Here are the 10-K annual reports from Parsons Corporation (PSN) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow PSN and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PSN filings page.
Parsons Corporation reports fiscal 2025 revenue of $6.4 billion, net income attributable to Parsons of $241.1 million, and Adjusted EBITDA of $609.3 million, reflecting its scale across defense, security, and infrastructure markets. Revenue is split between Federal Solutions (51%) and Critical Infrastructure (49%), with Adjusted EBITDA contributions of 46% and 54%, respectively.
Federal Solutions revenue declined 20% year over year, while Critical Infrastructure grew 15%, highlighting a mix shift toward infrastructure. Total backlog was $8.7 billion as of December 31, 2025, down 2% from 2024, including $6.4 billion funded, of which $4.1 billion is expected to convert to revenue over the next 12 months.
The company emphasizes technology-driven growth in cyber, space, missile defense, intelligent transportation, and water and environmental services, supported by a string of acquisitions. In 2025 it acquired CTI for $91.5 million, Applied Sciences for $28.1 million, and TRS Group for $36.6 million, following larger 2024 deals for BCC Engineering and BlackSignal Technologies.
Parsons underscores a people-first culture with over 21,000 employees, robust mentoring and leadership programs, and broad employee ownership. Its ESOP held 50,864,117 shares, or about 39% of outstanding stock, at year-end 2025. The company also returned capital via share repurchases totaling $204.7 million for 3,535,849 shares at an average price of $57.89.