CACI earnings analysis
What we found in CACI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
CACI reported Q3 revenue of $2,351.0M, up 8.5% YoY, with income from operations of $228.9M, up 16.6% YoY. Operating leverage and backlog expansion (total backlog $33.4B, up 6.4% YoY) are positives, while acquisition-related cash outflows and higher interest expense reflect increased leverage and near-term cash consumption.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Top-line growth
- Revenues for the three months ended March 31, 2026 were $2,351,002 (dollars in thousands), up $184,020 or 8.5% versus $2,166,982 a year ago.
- Operating income improvement
- Income from operations rose to $228,877 (thousands), an increase of $32,508 or 16.6% versus $196,369 in the prior-year quarter (operating margin ~9.7% vs ~9.1%).
- Backlog expansion
- Total backlog was $33.4 billion as of March 31, 2026 versus $31.4 billion a year ago, an increase of 6.4%.
- Stronger operating cash generation (YTD)
- Net cash provided by operating activities was $508,444 (thousands) for the nine months ended March 31, 2026, versus $391,027 a year ago (increase of $117.4M).
- Strong DoD and commercial growth
- DoD revenue was $1,295,628 (thousands), up $114,808 or 9.7% YoY; Commercial and other revenue grew to $99,557 (thousands), up 19.5% YoY from $83,322.
- Available liquidity on revolver
- As of March 31, 2026 the Company had $1,072.0 million of undrawn capacity under its $2,000.0 million Revolving Facility and a $3,250.0 million Credit Facility in total.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Rising interest expense
- Interest expense and other, net increased to $52,267 (thousands) for the quarter (up 15.8% from $45,117) and to $143,390 (thousands) for the nine months (up 26.7% from $113,153), reflecting higher outstanding debt balances.
- Large acquisition cash outflows
- Net cash used in investing activities was $(2,685,142) (thousands) for the nine months ended March 31, 2026 versus $(1,677,305) a year ago — an increase in cash used of $1,007.8 million primarily due to acquisitions.
- Higher financing borrowings (leverage)
- Net cash provided by financing activities rose to $2,230,319 (thousands) for the nine months versus $1,374,474 a year ago (increase of $855,845), indicating increased net borrowings to fund acquisitions and capital needs.
- Acquisition-related expense pressure
- Indirect costs and selling expenses increased $29,265 to $510,182 (thousands) for the quarter versus $480,917 a year ago, with management citing acquisition-related expenses as a primary driver.
- Active legal exposure with affirmed appeal
- On March 12, 2026 the U.S. Court of Appeals affirmed the district court judgment in the Al Shimari matter; the jury previously awarded compensatory damages of $3 million per plaintiff and punitive damages of $11 million per plaintiff.
What they reported.
What the company itself reported, taken out of the document.
- Gross margin
- 33.9%
- Operating margin
- 9.7%
- Segment
- DoD: $1,295,628 (thousands) for the three months ended March 31, 2026 (up $114,808 or 9.7% vs $1,180,820 a year ago)
- Segment
- Intelligence Community: $582,235 (thousands) for the three months ended March 31, 2026 (up $29,439 or 5.3% vs $552,796 a year ago)
- Segment
- Federal civilian agencies: $373,582 (thousands) for the three months ended March 31, 2026 (up $23,538 or 6.7% vs $350,044 a year ago)
- Segment
- Commercial and other: $99,557 (thousands) for the three months ended March 31, 2026 (up $16,235 or 19.5% vs $83,322 a year ago)
What they said about what is next.
This 10-Q does not provide a quantitative FY outlook. Management's updated FY-2026 guidance was communicated in the company's April 22, 2026 earnings release / 8-K rather than in this 10-Q; numeric guidance is therefore not restated here.
The filing reads about the same as the one before it.
What came before.
- 10-Q · January 22, 2026
- CACI reported solid Q2 results with revenue of $2,220,097,000 and diluted EPS of $5.59, both up vs. the year-ago quarter. Operating performance improved (income from operations $206,469,000) and cash increased…
- 10-K · August 7, 2025
- CACI positions itself as a provider of differentiated Expertise and Technology for national security customers, emphasizing investments in AI, DevSecOps, photonics and its CRADLE innovation center to win multi-year…
- 10-Q · October 24, 2024
- CACI reported quarterly revenue of $2,056,889,000 (up $206,742,000 or ~11.2% YoY vs $1,850,147,000) and diluted EPS of $5.33 (up $1.57 or ~41.8% YoY vs $3.76). Operating income rose to $179,841,000 (from $137,349,000)…
- 10-Q · October 26, 2023
- CACI reported quarterly revenues of $1,850,147,000, up $244,388,000 (15.2%) versus $1,605,759,000 a year ago, while diluted EPS was $3.76 (unchanged versus $3.76). Operating income rose modestly to $137,349,000 from…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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