Filing Flows › Mercury Systems (MRCY) › Q3 FY26 › vs Q2 FY26
Mercury Systems (MRCY) Q3 FY26 vs Q2 FY26 (quarter over quarter)
Mercury Systems's revenue rose $2.9M (+1%) from $233M in Q2 FY26 to $236M in Q3 FY26. The biggest changes: Space +$13.5M (+113%); Other −$9.8M (-18%); Land −$6.3M (-11%).
Mercury Systems, Q3 FY26: revenue $236M (+12% year over year), operating margin 2.2%, net loss $2.9M, operating cash flow $6.4M. The chart draws each line against Q2 FY26, the increases inside each band.
Every line
| Line | Q3 FY26 | Q2 FY26 | Change | % |
|---|---|---|---|---|
| Airborne | $83.8M | $84.2M | −$399K | -0.5% |
| Naval | $29.8M | $23.9M | $5.9M | +25% |
| Integrated Subsystems | $114M | $108M | $5.5M | +5% |
| Land | $52.8M | $59.1M | −$6.3M | -11% |
| Other | $43.9M | $53.8M | −$9.8M | -18% |
| Space | $25.4M | $11.9M | $13.5M | +113% |
| Revenue | $236M | $233M | $2.9M | +1% |
| Net loss | $2.9M | $15.1M | −$12.2M | -81% |
| Costs & expenses | $239M | $250M | −$11.7M | -5% |
| Operating costs | $231M | $244M | −$13.2M | -5% |
| Interest & other, net | $7.9M | $6.6M | $1.3M | +19% |
| Income tax | $174K | −$2.4M | $2.5M | — |
| Cost of revenue | $167M | $172M | −$5.5M | -3% |
| Research & development | $15.0M | $15.4M | −$367K | -2% |
| SG&A | $39.1M | $42.1M | −$3.0M | -7% |
| Other operating costs | $9.7M | $13.9M | −$4.3M | -31% |
| Operating cash sources | $27.0M | $28.9M | −$1.9M | -7% |
| Depreciation & amortization | $18.0M | $18.3M | −$344K | -2% |
| Share-based compensation | $9.0M | $10.6M | −$1.5M | -15% |
| Net loss absorbed | $2.9M | $15.1M | −$12.2M | -81% |
| Working capital & other | $17.7M | −$37.8M | $55.5M | — |
| Operating cash flow | $6.4M | $51.6M | −$45.2M | -88% |
| Capital expenditures | $8.3M | $5.9M | $2.4M | +40% |
| Negative free cash flow (OCF − capex) | $1.8M | −$45.7M | $47.5M | — |
Questions
How much did Mercury Systems's revenue grow quarter over quarter in Q3 FY26?
Mercury Systems's revenue rose $2.9M (+1%) from $233M in Q2 FY26 to $236M in Q3 FY26.
What drove Mercury Systems's revenue change in Q3 FY26?
Space +$13.5M (+113%); Other −$9.8M (-18%); Land −$6.3M (-11%).