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Segment Information (Tables)

9 Months Ended

Sep. 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
		September 30, 2025
		Federal Solutions				Critical Infrastructure				Total
Revenue		$	788,607			$	833,141			$	1,621,748
Direct cost of contracts			(612,500	)			(649,393	)			(1,261,893	)
Selling, general and administrative expenses (a)			(47,980	)			(44,259	)			(92,239	)
Equity in earnings (losses) of unconsolidated joint ventures			986				7,280				8,266
Other segment items (b)			(56,612	)			(78,966	)			(135,578	)
Adjusted EBITDA attributable to Parsons Corporation		$	72,501			$	67,803				140,304
Reconciliation: Segment Adjusted EBITDA to Net Income Attributable to Parsons Corporation
Adjusted EBITDA attributable to non-controlling interests											17,833
Depreciation and amortization											(29,849	)
Interest expense, net											(11,696	)
Income tax expense											(16,035	)
Equity-based compensation expense											(11,568	)
Transaction related costs (c)											(5,074	)
Restructuring expense (d)											(292	)
Other (e)											(1,829	)
Net income including noncontrolling interests											81,794
Net income attributable to noncontrolling interests											(17,671	)
Net income attributable to Parsons Corporation										$	64,123

		Three Months Ended
		September 30, 2024
		Federal Solutions				Critical Infrastructure				Total
Revenue		$	1,105,580			$	704,536			$	1,810,116
Direct cost of contracts			(881,208	)			(568,623	)			(1,449,831	)
Selling, general and administrative expenses (a)			(42,816	)			(34,776	)			(77,592	)
Equity in earnings (losses) of unconsolidated joint ventures			1,002				(130	)			872
Other segment items (b)			(62,467	)			(68,000	)			(130,467	)
Adjusted EBITDA attributable to Parsons Corporation		$	120,091			$	33,007				153,098
Reconciliation: Segment Adjusted EBITDA to Net Income Attributable to Parsons Corporation
Adjusted EBITDA attributable to non-controlling interests											13,913
Depreciation and amortization											(24,542	)
Interest expense, net											(8,802	)
Income tax expense											(22,518	)
Equity-based compensation expense											(21,251	)
Transaction related costs (c)											(3,770	)
Other (e)											(539	)
Net income including noncontrolling interests											85,589
Net income attributable to noncontrolling interests											(13,638	)
Net income attributable to Parsons Corporation										$	71,951

		Nine Months Ended
		September 30, 2025
		Federal Solutions				Critical Infrastructure				Total
Revenue		$	2,436,628			$	2,323,803			$	4,760,431
Direct cost of contracts			(1,917,218	)			(1,781,022	)			(3,698,240	)
Selling, general and administrative expenses (a)			(136,604	)			(138,938	)			(275,542	)
Equity in losses of unconsolidated joint ventures			983				5,954				6,937
Other segment items (b)			(168,684	)			(217,614	)			(386,298	)
Adjusted EBITDA attributable to Parsons Corporation		$	215,105			$	192,183				407,288
Reconciliation: Segment Adjusted EBITDA to Net Income Attributable to Parsons Corporation
Adjusted EBITDA attributable to non-controlling interests											48,756
Depreciation and amortization											(85,844	)
Interest expense, net											(33,301	)
Income tax expense											(53,702	)
Equity-based compensation expense											(30,190	)
Transaction related costs (c)											(13,910	)
Restructuring expense (d)											(2,653	)
Other (e)											(2,374	)
Net income including noncontrolling interests											234,070
Net income attributable to noncontrolling interests											(48,514	)
Net income attributable to Parsons Corporation										$	185,556

		Nine Months Ended
		September 30, 2024
		Federal Solutions				Critical Infrastructure				Total
Revenue		$	3,003,791			$	2,012,468			$	5,016,259
Direct cost of contracts			(2,394,247	)			(1,585,341	)			(3,979,589	)
Selling, general and administrative expenses (a)			(113,448	)			(103,611	)			(217,059	)
Equity in losses of unconsolidated joint ventures			1,999				(20,024	)			(18,025	)
Other segment items (b)			(182,682	)			(201,910	)			(384,593	)
Adjusted EBITDA attributable to Parsons Corporation		$	315,413			$	101,582				416,995
Reconciliation: Segment Adjusted EBITDA to Net Income Attributable to Parsons Corporation
Adjusted EBITDA attributable to non-controlling interests											41,339
Depreciation and amortization											(73,513	)
Interest expense, net											(29,831	)
Income tax expense											(58,257	)
Equity-based compensation expense											(44,554	)
Convertible debt repurchase loss											(18,355	)
Transaction related costs (c)											(8,958	)
Other (e)											(3,565	)
Net income including noncontrolling interests											221,301
Net income attributable to noncontrolling interests											(40,428	)
Net income attributable to Parsons Corporation										$	180,873

(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)Reflects costs associated with and related to our corporate restructuring in initiatives.

(e)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								Nine Months Ended
		September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Revenue
North America		$	1,313,775			$	1,541,209			$	3,907,105			$	4,232,786
Middle East			302,886				264,437				838,656				769,421
Rest of World			5,087				4,470				14,670				14,052
Total Revenue		$	1,621,748			$	1,810,116			$	4,760,431			$	5,016,259

The geographic location of revenue is determined by the location of the customer.

		September 30, 2025				December 31, 2024
Property and Equipment, Net
North America		$	113,585			$	101,044
Middle East			12,282				10,531
Total Property and Equipment, Net		$	125,867			$	111,575

Summary of Revenues by Business Lines

The following table presents revenues by business units (in thousands):

		Three Months Ended								Nine Months Ended
		September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Revenue
Defense and Intelligence		$	468,935			$	459,318			$	1,369,832			$	1,288,102
Engineered Systems			319,672				646,262				1,066,796				1,715,689
Federal Solutions revenues			788,607				1,105,580				2,436,628				3,003,791
Infrastructure – North America			528,564				438,307				1,479,720				1,237,752
Infrastructure – Europe, Middle East and Africa			304,577				266,229				844,083				774,716
Critical Infrastructure revenues			833,141				704,536				2,323,803				2,012,468
Total Revenue		$	1,621,748			$	1,810,116			$	4,760,431			$	5,016,259

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