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Parsons Today

$47.55 -0.03 (-0.06%)

As of 09/4/2026 03:58 PM Eastern

$36.26▼

$89.5032.79

$64.08

Parsons Corp. NYSE: PSN is one of the few companies to sit at the intersection of two high-demand growth industries that investors often consider separately: critical infrastructure and defense modernization. While many companies are pivoting toward defense—and plenty of defense-focused investments have done very well so far this year—Parsons has seen share prices go the opposite direction. Its stock has plummeted by more than 25% year to date (YTD).

This decline may be a blessing in disguise for a company that is positioned to meet two very different sets of needs in two high-performing corners of the market. Parsons could be considered a value play. Of course, for this to be the case, the company must be able to make a convincing argument that it is trading below its true value, and to be an even more promising option, Parsons must demonstrate that it has ample growth potential. Its unique dual focus, its acquisition history, and its missile defense business all help to make that case.

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Parsons' Unique Appeal as an Infrastructure and National Security FirmParsons is not a pure-play defense company, but rather a firm that generates revenue not only from government defense contracts but also from infrastructure projects. This breadth allows the company to capitalize on everything from space and missile defense business to critical infrastructure protection, water and other types of engineering, and urban development tasks.

The defense business certainly appears to be ramping up. In late August, for instance, Parsons announced that its subsidiary, Sealing Technologies, received a five-year agreement to produce cybersecurity systems for U.S. Cyber Command. The deal is worth up to $750 million in total.

Acquisitions Point to Invigorated Defense FocusIn recent years, Parsons has repeatedly reshaped its business through acquisitions, many of which have suggested it is leaning heavily into its defense operations. Altamira Technologies, for example, acquired in January 2026, reinforces Parsons' ventures into classified intelligence, missile warning, and space capabilities. Two years earlier, the company purchased BlackSignal Technologies, significantly boosting its presence in the classified cyber and intelligence industries. Xator helped increase Parsons' biometrics offerings two years prior to that.

These deals show that Parsons is not simply looking to capture market share of its existing operations or to buy up revenue sources, but rather that the company has been progressively and consistently deepening its exposure to high-margin defense technologies.

Missile Defense Stands Out as a Growth DriverMissile defense in particular has become a major focus for defense companies, and Parsons has positioned itself as a dominant player in this space. A major $514-million Missile Defense Agency contract option extending the company's work for the Missile Defense System is the latest development, announced in August 2026.

Investors might watch for Parsons to be involved in a variety of other missile defense projects based on its current work, potentially including counter-drone systems, integrated air and missile defense projects, and more.

Is Parsons Actually Undervalued?96th Percentile

Moderate Buy

34.8% Upside

Healthy

N/A

0.77 Acquiring Shares

34.93%

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The firm's recent underperformance has helped to fuel an argument that it may be undervalued, despite important contract wins in recent months. Shares may have been weighed down by restructuring, charges related to divestments, the timing of government awards, and other time-sensitive details. Also key to the latest dip is the fact that the company lowed its 2026 guidance amid award delays.

Still, Parsons has managed to report a number of strengths in its recent earnings. Bookings and backlog are very strong, with Q2 awards climbing by 24% year over year (YOY) to produce a 1.2x book-to-bill ratio. Backlog surged to $9.3 billion, with a full $6.6 billion funded. Profitability metrics also improved in the latest quarter.

If Parsons continues to balance its two primary focuses, it may end up able to better reduce cyclicality and maintain robust performance despite a slowdown in one area of the market or another. Still, there are risks to leaning into the defense business—government contracting can produce lumpy quarterly results, for instance, and may continue to delay contract awards. If Parsons continues to take an acquisition-centered approach, it must be able to continue to integrate those firms successfully. Finally, its infrastructure business may carry lower margins than some of its more advanced defense technology work.

All told, however, Parsons has a diversified business that may appeal to investors interested in either infrastructure or defense exposure, along with a robust backlog and a growing role in the defense space. It's no wonder, then, that many analysts view the stock so favorably.

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Key Takeaways

SealingTech, a Parsons company, is the sole prime contractor awardee for USCYBERCOM's JCHK. The agreement is for five years with a ceiling value of $750M. This effort reflects SealingTech's broader expertise in rapid design, integration, and ability to deliver deployable hardware technologies that enable organizations to operate effectively in connected, disconnected, and contested environments in the cyber domain. Leveraging years of experience designing portable edge compute and Cyber Fly-Away Kit technologies, SealingTech created a modular, transportable hardware platform. , /PRNewswire/ -- Sealing Technologies (SealingTech), a Parsons Corporation company (NYSE: PSN), and trusted provider of high-performance edge hardware and software products, received a five-year sole-source Other Transaction Agreement (OTA) production contract from United States Cyber Command (USCYBERCOM) to begin full-rate production of the Joint Cyber Hunt Kit (JCHK). The agreement, valued at up to $750 million, demonstrates SealingTech's ability to deliver advanced, deployable hardware and software solutions at scale.

"This award is a testament to the hard work and passion of our entire team," said Jake Nelson, SealingTech Vice President and General Manager. "As the sole provider and prime contractor of the Joint Cyber Hunt Kit, we remain committed to pushing the boundaries of what's possible at the edge, enabling the cyber mission, and delivering exceptional results for our customers and the warfighter."

U.S. Cyber Command's Joint Cyber Hunt Kit (JCHK) is a critical capability that provides a standardized, rapidly deployable defensive cyber platform for Joint Cyber Protection Teams. Designed as a mobile, self-contained system that delivers full security operations center functionality, JCHK enables teams to quickly detect, analyze, and counter advanced cyber threats on U.S. and allied networks. The solution replaces fragmented military service specific kits with a Joint Kit that enhances interoperability, accelerates mission readiness, and supports both internal and hunt forward missions. With expanded storage, faster processing, and integrated analytics, JCHK strengthens real-time situational awareness and threat hunting effectiveness, while its co-development with key allies improves shared readiness across the cyber mission space.

SealingTech's advanced edge hardware and software products are part of Parsons larger full‑spectrum cyber and national security solutions and products that empower the Department of War and the Intelligence Community to defend and advance mission objectives across land, sea, air, space, and cyberspace. Parsons' Cyber and Electronic Warfare market represents over 20% of total company revenue. With decades of experience in cyber operations, threat hunting, incident response, and AI‑driven analytics, Parsons integrates offensive and defensive cyber capabilities with information operations and electronic warfare to provide decisive mission advantage. By unifying intelligence, analytics, command and control, and kinetic operations, Parsons industry-leading solutions accelerate decision‑making and deliver transformative, mission‑ready capabilities at the speed of relevance, ensuring resilience and superiority in complex multi‑domain battlespaces.

For more information about SealingTech, please visit www.sealingtech.com.

About SealingTech

Sealing Technologies (SealingTech), a Parsons Corporation company (NYSE: PSN), is a trusted provider of high-performance hardware and deployable technologies. Veteran-founded in 2012, SealingTech combines engineering expertise, innovation, and real-world operational experience to deliver solutions built for demanding environments. The company supports federal, defense, and commercial customers with technologies designed for speed, reliability, and adaptability.

SOURCE Sealing Technologies

Key Takeaways: 

Parsons secured two new NNSA CNSSD task orders for design and deployment of counter-nuclear smuggling systems across the Middle East and Africa.The awards bring Parsons' total CNSSD portfolio to seven task orders and approximately $90 million in awarded value.Parsons continues to advance global nonproliferation efforts by delivering end-to-end counter-nuclear smuggling solutions to international partners.
CHANTILLY, Va., Aug. 27, 2026 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that it was awarded the Middle East 3 (ME3) Region and Africa 2 Region task orders under the U.S. Department of Energy National Nuclear Security Administration's (NNSA) Counter Nuclear Smuggling Systems Deployment (CNSSD) contract.

The Middle East Region 3 and Africa 2 Region task orders support counter-nuclear smuggling initiatives across 25 countries, including design and deployment in both regions. The two awards include a base period through July 2027, with four option periods extending through July 2031. This brings Parsons’ total CNSSD portfolio to seven task orders with approximately $90 million in awarded value to date, reinforcing the company’s position as a leading provider of counter-nuclear smuggling solutions worldwide.

"The threat of nuclear and radiological smuggling remains a critical global security challenge that requires strong international partnerships and proven technical expertise," said Martin Boson, president of Engineered Systems for Parsons. "These awards reflect our longstanding commitment to advancing U.S. nonproliferation objectives and national security by equipping partner nations with the technologies and capabilities needed to detect and deter illicit trafficking activities. We are proud to continue supporting NNSA's mission across strategically important regions around the world."

In March 2024, NNSA awarded Parsons one of two positions on the $1 billion ceiling-value CNSSD MATOC, based on its proven experience both in the field and in developing innovative approaches to security solutions. Through the CNSSD contract, Parsons helps partner nations strengthen their ability to detect, disrupt, and investigate the illicit trafficking of radioactive and nuclear materials through end-to-end solutions, including project management, engineering, procurement, system design, deployment, logistics, integration, and communications.

Parsons leverages decades of experience in nuclear security, systems integration, and international program delivery to help governments detect, disrupt, and interdict the illicit trafficking of radioactive and nuclear materials. To learn more about Parsons’ global security and mission solutions, visit parsons.com/security-and-mission-solutions/.

About Parsons
Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and electronic warfare, space and missile defense, transportation, water and environment, urban development, and critical infrastructure protection. Please visit Parsons.com and follow us on LinkedIn to learn how we’re making an impact.

