CACI International Inc
CACI International Inc provides specialized expertise and advanced technology, primarily to U.S. federal government agencies and international clients. It focus
CACI International Inc provides specialized expertise and advanced technology, primarily to U.S. federal government agencies and international clients. It focuses on national security, delivering software-defined solutions in electronic warfare, space, digital/network technology, and mission support. With increasing fixed-price contracts, CACI integrates AI, expands manufacturing capacity, and offers critical intelligence analysis, helping customers modernize and address evolving threats.
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Source CACI is a technology-first national security company with 27,000 employees, heavily reliant on specialized expertise for software-defined technology, AI, and complex system integration. Labor costs are typically the largest component for such service/tech integrators.
Confidence: high
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Source Directly mentioned in the transcript as experiencing high levels of inflation and elongated lead times, critical for defense electronics, counter-UAS, and space payloads.
Confidence: high
Not in registry
Source Directly mentioned in the transcript as experiencing high levels of inflation and elongated lead times, essential for advanced electronics and defense systems.
Confidence: medium
Not in registry
Source Key for ARKA's optical imaging and communications payloads, a growing part of CACI's space business.
Confidence: medium
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Source Used in the manufacturing of hardware components for defense electronics and space systems (e.g., BEAM, optical payloads).
Confidence: medium
Not in registry
Source Essential for software-defined technology, AI adoption, digital applications, and network modernization.
Confidence: medium
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Source Important for the movement of components to manufacturing centers and delivery of finished systems, including international sales.
Confidence: medium
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Source With increased manufacturing capacity (Rochester facility), energy costs are relevant for operations.
Confidence: low
Not in registry
Metric/field Total Value of Prime Contract Awards (USD billions)
Cadence daily
Why it matters Direct indicator of defense spending and allocation to integrators, signaling theme strengthening for CACI's primary customer base.
Signal to watch Sustained increase in total value of prime contract awards.
Confidence: high
Not in registry
Metric/field Global AI in Defense Spending Growth Rate (YoY %)
Cadence annually
Why it matters Accelerating growth in spending and adoption indicates successful integration of AI, signaling a bullish trend for CACI's AI-driven solutions.
Signal to watch Accelerating year-over-year growth rate.
Confidence: medium
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Metric/field A091RC1Q027SBEA
Cadence monthly
Why it matters Indicates the overall fiscal health and spending capacity of the primary customer, the U.S. federal government, directly impacting CACI's contract funding.
Signal to watch Stable or increasing government outlays, indicating continued funding availability.
Confidence: high
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Metric/field IPMAN
Cadence monthly
Why it matters Reflects the health of the manufacturing sector, which is relevant as CACI scales its production capacity for defense electronics and space payloads.
Signal to watch Sustained growth in manufacturing industrial production.
Confidence: high
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Cadence annually
Why it matters Indicates the commitment of NATO allies to defense spending, which can translate into international opportunities for CACI, particularly in Europe.
Signal to watch Increasing percentage of GDP allocated to defense spending by NATO members.
Confidence: low
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Metric/field Total Obligated Amount (USD)
Cadence daily
Why it matters Directly tracks new contract wins and funding for CACI, indicating business growth and government demand.
Signal to watch Consistent new contract awards and increasing total obligated amounts.
Confidence: high
Not in registry
Metric/field Number of New Opportunities by NAICS/PSC Code
Cadence daily
Why it matters Provides a forward-looking view of potential contract pipeline and demand for CACI's specialized services and technologies.
Signal to watch Increasing number of relevant contract opportunities and larger potential award values.
Confidence: high
Not in registry
Metric/field Search Interest Index for 'AI in defense systems'
Cadence weekly
Why it matters Reflects public and industry interest, indicating growing market awareness and potential demand for AI in defense, a key theme driving CACI's strategy.
Signal to watch Sustained or increasing search interest index.
Confidence: medium
Not in registry
Metric/field Number of Open Positions by Technology Area (e.g., EW, Space, AI)
Cadence weekly
Why it matters Indicates areas of internal investment and anticipated growth, as CACI hires to meet current and future project demands, especially in its technology-first segments.
Signal to watch Increasing number of job postings in key technology areas and manufacturing.
Confidence: high
Not in registry
Metric/field Full-text search for 'contract award', 'acquisition', 'new program'
Cadence event_driven
Why it matters Provides timely disclosure of material events, including significant contract wins, strategic acquisitions, or other developments impacting CACI's business.
Signal to watch Announcements of significant contract awards, strategic partnerships, or M&A activities.
Confidence: high
Not in registry
Metric/field Total Value of US DoD Contract Opportunities in Pipeline (USD billions) by NAICS codes 336411, 541512, 541715
Cadence daily
Why it matters Provides comprehensive, granular data on future contract opportunities, offering deep insight into CACI's potential market and competitive landscape.
Signal to watch Increasing pipeline value and CACI's win rate on bids under evaluation.
Confidence: high
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Metric/field Market Forecasts for Electronic Warfare (EW) and Counter-UAS (C-UAS) Systems
Cadence annually
Why it matters Offers expert analysis and forecasts for key defense technology markets where CACI operates, validating its strategic focus and growth potential.
Signal to watch Upward revisions in market size and growth rates for EW and C-UAS segments.
Confidence: high
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Metric/field Number and Value of Government Tenders (US, UK, Europe) related to CACI's services
Cadence daily
Why it matters Provides early visibility into government contracting demand beyond the US, including international markets where CACI is expanding.
Signal to watch Increasing volume and value of relevant tenders in CACI's target markets.
Confidence: high
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Metric/field Average Lead Times and Price Volatility for key defense electronics components
Cadence daily
Why it matters Monitors supply chain health and potential cost pressures for CACI's hardware-intensive programs, impacting margins and delivery schedules.
Signal to watch Decreasing lead times and stable pricing for critical components.
