โ
๐ ๐๐๐ฌ๐ฎ๐ฅ๐ญ๐ฌ
โข Adj. EPS: $0.44 (Est. $0.41) โ .
โข Revenue: $2.313B (Est. $2.18B) โ , +96% YoY.
โข GAAP EPS: $0.44.
โข GAAP Operating Income: $1.085B, 47% margin.
โข Adj. Operating Income: $1.427B, 62% margin.
โข Adj. EBITDA: $1.434B, 62% margin.
โข Adj. Free Cash Flow: $1.216B, 53% margin.
โข Rule of 40 Score: 158%.
โข Cash & U.S. Treasuries: $10.4B.
โ
๐ฏ ๐๐ฎ๐ข๐๐๐ง๐๐
โข Q4 Revenue: $2.649Bโ$2.653B, midpoint $2.651B (Est. $2.46B) โ .
โข Q4 Adj. Operating Income: $1.640Bโ$1.644B.
โข FY2026 Revenue: $8.530Bโ$8.534B, midpoint $8.532B (Est. $8.22B) โ , raised.
โข FY2026 U.S. Commercial Revenue: >$3.559B, at least +143% YoY.
โข FY2026 Adj. Operating Income: $5.245Bโ$5.249B, raised.
โข FY2026 Adj. Free Cash Flow: $4.8Bโ$5.0B, raised.
โ
๐ ๐๐๐ฒ ๐๐๐ค๐๐๐ฐ๐๐ฒ๐ฌ
โข Q3 adjusted EPS beat consensus by ~7.3%, while revenue exceeded estimates by ~6.1%.
โข U.S. commercial revenue surged 148% YoY and 29% QoQ to $984M, surpassing U.S. government revenue for the first time.
โข U.S. government revenue increased 96% YoY to $953M.
โข Total U.S. revenue jumped 119% YoY to $1.937B, representing ~84% of total revenue.
โข Closed 212 deals worth at least $1M, including 64 deals exceeding $10M.
โข Total Contract Value reached $2.918B, +6% YoY.
โข U.S. commercial Remaining Deal Value increased 79% YoY to $6.517B.
โข Q4 revenue guidance midpoint stands ~7.8% above consensus, implying ~14.6% sequential growth.
โข FY2026 revenue guidance midpoint exceeds consensus by ~3.8%, implying ~91% annual growth.
โข Adjusted operating margin reached 62%, while adjusted free cash flow margin hit 53%.
โ
๐ฌ ๐๐๐ง๐๐ ๐๐ฆ๐๐ง๐ญ ๐๐จ๐ฆ๐ฆ๐๐ง๐ญ๐๐ซ๐ฒ
โOur U.S. commercial revenue has surpassed our U.S. government revenue for the first time in our companyโs history.โ