Media Contact:                                        
Bernadette Miller
+1 980.253.9781
[email protected]

Investor Relations Contact:
Dave Spille
+1 703.775.6191
[email protected]

Key Takeaways:

Parsons secured a $514 million, two-year contract option of its existing Technical, Engineering, Advisory, and Management Support (TEAMS) – Next Missile Defense System Engineering contract from the Missile Defense Agency.The company will continue providing engineering, technical, analytical, and oversight support for the nation’s integrated Missile Defense System.Parsons is continuing to support the Missile Defense Agency in helping ensure the effectiveness and readiness of U.S. missile defense capabilities against rapidly evolving threats.
CHANTILLY, Va., Aug. 24, 2026 (GLOBE NEWSWIRE) -- Parsons Corporation announced today it has been awarded a $514 million contract option by the Missile Defense Agency (MDA) to continue providing engineering and technical support to the agency. This is option two of the company’s existing Technical, Engineering, Advisory, and Management Support (TEAMS) - Next Missile Defense System Engineering contract, which was originally awarded in 2021.

“As missile threats grow more advanced, the need for integrated, battle-ready air and missile defense capabilities has never been greater,” said Mike Kushin, president, Defense & Intelligence for Parsons. “Parsons is delivering the technologies, systems integration, and operational solutions that help ensure the nation maintains a decisive advantage against evolving adversary capabilities. We are proud to support the Missile Defense Agency in strengthening the nation’s missile defense system through resilient command and control, advanced systems engineering, and mission-critical solutions that enable warfighters to detect, track, and defeat threats before they reach our homeland.”

This option further continues Parsons’ partnership with MDA, underscoring the company’s position as a trusted provider of advanced systems engineering, integration, and technical expertise.
Under the contract, Parsons delivers advanced engineering and technical support for studies, analysis, evaluation, and oversight for the integrated Missile Defense System (MDS).

Parsons provides support to the MDA’s missile defense programs to protect citizens and critical infrastructure from existing and emerging threats, including ballistic missiles and hypersonic weapons. From its Air Base Air Defense (ABAD) work overseas to protect critical national security infrastructure to formidable non-kinetic missile defeat capabilities leveraging its advanced electromagnetic warfare (EW) expertise, the company continues to deliver integrated, mission-critical solutions across air, land, sea, space, and cyber domains.

To learn more about Parsons’ missile defense solutions, visit Parsons.com/missile-defense-C5ISR/.

About Parsons:
Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and electronic warfare, space and missile defense, transportation, water and environment, urban development, and critical infrastructure protection. Please visit Parsons.com and follow us on LinkedIn to learn how we’re making an impact.

Media Contact:                                        
Angie Benfield        
+1 803.334.5277
[email protected]

Investor Relations Contact:
Dave Spille
+ 1 703.775.6191
[email protected]

Key Takeaways:

Parsons was selected for the U.S. Space Force's National Space Test and Training Complex (NSTTC) Innovative Technology & Engineering – Space Test and Range (NITE-STAR) Capability Development Multiple Award IDIQ.NITE-STAR aims to ensure Space Force Guardians are prepared for realistic operational scenarios and engagements against peer adversaries in increasingly contested space environments, and awardees had to meet strict qualification criteria including successful delivery of operational space vehicles and ground systems.The multiple-award IDIQ has a shared ceiling value of $981 million across all awardees and spans two five-year ordering periods, providing a pathway for future task order awards. CHANTILLY, Va., Aug. 19, 2026 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today it has been selected by the U.S. Space Force as an awardee on the National Space Test and Training Complex (NSTTC) Innovative Technology & Engineering – Space Test and Range (NITE-STAR) Capability Development multiple award indefinite delivery indefinite quantity (IDIQ) contract. The contract vehicle has a shared ceiling value of $981 million across all awardees over two five-year ordering periods.

The NITE-STAR contract establishes an acquisition vehicle designed to accelerate the development of advanced space test and training capabilities that ensure U.S. Space Force Guardians are prepared for engagements against peer adversaries in increasingly complex operational environments. Parsons will support the rapid development, integration, and deployment of innovative space vehicle and ground system technologies across the space test and training enterprise

"Maintaining superiority in the space domain requires continuous innovation, realistic training environments, and advanced test capabilities," said Mike Kushin, president, Defense and Intelligence for Parsons. "Through this contract vehicle, Parsons will bring together our expertise in space systems, mission engineering, digital technologies, and national security solutions to help the Space Force advance the next generation of test and training capabilities needed to address evolving threats."

The NITE-STAR initiative is focused on advancing sophisticated space and ground systems and technologies that enable Guardians to operate effectively in a contested space environment. By fostering the development and integration of emerging capabilities, the program helps ensure the Space Force remains prepared for high-stakes operational scenarios while maintaining access to the best available technologies from across the innovation ecosystem.

Parsons has decades of experience supporting national security space missions and delivering advanced solutions spanning space vehicles, space operations, satellite ground systems, cyber, digital engineering, systems integration, and mission-critical infrastructure. The company supports government and defense customers with technologies designed to enhance mission readiness, accelerate innovation, and strengthen operational effectiveness across all domains. Parsons’ NITE-STAR team features Blue Canyon Technologies, Orion Space Solutions, EnduroSat, Turion, and Intuitive Machines.

Learn more about Parsons’ space capabilities here: https://www.parsons.com/space/

About Parsons:
Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and electronic warfare, space and missile defense, transportation, water and environment, urban development, and critical infrastructure protection. Please visit Parsons.com and follow us on LinkedIn to learn how we’re making an impact.

Forward-Looking Statements: 
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results and events may vary materially from those indicated in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, among others: any issue that compromises our relationships with the U.S. federal government or its agencies or other state, local or foreign governments or agencies; any issues that damage our professional reputation; changes in governmental priorities that shift expenditures away from agencies or programs that we support; our dependence on long-term government contracts, which are subject to the government’s budgetary approval process; the size of our addressable markets and the amount of government spending on private contractors; failure by us or our employees to obtain and maintain necessary security clearances or certifications; failure to comply with numerous laws and regulations; changes in government procurement, contract or other practices or the adoption by governments of new laws, rules, regulations and programs in a manner adverse to us; the termination or nonrenewal of our government contracts, particularly our contracts with the U.S. federal government; our ability to compete effectively in the competitive bidding process and delays, contract terminations or cancellations caused by competitors’ protests of major contract awards received by us; our ability to generate revenue under certain of our contracts; any inability to attract, train or retain employees with the requisite skills, experience and security clearances; the loss of members of senior management or failure to develop new leaders; misconduct or other improper activities from our employees or subcontractors; our ability to realize the full value of our backlog and the timing of our receipt of revenue under contracts included in backlog; changes in the mix of our contracts and our ability to accurately estimate or otherwise recover expenses, time and resources for our contracts; changes in estimates used in recognizing revenue; internal system or service failures and security breaches; and inherent uncertainties and potential adverse developments in legal proceedings, including litigation, audits, reviews and investigations, which may result in materially adverse judgments, settlements or other unfavorable outcomes. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statement made in this press release that becomes untrue because of subsequent events, new information or otherwise, except to the extent we are required to do so by law. 

Media Contact:                                        
Bernadette Miller
+1 980.253.9781
[email protected]

Investor Relations Contact:
Dave Spille
+1 703.775.6191
[email protected]

Key Takeaways:

Parsons was awarded a $70 million task order under the U.S. Air Force's Air Base Air Defense (ABAD) contract to provide integration, testing, deployment, maintenance, and operational transition support for U.S. Air Forces in the Europe-Air Forces Africa (USAFE-AFAFRICA) region.The company will provide integration, testing, deployment, maintenance, and operational transition of Point Defense capabilities. CHANTILLY, Va., Aug. 13, 2026 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that it has been awarded a $70 million ceiling task order under the U.S. Air Force's Air Base Air Defense (ABAD) contract to provide integration, testing, deployment, maintenance, and operational transition support for operational capabilities throughout the USAFE-AFAFRICA region. The task order has a four-year period of performance with three 12-month option periods and expands upon Parsons' ongoing support of the Air Force's ABAD mission.

"Parsons is honored to continue supporting the U.S. Air Force's critical force protection mission across Europe and Africa," said Mike Kushin, president of Parsons' Defense and Intelligence business. "This award reflects our proven ability to integrate and operationalize exquisite defense capabilities in complex, fluid environments. By expanding our role on the ABAD program, we will help strengthen the readiness, resilience, and protection of U.S. and allied forces throughout the USAFE-AFAFRICA theater."

Under the task order, Parsons will support the integration, testing, fielding, sustainment, maintenance, and operational transition of point defense systems designed to defend personnel, aircraft, installations, and other critical assets from emerging aerial threats – including counter unmanned aircraft systems (CUAS).

As the threat environment continues to evolve, the need for scalable and integrated air base defense solutions remains critical to enabling freedom of maneuver and mission success across contested and dynamic operational environments.

This award builds upon Parsons' established performance supporting the ABAD program and reinforces the company's position as a trusted partner delivering advanced defense technologies and mission-focused solutions to the U.S. Department of War.

Parsons brings decades of experience in air and missile defense, systems engineering, mission integration, operational support, and rapid capability deployment. The company continues to help customers address increasingly complex national security challenges through innovative, mission-ready solutions that enhance operational effectiveness and improve resilience across the all-domain battlespace.

To learn more about Parsons' integrated missile defense capabilities, visit www.parsons.com/missile-defense-c5isr/.

About Parsons:

Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and electronic warfare, space and missile defense, transportation, water and environment, urban development, and critical infrastructure protection. Please visit Parsons.com and follow us on LinkedIn to learn how we’re making an impact.