Confidence: high
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Metric/field Construction Progress at CACI's Manufacturing Centers of Excellence (Rochester, NY and planned facilities)
Cadence monthly
Why it matters Provides physical evidence of CACI's investment in scaling production capacity, which is critical for delivering on its technology-first strategy and future revenue growth.
Signal to watch Visible progress in construction and expansion of manufacturing facilities.
Confidence: high
CACI is a leading national security integrator, successfully executing a technology-first strategy focused on high-growth areas like Electronic Warfare, Space,
CACI is a leading national security integrator, successfully executing a technology-first strategy focused on high-growth areas like Electronic Warfare, Space, and AI-driven solutions. Strong Q1 FY27 results, raised guidance, and accelerated deleveraging demonstrate durable growth and margin expansion. Strategic investments in manufacturing and expanding market leadership in critical domains position CACI for continued outperformance despite government budget uncertainties. Bullish. (Updated: 2026-10-22)
CACI delivered an excellent Q1 FY27, with 8% revenue growth, 13.3% EBITDA margin, and 12% adjusted diluted EPS growth. The company raised its FY27 guidance for revenue and earnings, supported by a robust 2x book-to-bill and 94% of revenue already secured from existing programs, signaling strong operational execution and high visibility. [cite: 2027Q1 Earnings Call]
CACI is expanding market leadership in critical national security domains, evidenced by significant awards like Apollo (CENTCOM intelligence) and SOF-TOPS II (Army special ops). Demand for its Counter-UAS portfolio (SkyValor, BEAM) is strong, expanding internationally. ARKA's exquisite sensor capabilities are now being applied to commercial space (Vantor), and CACI is advancing in the Space Force's Enterprise Space Terminal program. [cite: 2027Q1 Earnings Call]
CACI is accelerating its deleveraging efforts, now expecting pro-forma leverage to reach the low threes by the March quarter of 2027, two quarters earlier than anticipated. This, combined with strong free cash flow generation and strategic investments in new manufacturing centers of excellence, provides increased capital deployment optionality and supports future margin expansion. [cite: 2027Q1 Earnings Call]
Ongoing government budget uncertainties, including the continuing resolution until December 11th and sluggish award decision-making, could still impact program timelines and introduce volatility despite CACI's strong backlog. While CACI has navigated CRs successfully, the broader award environment remains unnormalized. [cite: 2027Q1 Earnings Call]
While CACI is expanding manufacturing capacity, scaling production for complex hardware (EW, space systems) and managing supply chain constraints (inflation in semiconductors, rare earths, elongated lead times) presents inherent operational challenges and execution risks. These factors are reflected in the low end of CACI's guidance range. [cite: 2027Q1 Earnings Call]
CACI's increasing reliance on fixed-price contracts, now in the low to mid-thirties as a percentage of revenue, shifts more risk to the contractor. If scope is ill-defined or unforeseen technical challenges arise in complex, 'physics-bending' projects, this model could lead to cost overruns or reduced profitability. [cite: 2027Q1 Earnings Call]
| Key Factor | Why It Matters | What To Watch | What It Signals | Where/How To Track | Free Alt Data | Paid Alt Data |
|---|---|---|---|---|---|---|
| New Major Counter-UAS (C-UAS) Contract Awards and International Sales Expansion | Continued significant wins in the C-UAS market, like the Domestic Shield award, and expanding international sales validate CACI's technology leadership and market penetration in a critical and growing national security domain, driving revenue and margin growth. | Announcements of new C-UAS contract awards (e.g., value, number of systems), updates on international sales (e.g., new country deployments beyond current allies in Europe and Pacific, agreements in the Middle East), and progress on expedited export programs. Specifically, monitor for awards exceeding $100 million. | Bullish if new C-UAS contract awards exceed $100 million per quarter or if new international sales agreements are announced, particularly through expedited export programs, indicating accelerated global adoption. | CACI International Inc press releases, quarterly earnings calls, and investor presentations. Defense industry news outlets (e.g., Defense News, Breaking Defense) for contract announcements. | [] | [] |
| Sustained Double-Digit Growth in Funded Backlog | Consistent double-digit year-over-year growth in funded backlog demonstrates strong customer commitment and robust future revenue streams, providing high visibility and confidence in CACI's ability to deliver on its guidance regardless of budget uncertainties. | Year-over-year percentage increase in funded backlog reported in upcoming quarterly earnings. Monitor if funded backlog growth remains above 10% in Q2 FY27 and subsequent quarters. The Q1 FY27 funded backlog increased by 15% year-over-year. | Bullish if funded backlog continues double-digit year-over-year growth (e.g., >10%) in upcoming quarters, demonstrating sustained customer commitment and robust future revenue streams. | CACI International Inc quarterly earnings releases and conference call transcripts. The next update will be in the Q2 FY27 earnings report, typically in early 2027. | [] | [] |
| Continued Increase in Fixed Price Revenue as a Percentage of Total Revenue | An increasing mix of fixed-price contracts, especially in software-based technology, indicates CACI's ability to take on and successfully execute higher-margin work where technical risk is understood, leading to improved overall profitability and free cash flow. | The percentage of fixed-price revenue disclosed in quarterly financial reports. Monitor if it continues to increase beyond the current 'low to mid thirties' mix. Also, track the progression of EBITDA margins, which were 13.3% in Q1 FY27. | Bullish if fixed-price revenue continues to increase as a percentage of total revenue (e.g., >35% and growing) and if EBITDA margins expand towards the high end of or exceed fiscal 2027 guidance (high 12% range). | CACI International Inc quarterly earnings releases and conference call transcripts. The next update will be in the Q2 FY27 earnings report, typically in early 2027. | [] | [] |
