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10-QQ2ended 30 Sept 202623 Oct
8-KBooz Allen Hamilton Announces Second Quarter Fiscal 2027 Results 11 Revenue, Excluding Billable Expenses, Adjusted Net Income, Adjusted EBITDA, Adjusted Diluted EPS, Adjusted EBITDA Margin on Revenue, and Free Cash Flow are non- GAAP financial measures. See "Non-GAAP Financial Information" below for additional details. McLean, Virginia - October 23, 2026 - Booz Allen Hamilton Holding Corporation (NYSE: BAH), the parent company of advanced technology company Booz Allen Hamilton Inc., today announced results for the second quarter of fiscal 2027. Profitability above expectations driven by strong operational execution Momentum across National Security portfolio; Civil business performing in line with expectations Total backlog up 1.9% year-over-year to $41 billion and quarterly book-to-bill ratio of 1.5x Adjusted Diluted EPS1 guidance raised above prior range Accelerating investments and delivery of advanced cyber, agentic, and defense technologies to drive speed, outcomes and mission impact "Booz Allen is executing exceptionally well and investing in our next phase of growth," said Horacio Rozanski, Booz Allen Chairman and CEO. "We are building and scaling our cyber and defense tech products and bringing super intelligence into our nation’s most critical missions to deliver greater value and impact." Q2 Summary • Revenue of $2.8 billion, a 3.9 percent year-over-year decrease ◦ Revenue ex-billables of $2.0 billion, a 0.8 percent decrease • Net Income of $181 million, a 3.4 percent increase • Adjusted Net Income1 of $211 million, a 15.3 percent increase • Adjusted EBITDA1 of $313 million, a 3.4 percent decrease • Adjusted EBITDA Margin on Revenue1 increased by 10 basis points to 11.3% • Adjusted Diluted EPS1 of $1.76, an 18.1 percent increase • Free cash flow1 of $263 million, compared to $395 million in the prior year • $965 million in total capital deployment • 1.5x quarterly book-to-bill ratio and 1.1x trailing twelve month book-to-bill ratio • Total backlog of $41 billion, a 1.9 percent increase A regular quarterly dividend of $0.59 per share will be payable on December 4, 2026, to stockholders of record on November 12, 2026. FINANCIAL SUMMARY TABLE Three Months Ended September 30, Six Months Ended September 30, 2026 2026 2025 % Change 2026 2025 % Change (unaudited) (unaudited) Revenue $2,778 $2,890 (3.9)% $5,578 $5,814 (4.1)% Revenue Ex. Billable Expenses $1,957 $1,972 (0.8)% $3,922 $4,015 (2.3)% Net Income $181 $175 3.4% $379 $446 (15.0)% Adjusted Net Income $211 $183 15.3% $428 $367 16.6% Diluted EPS $1.50 $1.42 5.6% $3.13 $3.58 (12.6)% Adjusted Diluted EPS $1.76 $1.49 18.1% $3.57 $2.97 20.2% EBITDA $296 $324 (8.6)% $620 $621 (0.2)% Adjusted EBITDA $313 $324 (3.4)% $647 $635 1.9% Adjusted EBITDA Margin on Revenue 11.3% 11.2% +10 bps 11.6% 10.9% +70 bps Net Cash Provided by Operating Activities $294 $421 (30.2)% $575 $540 6.5% Free Cash Flow $263 $395 (33.4)% $524 $491 6.7%2 2 Reconciliations omitted in reliance on Item 10(e)(1)(i)(B) of Regulation S-K. See "Non-GAAP Financial Information." 3 Fiscal 2027 Guidance assumes an effective tax rate of 16-19% and average diluted shares outstanding of 118–120 million. 4 Fiscal 2027 Guidance assumes capital expenditures of approximately $200 million. OPERATING PERFORMANCE UPDATED FISCAL 2027 GUIDANCE PRIOR FISCAL 2027 GUIDANCE Revenue $11.3 - $11.6 billion $11.2 - $11.7 billion Revenue Growth 1.0 - 3.0% 0 - 4.0% Adjusted EBITDA $1,260 - $1,290 million $1,240 - $1,290 million Adjusted EBITDA Margin on Revenue ~11% ~11% Adjusted Diluted EPS3 $6.50 - $6.70 $6.00 - $6.35 Free Cash Flow4 $850 - $925 million $825 - $925 million EARNINGS WEBCAST We will host a live conference call at 8 a.m. EDT on Friday, October 23, 2026, to discuss the financial results for our second quarter of fiscal year 2027. Analysts and institutional investors may participate on the call by registering online at investors.boozallen.com. The conference call will be webcast simultaneously to the public through a link at investors.boozallen.com. This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, is also available at investors.boozallen.com. A replay of the conference call will also be available on the site beginning at 11 a.m. EDT on Friday, October 23, 2026, and continuing for 12 months. ABOUT BOOZ ALLEN HAMILTON Booz Allen is an advanced technology company. We build commercial-grade products and solutions for America’s most critical defense, civil, and national security priorities. For more information, visit www.boozallen.com. (NYSE: BAH) CONTACT INFORMATION Investor Relations Dustin Darensbourg [email protected] Media Relations Jessica Klenk [email protected] OUTLOOK2 The Company is updating its fiscal year 2027 guidance as noted in the table below:NON-GAAP FINANCIAL INFORMATION Booz Allen utilizes and discusses in this release Revenue, Excluding Billable Expenses, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin on Revenue, Adjusted Net Income, Adjusted Diluted EPS, and Free Cash Flow. While we believe that these non-GAAP financial measures may be useful in evaluating our financial information, they should be considered as supplemental in nature and not as a substitute for financial information prepared in accordance with GAAP. Reconciliations, definitions, and how we believe these measures are useful to management and investors are provided below. Adjusted EBITDA, Adjusted EBITDA Margin on Revenue, Adjusted Net Income, Adjusted Diluted EPS, and Free Cash Flow exclude the impact of the items detailed in the supplemental exhibits, as these items are generally not operational in nature. These non-GAAP measures also provide another basis for comparing period to period results by excluding potential differences caused by non-operational and unusual or non-recurring items. “Revenue, Excluding Billable Expenses” represents revenue less billable expenses. Booz Allen uses Revenue, Excluding Billable Expenses because it provides management useful information about the Company’s operating performance by excluding the impact of costs such as subcontractor expenses, travel expenses, and other non-labor expenses incurred to perform on contracts. Billable expenses generally have lower margin and thus are less indicative of our profit generation capacity. "EBITDA” represents net income before income tax expense, interest expense, net and other income (expense), and depreciation and amortization. “Adjusted EBITDA” represents net income before income tax expense (benefit), interest expense, net and other income (expense), and depreciation and amortization and before certain other items, including certain other corporate expenses. “Adjusted EBITDA Margin on Revenue” is calculated as Adjusted EBITDA divided by revenue. Booz Allen prepares Adjusted EBITDA and Adjusted EBITDA Margin on Revenue to eliminate the impact of items it does not consider indicative of ongoing operating performance due to their inherent unusual, extraordinary or non-recurring nature or because they result from an event of a similar nature. “Adjusted Net Income” represents net income before certain other corporate expenses and acquisition amortization, in each case net of the tax effect where appropriate calculated using an assumed effective tax rate. Booz Allen prepares Adjusted Net Income to eliminate the impact of items, net of tax, it does not consider indicative of ongoing operating performance due to their inherent unusual, extraordinary or non-recurring nature or because they result from an event of a similar nature. “Adjusted Diluted EPS” represents diluted EPS calculated using Adjusted Net Income as opposed to net income. Additionally, Adjusted Diluted EPS does not contemplate any adjustments to net income as required under the two- class method as disclosed in the footnotes to the consolidated financial statements of the Company's Form 10-K for the fiscal year ended March 31, 2026. "Free Cash Flow" represents the net cash generated from operating activities less the impact of purchases of property, equipment and software. Booz Allen presents these supplemental measures because it believes that these measures provide investors and securities analysts with important supplemental information with which to evaluate Booz Allen’s performance, long-term earnings potential, or liquidity, as applicable.These non-GAAP measurements may vary from and may not be comparable to similarly titled measures by other companies in Booz Allen’s industry. "Adjusted Effective Tax Rate" represents income tax expense (benefit) excluding the income tax effects of adjustments to net income, divided by adjusted earnings before income tax expense. "Net Leverage Ratio" is calculated as net debt (total debt less cash) divided by Adjusted EBITDA over the prior twelve months. Revenue, Excluding Billable Expenses, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin on Revenue, Adjusted Net Income, Adjusted Diluted EPS, Free Cash Flow, and Net Leverage Ratio are not recognized measurements under accounting principles generally accepted in the United States, or GAAP, and when analyzing Booz Allen’s performance or liquidity, as applicable, investors should (i) evaluate each adjustment in our reconciliation of revenue to Revenue, Excluding Billable Expenses, net income to Adjusted EBITDA, Adjusted EBITDA Margin on Revenue, Adjusted Net Income, and Adjusted Diluted Earnings Per Share, net cash provided by operating activities to Free Cash Flow, and net debt to Net Leverage Ratio, (ii) use Revenue, Excluding Billable Expenses, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin on Revenue, Adjusted Net Income, and Adjusted Diluted EPS in addition to, and not as an alternative to, revenue, net income or diluted EPS as measures of operating results, each as defined under GAAP, (iii) use Free Cash Flow and Net Leverage Ratio, in addition to, and not as an alternative to, net cash provided by operating activities as a measure of liquidity, each as defined under GAAP, and (iv) use Net Leverage Ratio in addition to, and not as an alternative to, net debt as a measure of Booz Allen's debt leverage. Exhibit 4 includes a reconciliation of Revenue, Excluding Billable Expenses, Adjusted EBITDA, Adjusted EBITDA Margin on Revenue, Adjusted Net Income, Adjusted Diluted EPS, Free Cash Flow and Net Leverage Ratio to the most directly comparable financial measure calculated and presented in accordance with GAAP. With respect to our expectations under “Outlook” above, a reconciliation of Adjusted Diluted EPS guidance to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward- looking basis due to our inability to predict our stock price, equity grants, and dividend declarations during the course of fiscal 2026. Projecting future stock price, equity grants, and the dividends to be declared would be necessary to accurately calculate the difference between Adjusted Diluted EPS and GAAP EPS as a result of the effects of the two-class method and related possible dilution used in the calculation of EPS. Consequently, any attempt to disclose such reconciliation would imply a degree of precision that could be confusing or misleading to investors. We expect the variability of the above charges to have an unpredictable, and potentially significant, impact on our future GAAP financial results. Accordingly, Booz Allen is relying on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K to exclude the reconciliation. In addition, our expectations for Adjusted EBITDA and Adjusted EBITDA Margin on Revenue for fiscal 2026 are presented under "Outlook" above and management may discuss its expectation for Adjusted EBITDA and Adjusted EBITDA Margin on Revenue for fiscal 2026 from time to time. A reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin on Revenue guidance to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to our inability to predict specific quantification of the amounts that would be required to reconcile such measures. Consequently, any attempt to disclose such reconciliation would imply a degree of precision that could be confusing or misleading to investors. Accordingly, Booz Allen is relying on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K to exclude the reconciliation. 