MERCURY SYSTEMS INC
For the period ended Dec 26, 2025. Filed Feb 3, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 26, 2025 · Filed Feb 3, 2026
What changed in Risk Factors?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-26; filed 2025-11-04.
0001049521-25-000062
Item 1A. Risk FactorsCurrent report: 10-Q
Period ended 2025-12-26; filed 2026-02-03.
0001049521-26-000006
Item 1A. Risk FactorsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 4 previous paragraphs and 7 current paragraphs.
1 unchanged; 1 reworded; 5 added; 2 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
There were no sales of unregistered equity securities during the quarter ended December 26, 2025.
Current report
The table below summarizes our repurchases of common stock during the three months ended December 26, 2025. See Note O for more information on our share repurchase program.
Current report
(1) We close our books and records for each 52-week or 53-week fiscal year on the Friday closest to the last day in June to align our financial close with our business processes and needs. As a result, our fiscal months often differ from calendar months. For example, December 26, 2025 was the last day of our December 2025 fiscal month.
Current report
(2) Excludes commissions paid and other costs of execution, including taxes.
Current report
(3) On November 3, 2025, the Board of Directors authorized a new share repurchase program for the purchase of up to $200.0 million of our outstanding common stock. The program has no expiration date and repurchases may be made through open market or privately negotiated transactions from time to time at prevailing market prices. The timing and amount of repurchases will depend on market conditions and other factors.
Removed paragraphs (2)
Previous report
We are subject to risks from the continuation of the ongoing U.S. federal government shutdown.
Previous report
Our business is exposed to operational and financial disruptions caused by the U.S. federal government shutdown that began on October 1, 2025. The ongoing U.S. federal government shutdown may result in us experiencing delays or decreases in customer orders with the U.S. DoD or with our prime contractor customers or potentially the suspension of work on contacts in progress or in payment delays related to the funding status of different programs. The shutdown has also slowed the processing of export licenses by agencies such as the Department of State’s Directorate of Defense Trade Controls and the Department of Commerce’s Bureau of Industry and Security. These export license delays could hinder our ability to fulfill international orders and potentially subject us to increased costs for liquidated damages or other penalties for late deliveries. Given the indefinite nature of the current shutdown and the absence of a clear resolution timeline, we anticipate continued volatility in the federal contracting environment. If the shutdown persists for an extended timeframe, it could materially and adversely affect our results of operations and financial performance.
Reworded paragraphs (1)
Previous wording
The following risk factor supplements the risk factors included in our Annual Report on Form 10-K for the fiscal year ended June 27, 2025.
Current wording
You should carefully review and consider the information regarding certain factors that could materially affect our business, financial condition or future results set forth under Item 1A (Risk Factors) in our Annual Report on Form 10-K for the fiscal year ended June 27, 2025. There have been no changes from the factors disclosed in our 2025 Annual Report on Form 10-K filed on August 11, 2025, although we may disclose additional changes to such factors from time to time in our future filings with the Securities and Exchange Commission.