| Achievement of Low 3x Leverage Target by March 2027 or Sooner | Accelerated deleveraging demonstrates strong cash flow generation and financial discipline, providing increased optionality for capital deployment, including strategic investments or shareholder returns, which is bullish for the stock. | Pro-forma leverage ratio reported in upcoming quarterly financial statements. Specifically, monitor the leverage ratio in Q2 FY27 and Q3 FY27 reports. The target is 'low 3s' (e.g., 3.0x-3.3x). | Bullish if pro-forma leverage reaches the low 3s (e.g., 3.0x-3.3x) by the March quarter of 2027 or earlier, demonstrating strong cash flow and debt reduction ahead of schedule. | CACI International Inc quarterly earnings releases and accompanying SEC filings (Form 10-Q). The next earnings release for Q2 FY27 would typically be in early 2027. | [] | [] |
| New Contract Awards Leveraging Combined CACI and ARKA AI/Space Capabilities | Significant awards like the Vantor contract and Space Force EST program validate the strategic value of the ARKA acquisition and CACI's ability to deliver differentiated AI-enabled and space-based solutions, driving growth in high-margin technology areas. | Announcements of additional significant contract awards (e.g., >$100 million) specifically mentioning combined CACI/ARKA capabilities, particularly in optical imaging payloads for commercial or national security space, or next-generation optical communication terminals. Monitor progress on SDA Tranche 1 deliveries and Tranche 2 work. | Bullish if additional significant contract awards (e.g., >$100 million) leveraging CACI-ARKA synergies are announced, especially if described as 'statement wins' against traditional primes, or if key milestones like SDA Tranche 1 deliveries are completed on schedule. | CACI International Inc press releases, quarterly earnings calls, and investor presentations. Defense and space industry news outlets. | [] | [] |
A strong forward indicator of future revenue visibility and customer commitment, particularly important in a dynamic government contracting environment. It vali
| Key reported metrics | ||
|---|---|---|
| Metric | Last period | Why it matters |
| Funded Backlog Growth | 29% | A strong forward indicator of future revenue visibility and customer commitment, particularly important in a dynamic government contracting environment. It validates ongoing demand for CACI's solutions. |
| Adjusted Diluted Earnings Per Share Growth | 6.1% | A direct measure of profitability and shareholder value, reflecting operational execution and the impact of the company's strategy on the bottom line. |
| Organic Revenue Growth | 11.6% | Signals the company's ability to grow its core business without acquisitions, crucial for validating its technology-first strategy and market penetration in national security. |
| Key reported metrics | Rerating thresholds | Earnings results | ||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Last period | Why it matters | What's needed for rerating | Rerating context | Earnings date | Actual reported | Hit target? | Notes |
| Fixed Price Revenue Growth | 51.9% | CACI is shifting towards fixed-price contracts, which are expected to drive higher margins and free cash flow. Growth in this segment indicates successful execution of this strategy and improved profitability. | Fixed Price Revenue Growth needs to remain strong, ideally at or above the prior period's 51.9% year-over-year growth, and demonstrate continued expansion as a percentage of total revenue beyond the current ~35% mix. | Sustained high growth in fixed-price revenue validates CACI's technology-first strategy and its ability to secure higher-margin contracts. This drives greater overall revenue growth, margin expansion, and free cash flow, reinforcing the bullish investment thesis and signaling strong operational execution to investors. | Fixed price revenue increased to 33% of total revenue in Q1 FY27, up from 27% in the prior quarter. | No | While the percentage of fixed-price revenue increased, the transcript did not provide a year-over-year growth rate for fixed-price revenue for Q1 FY27 to compare against the 51.9% prior period growth. Additionally, the fixed-price revenue mix of 33% did not expand beyond the ~35% target. Management noted that about half of the 6 percentage point increase in fixed-price revenue mix (from 27% to 33%) was attributable to the ARKA acquisition, with the other half being native organic activity. They also stated that fixed price work has contributed to margins. | |
| Funded Backlog Growth | 29% | A strong funded backlog provides clear visibility into future revenue and demonstrates sustained customer commitment, especially crucial in a dynamic government contracting environment. It signals future stability. | Funded Backlog Growth needs to be at least 25% year-over-year for Q1 FY27. | Sustained strong funded backlog growth above 25% signals robust customer commitment and validates CACI's technology-first strategy in critical national security domains. This indicates durable future revenue streams and strengthens the long thesis by confirming market leadership and operational execution, driving a positive rerating. | Funded backlog increased by 15% year over year. | No | The actual reported funded backlog growth of 15% year-over-year for Q1 FY27 fell short of the 25% rerating trigger. Despite missing the rerating trigger, management highlighted that this represents the seventh time in the last eight quarters that CACI has delivered double-digit year-over-year growth in funded backlog. | |
| Organic Revenue Growth | 11.6% | This metric indicates CACI's ability to grow its core business without acquisitions, validating its technology-first strategy and market penetration in national security. Investors watch this for sustainable, internal growth. | Organic Revenue Growth of 7% or higher for Q1 FY27. | Achieving 7% or higher organic revenue growth would significantly exceed the implied 'low single-digit' expectation for Q1 FY27, validating CACI's technology-first strategy and its ability to drive core business growth. This would signal sustained market penetration and differentiate CACI from peers in a challenging government contracting environment, reinforcing the bullish investment thesis and potentially leading to a higher valuation multiple. | 2.1% organic growth. | No | CACI reported organic revenue growth of 2.1% for the first quarter of fiscal year 2027, which was below the rerating trigger of 7% or higher. Management noted that this organic growth was 'in line with our previously communicated low single digit organic growth.' However, the rerating trigger set a higher bar for a rerating. | |
Can CACI sustain its raised FY27 revenue and EPS guidance, particularly the implied acceleration in organic growth and EBITDA margin in the second half, given t
Can CACI sustain its raised FY27 revenue and EPS guidance, particularly the implied acceleration in organic growth and EBITDA margin in the second half, given the strong Q1 performance and continued increase in fixed-price contracts?
Will CACI continue to translate its robust pipeline and strategic wins in Counter-UAS and combined CACI-ARKA space technologies into sustained double-digit funded backlog growth, further validating its long-term franchise build-out and technology-first strategy?
