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v3.25.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Summary of Adjusted EBITDA Business Segment Information | The following tables present segment information provided to the CODM, as of each period presented, along with a reconciliation of segment adjusted EBITDA attributable to Parsons Corporation to net income attributable to Parsons Corporation for the periods presented (in thousands):
|  | Three Months Ended |
|  | June 30, 2025 |
|  | Federal Solutions |  |  | Critical Infrastructure |  |  | Total |
Revenue |  | $ | 805,464 |  |  | $ | 778,859 |  |  | $ | 1,584,323 |
Direct cost of contracts |  |  | (642,807 | ) |  |  | (593,163 | ) |  |  | (1,235,970 | )
Selling, general and administrative expenses (a) |  |  | (43,208 | ) |  |  | (48,563 | ) |  |  | (91,771 | )
Equity in earnings (losses) of unconsolidated joint ventures |  |  | 989 |  |  |  | (1,631 | ) |  |  | (642 | )
Other segment items (b) |  |  | (53,366 | ) |  |  | (69,309 | ) |  |  | (122,675 | )
Adjusted EBITDA attributable to Parsons Corporation |  | $ | 67,072 |  |  | $ | 66,193 |  |  |  | 133,265 |
Reconciliation: Segment Adjusted EBITDA to Net Income Attributable to Parsons Corporation |  |  |  |  |  |  |  |  |
Adjusted EBITDA attributable to non-controlling interests |  |  |  |  |  |  |  |  | 15,866 |
Depreciation and amortization |  |  |  |  |  |  |  |  | (28,592 | )
Interest expense, net |  |  |  |  |  |  |  |  | (11,501 | )
Income tax expense |  |  |  |  |  |  |  |  | (18,690 | )
Equity-based compensation expense |  |  |  |  |  |  |  |  | (11,519 | )
Transaction related costs (c) |  |  |  |  |  |  |  |  | (5,135 | )
Restructuring expense (d) |  |  |  |  |  |  |  |  | (2,361 | )
Other (d) |  |  |  |  |  |  |  |  | (844 | )
Net income including noncontrolling interests |  |  |  |  |  |  |  |  | 70,489 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  | (15,259 | )
Net income attributable to Parsons Corporation |  |  |  |  |  |  |  | $ | 55,230 |
|  | Three Months Ended |
|  | June 30, 2024 |
|  | Federal Solutions |  |  | Critical Infrastructure |  |  | Total |
Revenue |  | $ | 988,603 |  |  | $ | 681,864 |  |  | $ | 1,670,467 |
Direct cost of contracts |  |  | (789,153 | ) |  |  | (529,778 | ) |  |  | (1,318,931 | )
Selling, general and administrative expenses (a) |  |  | (35,487 | ) |  |  | (34,258 | ) |  |  | (69,745 | )
Equity in earnings (losses) of unconsolidated joint ventures |  |  | 1,466 |  |  |  | (18,303 | ) |  |  | (16,837 | )
Other segment items (b) |  |  | (62,648 | ) |  |  | (63,913 | ) |  |  | (126,561 | )
Adjusted EBITDA attributable to Parsons Corporation |  | $ | 102,781 |  |  | $ | 35,612 |  |  |  | 138,393 |
Reconciliation: Segment Adjusted EBITDA to Net Income Attributable to Parsons Corporation |  |  |  |  |  |  |  |  |
Adjusted EBITDA attributable to non-controlling interests |  |  |  |  |  |  |  |  | 11,837 |
Depreciation and amortization |  |  |  |  |  |  |  |  | (24,440 | )
Interest expense, net |  |  |  |  |  |  |  |  | (9,183 | )
Income tax expense |  |  |  |  |  |  |  |  | (22,415 | )
Equity-based compensation expense |  |  |  |  |  |  |  |  | (10,647 | )
Transaction related costs (c) |  |  |  |  |  |  |  |  | (2,302 | )
Other (d) |  |  |  |  |  |  |  |  | (524 | )
