Amentum Holdings, Inc.

Amentum Holdings, Inc. Earnings Recaps

AMTM 3 recaps
Q2 2026 May 13, 2026

Shares dropped 3.3% as investors reacted negatively to signs of margin pressure amid decelerating revenue growth and a cautious outlook despite record backlog growth and strong bookings.

Key takeaways
  • Revenue grew 3% on a normalized basis to $3.5 billion, showing slowing organic top-line momentum.
  • Adjusted EBITDA margin compressed to 7.9%, indicating margin pressure even as adjusted EPS rose 13% to $0.60.
  • Free cash flow remained solid at $220 million but lacked acceleration to offset margin concerns.
  • Net bookings totaled $4 billion with a healthy book-to-bill ratio of 1.2x; backlog hit a record $48 billion, up 7% year-over-year.
  • Management highlighted growth opportunities in nuclear, digital infrastructure, and space sectors, but a cautious tone on near-term outlook was evident.
Full recap
Q1 2026 Feb 10, 2026

Amentum delivered a solid Q1 FY2026 performance, with revenue reaching $3.2 billion and adjusted EBITDA of $263 million, demonstrating resilience despite external challenges. The company's strategic focus on nuclear energy, space, and digital infrastructure continues to drive robust bookings and backlog growth.

Key takeaways
  • Revenue grew by 3% year-over-year, with adjusted diluted EPS increasing 6% to $0.54.
  • Net bookings totaled $3.3 billion, maintaining a book-to-bill ratio of 1.1x over the last 12 months, contributing to a $47 billion backlog, up 4%.
  • Significant contract wins include a $730 million agreement with EDF Nuclear Power and a $207 million contract in the Netherlands for energy development.
  • Strong demand signals were noted in the nuclear energy sector, with nearly $1 billion awarded in Q1, highlighting Amentum's strategic positioning.
  • The company is advancing in digital and unmanned sustainment solutions, securing important contracts and enhancing its service portfolio.
Full recap
Q4 2025 Nov 26, 2025

Amentum delivered strong performance in fiscal year 2025, achieving revenue of $14.4 billion and a 5% increase in adjusted EBITDA, demonstrating effective execution of its growth strategy amidst a competitive landscape.

Key takeaways
  • Revenues rose to $14.4 billion, reflecting pro forma growth of 4% year-over-year.
  • Adjusted EBITDA increased by 5% to $1.1 billion, with adjusted diluted earnings per share up 11% to $2.22.
  • The company secured a book-to-bill ratio of 1.2x for the year and 1.6x for the fourth quarter, with total bookings of $6.4 billion, driving backlog growth to over $47 billion.
  • Amentum showcased strategic wins, including a $4 billion contract with the U.S. Space Force and a $1.8 billion partnership with Sellafield in the U.K.
  • Free cash flow of $516 million supports debt reduction, reducing net leverage to 3.2x.
Full recap