How effectively will CACI continue to navigate ongoing government budgetary uncertainties and sluggish award decision-making, while successfully accelerating its deleveraging efforts to achieve the revised target of low 3x leverage by the March quarter of 2027?
| 3 Things Management Is Most Focused On | Call Takeaway & Tone | Prior Quarter'S Y/Y Growth By Segment | 3 Things Analysts Most Pressed On (And Mgmt Responses) | Revenue Segments |
|---|---|---|---|---|
| 3 Things Management Is Most Focused On1. Executing the 'technology-first national security company' strategy, which involves focusing on enduring national security priorities, leveraging deep mission knowledge, investing ahead of customer needs, and delivering software-defined technology to drive consistent results. 2. Driving strong financial performance, including revenue growth, margin expansion, and free cash flow generation, as evidenced by raising the full-year guidance for revenue and earnings for fiscal year 2027. 3. Strategic investments in scaling production capacity, such as opening new manufacturing centers of excellence, and deploying capital in a flexible and opportunistic manner to support future growth and create shareholder value, while also transitioning to a calendar fiscal year and planning an investor day. | Call Takeaway & ToneThe call conveyed a highly positive and confident tone. The key takeaway was CACI's strong start to fiscal year 2027, with robust financial results, including significant revenue growth and margin expansion, driven by the successful execution of its 'technology-first national security company' strategy. Management raised its FY27 guidance, highlighted a strong and growing backlog, and emphasized strategic investments in production capacity and flexible capital deployment, signaling continued confidence in future growth and shareholder value despite ongoing macro uncertainties like continuing resolutions. | Prior Quarter'S Y/Y Growth By SegmentFor the fourth quarter of fiscal year 2026, revenue growth by customer group was: Department of War +22.4%, Intelligence Community +6.7%, Federal Civilian Agencies +19.7%, and Commercial and other +15.3%. By contract type, fixed-price revenue increased 51.9%, cost-plus-fee revenue was nearly flat, and time-and-materials revenue rose 23.9%. | 3 Things Analysts Most Pressed On (And Mgmt Responses)1. **Organic growth visibility and confidence in second-half ramp:** Analysts questioned the acceleration of organic growth, particularly the implied low double-digit growth in the second half of fiscal year 2027 despite tough comparisons. Management responded by expressing confidence based on the growth of funded backlog, recent large non-protested awards, the urgent needs of their customer base, the stacking of long-duration awards, and the high percentage (94%) of current year revenue already in-house. They also noted their management of a large portfolio of smaller programs and margin variability across the portfolio. 2. **ARKA revenue timing and full-year expectations:** Analysts sought clarification on the timing of ARKA's revenue contribution and whether the full fiscal year expectation for ARKA remained unchanged. Management clarified that a $50 million shift in ARKA revenue was purely a timing issue, moving from inorganic to organic revenue recognition after the acquisition's anniversary date, and did not impact the full-year expectation for ARKA. They emphasized that the overall $50 million increase in the company's FY27 revenue guidance was independent of this ARKA timing adjustment. 3. **Margins and opportunities for improvement:** Analysts probed into CACI's margin performance, the trade-off between growth and margins, and whether new levers were being found to increase margins, especially with ARKA's integration. They also questioned if the outlook for a more gradual margin ramp in the second half was conservative. Management stated their primary focus is on managing for free cash flow and that they continue to see opportunities for modest margin improvement, even while pursuing growth, due to an 'opportunity rich environment.' They also highlighted the variability of margins across their numerous programs. | Revenue SegmentsTotal revenue grew 8.2% year-over-year, with organic growth of 2.1%. |
| 3 Things Management Is Most Focused On | Call Takeaway & Tone | Prior Quarter'S Y/Y Growth By Segment | 3 Things Analysts Most Pressed On (And Mgmt Responses) | Revenue Segments |
|---|---|---|---|---|
| 3 Things Management Is Most Focused On1. **Executing a technology-first national security strategy:** Management emphasized CACI's transformation into a 'technology-first national security company' by leveraging deep mission knowledge, focusing on enduring national security priorities, delivering software-defined technology, and investing ahead of customer needs. This strategy is credited for their strong financial results and growth drivers in fiscal '27. 2. **Scaling key growth areas and strengthening leadership:** Management is focused on scaling their business in Electronic Warfare (EW), Space, and Digital and Network Technology, supported by strategic hires like a new COO, an EW business lead, an EVP of Manufacturing, and a combined Space business leader. These additions are aimed at converting customer demand into stronger revenue, profitability, and free cash flow. 3. **Driving strong financial performance and free cash flow growth:** Management consistently highlighted record levels of revenue, EBITDA margin, and free cash flow in fiscal '26, and provided strong guidance for fiscal '27, including double-digit revenue growth, increased EBITDA margins, and significant free cash flow per share growth. They are also focused on rapidly reducing leverage post-ARKA acquisition and exceeding their 3-year financial targets. | Call Takeaway & ToneThe overall takeaway of the call was highly positive and confident. CACI delivered strong fiscal year 2026 results, exceeding expectations in revenue, EBITDA, and free cash flow, driven by its 'technology-first national security company' strategy. The company expressed strong confidence in its fiscal 2027 guidance, which positions it to outperform its 3-year targets, despite a dynamic government market. Key themes included the successful execution of their technology-focused strategy, the scaling of high-growth areas like Electronic Warfare and Space, strategic leadership enhancements, and the beneficial impact of nontraditional procurement methods and fixed-price contracts on future growth and margins. Management repeatedly highlighted 'exceptional performance,' 'record levels,' 'outstanding year,' and 'unwavering resolve.' | Prior Quarter'S Y/Y Growth By SegmentFor the third quarter of fiscal year 2026 (ended March 31, 2026), CACI reported total revenue growth of 8.5% year-over-year, with organic growth of 6.8% year-over-year. Analyst estimates for segment year-over-year growth in Q3 2026 were: Technology segment revenue growth of +15.6%, Expertise segment revenue growth of +2.9%, Department of Defense customer group revenue decline of -9.3%, and Federal Civilian Agencies customer group revenue growth of +2.3%. | 3 Things Analysts Most Pressed On (And Mgmt Responses)1. **Acceleration of organic growth and transformation to a defense tech hardware business:** Analysts questioned why CACI's organic growth has accelerated significantly and if the company is increasing its acceleration towards being a software-defined hardware company, potentially deemphasizing the 'expertise' side. Management responded that the acceleration is due to a clear strategic plan initiated in 2019, focusing on expertise in tech, a business development reset, deep customer mission understanding, investing ahead of need, and creating a differentiated software-based tech portfolio. They clarified that the 'expertise' or 'operational support' side will always be present as it provides critical mission knowledge that informs technology investments. 