3FORWARD LOOKING STATEMENTS Certain statements contained in this press release and in related comments by our management include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include information concerning Booz Allen’s preliminary financial results, financial outlook and guidance, including forecasted revenue, Diluted EPS, and Adjusted Diluted EPS, future quarterly dividends, and future improvements in operating margins, as well as any other statement that does not directly relate to any historical or current fact. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “could,” “should,” “forecasts,” “expects,” “intends,” “plans,” “anticipates,” “projects,” “outlook,” “believes,” “estimates,” “predicts,” “potential,” “continue,” “preliminary,” or the negative of these terms or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we can give you no assurance these expectations will prove to have been correct. These forward-looking statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in or implied by these forward-looking statements, including the risks and factors described in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on May 22, 2026 and in our other filings with the SEC. In light of these risks, uncertainties, and other factors, the forward-looking statements might not prove to be accurate and you should not place undue reliance upon them. All forward-looking statements speak only as of the date made and we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. 4EXHIBIT 1 Booz Allen Hamilton Holding Corporation Condensed Consolidated Statements of Operations (UNAUDITED) 5 Three Months Ended September 30, Six Months Ended September 30, (Amounts in millions, except per share data) 2026 2025 2026 2025 Revenue $ 2,778 $ 2,890 $ 5,578 $ 5,814 Operating costs and expenses: Cost of revenue 1,333 1,340 2,669 2,763 Billable expenses 821 918 1,656 1,799 General and administrative expenses 328 308 633 631 Depreciation and amortization 51 41 96 81 Total operating costs and expenses 2,533 2,607 5,054 5,274 Operating income 245 283 524 540 Interest expense, net (52) (48) (100) (92) Other income (expense) 6 (2) 26 1 Income before income taxes 199 233 450 449 Income tax expense 18 58 71 3 Net income $ 181 $ 175 $ 379 $ 446 Earnings per common share: Basic $ 1.50 $ 1.42 $ 3.13 $ 3.59 Diluted $ 1.50 $ 1.42 $ 3.13 $ 3.58EXHIBIT 2 Booz Allen Hamilton Holding Corporation Condensed Consolidated Balance Sheets (UNAUDITED) (Amounts in millions, except share and per share data) September 30, 2026 March 31, 2026 Assets Current assets: Cash and cash equivalents $ 334 $ 728 Accounts receivable, net 2,348 2,063 Prepaid expenses and other current assets 202 170 Total current assets 2,884 2,961 Property and equipment, net of accumulated depreciation 167 171 Operating lease right-of-use assets 257 147 Intangible assets, net of accumulated amortization 855 509 Goodwill 3,028 2,399 Deferred tax assets 219 294 Other long-term assets 898 637 Total assets $ 8,308 $ 7,118 Liabilities and stockholders' equity Current liabilities: Current portion of long-term debt $ 19 $ 19 Accounts payable and other accrued expenses 1,239 909 Accrued compensation and benefits 654 641 Operating lease liabilities 46 43 Other current liabilities 52 51 Total current liabilities 2,010 1,663 Long-term debt, net of current portion 4,391 3,921 Operating lease liabilities, net of current portion 252 139 Postretirement and other long-term employee benefits 233 224 Other long-term liabilities 178 66 Total liabilities 7,064 6,013 Stockholders’ equity: Common stock, Class A — $0.01 par value — authorized, 600,000,000 shares; issued, 170,671,224 shares at September 30, 2026 and 169,805,201 shares at March 31, 2026; outstanding, 119,096,968 shares at September 30, 2026 and 120,341,320 shares at March 31, 2026 2 2 Treasury stock, at cost — 51,574,256 shares at September 30, 2026 and 49,463,881 shares at March 31, 2026 (3,833) (3,673) Additional paid-in capital 1,217 1,155 Retained earnings 3,879 3,644 Accumulated other comprehensive loss (21) (23) Total stockholders’ equity 1,244 1,105 Total liabilities and stockholders’ equity $ 8,308 $ 7,118 6EXHIBIT 3 Booz Allen Hamilton Holding Corporation Condensed Consolidated Statements of Cash Flows (UNAUDITED) Six Months Ended September 30, (Amounts in millions) 2026 2025 Cash flows from operating activities Net income $ 379 $ 446 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 96 81 Noncash lease expense 22 25 Stock-based compensation expense 44 36 Net gains on investments, dispositions, and other (28) (4) Changes in operating assets and liabilities: Accounts receivable, net (46) 54 Deferred income taxes and income taxes receivable/payable 35 78 Prepaid expenses and other current and long-term assets (58) (77) Accrued compensation and benefits 14 (13) Accounts payable and other accrued expenses 111 23 Other current and long-term liabilities 6 (109) Net cash provided by operating activities 575 540 Cash flows from investing activities Purchases of property, equipment, and software (51) (49) Payments for business acquisitions and dispositions, net of cash acquired (934) — Payments for strategic investments (155) (12) Net cash used in investing activities (1,140) (61) Cash flows from financing activities Proceeds from issuance of common stock 20 27 Repurchases of common stock (170) (395) Cash dividends paid (145) (138) Repayments on term loan (724) (42) Net proceeds from debt issuance 1,190 — Net cash provided by (used in) financing activities 171 (548) Net decrease in cash and cash equivalents (394) (69) Cash and cash equivalents––beginning of period 728 885 Cash and cash equivalents––end of period $ 334 $ 816 Supplemental disclosures of cash flow information Net cash payments during the period for: Interest $ 94 $ 87 Income taxes $ 14 $ 41 Supplemental disclosures of non-cash investing and financing activities Share repurchases transacted but not settled and paid $ 6 $ 3 Unpaid property, equipment, and software purchases $ 26 $ 8 7EXHIBIT 4 Booz Allen Hamilton Holding Corporation Non-GAAP Financial Information (UNAUDITED) Three Months Ended September 30, Six Months Ended September 30, (In millions, except share and per share data) 2026 2025 2026 2025 Revenue, Excluding Billable Expenses Revenue $ 2,778 $ 2,890 $ 5,578 $ 5,814 Less: Billable expenses 821 918 1,656 1,799 Revenue, Excluding Billable Expenses $ 1,957 $ 1,972 $ 3,922 $ 4,015 EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin on Revenue Net income $ 181 $ 175 $ 379 $ 446 Income tax expense 18 58 71 3 Interest expense, net and other income (expense) 46 50 74 91 Depreciation and amortization 51 41 96 81 EBITDA $ 296 $ 324 $ 620 $ 621 Other corporate expenses (a) 17 — 27 14 Adjusted EBITDA $ 313 $ 324 $ 647 $ 635 Net income margin 6.5 % 6.1 % 6.8 % 7.7 % Adjusted EBITDA Margin on Revenue 11.3 % 11.2 % 11.6 % 10.9 % Adjusted Net Income Net income $ 181 $ 175 $ 379 $ 446 Other corporate expenses (a) 17 — 27 14 Acquisition amortization (b) 22 12 37 24 Adjustments for tax effect (c) (9) (4) (15) (117) Adjusted Net Income $ 211 $ 183 $ 428 $ 367 Adjusted Diluted Earnings Per Share Weighted-average number of diluted shares outstanding 119,591,637 122,881,563 119,886,979 123,677,992 Diluted earnings per share $ 1.50 $ 1.42 $ 3.13 $ 3.58 Adjusted Net Income Per Diluted Share $ 1.76 $ 1.49 $ 3.57 $ 2.97 Free Cash Flow Net cash provided by operating activities $ 294 $ 421 $ 575 $ 540 Less: Purchases of property, equipment and software (31) (26) (51) (49) Free Cash Flow $ 263 $ 395 $ 524 $ 491 8 (a) In fiscal 2027, other corporate expenses consist primarily of acquisition related costs associated with Defy Security in the first quarter of fiscal 2027, and Ultra I&C Mission Solutions business in the second quarter of fiscal 2027. In fiscal 2026, other corporate expenses consist primarily of nonrecoverable costs associated with employee severance from cost management and restructuring initiatives, transaction costs associated with a divestiture, and acquisition related costs associated with the acquisition of Defy Security. See Note 20, “Supplemental Consolidated Financial Information,” and Note 21, “Subsequent Events,” to the consolidated financial statements within the Annual Report on Form 10-K for the fiscal year ended March 31, 2026 for further information. (b) Amortization expense associated with acquired intangibles from acquisitions. (c) Reflects the tax effect of adjustments at an assumed effective tax rate of 26%, which approximates the blended federal and state tax rates, and consistently excludes the impact of other tax credits and incentive benefits realized. The tax effect of certain discrete items is calculated specifically and may vary from the general 26% rate. The fiscal 2026 tax effect also includes the one-time benefit stemming from the favorable agreement reached with the IRS, resulting in $86 million in release of tax reserves and $20 million (net of tax effect) for the accrual of interest income on the income tax receivable. See Note 13, "Income Taxes," to the consolidated financial statements within the Annual Report on Form 10-K for the fiscal year ended March 31, 2026 for further information.EXHIBIT 4 Booz Allen Hamilton Holding Corporation Non-GAAP Financial Information (Continued) (UNAUDITED) Three Months Ended September 30, 2026 Three Months Ended June 30, 2026 Three Months Ended March 31, 2026 Three Months Ended December 31, 2025 (In millions, except share and per share data) Net income $ 181 $ 198 $ 205 $ 200 Income tax expense (benefit) 18 53 21 (13) Interest expense, net and other income (expense) 46 28 37 43 Depreciation and amortization 