Parsons is like "Jacobs Engineering meets Booz Allen Hamilton" for critical infrastructure and national security.

Imagine an AECOM or Fluor, but with a deeper specialization in advanced technology, cybersecurity, and intelligence solutions for government defense and critical infrastructure.

• Federal Solutions: Provides advanced technology, engineering, and digital solutions primarily to U.S. government agencies in defense, intelligence, space, and cybersecurity.
• Critical Infrastructure Solutions: Offers comprehensive engineering, design, project management, and technology integration services for transportation, water, environmental, and smart city infrastructure projects.

Parsons (symbol: PSN) primarily sells its services and solutions to government entities and other companies, not individuals.

Its major customers include:

• U.S. Federal Government: This is Parsons' largest customer category, encompassing various agencies. A significant portion of this revenue comes from contracts with the U.S. Department of Defense (DoD), as well as the Intelligence Community, Department of Transportation, Department of Energy, NASA, and other federal bodies. These are government entities and do not have stock symbols.
• State and Local Government Agencies: Parsons works with state and municipal authorities on critical infrastructure projects, transportation systems, and other public services. These are also government entities without stock symbols.
• Commercial Clients: While specific names for individual commercial projects are not consistently disclosed publicly, Parsons also serves large commercial enterprises, particularly in sectors related to critical infrastructure, industrial, and smart city solutions. These clients would vary and specific public company symbols are not identifiable as major individual customers.

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Carey Smith, Chair, President, and Chief Executive Officer

Carey Smith serves as the Chair, President, and Chief Executive Officer of Parsons Corporation, a role she assumed in July 2021 as CEO and April 2022 as Chairwoman. She joined Parsons in 2016 as president of the Federal Solutions business, and was promoted to chief operating officer in 2018 and president and COO in 2019. Prior to Parsons, Ms. Smith held significant leadership positions at Honeywell, including President of Defense and Space, and at Lockheed Martin, where her roles included vice president of Technical Services and president and CEO of the company's Canada operations. She began her career as a systems engineer at IBM Federal Systems. While at Parsons as President and COO, she was involved in acquiring four companies, contributing to Parsons' transformation into an advanced technology solutions integrator. IBM Federal Systems, where she started her career, was acquired by Loral Corporation, which was subsequently sold to Lockheed Martin.

Matt Ofilos, Chief Financial Officer

Matt Ofilos is the Chief Financial Officer for Parsons Corporation, a position he was appointed to in July 2022. He joined Parsons in November 2021 as executive vice president of finance. Mr. Ofilos brings over 20 years of finance experience to his role. Before joining Parsons, he served as the CFO of the worldwide public sector and strategic industries business at Amazon Web Services (AWS). Preceding his time at AWS, Mr. Ofilos spent 19 years at Raytheon, where his roles included CFO for the space command-and-control business unit within its technology services segment, senior director of financial planning and analysis, and senior business manager for Navy communications systems.

George Ball, Board Member (Former Chief Financial Officer)

George Ball is currently a member of the Board of Directors of Parsons Corporation. He previously served as Parsons' Chief Financial Officer from 2008 until July 2022. Mr. Ball joined Parsons in 1995 and held various financial and operational positions before his appointment as CFO. He was instrumental in Parsons' initial public offering in May 2019 and the company's strategic shift to a technology-driven solutions provider. His prior experience includes working as a Senior Accountant at PricewaterhouseCoopers LLP.

Hector Cuevas, Executive Vice President, Missile Defense and C5ISR Market Leader

Hector Cuevas is the Executive Vice President, Missile Defense and C5ISR Market Leader at Parsons, a role he was promoted to in August 2020. He joined Parsons in January 2019 following the company's acquisition of OGSystems, where he was previously senior vice president of product sales operations. Mr. Cuevas is a decorated combat veteran, having served two decades in the U.S. Army and Intelligence Community. His military career included supporting over 100 special operations missions with Special Operations Command-Africa, focusing on geospatial intelligence and ISR support.

Michael K. Berry, President, Engineered Systems

Michael K. Berry serves as the President of Engineered Systems at Parsons Corporation. No additional detailed background information was readily available in the provided search results.

Here are the key risks to Parsons Corporation's business:

1. Reliance on Government Contracts and Funding Volatility: A significant portion of Parsons' revenue, approximately 59% in 2024, is derived from contracts with the U.S. government. This reliance exposes the company to risks associated with changes in government spending priorities, budgetary constraints, the overall political climate, and the potential for government shutdowns. The termination or non-renewal of major government contracts, particularly with the U.S. government, could adversely affect future revenue and growth prospects. For instance, Parsons experienced a significant impact from a shift in a major confidential Federal Solutions program and the loss of a key FAA contract to a competitor.
2. Intense Competition and Pricing Pressure: Parsons operates in highly competitive markets across national security, critical infrastructure, and government and technology services. The presence of numerous key players, including large engineering and defense contractors, leads to continuous pricing pressure and a constant challenge to secure new contracts and retain existing ones. This competitive landscape can affect profitability and market share.
3. Operational and Execution Risks: The nature of Parsons' projects, particularly in technology-driven solutions for defense and infrastructure, inherently carries various operational and execution risks. These include the potential for security breaches in systems developed for clients, which could damage the company's reputation and hinder future contract opportunities. Furthermore, challenges related to supply chain disruptions, inflationary pressures impacting material and service costs, and the successful integration of strategic acquisitions also pose significant operational risks.