2. **Contract awards, funded bookings, and impact of nontraditional acquisition methods:** Analysts inquired about expectations for funded bookings, the influence of nontraditional acquisition methods (OTAs, CSOs) on award values and guidance, and the impact of a potential extended Continuing Resolution (CR). Management indicated that consistent double-digit increases in funded backlog and significant growth in bids under evaluation signal strong customer priority. They noted that strong OTA content will influence reported award values in the near term but leads to larger production programs faster, which is positive for company value. They also stated that the FY27 guidance already factors in the current awards environment and potential CRs. 3. **Fixed price revenue growth and future portfolio gaps/M&A strategy:** Analysts asked if the surge in fixed price revenue (to almost 35% of the mix) is expected to continue and about remaining gaps in CACI's portfolio and their M&A strategy. Management confirmed comfort with fixed price work, advocating for it as it aligns with their 'invest ahead of customer need' and agile software development model, expecting it to drive greater margins and revenue growth. Regarding portfolio gaps, they stated they have a 'live M&A pipeline' but the focus is increasingly on 'enhancing everything that we have' and building production centers of excellence, emphasizing an 'investing and partnering first' approach before acquisitions. | Revenue SegmentsFor the fourth quarter of fiscal year 2026, total revenue grew 17.6% year-over-year, with organic growth at 11.6%. For the full fiscal year 2026, total revenue growth was 11%. The transcript does not provide year-over-year growth rates for specific revenue segments. |
| About Expanding Eligible Market | About Competition | About The Broader Industry | Where Things Are Headed | Updates On Theme | Broader Themes Emerging | Bullish-Leaning Quotes (Short) | Bearish-Leaning Quotes (Short) | Hiring |
|---|---|---|---|---|---|---|---|---|
| About Expanding Eligible MarketCACI's prospective counter-UAS customer base is expanding across the US government and internationally, with a $500 million Domestic Shield award from JIATF-401 and increased demand for BEAM manpackable counter-UAS systems from US customers and allies across Europe and the Pacific theater. The company is also applying ARKA's exquisite sensor capabilities, originally developed for national security missions, to a more proliferated commercial market, as exemplified by the selection by Vantor, a commercial satellite intelligence provider, to supply advanced optical imaging payloads for their pulse satellite fleet. CACI was also selected as one of three companies to advance to phase 3 of the Space Force's enterprise space terminal program, developing next-generation optical communication terminals to support critical multi-orbit initiatives like the space data network, with multiple primes selecting CACI's EST technology for their solutions. The total addressable market for CACI exceeds $300 billion, offering significant growth potential without relying on top-line budget expansion. [cite: 2026Q4 Earnings Call, Expanding Eligible Market] Customers are increasingly utilizing nontraditional procurement methods such as CSOs, OTAs, and FAR Part 12 commercial acquisitions, with OTA award value in fiscal '26 more than double that of fiscal '24 and '25 combined. [cite: 2026Q4 Earnings Call, Expanding Eligible Market] | About CompetitionCACI's success in winning new work, such as the Apollo Award for CENTCOM, stems from its deep mission knowledge, exceptional business development, and superior ability to utilize and combat AI in the information domain. The BEAM manpackable counter-UAS system is highlighted as the most technically capable system of its kind on the market, with over a decade of proven performance serving as an important discriminator for prospective customers. CACI was one of three companies selected to advance to phase 3 of the Space Force's enterprise space terminal program, and its EST technology has been selected by multiple primes bidding on the Space Data Network. The company has won significant classified counter-space programs against 'traditional large defense primes'. [cite: 2026Q4 Earnings Call, Competition] CACI emphasizes its differentiated software-based technology portfolio, asserting there is a 'long number of years and a large moat' for others to build similar capabilities. [cite: 2026Q4 Earnings Call, Competition] Management believes CACI performs work 'very differently than others in the space', being 'faster, more efficient, software-defined', and leveraging AI, which leads to customer preference and recommendations. [cite: 2026Q4 Earnings Call, Competition] The company also states, 'there is nobody better in this nation than CACI when it comes to protecting the nation against drone threats'. [cite: 2026Q4 Earnings Call, Competition] | About The Broader IndustryBudgets and funding remain healthy, with 90% of CACI's revenue coming from national security customers whose priorities are well-funded and exhibit strong demand signals. A continuing resolution (CR) is currently in place until December 11th, but CACI has successfully navigated such environments for many years without material impact due to its large backlog, longer duration awards, and critical capabilities. Award activity shows some improvement, but the pace of decision-making is still sluggish in some areas. Customers are evolving their relationships with industry through nontraditional procurement methods, where CACI's differentiators like investing ahead of need, software-defined capabilities, and outcome-based pricing are resonating well. The company acknowledges seeing inflation in memory, semiconductors, and rare earths, along with elongated lead times, and is managing these constraints, noting that the administration is aware and making investments to address them. The broader industry has experienced 'significant change and uncertainty across the government market' following the November 2024 presidential election, including 'multiple lengthy government shutdowns, a multitude of executive orders and changes to the government acquisition process and extended slower award environment'. [cite: 2026Q4 Earnings Call, Broader Industry] There is a trend of U.S. government customers directly procuring licenses and other pass-throughs from enterprise software platform providers (OEMs), which CACI