BAHMEDIUM SIGNALFINANCIAL10-K

Booz Allen delivered strong revenue growth of 12.4% while substantially expanding profitability, though accompanied by meaningfully higher debt levels.

The company demonstrates robust operational performance with revenue growth accelerating beyond typical government contractor levels, suggesting successful capture of new contracts or expanded client relationships. However, the substantial increase in total debt to $4.0B warrants monitoring, particularly given the 44% rise in interest expense that could pressure future margins if rates remain elevated.

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

Booz Allen's financial profile strengthened meaningfully across key metrics, with revenue growing 12.4% to $12.0B and operating income expanding 35.2% to $1.4B, indicating improved operational leverage. The company's balance sheet reflects both growth investments and financing activity, with cash reserves growing substantially to $885M while total debt increased 17.2% to $4.0B. The overall picture suggests a company successfully scaling operations while managing the financing costs associated with growth, though the higher debt load introduces incremental financial risk.

FINANCIAL STATEMENT CHANGES
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.

Revenue
P&L
+12.4%
$10.7B→$12.0B

Revenue growing 12.4% — solid top-line momentum, watch margins for quality of growth.

Total Assets
Balance Sheet
+11.4%
$6.6B→$7.3B

Asset base grew 11.4% — expansion through organic growth, acquisitions, or capital deployment.

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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