Amentum Holdings, Inc. Q2 2026 Earnings Recap

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.