views as margin-accretive as it reduces low-margin revenue, with customers often reinvesting those savings into additional CACI capabilities. [cite: 2026Q4 Earnings Call, Broader Industry] | Where Things Are HeadedCACI is raising its revenue and earnings guidance for fiscal year 2027, with revenue guidance increased by $50 million to between $10.7 billion and $10.9 billion, and adjusted diluted EPS guidance between $33.18 and $34.08. The company plans to open additional manufacturing centers of excellence for space and integrated systems to scale production capacity, supporting continued revenue growth and margin expansion. CACI will transition to a calendar fiscal year starting January 1, 2027, to enhance investor comparability and better align with the government's fiscal year. An investor day is planned for early 2027 in Melbourne, Florida, to provide updates on the new fiscal year, strategy, capabilities, and new 3-year financial targets. Pro-forma leverage is expected to return to the low threes in the March quarter of 2027, two quarters earlier than initially anticipated, providing increased optionality for capital deployment. CACI now expects 94% of its fiscal 2027 revenue to come from existing programs, with 3% from recompetes and 3% from new business, representing the highest level of existing business at this point in the year in the last seven years. The company anticipates continued modest margin improvement, even while maintaining growth, due to an 'extremely opportunity rich environment'. The counter-UAS business is expected to be the 'very tip of a multiyear, decade-long franchise build-out of software-based mission tech', with growth anticipated through 2027 and beyond. [cite: 2026Q4 Earnings Call, Where Things Are Headed] | Updates On ThemeIntegrators: | Broader Themes EmergingThe acceleration of AI adoption across defense applications and the shift towards nontraditional and commercial procurement methods in government contracting continue to be broader themes. The re-industrialization of the defense base with a focus on manufacturing centers of excellence is also an emerging theme. Homeland defense and border security are highlighted as areas of increasing focus and funding. [cite: 2026Q4 Earnings Call, Broader Themes Emerging] | Bullish-Leaning Quotes (Short)We had an excellent start to fiscal year 27. Our margin performance stands out. It reflects superior execution, and a higher mix of differentiated technology we delivered this quarter. Our results, awards, backlog and pipeline give us a strong foundation for the fiscal year and support our increased guidance. Our electronic warfare portfolio continues to see strong demand. Our technology first approach is directly contributing to our financial performance, by driving on contract growth, and new business wins from customers who are committed to transforming at the speed of mission. Budgets, and funding remain healthy and are key areas of focus. Our strong book-to-bill, show some improvement in award activity. We are pleased with our first quarter performance in which we delivered revenue growth in line with our expectations. Our moderating leverage is quickly putting us back in a posture of having increased optionality for additional flexible and opportunistic capital deployment. Our consistent performance, substantial backlog and strong market position give us confidence in our increased guidance and our ability to drive growth in free cash flow per share and additional shareholder value. CACI has a clear, consistent strategy and our financial results once again demonstrate that our strategy is working. We truly did recreate this company 10, 12 years back to be a to be a FAR Part 15 and a FAR Part 12 truly commercial company. We do continue to see opportunities for continued modest margin improvement. We also have a business model, where we have more pricing opportunity frequency. | Bearish-Leaning Quotes (Short)There will be statements in this call that do not address historical fact and as such constitute forward looking statements under current law. A continuing resolution, or CR,, is currently in place until December 11th. The pace of decision making is not fully normalized and is still sluggish in some areas. We are seeing some of that [inflation and elongated lead times] as well, and we are managing it accordingly. Personally, I do not think it [price valuation correction or adjustment] is done. | HiringCACI is actively investing to scale its production capacity, which includes opening new manufacturing centers of excellence. The company recently announced additional executive leadership, including David as COO, Chris Monoski as EVP of Manufacturing, and Tom, a prior CACI alumni, running the electronic warfare business. These hires are focused on cross-company initiatives, driving predictable produceability between engineering design and production, and building out the centers of excellence. The company notes that its growing and respected position in the market makes it easier to find world-class talent. |
| About Expanding Eligible Market | About Competition | About The Broader Industry | Where Things Are Headed | Updates On Theme | Broader Themes Emerging | Bullish-Leaning Quotes (Short) | Bearish-Leaning Quotes (Short) | Hiring |
|---|---|---|---|---|---|---|---|---|
| About Expanding Eligible MarketCACI's total addressable market exceeds $300 billion, offering significant growth potential without relying on top-line budget expansion. Customers are increasingly using nontraditional procurement methods like CSOs, OTAs, and FAR Part 12 commercial acquisitions, with OTA award value in fiscal '26 more than double that of fiscal '24 and '25 combined. The Spectral program's Milestone-C positions CACI for additional opportunities across the Department of War and internationally. CACI has export approval for the majority of its counter-UAS systems, having delivered variations to 17 different countries, and is expanding sales team reach into areas like Kuwait and Qatar. A recent $500 million Domestic Shield win also provides an opportunity for expedited global export of their counter-UAS systems. | About CompetitionCACI won a significant classified counter-space program against 'traditional large defense primes'. The company emphasizes its differentiated software-based technology portfolio, stating there's a 'long number of years and a large moat' for others to build similar capabilities. CACI believes it performs work 'very differently than others in the space', being 'faster, more efficient, software-defined', and leveraging AI, which leads to customer preference and recommendations. The company asserts 'there is nobody better in this nation than CACI when it comes to protecting the nation against drone threats'. | About The Broader IndustryThe company notes strong customer budgets and demand signals across its markets, with award activity beginning to improve, evidenced by pipeline metrics and consistent growth in funded backlog. The acquisition process is returning to a more normalized cadence, indicated by a significant increase in bids under evaluation. However, the period following the November 2024 presidential election saw 'significant change and uncertainty across the