CACI International Inc (CACI) Income Statement

Growth has persisted through all ten quarters without a single contraction, which for a government services franchise suggests backlog conversion is outrunning the appropriations cycle rather than depending on one-time awards. The dispersion between the 19.7% print in 2024Q4 and 5.7% in 2026Q2 does, however, hint that acquisition-driven steps and recompete timing are smoothing unevenly, so investors should treat the ~11% trend as more informative than any single quarter.

The clustering of readings near 9% in most periods versus 31-34% in 2026Q3 and 2026Q4 suggests the revenue line is not being matched against COGS on a comparable basis each quarter, making period-over-period margin comparison unreliable for underwriting. SG&A is disclosed in only three of the ten quarters and R&D is reported as zero throughout, so a clean read on overhead efficiency is not available from this dataset and warrants further investigation in the underlying filings.

Because operating income of $272.2M did not scale with the $913.5M gross profit, the apparent breakout did not flow through to the bottom line, which argues against reading it as evidence of the technology-mix thesis taking hold. The fact that 2027Q1 reverted to 10.0% gross margin reinforces the interpretation that 2026Q4 was an anomaly, and analysts modeling margin expansion off that quarter may be building in an improvement the income statement has not yet corroborated.