Q1 FY2026 (quarter ended December 31, 2025) delivered a robust start to the year despite the drag from the extended government shutdown. Revenue of $3.293B and adjusted EBITDA of $263M produced an 8.1% margin, with net income of $126.1M and diluted EPS of $0.52. Management attributed the result to disciplined execution, an agile operating model, and continued demand across high-priority markets. Net bookings were $3.3B, driving backlog to a record above $47B and sustaining a 1x book-to-bill in the quarter and 1.1x trailing LTM, with an imputed book-to-bill of 1.3x on a last-twelve-month basis. The quarter featured notable nuclear and space awards (nearly $1B in nuclear awards in Q1; Rolls-Royce SMR program delivery; EDF Nuclear UK; Netherlands 2.07B contract pipeline) and a DISA Compute-as-a-Service award ($120M). These wins underpin Amentum’s three accelerating growth markets: Space Systems & Technologies, Critical Digital Infrastructure, and Global Nuclear Energy, which the company believes will deliver durable, higher-margin growth over the medium term. Management reaffirmed full-year 2026 guidance, with revenue $13.95B–$14.30B, adjusted EBITDA $1.10B–$1.14B, adjusted diluted EPS $2.25–$2.45, and free cash flow $525M–$575M, while signaling a gradual sequential improvement in the second half as the government shutdown effects unwind and working days increase. The company also highlighted a strengthened balance sheet ( Moody’s upgrade lifting interest costs modestly, undrawn $850M revolver, no near-term maturities) and a targeted net leverage below 3x by year-end. Investors should monitor (i) execution of large multiyear, higher-margin wins in nuclear and space, (ii) the pace of funded backlog conversion into revenue, (iii) progress on transition to more fixed-price awards, and (iv) potential shifts in DoD/NASA funding and protest activity that could affect timing and mix of awards.