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Booz Allen Hamilton
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Latest analysis
Updated Oct 23, 2026
Booz Allen Q2 FY27: National Security Funded Backlog Up 10%, Civil Decline Moderating as Outcome-Based Mix Expands
Booz Allen delivered Q2 FY27 revenue of $2.8 billion, down 3.9% year over year, driven almost entirely by a 10.6% decline in billable expenses; revenue excluding billable expenses fell less than 1%, and national security revenue ex-billables grew 6%. Profitability outperformed expectations with adjusted EBITDA margin of 11.3% and adjusted diluted EPS up 18% year over year to $1.76, supported by the DARPA divestiture earnout and a lower tax rate. The strategic signal is the acceleration of outcome-based and firm-fixed-price contracting — up 3 percentage points year to date in national security — combined with the $729 million Ultra I&C Mission Solutions acquisition, which management positions as the core of a double-digit-growth defense tech vector.
Tone: mixedRevenue
$11.2B
BAH 10-K · FY 2026
Employees
31,500
Revenue FY2025
$12B
Headquarters
McLean, VA
Profile
BAH 10-K Item 1 · May 22, 2026Booz Allen Hamilton is an advanced technology company that builds AI, cyber, and defense technology products and solutions for U.S. federal government and select commercial customers. Operating as a single profit-and-loss center, the firm serves defense, intelligence, civil, and global commercial customers across 23 countries. Its VoLT strategy — Velocity, Leadership, and Technology — is designed to accelerate technology deployment and shift the business toward higher-value, product-oriented outcomes.
Read filing description ↓ Collapse description ↑
Booz Allen Hamilton Holding Corporation is an advanced technology company building products and solutions for government and business. For more than 112 years, Booz Allen has evolved to meet the needs of commercial, international, and government customers. After September 11th, 2001, the Company undertook a fundamental transformation when it expanded into critical and sensitive national security missions. Our teams began delivering mission impact, executing full-spectrum cyber operations, helping the U.S. military counter the threat of improvised explosive devices, standing up counter-terrorism fusion centers, and supporting intelligence missions. In 2013, Booz Allen began another massive multi-year transformation by making significant investments in the emerging technologies that would help transform government. The Company rebuilt its workforce with technologists that bring deep mission expertise in national security and other core government missions. These investments propelled Booz Allen as a leader in artificial intelligence, cyber, quantum, and other advanced technologies. Today, Booz Allen is a leader at the forefront of the nation's technology ecosystem. We build tech for a diverse base of federal government and commercial customers, both domestically and in select foreign locations. By investing in emerging technologies, talent, and new business models, including partnerships with leading technology companies, venture investments, and the development of military grade products, we are accelerating the delivery of tech solutions. Our advanced technology capabilities are grounded in decades of leadership across AI, cybersecurity, data, and engineering. As the federal government's largest AI provider with approximately 400 active AI projects, we build secure AI solutions and advanced capabilities spanning agentic AI, physical AI, and AI-Radio Access Network (AI-RAN), and other emerging technologies designed for mission critical environments.
Primary products
- Vellox
- Sit(x)R
- EdgeExtend
- Modular Detachment Kit
- AI-Radio Access Network (AI-RAN)
- agentic AI capabilities
End markets
Geographies
Named customers
the Department of Veterans Affairs was the single largest customer in fiscal 2026, from which we derived 10% of our revenue
“As the federal government's largest AI provider with approximately 400 active AI projects, we build secure AI solutions and advanced capabilities spanning agentic AI, physical AI, and AI-Radio Access Network (AI-RAN), and other emerging technologies designed for mission critical environments.” Competitive position, as stated in the filing
Revenue commentary · FY 2026
Total revenue declined from $11,980 million in fiscal 2025 to $11,217 million in fiscal 2026, with the decline concentrated in Civil and Commercial customers, which fell from 35% to 29% of revenue mix, while National Security customers grew as a share of total revenue.
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