CACI International closed its fiscal year by re-accelerating where it matters most. Organic revenue growth stepped up in the June quarter, backlog reached the highest level in company history, and the long-promised free cash flow inflection finally materialized at scale. The defense and intelligence technology franchise is executing the playbook it laid out years ago, and the market has only begun to reprice it.
The market has spent years treating CACI as a steady, low-octane government contractor, and that frame understates the shift underway. Revenue grew to $9.6 billion for the year, up double digits, but the more important signal is that free cash flow nearly doubled to $735 million while the company won new work faster than it burned through existing contracts. A book-to-bill comfortably above one suggests the top-line momentum carries into the year ahead rather than peaking with the year just closed.
Guidance points to another year of double-digit revenue growth and a mid-teens step-up in adjusted earnings per share. The open question is whether the margin and cash-flow gains are durable, or a working-capital gift that reverses when the appropriations cycle turns.