Mercury Systems Q4 FY26 slides: record bookings offset margin pressure

Mercury Systems reported record bookings and revenue growth for Q4 FY26, but faced margin pressure and an earnings miss, causing shares to drop. Despite a 93.1% year-over-year increase in bookings, adjusted EBITDA margin fell to 16.7%, below analyst estimates. The company also saw a 43% decline in free cash flow compared to the previous year.

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