# CACI INTERNATIONAL INC /DE/ (CACI)

Informational only - not investment advice.

CIK: 0000016058
SIC: 7373 Services-Computer Integrated Systems Design
SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7373 Services-Computer Integrated Systems Design](/industry/7373/)
Latest 10-K filed: 2026-08-06
SEC page: https://www.sec.gov/edgar/browse/?CIK=16058
Filing source: https://www.sec.gov/Archives/edgar/data/16058/000162828026054195/caci-20260630.htm

## At a glance

FY2026 · period end 2026-06-30 · filed 2026-08-06 · accession 0001628280-26-054195 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000016058.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 9,567,779,000 USD | 2026 | verified |
| Net income | 535,808,000 USD | 2026 | verified |
| Assets | 11,819,644,000 USD | 2026 | verified |
| Free cash flow | 780,057,000 USD | 2026 | computed |
| Net margin | 5.60% | 2026 | computed |
| Operating margin | 9.61% | 2026 | computed |
| Revenue YoY | +10.89% | 2026 | computed |
| ROE | 12.01% | 2026 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2026 revenue ÷ FY2025 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | CACI | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 5.6% | 4.9% | 56 | 17 |
| Operating margin | 9.6% | 8.4% | 53 | 16 |
| Revenue growth | 10.9% | 6.8% | 65 | 18 |
| FCF margin | 8.2% | 9.5% | 44 | 19 |
| ROE | 12.0% | 8.8% | 67 | 19 |
| ROA | 4.5% | 2.6% | 68 | 20 |
| Liabilities / equity | 1.65 | 0.73 | 67 | 19 |
| Current ratio | 1.48 | 1.52 | 42 | 20 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7373 Services-Computer Integrated Systems Design, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 9567779000 | USD | 2026 | 2026-08-06 |
| Net income | 535808000 | USD | 2026 | 2026-08-06 |
| Assets | 11819644000 | USD | 2026 | 2026-08-06 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000016058.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 4,354,617,000 | 4,467,860,000 | 4,986,341,000 | 5,720,042,000 | 6,044,135,000 | 6,202,917,000 | 6,702,546,000 | 7,659,832,000 | 8,627,824,000 | 9,567,779,000 |
| Net income | 163,671,000 | 301,171,000 | 265,604,000 | 321,480,000 | 457,443,000 | 366,794,000 | 384,735,000 | 419,924,000 | 499,830,000 | 535,808,000 |
| Operating income | 297,261,000 | 340,700,000 | 377,867,000 | 457,696,000 | 539,451,000 | 496,329,000 | 567,500,000 | 649,708,000 | 764,185,000 | 919,815,000 |
| Diluted EPS | 6.53 | 11.93 | 10.46 | 12.61 | 18.30 | 15.49 | 16.43 | 18.60 | 22.32 | 24.16 |
| Operating cash flow | 281,250,000 | 321,460,000 | 555,297,000 | 518,705,000 | 592,215,000 | 745,554,000 | 388,056,000 | 497,331,000 | 547,009,000 | 886,710,000 |
| Capital expenditures | 43,268,000 | 41,594,000 | 47,902,000 | 72,303,000 | 73,129,000 | 74,564,000 | 63,717,000 | 63,686,000 | 65,603,000 | 106,653,000 |
| Share buybacks | 4,386,000 | 5,138,000 | 5,838,000 | 7,806,000 | 509,137,000 | 9,785,000 | 273,235,000 | 161,487,000 | 168,563,000 | 17,082,000 |
| Assets | 3,911,082,000 | 4,034,206,000 | 5,086,843,000 | 5,542,472,000 | 6,172,372,000 | 6,629,431,000 | 6,600,808,000 | 6,796,101,000 | 8,647,598,000 | 11,819,644,000 |
| Liabilities | 2,117,361,000 | 1,927,319,000 | 2,715,377,000 | 2,881,162,000 | 3,507,094,000 | 3,575,888,000 | 3,376,474,000 | 3,277,894,000 | 4,753,653,000 | 7,356,947,000 |
| Stockholders' equity | 1,793,721,000 | 2,106,887,000 | 2,371,466,000 | 2,661,310,000 | 2,665,278,000 | 3,053,543,000 | 3,224,334,000 | 3,518,207,000 | 3,893,945,000 | 4,462,697,000 |
| Cash and cash equivalents | 65,539,000 | 66,194,000 | 72,028,000 | 107,236,000 | 88,031,000 | 114,804,000 | 115,776,000 | 133,961,000 | 106,181,000 | 191,756,000 |
| Free cash flow | 237,982,000 | 279,866,000 | 507,395,000 | 446,402,000 | 519,086,000 | 670,990,000 | 324,339,000 | 433,645,000 | 481,406,000 | 780,057,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 3.76% | 6.74% | 5.33% | 5.62% | 7.57% | 5.91% | 5.74% | 5.48% | 5.79% | 5.60% |
| Operating margin | 6.83% | 7.63% | 7.58% | 8.00% | 8.93% | 8.00% | 8.47% | 8.48% | 8.86% | 9.61% |
| Return on equity | 9.12% | 14.29% | 11.20% | 12.08% | 17.16% | 12.01% | 11.93% | 11.94% | 12.84% | 12.01% |
| Return on assets | 4.18% | 7.47% | 5.22% | 5.80% | 7.41% | 5.53% | 5.83% | 6.18% | 5.78% | 4.53% |
| Liabilities / equity | 1.18 | 0.91 | 1.15 | 1.08 | 1.32 | 1.17 | 1.05 | 0.93 | 1.22 | 1.65 |
| Current ratio | 1.67 | 1.73 | 1.49 | 1.41 | 1.50 | 1.18 | 1.22 | 1.27 | 1.47 | 1.48 |