Media Contact:                                        
Bernadette Miller
+1 980.253.9781
[email protected]

Investor Relations Contact:
Dave Spille
+1 703.775.6191
[email protected]

Parsons Corporation (PSN) Q2 2026 Earnings Call July 29, 2026 8:00 AM EDT

Company Participants

David Spille - Senior Vice President of Investor Relations
Carey Smith - President, CEO & Chairwoman
Matt Ofilos - Chief Financial Officer

Conference Call Participants

Mariana Perez Mora - BofA Securities, Research Division
John Godyn - Citigroup Inc., Research Division
Sheila Kahyaoglu - Jefferies LLC, Research Division
Gavin Parsons - UBS Investment Bank, Research Division
Andrew J. Wittmann - Robert W. Baird & Co. Incorporated, Research Division
Jonathan Siegmann - Stifel, Nicolaus & Company, Incorporated, Research Division
Gautam Khanna - TD Cowen, Research Division
Matthew Akers - BNP Paribas, Research Division
Tobey Sommer - Truist Securities, Inc., Research Division
Sangita Jain - KeyBanc Capital Markets Inc., Research Division
Noah Poponak - Goldman Sachs Group, Inc., Research Division
Louie Dipalma - William Blair & Company L.L.C., Research Division

Presentation

Operator

Good day, and thank you for standing by. Welcome to the Parsons Corporation Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I will now hand the conference over to your first speaker today, Dave Spille, Vice President of Investor Relations. Please go ahead.

David Spille
Senior Vice President of Investor Relations

Thank you. Good morning, and thank you for joining us today to discuss our second quarter 2026 financial results. Please note that we provided presentation slides on the Investor Relations section of our website. On the call with me today are Carey Smith, Chair, President and CEO; and Matt Ofilos, CFO. Today, Carey will discuss our corporate strategy and operational highlights, and then Matt will provide an overview of our second quarter financial results as well as a review of our 2026 guidance. We then will close with a question-and-answer session.

Management may also make forward-looking statements during the call regarding future events, anticipated future trends and the

Key Takeaways

Continued strong demand with 24% year-over-year increase in contract awards and a 1.2x book-to-bill ratio for the quarter, positioning the company for continued successMiddle East resiliency with 10% organic revenue growth and a 1.1x book-to-bill ratioPortfolio-shaping initiatives implemented to prioritize profitable, sustainable growth and enhance long-term shareholder value
Q2 2026 Financial Highlights

Book-to-bill ratio of 1.2x, exceeded 1.0x in both segments and continued streak of TTM book-to-bill ratio of 1.0x or greater in every quarter since 2019 IPO. Federal Solutions bookings increase 51% year-over-yearSignificant Q2 2026 wins underscore Parsons strategic positioning and technology leadershipQ2 revenue of $1.6 billion decreased 1% year-over-year and 5% on an organic basis, in-line with expectationsRevenue growth of 8% excluding confidential contract and portfolio-shaping actions; 3% on an organic basisNet income of ($15 million) decreased $70 million year-over-year. Net income was impacted by a net loss of $85 million on programs relating to the company’s portfolio-shaping actions and charges on a joint venture programAdjusted EBITDA decreased 72% to $42 million. Excluding $118 million of charges, adjusted EBITDA of $161 million increased 8% year-over-yearAdjusted EBITDA margin contracted 670 basis points to 2.7%. Excluding the impact of charges, adjusted EBITDA increased 70 basis points to 10.1%Total and funded backlog increased to $9.3 billion and $6.6 billion, respectivelyRevising fiscal year 2026 guidance ranges
CHANTILLY, Va., July 29, 2026 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) today announced financial results for the second quarter ended June 30, 2026.

CEO Commentary

“Our second quarter results highlight the demand for our solutions and the effectiveness of our strategy in a dynamic macro environment,” said Carey Smith, chair, president, and chief executive officer. “Parsons delivered strong book-to-bill ratios in both segments, achieved profitable growth in its core business, and secured strategic contract wins for long-term success. The Middle East business performed exceptionally well despite regional conflict, posting a 1.1x book-to-bill ratio and 10% organic revenue growth, demonstrating strong alignment with regional spending priorities.

During the quarter, Parsons took decisive portfolio-shaping actions to focus on profitable and sustainable growth. These steps, combined with robust risk management and enhanced bid discipline, further strengthen the company’s market position and margin profile. Looking ahead, we believe Parsons’ strong backlog, robust pipeline, high win rates, and differentiated technology capabilities—especially in advanced AI, cyber, and electronic warfare—position the company to drive profitable growth and deliver long-term shareholder value.”

Second Quarter 2026 Results

Year-over-Year Comparisons (Q2 2026 vs. Q2 2025)

Total revenue for the second quarter of 2026 decreased by $8 million, or 1%, to $1.6 billion and was down 5% on an organic basis. Excluding the company's confidential contract and portfolio-shaping actions, total revenue increased 8% and organic revenue increased 3% driven by our Transportation, Space and Missile Defense, and Urban Development markets. Operating income decreased 99% to $1 million primarily due to losses on programs the company plans to divest and charges on a joint venture program. Net income decreased 128% to ($15 million) as a result of these same factors. GAAP diluted earnings per share (EPS) attributable to Parsons was ($0.14) in the second quarter of 2026, compared to $0.50 in the prior year period.

Adjusted EBITDA including noncontrolling interests for the second quarter of 2026 was $42 million, a 72% decrease over the prior year period, reflecting $118 million in charges related to portfolio actions and a joint venture program charge. Adjusted EBITDA margin contracted 670 basis points to 2.7% compared to 9.4% in the second quarter of 2025. These decreases were driven by the items that impacted operating income noted above. Excluding these charges, adjusted EBITDA increased 8% to $161 million and adjusted EBITDA margin expanded 70 basis points to 10.1%. These increases were driven by improved infrastructure margins and contributions from accretive acquisitions. Adjusted diluted EPS was $(0.06) in the second quarter of 2026, compared to $0.78 in the second quarter of 2025. The year-over-year adjusted diluted EPS decrease was driven by the same portfolio and joint venture charges affecting operating income.

Segment Results

Critical Infrastructure Segment

Critical Infrastructure Year-over-Year Comparisons (Q2 2026 vs. Q2 2025)

  Three Months Ended  Growth  Six Months Ended  Growth (in millions) June 30, 2026  June 30, 2025  Dollars/
Percent  Percent  June 30, 2026  June 30, 2025  Dollars/
Percent  Percent Revenue $815  $779  $36   5% $1,548  $1,491  $57   4%Adjusted EBITDA $56  $82  $(26)  (32)% $135  $155  $(20)  (13)%Adjusted EBITDA margin  6.9%  10.5%  (3.6)%  (34)%  8.7%  10.4%  (1.7)%  (16)%  Second quarter 2026 Critical Infrastructure revenue increased $36 million, or 5%, from the second quarter of 2025. This increase was driven by organic growth of 4% and inorganic revenue contributions from the company's Applied Sciences acquisition. Organic growth was primarily driven by strong performance in the Middle East where revenue grew 10%.

Second quarter 2026 adjusted EBITDA including noncontrolling interests decreased by $26 million, or (32%), compared to the prior year period, and includes $41 million of joint venture-related charges. Adjusted EBITDA margin contracted 360 basis points to 6.9% from 10.5% in the prior year period. Excluding these charges, adjusted EBITDA increased 18% to $97 million and adjusted EBITDA margin expanded 140 bps to 11.9%. These increases were driven by accretive growth in the Middle East and improved mix in North America on higher Parsons’ labor contributions.

Federal Solutions Segment

Federal Solutions Year-over-Year Comparisons (Q2 2026 vs. Q2 2025)

  Three Months Ended  Growth  Six Months Ended  Growth (in millions) June 30, 2026  June 30, 2025  Dollars/
Percent  Percent  June 30, 2026  June 30, 2025  Dollars/
Percent  Percent Revenue $761  $805  $(45)  (6)% $1,519  $1,648  $(129)  (8)%Adjusted EBITDA $(14) $67  $(81)  (121)% $58  $143  $(85)  (59)%Adjusted EBITDA margin  (1.8)%  8.3%  (10.1)%  (122)%  3.8%  8.7%  (4.9)%  (56)%  Second quarter 2026 revenue decreased $45 million, or 6%, compared to the prior year period and 14% on an organic basis. Excluding the company's confidential contract and portfolio-shaping actions, Federal Solutions' revenue increased 11% and 2% on an organic basis. These increases were driven by our Space and Missile Defense and Transportation markets, and contributions from our Altamira and Chesapeake Technologies acquisitions.

Second quarter 2026 Federal Solutions adjusted EBITDA including noncontrolling interests decreased by $81 million, or 121%, compared to the prior year period, and includes $77 million in charges related to programs planned for divestiture. Adjusted EBITDA margin decreased to (1.8%) from 8.3% in the prior year period. Excluding these charges, adjusted EBITDA decreased 5% to $64 million and adjusted EBITDA margin declined 10 bps to 8.2%. These decreases were primarily driven by lower volume on the company's fixed-price confidential contract and higher volume of materials and subcontract efforts diluting margins.

Second Quarter 2026 Key Performance Indicators

Book-to-bill ratio: 1.2x on net bookings of $1.9 billion.Book-to-bill ratio (trailing twelve-months): 1.1x on net bookings of $7.0 billion.Total backlog: $9.3 billion, up $314 million from Q2 2025. Funded backlog of $6.6 billion represents 71% of total backlog.Cash flow from operating activities: Q2 2026 of $58 million compared to $160 million in second quarter of 2025. Cash flow decreased from the prior year period primarily due to the proactive investment of memory and storage inventory for high-margin, high-demand products aligned with national security priorities, and the timing of customer payments. Significant Contract Wins

Parsons continues to win new business across both segments. During the second quarter of 2026, the company won five single-award contracts worth more than $100 million each.

