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- **Revenue Growth**: FY26 guidance raised to $9.3-9.5B (+7.8-10.1%), driven by EW ($2B annual revenue) and Agile software wins.
- **Profitability**: EBITDA margin expanded 70bps to 11.8%, with free cash flow guidance up 65% YoY to ≥$725M.
- **Strategic Acquisitions**: ARKA adds $100M+ annual space revenue, while maintaining disciplined deleverage plan post-4.3x leverage peak.
- **Market Position**: 90% of revenue from national security, with 60% tech mix and 1.3x trailing 12-month book-to-bill.

**【CEO Summary Section】**
- Delivered Q2 revenue of $2.2 billion (+5.7% YoY), driven by 6% organic growth in technology solutions.
- Highlighted $1.4 billion in awards (book-to-bill 0.65x) and raised FY26 guidance to $9.3-9.5 billion revenue (+7.8-10.1%), EBITDA margin 11.7-11.8%, and free cash flow ≥$725 million.
- Emphasized leadership in electronic warfare (EW) with $2 billion in annual revenue, Agile software modernization wins, and ARKA acquisition to expand space capabilities.
- Noted 90% of revenue from national security customers, with reconciliation funding supporting border security and space programs.

**【CFO Financial Commentary】
- Q2 GAAP revenue $2.2 billion, adjusted EBITDA $258 million (11.8% margin), and free cash flow $138 million.
- FY26 guidance updated: revenue +7.8-10.1%, EBITDA margin 11.7-11.8%, free cash flow ≥$725 million (65% growth YoY).
- ARKA acquisition to increase leverage to 4.3x, targeting deleverage to 3.0x within 6 quarters via strong cash flow generation.
- Indirect costs optimized to 21% of revenue, driving margin expansion despite $1.4 billion in new awards.

**【Q&A Key Highlights】**
- **EW Growth**: CEO highlighted OPTEMPO demand for software-defined EW solutions, with Merlin and RMT systems seeing production orders. ARKA acquisition adds space-based sensing capabilities.
- **Pipeline Conversion**: CFO noted $6 billion in bids under evaluation (70% new business), with Q3 revenue in line with consensus and FY26 95% of revenue from existing programs.
- **AResilience to Acquisition Reform**: CFO emphasized CACI's ability to win fixed-price OTAs (e.g., TLS Manpack $500M production contract) and commercial-like margins.
- **Margin Outlook**: CFO stated incremental margins will balance top-line growth with margin expansion, targeting 11.7-11.8% EBITDA margin in FY26.

CACI International Inc (CACI) Q2 2026 Earnings Call Transcript

- **Q1 Strong Execution**: $2.3B revenue (+11.2% YoY), $143M free cash flow, and 11.7% EBITDA margin highlight operational excellence.
- **Winning Momentum**: $5B Q1 awards (2.2x book-to-bill) and $34B backlog underscore ability to capture enduring national security work.
- **Tech Differentiation**: Merlin Counter-UAS system wins $40M orders; BEAGLE and JTMS modernization programs drive software-defined tech growth.
- **Resilience to Shutdown**: Minimal impact on FY26 guidance; funded backlog up 26% YoY provides execution visibility.
- **Golden Dome Opportunity**: $150B reconciliation funding positions CACI to lead in non-kinetic Counter-UAS solutions.

**【CEO Summary Section】**
- Delivered Q1 FY26 revenue of $2.3B (+11.2% YoY), driven by 5.5% organic growth and strong execution across national security programs.
- Generated free cash flow of $143M, with EBITDA margin of 11.7% (up 120bps YoY) due to higher-margin software-defined tech deliveries.
- Won $5B in contract awards (2.2x book-to-bill), including $40M for Counter-UAS systems and $400M in network modernization task orders.
- Reaffirmed FY26 guidance: $9.2-9.4B revenue, mid-11% EBITDA margin, $605-625M adj. net income, and $710M+ free cash flow.
- Highlighted strategic investments in Merlin Counter-UAS system, BEAGLE border security program, and JTMS enterprise modernization initiative.

**【CFO Financial Commentary】**
- Adjusted EPS of $6.85 (+16% YoY) driven by higher operating income and lower share count, offsetting higher interest and tax expenses.
- Days sales outstanding (DSO) improved to 56 days, reflecting strong collections.
- Ended Q1 with $34B backlog (4-year revenue runrate) and $26% YoY growth in funded backlog.
- FY26 EBITDA margin expected to step up less sharply than prior guidance, with Q2 margin ~11%.
- Maintained 2.6x net debt/EBITDA leverage, with flexibility to deploy capital for growth.