## As-reported value updates

1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/CACI/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000016058.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-03-31 |  |  | 4.04 | reported discrete quarter |
| 2022-Q2 | 2022-12-31 |  |  | 3.68 | reported discrete quarter |
| 2023-Q3 | 2023-03-31 |  |  | 4.33 | reported discrete quarter |
| 2024-Q1 | 2023-09-30 | 1,850,147,000 | 86,047,000 | 3.76 | reported discrete quarter |
| 2024-Q2 | 2023-12-31 | 1,833,934,000 | 83,870,000 | 3.74 | reported discrete quarter |
| 2024-Q3 | 2024-03-31 | 1,937,456,000 | 115,350,000 | 5.13 | reported discrete quarter |
| 2024-Q4 | 2024-06-30 | 2,038,295,000 | 134,657,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-09-30 | 2,056,889,000 | 120,177,000 | 5.33 | reported discrete quarter |
| 2025-Q2 | 2024-12-31 | 2,099,809,000 | 109,938,000 | 4.88 | reported discrete quarter |
| 2025-Q3 | 2025-03-31 | 2,166,982,000 | 111,860,000 | 5.00 | reported discrete quarter |
| 2025-Q4 | 2025-06-30 | 2,304,144,000 | 157,855,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-09-30 | 2,287,623,000 | 124,810,000 | 5.63 | reported discrete quarter |
| 2026-Q2 | 2025-12-31 | 2,220,097,000 | 123,855,000 | 5.59 | reported discrete quarter |
| 2026-Q3 | 2026-03-31 | 2,351,002,000 | 130,393,000 | 5.88 | reported discrete quarter |
| 2026-Q4 | 2026-06-30 | 2,709,057,000 | 156,750,000 |  | derived Q4 = FY annual - nine-month YTD |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from CACI's latest 10-K: [/company/CACI/business/](/company/CACI/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from CACI's latest 10-K: [/company/CACI/risk-factors/](/company/CACI/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/16058/000162828026026802/caci-20260331.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-04-23
Report date: 2026-03-31

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations is provided to enhance the understanding of, and should be read together with, our unaudited condensed consolidated financial statements and the notes to those statements that appear elsewhere in this Quarterly Report on Form 10-Q.

Information Relating to Forward-Looking Statements

There are statements made herein that do not address historical facts and, therefore, could be interpreted to be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are subject to risk factors that could cause actual results to be materially different from anticipated results. These risk factors include, but are not limited to, the following:

•our reliance on United States (U.S.) government contracts, which includes general risk around the government contract procurement process (such as bid protest, small business set asides, loss of work due to organizational conflicts of interest, etc.) and termination risks;

•significant delays or reductions in appropriations for our programs and broader changes in U.S. government funding and spending patterns;

•legislation that amends or changes discretionary spending levels or budget priorities, such as for homeland security;

•legal, regulatory, and political change from successive presidential administrations that could result in economic uncertainty;

•changes in U.S. federal agencies, current agreements with other nations, foreign events, or any other events which may affect the global economy;

