CACI 2026 Wrap: Backlog, Cash Flow, and a 2027 Revenue Forecast That Keeps the National-Security Train on Track

Overview: A year of steady expansion and a march toward FY2027 targets

CACI reported annual revenues of $9.6 billion, up 10.9% year over year, underscoring the company’s ability to convert demand into top-line growth even as the mix of programs evolves. Net income clocked in at $535.8 million for the year, with diluted earnings per share (EPS) of $24.16. On a non-GAAP basis, adjusted net income rose to $661.6 million, delivering adjusted diluted EPS of $29.83—an increase of about 12.7% from the prior year. The narrative here is margin discipline paired with volume growth, a combination many capital allocators prize in defense and government services sectors.

Management highlighted EBITDA of $1,173.9 million and an EBITDA margin of 12.3%, positioning the company as a cash-generative growth engine within its peer group. Backlog remained a focal point, with annual contract awards totaling about $10.2 billion and a book-to-bill ratio of 1.1x, signaling continued demand visibility into next year. The tone from leadership stressed strong cash flow generation in FY2027, aided by revenue growth, margin expansion, and efficient working capital management.

Fourth Quarter Results: Momentum in the near term

For the fourth quarter ended June 30, 2026, CACI posted revenues of $2,709.1 million, up from $2,304.1 million in the year-ago period—a solid 17.6% year-over-year uptick. The quarter’s result fed into the full-year narrative, reinforcing the trend toward higher scale and more cash flow production. While the line item for income from operations in the quarter shows $272.2 million (with the rest of the quarterly details continuing beyond the excerpt), the headline remains: a year of expansion supported by a high-growth revenue trajectory and improved profitability metrics.

The company’s commentary around the quarter emphasized execution against a challenging but differentiating growth path—something that resonates with investors evaluating the sustainability of EPS growth and the durability of revenue expansion in a government-spend environment.

Fiscal 2027 Guidance: Revenue forecast and cash-flow confidence

Looking ahead, CACI reiterated its strong cash-flow orientation and underscored the drivers of its FY2027 outlook: continued revenue growth, margin expansion, and disciplined working capital management. The guidance implies a revenue forecast that supports earnings expansion and a favorable mix shift as the company leverages its position across federal programs and technology-enabled services. The projection aligns with the company’s 3-year financial targets, suggesting management’s confidence in sustaining growth momentum through the next cycle.

In market terms, this is a classic case where “EPS consensus” will be pitted against a mix of organic growth and portfolio changes. The company’s ability to deliver higher EBITDA and free cash flow—while maintaining a solid backlog—helps justify a favorable evaluation relative to peer groups, even if the absolute industry backdrop remains competitive.

What this portends for CACI and sector peers

The combination of a sizable backlog, a double-digit revenue uplift, and a disciplined approach to earnings per share creates a constructive backdrop for CACI’s equity story. Investors will watch how the FY2027 revenue forecast translates into EPS growth, and whether the reported earnings surprise—if any versus consensus expectations—will be enough to shift multiple re-ratings in a sector where budgets are lumpy and procurement cycles dominate the calendar.

For sector peers, the message is twofold: first, the defense-adjacent IT services space remains capable of translating contract awards into durable revenue, and second, a continued focus on free cash flow generation and margin efficiency can support valuations even when headline growth slows. In an environment where companies compete for similar federal programs, backlog quality and the ability to convert awards into cash becomes a more decisive differentiator than pure revenue growth alone.

Bottom line

CACI’s 2026 results reinforce a narrative of steady scale, strong cash generation, and a favorable backlog position. The 2027 revenue forecast remains a key focal point for investors evaluating upside in EPS and operating margins. With a disciplined capital program and a clear path to its three-year targets, CACI’s story reads as a calculated, defense-oriented growth thesis—less about a one-off earnings surprise and more about a durable rhythm of revenue, margin expansion, and cash accretion in a sector where certainty can be worth its weight in backlog.