51 45 42 40 EBITDA $ 296 $ 324 $ 305 $ 270 Other corporate expenses (a) 17 10 4 15 Adjusted EBITDA $ 313 $ 334 $ 309 $ 285 Last 12 months Adjusted EBITDA $ 1,241 Total Debt $ 4,410 Less: Cash 334 Net Debt $ 4,076 Net Leverage Ratio (b) 3.3 Three Months Ended September 30, 2025 Three Months Ended June 30, 2025 Three Months Ended March 31, 2025 Three Months Ended December 31, 2024 (In millions, except share and per share data) Net income $ 175 $ 271 $ 193 $ 187 Income tax expense (benefit) 58 (55) 49 61 Interest expense, net and other income (expense) 50 41 32 43 Depreciation and amortization 41 40 42 40 EBITDA $ 324 $ 297 $ 316 $ 331 Other corporate expenses (a) — 14 — 1 Adjusted EBITDA $ 324 $ 311 $ 316 $ 332 Last 12 months Adjusted EBITDA $ 1,283 Total Debt $ 3,960 Less: Cash 816 Net Debt $ 3,144 Net Leverage Ratio (b) 2.5 9 (a) In fiscal 2027, other corporate expenses consist primarily of acquisition related costs associated with Defy Security in the first quarter of fiscal 2027, and Ultra I&C Mission Solutions business in the second quarter of fiscal 2027. In fiscal 2026, other corporate expenses consist primarily of nonrecoverable costs associated with employee severance from cost management and restructuring initiatives, transaction costs associated with a divestiture, and acquisition related costs associated with the acquisition of Defy Security. See Note 20, “Supplemental Consolidated Financial Information,” and Note 21, “Subsequent Events,” to the consolidated financial statements within the Annual Report on Form 10-K for the fiscal year ended March 31, 2026 for further information. In fiscal 2025, other corporate expenses consist primarily of acquisition related costs from the acquisition of PAR Government Systems Corporation (“PGSC”). (b) "Net Leverage Ratio" is calculated as net debt (total debt less cash) divided by Adjusted EBITDA over the prior twelve months.EXHIBIT 5 Booz Allen Hamilton Holding Corporation Operating Data (UNAUDITED) Backlog: As of September 30, (Amounts in millions) 2026 2025 Funded $ 5,711 $ 5,440 Unfunded 10,409 10,668 Priced options 24,813 24,080 Total backlog $ 40,933 $ 40,188 Book-to-Bill (1): Three Months Ended September 30, Trailing Twelve Months Ended September 30, 2026 2025 2026 2025 1.5x 1.7x 1.1x 1.1x (1) Book-to-bill is calculated as net bookings, which represents the change in total backlog during the relevant fiscal period plus the relevant fiscal period revenue, divided by the relevant fiscal period revenue. Headcount As of September 30, (Amounts are rounded) 2026 2025 Total Headcount 31,000 32,500 Customer Staff Headcount 28,200 29,600 Revenue by Customer Type Three Months Ended September 30, Six Months Ended September 30, 2026 2025 2026 2025 National Security(2) $ 2,076 $ 2,063 $4,104 $4,064 Civil and Commercial 702 827 1,474 1,750 Total Revenue $ 2,778 $ 2,890 $5,578 $5,814 (2) National Security includes revenues from Defense and Intelligence customers, which were previously separately reported. Prior period revenues have been presented to reflect this change. Percentage of Total Revenue by Contract Type Three Months Ended September 30, Six Months Ended September 30, 2026 2025 2026 2025 Cost-Reimbursable 59% 59% 58% 60% Time-and-Materials 21% 22% 22% 22% Fixed-Price 20% 19% 20% 18% 1023 Oct
8-KBooz Allen Completes Acquisition of Ultra I&C Mission Solutions Business McLean, VA—August 24, 2026—Booz Allen Hamilton (NYSE: BAH) has completed its previously announced $720 million acquisition of the Ultra I&C Mission Solutions business (Ultra Mission Solutions), further strengthening its technology solutions for national security missions. Combining Ultra Mission Solutions’ defense technology software, encryption, and edge- compute products with Booz Allen’s AI-driven battle management, resilient communications, and edge infrastructure solutions strengthens Booz Allen’s portfolio of capabilities for today’s contested and fast-moving operational environments. These offerings will help warfighters connect, secure, and deploy technology at the edge and across domains, bringing advanced commercial technology to national security missions at greater speed and scale. “Booz Allen builds technology to strengthen America’s national security and technological superiority,” said Horacio Rozanski, Chairman and CEO of Booz Allen. “This strategic acquisition accelerates our ability to expand and scale our defense tech products and help the United States and its allies maintain decisive advantage on the battlefield.” Ultra Mission Solutions will operate as the commercial product and solutions component of Booz Allen's defense technology business led by president Steve Escaravage. “Warfighters and policymakers are calling for increased industry investment in commercial products ready to fulfill mission requirements,” said Escaravage. “This acquisition strengthens our ability to scale product delivery, expand global reach, and increase impact for U.S. and allied customers.” About Booz Allen Booz Allen is an advanced technology company. We build commercial-grade products and solutions for America’s most critical defense, civil, and national security priorities. For more information, visit www.boozallen.com. (NYSE: BAH) Forward-Looking Statements Certain statements contained in this release include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include statements that do not directly relate to any historical or current fact. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “could,” “should,” “ forecasts,” “expects,” “ intends,” “plans,” “anticipates,” “projects,” “outlook,” “believes,” “estimates,” “predicts,” “potential,” “continue,” “preliminary,” or the negative of these terms or other comparable terminology. Although we believe that the expectations reflected in the forward- looking statements are reasonable, we can give you no assurance these expectations will prove to have been correct. These forward-looking statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in or implied by these forward-looking statements, including those factors discussed in our filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the fiscal year ended March 31, 2026, which can be found at the SEC’s website at www.sec.gov. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made and, except as required by law, we undertake noobligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Contacts Media Relations: Jessica Klenk, [email protected] Investor Relations: Dustin Darensbourg, [email protected]24 Aug
8-KEntry into a Material Definitive Agreement4 Aug
424B2Prospectus filing (Rule 424(b)(2))30 Jul
FWPFree writing prospectus28 Jul
424B2Prospectus filing (Rule 424(b)(2))28 Jul
S-3ASRAutomatic shelf registration statement (S-3)24 Jul
8-KSubmission of Matters to a Vote of Security Holders24 Jul
10-QQ1ended 30 Jun 202624 Jul
8-KBooz Allen Hamilton Announces First Quarter Fiscal 2027 Results 1 1 Revenue, Excluding Billable Expenses, Adjusted Net Income, Adjusted EBITDA, Adjusted Diluted EPS, Adjusted EBITDA Margin on Revenue, and Free Cash Flow are non- GAAP financial measures. See "Non-GAAP Financial Information" below for additional details. Three Months Ended June 30, 2026 2025 % Change (unaudited) Revenue $2,800 $2,924 (4.2)% Revenue Ex. Billable Expenses $1,965 $2,043 (3.8)% Net Income $198 $271 (26.9)% Adjusted Net Income $217 $184 17.9% Diluted EPS $1.63 $2.16 (24.5)% Adjusted Diluted EPS $1.81 $1.48 22.3% EBITDA $324 $297 9.1% Adjusted EBITDA $334 $311 7.4% Adjusted EBITDA Margin on Revenue 11.9% 10.6% +130 bps Net Cash Provided by Operating Activities $281 $119 136.1% Free Cash Flow $261 $96 171.9% FINANCIAL SUMMARY TABLE McLean, Virginia - July 24, 2026 - Booz Allen Hamilton Holding Corporation (NYSE: BAH), the parent company of advanced technology company Booz Allen Hamilton Inc., today announced results for the first quarter of fiscal 2027. Strong profitability, disciplined execution, and strategic investments continue to strengthen the company's long-term positioning Demand accelerating across National Security portfolio while Civil remains challenged Q1 backlog of $39 billion and quarterly book-to-bill ratio of 1.5x Continued focus on advanced cyber and defense technologies, AI-native products, and outcomes- based delivery to drive critical mission impact "Booz Allen is on track with the expectations we set for the fiscal year amid challenging market dynamics," said Horacio Rozanski, Booz Allen Chairman and CEO. "We are executing the business well, investing in cyber and defense technologies to accelerate our growth, and transforming at speed." Q1 Summary • Revenue of $2.8 billion, a 4.2 percent year-over-year decrease ◦ Revenue ex-billables of $2.0 billion, a 3.8 percent decrease • Net Income of $198 million, a 26.9 percent decrease • Adjusted Net Income1 of $217 million, a 17.9 percent increase • Adjusted EBITDA1 of $334 million, a 7.4 percent increase • Adjusted EBITDA Margin on Revenue1 increased by 130 basis points to 11.9% • Adjusted Diluted EPS1 of $1.81, a 22.3 percent increase • Free cash flow1 of $261 million, compared to $96 million in the prior year • $447 million in total capital deployment • 1.5x quarterly book-to-bill ratio • Total backlog of $39 billion, a 3.2 percent increase A regular quarterly dividend of $0.59 per share will be payable on August 28, 2026, to stockholders of record on August 14, 2026.2 2 Reconciliations omitted in reliance on Item 10(e)(1)(i)(B) of Regulation S-K. See "Non-GAAP Financial Information." 3 Fiscal 2027 Guidance assumes an effective tax rate of 20–23% and average diluted shares outstanding of 118–120 million. 