•the results of government audits and reviews conducted by the Defense Contract Audit Agency, the Defense Contract Management Agency, or other governmental entities with cognizant oversight;

•competitive factors such as pricing pressures and/or competition to hire and retain employees (particularly those with security clearances);

•failure to achieve contract awards in connection with re-competes for present business and/or competition for new business;

•regional and national economic conditions in the U.S. and globally, including but not limited to: terrorist activities or war, changes in interest rates, currency fluctuations, significant fluctuations in the equity markets, and market speculation regarding our continued independence;

•our ability to meet contractual performance obligations, including technologically complex obligations dependent on factors not wholly within our control;

•limited access to certain facilities required for us to perform our work;

•changes in tax law, the interpretation of associated rules and regulations, or any other events impacting our effective tax rate;

•changes in technology;

•the potential impact of the announcement or consummation of a proposed transaction and our ability to successfully integrate the operations of our recent and any future acquisitions;

•our ability to achieve the objectives of near term or long-term business plans; and

•the effects of health epidemics, pandemics and similar outbreaks may have material adverse effects on our business, financial position, results of operations and/or cash flows.

The above non-inclusive list of risk factors may impact the forward-looking statements contained in this Quarterly Report on Form 10-Q. In addition, other risk factors include, but are not limited to, those described in “Item 1A. Risk Factors” within our Annual Report on Form 10-K. The forward-looking statements contained in this Quarterly Report on Form 10-Q are as of the date of its filing.

Overview

The Company provides distinctive Expertise and differentiated Technology to customers in support of national security.

•Expertise – CACI delivers talent with the specific technical and functional knowledge to support agency operations. Examples include individuals with talents such as software development, data and business analysis, operations support, naval architecture, engineering, life cycle support, intelligence and special operations support, and network exploitation analysis.

•Technology – CACI provides technology that addresses our customers’ most challenging needs. This includes agile software development using open modern architectures and DevSecOps; advanced data platforms, applications, and analytics augmented by Artificial Intelligence (AI), Enterprise Resource Planning systems, electromagnetic spectrum capabilities, space-based sensors and ground site processors, photonics, and network modernization. CACI invests ahead of customer need with research and development to create unique and differentiated technology addressing critical national security needs.

19

Budgetary Environment

We carefully follow federal budget, legislative and contracting trends and activities and evolve our strategies to take these into consideration. While future levels of defense and non-defense spending may vary and are difficult to project, we believe that there continues to be bipartisan support for defense and national security-related spending, particularly given the heightened current global threat environment.

While we view the budget environment as constructive and believe there is bipartisan support for continued investment in the areas of defense and national security, it is uncertain when (and if) in any particular government fiscal year (GFY) that appropriations bills will be passed. During those periods of time when appropriations bills have not been passed and signed into law, government agencies operate under a continuing resolution (CR), a temporary measure that typically allows the government to continue operations at prior year funding levels.

Depending on their scope, duration, and other factors, CRs can negatively impact our business due to delays in new program starts, delays in contract award decisions, and other factors. When a CR expires, unless appropriations bills have been passed by Congress and signed by the President, or a new CR is passed and signed into law, the government must cease operations, or shutdown, except in certain emergency situations or when the law authorizes continued activity. We continuously review our operations in an attempt to identify programs potentially at risk from CRs or shutdowns so that we can consider appropriate contingency plans.

On May 2, 2025, President Trump submitted the GFY26 Presidential Budget Request (PBR) to Congress, which held defense spending at the GFY25 enacted level (a full-year CR) of $893 billion. On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (OBBBA), which provides additional funding above and beyond the PBR. The OBBBA is a reconciliation bill, which is separate from the usual government funding legislation passed by Congress. The OBBBA provides immediate funding for specified parts of the government, including approximately $156 billion in defense funding (including $25 billion for the Golden Dome initiative). In addition, the OBBBA provides approximately $170 billion for border security and immigration. Since this is direct funding authorized by reconciliation outside the normal budget process, these funds will be available in GFY26 and beyond whether normal appropriations or a CR is passed, or even in the event of a shutdown.

On October 1, 2025, the U.S. government entered a shutdown. On November 12, 2025, President Trump signed a CR ending the government shutdown and restoring operations across all federal agencies. The CR extended funding for most of the federal government at GFY25 levels until midnight on January 30, 2026. A partial shutdown occurred following January 30, 2026, and on February 3, 2026, President Trump signed five of the six remaining GFY26 full year appropriations bills, as well as a two-week CR for the Department of Homeland Security. The defense appropriations bill was passed, providing full year funding for the Department of Defense (DoD) with a topline of $838.7 billion, approximately $8.4 billion above the President’s defense budget request for GFY26. On February 14, 2026, the CR funding the Department of Homeland Security ended, and the department entered a shutdown. While DHS currently remains in a shutdown, portions of the department’s operations have continued due to funding from the OBBBA.

