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How Mercury Systems (MRCY) makes money

Mercury Systems (MRCY) made $290M of revenue in the fourth quarter fiscal 2026 (Q4 FY26). Airborne brought in $110M (38%); Land brought in $65.2M (22%); Other brought in $55.3M (19%). Of every dollar of revenue, 31¢ was left as gross profit, 5¢ was left as operating profit, 0¢ was left as net earnings.

Drawing the Sankey…

Mercury Systems revenue by segment, Q4 FY26Mercury Systems revenue by segment, Q4 FY26Airborne$110MLand$65.2MOther$55.3MNaval$37.3MSpace$22.2M
Mercury Systems: revenue by line, Q2 FY25 to Q4 FY26Mercury Systems: revenue by line, Q2 FY25 to Q4 FY26AirborneLandOtherIntegrated SubsystemsNavalSpaceModules and Sub-assem…ComponentsAirborne: $110M latest$110MLand: $65.2M latest$65.2MOther: $55.3M latest$55.3MIntegrated Subsystems: $0 latestNaval: $37.3M latest$37.3MSpace: $22.2M latest$22.2MModules and Sub-assemblies: $0 latestComponents: $0 latestQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26
Airborne went from 43% of revenue in Q2 FY25 to 38% in Q4 FY26, the largest shift in the mix.
Mercury Systems revenue by quarterMercury Systems revenue by quarter$223MQ2 FY25$211MQ3 FY25$273MQ4 FY25$225MQ1 FY26$233MQ2 FY26$236MQ3 FY26$290MQ4 FY26
Mercury Systems: where each dollar of revenue goesMercury Systems: where each dollar of revenue goesCost of revenue69¢Gross profit31¢Operating expenses26¢Operating profit5¢Income tax2¢Net earnings0¢Operating cash flow15¢Free cash flow10¢

Revenue by segment, Q4 FY26

SegmentRevenueShareQ/QY/Y
Airborne$110M37.9%+31%—
Land$65.2M22.5%+24%—
Other$55.3M19.1%+26%—
Naval$37.3M12.9%+25%—
Space$22.2M7.7%-13%—

Where each dollar of revenue goes

LineQ4 FY26% of revenue
Revenue$290M100.0%
Cost of revenue$201M69.4%
Gross profit$88.6M30.6%
Operating expenses$74.1M25.6%
Operating profit$14.5M5.0%
Income tax$7.0M2.4%
Net earnings$798K0.3%
Operating cash flow$42.2M14.5%
Free cash flow$28.6M9.9%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q4 FY26$290M+6%
Q3 FY26$236M+12%
Q2 FY26$233M+4%
Q1 FY26$225M+10%
Q4 FY25$273M+10%
Q3 FY25$211M+2%
Q2 FY25$223M+13%

From Mercury Systems' 10-K filed Aug 18, 2026 (on EDGAR).

Questions

How does Mercury Systems make money?

Mercury Systems (MRCY) made $290M of revenue in the fourth quarter fiscal 2026 (Q4 FY26). Airborne brought in $110M (38%); Land brought in $65.2M (22%); Other brought in $55.3M (19%). Of every dollar of revenue, 31¢ was left as gross profit, 5¢ was left as operating profit, 0¢ was left as net earnings.

What is Mercury Systems' biggest business?

Airborne: $110M in the fourth quarter fiscal 2026, 38% of revenue.

What is Mercury Systems' profit margin?

Net earnings were $798K, 0.3% of revenue, in the fourth quarter fiscal 2026; the operating margin was 5.0%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.