4 Fiscal 2027 Guidance assumes capital expenditures of approximately $220 million, $105 million of which is related to our new headquarters. OPERATING PERFORMANCE FISCAL YEAR 2027 GUIDANCE Revenue $11.2 - $11.7 billion Revenue Growth 0 - 4.0% Adjusted EBITDA $1,240 - $1,290 million Adjusted EBITDA Margin on Revenue ~11% Adjusted Diluted EPS3 $6.00 - $6.35 Free Cash Flow4 $825 - $925 million EARNINGS WEBCAST We will host a live conference call at 8 a.m. EDT on Friday, July 24, 2026, to discuss the financial results for our first quarter of fiscal year 2027. Analysts and institutional investors may participate on the call by registering online at investors.boozallen.com. The conference call will be webcast simultaneously to the public through a link at investors.boozallen.com. This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, is also available at investors.boozallen.com. A replay of the conference call will also be available on the site beginning at 11 a.m. EDT on Friday, July 24, 2026, and continuing for 12 months. ABOUT BOOZ ALLEN HAMILTON Booz Allen is an advanced technology company. We build commercial-grade products and solutions for America’s most critical defense, civil, and national security priorities. For more information, visit www.boozallen.com. (NYSE: BAH) CONTACT INFORMATION Investor Relations Dustin Darensbourg [email protected] Media Relations Jessica Klenk [email protected] OUTLOOK2 For fiscal year 2027, we expect:NON-GAAP FINANCIAL INFORMATION Booz Allen utilizes and discusses in this release Revenue, Excluding Billable Expenses, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin on Revenue, Adjusted Net Income, Adjusted Diluted EPS, and Free Cash Flow. While we believe that these non-GAAP financial measures may be useful in evaluating our financial information, they should be considered as supplemental in nature and not as a substitute for financial information prepared in accordance with GAAP. Reconciliations, definitions, and how we believe these measures are useful to management and investors are provided below. Adjusted EBITDA, Adjusted EBITDA Margin on Revenue, Adjusted Net Income, Adjusted Diluted EPS, and Free Cash Flow exclude the impact of the items detailed in the supplemental exhibits, as these items are generally not operational in nature. These non-GAAP measures also provide another basis for comparing period to period results by excluding potential differences caused by non-operational and unusual or non-recurring items. “Revenue, Excluding Billable Expenses” represents revenue less billable expenses. Booz Allen uses Revenue, Excluding Billable Expenses because it provides management useful information about the Company’s operating performance by excluding the impact of costs such as subcontractor expenses, travel expenses, and other non-labor expenses incurred to perform on contracts. Billable expenses generally have lower margin and thus are less indicative of our profit generation capacity. "EBITDA” represents net income before income tax expense, interest expense, net and other income (expense), and depreciation and amortization. “Adjusted EBITDA” represents net income before income tax expense (benefit), interest expense, net and other income (expense), and depreciation and amortization and before certain other items, including the change in provision for claimed costs for historical rate years, certain other corporate expenses, and certain insurance recoveries. “Adjusted EBITDA Margin on Revenue” is calculated as Adjusted EBITDA divided by revenue. Booz Allen prepares Adjusted EBITDA and Adjusted EBITDA Margin on Revenue to eliminate the impact of items it does not consider indicative of ongoing operating performance due to their inherent unusual, extraordinary or non-recurring nature or because they result from an event of a similar nature. “Adjusted Net Income” represents net income before certain other corporate expenses and acquisition amortization, in each case net of the tax effect where appropriate calculated using an assumed effective tax rate. Booz Allen prepares Adjusted Net Income to eliminate the impact of items, net of tax, it does not consider indicative of ongoing operating performance due to their inherent unusual, extraordinary or non-recurring nature or because they result from an event of a similar nature. “Adjusted Diluted EPS” represents diluted EPS calculated using Adjusted Net Income as opposed to net income. Additionally, Adjusted Diluted EPS does not contemplate any adjustments to net income as required under the two- class method as disclosed in the footnotes to the consolidated financial statements of the Company's Form 10-K for the fiscal year ended March 31, 2026. "Free Cash Flow" represents the net cash generated from operating activities less the impact of purchases of property, equipment and software. Booz Allen presents these supplemental measures because it believes that these measures provide investors and securities analysts with important supplemental information with which to evaluate Booz Allen’s performance, long-term earnings potential, or liquidity, as applicable.These non-GAAP measurements may vary from and may not be comparable to similarly titled measures by other companies in Booz Allen’s industry. "Adjusted Effective Tax Rate" represents income tax expense (benefit) excluding the income tax effects of adjustments to net income, divided by adjusted earnings before income tax expense. "Net Leverage Ratio" is calculated as net debt (total debt less cash) divided by Adjusted EBITDA over the prior twelve months. Revenue, Excluding Billable Expenses, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin on Revenue, Adjusted Net Income, Adjusted Diluted EPS, Free Cash Flow, and Net Leverage Ratio are not recognized measurements under accounting principles generally accepted in the United States, or GAAP, and when analyzing Booz Allen’s performance or liquidity, as applicable, investors should (i) evaluate each adjustment in our reconciliation of revenue to Revenue, Excluding Billable Expenses, net income to Adjusted EBITDA, Adjusted EBITDA Margin on Revenue, Adjusted Net Income, and Adjusted Diluted Earnings Per Share, net cash provided by operating activities to Free Cash Flow, and net debt to Net Leverage Ratio, (ii) use Revenue, Excluding Billable Expenses, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin on Revenue, Adjusted Net Income, and Adjusted Diluted EPS in addition to, and not as an alternative to, revenue, net income or diluted EPS as measures of operating results, each as defined under GAAP, (iii) use Free Cash Flow and Net Leverage Ratio, in addition to, and not as an alternative to, net cash provided by operating activities as a measure of liquidity, each as defined under GAAP, and (iv) use Net Leverage Ratio in addition to, and not as an alternative to, net debt as a measure of Booz Allen's debt leverage. Exhibit 4 includes a reconciliation of Revenue, Excluding Billable Expenses, Adjusted EBITDA, Adjusted EBITDA Margin on Revenue, Adjusted Net Income, Adjusted Diluted EPS, Free Cash Flow and Net Leverage Ratio to the most directly comparable financial measure calculated and presented in accordance with GAAP. With respect to our expectations under “Outlook” above, a reconciliation of Adjusted Diluted EPS guidance to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward- looking basis due to our inability to predict our stock price, equity grants, and dividend declarations during the course of fiscal 2026. Projecting future stock price, equity grants, and the dividends to be declared would be necessary to accurately calculate the difference between Adjusted Diluted EPS and GAAP EPS as a result of the effects of the two-class method and related possible dilution used in the calculation of EPS. Consequently, any attempt to disclose such reconciliation would imply a degree of precision that could be confusing or misleading to investors. We expect the variability of the above charges to have an unpredictable, and potentially significant, impact on our future GAAP financial results. Accordingly, Booz Allen is relying on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K to exclude the reconciliation. In addition, our expectations for Adjusted EBITDA and Adjusted EBITDA Margin on Revenue for fiscal 2026 are presented under "Outlook" above and management may discuss its expectation for Adjusted EBITDA and Adjusted EBITDA Margin on Revenue for fiscal 2026 from time to time. A reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin on Revenue guidance to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to our inability to predict specific quantification of the amounts that would be required to reconcile such measures. Consequently, any attempt to disclose such reconciliation would imply a degree of precision that could be confusing or misleading to investors. Accordingly, Booz Allen is relying on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K to exclude the reconciliation. 3FORWARD LOOKING STATEMENTS Certain statements contained in this press release and in related comments by our management include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include information concerning Booz Allen’s preliminary financial results, financial outlook and guidance, including forecasted revenue, Diluted EPS, and Adjusted Diluted EPS, future quarterly dividends, and future improvements in operating margins, as well as any other statement that does not directly relate to any historical or current fact. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “could,” “should,” “forecasts,” “expects,” “intends,” “plans,” “anticipates,” “projects,” “outlook,” “believes,” “estimates,” “predicts,” “potential,” “continue,” “preliminary,” or the negative of these terms or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we can give you no assurance these expectations will prove to have been correct. These forward-looking statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in or implied by these forward-looking statements, including the risks and factors described in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on May 22, 2026 and in our other filings with the SEC. In light of these risks, uncertainties, and other factors, the forward-looking statements might not prove to be accurate and you should not place undue reliance upon them. All forward-looking statements speak only as of the date made and we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. 4EXHIBIT 1 Booz Allen Hamilton Holding Corporation Condensed Consolidated Statements of Operations (UNAUDITED) 5 Three Months Ended June 30, (Amounts in millions, except per share data) 2026 2025 Revenue $ 2,800 $ 2,924 Operating costs and expenses: Cost of revenue 1,336 1,423 Billable expenses 835 881 General and administrative expenses 305 323 Depreciation and amortization 45 40 Total operating costs and expenses 2,521 2,667 Operating income 279 257 Interest expense, net (48) (44) Other income (expense) 20 3 Income before income taxes 251 216 Income tax expense (benefit) 53 (55) Net income $ 198 $ 271 Earnings per common share: Basic $ 1.63 $ 2.17 Diluted $ 1.63 $ 2.16EXHIBIT 2 Booz Allen Hamilton Holding Corporation Condensed Consolidated Balance Sheets (UNAUDITED) (Amounts in millions, except share and per share data) June 30, 2026 March 31, 2026 Assets Current assets: Cash and cash equivalents $ 540 $ 728 Accounts receivable, net 2,320 2,063 Prepaid expenses and other current assets 180 170 Total current assets 3,040 2,961 Property and equipment, net of accumulated depreciation 167 171 Operating lease right-of-use assets 186 147 Intangible assets, net of accumulated amortization 597 509 Goodwill 2,528 2,399 Deferred tax assets 253 294 Other long-term assets 839 637 Total assets $ 7,610 $ 7,118 Liabilities and stockholders' equity Current liabilities: Current portion of long-term debt $ 19 $ 19 Accounts payable and other accrued expenses 1,192 909 Accrued compensation and benefits 607 641 Operating lease liabilities 29 43 Other current liabilities 59 51 Total current liabilities 1,906 1,663 Long-term debt, net of current portion 3,917 3,921 Operating lease liabilities, net of current portion 195 139 Other long-term liabilities 390 290 Total liabilities 6,408 6,013 