**【Q&A Key Highlights】**
- **Government Shutdown Impact**: Minimal disruption to essential national security work; ~$10-15M of Q1 revenue delayed but expected to be made up in FY26. No material impact to FY26 guidance.
- **Counter-UAS Growth**: $2B+ annual revenue from software-defined tech portfolio; Merlin system outperforms competitors with 75km detection range and non-kinetic capabilities. Won follow-on orders from Canada and sees Golden Dome funding (~$150B) as key growth driver.
- **International Expansion**: Expanded sales to 15 NATO countries; targeting coproduction agreements for EW and Counter-UAS tech in Europe.
- **M&A Pipeline**: Actively evaluating ~$13B in bids, 75% for new business; focus on sensors, software-defined tech, and AI-driven applications.
- **Hiring Resilience**: 0.5M+ applicants in FY26, with 40% hires via referrals; no slowdown despite shutdown, driven by tech talent demand.


CACI International (CACI)-23 Oct 25-2026 Q1 Earnings call transcript

- **Record FY25 Results**: 16% revenue growth, $442M free cash flow, $10B contract wins. 
- **FY26 Guidance**: 6.6-8.9% revenue growth, mid-11% EBITDA margin, $710M free cash flow. 
- **Strategic Strengths**: Software-defined tech leadership, 90% defense/intel focus, $31B backlog. 
- **Financial Resilience**: 2.9x debt/EBITDA, $1B bond issuance, tax benefits driving EPS. 
- **Key Risks**: Gov funding delays, Azure billing terms, contracting officer shortages. 


**【CEO Summary Section】**
- **FY25 Performance**: Revenue grew 16% (10% organic), EBITDA margin 11.2%, free cash flow $442M. Won $10B in contracts (book-to-bill 1.1x). 
- **Strategic Investments**: Leading in software-defined tech (TLS Manpack, counter-UAS), enterprise modernization (IPPS-Army), and NASA NCAPS. 
- **FY26 Guidance**: Revenue $9.2-9.4B (6.6-8.9% growth), EBITDA margin mid-11%, free cash flow $710M (+60% per share). 
- **Market Position**: 90% of revenue from national security; aligned with defense ($150B in reconciliation) and border ($170B) funding. 

**【CFO Financial Commentary】**
- **Q4 Results**: Revenue $2.3B (+13% YoY), EBITDA 11.5%, EPS $8.40 (+27%). Free cash flow $139M, DSO 56 days. 
- **FY25 Results**: Revenue $8.6B (+16%), EBITDA 11.2%, EPS $26.48 (+26%). Free cash flow $442M (+16% per share). 
- **FY26 Outlook**: Free cash flow conversion >100%, tax benefits driving EPS. Debt at 2.9x EBITDA, $1B bond issuance completed. 
- **Tax Impact**: $28M tax benefit in Q4; FY26 guidance includes $40M refund. Section 174 benefits $50M+ annually. 

**【Q&A Highlights】**
- **Pipeline & Growth**: $16B bids (80% new work), 84% FY26 revenue from existing programs. Cautious on organic growth due to gov funding delays. 
- **Margins & Strategy**: Focus on high-margin software solutions (e.g., TLS Manpack, counter-UAS). EITaaS ceiling reduction has no financial impact. 
- **Gov Trends**: Shrinking contracting workforce may delay awards but favor incumbents. Army consolidation of 40+ systems positions CACI for growth. 
- **Risks**: Azure billing terms impacting DSO, potential gov shutdowns. 


CACI International Inc (CACI) Q4 2025 Earnings Call Transcript

- **Revenue Growth & Margin Expansion**: Q3 2025 revenue up 12% YoY to $2.2 billion, with EBITDA margin improving to 11.7%.
- **Pipeline Strength**: $17 billion bids under evaluation (80% new business), and $1.3 billion Q4 awards driving FY25 guidance raise.
- **Strategic Wins**: Software-defined solutions like TLS Manpack and Army SIPRMOD align with DoD's shift to Agile development.
- **Free Cash Flow Growth**: FY25 free cash flow guidance increased to $465 million, up 22% YoY, driven by Azure efficiency and program execution.
- **Defense Spending Alignment**: Bipartisan support for $1 trillion FY26 DoD budget; CACI's $1.3 billion Q4 awards reflect focus on electronic warfare and border security.


**【CEO Summary Section】**
- Q3 2025 revenue grew 12% YoY to $2.2 billion, driven by organic growth of 5.6% and strong execution across key programs.
- EBITDA margin improved to 11.7%, up 40 basis points YoY, with free cash flow of $188 million.
- Won $2.5 billion in awards (1.2x book-to-bill) and secured $1.3 billion in Q4 awards, reflecting healthy pipeline visibility.
- Highlighted strategic wins in software-defined capabilities, such as TLS Manpack (electronic warfare) and Army SIPRMOD (network modernization), aligning with DoD's shift to software-centric solutions.
- Raised FY25 guidance: revenue to $8.55-$8.65 billion (14.5%-16% growth), adjusted EPS to $24.24-$24.87, and free cash flow to at least $465 million.