government market', including 'multiple lengthy government shutdowns, a multitude of executive orders and changes to the government acquisition process and extended slower award environment'. There's a trend of U.S. government customers procuring licenses and other pass-throughs directly from enterprise software platform providers (OEMs), which CACI views as margin-accretive as it reduces revenue with little to no margin, and customers often repurpose those savings back to CACI for additional capabilities. The defense sector faces ongoing legislative conflicts and potential delays in the finalization of the FY27 US Defense Budget and NDAA, with a continuing resolution likely. | Where Things Are HeadedCACI is positioned for another outstanding year in fiscal '27, expecting revenue growth of 12.4% at the midpoint, EBITDA margin in the high 12% range, and free cash flow per share growth of approximately 22%. This outlook puts the company on track to meet or exceed its 3-year targets established in November 2024. CACI anticipates returning to leverage in the low 3s by June 2027, a quarter sooner than initially communicated. The company believes fixed-price work, driven by OTAs, will continue to increase, leading to 'even greater margins, better revenue growth, which to me is all about free cash flow growth' in the '27, '28, '29 window. The counter-UAS business is expected to be the 'very tip of a multiyear, decade-long franchise build-out of software-based mission tech', with growth anticipated through 2027 and beyond. | Updates On ThemeIntegrators: | Broader Themes EmergingThe acceleration of AI adoption across defense applications, the shift towards nontraditional and commercial procurement methods in government contracting, and the re-industrialization of the defense base with a focus on manufacturing centers of excellence are emerging themes. Homeland defense and border security are also highlighted as areas of increasing focus and funding. | Bullish-Leaning Quotes (Short)Our financial results in fiscal '26 are the latest evidence that our strategy is working. Our strong fourth quarter performance capped another exceptional year in which we exceeded all of our expectations. These results demonstrate the earnings power, cash generation potential and durability of the company we have built. These results prove that AI is a multiplier aligned with our strategy and is actively scaling our technology portfolio and growing our business. We continue to see strong customer budgets and demand signals across our markets. Our fiscal '27 outlook, substantial backlog and strong market position give us confidence in continued growth, increasing free cash flow per share and delivering additional shareholder value. I honestly believe that firm fixed price works fantastically for our customer, and it works just as equally fantastic for us. There is nobody better in this nation than CACI when it comes to protecting the nation against drone threats. | Bearish-Leaning Quotes (Short)What followed was a period of significant change and uncertainty across the government market. Since then, we've seen multiple lengthy government shutdowns, a multitude of executive orders and changes to the government acquisition process and extended slower award environment and numerous other dynamics. We're in a small period of time where things are taking a little bit longer to award. If we need to bend the laws of physics, that probably isn't good work for the customer or us to want to do fixed price. | HiringCACI has added significant executive leadership in key areas, including Dr. Dave Young as Chief Operating Officer, Tom Kirkland to lead the Electronic Warfare business, Chris Monoski as EVP of Manufacturing, and Andreas Nonnenmacher to lead the combined space capabilities of CACI and ARKA. Chris Monoski is expected to move the company from 'good to awesome' in manufacturing. The company is deeply studying how to build production centers of excellence, considering where the best workforce lives for defense electronics, space-based solutions, and integrated solutions. |
| About Expanding Eligible Market | About Competition | About The Broader Industry | Where Things Are Headed | Updates On Theme | Broader Themes Emerging | Bullish-Leaning Quotes (Short) | Bearish-Leaning Quotes (Short) | Hiring |
|---|---|---|---|---|---|---|---|---|
| About Expanding Eligible MarketCACI's total addressable market exceeds $300 billion, with significant room to grow without relying on top-line budget expansion. The company is seeing customers acquire technology faster through nontraditional procurement methods like CSOs, OTAs, and FAR Part 12 commercial acquisitions, with OTA award value in fiscal '26 more than double that of fiscal '24 and '25 combined. The Spectral program's Milestone-C achievement positions CACI for additional opportunities across the Department of War and internationally. CACI has also secured export approval for the majority of its counter-UAS systems, having delivered variations to 17 different countries, and is expanding sales team reach into areas like Kuwait and Qatar. A recent $500 million Domestic Shield win also provides an opportunity for expedited global export of their counter-UAS systems. | About CompetitionCACI won a significant classified counter-space program against 'traditional large defense primes'. The company emphasizes its differentiated software-based technology portfolio, stating that there's a 'long number of years and a large moat' for others to build similar capabilities. CACI believes it performs work 'very differently than others in the space', being 'faster, more efficient, software-defined', and leveraging AI, which leads to customer preference and recommendations. The company asserts 'there is nobody better in this nation than CACI when it comes to protecting the nation against drone threats'. | About The Broader IndustryThe company notes strong customer budgets and demand signals across its markets, with award activity beginning to improve, evidenced by pipeline metrics and consistent growth in funded backlog. The acquisition process is returning to a more normalized cadence, indicated by a significant increase in bids under evaluation. However, the period following the November 2024 presidential election saw 'significant change and uncertainty across the government market', including 'multiple lengthy government shutdowns, a multitude of executive orders and changes to the government acquisition process and extended slower award environment'. There's a trend of U.S. government customers procuring licenses and other pass-throughs directly from enterprise software platform providers (OEMs), which CACI views as margin-accretive as it reduces revenue with little to no margin, and customers often repurpose those savings back to CACI for additional capabilities. | Where Things Are HeadedCACI is positioned for another outstanding year in fiscal '27, expecting revenue growth of 12.4% at the midpoint, EBITDA margin in the high 12% range, and free cash flow per share growth of approximately 22%. This outlook puts the company on track to meet or exceed its 3-year targets established in November 2024. CACI anticipates returning to leverage in the low 3s by June 