Booz Allen Hamilton reported QQ2 2026 revenue of $2.89 billion, down 8.15% year-over-year and 1.16% quarter-over-quarter. The quarter produced a solid gross margin of approximately 53.6% and an operating margin near 9.8%, with net income of $175 million and earnings per share (diluted) of $1.42. While top-line softness pressured profitability versus the prior year, the company delivered robust free cash flow of $395 million and a strong operating cash flow of $421 million, underpinning a healthy balance sheet characterized by net cash (net debt of -$532 million) and substantial liquidity. In the quarter, Booz Allen continued to deploy capital toward shareholders, with $214 million in share repurchases and $68 million in dividends, while maintaining a conservative approach to investments in people and capabilities aligned with strategic priorities in AI, analytics, cyber, and digital modernization. Absent explicit forward guidance in the provided dataset, the company appears to be steering through margin pressures with a focus on backlog execution, selective growth investments, and disciplined cost management.