CACI added a billion dollars of annual revenue this year.
For the twelve months ended June 30, revenue rose 10.9% to $9.6 billion, while operating income grew 20.4% to $919.8 million. Operating margin widened from 8.9% to 9.6%, giving the straightforward reading: CACI grew and kept more of each sales dollar.
The cash numbers look even cleaner. Operating cash flow jumped 62.1% to $886.7 million, lifting cash conversion to 1.65 times from 1.09 times. But CACI also spent $2.7 billion on investing activities, up $975.3 million, primarily because of acquisitions. The business generated more cash, then put a much larger checkbook to work.
CACI says the improvement in operating cash flow came from higher net income, a tax change allowing the deduction of domestic research and development costs, the timing of customer collections, and other favorable working-capital movements. That list matters because not every dollar in the increase came from the underlying earnings line.
The company also ended the year with $191.8 million of cash, up from $106.2 million. That increase did not come only from operations. Financing provided $1.9 billion, up $756.9 million, as CACI increased borrowings and reduced stock repurchases.
Management describes the financing change plainly:
"Net cash provided by financing activities increased $756.9 million primarily due to an increase in net borrowings under the Credit Facility, the Term Loan B-2, and the 2033 Notes-2 and a decrease in stock repurchase activity."
CACI, 2026 10-K, filed August 6, 2026
So the cash balance is higher, but the balance-sheet route is visible. CACI carries $2.7 billion of net debt.
The income statement adds another wrinkle. Net income rose only 7.2% to $535.8 million, and net margin slipped from 5.8% to 5.6%. CACI says higher interest expense was primarily tied to higher debt balances used to finance acquisitions.
"The increase in interest expense and other, net was primarily due to higher outstanding debt balances in the current year resulting from borrowings used to finance acquisitions."
CACI, 2026 10-K, filed August 6, 2026
The comparison shows a larger company and stronger operating income alongside debt used to fund acquisitions, which put pressure below operating income. Diluted shares edged down from 22.4 million to 22.2 million, so share count was not doing the work in place of profit growth.
The working-capital figures leave a separate item on the checklist. Inventory rose 40.0% to $180.7 million, while accounts receivable increased 21.3% to $1.7 billion. CACI does not disclose a specific cause for those balance changes beyond the collection timing cited in its cash-flow discussion.
The company also warns that backlog can change through new contracts, modifications, extensions, government deobligations, early terminations, or other factors. That disclosure puts the growth story alongside a more familiar government-services variable: the revenue base is tied to contracts that can be altered.
CACI's next quarterly report will leave the central question more concrete by showing operating cash flow alongside acquisition spending and net borrowings. The unanswered question is how much of the cash lift remains after the company pays for expansion and the debt attached to it.
CACI's 2026 10-K shows stronger operating cash flow alongside higher acquisition spending and borrowings.