Awarded a two-year, $514 million contract extension under the Missile Defense Agency’s (MDA) Technical, Engineering, Advisory, and Management Support (TEAMS) – Next Systems Engineering contract. This award exercises the second option period and extends Parsons’ more than four-decade partnership with the MDA. Under the contract, Parsons will continue to deliver advanced engineering for the integrated Missile Defense System (MDS). The company booked $195 million on this contract during the second quarter.Awarded $400 million in Other Transaction Agreements, each with a three-year period of performance. The company booked $125 million under these contracts during the second quarter. These new OTAs reflect demand for our mission-critical defense and intelligence solutions, and confidence in our ability to rapidly deliver.Awarded a five-year, $245 million indefinite delivery, indefinite quantity contract from the U.S. Naval Research Laboratory. Under this contract, Parsons will design, test, maintain, and enhance mission-critical software modules, and provide configuration control and cybersecurity for space and ground systems supporting national security missions. The company booked $71 million under this contract during the second quarter.Awarded a new seven-year, single-award indefinite delivery, indefinite quantity contract with a ceiling value of $184 million to support the Department of Navy’s Intelligence Carry-On Program. This contract represents new work for the company and supports the rapid delivery of innovative capabilities that enhance speed and agility for the warfighter. The company booked $26 million on this contract during the second quarter.Received an additional $161 million to continue serving as the Main Construction Manager for remediation projects on the Giant Mine program in Canada, known as one of the largest and most complex mine reclamation projects in the world. The company booked the full amount during the second quarter.Awarded over $160 million across two classified contracts - one focused on national security and the other on cybersecurity. The company booked $78 million on these contracts during the second quarter.Awarded $84 million by the New York City Department of Environmental Protection for the Newtown Creek Combined Sewer Overflow Storage Tunnel project in New York City. Parsons serves as a member of Newtown Creek CSO Partners, a joint venture with AECOM and EPC Consultants Inc., supporting the delivery of a major underground infrastructure program designed to eliminate untreated sewer discharges into local waterways. Under the 16-year program, which represents one of New York City’s most significant wastewater infrastructure investments, Parsons will provide construction management (CM) services for the large-diameter storage tunnel, tunnel dewatering pump station, and other structures, drawing on its experience delivering complex tunnel and sewer programs in dense urban environments. The company booked the full amount during the second quarter.Awarded an additional $73 million contract in support of the Air Force Research Laboratory’s Global Application Research, Development, Engineering and Maintenance (GARDEM) mission. The contract is the fourth in support of GARDEM in 2026, bringing Parsons’ total awards to $218 million. Under this contract, Parsons will perform research and development and operations and maintenance (O&M) across GARDEM 2 enterprise platform and mission application software baselines, including Platform and Mission Application support for field sites and existing installations. The company booked $5 million on this contract during the second quarter.During the quarter, U.S. Cyber Command expressed their intent to increase the Joint Cyber Hunt Kit, or JCHK, contract ceiling to $750 million. This is a powerful testament to the company's ability to deliver advanced, deployable hardware and software solutions at scale.
Additional Corporate Highlights

Parsons continues to be recognized as a leading global infrastructure company, receiving multiple awards for project excellence. During the quarter, the company was recognized as a global industry leader for Program Management by Engineering News-Record and received multiple awards from the American Council of Engineering Companies for its innovative solutions. Parsons was also recognized for being a top employer for military veterans.

Recognized by Engineering News-Record as one of the top three global companies in each of their 2026 rankings: Program Management, Professional Services, and Program/Construction Management for Fee. These rankings reflect the company’s worldwide reputation and ability to successfully win and execute infrastructure programs.Received two prestigious 2026 National Recognition Engineering Excellence Awards by the American Council of Engineering Companies (ACEC) for the Gulfport Redevelopment Project at the Gulfport Job Corps Center and the Twin Ports Interchange Final Design. The Twin Ports Interchange project also received a Grand Award and placed third in the Grand Conceptor category in the 2026 ACEC of Minnesota Engineering Excellence Awards.Honored with a 2026 Award of Excellence in Steel Construction in the infrastructure category by the Canadian Institute of Steel Construction for the Kicking Horse Canyon Phase 4 project in British Columbia.Recognized as a 2026 VETS Indexes 5 Star Employer for its strong commitment to recruiting, hiring, retaining, developing, and supporting veterans and the military-connected community. This marks the fourth consecutive year of VETS Index Employer Awards recognition. Fiscal Year 2026 Guidance

The company is updating its fiscal year 2026 revenue, adjusted EBITDA, and operating cash flow guidance ranges. The table below summarizes the company’s fiscal year 2026 guidance.

 Current Fiscal Year
2026 GuidancePrior Fiscal Year
2026 GuidanceRevenue$6.2 billion - $6.5 billion$6.5 billion - $6.8 billionAdjusted EBITDA including non-controlling interest$500 million - $560 million$615 million - $675 millionCash Flow from Operating Activities$430 million - $490 million$470 million - $530 million
We have not provided a reconciliation of our Adjusted EBITDA guidance because the information needed to reconcile this measure is unavailable due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred which may be significant. Additionally, estimating such GAAP measure and providing a meaningful reconciliation for future periods requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort.

Conference Call Information

Parsons will host a conference call today, July 29, 2026, at 8:00 a.m. ET to discuss the financial results for its second quarter 2026.

Access to a webcast of the live conference call can be obtained through the Investor Relations section of the company's website (https://investors.parsons.com). Those parties interested in participating via telephone may register on the Investor Relations website or by clicking here.

A replay will be available on the company's website approximately two hours after the conference call and continuing for one year.

About Parsons Corporation

Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and electronic warfare, space and missile defense, transportation, water and environment, urban development, and critical infrastructure protection. Please visit Parsons.com and follow us on LinkedIn and Facebook to learn how we’re making an impact.

Forward-Looking Statements
This Earnings Release contains forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. Words or phrases such as “may”, “will”, “should”, “expects”, “plans”, “anticipates”, “could”, “intends”, “target”, “projects”, “contemplates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these words or other similar terms or expressions are intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, without limitation, the factors listed under “Risk Factors” in the Company’s Form 10-K for the year ended December 31, 2025, and subsequent filings with the U.S. Securities and Exchange Commission, as well as the following: any issue that compromises our relationships with the U.S. federal government or its agencies or other state, local or foreign governments or agencies; any issues that damage our professional reputation; changes in governmental priorities that shift expenditures away from agencies or programs that we support; volatility of government budgets and funding; our dependence on the award, maintenance and renewal of long-term government contracts, which are subject to the government’s budgetary approval process; our ability to successfully and timely perform our contractual obligations; the size of our addressable markets and the amount of government spennding on private contractors; failure by us or our employees to obtain and maintain necessary security clearances or certifications; failure to comply with numerous laws and regulations; changes in government procurement, contract or other practices or the adoption by governments of new laws, rules, regulations and programs in a manner adverse to us; the termination or nonrenewal of our government contracts, particularly our contracts with the U.S. federal government; our ability to compete effectively in the competitive bidding process and delays, contract terminations or cancellations caused by competitors’ protests of major contract awards received by us; our ability to generate revenue under certain of our contracts; any inability to attract, train or retain employees with the requisite skills, experience and security clearances; the loss of members of senior management or failure to develop new leaders; underperformance, misconduct or other improper activities of our employees or subcontractors; our ability to realize the full value of our backlog and the timing of our receipt of revenue under contracts included in backlog; changes in the mix of our contracts, including the impact of contract divestments and program exits, and our ability to accurately estimate or otherwise recover expenses, time and resources for our contracts; changes in estimates used in recognizing revenue; internal system or service failures and cyber or other security breaches; and inherent uncertainties and potential adverse developments in legal proceedings including litigation, audits, reviews and investigations, which may result in materially adverse judgments, settlements or other unfavorable outcomes. 

Forward-looking statements are primarily based on our current estimates, assumptions, expectations and projections. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, many of which are beyond our control and difficult to predict. All forward-looking statements are based on currently available information and speak only as of the date on which they are made. These statements are inherently uncertain, and you are cautioned not to unduly rely upon these statements. We undertake no obligation to update any forward-looking statements to subsequent events, new information or otherwise, except as required in connection with our ongoing requirements under federal securities laws.

Media:Investor Relations:Bryce McDevittDave SpilleParsons CorporationParsons Corporation(703) 851-4425(571) [email protected]@Parsons.us  PARSONS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

  Three Months Ended  Six Months Ended   June 30, 2026  June 30, 2025  June 30, 2026  June 30, 2025 Revenue $1,575,867  $1,584,323  $3,067,043  $3,138,683 Direct cost of contracts  1,280,629   1,235,970   2,414,385   2,436,347 Equity in losses of unconsolidated joint ventures  (33,748)  (642)  (27,592)  (1,329)Selling, general and administrative expenses  260,195   252,050   528,097   496,113 Operating income  1,295   95,661   96,969   204,894 Interest income  565   1,068   2,376   3,210 Interest expense  (16,386)  (12,569)  (32,384)  (24,815)Other income, net  18,283   5,019   18,094   6,654 Total other income (expense)  2,462   (6,482)  (11,914)  (14,951)Income before income tax expense  3,757   89,179   85,055   189,943 Income tax benefit (expense)  (4,222)  (18,690)  (20,309)  (37,667)Net (loss) income including noncontrolling interests  (465)  70,489   64,746   152,276 Net income attributable to noncontrolling interests  (14,754)  (15,259)  (27,039)  (30,843)Net (loss) income attributable to Parsons Corporation $(15,219) $55,230  $37,707  $121,433 Earnings per share:            Basic $(0.14) $0.52  $0.35  $1.14 Diluted $(0.14) $0.50  $0.35  $1.10   Weighted average number shares used to compute basic and diluted EPS
(In thousands) (Unaudited)