Market Environment

We provide Expertise and Technology to government customers. We believe that the total addressable market for our offerings is sufficient to support the Company’s plans and is expected to continue to grow over the next several years. Approximately 78% of our revenue comes from DoD and Intelligence Community (IC) customers, with additional revenue coming from federal civilian agencies and commercial and other customers.

We continue to align the Company’s capabilities with well-funded budget priorities and take steps to maintain a competitive cost structure in line with our expectations of future business opportunities. In light of these actions, as well as the budgetary environment discussed above, we believe we are well positioned to continue to win new business in our large addressable market. We believe that the following trends will influence the U.S. government’s spending in our addressable market:

•A stable-to-higher U.S. government budget environment, particularly in national security-related areas (defense, intelligence, and border security);

•Increased focus on cyber, space, and the electromagnetic spectrum as key domains for national security;

•Increased investments in advanced technologies (e.g., AI), particularly software-based technologies;

•Increased spending on network and application modernization and enhancements to cyber security posture;

•Increasing focus on near-peer competitors and other nation state threats;

•Increasing focus on application of technologies to defend the homeland;

•Continued focus on counterterrorism, counterintelligence, and counter proliferation as key U.S. security concerns; and

•Increased demand for innovation and speed of delivery.

20

We believe that our customers’ use of lowest price/technically acceptable procurements, which contributed to pricing pressures in past years, has moderated, though price still remains an important factor in procurements. We also continue to see protests of major contract awards and delays in U.S. government procurement activities. In addition, many of our federal government contracts require us to employ personnel with security clearances, specific levels of education, and specific past work experience. Depending on the level of clearance, security clearances can be difficult and time-consuming to obtain and competition for skilled personnel in the industry is intense. Additional factors that could affect U.S. government spending in our addressable market include changes in set-asides for small businesses and budgetary priorities.

Results of Operations for the Three and Nine Months Ended March 31, 2026 and 2025

Our results of operations were as follows (dollars in thousands):

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/16058/000162828026054195/caci-20260630.htm
Complete FY 2026 MD&A: /company/CACI/mda/fy2026/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-08-06
Report date: 2026-06-30

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations is provided to enhance the understanding of, and should be read together with, our consolidated financial statements, and the Notes to those statements that appear elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Unless otherwise specifically noted, all years refer to our fiscal year which ends on June 30.

In this section, we discuss our financial condition, changes in financial condition, and results of our operations for fiscal 2026 compared to fiscal 2025. For a discussion and analysis comparing our results for fiscal 2025 to fiscal 2024, see our Annual Report on Form 10-K for fiscal 2025, filed with the SEC on August 7, 2025, under Part II, Item 7.

Overview

We are a leading provider of Technology and Expertise to customers in support of national security in the intelligence, defense, and federal civilian sectors, both domestically and internationally. The demand for our Technology and Expertise is largely driven by the evolving national security and geopolitical environment, the increasingly complex network, systems, and information environments in which governments and businesses operate, and the ongoing need to stay current with emerging technologies.

Some of our key initiatives include the following:

•Continue to grow organic revenues across our large, addressable market;

•Deliver strong profitability and robust cash flow;

•Differentiate ourselves through our investments, including our strategic mergers and acquisition program, allowing us to enhance our current capabilities and create new customer access points;

•Recruit, hire, train, and retain a world class workforce to execute on our growing backlog; and

•Continue our unwavering commitment to our customers while supporting the communities in which we work and live.

Budgetary Environment

We closely monitor U.S. federal budget, legislative, and contracting developments, and we adjust our business strategies to account for these trends. Although future levels of defense and non-defense spending are difficult to predict, we believe there continues to be bipartisan support for defense and national security programs, particularly given the heightened global threat environment.

While we view the current budget environment as constructive, the timing and passage of annual appropriations remain uncertain in any given government fiscal year (GFY). During periods when Congress has not enacted full-year appropriations, federal agencies operate under a CR. A CR typically authorizes agencies to continue operating at prior year funding levels and may restrict new program starts or delay contract awards.

