Parsons Q3 Beats on Record EBITDA; CFO Ofilos Resigns, Ball Interim
PSN sits 33% above its 52-week low of $36.26.
Summary
Parsons beat on record adjusted EBITDA and cash flow, narrowed FY26 guidance around the same mid-point, and disclosed CFO Matt Ofilos' resignation effective November 6 with director George Ball as interim CFO.
Key Events · Earnings and Guidance · PSN
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Record Q3 EBITDA and Margin
Adjusted EBITDA rose 6% to a record $168 million with margin up 40 basis points to a record 10.2%; revenue of $1.65 billion grew 2% year-over-year but fell 1% organically.
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CFO Resigns, Ball Interim
CFO Matt Ofilos resigned effective November 6, 2026, not due to any disagreement; director George Ball, CFO from 2008 to 2022, was appointed interim CFO the same date.
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Guidance Range Narrowed
FY2026 revenue guidance narrowed to $6.25-$6.45 billion from $6.20-$6.50 billion and adjusted EBITDA to $510-$550 million from $500-$560 million; operating cash flow guidance of $430-$490 million reiterated.
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Record Backlog and Bookings
Total backlog reached a record $9.4 billion (up 6%) and funded backlog $6.8 billion (up 7%); book-to-bill was 1.1x on $1.8 billion of net bookings, with Federal Solutions awards up 53%.
Analysis · PSN · Technology
Record adjusted EBITDA of $168 million at a record 10.2% margin and operating cash flow of $269 million tell the operational story, but GAAP net income fell 16% to $54 million on transaction costs. The bigger surprise is governance: CFO Matt Ofilos leaves November 6 and director George Ball, CFO from 2008 to 2022, steps in as interim — a steady hand, but a leadership change mid-way through a portfolio reshaping that includes a signed purchase agreement to divest the remote-location contracts. Guidance was narrowed and the mid-point reiterated, so the operational story is intact; the open question is who runs the finance function permanently.
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At the time of this filing, PSN was trading at $48.26 on NYSE in the Technology sector, with a market capitalization of approximately $5.4B. The 52-week trading range was $36.26 to $88.00. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.