down from $6.51 excluding one-time items) suggests margin pressure. Civil revenue decline of 22% in FY26 is structural, driven by government procurement slowdown. Watch for Q1 FY27 revenue trends and civil segment stabilization as key catalysts. The stock's 9% analyst bullish rating and prior T+20 underperformance (-9.94% on last neutral report) suggest downside risk remains elevated.
Price Chart
Executive Summary
Booz Allen Hamilton reported Q4 FY26 results with revenue of $2.78B (down 6.4% YoY) and adjusted diluted EPS of $1.78 (up 10.6% YoY). Full-year FY26 revenue declined 6.4% to $11.2B, while adjusted EBITDA fell 6.5% to $1.23B. The company initiated FY27 guidance with revenue of $11.2B-$11.7B (0-4% growth) and adjusted diluted EPS of $6.00-$6.35, which implies a decline from FY26's $6.51 when excluding one-time items. The revenue decline across both Q4 and FY26 is the dominant signal, making this a bearish filing despite EPS growth driven by buybacks and tax benefits.
Key Financial Metrics
Key Facts
- Q4 FY26 revenue declined 6.4% YoY to $2.78B; full-year FY26 revenue declined 6.4% to $11.2B
- Q4 adjusted diluted EPS of $1.78 beat consensus of $1.32 by 34.8%
- FY26 adjusted diluted EPS of $6.51 grew 2.5% YoY, driven by share buybacks and lower tax rate
- FY26 adjusted EBITDA declined 6.5% to $1.23B; net income declined 9.0% to $851M
- FY27 guidance: revenue $11.2B-$11.7B (0-4% growth), adjusted diluted EPS $6.00-$6.35 (down from $6.51 excluding one-time items)
- Civil revenue declined sharply: FY26 Civil revenue $3.25B vs $4.17B in FY25 (-22.1%)
- Backlog grew 3.1% to $38.2B; trailing 12-month book-to-bill of 1.1x
- Headcount reduced to 31,500 from 35,800 a year ago (-12%)
- Net leverage ratio increased to 2.6x from 2.4x a year ago
- Quarterly dividend maintained at $0.59/share
Financial Impact
FY26 revenue declined $763M YoY to $11.2B; adjusted EBITDA fell $86M to $1.23B; net income fell $84M to $851M
Risk Factors
- Continued civil revenue decline driven by government procurement slowdown
- FY27 adjusted EPS guidance implies decline from FY26 when excluding one-time benefits
- Net leverage ratio increased to 2.6x, reducing financial flexibility
- Headcount reduction of 12% YoY signals ongoing cost pressures
- Revenue decline for two consecutive fiscal years (FY25-FY26)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-037519 |
| Document: bahexhibit992q4fy26_fina.htm | 0001628280-26-037519 |
| Document: bah-20260522.htm | 0001628280-26-037519 |
| Document: 0001628280-26-037519-index-headers.html | 0001628280-26-037519 |
| Document: 0001628280-26-037519-index.html | 0001628280-26-037519 |
| Document: 0001628280-26-037519.txt | 0001628280-26-037519 |
| 8-K Data (Synthetic) | 0001628280-26-037519 |
Track record builds as more directional reports settle.
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| Type | Now | ||||
|---|---|---|---|---|---|
Sep 2, 2026 4w ago | GOVT-CONTRACT | $73.17 $69.42 | ▼ −5.13% | ▼ −4.79% | $67.88 (−7.24%) |
Aug 24, 2026 5w ago | 8-K | $75.22 $76.28 | ▲ +1.41% | ▲ +0.10% | $67.88 (−9.76%) |
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Jun 22, 2026 14w ago | 8-K | $63.33 $65.21 | ▲ +2.97% | ▲ +3.12% | $67.88 (+7.18%) |
Jun 11, 2026 16w ago | DEFA14A | $77.41 $62.76 | ▼ −18.93% | ▼ −20.70% | $67.88 (−12.32%) |
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Apr 17, 2026 24w ago | GOVT-CONTRACT | $81.48 $73.38 | ▼ −9.94% | ▼ −15.31% | $67.88 (−16.70%) |
May 1, 2024 29mo ago | GOVT-CONTRACT | $147.34 $151.64 | ▲ +2.92% | ▼ −1.56% | $67.88 (−53.93%) |
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