Filing Flows › Mercury Systems (MRCY) › Q4 FY26 › vs Q3 FY26
Mercury Systems (MRCY) Q4 FY26 vs Q3 FY26 (quarter over quarter)
Mercury Systems's revenue rose $54.0M (+23%) from $236M in Q3 FY26 to $290M in Q4 FY26. The biggest changes: Airborne +$26.0M (+31%); Land +$12.4M (+24%); Other +$11.3M (+26%). Gross margin 30.6% against 29.3% (+1.3 pts).
Mercury Systems, Q4 FY26: revenue $290M (+6% year over year), operating margin 5.0%, net earnings $798K, operating cash flow $42.2M. The chart draws each line against Q3 FY26, the increases inside each band.
Margins
| Q4 FY26 | Q3 FY26 | Change | |
|---|---|---|---|
| Gross margin | 30.6% | 29.3% | +1.3 pts |
| Operating margin | 5.0% | 2.2% | +2.8 pts |
| Net margin | 0.3% | -1.2% | +1.5 pts |
Every line
| Line | Q4 FY26 | Q3 FY26 | Change | % |
|---|---|---|---|---|
| Airborne | $110M | $83.8M | $26.0M | +31% |
| Land | $65.2M | $52.8M | $12.4M | +24% |
| Other | $55.3M | $43.9M | $11.3M | +26% |
| Naval | $37.3M | $29.8M | $7.5M | +25% |
| Space | $22.2M | $25.4M | −$3.2M | -13% |
| Revenue | $290M | $236M | $54.0M | +23% |
| Gross profit | $88.6M | $69.0M | $19.5M | +28% |
| Cost of revenue | $201M | $167M | $34.5M | +21% |
| Operating profit | $14.5M | $5.2M | $9.2M | +177% |
| Operating expenses | $74.1M | $63.8M | $10.3M | +16% |
| Pre-tax earnings | $7.8M | −$2.7M | $10.5M | — |
| Other expense, net | $6.7M | $7.9M | −$1.2M | -16% |
| Research & development | $16.2M | $15.0M | $1.1M | +8% |
| SG&A | $47.8M | $39.1M | $8.7M | +22% |
| Other operating costs | $10.1M | $9.7M | $445K | +5% |
| Net earnings | $798K | −$2.9M | $3.7M | — |
| Income tax | $7.0M | $174K | $6.8M | 40× |
| Depreciation & amortization | $17.5M | $18.0M | −$442K | -2% |
| Share-based compensation | $11.9M | $9.0M | $2.9M | +32% |
| Working capital & other | $11.9M | −$17.7M | $29.6M | — |
| Operating cash flow | $42.2M | $6.4M | $35.7M | +554% |
Questions
How much did Mercury Systems's revenue grow quarter over quarter in Q4 FY26?
Mercury Systems's revenue rose $54.0M (+23%) from $236M in Q3 FY26 to $290M in Q4 FY26.
What drove Mercury Systems's revenue change in Q4 FY26?
Airborne +$26.0M (+31%); Land +$12.4M (+24%); Other +$11.3M (+26%).