PARSONS CORP

Listed Company

PSNCIK 0000275880NYSELarge AcceleratedServices-Computer Integrated Systems DesignDelawareFY ends Dec 31

Period

FY 2025

Revenue

$6.36B

Net Income

$241.14M

Total Assets

$5.77B

Equity

$2.64B

Shares Out

106.98M

Op. Cash Flow

$478.38M

Business

PARSONS CORP provides integrated engineering, technology and mission-support solutions for national security and critical infrastructure challenges. It offers systems integration, program management, design engineering and product development, including cybersecurity, space and missile defense, environmental remediation, and transportation technologies. It operates two segments: Federal Solutions (Defense & Intelligence; Engineered Systems) and Critical Infrastructure (North America; EMEA). Parsons serves U.S. government, military and intelligence customers, state and local agencies, international governments, transportation and utility authorities, and private infrastructure owners across North America, Europe, the Middle East and other global markets.

Summary from filing dated 2025-02-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	6,364	6,751	5,443	4,195	3,661
Direct cost of contracts	4,933	5,344	4,237	3,249	2,808
Equity in earnings (losses) of unconsolidated joint ventures	3	−23	−48	16	37
Selling, general and administrative expenses	1,016	955	870	777	757
Operating income	418	428	288	186	132
Interest income	7	11	2	966,000	396,000
Interest expense	−51	−52	−31	−23	−18
Convertible debt repurchase loss	0	−18	0	0	—
Other income (expense), net	9	−2	5	3	−3
Total other expense	−36	−60	−24	−19	−20
Income before income tax expense	383	368	264	166	113
Income tax expense	−74	−77	−56	−40	−24
Net income including noncontrolling interests	309	291	208	127	89
Net income attributable to noncontrolling interests	−68	−56	−47	−30	−25
Net income attributable to Parsons Corporation	241	235	161	97	64
Basic	2.26	2.21	1.53	0.93	0.62
Diluted	2.2	2.12	1.42	0.87	0.59

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents (including $153,144 and $202,121 Cash of consolidated joint ventures)	466	454	273	263	343
Accounts receivable, net (including $337,270 and $294,700 Accounts receivable of consolidated joint ventures)	1,124	1,100	916	717	598
Contract assets (including $41,318 and $7,906 Contract assets of consolidated joint ventures)	916	742	758	634	579
Prepaid expenses and other current assets (including $11,145 and $14,723 Prepaid expenses and other current assets of consolidated joint ventures)	177	167	191	106	111
Total current assets	2,684	2,462	2,138	1,720	1,632
Property and Equipment, net (including $2,488 and $2,971 Property and equipment of consolidated joint ventures)	151	112	99	96	104
Right of use assets, operating leases (including $4,482 and $5,726 Right of use assets, operating leases of consolidated joint ventures)	127	153	159	155	183
Goodwill	2,187	2,083	1,793	1,662	1,413
Investments in and advances to unconsolidated joint ventures	149	139	128	107	111
Intangible assets, net	326	350	276	254	208
Deferred tax assets	88	133	140	138	134
Other noncurrent assets	59	56	72	66	46
Total assets	5,770	5,488	4,804	4,198	3,831
Accounts payable (including $58,914 and $28,214 Accounts payable of consolidated joint ventures)	251	208	243	201	196
Accrued expenses and other current liabilities (including $195,747 and $198,797 Accrued expenses and other current liabilities of consolidated joint ventures)	884	894	801	630	599
Contract liabilities (including $44,802 and $66,144 Contract liabilities of consolidated joint ventures)	340	290	301	213	172
Short-term lease liabilities, operating leases (including $2,395 and $3,522 Short-term lease liabilities, operating leases of consolidated joint ventures)	45	53	59	59	56
Income taxes payable	11	8	7	4	8
Short Term debt	0	463	0	—	—
Total current liabilities	1,532	1,916	1,411	1,108	1,031
Long-term employee incentives	31	32	23	17	16
Long-term debt	1,238	784	746	744	592
Long-term lease liabilities, operating leases (including $2,083 and $2,203 Long-term lease liabilities, operating leases of consolidated joint ventures)	94	114	118	111	149
Deferred tax liabilities	12	11	10	12	11
Other long-term liabilities	95	96	120	109	95
Total liabilities	3,002	2,953	2,427	2,102	1,894
Contingencies (Note 14)	—	—	—	—	—
Common stock, $1 par value; authorized 1,000,000,000 shares; 145,676,335 and 146,656,225 shares issued; 56,103,965 and 52,657,447 public shares outstanding; 50,864,117 and 54,117,904 ESOP shares outstanding	146	147	146	146	146
Treasury stock, 38,708,253 shares at cost	−793	−815	−827	−845	−867
Additional paid-in capital	2,649	2,685	2,779	2,717	2,685
Retained earnings	661	427	204	43	−54
Accumulated other comprehensive loss	−21	−27	−15	−18	−10
Total Parsons Corporation shareholders' equity	2,642	2,416	2,287	2,044	1,901
Noncontrolling interests	126	118	90	52	36
Total shareholders' equity	2,768	2,534	2,377	2,096	1,937
Total liabilities and shareholders' equity	5,770	5,488	4,804	4,198	3,831

