MRCY

MKT CAP:$5B

Mercury Systems, Inc.

Market Cap

$5B

Industrials·Aerospace & Defense·🇺🇸 United States·NASDAQ

Industrials·Aerospace·🇺🇸·NASDAQ

Stock Price

$84.05+$8.02 (+10.55%)

Apr 17, 2026

Company Details

Mercury Systems, Inc., a technology company, manufactures and sells components, products, modules, and subsystems for aerospace and defense industries in the United States, Europe, and the Asia Pacific. Its products and solutions are deploy...

CEO

William L. Ballhaus

IPO Date

Jan 30, 1998

Website

www.mrcy.com

Key Metrics TTM

Revenue

$943M

+0.3% YoY

Net Income

-$30M

EPS (Diluted)

-$1.13

Free Cash Flow

$96M

Revenue / Share

$15.86

Gross Margin

28.2%

Operating Margin

-1.4%

Net Margin

-3.2%

FCF Margin

10.2%

P/S

5.0x

P/E

—

Earnings Reports

Q3 2026

May 5, 2026

PENDING

Q2 2026

Feb 3, 2026

$233M+4.4%EPS -$0.26

Q1 2026

Nov 4, 2025

$225M+10.2%EPS -$0.21

FY 2025

Aug 11, 2025

$912MEPS -$0.65

Q4 2025

Aug 11, 2025

$273M+9.9%EPS -$0.33

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$257M	$106M	$22M
Q4 21	$251M	$103M	$22M
Q1 22	$225M	$88M	-$6M
Q2 22	$220M	$87M	-$387.0K
Q3 22	$253M	$100M	$10M
Q4 22	$290M	$120M	$28M
Q1 23	$228M	$78M	-$7M
Q2 23	$230M	$81M	-$8M
Q3 23	$263M	$90M	$2M
Q4 24	$249M	$73M	-$8M
Q1 25	$204M	$52M	-$13M
Q2 25	$223M	$61M	-$12M
Q3 25	$211M	$57M	-$17M
Q4 25	$273M	$85M	$24M
Q1 26	$225M	$63M	-$9M
Q2 26	$233M	$61M	-$11M

Valuation

Quarter	P/S	P/E
Q3 21	5.3x	65.6x
Q4 21	5.1x	75.4x
Q1 22	5.0x	119.6x
Q2 22	4.9x	196.7x
Q3 22	4.9x	380.7x
Q4 22	4.7x	414.8x
Q1 23	4.7x	1146.3x
Q2 23	4.7x	—
Q3 23	4.6x	—
Q4 24	4.8x	—
Q1 25	4.9x	—
Q2 25	5.0x	—
Q3 25	5.3x	—
Q4 25	5.1x	—
Q1 26	5.0x	—
Q2 26	5.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$23M	$13M
Q4 21	$27M	$16M
Q1 22	-$2M	-$7M
Q2 22	$7M	-$1M
Q3 22	-$4M	-$10M
Q4 22	-$19M	-$28M
Q1 23	-$66M	-$73M
Q2 23	$35M	$22M
Q3 23	-$3M	-$13M
Q4 24	$72M	$61M
Q1 25	-$15M	-$21M
Q2 25	$85M	$82M
Q3 25	$30M	$24M
Q4 25	$38M	$34M
Q1 26	$2M	-$4M
Q2 26	$48M	$43M

Capital Expenditures

Quarter	CapEx
Q3 21	$10M
Q4 21	$11M
Q1 22	$5M
Q2 22	$8M
Q3 22	$6M
Q4 22	$8M
Q1 23	$7M
Q2 23	$13M
Q3 23	$9M
Q4 24	$10M
Q1 25	$6M
Q2 25	$4M
Q3 25	$6M
Q4 25	$4M
Q1 26	$7M
Q2 26	$6M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+23.5%	+29.4%
Q4 21	+15.4%	+19.6%
Q1 22	+9.4%	+23.4%
Q2 22	+4.6%	+14.6%
Q3 22	-1.5%	+3.4%
Q4 22	+15.5%	+14.7%
Q1 23	+1.1%	+1.8%
Q2 23	+4.2%	+7.4%
Q3 23	+4.1%	+7.6%
Q4 24	-14.2%	-2.1%
Q1 25	-10.2%	-7.2%
Q2 25	-2.8%	-0.7%
Q3 25	-19.8%	-12.6%
Q4 25	+9.9%	-2.7%
Q1 26	+10.2%	+7.3%
Q2 26	+4.4%	+3.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$7M	2.9%
Q4 21	$6M	2.6%
Q1 22	$10M	4.2%
Q2 22	$8M	3.6%
Q3 22	$9M	3.5%
Q4 22	$12M	4.2%
Q1 23	$11M	4.8%
Q2 23	$13M	5.7%
Q3 23	$13M	5.0%
Q4 24	$11M	4.4%
Q1 25	$6M	3.0%
Q2 25	$11M	5.1%
Q3 25	$12M	5.7%
Q4 25	$6M	2.2%
Q1 26	$0	0.0%
Q2 26	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q3 21	$30M	$38M
Q4 21	$28M	$32M
Q1 22	$29M	$37M
Q2 22	$28M	$37M
Q3 22	$25M	$39M
Q4 22	$25M	$44M
Q1 23	$28M	$39M
Q2 23	$27M	$45M
Q3 23	$27M	$45M
Q4 24	$19M	$43M
Q1 25	$18M	$33M
Q2 25	$21M	$41M
Q3 25	$16M	$43M
Q4 25	$12M	$38M
Q1 26	$13M	$46M
Q2 26	$15M	$42M

