Mercury Systems (MRCY) Q4 FY26 earnings call

Mercury Systems concluded FY26 with record bookings and backlog, providing enhanced visibility and an increased outlook for organic growth in FY27 and FY28. The company is focused on converting lower-margin backlog, optimizing operations, and making targeted investments to scale efficiently, despite near-term free cash flow impacts from inventory build-up. The Palantir partnership is expected to improve backlog conversion and operational efficiency, potentially offering upside to the current outlook.