Filing Flows › Technology › Mercury Systems (MRCY)
Mercury Systems (MRCY) earnings and revenue breakdown
Latest: Q4 FY26 · 10-K filed Aug 18, 2026 · Mercury Systems (MRCY) Q4 FY26 earnings results →
Q4 FY26 Revenue up 6% year over year to $290M · 0¢ of every $1 of revenue kept as net profit · operating margin 5.0%
Mercury Systems made $290M in Q4 FY26 (+6% Y/Y): Airborne $110M, Land $65.2M, Other $55.3M. Operating margin 5.0%, net earnings $798K. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-K filed Aug 18, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $289.8M in Q4 FY26, up 6% year over year and up 23% from the previous quarter. Airborne was the largest line at 38% of revenue.
Gross margin was 30.6%, down 0.5 points from Q4 FY25. Operating profit was $14.5M, a 5.0% margin (down 3.6 points year over year). Operating profit fell $9.1M even though revenue rose $16.7M versus Q4 FY25, so costs grew faster than sales. Operating expenses grew 21% against revenue growth of 6%. The fastest-growing cost line was Research & development (+36%). Net earnings were $798K, down 95% year over year. The effective tax rate was 89.8%.
Operating cash flow was $42.2M (up 11% year over year), 5282% of net earnings. Non-cash charges added back $17.5M of depreciation and amortization and $11.9M of share-based compensation. Working capital and other items added $11.9M. After purchases of property and equipment ($13.6M), free cash flow as the company reports it was $28.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q4 FY26 | 10-K | Aug 18, 2026 | $290M | +6% | 5.0% | $798K | $42.2M |
| Q3 FY26 | 10-Q | May 5, 2026 | $236M | +12% | 2.2% | −$2.9M | $6.4M |
| Q2 FY26 | 10-Q | Feb 3, 2026 | $233M | +4% | -4.6% | −$15.1M | $51.6M |
| Q1 FY26 | 10-Q | Nov 4, 2025 | $225M | +10% | -3.8% | −$12.5M | $2.2M |
| Q4 FY25 | 10-K | Aug 11, 2025 | $273M | +10% | 8.6% | $16.4M | $38.1M |
| Q3 FY25 | 10-Q | May 6, 2025 | $211M | +2% | -8.2% | −$19.2M | $30.0M |
| Q2 FY25 | 10-Q | Feb 4, 2025 | $223M | +13% | -5.6% | −$17.6M | $85.5M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
- U.S. government — 97% of its revenue · Stated in 10-K (sentence) · source
- RTX — 15% of its revenue · Stated in 10-K (sentence) · source
- LHX — 12% of its revenue · Stated in 10-K (customer table) · source
- LMT — 11% of its revenue · Stated in 10-K (sentence) · source
- NOC — 10% of its revenue · Stated in 10-K (sentence) · source
About Mercury Systems
Mercury Systems is a global leader in aerospace and defense electronics, providing breakthrough capabilities in signal and data processing. With a four-decade legacy of innovation that spans silicon to systems and radio frequency (“RF”) front ends to effectors, we accelerate commercial technology adoption to deliver powerful and secure mission-critical processing solutions to the edge. We are headquartered in Andover, Massachusetts, and have multiple locations worldwide. Our end-to-end processing ecosystem, the Mercury Processing Platform, is built on technologies we have developed and acquired over 40 years. Our technologies are available as standard products or custom solutions from silicon to system scale to ensure interoperability, reduced complexity, optimized performance and speed development.
In its own words, from its 10-K, filed Aug 18, 2026.
Mercury Systems against its Electronic Components & Accessories peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +6% against the peers' median +15%. Operating margin: 5.0% against the peers' median 9.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MRCY Mercury Systems | Q4 FY26 | $290M | +6% | 5.0% |
| HUBB Hubbell | Q3 2026 | $1.9B | +25% | 21.8% |
| VSH Vishay Intertechnology | Q3 2026 | $979M | +24% | 9.4% |
| OLED Universal Display | Q3 2026 | $160M | +15% | 33.5% |
| VPG Vishay Precision Group | Q3 2026 | $85.1M | +7% | 3.2% |
| KULR Kulr Technology Group | Q2 2026 | $2.1M | -43% | -538.6% |
Source: Mercury Systems 10-K on SEC EDGAR · CIK 1049521 · Electronic Components & Accessories
13F: who owns MRCY and who is buying
More on MRCY
- How Mercury Systems makes money: revenue by segment
- Mercury Systems next earnings date and what analysts expect
- Mercury Systems stock forecast, price target and fair value
- Who owns Mercury Systems stock: holders, funds and Congress trades
- Is Mercury Systems a takeover target? LBO and rumors
- Mercury Systems recalls, complaints and regulation
History
Every quarter: Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results