Slides
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January 22, 2026 CACI International Inc Q2 FY26 Earnings Conference Call
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2 | There are statements made herein that do not address historical facts and, therefore, could be interpreted to be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are subject to risk factors that could cause actual results to be materially different from anticipated results. These risk factors include, but are not limited to, the following: our reliance on U.S. government contracts, which includes general risk around the government contract procurement process (such as bid protest, small business set asides, loss of work due to organizational conflicts of interest, etc.) and termination risks; significant delays or reductions in appropriations for our programs and broader changes in U.S. government funding and spending patterns; legislation that amends or changes discretionary spending levels or budget priorities, such as for homeland security or to address global pandemics; legal, regulatory, and political change from successive presidential administrations that could result in economic uncertainty; changes in U.S. federal agencies, current agreements with other nations, foreign events, or any other events which may affect the global economy, including the impact of global pandemics; the results of government audits and reviews conducted by the Defense Contract Audit Agency, the Defense Contract Management Agency, or other governmental entities with cognizant oversight; competitive factors such as pricing pressures and/or competition to hire and retain employees (particularly those with security clearances); failure to achieve contract awards in connection with re-competes for present business and/or competition for new business; regional and national economic conditions in the United States and globally, including but not limited to: terrorist activities or war, changes in interest rates, currency fluctuations, significant fluctuations in the equity markets, and market speculation regarding our continued independence; our ability to meet contractual performance obligations, including technologically complex obligations dependent on factors not wholly within our control; limited access to certain facilities required for us to perform our work, including during a global pandemic; changes in tax law, theinterpretation of associated rules and regulations, or any other events impacting our effective tax rate; changes in technology; the potential impact of the announcement or consummation of a proposed transaction and our ability to successfully integrate the operations of our recentand any future acquisitions; our ability to achieve the objectives of near term or long-term business plans; the effects of health epidemics, pandemics and similar outbreaks may have material adverse effects on our business, financial position, results of operations and/or cash flows; andother risks described in our Securities and Exchange Commission filings. Forward-looking statements
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3 | On today’s call John Mengucci President and Chief Executive Officer Jeff MacLauchlan Chief Financial Officer and Treasurer
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4 | Disciplined and consistent strategy execution Seven markets served Differentiation and investing ahead of customer need Technology A national security company positioned to deliver long-term shareholder value Nearly 60% of total revenue Expect to increase as a percentage of revenue Support higher margins Differentiation through software-defined tech Driving speed, agility, and efficiency Show customers the art of the possible Decades of mission knowledge Critical national security priorities Narrow, deep funding streams
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5 | Raising FY26 guidance based on the continued momentum of the business Predictable organic revenue growth 6% revenue growth (4.5% organic) $1.4 billion of contract awards Profitability supportive of continued investment 11.8% EBITDA1 margin Long-term growth in free cash flow per share and shareholder value $138 million of free cash flow1 Flexible and opportunistic capital deployment Strong financial position 1 See slides at the end of this presentation for definitions and reconciliations of non-GAAP measures Q2 highlights
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6 | 6 | Electronic Warfare Leading position (~$2B in revenue) Critical warfighting domain with increased focus and funding streams Software-defined approach increases speed, flexibility, lethality, and adaptability Programs of record with Army and Navy; growing demand from Air Force Successful rapid development, fielding, and delivery cycles Merlin initial fielding; RMT initial production order 6 |
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7 | Enterprise Technology Software and network modernization Driving efficiency, transparency, operational improvement and security Investing in commercial Agile software development Modernizing software and increasing efficiency and quality for Customs and Border Protection Developing and cross-pollinating AI solutions for customers