2027, a quarter sooner than initially communicated. The company believes fixed-price work, driven by OTAs, will continue to increase, leading to 'even greater margins, better revenue growth, which to me is all about free cash flow growth' in the '27, '28, '29 window. The counter-UAS business is expected to be the 'very tip of a multiyear, decade-long franchise build-out of software-based mission tech', with growth anticipated through 2027 and beyond. | Updates On ThemeCACI's | Broader Themes EmergingThe acceleration of AI adoption across defense applications, the shift towards nontraditional and commercial procurement methods in government contracting, and the re-industrialization of the defense base with a focus on manufacturing centers of excellence are emerging themes. Homeland defense and border security are also highlighted as areas of increasing focus and funding. | Bullish-Leaning Quotes (Short)Our financial results in fiscal '26 are the latest evidence that our strategy is working. Our strong fourth quarter performance capped another exceptional year in which we exceeded all of our expectations. These results demonstrate the earnings power, cash generation potential and durability of the company we have built. These results prove that AI is a multiplier aligned with our strategy and is actively scaling our technology portfolio and growing our business. We continue to see strong customer budgets and demand signals across our markets. Our fiscal '27 outlook, substantial backlog and strong market position give us confidence in continued growth, increasing free cash flow per share and delivering additional shareholder value. I honestly believe that firm fixed price works fantastically for our customer, and it works just as equally fantastic for us. There is nobody better in this nation than CACI when it comes to protecting the nation against drone threats. | Bearish-Leaning Quotes (Short)What followed was a period of significant change and uncertainty across the government market. Since then, we've seen multiple lengthy government shutdowns, a multitude of executive orders and changes to the government acquisition process and extended slower award environment and numerous other dynamics. We're in a small period of time where things are taking a little bit longer to award. If we need to bend the laws of physics, that probably isn't good work for the customer or us to want to do fixed price. | HiringCACI is strengthening its leadership team to support its next phase of growth, having added significant executive leadership. Dr. Dave Young joined as Chief Operating Officer, Tom Kirkland rejoined to lead the Electronic Warfare business, and Chris Monoski joined as EVP of Manufacturing. Andreas Nonnenmacher now leads the combined space capabilities of CACI and ARKA. These executives are expected to enhance operational experience, driving revenue growth, profitability, and free cash flow. The company has also 'reshaped our workforce' and 'obtained a lot of talent'. CACI is studying how to build production centers of excellence for defense electronics, space-based solutions, and integrated solutions, considering where the best workforce lives for such work. The company currently has 27,000 employees. |
| Date | Comment | Comment Type | Comment Sentiment | Link | Price Reaction |
|---|---|---|---|---|---|
| 2026-08-05 | CACI's Q4 FY26 earnings exceeded expectations, driven by its technology-first strategy in EW, Space, and AI, and increasing fixed-price contracts. Strong FY27 guidance projects double-digit revenue and free cash flow growth, positioning CACI to beat 3-year targets. The market reacted very positively, with the stock surging 24.40% (outperforming SPY), reflecting strong confidence in the company's durable growth and margin expansion. | Earnings Transcript | Positive | +24.40% (vs SPY: +23.98%) | |
| 2026-10-21 | CACI's Q1 FY27 earnings exceeded EPS estimates, driven by record 13.3% EBITDA margins and strong execution, despite a slight revenue miss. Management raised FY27 guidance, citing robust backlog and a 2.0x book-to-bill. The market reacted positively, with the stock outperforming SPY by 1.70% (vs 0.19%) post-earnings, reflecting confidence in its technology-first strategy and profitability. | Earnings Transcript | Neutral | +1.70% (vs SPY: +1.51%) |
| Catalyst ID | Estimated Timing | Estimated Date Start | Estimated Date End | Catalyst | Why It Matters | Ticker Or Theme Specific | Transcript Date | Source Type |
|---|---|---|---|---|---|---|---|---|
| CACI_0dd0b266 | in early 27 | 2027-01-01 | 2027-03-31 | CACI International Investor Day event at Melbourne, Florida facilities. | This event will provide additional information on the new fiscal year, contemplated reporting changes, strategy, capabilities, and new 3-year financial targets, which could significantly impact investor sentiment and future outlook. | Ticker | 2026-10-21 | earnings_transcript |
| CACI_b0ec537f | when we report December quarter results in February | 2027-02-01 | 2027-02-28 | Release of guidance for the new calendar fiscal year (FY2027). | This will provide investors with clarity on CACI's financial expectations for the upcoming fiscal year under the new reporting cycle, influencing analyst models and market valuation. | Ticker | 2026-10-21 | earnings_transcript |
| CACI_c82657d5 | until December 11th | 2026-10-22 | 2026-12-11 | Expiration of the current Continuing Resolution (CR) for government funding. | The resolution of the CR could lead to full appropriations for the government's fiscal year, potentially normalizing award activity and program funding across the defense sector. | Theme | 2026-10-21 | earnings_transcript |
| CACI_3672f7bc | in the March quarter of 27 | 2027-01-01 | 2027-03-31 | Achievement of low 3x pro-forma leverage target. | Reaching this financial milestone two quarters earlier than anticipated demonstrates strong cash flow generation and debt reduction, providing increased optionality for capital deployment and potentially improving investor confidence. | Ticker | 2026-10-21 | earnings_transcript |
| CACI_9599684e | by June of 2027 | 2027-04-01 | 2027-06-30 | CACI expects to achieve its target of returning to leverage in the low 3s. | Achieving this leverage target sooner than expected demonstrates strong cash generation and effective debt management, which can improve financial flexibility and investor confidence. | Ticker | 2026-08-06 | earnings_transcript |
| CACI_131a9f33 | by June of 2027 | 2027-04-01 | 2027-06-30 | CACI expects to return to a leverage ratio in the low 3s. | Achieving this financial target a quarter sooner than anticipated demonstrates successful deleveraging post-ARKA acquisition, improving financial flexibility. | Ticker | 2026-08-05 | earnings_transcript |
| CACI_15fbb6f8 | later this calendar year | 2026-10-01 | 2026-12-31 | Completion of Space Development Agency (SDA) Tranche 1 optical communications payload deliveries and commencement of Tranche 2 work. | This milestone demonstrates CACI's execution in the critical space domain, validates its optical communications technology, and positions the company for future SDA contracts and revenue growth. | Ticker | 2026-10-21 | earnings_transcript |
Prior earnings scorecards
