Booz Allen Hamilton Holding (BAH) Earnings Date & Reports

Key Takeaways

• Booz Allen Hamilton is scheduled to report second-quarter fiscal 2027 results on October 23, 2026, before the market opens.
• Consensus estimates call for adjusted EPS (earnings per share) of $1.55, up from $1.49 in the same quarter a year earlier.
• Analysts expect revenue of roughly $2.82 billion, a modest decline from $2.89 billion in the year-ago period.
• The National Security business remains the primary growth engine, while the Civil and Commercial portfolio continues to contract.
• Investors will focus on margins, backlog, book-to-bill, and progress on the Ultra I&C Mission Solutions acquisition.

Earnings Context and Why It Matters

Booz Allen Hamilton operates on a fiscal year ending March 31, making the quarter ended September 30, 2026 the second quarter of fiscal 2027. The report arrives as the defense-and-intelligence consultant navigates a bifurcated demand environment: its National Security business is expanding, while its Civil and Commercial segment is shrinking amid government budget reprioritization. Because profitability and margins have held up even as revenue declines, this quarter offers an important read on whether cost discipline can keep offsetting top-line pressure — and whether full-year guidance remains intact.

Earnings Expectations

Wall Street expects adjusted EPS of $1.55 for the second quarter of fiscal 2027, up roughly 4% from $1.49 in the second quarter of fiscal 2026. Consensus revenue stands near $2.82 billion, below the $2.89 billion reported a year ago and reflecting continued pressure in the Civil business.

These expectations follow a mixed first quarter. In fiscal Q1 2027, Booz Allen delivered adjusted EPS of $1.81, beating consensus by 21.5% and rising 22.3% year over year, while revenue of $2.80 billion matched estimates but fell 4.2% from the prior year. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) increased 7.4% to $334 million, with the adjusted EBITDA margin expanding 130 basis points to 11.9%.

Key metrics to watch include the National Security versus Civil revenue split, adjusted EBITDA margin, total backlog (which reached $39.48 billion in fiscal Q1), and the book-to-bill ratio — a measure comparing new orders to revenue — which stood at 1.5x last quarter. For full-year fiscal 2027, management has guided to revenue of $11.2 billion to $11.7 billion, adjusted diluted EPS of $6.00 to $6.35, and free cash flow of $825 million to $925 million.

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Market Reaction and Investor Sentiment

Sentiment heading into this report remains cautious. Despite a strong EPS beat in fiscal Q1 2027, Booz Allen shares slipped 1.2% after that July release, reflecting disappointment over the absence of second-quarter guidance and a full-year outlook whose midpoint came in slightly below consensus. Investors have also weighed persistent Civil segment weakness against resilient profitability.

Key risk factors heading into the print include government procurement delays, pricing pressure on large recompetes, and integration costs tied to the Ultra I&C Mission Solutions acquisition. Management has already signaled another sequential double-digit decline in Civil revenue during the second quarter before pressures ease later in the fiscal year.

Forward Outlook and Key Factors to Monitor

The completion and integration of the Ultra I&C Mission Solutions acquisition is a central catalyst. Expected to close in the second quarter, the deal broadens Booz Allen's defense technology portfolio across command-and-control software, ruggedized edge computing, and encryption management.

Investors should also track whether the National Security business sustains mid-single-digit growth, as management anticipates for the full year, and whether the Civil business stabilizes in the second half as guided.

Margin trajectory matters as the company shifts toward outcome-based, fixed-price contracts, which offer margin-expansion potential but carry execution risk. Demand signals in cyber, artificial intelligence, and defense technology, along with backlog and book-to-bill trends, will indicate whether contract funding continues to normalize.

Finally, free cash flow generation and capital deployment — including dividends and share repurchases — remain important signals of financial strength against a still-uncertain federal budget environment.

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