Filing Flows › Mercury Systems (MRCY) › Q4 FY26
Mercury Systems (MRCY) Q4 FY26 earnings results (fourth quarter fiscal 2026)
10-K filed Aug 18, 2026
Mercury Systems (MRCY) reported revenue of $290M for the fourth quarter fiscal 2026 (Q4 FY26), +6% from a year earlier and +23% from the quarter before. Operating margin was 5.0%, net earnings $798K (0.3% of revenue).
Mercury Systems, Q4 FY26: revenue $290M (+6% year over year), operating margin 5.0%, net earnings $798K, operating cash flow $42.2M. The chart follows the revenue to costs, profit and cash.
| Q4 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $290M | +23% | +6% |
| Gross profit | $88.6M | +28% | +5% |
| Operating profit | $14.5M | +177% | -39% |
| Net earnings | $798K | — | -95% |
| Operating cash flow | $42.2M | +554% | +11% |
| Free cash flow | $28.6M | — | -16% |
What changed
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.
Questions
What was Mercury Systems' revenue in the fourth quarter fiscal 2026?
Mercury Systems (MRCY) reported revenue of $290M for the fourth quarter fiscal 2026 (Q4 FY26), +6% from a year earlier and +23% from the quarter before.
Was Mercury Systems profitable in the fourth quarter fiscal 2026?
Operating profit was $14.5M (5.0% of revenue) and net earnings $798K.
Source: Mercury Systems 10-K on SEC EDGAR.