Stockholders’ equity: Common stock, Class A — $0.01 par value — authorized, 600,000,000 shares; issued, 170,513,905 shares at June 30, 2026 and 169,805,201 shares at March 31, 2026; outstanding, 120,284,257 shares at June 30, 2026 and 120,341,320 shares at March 31, 2026 2 2 Treasury stock, at cost — 50,229,648 shares at June 30, 2026 and 49,463,881 shares at March 31, 2026 (3,733) (3,673) Additional paid-in capital 1,186 1,155 Retained earnings 3,769 3,644 Accumulated other comprehensive loss (22) (23) Total stockholders’ equity 1,202 1,105 Total liabilities and stockholders’ equity $ 7,610 $ 7,118 6EXHIBIT 3 Booz Allen Hamilton Holding Corporation Condensed Consolidated Statements of Cash Flows (UNAUDITED) Three Months Ended June 30, (Amounts in millions) 2026 2025 Cash flows from operating activities Net income $ 198 $ 271 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 45 40 Noncash lease expense 12 12 Stock-based compensation expense 21 19 Net gains on investments, dispositions, and other (18) (4) Changes in operating assets and liabilities: Accounts receivable, net (36) (15) Deferred income taxes and income taxes receivable/payable 78 34 Prepaid expenses and other current and long-term assets (48) (69) Accrued compensation and benefits (30) (32) Accounts payable and other accrued expenses 71 (35) Other current and long-term liabilities (12) (102) Net cash provided by operating activities 281 119 Cash flows from investing activities Purchases of property, equipment, and software (20) (23) Payments for business acquisitions, net of cash acquired (220) — Payments for strategic investments (88) (9) Net cash used in investing activities (328) (32) Cash flows from financing activities Proceeds from issuance of common stock 9 11 Repurchases of common stock (72) (181) Cash dividends paid (73) (70) Repayments on revolving credit facility, term loans, and Senior Notes (5) (21) Net cash used in financing activities (141) (261) Net decrease in cash and cash equivalents (188) (174) Cash and cash equivalents––beginning of period 728 885 Cash and cash equivalents––end of period $ 540 $ 711 Supplemental disclosures of cash flow information Net cash payments (receipts) during the period for: Interest $ 38 $ 22 Income taxes $ (16) $ 24 Supplemental disclosures of non-cash investing and financing activities Share repurchases transacted but not settled and paid $ — $ 2 Unpaid property, equipment, and software purchases $ 31 $ 4 7EXHIBIT 4 Booz Allen Hamilton Holding Corporation Non-GAAP Financial Information (UNAUDITED) Three Months Ended June 30, (In millions, except share and per share data) 2026 2025 Revenue, Excluding Billable Expenses Revenue $ 2,800 $ 2,924 Less: Billable expenses 835 881 Revenue, Excluding Billable Expenses $ 1,965 $ 2,043 EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin on Revenue Net income $ 198 $ 271 Income tax expense (benefit) 53 (55) Interest expense, net and other income (expense) 28 41 Depreciation and amortization 45 40 EBITDA $ 324 $ 297 Other corporate expenses (a) 10 14 Adjusted EBITDA $ 334 $ 311 Net income margin 7.1 % 9.3 % Adjusted EBITDA Margin on Revenue 11.9 % 10.6 % Adjusted Net Income Net income $ 198 $ 271 Other corporate expenses (a) 10 14 Acquisition amortization (b) 15 12 Adjustments for tax effect (c) (6) (113) Adjusted Net Income $ 217 $ 184 Adjusted Diluted Earnings Per Share Weighted-average number of diluted shares outstanding 120,185,147 124,475,670 Diluted earnings per share $ 1.63 $ 2.16 Adjusted Net Income Per Diluted Share $ 1.81 $ 1.48 Free Cash Flow Net cash provided by operating activities $ 281 $ 119 Less: Purchases of property, equipment and software (20) (23) Free Cash Flow $ 261 $ 96 8 (a) In fiscal 2027, other corporate expenses consist primarily of acquisition related costs associated with the acquisition of Defy Security, and the agreement to acquire Ultra Mission Solutions. In fiscal 2026, other corporate expenses consist primarily of nonrecoverable costs associated with employee severance from cost management and restructuring initiatives, transaction costs associated with a divestiture, and acquisition related costs associated with the acquisition of Defy Security, which closed in the first quarter of fiscal 2027. See Note 20, “Supplemental Consolidated Financial Information,” and Note 21, “Subsequent Events,” to the consolidated financial statements within the Annual Report on Form 10-K for the fiscal year ended March 31, 2026 for further information. (b) Amortization expense associated with acquired intangibles from acquisitions. (c) Reflects the tax effect of adjustments at an assumed effective tax rate of 26%, which approximates the blended federal and state tax rates, and consistently excludes the impact of other tax credits and incentive benefits realized. The tax effect of certain discrete items is calculated specifically and may vary from the general 26% rate. The fiscal 2026 tax effect also includes the one-time benefit stemming from the favorable agreement reached with the IRS, resulting in $86 million in release of tax reserves and $20 million (net of tax effect) for the accrual of interest income on the income tax receivable. See Note 13, "Income Taxes," to the consolidated financial statements within the Annual Report on Form 10-K for the fiscal year ended March 31, 2026 for further information.EXHIBIT 4 Booz Allen Hamilton Holding Corporation Non-GAAP Financial Information (Continued) (UNAUDITED) Three Months Ended June 30, 2026 Three Months Ended March 31, 2026 Three Months Ended December 31, 2025 Three Months Ended September 30, 2025 (In millions, except share and per share data) Net income $ 198 $ 205 $ 200 $ 175 Income tax expense (benefit) 53 21 (13) 58 Interest expense, net and other income (expense) 28 37 43 50 Depreciation and amortization 45 42 40 41 EBITDA $ 324 $ 305 $ 270 $ 324 Other corporate expenses (a) 10 4 15 — Adjusted EBITDA $ 334 $ 309 $ 285 $ 324 Last 12 months Adjusted EBITDA $ 1,252 Total Debt $ 3,936 Less: Cash 540 Net Debt $ 3,396 Net Leverage Ratio (d) 2.7 Three Months Ended June 30, 2025 Three Months Ended March 31, 2025 Three Months Ended December 31, 2024 Three Months Ended September 30, 2024 (In millions, except share and per share data) Net income $ 271 $ 193 $ 187 $ 390 Income tax expense (benefit) (55) 49 61 123 Interest expense, net and other income (expense) 41 32 43 36 Depreciation and amortization 40 42 40 42 EBITDA $ 297 $ 316 $ 331 $ 591 Other corporate expenses (a) 14 — 1 1 Change in provision for claimed costs (b) — — — (113) Insurance recoveries (c) — — — (115) Adjusted EBITDA $ 311 $ 316 $ 332 $ 364 Last 12 months Adjusted EBITDA $ 1,323 Total Debt $ 3,979 Less: Cash 711 Net Debt $ 3,268 Net Leverage Ratio (d) 2.5 9 (a) In fiscal 2027, other corporate expenses consist primarily of acquisition related costs associated with the acquisition of Defy Security, and the agreement to acquire Ultra Mission Solutions. In fiscal 2026, other corporate expenses consist primarily of nonrecoverable costs associated with employee severance from cost management and restructuring initiatives, transaction costs associated with a divestiture, and acquisition related costs associated with the acquisition of Defy Security, which closed in the first quarter of fiscal 2027. See Note 20, “Supplemental Consolidated Financial Information,” and Note 21, “Subsequent Events,” to the consolidated financial statements within the Annual Report on Form 10-K for the fiscal year ended March 31, 2026 for further information. In fiscal 2025, other corporate expenses consist primarily of acquisition related costs from the acquisition of PAR Government Systems Corporation (“PGSC”). (b) Represents the reduction to our provision for claimed costs for years prior to fiscal 2025 recorded during the second quarter of fiscal 2025, which resulted in a corresponding increase to revenue, as a result of the Defense Contract Audit Agency's findings related to its audits of our claimed costs for multiple fiscal years. See Note 19, “Commitments and Contingencies,” to the consolidated financial statements in the Company's Form 10-K for the fiscal year ended March 31, 2025 for further information. (c) Reflects insurance recoveries from claims related to the Company’s fiscal 2024 settlement as described in Note 20, “Commitments and Contingencies,” to the consolidated financial statements contained within the Annual Report on Form 10-K for the fiscal year ended March 31, 2024. (d) "Net Leverage Ratio" is calculated as net debt (total debt less cash) divided by Adjusted EBITDA over the prior twelve months.EXHIBIT 5 Booz Allen Hamilton Holding Corporation Operating Data (UNAUDITED) Backlog: As of June 30, (Amounts in millions) 2026 2025 Funded $ 4,664 $ 4,047 Unfunded 10,218 10,441 Priced options 24,601 23,777 Total backlog $ 39,483 $ 38,265 Book-to-Bill (1): Three Months Ended June 30, Trailing Twelve Months Ended June 30, 2026 2025 2026 2025 1.5x 1.4x 1.1x 1.3x (1) Book-to-bill is calculated as net bookings, which represents the change in total backlog during the relevant fiscal period plus the relevant fiscal period revenue, divided by the relevant fiscal period revenue. Headcount As of June 30, (Amounts are rounded) 2026 2025 Total Headcount 30,900 33,400 Customer Staff Headcount 28,200 30,400 Revenue by Customer Type Three Months Ended June 30, 2026 2025 National Security(2) $2,028 $2,001 Civil and Commercial 772 923 Total Revenue $2,800 $2,924 (2) National Security includes revenues from Defense and Intelligence customers, which were previously separately reported. Prior period revenues have been presented to reflect this change. Percentage of Total Revenue by Contract Type Three Months Ended June 30, 2026 2025 Cost-Reimbursable 57% 60% Time-and-Materials 22% 22% Fixed-Price 21% 18% 1024 Jul
DEFA14ADefinitive additional materials9 Jul
8-KEntry into a Material Definitive Agreement22 Jun
DEFA14ADefinitive additional materials11 Jun
DEF 14ADefinitive proxy statement11 Jun
10-KFY 2026ended 31 Mar 202622 May
