Every material Form 8-K Mercury Systems filed with the SEC in 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Mercury Systems reported first-quarter fiscal 2026 revenue of $225.2 million, up from $204.4 million a year earlier, and a GAAP net loss of $12.5 million, down from $17.5 million. On November 4, 2025, it also signed a new five-year $850.0 million revolving credit facility maturing in 2030, which replaces its existing $900.0 million revolver, and its board authorized a $200.0 million share repurchase program.
Q1 fiscal 2026 revenue was $225.2 million, up from $204.4 million; adjusted EBITDA was $35.6 million, up from $21.5 million.
GAAP net loss was $12.5 million, or $0.21 per share, compared with a net loss of $17.5 million, or $0.30 per share, a year earlier.
New $850.0 million revolving credit facility matures November 4, 2030; $591.5 million was outstanding before and after the amendment.
Board authorized on November 3, 2025 a share repurchase program of up to $200.0 million with no expiration date.
At its October 22, 2025 annual meeting, Mercury Systems shareholders elected William L. Ballhaus, Lisa S. Disbrow and Howard L. Lance as Class I directors for three-year terms ending in 2028, and elected Jean Bua as a Class II director for a one-year term ending in 2026. The board also named Ballhaus chairman, Barry R. Nearhos lead independent director, and set the membership of its committees, which matters to shareholders because it sets who oversees the company's audit, compensation and governance functions.
Ballhaus, Disbrow and Lance elected to three-year Class I terms ending 2028; Bua elected to a one-year Class II term ending 2026
On October 22, 2025, the board named Ballhaus Chairman and Barry R. Nearhos Lead Independent Director
2025 Long Term Incentive Plan vote: 45,628,561 for, 9,229,049 against, 76,699 abstain
KPMG LLP ratified as independent auditor for fiscal 2026: 56,369,114 for, 626,733 against
Mercury Systems reported fourth-quarter fiscal 2025 revenue of $273.1 million, up from $248.6 million a year earlier, and GAAP net income of $16.4 million, compared with a net loss of $10.8 million in the prior-year quarter. For the full fiscal year, revenue rose to $912.0 million from $835.3 million, while the GAAP net loss narrowed to $37.9 million from $137.6 million, and the company reported a record backlog of $1.40 billion.
Q4 fiscal 2025 GAAP diluted EPS was $0.27, versus a loss of $0.19 a year earlier; adjusted EPS was $0.47, versus $0.23
Q4 fiscal 2025 adjusted EBITDA was $51.3 million, compared with $31.2 million in the prior-year quarter
Q4 bookings were a record $341.5 million, with a book-to-bill ratio of 1.25 and backlog of $1.40 billion at June 27, 2025
Free cash flow was a record $119.0 million for fiscal 2025, compared with $26.1 million in fiscal 2024
Mercury Systems reported third-quarter fiscal 2025 results for the period ended March 28, 2025. Revenue rose to $211.4 million from $208.3 million a year earlier, and the GAAP net loss narrowed to $19.2 million from $44.6 million, while adjusted EPS moved to $0.06 from a loss of $0.26 per share.
Revenue was $211.4 million, compared with $208.3 million in the third quarter of fiscal 2024.
GAAP net loss was $19.2 million, or $0.33 per share, versus $44.6 million, or $0.77 per share, a year earlier.
Adjusted EPS was $0.06 versus $(0.26), and adjusted EBITDA was $24.7 million versus $(2.4) million.
Free cash flow was $24.1 million versus $(25.7) million; bookings were $200.4 million, with a quarterly book-to-bill ratio of 0.95.
Mercury Systems' Executive Vice President and Chief Operating Officer, Charles R. Wells, IV, informed the company on March 28, 2025 that he will leave for a chief executive role at a privately held company. CEO William Ballhaus will oversee the business operations group directly, and CFO David Farnsworth will take on added responsibilities, with a $1,000,000 restricted stock unit award tied to that expanded role. The company also reiterated its most recent expectations for fiscal 2025.
Charles R. Wells, IV, Executive Vice President and Chief Operating Officer, is departing for a CEO role at a privately held company; he informed the company on March 28, 2025.
William L. Ballhaus, Chairman and CEO, will lead the business operations group, with its senior leaders reporting directly to him.
David E. Farnsworth, EVP and CFO, will take on added responsibilities, including operational performance and customer engagement execution.
Farnsworth will receive a restricted stock unit award with a grant date value of $1,000,000, granted April 15, 2025.
Mercury Systems reported fiscal second-quarter 2025 results for the period ended December 27, 2024, with revenue of $223.1 million, up from $197.5 million a year earlier. The GAAP net loss narrowed to $17.6 million, or $0.30 per share, from $45.6 million, or $0.79 per share. The company also said it cut about 145 positions on January 29, 2025, which it expects to save about $15 million annually.
Q2 revenue of $223.1 million vs. $197.5 million a year earlier, up 13%
GAAP net loss of $17.6 million ($0.30 per share) vs. $45.6 million ($0.79 per share) a year earlier
Adjusted EPS of $0.07 vs. $(0.42) a year earlier; free cash flow of $81.9 million
Workforce reduction of about 145 positions on January 29, 2025, with about $5 million in employee separation charges expected in the quarter ending March 28, 2025
Mercury Systems said Roger Krone has departed its Board of Directors to focus on his new role as President and CEO of the Boy Scouts of America. The Board appointed Jean Bua, CFO of NetScout Systems, as an independent director, and the Board remains at nine members.
Roger Krone departed the Board; Jean Bua was appointed as an independent Class II director, and she must stand for re-election at the next annual meeting
Bua will receive a restricted stock award valued at $225,000 effective January 15, 2025, plus a $65,000 annual cash retainer
Bua joins the Audit and Government Relations Committees; the Board also updated its committee lineup effective January 6, 2025
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Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Mercury Systems filing is on SEC EDGAR ↗. 8-K briefs of other companies →