The scope and duration of CRs can negatively affect our business by delaying new programs, contract awards, or other customer decisions. If a CR expires without the enactment of full-year appropriations or an extension via a new CR, the federal government must cease non-essential operations (a “government shutdown”), except where continuing activities are authorized by law. We evaluate our portfolio on an ongoing basis to identify areas potentially at risk from CRs or shutdowns and to develop appropriate contingency plans.

On May 2, 2025, the President submitted the GFY26 Presidential Budget Request (PBR), which proposed holding defense spending at the GFY25 enacted (full-year CR) level of $893 billion. On July 4, 2025, the President signed the One Big Beautiful Bill Act (OBBBA), a reconciliation bill providing additional mandatory funding outside the regular annual appropriations process. The OBBBA made immediately available approximately $156 billion in defense funding (including $25 billion for the Golden Dome initiative) and approximately $170 billion for border security and immigration. Because these funds were authorized through the reconciliation process, they remain available in GFY26 and beyond regardless of whether Congress enacts full-year appropriations, passes a CR, or enters a government shutdown.

On October 1, 2025, the federal government entered a shutdown. On November 12, 2025, the President signed a CR that ended the shutdown and restored government operations, extending funding for most agencies at GFY25 levels through January 30, 2026. Following the expiration of that CR, a partial shutdown occurred. On February 3, 2026, the President signed five of the six remaining GFY26 full-year appropriations bills, alongside a two-week CR for the Department of Homeland Security (DHS). The enacted defense appropriations bill provided full-year funding for the DoW with a topline of $838.7 billion, approximately $8.4 billion above the GFY26 PBR.

On February 14, 2026, the temporary funding for DHS expired, and the department entered a shutdown. Portions of DHS operations continued due to the availability of mandatory OBBBA funding. On April 30, 2026, Congress passed full-year GFY26 funding for DHS, excluding funding for Immigration and Customs Enforcement (ICE) and Customs and Border Protection (CBP), both of which continued to rely on OBBBA funding. On June 9, 2026, Congress passed the Secure America Act (Reconciliation 2.0), providing $70 billion primarily allocated to ICE and CBP. Because this funding was enacted through reconciliation, it remains available through September 30, 2029.

22

On April 3, 2026, while the GFY26 appropriations process was still being finalized, the President submitted the GFY27 Presidential Budget Request (PBR). The GFY27 PBR proposes $1.15 trillion in discretionary defense spending, $350 billion in mandatory defense spending through a separate reconciliation bill, and $63 billion in discretionary spending for homeland security. Congress is currently evaluating the proposal through the annual congressional appropriations process.

See “Risk Factors” in Part I, Item 1A of this Annual Report on Form 10-K for additional discussion of how changes in the federal budget and appropriations process may affect our operations.

Market Environment

We provide Technology and Expertise to government customers. We believe that the total addressable market for our offerings is sufficient to support the Company’s plans and is expected to continue to grow over the next several years. 78% of our revenue comes from DoW and IC customers, with additional revenue coming from federal civilian agencies and commercial and other customers.

We continue to align the Company’s capabilities with well-funded budget priorities and take steps to maintain a competitive cost structure in line with our expectations of future business opportunities. In light of these actions, as well as the budgetary environment discussed above, we believe we are well positioned to continue to win new business in our large addressable market. We believe that the following trends will influence the U.S. government’s spending in our addressable market:

•A stable-to-higher U.S. government budget environment, particularly in national security-related areas (defense, intelligence, and border security);

•Increased focus on cyber, space, and the electromagnetic spectrum as key domains for national security;

•Increasing focus on application of technologies to defend the homeland, such as counter missile and drone defense;

•Increased investments in advanced technologies, particularly software-based technologies, including AI;

•Increased spend on network and application modernization and enhancements to cyber security posture;

•Increasing focus on near-peer competitors and other nation state threats;

•Continued focus on counterterrorism, counterintelligence, and counter proliferation as key U.S. security concerns; and

•Increased demand for innovation and speed of delivery.

We believe that our customers’ use of lowest price/technically acceptable procurements, which contributed to pricing pressures in past years, has moderated, though price still remains an important factor in procurements. We also continue to see protests of major contract awards and delays in U.S. government procurement activities. In addition, many of our federal government contracts require us to employ personnel with security clearances, specific levels of education, and specific past work experience. Depending on the level of clearance, security clearances can be difficult and time-consuming to obtain, and competition for skilled personnel in the industry is intense. Additional factors that could affect U.S. government spending in our addressable market include changes in set-asides for small businesses and budgetary priorities.