Net income including noncontrolling interests |  |  |  |  |  |  |  |  | 80,719 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  | (11,547 | )
Net income attributable to Parsons Corporation |  |  |  |  |  |  |  | $ | 69,172 |
|  | Six Months Ended |
|  | June 30, 2025 |
|  | Federal Solutions |  |  | Critical Infrastructure |  |  | Total |
Revenue |  | $ | 1,648,021 |  |  | $ | 1,490,662 |  |  | $ | 3,138,683 |
Direct cost of contracts |  |  | (1,304,719 | ) |  |  | (1,131,628 | ) |  |  | (2,436,347 | )
Selling, general and administrative expenses (a) |  |  | (88,617 | ) |  |  | (94,646 | ) |  |  | (183,263 | )
Equity in losses of unconsolidated joint ventures |  |  | (3 | ) |  |  | (1,326 | ) |  |  | (1,329 | )
Other segment items (b) |  |  | (112,078 | ) |  |  | (138,682 | ) |  |  | (250,760 | )
Adjusted EBITDA attributable to Parsons Corporation |  | $ | 142,604 |  |  | $ | 124,380 |  |  |  | 266,984 |
Reconciliation: Segment Adjusted EBITDA to Net Income Attributable to Parsons Corporation |  |  |  |  |  |  |  |  |
Adjusted EBITDA attributable to non-controlling interests |  |  |  |  |  |  |  |  | 30,923 |
Depreciation and amortization |  |  |  |  |  |  |  |  | (55,995 | )
Interest expense, net |  |  |  |  |  |  |  |  | (21,605 | )
Income tax expense |  |  |  |  |  |  |  |  | (37,667 | )
Equity-based compensation expense |  |  |  |  |  |  |  |  | (18,622 | )
Transaction related costs (c) |  |  |  |  |  |  |  |  | (8,836 | )
Restructuring expense (d) |  |  |  |  |  |  |  |  | (2,361 | )
Other (d) |  |  |  |  |  |  |  |  | (545 | )
Net income including noncontrolling interests |  |  |  |  |  |  |  |  | 152,276 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  | (30,843 | )
Net income attributable to Parsons Corporation |  |  |  |  |  |  |  | $ | 121,433 |
|  | Six Months Ended |
|  | June 30, 2024 |
|  | Federal Solutions |  |  | Critical Infrastructure |  |  | Total |
Revenue |  | $ | 1,898,211 |  |  | $ | 1,307,932 |  |  | $ | 3,206,143 |
Direct cost of contracts |  |  | (1,513,038 | ) |  |  | (1,016,720 | ) |  |  | (2,529,758 | )
Selling, general and administrative expenses (a) |  |  | (70,632 | ) |  |  | (68,836 | ) |  |  | (139,468 | )
Equity in losses of unconsolidated joint ventures |  |  | 997 |  |  |  | (19,894 | ) |  |  | (18,897 | )
Other segment items (b) |  |  | (120,216 | ) |  |  | (133,907 | ) |  |  | (254,123 | )
Adjusted EBITDA attributable to Parsons Corporation |  | $ | 195,322 |  |  | $ | 68,575 |  |  |  | 263,897 |
Reconciliation: Segment Adjusted EBITDA to Net Income Attributable to Parsons Corporation |  |  |  |  |  |  |  |  |
Adjusted EBITDA attributable to non-controlling interests |  |  |  |  |  |  |  |  | 27,426 |
Depreciation and amortization |  |  |  |  |  |  |  |  | (48,971 | )
Interest expense, net |  |  |  |  |  |  |  |  | (21,029 | )
Income tax expense |  |  |  |  |  |  |  |  | (35,739 | )
Equity-based compensation expense |  |  |  |  |  |  |  |  | (23,303 | )
Convertible debt repurchase loss |  |  |  |  |  |  |  |  | (18,355 | )
Transaction related costs (c) |  |  |  |  |  |  |  |  | (5,188 | )
Other (d) |  |  |  |  |  |  |  |  | (3,026 | )
Net income including noncontrolling interests |  |  |  |  |  |  |  |  | 135,712 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  | (26,790 | )