  Three Months Ended  Six Months Ended   June 30, 2026  June 30, 2025  June 30, 2026  June 30, 2025 Basic weighted average number of shares outstanding  106,982   106,997   107,082   106,914 Dilutive effect of stock-based awards  700   1,205   918   1,414 Dilutive effect of warrants  -   7   14   223 Dilutive effect of convertible senior notes  -   1,893   -   2,006 Diluted weighted average number of shares outstanding  107,682   110,102   108,014   110,557   Net income available to shareholders used to compute diluted EPS as a result of adopting the if-converted method in connection with the Convertible Senior Notes
(In thousands) (Unaudited)

  Three Months Ended  Six Months Ended   June 30, 2026  June 30, 2025  June 30, 2026  June 30, 2025 Net (loss) income attributable to Parsons Corporation $(15,219) $55,230  $37,707  $121,433 Convertible senior notes if-converted method interest adjustment  -   54   -   108 Diluted net (loss) income attributable to Parsons Corporation $(15,219) $55,284  $37,707  $121,541   PARSONS CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands, except share information)

   June 30, 2026  December 31, 2025 Assets      Current assets:       Cash and cash equivalents (including $79,806 and $153,144 Cash of consolidated joint ventures) $266,044  $466,388  Accounts receivable, net (including $356,033 and $337,270 Accounts receivable of consolidated joint ventures)  1,146,226   1,124,417  Contract assets (including $48,953 and $41,318 Contract assets of consolidated joint ventures)  1,062,280   915,806  Prepaid expenses and other current assets (including $16,942 and $11,145 Prepaid expenses and other current assets of consolidated joint ventures)  228,495   176,932  Assets held for sale  17,233    -  Total current assets  2,720,278   2,683,543          Property and Equipment, net (including $2,334 and $2,488 Property and equipment of consolidated joint ventures)  159,507   151,061  Right of use assets, operating leases (including $3,744 and $4,482 Right of use assets, operating leases of consolidated joint ventures)  147,854   126,770  Goodwill  2,421,427   2,186,650  Investments in and advances to unconsolidated joint ventures  153,328   148,640  Intangible assets, net  384,179   325,880  Deferred tax assets  61,077   88,191  Other noncurrent assets  59,296   58,799  Total assets $6,106,946  $5,769,534         Liabilities and Shareholders' Equity      Current liabilities:       Accounts payable (including $49,525 and $58,914 Accounts payable of consolidated joint ventures) $246,895  $250,514  Accrued expenses and other current liabilities (including $184,251 and $195,747 Accrued expenses and other current liabilities of consolidated joint ventures)  940,534   884,445  Contract liabilities (including $44,283 and $44,802 Contract liabilities of consolidated joint ventures)  346,576   340,113  Short-term lease liabilities, operating leases (including $2,041 and $2,395 Short-term lease liabilities, operating leases of consolidated joint ventures)  40,308   45,353  Income taxes payable  2,102   11,239  Liabilities held for sale  60,725   -  Total current liabilities  1,637,140   1,531,664          Long-term employee incentives  26,923   30,834  Long-term debt  1,474,048   1,237,816  Long-term lease liabilities, operating leases (including $1,699 and $2,083 Long-term lease liabilities, operating leases of consolidated joint ventures)  120,296   94,044  Deferred tax liabilities  10,076   12,159  Other long-term liabilities  90,694   95,345  Total liabilities $3,359,177  $3,001,862 Contingencies (Note 12)      Shareholders' equity:       Common stock, $1 par value; authorized 1,000,000,000 shares; 145,506,001 and 145,676,335 shares issued; 57,556,643 and 56,103,965 public shares outstanding; 49,241,105 and 50,864,117 ESOP shares outstanding $145,506  $145,676  Treasury stock, 38,708,253 shares at cost  (793,002)  (792,638) Additional paid-in capital  2,611,828   2,648,730  Retained earnings  694,530   661,173  Accumulated other comprehensive loss  (27,443)  (20,921) Total Parsons Corporation shareholders' equity  2,631,419   2,642,020  Noncontrolling interests  116,350   125,652  Total shareholders' equity  2,747,769   2,767,672  Total liabilities and shareholders' equity $6,106,946  $5,769,534    PARSONS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

   For the Six Months Ended    June 30, 2026  June 30, 2025 Cash flows from operating activities:       Net income including noncontrolling interests $64,746  $152,276  Adjustments to reconcile net income to net cash used in operating activities       Depreciation and amortization  72,563   55,995  Amortization of debt issue costs  2,446   2,611  Loss (gain) on disposal of property and equipment  1,000   63  Loss (gain) on sale of business  (19,300)  -  Deferred taxes  1,921   2,225  Foreign currency transaction gains and losses  1,800   (5,171) Equity in losses (earnings) of unconsolidated joint ventures  27,592   1,329  Return on investments in unconsolidated joint ventures  13,062   15,907  Stock-based compensation  22,401   22,926  Contributions of treasury stock  39,130   35,382  Changes in assets and liabilities, net of acquisitions and consolidated
joint ventures:       Accounts receivable  (5,478)  (31,905) Contract assets  (157,998)  (84,802) Prepaid expenses and other assets  (55,126)  (7,544) Accounts payable  (7,266)  62,462  Accrued expenses and other current liabilities  15,022   (94,320) Contract liabilities  68,430   14,472  Income taxes  (10,217)  5,828  Other long-term liabilities  (20,844)  280  Net cash provided by operating activities  53,884   148,014 Cash flows from investing activities:       Capital expenditures  (31,053)  (22,909) Proceeds from sale of property and equipment  -   35  Proceeds from sale of business  23,966   -  Payments for acquisitions, net of cash acquired  (330,123)  (117,858) Investments in unconsolidated joint ventures  (56,859)  (35,496) Return of investments in unconsolidated joint ventures  7,578   11,920  Net cash used in investing activities  (386,491)  (164,308)Cash flows from financing activities:       Proceeds from borrowings under credit agreement  454,900   243,700  Repayments of borrowings under credit agreement  (220,900)  (243,700) Repurchases of convertible notes due 2025  -   (28,486) Proceeds from term loan  -   450,000  Repayment of delayed draw term loan  -   (350,000) Payments for debt issuance costs  -   (2,571) Contributions by noncontrolling interests  234   327  Distributions to noncontrolling interests  (36,575)  (45,055) Repurchases of common stock  (49,989)  (39,994) Taxes paid on vested stock  (19,932)  (18,210) Redemption of warrants  (4)  -  Proceeds from issuance of common stock  5,700   4,796  Net cash (used in) provided by financing activities  133,434   (29,193) Effect of exchange rate changes  (1,171)  3,266  Net increase (decrease) in cash, cash equivalents, and restricted cash  (200,344)  (42,221) Cash, cash equivalents and restricted cash:       Beginning of year  466,388   453,548  End of period $266,044  $411,327   Contract Awards
(in thousands)

  Three Months Ended  Six Months Ended   June 30, 2026  June 30, 2025  June 30, 2026  June 30, 2025 Federal Solutions $985,300  $650,770  $2,016,634  $1,395,479 Critical Infrastructure $883,666   855,275   1,910,741   1,877,072 Total Awards $1,868,966  $1,506,045  $3,927,375  $3,272,551   Backlog
(in thousands)

  June 30, 2026  June 30, 2025 Federal Solutions:      Funded $1,868,875  $1,816,590 Unfunded  2,636,203   2,656,547 Total Federal Solutions  4,505,078   4,473,137 Critical Infrastructure:      Funded  4,712,089   4,421,015 Unfunded  39,726   48,886 Total Critical Infrastructure  4,751,815   4,469,901 Total Backlog $9,256,893  $8,943,038   Book-To-Bill Ratio1:

  Three Months Ended  Six Months Ended   June 30, 2026  June 30, 2025  June 30, 2026  June 30, 2025 Federal Solutions  1.3   0.8   1.3   0.8 Critical Infrastructure  1.1   1.1   1.2   1.3 Overall  1.2   1.0   1.3   1.0   1 Book-to-Bill ratio is calculated as total contract awards divided by total revenue for the period.

Non-GAAP Financial Information
The tables under "Parsons Corporation Inc. Reconciliation of Non-GAAP Measures" present Adjusted Net Income attributable to Parsons Corporation, Adjusted Earnings per Share, Earnings before Interest, Taxes, Depreciation, and Amortization (“EBITDA”), Adjusted EBITDA, EBITDA Margin, and Adjusted EBITDA Margin, reconciled to their most directly comparable GAAP measure. These financial measures are calculated and presented on the basis of methodologies other than in accordance with U.S. generally accepted accounting principles ("Non-GAAP Measures"). Parsons has provided these Non-GAAP Measures to adjust for, among other things, the impact of amortization expenses related to our acquisitions, costs associated with a loss or gain on the disposal or sale of property, plant and equipment, restructuring and related expenses, costs associated with mergers and acquisitions, software implementation costs, legal and settlement costs, and other costs considered non-operational in nature. These items have been Adjusted because they are not considered core to the company’s business or otherwise not considered operational or because these charges are non-cash or non-recurring. The company presents these Non-GAAP Measures because management believes that they are meaningful to understanding Parsons’s performance during the periods presented and the company’s ongoing business. Non-GAAP Measures are not prepared in accordance with GAAP and therefore are not necessarily comparable to similarly titled metrics or the financial results of other companies. These Non-GAAP Measures should be considered a supplement to, not a substitute for, or superior to, the corresponding financial measures calculated in accordance with GAAP.

