CACI International Inc Reports 14.5% Revenue Growth to $2.1 Billion in Latest Quarter

CACI International Inc reported significant financial growth in its latest quarterly results, with revenues reaching $2.1 billion for the three months ended December 31, 2024, a 14.5% increase from $1.8 billion in the same period last year. For the six months, revenues totaled $4.2 billion, up 12.8% from $3.7 billion. The company’s net income also saw a substantial rise, increasing by 31.1% to $109.9 million for the quarter and 35.4% to $230.1 million for the six-month period. Basic earnings per share improved to $4.90 from $3.76 year-over-year.

The financial performance was bolstered by new contract awards and growth in existing programs, alongside the impact of two recent acquisitions: Applied Insight and Azure Summit Technology. The acquisition of Applied Insight, completed on October 1, 2024, was valued at approximately $314.2 million, while Azure Summit, acquired on October 30, 2024, was valued at about $1.3 billion. These acquisitions are expected to enhance CACI's capabilities in cloud migration and advanced radio frequency technology, respectively.

Operationally, CACI reported a total backlog of $31.8 billion as of December 31, 2024, an 18.2% increase from $26.9 billion a year earlier. The funded backlog was $4.1 billion, indicating a strong pipeline of future revenue. The company’s domestic operations accounted for the majority of revenue, with $2.0 billion from the Department of Defense and $433.7 million from federal civilian agencies during the quarter. The company also noted an increase in employee headcount, reflecting the growth from acquisitions and ongoing business expansion.

The filing indicated that the increase in revenues and net income was primarily driven by organic growth and the contributions from the newly acquired businesses. Direct costs rose in line with revenue growth, but as a percentage of revenue, they decreased slightly, indicating improved operational efficiency. CACI's effective tax rate for the quarter was 19.9%, down from 20.7% in the prior year, benefiting from research and development tax credits.

Looking ahead, CACI remains optimistic about its growth trajectory, citing a stable U.S. government budget environment and continued bipartisan support for defense spending. The company anticipates that its strategic investments in technology and expertise will position it well to capitalize on emerging opportunities in national security and defense sectors.