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8 | Healthy demand and strong pipeline in our markets CACI well-positioned despite government shutdown, driven by national security focus Reconciliation funding starting to flow Raising FY26 guidance based on strong performance and visibility Highly confident in meeting or exceeding 3-year financial targets Macro environment 8 |
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9 | Strong Performance 1 See slides at the end of this presentation for definitions and reconciliations of non-GAAP measures Q2 financial summary 11.8% EBITDA1 margin Execution, timing, mix Strong profitability Partial recovery from shutdown Strong Organic Revenue growth 5.7% YoY growth (4.5% organic) Higher operating income Lower share count Higher interest expense and tax provision Healthy EBITDA1 margin Adjusted EPS1 +14% YoY Free Cash Flow1 of $138 million
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10 | Significant optionality to deliver long-term shareholder value Strategic M&A Capital Returns to Shareholders Internal Investments Strong balance sheet (2.4x leverage1), diversified debt stack Net leverage2 after ARKA expected to be 4.3x; expect to be back in low 3s within six quarters Healthy cash flow business, ready access to capital $187 million of original $750 million share repurchase authorization remaining Driving long-term growth in free cash flow3 per share 1 Net debt to trailing-twelve-months (TTM) EBITDA as of December 31, 2025 2 Net leverage after ARKA (forecast) is net debt to pro-forma TTM EBITDA 3 See slides at the end of this presentation for definitions and reconciliations of non-GAAP measures Flexible and opportunistic capital deployment
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11 | This guidance represents CACI views as of January 21, 2026. Investors are reminded that actual results may differ from these estimates for reasons described in the Company’s Safe Harbor Statement and filings with the SEC. 1 See slides at the end of this presentation for definitions and reconciliations of non-GAAP measures 2 Fiscal year 2026 free cash flow guidance assumes approximately $50 million in cash tax benefits related to Section 174A of the One Big Beautiful Bill Act of 2025, and a $40 million tax refund associated with prior year tax method changes Updated Guidance Prior Guidance Revenue (millions) $9,300 – $9,500 $9,200 – $9,400 Adjusted Net Income 1 (millions) $630 – $645 $605 – $625 Adjusted Diluted EPS 1 $28.25 – $28.92 $27.13 – $28.03 Free Cash Flow 1,2 (millions) At least $725 At least $710 Revenue growth of 7.8% to 10.1% (6.0% to 8.3% organic) Comfortable with current consensus estimate for Q3 revenue EBITDA1 margin in 11.7% to 11.8% range 2H margin expected to be consistent with 1H Depreciation and amortization ~$225M Net interest expense $180M to $185M Tax Rate 23.0% to 24.0% Diluted shares outstanding ~22.3M Capital expenditures of ~$85M Raising FY26 guidance
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12 | Positive forward indicators Long-term visibility into our business Q2 contract awards of $1.4 billion Book-to-Bill of 0.65x (TTM of 1.3x) Weighted avg. duration of > 6 years Backlog of $33 billion ~3.7 years of annualized revenue Funded backlog increased 7% YoY Pipeline of submitted bids: $6 billion >70% for new business Bids expected to be submitted in the next two quarters: $20 billion >70% for new business 95% Existing Business STRONG Performance 3% Recompetes HIGH Win Rate 2% New Business QUALITY Pipeline FY26 Revenue Composition
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13 | 13 | Closing Deliberate and successful execution of our strategy CACI is resilient and differentiated Creating value by expanding the limits of national security Raising FY26 guidance across all metrics Highly confident in meeting or exceeding 3-year financial targets Driving long-term growth in free cash flow per share, generating shareholder value 13 |
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14 | Appendix
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15 | 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x 4.5x 5.0x Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26 Jun-27 Net Leverage (Actuals) Net Leverage (Forecast) National Security Solutions 1 Using capital allocation to drive portfolio evolution 1 Net leverage (forecast) is net debt to pro-forma trailing-twelve-months (TTM) EBITDA Track record of disciplined leverage management
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16 | Adjusted net income and adjusted diluted EPS are non-GAAP performance measures. We define adjusted net income and adjusted diluted EPS as GAAP net income and GAAP diluted EPS, respectively, excluding intangible amortization expense and the related tax impact as we do not conside r intangible amortization expense to be indicative of our operating performance. We believe that these performance measures provide management and investors with useful information in assessing trends in our ongoing operating performance, provide greater visibility in understanding the long-term financial performance of the Company, and allow investors to more easily compare our results to results of our peers. The Company views EBITDA and EBITDA margin, both of which are defined as non -GAAP measures, as important indicators of