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	116	99	120	121	144
Amortization of debt issue costs	5	8	3	3	3
Loss (gain) on disposal of property and equipment	639,000	948,000	206,000	−164,000	338,000
Provision for doubtful accounts	0	0	32,000	57,000	8,000
Deferred taxes	44	6	−9	−844,000	−3
Foreign currency transaction gains and losses	−6	7	−330,000	2	5
Return on investments in unconsolidated joint ventures	41	40	49	28	24
Stock-based compensation	43	56	34	23	20
Contributions of treasury stock	74	60	58	55	55
Accounts receivable	11	−163	−176	−117	100
Contract assets	−163	32	−120	−32	1
Prepaid expenses and other assets	−16	36	−95	−1	−19
Accounts payable	23	−43	24	−717,000	−32
Accrued expenses and other current liabilities	−30	80	163	4	−75
Contract liabilities	35	−11	84	41	−30
Income taxes	4	−341,000	3	−4	3
Other long-term liabilities	−10	−16	13	7	−44
Net cash provided by operating activities	478	524	408	238	206
Capital expenditures	−68	−49	−40	−31	−21
Proceeds from sale of property and equipment	842,000	179,000	546,000	771,000	1
Payments for acquisitions, net of cash acquired	−145	−429	−222	−379	−198
Investments in unconsolidated joint ventures	−84	−134	−120	−18	−38
Return of investments in unconsolidated joint ventures	40	55	5	9	772,000
Proceeds from sales of investments in unconsolidated joint ventures	0	0	381,000	0	0
Net cash used in investing activities	−256	−557	−376	−417	−241
Proceeds from borrowings under credit agreement	244	153	621	970	0
Repayments of borrowings under credit agreement	−244	−153	−621	−970	−50
Proceeds from issuance of convertible notes due 2029	0	800	0	0	—
Repurchases of convertible notes due 2025	−113	−498	0	0	—
Proceeds from term loan	450	0	0	350	0
Repayment of delayed draw term loan	−350	—	—	—	—
Payments for debt issuance costs	−3	−19	0	−862,000	0
Contributions by noncontrolling interests	2	2	3	10	2
Distributions to noncontrolling interests	−63	−29	−12	−24	−38
Repurchases of common stock	−125	−25	−11	−22	−22
Taxes paid on vested stock	−20	−23	−7	−7	−2
Capped call transactions	0	−88	0	0	—
Bond hedge termination	0	196	0	0	—
Redemption of warrants	0	−105	0	0	—
Proceeds from issuance of common stock	9	8	6	5	6
Net cash provided by (used in) financing activities	−214	219	−22	100	−107
Effect of exchange rate changes	4	−5	546,000	−2	−1
Net increase (decrease) in cash, cash equivalents and restricted cash	13	181	10	−81	−143
Interest	44	34	30	21	15

Filings

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