8-KMcLean, Virginia - May 22, 2026 - Booz Allen Hamilton Holding Corporation (NYSE: BAH), the parent company of advanced technology company Booz Allen Hamilton Inc., today announced results for the fourth quarter and full year of fiscal 2026. Strong profitability, disciplined execution, and strategic investments position the company for improved performance in FY27 Demand accelerating across portfolios; expect continued growth in National Security portfolio while external factors drive anticipated Civil business declines Record Q4 backlog of $38 billion and trailing twelve-month book-to-bill ratio of 1.1x Continued focus on driving critical mission impact with advanced cyber and defense technologies, AI-native products, and outcomes-based delivery "In a challenging year, Booz Allen delivered strong profitability while continuing to accelerate our transformation," said Horacio Rozanski, Booz Allen Chairman and CEO. "We enter FY27 with momentum and are well-positioned for the year ahead. We’re investing in proven growth areas and building tech to create long-term value for our shareholders and our nation.” Q4 Summary • Revenue of $2.8 billion, a 6.4 percent year-over-year decrease ◦ Revenue ex-billables of $1.9 billion, a 6.8 percent decrease • Net Income of $205 million, a 6.2 percent increase • Adjusted Net Income1 of $215 million, a 5.9 percent increase • Adjusted EBITDA1 of $309 million, a 2.2 percent decrease • Adjusted EBITDA Margin on Revenue1 increased by 50 basis points to 11.1% • Adjusted Diluted EPS1 of $1.78, a 10.6 percent increase • Free cash flow1 of $212 million, compared to $194 million in the prior year • 0.9x quarterly book-to-bill ratio • Total backlog of $38 billion, a 3.1 percent increase FY26 Summary • Revenue of $11.2 billion, a 6.4 percent year-over-year decrease ◦ Revenue ex-billables of $7.8 billion, a 5.3 percent decrease • Net Income of $851 million, a 9.0 percent decrease • Adjusted Net Income1 of $797 million, a 2.2 percent decrease • Adjusted EBITDA1 of $1.23 billion, a 6.5 percent decrease • Adjusted EBITDA Margin on Revenue1 remained flat at 11.0% • Adjusted Diluted EPS1 of $6.51, a 2.5 percent increase • Free cash flow1 of $951 million, compared to $911 million in the prior year • 1.1x trailing twelve month book-to-bill ratio • $1.1 billion in total capital deployment A regular quarterly dividend of $0.59 per share will be payable on June 26, 2026, to stockholders of record on June 10, 2026. Booz Allen Hamilton Announces Fourth Quarter and Full Year Fiscal 2026 Results 1 Due to the fiscal 2025 change in rounding presentation to millions, individual quarters may not sum due to rounding. 1 Revenue, Excluding Billable Expenses, Adjusted Net Income, Adjusted EBITDA, Adjusted Diluted EPS, Adjusted EBITDA Margin on Revenue, and Free Cash Flow are non- GAAP financial measures. See "Non-GAAP Financial Information" below for additional details.2 Three Months Ended March 31, Fiscal Year Ended March 31, 2026 2025 % Change 2026 2025 % Change (unaudited) (unaudited) Revenue $2,783 $2,974 (6.4)% $11,217 $11,980 (6.4)% Revenue Ex. Billable Expenses $1,906 $2,046 (6.8)% $7,767 $8,200 (5.3)% Net Income $205 $193 6.2% $851 $935 (9.0)% Adjusted Net Income $215 $203 5.9% $797 $815 (2.2)% Diluted EPS $1.68 $1.52 10.5% $6.90 $7.25 (4.8)% Adjusted Diluted EPS $1.78 $1.61 10.6% $6.51 $6.35 2.5% EBITDA $305 $316 (3.5)% $1,196 $1,535 (22.1)% Adjusted EBITDA $309 $316 (2.2)% $1,229 $1,315 (6.5)% Adjusted EBITDA Margin on Revenue 11.1% 10.6% +50 bps 11.0% 11.0% — Net Cash Provided by Operating Activities $240 $218 10.1% $1,041 $1,009 3.2% Free Cash Flow $212 $194 9.3% $951 $911 4.4% FINANCIAL SUMMARY 2 Reconciliations omitted in reliance on Item 10(e)(1)(i)(B) of Regulation S-K. See "Non-GAAP Financial Information." 3 Fiscal 2027 Guidance assumes an effective tax rate of 20–23% and average diluted shares outstanding of 118–120 million. 4 Fiscal 2027 Guidance assumes capital expenditures of approximately $220 million, $105 million of which is related to our new headquarters. OPERATING PERFORMANCE FISCAL YEAR 2027 GUIDANCE Revenue $11.2 - $11.7 billion Revenue Growth 0 - 4.0% Adjusted EBITDA $1,240 - $1,290 million Adjusted EBITDA Margin on Revenue ~11% Adjusted Diluted EPS3 $6.00 - $6.35 Free Cash Flow4 $825 - $925 million EARNINGS WEBCAST We will host a live conference call at 8 a.m. EDT on Friday, May 22, 2026, to discuss the financial results for our fourth quarter and full fiscal year 2026. Analysts and institutional investors may participate on the call by registering online at investors.boozallen.com. The conference call will be webcast simultaneously to the public through a link at investors.boozallen.com. This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, is also available at investors.boozallen.com. A replay of the conference call will also be available on the site beginning at 11 a.m. EDT on Friday, May 22, 2026, and continuing for 12 months. OUTLOOK2 For fiscal year 2027, we expect:3 ABOUT BOOZ ALLEN HAMILTON Booz Allen is an advanced technology company delivering outcomes with speed for America’s most critical defense, civil, and national security priorities. We build technology solutions using AI, cyber, and other cutting-edge technologies to advance and protect the nation and its citizens. By focusing on outcomes, we enable our people, clients, and their missions to succeed—accelerating the nation to realize our purpose: Empower People to Change the World®. With global headquarters in McLean, Virginia, our company employs approximately 31,500 people globally as of March 31, 2026, and had revenue of $11.2 billion for the 12 months ended March 31, 2026. To learn more, visit www.boozallen.com. (NYSE: BAH) CONTACT INFORMATION Investor Relations Dustin Darensbourg [email protected] Media Relations Jessica Klenk [email protected] FINANCIAL INFORMATION Booz Allen utilizes and discusses in this release Revenue, Excluding Billable Expenses, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin on Revenue, Adjusted Net Income, Adjusted Diluted EPS, and Free Cash Flow. While we believe that these non-GAAP financial measures may be useful in evaluating our financial information, they should be considered as supplemental in nature and not as a substitute for financial information prepared in accordance with GAAP. Reconciliations, definitions, and how we believe these measures are useful to management and investors are provided below. Adjusted EBITDA, Adjusted EBITDA Margin on Revenue, Adjusted Net Income, Adjusted Diluted EPS, and Free Cash Flow exclude the impact of the items detailed in the supplemental exhibits, as these items are generally not operational in nature. These non-GAAP measures also provide another basis for comparing period to period results by excluding potential differences caused by non-operational and unusual or non-recurring items. “Revenue, Excluding Billable Expenses” represents revenue less billable expenses. Booz Allen uses Revenue, Excluding Billable Expenses because it provides management useful information about the Company’s operating performance by excluding the impact of costs such as subcontractor expenses, travel expenses, and other non-labor expenses incurred to perform on contracts. Billable expenses generally have lower margin and thus are less indicative of our profit generation capacity. "EBITDA” represents net income before income tax expense, interest expense, net and other income (expense), and depreciation and amortization. “Adjusted EBITDA” represents net income before income tax expense, interest expense, net and other income (expense), and depreciation and amortization and before certain other items, including the change in provision for claimed costs for historical rate years, certain other corporate expenses, and certain insurance recoveries. “Adjusted EBITDA Margin on Revenue” is calculated as Adjusted EBITDA divided by revenue. Booz Allen prepares Adjusted EBITDA and Adjusted EBITDA Margin on Revenue to eliminate the impact of items it does not consider indicative of ongoing operating performance due to their inherent unusual, extraordinary or non- recurring nature or because they result from an event of a similar nature. “Adjusted Net Income” represents net income before: (i) the change in provision for claimed costs for historical rate years (ii) certain other corporate expenses, (iii) acquisition amortization, (iv) certain insurance recoveries, (v) gain associated with divestitures, and (vi) amortization or write-off of debt issuance costs and debt discount, in each case net of the tax effect where appropriate calculated using an assumed effective tax rate. Booz Allen prepares Adjusted Net Income to eliminate the impact of items, net of tax, it does not consider indicative of ongoing operating performance due to their inherent unusual, extraordinary or non-recurring nature or because they result from an event of a similar nature. “Adjusted Diluted EPS” represents diluted EPS calculated using Adjusted Net Income as opposed to net income. Additionally, Adjusted Diluted EPS does not contemplate any adjustments to net income as required under the two- class method as disclosed in the footnotes to the consolidated financial statements of the Company's Form 10-K for the fiscal year ended March 31, 2025. "Free Cash Flow" represents the net cash generated from operating activities less the impact of purchases of property, equipment and software. Booz Allen presents these supplemental measures because it believes that these measures provide investors and securities analysts with important supplemental information with which to evaluate Booz Allen’s performance, long-term earnings potential, or liquidity, as applicable.These non-GAAP measurements may vary from and may not be comparable to similarly titled measures by other companies in Booz Allen’s industry. "Adjusted Effective Tax Rate" represents income tax expense (benefit) excluding the income tax effects of adjustments to net income, divided by adjusted earnings before income tax expense. "Net Leverage Ratio" is calculated as net debt (total debt less cash) divided by Adjusted EBITDA over the prior twelve months. Revenue, Excluding Billable Expenses, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin on Revenue, Adjusted Net Income, Adjusted Diluted EPS, Free Cash Flow, and Net Leverage Ratio are not recognized measurements under accounting principles generally accepted in the United States, or GAAP, and when analyzing Booz Allen’s performance or liquidity, as applicable, investors should (i) evaluate each adjustment in our reconciliation of revenue to Revenue, Excluding Billable Expenses, net income to Adjusted EBITDA, Adjusted EBITDA Margin on Revenue, Adjusted Net Income, and Adjusted Diluted Earnings Per Share, net cash provided by operating activities to Free Cash Flow, and net debt to Net Leverage Ratio, (ii) use Revenue, Excluding Billable Expenses, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin on Revenue, Adjusted Net Income, and Adjusted Diluted EPS in addition to, and not as an alternative to, revenue, net income or diluted EPS as measures of operating results, each as defined under GAAP, (iii) use Free Cash Flow and Net Leverage Ratio, in addition to, and not as an alternative to, net cash provided by operating activities as a measure of liquidity, each as defined under GAAP, and (iv) use Net Leverage Ratio in addition to, and not as an alternative to, net debt as a measure of Booz Allen's debt leverage. Exhibit 4 includes a reconciliation of Revenue, Excluding Billable Expenses, Adjusted EBITDA, Adjusted EBITDA Margin on Revenue, Adjusted Net Income, Adjusted Diluted EPS, Free Cash Flow and Net Leverage Ratio to the most directly comparable financial measure calculated and presented in accordance with GAAP. With respect to our expectations under “Outlook” above, a reconciliation of Adjusted Diluted EPS