Amentum reported a strong start to fiscal year 2025 as a newly combined entity, delivering $3.416 billion of revenue for QQ1 2025, up 2% year over year, supported by solid margin and meaningful cash flow generation. Management highlighted the early benefits of integration, including a robust backlog and a liquid pipeline that underpins continued growth. Backlog stood at $45 billion with a book‑to‑bill of 1.1x, signaling durable demand across both legacy platforms and the newly combined go‑to‑market engine. The quarter featured notable wins across the DoD, DoE, and commercial sectors, including a $3 billion West Valley IDIQ (though revenues/backlog are not recognized from this JV immediately) and a continued push into high‑value, technology‑enabled offerings such as digital solutions and advanced engineering. Free cash flow in QQ1 was $102 million, with operating cash flow of $110 million, underscoring disciplined working capital and timing of tax/interest payments post‑merge.