Parsons Corp shares tumble after downgraded 2026 outlook and earnings miss

Parsons Corporation reported second‑quarter adjusted earnings per share of $0.86, beating analysts' $0.76 estimate, but revenue slipped to $1.59 billion, slightly below the $1.61 billion forecast and down 0.5% year‑over‑year. Management also lowered its 2026 guidance, projecting revenue of $6.2‑$6.5 billion (previously $6.5‑$6.8 billion), adjusted EBITDA of $500‑$560 million (down from $615‑$675 million) and operating cash flow of $430‑$490 million (down from $470‑$530 million). The revised outlook sparked a sharp sell‑off; the stock fell more than 35% intraday, hitting a 52‑week low around $36.94, after closing at $62.03 the day before. CFO Matt Ofilos said the guidance change reflects divestitures and award timing, while CEO Carey A. Smith bought 12,500 shares at $49.97 each.