Normalized Financial Measures
In addition to the Non-GAAP Measures described above, for the second quarter of 2026, the company presents normalized Revenue, Net Income, Earnings Per Share (“EPS”), and Operating Cash Flow, each reconciled to its most directly comparable GAAP measure. The company also presents for the second quarter of 2026, normalized Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, and Adjusted EPS – Diluted, each of which is a non-GAAP Measure and is reconciled to the measure’s customary Non-GAAP presentation. These normalization adjustments exclude the effects of the portfolio-shaping actions and joint venture charges, as applicable and further described in this Earnings Release and the following reconciliation tables, which management does not consider indicative of the company’s core operating performance for the period presented. These adjustments may include non-recurring or unusual charges and gains, asset impairments, and other items that are not expected to occur regularly as part of the company’s normal operations. Management believes that excluding the effect of such items provides investors with supplemental information that facilitates period-to-period comparisons of operating performance and enhances an understanding of the company’s underlying business trends. These normalized financial measures should not be considered in isolation or as a substitute for, superior to, or more meaningful than their corresponding GAAP or customary non-GAAP financial measures, and may not be comparable to similarly titled measures used by other companies.

PARSONS CORPORATION
Non-GAAP Financial Information
Reconciliation of Net Income to Adjusted EBITDA
(in thousands)

  Three Months Ended  Six Months Ended   June 30, 2026  June 30, 2025  June 30, 2026  June 30, 2025 Net income attributable to Parsons Corporation $(15,219) $55,230  $37,707  $121,433 Interest expense, net  15,821   11,501   30,008   21,605 Income tax expense  4,222   18,690   20,309   37,667 Depreciation and amortization (a)  36,637   28,592   72,563   55,995 Net income attributable to noncontrolling interests  14,754   15,259   27,039   30,843 Equity-based compensation  10,077   11,519   19,531   18,622 Transaction-related costs (b)  (7,126)  5,135   1,313   8,836 Restructuring (c)  -   2,361   -   2,361 Other (d)  (16,946)  844   (15,321)  545 Adjusted EBITDA $42,220  $149,131  $193,149  $297,907   (a) Depreciation and amortization for the three and six months ended June 30, 2026, is $27.5 million and $54.4 million, respectively in the Federal Solutions Segment and $9.1 million and $18.1 million, respectively in the Critical Infrastructure Segment. Depreciation and amortization for the three and six months ended June 30, 2025, is $20.1 million and $39.6 million, respectively in the Federal Solutions Segment and $8.5 million and $16.4 million, respectively in the Critical Infrastructure Segment.

(b) Reflects costs incurred in connection with acquisitions and other non-recurring transaction costs, primarily fees paid for professional services and employee retention.

(c) Reflects costs associated with and related to our corporate restructuring initiatives.

(d) Includes a combination of gain on sale of business, gain/loss related to sale of fixed assets, software implementation costs, and other individually insignificant items that are non-recurring in nature.

PARSONS CORPORATION
Non-GAAP Financial Information
Computation of Adjusted EBITDA Attributable to Noncontrolling Interests
(in thousands)

  Three Months Ended  Six Months Ended   June 30, 2026  June 30, 2025  June 30, 2026  June 30, 2025 Federal Solutions Adjusted EBITDA attributable to Parsons Corporation $(13,786) $67,072  $57,767  $142,604 Federal Solutions Adjusted EBITDA attributable to noncontrolling interests  23   11   40   62 Federal Solutions Adjusted EBITDA including noncontrolling interests $(13,763) $67,083  $57,807  $142,666              Critical Infrastructure Adjusted EBITDA attributable to Parsons Corporation  41,007   66,193   107,908   124,380 Critical Infrastructure Adjusted EBITDA attributable to noncontrolling interests  14,976   15,855   27,434   30,861 Critical Infrastructure Adjusted EBITDA including noncontrolling interests $55,983  $82,048  $135,342  $155,241              Total Adjusted EBITDA including noncontrolling interests $42,220  $149,131  $193,149  $297,907   PARSONS CORPORATION
Non-GAAP Financial Information
Reconciliation of Net Income Attributable to Parsons Corporation to Adjusted Net Income Attributable to Parsons Corporation
(in thousands, except per share information)

  Three Months Ended  Six Months Ended   June 30, 2026  June 30, 2025  June 30, 2026  June 30, 2025 Net income attributable to Parsons Corporation $(15,219) $55,230  $37,707  $121,433 Acquisition related intangible asset amortization  23,680   17,054   47,477   33,435 Equity-based compensation  10,077   11,519   19,531   18,622 Transaction-related costs (a)  (7,126)  5,135   1,313   8,836 Restructuring (b)  -   2,361   -   2,361 Other (c)  (16,946)  844   (15,321)  545 Tax effect on adjustments  (1,296)  (7,865)  (11,905)  (16,406)Adjusted net income attributable to Parsons Corporation $(6,830) $84,278  $78,802  $168,826 Adjusted earnings per share:            Weighted-average number of basic shares outstanding  106,982   106,997   107,082   106,914 Weighted-average number of diluted shares outstanding (d)  107,682   108,202   108,000   108,328 Adjusted net income attributable to Parsons Corporation per basic share $(0.06) $0.79  $0.74  $1.58 Adjusted net income attributable to Parsons Corporation per diluted share $(0.06) $0.78  $0.73  $1.56   (a) Reflects costs incurred in connection with acquisitions and other non-recurring transaction costs, primarily fees paid for professional services and employee retention.

(b) Reflects costs associated with and related to our corporate restructuring initiatives.

(c) Includes a combination of gain on sale of business, gain/loss related to sale of fixed assets, software implementation costs, and other individually insignificant items that are non-recurring in nature.

(d) Excludes dilutive effect of convertible senior notes due 2025 due to bond hedge.

PARSONS CORPORATION
Non-GAAP Financial Information
Reconciliation of Reported GAAP Results to Adjusted Results on a Normalized Basis(a)
(in thousands, except per share information)

  Q2 2026
As Reported (GAAP)  Federal Charge
and Divestitures  Infrastructure
JV Charge  Q2 2026
Adjusted Results (non-GAAP) Federal Solutions revenue $760,868  $16,810  $-  $777,678 Critical Infrastructure revenue  814,999   -   -   814,999 Total Revenue $1,575,867  $16,810  $-  $1,592,677 Net (loss) income attributable to Parsons Corporation $(15,219) $49,861  $35,086  $69,728 Earnings per share:            Basic $(0.14) $0.46  $0.33  $0.65 Operating Cash Flow $57,584  $-  $-  $57,584   (a) Reconciliation incorporates a $19.3 million pre-tax gain from the divestiture of two SETA contracts, a $77.5 million pre-tax loss on two contracts which are held for sale, and a $40.9 million pre-tax charge to equity in earnings on a project affected by historic rainfall and program delays in Q2 2026 being performed as part of a joint venture.

PARSONS CORPORATION
Non-GAAP Financial Information
Reconciliation of Adjusted EBITDA, Net Income and EPS on a Normalized Basis(a)
(in thousands, except per share information)

  Q2 2026
As Reported  Federal Charge  Infrastructure
JV Charge  Q2 2026
Adjusted Results (non-GAAP) Federal Solutions Adjusted EBITDA
including noncontrolling interests $(13,763) $77,535  $-  $63,772 Critical Infrastructure Adjusted EBITDA
including noncontrolling interests  55,983   -   40,893   96,876 Total Adjusted EBITDA
including noncontrolling interests $42,220  $77,535  $40,893  $160,648 Margin  2.7%        10.1%Adjusted net income attributable to Parsons Corporation $(6,830) $64,509  $35,086  $92,765 Adjusted Earnings per share:            Diluted $(0.06) $0.60  $0.33  $0.86   (a) Reconciliation incorporates a $77.5 million pre-tax loss on two contracts which are held for sale, and a $40.9 million pre-tax charge to equity in earnings on a project affected by historic rainfall and program delays in Q2 2026 being performed as part of a joint venture.

Key Takeaways:

Parsons delivers integrated industrial base modernization and advanced manufacturing solutions that accelerate mission readiness across defense and infrastructure markets worldwide.Parsons’ enterprise-wide delivery model unites expertise across its Federal Solutions and Critical Infrastructure segments to deliver complete industrial ecosystems at speed and scale.With global execution and proven programs, Parsons supports urgent national security and economic priorities driven by rising demand and sustained government investment in industrial capacity. CHANTILLY, Va., July 21, 2026 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) today highlighted its delivery of integrated industrial base modernization and advanced manufacturing solutions that are strengthening national security, enabling global infrastructure resilience, and accelerating delivery of mission-critical capabilities across defense and commercial markets.

As demand intensifies to modernize aging infrastructure and scale production of critical capabilities, Parsons delivers integrated, end-to-end solutions that transform how industrial capacity is built, modernized, and sustained. By combining deep engineering expertise, advanced technologies, and global program delivery, the company enables customers to expand production, strengthen supply chains, and deliver operational capability in real time.

“Industrial base modernization is no longer a future priority; it’s an immediate operational requirement,” said Martin Boson, president of Engineered Systems for Parsons. “We are helping redefine how the defense industrial base is modernized, integrating advanced manufacturing, infrastructure, and digital capabilities to rapidly scale production, improve readiness, and deliver mission-critical capacity for today’s and tomorrow’s threats.”

Parsons differentiates through a fully integrated delivery model that unifies planning, engineering, program and construction management, advanced manufacturing, cybersecurity, and environmental solutions expertise into a single approach. This enables the company to deliver complete industrial ecosystems rather than standalone facilities, accelerating timelines, reducing risk, and ensuring mission success. By leveraging capabilities across both its Federal Solutions and Critical Infrastructure segments, Parsons bridges traditionally siloed markets and delivers mission-aligned solutions at scale.

