# CACI International Inc. (CACI) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-29  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/CACI/thesis · /stocks/CACI/memo

## Financial Snapshot

---
source: coverage-next-full
ticker: CACI
step: "04"
title: Financial Snapshot — 3-Year P&L Summary
created: 2026-05-29
---

### Step 04 — Financial Snapshot

#### Income Statement Summary (FY2022–FY2024)

| Metric | FY2022 | FY2023 | FY2024 |
|--------|--------|--------|--------|
| Revenue ($M) | $5,985 | $6,693 | $7,426 |
| Revenue Growth YoY | +4.7% | +11.8% | +10.9% |
| Cost of Revenue ($M) | ~$4,890 | ~$5,440 | ~$5,990 |
| **Gross Profit ($M)** | **~$1,095** | **~$1,253** | **~$1,436** |
| Gross Margin | ~18.3% | ~18.7% | ~19.3% |
| SG&A ($M) | ~$420 | ~$455 | ~$490 |
| Operating Income (GAAP) ($M) | ~$375 | ~$435 | ~$510 |
| Operating Margin (GAAP) | ~6.3% | ~6.5% | ~6.9% |
| Net Interest Expense ($M) | ~$115 | ~$120 | ~$115 |
| Pretax Income ($M) | ~$260 | ~$315 | ~$395 |
| Income Tax Expense ($M) | ~$65 | ~$78 | ~$98 |
| Effective Tax Rate | ~25% | ~25% | ~25% |
| **Net Income (GAAP) ($M)** | **~$195** | **~$237** | **~$297** |
| Net Margin (GAAP) | ~3.3% | ~3.5% | ~4.0% |
| Diluted EPS (GAAP) | ~$8.35 | ~$10.15 | ~$12.80 |
| Diluted Shares Outstanding (M) | ~23.3 | ~23.4 | ~23.2 |

#### Non-GAAP Adjusted Metrics

CACI reports Adjusted EBITDA and Adjusted Net Income as key management metrics, excluding amortization of acquisition intangibles and certain restructuring/deal costs.

| Metric | FY2022 | FY2023 | FY2024 |
|--------|--------|--------|--------|
| Adjusted EBITDA ($M) | ~$585 | ~$665 | ~$745 |
| Adj. EBITDA Margin | ~9.8% | ~9.9% | ~10.0% |
| D&A ($M) | ~$130 | ~$140 | ~$145 |
| Acquisition Intangibles Amort. ($M) | ~$75 | ~$80 | ~$80 |
| Adjusted Net Income ($M) | ~$300 | ~$360 | ~$420 |
| Adjusted EPS (diluted) | ~$12.85 | ~$15.40 | ~$18.10 |

The gap between GAAP and adjusted EPS ($8.35 vs. $12.85 in FY2022) is primarily driven by acquisition-related amortization. CACI has been acquisitive over its history, accumulating ~$2.3B in goodwill and ~$500M in intangible assets.

#### Profitability Trajectory

The gradual GAAP margin expansion (6.3% → 6.9% EBIT over three years) and adjusted EBITDA margin stability (~10%) reflect:
1. Revenue scale benefits in G&A leverage
2. Mix shift toward higher-margin technology content (fixed-price, proprietary systems)
3. Partially offset by annual labor cost inflation (3-5% wage growth for cleared workforce)

#### Key Ratios (FY2024)

| Ratio | Value | Context |
|-------|-------|---------|
| Gross Margin | 19.3% | Low for IT; typical for defense services labor model |
| EBIT Margin (GAAP) | 6.9% | Below BAH (10-11%), above SAIC (5-6%) |
| EBITDA Margin (adj.) | 10.0% | Peer range 8-12% |
| Net Margin (GAAP) | 4.0% | Compressed by amortization and interest |
| Interest Coverage (EBIT/Interest) | ~4.4x | Adequate but not exceptional |
| Effective Tax Rate | ~25% | Near statutory; R&D credits modest |
| Revenue per Employee | ~$315K | Typical for cleared-labor contractor |

#### EPS Growth Track Record

| Period | GAAP EPS | Adj. EPS | YoY Adj. Growth |
|--------|----------|----------|-----------------|
| FY2020 | ~$9.10 | ~$13.40 | — |
| FY2021 | ~$7.50 | ~$12.80 | ~-4.5% |
| FY2022 | ~$8.35 | ~$12.85 | ~+0.4% |
| FY2023 | ~$10.15 | ~$15.40 | ~+19.8% |
| FY2024 | ~$12.80 | ~$18.10 | ~+17.5% |

FY2021 was a trough year (modest revenue, higher amortization post-LGS acquisition). Recovery from FY2022 onward has been strong, with FY2023-FY2024 showing 18-20% adjusted EPS growth as revenue accelerated and margins gradually improved.

#### Guidance Context (FY2025)

Management FY2025 guidance (issued with Q2 FY2025 earnings):
- Revenue: ~$8.0-8.15B (implying ~8-9% growth)
- Adjusted EBITDA: ~$810-825M (margin ~10.1-10.2%)
- Adjusted EPS: ~$20.00-21.00 (implying ~10-15% growth)
- Free Cash Flow: ~$550-600M

FY2025 guidance reflects moderating but healthy growth as organic wins flow into funded backlog and contract ramp.

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/CACI/fundamental

## Navigation

- Overview: /stocks/CACI
- Financials (this page): /stocks/CACI/financials
- Thesis: /stocks/CACI/thesis
- Investment Memo: /stocks/CACI/memo
- Coverage universe: /stocks