Results of Operations

Our results of operations were as follows (dollars in thousands):

[[GREPCENT_TABLE]]
[["","Year ended June 30,"],["","2026","","2025","","Change"],["Revenues","$","9,567,779","","","$","8,627,824","","","$","939,955","","","10.9","%"],["Costs of revenues:"],["Direct costs","6,390,886","","","5,835,558","","","555,328","","","9.5"],["Indirect costs and selling expenses","2,011,179","","","1,832,956","","","178,223","","","9.7"],["Depreciation and amortization","245,899","","","195,125","","","50,774","","","26.0"],["Total costs of revenues","8,647,964","","","7,863,639","","","784,325","","","10.0"],["Income from operations","919,815","","","764,185","","","155,630","","","20.4"],["Interest expense and other, net","215,454","","","158,844","","","56,610","","","35.6"],["Income before income taxes","704,361","","","605,341","","","99,020","","","16.4"],["Income taxes","168,553","","","105,511","","","63,042","","","59.7"],["Net income","$","535,808","","","$","499,830","","","$","35,978","","","7.2","%"]]
[[/GREPCENT_TABLE]]

Revenues. The increase in revenues was primarily attributable to organic growth of 7.2%, including new contract awards and growth on existing programs.

23

Revenues by customer type with related percentages of revenues were as follows (dollars in thousands):

[[GREPCENT_TABLE]]
[["","Year ended June 30,"],["","2026","","2025"],["DoW","$","5,133,759","","","53.6","%","","$","4,617,699","","","53.5","%"],["IC","2,351,801","","","24.6","","","2,209,238","","","25.6"],["Federal civilian agencies","1,660,934","","","17.4","","","1,433,013","","","16.6"],["Commercial and other","421,285","","","4.4","","","367,874","","","4.3"],["Total","$","9,567,779","","","100.0","%","","$","8,627,824","","","100.0","%"]]
[[/GREPCENT_TABLE]]

•DoW revenues include Technology and Expertise provided to various DoW customers, excluding those defined as part of the IC.

•IC revenues include Technology and Expertise provided to the 18 intelligence customers defined as the IC by the Office of the Director of National Intelligence.

•Federal civilian agencies revenues include Technology and Expertise provided to non-DoW and non-IC agencies and departments of the U.S. federal government, including the Departments of Homeland Security, Justice, Agriculture, Health and Human Services, and State.

•Commercial and other revenues primarily include Technology and Expertise provided to U.S. state and local governments, commercial customers, and certain foreign governments and agencies through our international reportable segment.

Direct Costs. Direct costs include direct labor, subcontractor costs, materials, and other direct costs. The increase in direct costs was primarily attributable to the increase in revenues. As a percentage of revenues, total direct costs were 66.8% and 67.6% for fiscal 2026 and 2025, respectively.

Indirect Costs and Selling Expenses. The increase in indirect costs and selling expenses was primarily attributable to an increase in fringe benefit expenses and overhead costs associated with a larger labor base and an increase in acquisition related expenses. As a percentage of revenues, indirect costs and selling expenses were 2

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2026 MD&A: /company/CACI/mda/fy2026/
All MD&A years: /company/CACI/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2025 MD&A](/company/CACI/mda/fy2025/): filed 2025-08-07; accession 0001628280-25-038739 (https://www.sec.gov/Archives/edgar/data/16058/000162828025038739/caci-20250630.htm)
- [FY 2024 MD&A](/company/CACI/mda/fy2024/): filed 2024-08-08; accession 0000016058-24-000132 (https://www.sec.gov/Archives/edgar/data/16058/000001605824000132/caci-20240630.htm)
- [FY 2023 MD&A](/company/CACI/mda/fy2023/): filed 2023-08-10; accession 0000016058-23-000086 (https://www.sec.gov/Archives/edgar/data/16058/000001605823000086/caci-20230630.htm)
- [FY 2022 MD&A](/company/CACI/mda/fy2022/): filed 2022-08-11; accession 0001564590-22-029077 (https://www.sec.gov/Archives/edgar/data/16058/000156459022029077/caci-10k_20220630.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 7373 Services-Computer Integrated Systems Design) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/CACI.md · JSON record: /company/CACI.json · verified financials: /company/CACI/financials.json / /company/CACI/financials.csv · machine TOC for the whole site: /llms.txt