“Industrial base modernization requires more than expanding production; it demands the infrastructure, energy, and systems that sustain it,” said Mark Fialkowski, president of Infrastructure North America for Parsons. “We are delivering integrated solutions across critical infrastructure, from data centers and energy systems to industrial development, to help our customers strengthen resilience, enable economic growth, and build the industrial ecosystems needed to support both national security and commercial demands.”

Parsons’ capabilities span the full spectrum of defense industrial base modernization priorities, from modernizing Army munitions and ammunition facilities to upgrading legacy infrastructure across depots, arsenals, and manufacturing plants. This is demonstrated by the company’s growing role in the U.S. Army’s Organic Industrial Base, including a $169.5 million design-build contract with the U.S. Army Corps of Engineers to deliver a new Ammonium Nitrate Solution Tank Farm at Holston Army Ammunition Plant. The company also supports expanded production capacity through work on Nammo’s new rocket motor production facility in Perry, Florida, strengthening production scale, supply chain resilience, and operational readiness.

The company also delivers complex energetics and specialized facilities, as demonstrated by the Blue Grass Chemical Weapons Stockpile Destruction Project, where Parsons played a central role in the design, construction, operation, and closure of the facility that safely eliminated the nation’s remaining chemical weapons stockpile in support of critical national security objectives. This legacy chemical demilitarization expertise reflects Parsons’ ability to execute highly complex, high-consequence industrial programs requiring advanced safety, regulatory, environmental, and operational expertise.

Beyond the United States, Parsons is executing large-scale industrial and infrastructure programs globally. In the Middle East, the company is advancing economic diversification and industrial growth through initiatives such as the Al Karaana Special Economic Zone in Qatar. Our long record of developing large industrial cities and special economic zones in Saudi Arabia, dating back to the 1970s, such as Jazan and Yanbu Industrial Cities, enables integrated development and long-term resilience. Parsons also delivers mission-critical data center infrastructure across the region to support AI, digital transformation, and secure operations, while strengthening supply chains tied to critical minerals and advanced manufacturing.

In parallel, Parsons is advancing high-tech manufacturing ecosystems, including semiconductor-related infrastructure that strengthens domestic and allied production capacity and enables more resilient supply chains through critical minerals sourcing, processing, and distribution.

The company further integrates digital engineering, environmental remediation, and critical infrastructure protection to modernize legacy industrial sites and enable next-generation manufacturing. By combining lifecycle optimization, regulatory alignment, and mission-critical cybersecurity and physical protection, the company delivers resilient, high-performance facilities designed for sustained operations in complex and contested environments. Its program advisory expertise, including long-standing support to the Department of Energy and the Department of War, helps translate evolving mission requirements into executable infrastructure investments that strengthen the full industrial ecosystem from production through distribution.

Parsons also delivers the critical infrastructure that powers and sustains industrial capacity, including energy and microgrid solutions and industrial water and wastewater systems. In addition, the company is also advancing nuclear energy solutions critical to powering next-generation industrial capacity and strengthening energy resilience. The integrated energy capabilities are delivered across the full lifecycle, supporting both national security missions and commercial energy infrastructure, including energy-intensive industries such as advanced manufacturing and data centers.

These capabilities extend across North America, the Middle East, and other key markets, including Canada, where Parsons supports infrastructure and industrial development aligned with national growth and resource priorities. This global reach, combined with deep technical expertise, positions Parsons to deliver consistent, high-impact outcomes across diverse operational environments.

Demand for industrial base modernization continues to accelerate, driven by geopolitical competition, supply chain vulnerabilities, and significant government investment in munitions production, advanced manufacturing, and critical infrastructure. Parsons is directly aligned with these priorities, helping customers respond to urgent operational needs while building long-term resilience.

With decades of experience delivering complex industrial and infrastructure programs, Parsons continues to enable the next generation of scalable, resilient, and secure industrial capacity, delivering capability at the speed and scale today’s missions demand.

To learn more about Parsons’ industrial base modernization capabilities, visit parsons.com/industrial-base-modernization/ and parsons.com/manufacturing/.

About Parsons 

Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and electronic warfare, space and missile defense, transportation, water and environment, urban development, and critical infrastructure protection. Please visit Parsons.com and follow us on LinkedIn to learn how we’re making an impact. 

Forward-Looking Statements 

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results and events may vary materially from those indicated in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, among others: any issue that compromises our relationships with the U.S. federal government or its agencies or other state, local or foreign governments or agencies; any issues that damage our professional reputation; changes in governmental priorities that shift expenditures away from agencies or programs that we support; our dependence on long-term government contracts, which are subject to the government’s budgetary approval process; the size of our addressable markets and the amount of government spending on private contractors; failure by us or our employees to obtain and maintain necessary security clearances or certifications; failure to comply with numerous laws and regulations; changes in government procurement, contract or other practices or the adoption by governments of new laws, rules, regulations and programs in a manner adverse to us; the termination or nonrenewal of our government contracts, particularly our contracts with the U.S. federal government; our ability to compete effectively in the competitive bidding process and delays, contract terminations or cancellations caused by competitors’ protests of major contract awards received by us; our ability to generate revenue under certain of our contracts; any inability to attract, train or retain employees with the requisite skills, experience and security clearances; the loss of members of senior management or failure to develop new leaders; misconduct or other improper activities from our employees or subcontractors; our ability to realize the full value of our backlog and the timing of our receipt of revenue under contracts included in backlog; changes in the mix of our contracts and our ability to accurately estimate or otherwise recover expenses, time and resources for our contracts; changes in estimates used in recognizing revenue; internal system or service failures and security breaches; and inherent uncertainties and potential adverse developments in legal proceedings, including litigation, audits, reviews and investigations, which may result in materially adverse judgments, settlements or other unfavorable outcomes. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statement made in this press release that becomes untrue because of subsequent events, new information or otherwise, except to the extent we are required to do so by law. 

Media Contact:
Bernadette Miller
+1 980.253.9781
[email protected]

Investor Relations Contact:
Dave Spille
+1 703.775.6191
[email protected]

Key Takeaways: 

Space Ground System Solutions, Inc., a wholly owned Parsons’ subsidiary, secured a five-year, $245 million contract with the U.S. Naval Research Laboratory to advance mission-critical satellite ground systems software and operations.This award continues a 30-year legacy supporting the Blossom Point Tracking Facility.Parsons is a trusted provider of end-to-end space and ground system solutions, including mission engineering, DevSecOps, and secure software-defined architectures. CHANTILLY, Va., July 14, 2026 (GLOBE NEWSWIRE) -- Space Ground System Solutions, Inc (SGSS), a wholly owned Parsons Corporation (NYSE: PSN) subsidiary, announced today that it has been awarded a $245 million indefinite delivery, indefinite quantity (IDIQ) contract from the U.S. Naval Research Laboratory (NRL) to provide software development, sustainment, and operations support for critical satellite mission systems over a five-year period of performance.

Under the Blossom Point Tracking Facility Software and Operations Support contract, Parsons builds on its 30 years of continuous advancement of NRL’s government-owned applications: Neptune® Software for automated satellite command and control and ground equipment control and status, and the Virtual Mission Operations Center (VMOC®) for satellite mission management. The work includes designing, testing, maintaining, and enhancing mission-critical software modules, as well as providing configuration control and cybersecurity for space and ground systems supporting national security missions.

“Continuing our work with the Naval Research Laboratory underscores Parsons’ role in delivering resilient, mission-ready space capabilities,” said Rob McDonough, vice president of Space Operations Services at Parsons. “This award reinforces our demonstrated ability to engineer and sustain secure, software-defined mission systems that enable operational advantage in an increasingly contested space domain. We look forward to advancing innovation with NRL to ensure critical space assets remain agile, integrated, and mission focused.”

The U.S. Naval Research Laboratory is the Department of the Navy’s premier research institution and a leader in space science and technology. It has been instrumental in advancing space-based communications, surveillance, and national defense capabilities for decades. Through this partnership, Parsons will directly support NRL’s mission to innovate and transition cutting-edge technologies to operational use across the Department of War.

For more than 30 years, Parsons has been a leader in delivering end-to-end space and ground system solutions, including mission engineering, satellite communications, space domain awareness, and advanced command-and-control capabilities. The company’s expertise spans the integration of software-defined architectures, secure data transport, and real-time mission operations, enabling customers to maintain decision advantage across complex, multi-domain environments.

For more information about Parsons and its space capabilities, please visit parsons.com/space.

About Parsons
Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and electronic warfare, space and missile defense, transportation, water and environment, urban development, and critical infrastructure protection. Please visit Parsons.com and follow us on LinkedIn to learn how we’re making an impact.

Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results and events may vary materially from those indicated in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, among others: any issue that compromises our relationships with the U.S. federal government or its agencies or other state, local or foreign governments or agencies; any issues that damage our professional reputation; changes in governmental priorities that shift expenditures away from agencies or programs that we support; our dependence on long-term government contracts, which are subject to the government’s budgetary approval process; the size of our addressable markets and the amount of government spending on private contractors; failure by us or our employees to obtain and maintain necessary security clearances or certifications; failure to comply with numerous laws and regulations; changes in government procurement, contract or other practices or the adoption by governments of new laws, rules, regulations and programs in a manner adverse to us; the termination or nonrenewal of our government contracts, particularly our contracts with the U.S. federal government; our ability to compete effectively in the competitive bidding process and delays, contract terminations or cancellations caused by competitors’ protests of major contract awards received by us; our ability to generate revenue under certain of our contracts; any inability to attract, train or retain employees with the requisite skills, experience and security clearances; the loss of members of senior management or failure to develop new leaders; misconduct or other improper activities from our employees or subcontractors; our ability to realize the full value of our backlog and the timing of our receipt of revenue under contracts included in backlog; changes in the mix of our contracts and our ability to accurately estimate or otherwise recover expenses, time and resources for our contracts; changes in estimates used in recognizing revenue; internal system or service failures and security breaches; and inherent uncertainties and potential adverse developments in legal proceedings, including litigation, audits, reviews and investigations, which may result in materially adverse judgments, settlements or other unfavorable outcomes. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our Registration Statement on Annual Report on Form 10-K for the year ended December 31, 2025, and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statement made in this press release that becomes untrue because of subsequent events, new information or otherwise, except to the extent we are required to do so by law.