Revenue Segments

Quarter	Airborne	Land	Naval	Product and Service, Other	Space
Q3 21	$121M	$54M	$48M	$34M	—
Q1 22	$117M	$36M	$40M	$33M	—
Q2 22	$111M	$26M	$34M	$49M	—
Q3 22	$126M	$38M	$43M	$46M	—
Q1 23	$118M	$34M	$34M	$42M	—
Q2 23	$120M	$27M	$31M	$52M	—
Q3 23	$127M	$59M	$40M	$38M	—
Q1 25	$90M	$34M	$21M	$44M	$15M
Q2 25	$96M	$45M	$22M	$48M	$12M
Q3 25	$102M	$34M	$18M	$47M	$12M
Q1 26	$95M	$43M	$20M	$50M	$18M
Q2 26	$84M	$59M	$24M	$54M	$12M

Revenue by Geography

Quarter	Asia Pacific	Europe	United States
Q3 21	$144.0K	$10M	$246M
Q1 22	$85.0K	$11M	$214M
Q2 22	$77.0K	$11M	$209M
Q3 22	$759.0K	$9M	$243M
Q1 23	$5.0K	$9M	$219M
Q2 23	$2.0K	$10M	$219M
Q3 23	$9.0K	$11M	$253M
Q1 25	—	$15M	$195M
Q2 25	—	$21M	$208M
Q3 25	—	$14M	$202M
Q4 25	—	$14M	$266M
Q1 26	—	$16M	$214M
Q2 26	—	$16M	$223M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$92M	$0	$92M
Q4 22	$66M	$0	$66M
Q1 23	$52M	$0	$52M
Q2 23	$77M	$0	$77M
Q3 23	$64M	$0	$64M
Q4 23	$72M	$0	$72M
Q1 24	$89M	$0	$89M
Q2 24	$169M	$0	$169M
Q3 24	$143M	$0	$143M
Q4 24	$181M	$0	$181M
Q1 25	$158M	$0	$158M
Q2 25	$243M	$0	$243M
Q3 25	$270M	$0	$270M
Q4 25	$309M	$0	$309M
Q1 26	$305M	$0	$305M
Q2 26	$335M	$0	$335M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	56M	+0.2%	+0.7%
Q4 21	56M	+0.1%	+0.6%
Q1 22	55M	-0.4%	+0.1%
Q2 22	56M	+0.3%	+0.2%
Q3 22	56M	+0.9%	+0.9%
Q4 22	56M	+0.4%	+1.2%
Q1 23	56M	-0.6%	+1.0%
Q2 23	56M	+0.6%	+1.3%
Q3 23	57M	+1.1%	+1.6%
Q4 24	58M	+1.9%	+3.1%
Q1 25	58M	+0.5%	+4.2%
Q2 25	59M	+0.5%	+4.1%
Q3 25	59M	+0.3%	+3.3%
Q4 25	59M	0.0%	+1.3%
Q1 26	59M	+0.8%	+1.6%
Q2 26	59M	+0.4%	+1.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$131.9K	2K
Q4 21	$128.8K	2K
Q1 22	$94.4K	2K
Q2 22	$92.4K	2K
Q3 22	$106.2K	2K
Q4 22	$121.5K	2K
Q1 23	$95.4K	2K
Q2 23	$96.2K	2K
Q3 23	$110.4K	2K
Q4 24	$105.1K	2K
Q1 25	$86.5K	2K
Q2 25	$94.4K	2K
Q3 25	$89.4K	2K
Q4 25	$126.3K	2K
Q1 26	$104.2K	2K
Q2 26	$107.7K	2K

Revenue / Employee