Net income attributable to Parsons Corporation |  |  |  |  |  |  |  | $ | 108,922 |
(a) The amount of selling, general and administrative expenses (“SG&A”) is total SG&A excluding allocations. (b) The amount of other segment items is the difference between segment revenue less direct cost of contracts, segment SG&A expenses, equity in earnings (losses) of unconsolidated joint ventures, and Adjusted EBITDA attributable to Parsons Corporation. Other segment items primarily include i. Corporate and shared segment SG&A (excluding Adjusted EBITDA items) ii. Noncontrolling interests attributable to operating income and other income/expense iii. Bad debt expense iv. Sublease income v. Foreign currency gain/loss, and vi. Certain other income/expense items (c) Reflects costs incurred in connection with acquisitions, and other non-recurring transaction costs, primarily fees paid for professional services and employee retention. (d) Includes a combination of gain/loss related to sale of fixed assets, software implementation costs, and other individually insignificant items that are non-recurring in nature.
Summary of Revenues and Property and Equipment, Net by Geographic Area | The following tables present revenues and property and equipment, net by geographic area (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, 2025 |  |  | June 30, 2024 |  |  | June 30, 2025 |  |  | June 30, 2024 |
Revenue |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 1,309,098 |  |  | $ | 1,419,327 |  |  | $ | 2,593,330 |  |  | $ | 2,691,577 |
Middle East |  |  | 270,687 |  |  |  | 246,063 |  |  |  | 535,770 |  |  |  | 504,984 |
Rest of World |  |  | 4,538 |  |  |  | 5,077 |  |  |  | 9,583 |  |  |  | 9,582 |
Total Revenue |  | $ | 1,584,323 |  |  | $ | 1,670,467 |  |  | $ | 3,138,683 |  |  | $ | 3,206,143 |
The geographic location of revenue is determined by the location of the customer.
|  | June 30, 2025 |  |  | December 31, 2024 |
Property and Equipment, Net |  |  |  |  |  |
North America |  | $ | 111,813 |  |  | $ | 101,044 |
Middle East |  |  | 10,924 |  |  |  | 10,531 |
Total Property and Equipment, Net |  | $ | 122,737 |  |  | $ | 111,575 |
Summary of Revenues by Business Lines | The following table presents revenues by business units (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, 2025 |  |  | June 30, 2024 |  |  | June 30, 2025 |  |  | June 30, 2024 |
Revenue |  |  |  |  |  |  |  |  |  |  |  |
Defense and Intelligence |  | $ | 457,576 |  |  | $ | 420,396 |  |  | $ | 900,897 |  |  | $ | 828,784 |
Engineered Systems |  |  | 347,888 |  |  |  | 568,207 |  |  |  | 747,124 |  |  |  | 1,069,427 |
Federal Solutions revenues |  |  | 805,464 |  |  |  | 988,603 |  |  |  | 1,648,021 |  |  |  | 1,898,211 |
Infrastructure – North America |  |  | 506,248 |  |  |  | 434,163 |  |  |  | 951,156 |  |  |  | 799,445 |
Infrastructure – Europe, Middle East and Africa |  |  | 272,611 |  |  |  | 247,701 |  |  |  | 539,506 |  |  |  | 508,487 |
Critical Infrastructure revenues |  |  | 778,859 |  |  |  | 681,864 |  |  |  | 1,490,662 |  |  |  | 1,307,932 |
Total Revenue |  | $ | 1,584,323 |  |  | $ | 1,670,467 |  |  | $ | 3,138,683 |  |  | $ | 3,206,143 |

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