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Mercury Systems earnings analysis: questions answered and next catalysts

Nov 11, 2026, 1:08 PM EST1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

The raised FY2027 revenue and EBITDA targets, together with record bookings and a book-to-bill above 1, indicate stronger near-term demand that should support revenue growth; however, near-term cash conversion and margin durability are uncertain after a Q1 FCF outflow tied to deliberate inventory build.

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What happened, with direct paths to the underlying reporting

Mercury Systems beat Q1 fiscal 2027 estimates (adjusted EPS $0.52 vs $0.30; revenue $253M) reported record bookings ($370M) and raised FY2027 revenue guidance to ~ $1.1B with adjusted EBITDA ~ $210M.

Mercury Systems reported fiscal Q1 2027 adjusted EPS of $0.52 versus an estimate of $0.30.
Q1 revenue was $253.0M versus $245.0M expected and organic revenue grew 12.4%.
Bookings were a record $370M for the quarter, with a book-to-bill of 1.46 and trailing-12-month bookings of $1.7B.
Management raised FY2027 guidance to revenue approaching $1.1B and adjusted EBITDA of about $210M.
Q1 free cash flow was an outflow of about $24M; management expects positive free cash flow in Q2 and improvement in H2.

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Mercury Systems earnings analysis: questions answered and next catalysts

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