$2.8 billion in first-quarter fiscal 2027 revenue at Booz Allen Hamilton (NYSE: BAH) declined 4.2% from $2.924 billion a year earlier, per the 8-K filed July 24, 2026. Revenue excluding billable expenses came in at $1.965 billion, off 3.8% year over year. At $2.8 billion quarterly, the run-rate sits at the low end of full-year guidance of $11.2 to $11.7 billion.
GAAP net income versus adjusted results
GAAP net income fell 26.9% to $198 million, pulling diluted EPS down 24.5% to $1.63. The adjusted picture moved the other way: adjusted net income of $217 million rose 17.9% from $184 million, and adjusted diluted EPS of $1.81 gained 22.3% from $1.48. Adjusted EBITDA of $334 million expanded 7.4% from $311 million, with reported EBITDA at $324 million. The margin read: 11.9% adjusted EBITDA on revenue, up 130 basis points from 10.6%.
| Metric | Q1 FY2027 | Q1 FY2026 | YoY |
|---|---|---|---|
| Revenue | $2,800M | $2,924M | -4.2% |
| Revenue ex-billables | $1,965M | $2,043M | -3.8% |
| Net Income | $198M | $271M | -26.9% |
| Adj. Net Income | $217M | $184M | +17.9% |
| Diluted EPS | $1.63 | $2.16 | -24.5% |
| Adj. Diluted EPS | $1.81 | $1.48 | +22.3% |
| Adj. EBITDA | $334M | $311M | +7.4% |
| Adj. EBITDA Margin | 11.9% | 10.6% | +130 bps |
| FCF | $261M | $96M | +171.9% |
Cash generation and capital deployment
Free cash flow of $261 million was up 171.9% from $96 million in Q1 FY2026. Net cash from operating activities reached $281 million, compared to $119 million a year prior, a 136.1% gain. Booz Allen deployed $447 million in total capital during the quarter.
Backlog, segment mix, and full-year outlook
A 1.5x quarterly book-to-bill ratio and a $39 billion backlog, up 3.2% year over year, reflect demand concentrated in National Security. Civil remains challenged. Full-year FY2027 guidance (projected): revenue of $11.2 to $11.7 billion, adjusted EBITDA of $1.240 to $1.290 billion at roughly 11% margin, adjusted diluted EPS of $6.00 to $6.35, and free cash flow of $825 to $925 million. Capital expenditures are projected at approximately $220 million, with $105 million tied to the new headquarters. CEO Horacio Rozanski said the company is on track with fiscal-year expectations amid challenging market dynamics, with continued investment in cyber and defense technologies. A quarterly dividend of $0.59 per share is payable August 28, 2026, to stockholders of record August 14, 2026.