BAHHIGH SIGNALFINANCIAL10-K

BAH delivered exceptional financial performance with operating cash flow surging 290% to $1.0B and net income jumping 54% to $935M, while dramatically increasing share buybacks and debt levels.

This represents a significant acceleration in BAH's financial performance and cash generation capabilities, suggesting strong execution on contracts and improved operational efficiency. However, the 100% increase in share buybacks to $812M and 17% debt increase to $4.0B indicates aggressive capital allocation that investors should monitor for sustainability.

Comparing 2025-05-23 vs 2024-05-24View on EDGAR →
FINANCIAL ANALYSIS

BAH demonstrated exceptional financial strength with operating cash flow nearly tripling to $1.0B and net income growing 54% to $935M, while operating income increased 35% to $1.4B. The company significantly increased its cash position by 60% to $885M and current assets by 21% to $3.3B, but also took on more debt (+17% to $4.0B) and doubled share buybacks to $812M. This financial profile signals strong operational performance and robust cash generation, though the aggressive capital deployment through increased debt and buybacks warrants attention regarding long-term capital allocation strategy.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+289.8%
$258.8M→$1.0B

Operating cash flow surged 289.8% — exceptional cash generation, highest quality earnings signal.

Share Buybacks
Cash Flow
+100.9%
$404.1M→$812.0M

Share repurchases increased 100.9% — management returning capital, signals confidence in intrinsic value.

Cash & Equivalents
Balance Sheet
+59.7%
$554.3M→$885.0M

Cash position surged 59.7% — strong cash generation or capital raise providing significant financial cushion.

Net Income
P&L
+54.4%
$605.7M→$935.0M

Net income grew 54.4% — bottom-line growth signals improving overall business health.

Capital Expenditure
Cash Flow
+45.5%
$53.9M→$78.4M

Capital expenditure jumped 45.5% — major investment cycle underway; assess returns on deployment.

Interest Expense
P&L
+44.3%
$119.8M→$172.9M

Interest expense surged 44.3% — significant debt increase or rising rates materially impacting earnings.

Operating Income
P&L
+35.2%
$1.0B→$1.4B

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Current Assets
Balance Sheet
+21%
$2.7B→$3.3B

Current assets grew 21% — improving short-term liquidity or inventory/receivables build.

Total Debt
Balance Sheet
+17.2%
$3.4B→$4.0B

Debt rose 17.2% — additional borrowing for investment or operations; monitor coverage ratios.

Total Liabilities
Balance Sheet
+14.4%
$5.5B→$6.3B

Liabilities increased 14.4% — monitor debt-to-equity ratio and interest coverage.

LANGUAGE CHANGES
NEW — 2025-05-23
PRIOR — 2024-05-24
ADDED
Management's Discussion and Analysis of Financial Condition and Results of Operations 42 Item 7A.
government to decrease spending, and mission priorities that shift expenditures away from agencies or programs that we support, or as a result of U.S.
government shutdowns as a result of the failure by elected officials to fund the government; failure to comply with numerous laws and regulations, including, but not limited to, the Federal Acquisition Regulation ( FAR ), the False Claims Act, the Defense Federal Acquisition Regulation Supplement ( DFARS ), and FAR Cost Accounting Standards and Cost Principles; our ability to compete effectively in the competitive bidding process and delays or losses of contract awards caused by competitors protests of major contract awards received by us; variable purchasing patterns under U.S.
Overview Booz Allen Holding Corporation (herein referred to as Booz Allen, the Company, we, us, or our ) is an advanced technology company delivering outcomes for the nation s most critical defense, civil, and national security priorities.
Booz Allen was founded in 1914 by Edwin Booz and for over 110 years, business, government, and military leaders have turned to us to solve their most complex problems.
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REMOVED
Management's Discussion and Analysis of Financial Condition and Results of Operations 50 Item 7A.
government to decrease spending for management support service contracts, and mission priorities that shift expenditures away from agencies or programs that we support, or as a result of U.S.
government spending on private contractors; risks related to our indebtedness and credit facilities which contain financial and operating covenants; the im pact of changes in accounting rules and regulations, or interpretations thereof, that may affect the way we recognize and report our financial results, including changes in accounting rules governing recognition of revenue; the impact of ESG-related risks and climate change generally on our and our clients' businesses and operations; and other risks and factors listed under Item 1A.
Overview For 110 years, business, government, and military leaders have turned to Booz Allen Hamilton to solve their most complex problems.
A values-driven organization with a guiding purpose to empower people to change the world, we remain focused on providing long-term solutions to our clients emerging and ever-changing challenges.
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