Media Contact:                                        
Angie Benfield        
+1 803.334.5277
[email protected]

Investor Relations Contact:
Dave Spille
+ 1 703.775.6191
[email protected]

Key Takeaways: 

Parsons is a leading PFAS solutions provider in North America.The company combines science-based strategies, in-house R&D, and an advanced contaminants elimination program to develop tailored, cost-effective solutions for customers.Parsons’ four core PFAS solutions include Hot ISCO, UV PFAS Destruction, Thermal Desorption, and AFFF Cleanout.
CHANTILLY, Va., July 06, 2026 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) today announced the expansion of its comprehensive solutions to mitigate the impacts of per- and polyfluoroalkyl substances (PFAS) on the environment. A leading provider of PFAS services across the United States and Canada, Parsons leverages 20 years of experience to strengthen its preeminent market position and advance its commitment to delivering sustainable PFAS solutions.

“Our investment in advanced PFAS technologies has positioned Parsons at the forefront of this critical environmental challenge. Our integrated suite of solutions addresses PFAS concerns and helps our clients meet today’s regulatory demands, while shaping the future of sustainable remediation,” said Carey Smith, chair, president, and chief executive officer for Parsons. “PFAS destruction technologies and holistic PFAS solutions are a strong example of how we translate innovation into long-term value for our clients and communities.”

Parsons applies an integrated, science-driven approach to PFAS challenges, combining advanced treatment technologies with practical implementation strategies tailored to each project. With a dedicated team of technologists, Parsons has delivered PFAS solutions for two decades, identifying future emerging contaminants and developing solutions to eliminate these pollutants – including PFAS – ahead of our clients’ needs. Parsons’ industry leading internal research and development program drives continual innovation of new remedial technologies and solutions. The company’s solutions are designed to reduce risk, meet evolving regulatory requirements, and deliver sustainable long-term outcomes at a competitive cost.

At the core of Parsons’ PFAS portfolio are four primary solutions: Hot In Situ Chemical Oxidation (Hot ISCO), Catalyzed Ultraviolet (UV) PFAS Destruction (Catalyzed UV), Thermal Desorption, and Aqueous Film-Forming Foam (AFFF) Cleanout services. Together, these four pillars provide a comprehensive PFAS management offering that span environmental investigation, removal from the consumer product stream, active in-situ and ex-situ destructive PFAS remediation and long-term stewardship.

This broad range of proven yet continuously advancing technologies provides Parsons’ clients with unique solutions and positions the company as a trusted partner for complex PFAS challenges across water, soil, and infrastructure. As new PFAS standards emerge and clients seek more sustainable, cost-effective solutions, Parsons can scale, refine, and integrate these technologies to expand service offerings, enter new markets, and drive continued innovation in PFAS management.

Hot ISCO

A patented technology in the U.S. and Canada, Parsons’ Hot ISCO is the first in-situ destructive technology on the market for PFAS.The technology targets PFAS-impacted source zones by coupling elevated temperatures with in-situ catalyzed chemical oxidation to destroy PFAS in-situ.Hot ISCO is also easily and efficiently applied ex-situ to destroy PFAS mass in contaminated water, wastewater, and manufacturing plant waste streams.This technology addresses difficult-to-reach source areas, without disrupting surface infrastructure, safely, rapidly, and cost effectively, resulting in shorter cleanup timeframes. Thermal Desorption of PFAS

A patented, turn-key solution for on-site applications, thermal desorption uses heat to remove PFAS from soil and other solids, and then destroys PFAS and other contaminants in the off-gas stream.This technology has been fully demonstrated on soil piles up to 2,000 cubic yards in size and in cold weather environments, including a project in the winter in Anchorage, Alaska for the United States Department of War (DOW) and the Defense Innovation Unit (DIU).This proven soil and debris treatment technology is rapidly implementable and scalable to remote and non-remote sites.
UV PFAS Destruction

A patent-pending technology that destroys PFAS in water, wastewater and complex liquid waste streams using UV-based catalytic reactions to break down these persistent compounds.Achieves greater than 99 percent of PFAS destruction under real-world conditions at a small fraction of the cost of competing high-energy and capital cost-intensive technologies.Fully demonstrated at laboratory and field scale for wastewater matrices such as AFFF cleanout solutions, landfill leachate, industrial wastewater, and contaminated groundwater, as well as in regeneration brines.
AFFF Cleanout of Fire Suppression Systems

Parsons’ AFFF cleanout service is an advanced capability that combines the company’s proprietary equipment and methods with PerfluorAd®, a product invented by Cornelsen for which Parsons is the exclusive North American Provider.This method achieves a much higher degree of AFFF system cleanout (99+ percent PFAS removal) at a competitive cost, protecting firefighters and reducing client’s long-term liability.AFFF cleanout service can be combined with Hot ISCO or UV PFAS Destruction for a turnkey, zero waste solution for firefighting clients that mitigates the risk and liability associated with PFAS firefighting foam.
Across installations and complex PFAS-impacted sites, Parsons’ PFAS solutions are being recognized through a growing portfolio of contract wins highlighting both our technical leadership and ability to deliver results at scale.

Thermal Desorption of PFAS in Soil: Joint Base Elmendorf-Richardson (JBER)

Parsons completed a large thermal desorption of PFAS in soil remediation project at JBER in Anchorage, Alaska. The DOW and DIU funded and administered the 2,000 cubic yard soil stockpile project, respectively. The field study included detailed monitoring, sampling and analysis to track the status of PFAS and remedial results.
UV PFAS Destruction Field Demonstration:

Parsons has demonstrated proof-of-concept for the feasibility of an aqueous-electron-based complete defluorination and destruction of PFAS in aqueous phase media simulating wastewater, groundwater, and regeneration brines. Multiple projects are in development throughout North America including the support of VEI Contracting (VEI) who was awarded a pilot project for using this technology on a Canadian federal site with full study completion scheduled for Summer 2027.
AFFF Mobile System Cleanout:

Tucson International Airport – Parsons is managing the cleanout of the airport’s fire response trucks and of the design and execution of the airport wide PFAS remedial investigation.Denver International Airport – In 2025, Parsons managed and completed the cleanout of 20 fire response vehicles and trucks, with an average of 95 percent PFAS removal across the entire fleet.Oakland San Francisco Bay Airport – Parsons oversaw and led the cleanout of six fire response vehicles and one fixed storage tank in 2025. The results achieved a removal of 99 percent PFAS removal from all trucks and the tank.Parsons presented the AFFF cleanout capabilities with the Environment Canada and Climate Change AFFF working group to help Canada industry transition to non-PFAS containing foams. Together, these capabilities reinforce Parsons’ role as a trusted PFAS partner, helping clients navigate evolving regulations, reduce long-term risk, and protect communities and critical infrastructure for the future.

To learn more about Parsons’ PFAS capabilities, visit https://www.parsons.com/pfas/.

Developed by Cornelsen Umwelttechnologie GmbH, PerfluorAd is a biodegradable cleaning agent that forms a bond with PFAS, creating particles that Parsons filters and removes.

About Parsons
Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and electronic warfare, space and missile defense, transportation, water and environment, urban development, and critical infrastructure protection. Please visit Parsons.com and follow us on LinkedIn to learn how we’re making an impact.

Forward-Looking Statements: 

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results and events may vary materially from those indicated in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, among others: any issue that compromises our relationships with the U.S. federal government or its agencies or other state, local or foreign governments or agencies; any issues that damage our professional reputation; changes in governmental priorities that shift expenditures away from agencies or programs that we support; our dependence on long-term government contracts, which are subject to the government’s budgetary approval process; the size of our addressable markets and the amount of government spending on private contractors; failure by us or our employees to obtain and maintain necessary security clearances or certifications; failure to comply with numerous laws and regulations; changes in government procurement, contract or other practices or the adoption by governments of new laws, rules, regulations and programs in a manner adverse to us; the termination or nonrenewal of our government contracts, particularly our contracts with the U.S. federal government; our ability to compete effectively in the competitive bidding process and delays, contract terminations or cancellations caused by competitors’ protests of major contract awards received by us; our ability to generate revenue under certain of our contracts; any inability to attract, train or retain employees with the requisite skills, experience and security clearances; the loss of members of senior management or failure to develop new leaders; misconduct or other improper activities from our employees or subcontractors; our ability to realize the full value of our backlog and the timing of our receipt of revenue under contracts included in backlog; changes in the mix of our contracts and our ability to accurately estimate or otherwise recover expenses, time and resources for our contracts; changes in estimates used in recognizing revenue; internal system or service failures and security breaches; and inherent uncertainties and potential adverse developments in legal proceedings, including litigation, audits, reviews and investigations, which may result in materially adverse judgments, settlements or other unfavorable outcomes. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statement made in this press release that becomes untrue because of subsequent events, new information or otherwise, except to the extent we are required to do so by law.

Media Contact:​​​​​
Bernadette Miller
+1 980.253.9781
[email protected]

Investor Relations Contact:
Dave Spille
+ 1 703.775.6191
[email protected]