performance, consistent with the manner in which management measures and forecasts the Company’s performance. EBITDA is a commonly used non-GAAP measure when comparing our results with those of other companies. We define EBITDA as GAAP net income plus net interest expense, income taxes, and depreciation and amortizati on expense (including depreciation within direct costs). We consider EBITDA to be a useful metric for management and investors to evaluate and compare the ongoing operating performance of our business on a consistent basis across reporting periods, as it eliminates the effect of non-cash items such as depreciation of tangible assets and amortization of intangible assets primarily recognized in business combinations, which we do not believe are indicative of our operating perf ormance. EBITDA margin is EBITDA divided by revenue. The Company defines net cash provided by operating activities excluding MARPA, a non -GAAP measure, as net cash provided by operating activities calculated in accordance with GAAP, adjusted to exclude cash flows from CACI’s MARPA for the sale of certain designated eligible U.S. government receivables up to a maximum amount of $350.0 million. Free cash flow is a non-GAAP liquidity measure and may not be comparable to similarly titled measures used by other companies. The Company defines free cash flow as net cash provided by operating activities excluding MARPA, less payments for capital expenditures. The Company uses these non- GAAP measures to assess our ability to generate cash from our business operations and plan for future operating and capital actions. We believe these measures allow investors to more easily compare current period results to prior period results and to results of our peers. Free cash flow does not represent residual cash flows available for discretionary purposes and should not be used as a substitute for cash flow measures prepared in accordance with GAAP. These non-GAAP measures should not be considered in isolation or as a substitute for financial measures prepared in accordance w ith GAAP. Definitions of non-GAAP measures
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17 | Reconciliation of net income to adjusted net income and diluted EPS to adjusted diluted EPS (unaudited) These non-GAAP measures should not be considered in isolation or as a substitute for financial measures prepared in accordance w ith GAAP. (in thousands, except per share data) 12/31/2025 12/31/2024 % Change Net income, as reported 123,855$ 109,938$ 12.7% Intangible amortization expense 35,984 32,442 10.9% Tax effect of intangible amortization 1 (9,092) (8,197) 10.9% Adjusted net income 150,747$ 134,183$ 12.3% 12/31/2025 12/31/2024 % Change Diluted EPS, as reported 5.59$ 4.88$ 14.5% Intangible amortization expense 1.62 1.44 12.5% Tax effect of intangible amortization 1 (0.40) (0.37) 8.1% Adjusted diluted EPS 6.81$ 5.95$ 14.5% (in millions, except per share data) Low End High End Net income, as reported 524$ --- 539$ Intangible amortization expense 142 --- 142 Tax effect of intangible amortization 1 (36) --- (36) Adjusted net income 630$ --- 645$ Low End High End Diluted EPS, as reported 23.50$ --- 24.17$ Intangible amortization expense 6.37 --- 6.37 Tax effect of intangible amortization 1 (1.62) --- (1.62) Adjusted diluted EPS 28.25$ --- 28.92$ (1) Calculation uses an assumed full year statutory tax rate of 25.3% on non-GAAP tax deductible adjustments for December 31, 2025 and 2024. Note: Numbers may not sum due to rounding. Three Months Ended Three Months Ended FY26 Current Guidance Range FY26 Current Guidance Range
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18 | Reconciliation of net income to earnings before interest, taxes, depreciation and amortization (EBITDA) (unaudited) These non-GAAP measures should not be considered in isolation or as a substitute for financial measures prepared in accordance w ith GAAP. (in thousands) 12/31/2025 12/31/2024 % Change Net income 123,855$ 109,938$ 12.7% Plus: Income taxes 37,664 27,294 38.0 % Interest income and expense, net 44,950 44,066 2.0% Depreciation and amortization expense, including amounts within direct costs 56,098 51,564 8.8% EBITDA 262,567$ 232,862$ 12.8% (in thousands) 12/31/2025 12/31/2024 % Change Revenues, as reported 2,220,097$ 2,099,809$ 5.7% EBITDA 262,567 232,862 12.8% EBITDA margin 11.8% 11.1% Three Months Ended Three Months Ended
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19 | Reconciliation of net cash provided by operating activities to net cash provided by operating activities excluding MARPA, and to free cash flow (unaudited) These non-GAAP measures should not be considered in isolation or as a substitute for financial measures prepared in accordance w ith GAAP. (in thousands) 12/31/2025 12/31/2024 Net cash provided by operating activities 154,195$ 126,042$ Cash used in (provided by) MARPA - (50,051) Net cash provided by operating activities excluding MARPA 154,195 75,991 Capital expenditures (16,044) (9,924) Free cash flow 138,151$ 66,067$ (in millions, except per share data) Current Prior Net cash provided by operating activities 810$ 795$ Cash used in (provided by) MARPA - - Net cash provided by operating activities excluding MARPA 810 795 Capital Expenditures (85) (85) Free cash flow 725$ 710$ Three Months Ended FY26 Guidance