Mercury Systems said trailing-12-month revenue was USD 943 million through Q2 FY26 and backlog was USD 1.5 billion at the end of Q2 FY26. The company reported second-quarter revenue of USD 233 million and free cash flow of USD 46 million. Second-quarter bookings were USD 288 million with a 1.23 book-to-bill ratio, and backlog was up 9% year over year to about USD 1.5 billion. Adjusted EBITDA in the second quarter was USD 30 million, and the company reported a GAAP net loss of USD 15 million.
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