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IT services · Technology · Fiscal year ends Dec 31
Parsons reported revenue of $6.4B in the fiscal year ended Dec 2025, down 5.7% from the year before. Operating income was $418M, an operating margin of 6.6%, and net income was $241M. Operating cash flow of $478M less capital expenditure of $68M left free cash flow of $410M. Net debt was $771M.
Ranks among the 36 it services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 3,661 | 4,195 | 5,443 | 6,751 | 6,364 |
| Cost of revenue | 2,808 | 3,249 | 4,237 | 5,344 | 4,933 |
| Gross profit | 853 | 947 | 1,206 | 1,406 | 1,432 |
| Selling, general & admin | 757 | 777 | 870 | 955 | 1,016 |
| Operating income | 132 | 186 | 288 | 428 | 418 |
| Net interest incomeBanks | −17.3 | −22.2 | −29.3 | −40.2 | −44.4 |
| Interest expense | 17.7 | 23.2 | 31.5 | 51.6 | 51.3 |
| Pre-tax income | 113 | 166 | 264 | 368 | 383 |
| Income tax | 23.6 | 39.7 | 56.1 | 77.0 | 73.6 |
| Net income | 64.1 | 96.7 | 161 | 235 | 241 |
| Diluted EPS | 0.59 | 0.87 | 1.42 | 2.12 | 2.20 |
| Diluted shares | 112 | 113 | 115 | 112 | 110 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 343 | 263 | 273 | 454 | 466 |
| Receivables | 598 | 717 | 916 | 1,100 | 1,124 |
| Current assets | 1,632 | 1,720 | 2,138 | 2,462 | 2,684 |
| Net PP&E | 104 | 96.1 | 99.0 | 112 | 151 |
| Goodwill | 1,413 | 1,662 | 1,793 | 2,083 | 2,187 |
| Total assets | 3,831 | 4,198 | 4,804 | 5,488 | 5,770 |
| Payables | 196 | 201 | 243 | 208 | 251 |
| Deferred revenue | 172 | 213 | 301 | 290 | 340 |
| Current liabilities | 1,031 | 1,108 | 1,411 | 1,916 | 1,532 |
| Short-term debt | 0.0 | – | 0.0 | 463 | 0.0 |
| Long-term debt | 592 | 744 | 746 | 784 | 1,238 |
| Total liabilities | 1,894 | 2,102 | 2,427 | 2,953 | 3,002 |
| Shareholders' equity | 1,901 | 2,044 | 2,287 | 2,416 | 2,642 |
| Backlog (remaining obligations) | 5,800 | 5,700 | 6,400 | 6,700 | 7,100 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 206 | 238 | 408 | 524 | 478 |
| Capital expenditure | 21.1 | 30.6 | 40.4 | 49.2 | 68.0 |
| Free cash flow | 184 | 207 | 367 | 474 | 410 |
| Depreciation & amortisation | 144 | 121 | 120 | 99.3 | 116 |
| Stock-based compensation | 20.2 | 23.0 | 34.4 | 56.1 | 43.2 |
| Acquisitions | 198 | 379 | 222 | 429 | 145 |
| Share buybacks | 21.7 | 22.0 | 11.0 | 25.0 | 125 |
| Dividends paid | 0.0 | – | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 14.6% | 29.7% | 24.0% | −5.7% |
| Operating income growth (YoY) | – | 40.2% | 55.3% | 48.4% | −2.3% |
| EPS growth (YoY) | – | 47.5% | 63.2% | 49.3% | 3.8% |
| Gross margin | 23.3% | 22.6% | 22.2% | 20.8% | 22.5% |
| Operating margin | 3.6% | 4.4% | 5.3% | 6.3% | 6.6% |
| Net margin | 1.8% | 2.3% | 3.0% | 3.5% | 3.8% |
| Return on equityBlank when equity is negative | 3.4% | 4.7% | 7.0% | 9.7% | 9.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.7% | 6.0% | 8.5% | 12.0% | 9.9% |
| Free cash flow margin | 5.0% | 4.9% | 6.7% | 7.0% | 6.4% |
| Cash conversion (CFO ÷ net income) | 3.21x | 2.46x | 2.53x | 2.23x | 1.98x |
| Receivable days | 60 | 62 | 61 | 59 | 64 |
| Payable days | 26 | 23 | 21 | 14 | 19 |
| Interest cover | 7.48x | 8.01x | 9.16x | 8.30x | 8.15x |
| Debt ÷ equity | 0.31x | 0.36x | 0.33x | 0.52x | 0.47x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 249 | 481 | 473 | 794 | 771 |
| Current ratio | 1.58x | 1.55x | 1.52x | 1.29x | 1.75x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.