Booz Allen Hamilton (BAH) Earnings: Q2 Fiscal 2027 Results and Next Report Date

The quarter ended September 30, 2026 and Booz Allen Hamilton published the results on October 23, 2026. Revenue and diluted EPS are shown against Q2 fiscal 2026, the same quarter a year earlier, which takes seasonal swings out of the comparison. Booz Allen Hamilton reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted Diluted EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Booz Allen's fiscal year ends March 31, so Q2 fiscal 2027 is the quarter ended September 30, 2026.
• Booz Allen now reports Defense and Intelligence revenue together as National Security and has recast prior periods on that basis.
• Booz Allen acquired the Ultra I&C Mission Solutions business on August 24, 2026 for approximately $729 million.

Source: Booz Allen Hamilton Q2 fiscal 2027 results, October 23, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Booz Allen Hamilton splits revenue in its own release, under its own labels, for Q2 fiscal 2027 against Q2 fiscal 2026. Indented lines are parts of the line above them.

• Booz Allen Hamilton's National Security revenue was $2.1 billion in Q2 fiscal 2027, up 1% from $2.1 billion in Q2 fiscal 2026, 75% of total revenue.
• Booz Allen Hamilton's Civil and Commercial revenue was $702 million in Q2 fiscal 2027, down 15% from $827 million in Q2 fiscal 2026, 25% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q2 fiscal 2027 release, Booz Allen Hamilton said:

“Revenue $11.3-$11.6 billion”

“Adjusted EBITDA $1,260-$1,290 million”

“ADJUSTED DILUTED EPS $6.50-$6.70”

“Fiscal 2027 Guidance assumes an effective tax rate of 16-19% and average diluted shares outstanding of 118-120 million.”

Source: Booz Allen Hamilton Q2 fiscal 2027 release, Oct 23, 2026.

This is the company's own guidance as of Oct 23, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the BAH forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Revenue and GAAP diluted EPS, each as first reported in that quarter's release.

Booz Allen Hamilton's next report is expected around January 22, 2027, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q2 fiscal 2027 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q2 fiscal 2027 (this page), reported Oct 23, 2026

Booz Allen Hamilton's revenue fell 3.9% to $2,778 million in Q2 fiscal 2027 from $2,890 million. National Security, which combines its defense and intelligence customers, brought in $2,076 million, against $2,063 million, while Civil and Commercial fell to $702 million from $827 million. The 10-Q puts the decline down mainly to a slowed procurement environment in the prior year that led to slower program starts, predominantly with civil customers, and so to reduced headcount and billable expenses. (Booz Allen Hamilton Q2 fiscal 2027 release, Oct 23, 2026; Booz Allen Hamilton Form 10-Q, Q2 fiscal 2027, Oct 23, 2026)

Booz Allen also reports revenue excluding billable expenses, which strips out subcontractor, travel and other non-labor costs passed through on contracts. On that basis revenue was $1,957 million, down 0.8%, because billable expenses fell to $821 million from $918 million. Booz Allen said National Security revenue ex-billables rose 5.9%. (Booz Allen Hamilton Q2 fiscal 2027 release, Oct 23, 2026; Booz Allen Hamilton Q2 fiscal 2027 earnings presentation, Oct 23, 2026)

Nearly all of Booz Allen's work is for the U.S. government. In fiscal 2026 the Department of Veterans Affairs was its single largest civil customer at 10% of revenue, about 84% of revenue came from 2,426 active task orders under IDIQ contract vehicles, and its top IDIQ vehicle represented approximately 17% of revenue. (Booz Allen Hamilton Form 10-K, fiscal 2026, May 22, 2026)

By contract type, cost-reimbursable work was 59% of Q2 fiscal 2027 revenue, time-and-materials 21% and fixed-price 20%, against 19% fixed-price a year earlier. Total headcount fell to 31,000 from 32,500, and customer staff headcount to 28,200 from 29,600. (Booz Allen Hamilton Q2 fiscal 2027 release, Oct 23, 2026)

Booz Allen Hamilton's GAAP diluted EPS rose 5.6% to $1.50 in Q2 fiscal 2027, and Adjusted Diluted EPS rose 18.1% to $1.76. Adjusted net income of $211 million adds back $17 million of other corporate expenses, mainly costs of acquiring the Ultra I&C Mission Solutions business, and $22 million of acquisition amortization, less a $9 million tax effect. (Booz Allen Hamilton Q2 fiscal 2027 release, Oct 23, 2026)

A lower tax bill helped GAAP earnings. Income tax expense fell to $18 million from $58 million and the effective tax rate was 9.0%, against 24.9%; the 10-Q lists research and development tax credits, excess tax benefits on share-based compensation and the Foreign-Derived Deduction-Eligible Income deduction among the items that pull the rate below 21.0%. Operating income fell to $245 million from $283 million. (Booz Allen Hamilton Q2 fiscal 2027 release, Oct 23, 2026; Booz Allen Hamilton Form 10-Q, Q2 fiscal 2027, Oct 23, 2026)

The share count fell. Weighted-average diluted shares were 119,591,637, against 122,881,563 a year earlier, and Booz Allen repurchased $170 million of stock in the first half of fiscal 2027. It paid about $729 million for Ultra I&C Mission Solutions, funded with cash and new bonds, and its net leverage ratio rose to 3.3x from 2.5x. (Booz Allen Hamilton Q2 fiscal 2027 release, Oct 23, 2026; Booz Allen Hamilton Form 10-Q, Q2 fiscal 2027, Oct 23, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Booz Allen Hamilton gives a full-year outlook and updated it with Q2 fiscal 2027 results. It now expects fiscal 2027 revenue of $11.3 to $11.6 billion, against $11.2 to $11.7 billion before, Adjusted EBITDA of $1,260 to $1,290 million and Adjusted Diluted EPS of $6.50 to $6.70, raised from $6.00 to $6.35. Free cash flow guidance is $850 to $925 million. (Booz Allen Hamilton Q2 fiscal 2027 release, Oct 23, 2026)

The outlook assumes an effective tax rate of 16% to 19%, average diluted shares outstanding of 118 to 120 million and capital expenditures of approximately $200 million. Booz Allen does not reconcile its Adjusted Diluted EPS guidance to GAAP EPS. (Booz Allen Hamilton Q2 fiscal 2027 release, Oct 23, 2026)

A consensus figure is the average of the models published by the analysts who cover Booz Allen Hamilton, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Booz Allen Hamilton's own release and filings put weight on for Q2 fiscal 2027, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning BAH is on is BAH a buy or a sell?, what analysts expect next is on the BAH forecast, and what the company does is on the Booz Allen Hamilton (BAH) stock page.

Every number on this page can be traced to a document Booz Allen Hamilton published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.