0001193125-26-322066
SEC filingQ2 营收微降但净利转亏，主因 Federal Solutions 项目减记及未合并合资企业亏损，盈利质量承压。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $1,575.9M | $1,584.3M | -0.5% |
| Gross Profit | $295.2M | $348.4M | -15.3% |
| Gross Margin | 18.7% | 22.0% | -330 bps |
| Operating Income | $1.3M | $95.7M | -98.6% |
| Operating Margin | 0.1% | 6.0% | -590 bps |
| Net Income (attributable to Parsons) | -$15.2M | $55.2M | -127.6% |
| Diluted EPS | -$0.14 | $0.50 | -128.0% |
| Adjusted EBITDA | $42.2M | $149.1M | -71.7% |
| Operating Cash Flow (H1) | $53.9M | $148.0M | -63.6% |
| Free Cash Flow (H1) | $22.8M | $125.1M | -81.8% |
Q2 营收基本持平（-0.5%），但盈利大幅恶化。核心拖累来自 Federal Solutions 的项目减记（Operating Income 影响 -$77.5M）以及未合并合资企业的亏损（-$33.7M，去年同期仅 -$0.6M）。毛利率下滑 330 bps 至 18.7%，主要因减记及合同组合变化（Fixed-Price 占比下降）。SG&A 占营收比例上升 0.6 pct 至 16.5%，受收购相关摊销及交易成本影响。
盈利质量方面，经营现金流半年同比大幅下降 63.6%，主要因合同资产增加（+$158.0M）及利润下滑。剔除一次性项目（减记、收购费用、出售收益）后，run-rate 盈利能力仍显著低于去年同期，Adjusted EBITDA 利润率从 9.4% 降至 2.7%。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Federal Solutions | $760.9M | -5.5% | -$13.8M | -1.8% | 机密合同减量、项目减记 |
| Critical Infrastructure | $815.0M | +4.6% | $41.0M | 5.0% | 有机增长、收购，但合资企业亏损 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $266.0M | -$200.3M |
| Total Debt | $1,474.0M | +$236.2M |
| Contract Assets | $1,062.3M | +$146.5M |
| Contract Liabilities | $346.6M | +$6.5M |
| Operating Cash Flow (H1) | $53.9M | -$94.1M |
| Capex (H1) | $31.1M | +$8.1M |
| Free Cash Flow (H1) | $22.8M | -$102.3M |
Net Debt 估算：$1,208.0M（Total Debt - Cash），Net Debt/EBITDA（TTM）约 2.5x（基于 H1 Adjusted EBITDA 年化）。