The clear emerging threat for Parsons (PSN) comes from the potential rise of highly specialized, AI-native engineering and program management firms. These companies would not merely integrate AI tools into existing workflows, but rather build their entire operational model and competitive advantage around advanced AI and machine learning platforms. This could enable them to automate significant portions of engineering design, optimization, risk assessment, and project delivery for complex critical infrastructure and defense systems.

Such AI-native firms could offer a fundamental step-change in efficiency, speed, and cost by leveraging a lean operational structure and vastly reduced human labor in repetitive or data-intensive tasks. This could allow them to aggressively underbid and out-deliver traditional firms, even those actively adopting AI like Parsons, by operating with a fundamentally different cost basis and execution velocity. While Parsons is itself a technology provider and AI adopter, a truly AI-native competitor could disrupt existing market dynamics by redefining the economics and speed of project delivery, similar to how cloud-native software companies disrupted traditional on-premise providers.

Parsons Corporation (PSN) operates in two primary segments: Federal Solutions and Critical Infrastructure, addressing significant markets with its diverse range of products and services.

• PFAS Remediation: Parsons has identified a $40 billion addressable market for per- and polyfluoroalkyl substances (PFAS) remediation. While not explicitly stated as global or U.S., the context of recent contract awards to Parsons in this area points towards a primarily U.S. market.

Parsons Corporation (PSN) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

1. Strong Backlog and New Contract Awards: Parsons continues to secure significant new contracts and boasts a robust project backlog. As of Q3 2025, the company had a total backlog of $8.8 billion, with 72% of it funded, marking the highest funded level since its IPO. Additionally, Parsons has approximately $11 billion in contract wins not yet booked into backlog and a record pipeline of $58 billion, including over 115 opportunities valued at $100 million or more. Recent wins in Q3 2025 include a ten-year task order for the Holston Army Ammunition Plant, a $133 million contract for the Georgia State Route 400 Express Lanes, and significant defense and security contracts in the Middle East.

2. Strategic Acquisitions and Expansion into Tech-Enabled Solutions: Parsons is actively pursuing strategic acquisitions to enhance its capabilities and expand into high-growth, higher-margin areas. Acquisitions like BlackSignal Technologies and Chesapeake Technologies International bolster its expertise in digital signal processing, electronic warfare, cybersecurity, and intelligence. The company also completed an acquisition in the burgeoning water market, strengthening its presence in Florida. This focus on tech-enabled solutions, including cybersecurity, digital engineering, and analytics, is expected to drive both margin expansion and revenue stability.

3. Growth in Critical Infrastructure Segment: The Critical Infrastructure segment is a significant driver of revenue growth for Parsons. The segment saw an 18% increase in revenue in Q3 2025, driven by both organic growth and contributions from recent acquisitions. Growth is supported by increased volume in both North America and Middle East infrastructure markets, benefiting from federal funding initiatives like the Infrastructure Investment and Jobs Act.

4. Expansion in Key Federal Markets: While facing challenges with a winding-down confidential contract, Parsons anticipates mid-single-digit or better organic revenue growth from its Federal Solutions portfolio, excluding that specific contract. Key growth areas within this segment include critical infrastructure protection, cyber markets, space situational awareness, and missile defense, where the company expects to ramp up work with "Golden Dome funds" and deliver assured position, navigation, and timing solutions. Parsons is also optimistic about securing major projects like a significant FAA air traffic control system contract.

Share Repurchases

• In March 2025, Parsons' Board of Directors increased the company's stock repurchase authorization to $250 million.
• During the first quarter of 2025, Parsons repurchased approximately 424,000 shares for an aggregate purchase price of $25 million.
• As of Q1 2025, $225 million of the authorized share repurchase program remained.

Share Issuance

• In August 2020, Parsons announced the pricing of a private offering of $350.0 million aggregate principal amount of 0.25% convertible senior notes due 2025, resulting in approximately $341.0 million in net proceeds.

Outbound Investments

• In July 2025, Parsons acquired Chesapeake Technologies International, Corp (CTI) for $89 million, strengthening its defense capabilities in electromagnetic warfare and enhancing its position in the Indo-Pacific Command.
• In October 2025, Parsons acquired Applied Sciences Consulting, Inc., a Florida-based engineering firm specializing in water and stormwater solutions, through an all-cash transaction to expand its water expertise and presence in Florida.
• Payments for acquisitions, net of cash acquired, totaled $118.3 million for the nine months ended September 30, 2025.

Capital Expenditures

• For the nine months ended September 30, 2025, capital expenditures were $36.0 million.
• Capital expenditures for fiscal year 2025 are expected to remain around 1% of annual revenue.
• The company anticipates an increase in capital expenditures during the second half of 2025 to support long-term growth, with some offset from reductions in facility square footage.