guidance to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward- looking basis due to our inability to predict our stock price, equity grants, and dividend declarations during the course of fiscal 2026. Projecting future stock price, equity grants, and the dividends to be declared would be necessary to accurately calculate the difference between Adjusted Diluted EPS and GAAP EPS as a result of the effects of the two-class method and related possible dilution used in the calculation of EPS. Consequently, any attempt to disclose such reconciliation would imply a degree of precision that could be confusing or misleading to investors. We expect the variability of the above charges to have an unpredictable, and potentially significant, impact on our future GAAP financial results. Accordingly, Booz Allen is relying on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K to exclude the reconciliation. In addition, our expectations for Adjusted EBITDA and Adjusted EBITDA Margin on Revenue for fiscal 2026 are presented under "Outlook" above and management may discuss its expectation for Adjusted EBITDA and Adjusted EBITDA Margin on Revenue for fiscal 2026 from time to time. A reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin on Revenue guidance to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to our inability to predict specific quantification of the amounts that would be required to reconcile such measures. Consequently, any attempt to disclose such reconciliation would imply a degree of precision that could be confusing or misleading to investors. Accordingly, Booz Allen is relying on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K to exclude the reconciliation. 4FORWARD LOOKING STATEMENTS Certain statements contained in this press release and in related comments by our management include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include information concerning Booz Allen’s preliminary financial results, financial outlook and guidance, including forecasted revenue, Diluted EPS, and Adjusted Diluted EPS, future quarterly dividends, and future improvements in operating margins, as well as any other statement that does not directly relate to any historical or current fact. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “could,” “should,” “forecasts,” “expects,” “intends,” “plans,” “anticipates,” “projects,” “outlook,” “believes,” “estimates,” “predicts,” “potential,” “continue,” “preliminary,” or the negative of these terms or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we can give you no assurance these expectations will prove to have been correct. These forward-looking statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in or implied by these forward-looking statements, including the risks and factors described in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on May 22, 2026 and in our other filings with the SEC. In light of these risks, uncertainties, and other factors, the forward-looking statements might not prove to be accurate and you should not place undue reliance upon them. All forward-looking statements speak only as of the date made and, except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. 5EXHIBIT 1 Booz Allen Hamilton Holding Corporation Consolidated Statements of Operations 6 Three Months Ended March 31, Fiscal Year Ended March 31, (unaudited) (Amounts in millions, except per share data) 2026 2025 2026 2025 Revenue $ 2,783 $ 2,974 $ 11,217 $ 11,980 Operating costs and expenses: Cost of revenue 1,283 1,378 5,305 5,419 Billable expenses 877 928 3,450 3,780 General and administrative expenses 318 352 1,266 1,246 Depreciation and amortization 42 42 163 165 Total operating costs and expenses 2,520 2,700 10,184 10,610 Operating income 263 274 1,033 1,370 Interest expense, net (45) (43) (184) (168) Other income (expense) 8 11 13 17 Income before income taxes 226 242 862 1,219 Income tax expense 21 49 11 284 Net income $ 205 $ 193 $ 851 $ 935 Earnings per common share: Basic $ 1.69 $ 1.53 $ 6.92 $ 7.28 Diluted $ 1.68 $ 1.52 $ 6.90 $ 7.25EXHIBIT 2 Booz Allen Hamilton Holding Corporation Consolidated Balance Sheets (Amounts in millions, except share and per share data) March 31, 2026 March 31, 2025 Assets Current assets: Cash and cash equivalents $ 728 $ 885 Accounts receivable, net 2,063 2,271 Prepaid expenses and other current assets 170 157 Total current assets 2,961 3,313 Property and equipment, net of accumulated depreciation 171 177 Operating lease right-of-use assets 147 178 Intangible assets, net of accumulated amortization 509 563 Goodwill 2,399 2,405 Deferred tax assets 294 332 Other long-term assets 637 344 Total assets $ 7,118 $ 7,312 Liabilities and stockholders' equity Current liabilities: Current portion of long-term debt $ 19 $ 83 Accounts payable and other accrued expenses 909 987 Accrued compensation and benefits 641 702 Operating lease liabilities 43 41 Other current liabilities 51 33 Total current liabilities 1,663 1,846 Long-term debt, net of current portion 3,921 3,915 Operating lease liabilities, net of current portion 139 180 Other long-term liabilities 290 368 Total liabilities 6,013 6,309 Stockholders’ equity: Common stock, Class A — $0.01 par value — authorized, 600,000,000 shares; issued, 169,805,201 shares at March 31, 2026 and 168,522,544 shares at March 31, 2025; outstanding, 120,341,320 shares at March 31, 2026 and 124,879,004 shares at March 31, 2025 2 2 Treasury stock, at cost — 49,463,881 shares at March 31, 2026 and 43,643,540 shares at March 31, 2025 (3,673) (3,082) Additional paid-in capital 1,155 1,042 Retained earnings 3,644 3,070 Accumulated other comprehensive loss (23) (29) Total stockholders’ equity 1,105 1,003 Total liabilities and stockholders’ equity $ 7,118 $ 7,312 7EXHIBIT 3 Booz Allen Hamilton Holding Corporation Consolidated Statements of Cash Flows Fiscal Year Ended March 31, (Amounts in millions) 2026 2025 Cash flows from operating activities Net income $ 851 $ 935 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 163 165 Noncash lease expense 51 50 Stock-based compensation expense 69 94 Deferred income taxes 35 (91) Net gains on investments, dispositions, and other (16) (16) Changes in assets and liabilities: Accounts receivable, net 207 (206) Income taxes receivable / payable (11) (31) Prepaid expenses and other current and long-term assets (43) 1 Accrued compensation and benefits (60) 207 Accounts payable and other accrued expenses (86) (66) Other current and long-term liabilities (119) (33) Net cash provided by operating activities 1,041 1,009 Cash flows from investing activities Purchases of property, equipment, and software (90) (98) Proceeds from (payments for) business dispositions and acquisitions, net of cash acquired 22 (97) Net payments for investments (232) (23) Net cash used in investing activities (300) (218) Cash flows from financing activities Proceeds from issuance of common stock 45 38 Repurchases of common stock (598) (812) Cash dividends paid (276) (268) Proceeds from revolving credit facility — 200 Repayments on revolving credit facility, term loans, and Senior Notes (62) (262) (Payments for)/net proceeds from debt refinancing and issuance (7) 644 Net cash used in financing activities (898) (460) Net (decrease) increase in cash and cash equivalents (157) 331 Cash and cash equivalents––beginning of year 885 554 Cash and cash equivalents––end of year $ 728 $ 885 Supplemental disclosures of cash flow information Net cash paid during the period for: Interest $ 191 $ 186 Supplemental disclosures of non-cash investing and financing activities Share repurchases transacted but not settled and paid $ 16 $ 22 Unpaid property, equipment and software purchases $ 8 $ 9 8EXHIBIT 4 Booz Allen Hamilton Holding Corporation Non-GAAP Financial Information (UNAUDITED) Three Months Ended March 31, Fiscal Year Ended March 31, (In millions, except share and per share data) 2026 2025 2026 2025 Revenue, Excluding Billable Expenses Revenue $ 2,783 $ 2,974 $ 11,217 $ 11,980 Less: Billable expenses 877 928 3,450 3,780 Revenue, Excluding Billable Expenses* $ 1,906 $ 2,046 $ 7,767 $ 8,200 EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin on Revenue Net income $ 205 $ 193 $ 851 $ 935 Income tax expense 21 49 11 284 Interest expense, net and other income (expense) 37 32 171 151 Depreciation and amortization 42 42 163 165 EBITDA $ 305 $ 316 $ 1,196 $ 1,535 Change in provision for claimed costs (a) — — — (113) Other corporate expenses (b) 4 — 33 8 Insurance recoveries (c) — — — (115) Adjusted EBITDA $ 309 $ 316 $ 1,229 $ 1,315 Net income margin 7.4 % 6.5 % 7.6 % 7.8 % Adjusted EBITDA Margin on Revenue 11.1 % 10.6 % 11.0 % 11.0 % Adjusted Net Income Net income $ 205 $ 193 $ 851 $ 935 Change in provision for claimed costs (a) — — — (113) Other corporate expenses (b) 4 — 33 8 Insurance recoveries (c) — — — (115) Acquisition amortization (d) 12 13 48 54 Amortization or write-off of debt issuance costs and debt discount — 1 — 4 Gain associated with divestitures (e) — — (7) — Adjustments for tax effect (f) (6) (4) (128) 42 Adjusted Net Income $ 215 $ 203 $ 797 $ 815 Adjusted Diluted Earnings Per Share Weighted-average number of diluted shares outstanding 120,738,749 126,255,581 122,375,151 128,290,417 Diluted earnings per share $ 1.68 $ 1.52 $ 6.90 $ 7.25 Adjusted Net Income Per Diluted Share $ 1.78 $ 1.61 $ 6.51 $ 6.35 Free Cash Flow Net cash provided by operating activities $ 240 $ 218 $ 1,041 $ 1,009 Less: Purchases of property, equipment and software (28) (24) (90) (98) Free Cash Flow $ 212 $ 194 $ 951 $ 911 * Revenue, Excluding Billable Expenses includes $113 million of revenue for the fiscal year ended March 31, 2025 resulting from the reduction to our provision for claimed costs as noted below. 