**【CFO Financial Commentary】**
- Adjusted diluted EPS of $6.23, up 9% YoY, driven by higher operating income and share buybacks.
- Free cash flow guidance increased to $465 million, supported by CapEx reductions (e.g., Azure efficiency) and program execution.
- Net debt to trailing 12-month EBITDA of 2.9x, with $187 million remaining in share repurchase authorization.
- FY25 EBITDA margin expected to remain in the low 11% range, reflecting margin stability despite accelerated software deliveries.

**【Q&A Key Highlights】**
- **Contract Growth & Pipeline**: 97% of FY25 revenue locked in, with $17 billion bids under evaluation (80% new business). Q4 2025 awards already cover 60% of FY26 guidance.
- **Policy Impact**: Minimal impact from DOGE reviews; strategy aligned with software-defined approach and Agile development, reducing reliance on hardware.
- **Defense Spending**: Bipartisan support for $1 trillion FY26 DoD budget; CACI's $1.3 billion in Q4 awards align with priorities in electronic warfare, border security, and network modernization.
- **Azure Integration**: Spectral program benefiting from Azure Summit's software-defined capabilities, with reduced CapEx and faster deployment.
- **Counter-UAS Leadership**: Over 5,000 EW systems deployed globally, positioning for Golden Dome and border security initiatives.


CACI International (CACI)-24 Apr 25-2025 Q3 Earnings call transcript

- **Revenue & Margin Beat**: Q2 revenue up 14.5% to $2.1B, EBITDA margin 11.1% (vs. 9.3% YoY), driven by software-defined tech and Azure/Applied Insight synergies.
- **$1.2B Awards & Strong Pipeline**: Trailing 12-month book-to-bill 1.7x, $12B bids under evaluation (75% new business), $13B expected submissions.
- **DOGE Alignment & Risk Mitigation**: 94% of revenue from DoD/intel, minimal civilian exposure; focus on cost-efficient software solutions vs. legacy IT.
- **Free Cash Flow Growth**: FY25 guidance ≥$450M, 8%-10% CAGR vs. 2024.
- **Strategic Acquisitions**: Azure Summit's $300M Navy award and Applied Insight's cloud migration expertise driving 6pts of FY25 revenue growth.

**【CEO Summary Section】**
- Q2 revenue grew 14.5% YoY to $2.1B, driven by organic growth of 8.1% and acquisitions. EBITDA margin expanded to 11.1%, up 180bps YoY.
- Secured $1.2B in awards, including a $300M Navy contract for Azure Summit (acquired during Q2), pushing trailing 12-month book-to-bill to 1.7x.
- Highlighted alignment with DOGE goals: modernizing IT infrastructure, reducing costs via software-defined networks, and delivering AI-driven solutions for national security.
- Raised FY25 guidance: revenue $8.45B-$8.65B (13%-16% growth), EBITDA margin low 11%, free cash flow ≥$450M.

**【CFO Financial Commentary】**
- Adjusted EPS of $5.95, +36% YoY, driven by higher operating income and lower tax rate.
- Free cash flow of $66M in Q2, with full-year guidance ≥$450M.
- Net debt/EBITDA ratio of 2.9x, targeting 2.5-3.0x range for flexibility in M&A and shareholder returns.
- Q2 timing-related margin boost (software deliveries, deferred material costs) expected to reverse in Q3, but full-year margin outlook unchanged.

**【Key Q&A Highlights】**
- **DOGE Impact**: CEO emphasized CACI's focus on DoD and intel community (94% of revenue), minimal exposure to civilian agencies (6% of revenue).
- **M&A Strategy**: CFO noted pipeline of $12B bids (75% new business), with 2025 leverage target of 2.5-3.0x to balance M&A and buybacks.
- **Spectral Program**: Azure Summit integration enabling faster delivery of AI-driven signals intelligence systems, with potential expansion to other Navy platforms.
- **Counter-UAS Growth**: CACI leads with 5,000+ deployed systems globally, targeting domestic market expansion amid rising threats.


CACI International (CACI)-23 Jan 25-2025 Q2 Earnings call transcript

CACI International (CACI)-24 Oct 24-2025 Q1 Earnings call transcript

Caci International Inc. - Registered Shares (CACI)-8 Aug 24-2024 Q4 Earnings call transcript

Actual												3.16	3.68	3.67	4.18	4.78	5.74	4.24	4.39	4.64	4.54	4.36	4.28	4.92	5.3	4.36	4.36	5.74	6.61	5.93	5.95	6.23	8.4	6.85	6.81
Forecast												3.1234	3.44	3.1077	3.5968	3.7769	5.6217	4.1255	4.4985	4.7749	4.5441	4.2611	4.3872	4.6559	4.9011	4.5459	4.4473	5.6272	5.9266	5.0416	5.2002	5.6002	6.5544	6.1522	6.4709
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+1.17%	+6.98%	+18.09%	+16.21%	+26.56%	+2.10%	+2.78%	-2.41%	-2.83%	-0.09%	+2.32%	-2.44%	+5.67%	+8.14%	-4.09%	-1.96%	+2.00%	+11.53%	+17.62%	+14.42%	+11.25%	+28.16%	+11.34%	+5.24%

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