9 (a) Represents the reduction to our provision for claimed costs for years prior to fiscal 2025 recorded during the second quarter of fiscal 2025, which resulted in a corresponding increase to revenue, as a result of the Defense Contract Audit Agency's findings related to its audits of our claimed costs for multiple fiscal years. See Note 19, “Commitments and Contingencies,” to the consolidated financial statements in the Company's Form 10-K for the fiscal year ended March 31, 2025 for further information. (b) In fiscal 2026, other corporate expenses consist primarily of nonrecoverable costs associated with employee severance from cost management and restructuring initiatives, transaction costs associated with a divestiture, and acquisition related costs associated with the acquisition of Defy Security, which closed in the first quarter of fiscal 2027. See Note 20, “Supplemental Consolidated Financial Information,” and Note 21, "Subsequent Events," to the consolidated financial statements for further information. In fiscal 2025, other corporate expenses consist primarily of acquisition related costs from the acquisition of PAR Government Systems Corporation (“PGSC”). (c) Reflects insurance recoveries from claims related to the Company’s fiscal 2024 settlement as described in Note 20, “Commitments and Contingencies,” to the consolidated financial statements contained within the Annual Report on Form 10-K for the fiscal year ended March 31, 2024. (d) Amortization expense associated with acquired intangibles from acquisitions. (e) Represents the gain recognized on the divestiture of a group of contracts in the third quarter of fiscal 2026. (f) Reflects the tax effect of adjustments at an assumed effective tax rate of 26%, which approximates the blended federal and state tax rates, and consistently excludes the impact of other tax credits and incentive benefits realized. The tax effect of certain discrete items is calculated specifically and may vary from the general 26% rate. The year to date tax effect also includes the one-time benefit stemming from the favorable agreement reached with the IRS, resulting in $86 million in release of tax reserves and $24 million (net of tax effect) for the accrual of interest income on the income tax receivable. See Note 13, "Income Taxes," to the consolidated financial statements for further information.EXHIBIT 4 Booz Allen Hamilton Holding Corporation Non-GAAP Financial Information (Continued) (UNAUDITED) Fiscal Year Ended March 31, 2026 Fiscal Year Ended March 31, 2025 (In millions, except share and per share data) Net income $ 851 $ 935 Income tax expense 11 284 Interest expense, net and other income (expense) 171 151 Depreciation and amortization 163 165 EBITDA $ 1,196 $ 1,535 Change in provision for claimed costs (a) — (113) Other corporate expenses (b) 33 8 Insurance recoveries (c) — (115) Last 12 months Adjusted EBITDA $ 1,229 $ 1,315 Total Debt $ 3,940 $ 3,998 Less: Cash 728 885 Net Debt $ 3,212 $ 3,113 Net Leverage Ratio (d) 2.6 2.4 10 (a) Represents the reduction to our provision for claimed costs for years prior to fiscal 2025 recorded during the second quarter of fiscal 2025, which resulted in a corresponding increase to revenue, as a result of the Defense Contract Audit Agency's findings related to its audits of our claimed costs for multiple fiscal years. See Note 19, “Commitments and Contingencies,” to the consolidated financial statements in the Company's Form 10-K for the fiscal year ended March 31, 2025 for further information. (b) In fiscal 2026, other corporate expenses consist primarily of nonrecoverable costs associated with employee severance from cost management and restructuring initiatives, transaction costs associated with a divestiture, and acquisition related costs associated with the acquisition of Defy Security, which closed in the first quarter of fiscal 2027. See Note 20, “Supplemental Consolidated Financial Information,” and Note 21, "Subsequent Events," to the consolidated financial statements for further information. In fiscal 2025, other corporate expenses consist primarily of acquisition related costs from the acquisition of PAR Government Systems Corporation (“PGSC”). (c) Reflects insurance recoveries from claims related to the Company’s fiscal 2024 settlement as described in Note 20, “Commitments and Contingencies,” to the consolidated financial statements contained within the Annual Report on Form 10-K for the fiscal year ended March 31, 2024. (d) "Net Leverage Ratio" is calculated as net debt (total debt less cash) divided by Adjusted EBITDA over the prior twelve months.EXHIBIT 5 Booz Allen Hamilton Holding Corporation Operating Data (UNAUDITED) Backlog: As of March 31, (Amounts in millions) 2026 2025 Funded $ 4,319 $ 4,421 Unfunded 10,183 8,804 Priced options 23,685 23,802 Total backlog $ 38,187 $ 37,027 Book-to-Bill (1): Three Months Ended March 31, Trailing Twelve Months Ended December 31, 2026 2025 2026 2025 0.9x 0.7x 1.1x 1.4x (1) Book-to-bill is calculated as net bookings, which represents the change in total backlog during the relevant fiscal period plus the relevant fiscal period revenue, divided by the relevant fiscal period revenue. Headcount As of March 31, (Amounts are rounded) 2026 2025 Total Headcount 31,500 35,800 Customer Staff Headcount 28,800 32,700 Revenue by Customer Type Three Months Ended March 31, Fiscal Year Ended March 31, 2026 2025 2026 2025 Defense $ 1,518 $ 1,527 $ 6,069 $ 5,943 Intelligence 499 458 1,900 1,867 Civil 766 989 3,248 4,170 Total Revenue $ 2,783 $ 2,974 $ 11,217 $ 11,980 Percentage of Total Revenue by Contract Type Three Months Ended March 31, Fiscal Year Ended March 31, 2026 2025 2026 2025 Cost-Reimbursable 58% 59% 59% 57% Time-and-Materials 23% 22% 22% 23% Fixed-Price 19% 19% 19% 20% 1122 May
8-KBooz Allen Appoints Ryan P. Nolan to Board of Directors McLean, VA. – May 12, 2026 – Booz Allen Hamilton Holding Corporation (NYSE: BAH), the parent company of advanced technology company Booz Allen Hamilton Inc., announced today that it has appointed Ryan P. Nolan to the Board of Directors, eHective June 1, 2026. He will serve on the board’s audit committee. Nolan is a seasoned technology advisor and investor with extensive experience advising technology companies, founders, and long-term investors. He is a partner and co-head of global technology at BDT & MSD Partners where he also serves on the firm's Technology Investment Committee. Nolan brings deep strategic, financial, and technology expertise to Booz Allen. He was previously a partner in Goldman Sachs’ Technology, Media and Telecommunications Group and global co-head of software investment banking. During his 13-year tenure at Goldman Sachs, Nolan advised on capital market transactions that raised more than $50 billion, and on more than $100 billion in merger and acquisition transactions. “Ryan’s success advising and investing in leading technology companies will be an exceptional asset as we focus on delivering advanced, mission-driven innovation to Booz Allen’s global customers,” said Horacio Rozanski, Booz Allen’s Chairman and CEO. “I look forward to our collaboration on the board and the meaningful contributions his experience will bring to the company’s transformation and growth.” Nolan earned a B.B.A. in finance from the University of Notre Dame and a J.D. and M.B.A. from Duke University. He is a Senior Research Fellow at Harvard Kennedy School and a member of the Council on Foreign Relations. He serves on the boards of PBS Foundation, America's Frontier Fund, and Redefine Alliance. About Booz Allen Hamilton Booz Allen is the advanced technology company delivering outcomes with speed for America’s most critical defense, civil, and national security priorities. We build technology solutions using AI, cyber, and other cutting-edge technologies to advance and protect the nation and its citizens. By focusing on outcomes, we enable our people, customers, and their missions to succeed—accelerating the nation to realize our purpose: Empower People to Change the World®. With global headquarters in McLean, Virginia, our company employs approximately 31,600 people globally as of December 31, 2025, and had revenue of $12.0 billion for the 12 months ended March 31, 2025. To learn more, visit www.boozallen.com. (NYSE: BAH) Contacts Media Relations: Jessica Klenk, [email protected] Investor Relations: Dustin Darensbourg, [email protected]12 May
8-KBooz Allen Hamilton Appoints Troy Lahr Chief Financial Officer; Names Kristine Martin Anderson President MCLEAN, Virginia – April 27, 2026 – Booz Allen Hamilton (NYSE: BAH) today announced senior leadership appointments that strengthen the company’s position as an advanced technology provider for U.S. federal and global commercial markets. Effective May 4, 2026, Troy Lahr  has been appointed Executive Vice President and Chief Financial Officer. Lahr brings more than 25 years of financial and business leadership experience for both commercial tech and defense companies. As CFO he will oversee the company’s fiscal performance, capital structure, M&A, and related financial operations, reporting directly to Chairman of the Board and Chief Executive Officer Horacio Rozanski. Lahr was most recently CFO at Sierra Space, where he led the company’s financial strategy and performance including accounting and reporting, controllership, financial planning and analysis, tax, and treasury. Prior to that, he was CFO of Boeing’s $27 billion Defense, Space & Security business, following roles of increasing responsibility across the company including head of corporate investor relations, controller, and senior manager of mergers and acquisitions. Lahr began his career with more than a decade in investment banking as an aerospace and defense equity analyst for Stifel. “Troy’s deep and differentiated experience helps position Booz Allen for accelerated growth and bold transformation,” said Rozanski. “His success driving performance across large portfolios and leading through change will be a powerful asset as we work together to advance our next chapter.” Effective May 1, 2026, Chief Operating Officer Kristine Martin Anderson will assume the additional position of President.  Anderson, who has also been acting CFO since February 2026, will continue to report to Rozanski. “Kristine is the driving force in executing Booz Allen’s growth strategy and leading operations as we accelerate our technology transformation,” said Rozanski. “This position reflects her success as COO and her leadership across our entire business. I look forward to continuing to partner with her as we advance our strategic priorities and build the future of Booz Allen.” Anderson has been a leader at Booz Allen for 20 years and became COO in 2022. She previously led the company’s Civil Sector business with a focus on modernizing and transforming missions across U.S. federal civilian departments and agencies, following other senior positions driving growth and innovation.Also effective May 1, 2026, Executive Vice President and Chief Strategy Officer Shannon Fitzgerald will be promoted to President of the Civil Sector. Richard Crowe, Executive Vice President and President of the Civil Sector, has been appointed Chief Growth Officer.   About Booz Allen Hamilton Booz Allen is the advanced technology company delivering outcomes with speed for America’s most critical defense, civil, and national security priorities. We build technology solutions using AI, cyber, and other cutting-edge technologies to advance and protect the nation and its citizens. By focusing on outcomes, we enable our people, customers, and their missions to succeed—accelerating the nation to realize our purpose: Empower People to Change the World®. With global headquarters in McLean, Virginia, our company employs approximately 31,600 people globally as of December 31, 2025, and had revenue of $12.0 billion for the 12 months ended March 31, 2025. To learn more, visit www.boozallen.com BAHPR-CO Contacts Media Relations: Jessica Klenk, [email protected] Investor Relations: [email protected]27 Apr
8-KEntry into a Material Definitive Agreement2 Mar

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