Revenue: As of FY2025, the actual value is USD 344.5 M, missing the estimate of USD 346.8 M.EPS: As of FY2025, the actual value is USD 0.09, missing the estimate of USD 0.17.EBIT: As of FY2025, the actual value is USD 30.08 M.<h3>Segment Revenue</h3><ul><li>Department of Health and Human Services (HHS): $171.7 million (49.8% of total revenue) in 2025, down from $184.5 million (46.6% of total revenue) in 2024.</li><li>Department of Veterans Affairs (VA): $116.4 million (33.8% of total revenue) in 2025, down from $139.9 million (35.3% of total revenue) in 2024.</li><li>Department of Defense (DoD): $53.2 million (15.5% of total revenue) in 2025, down from $64.1 million (16.2% of total revenue) in 2024.</li><li>Other Customers: $3.1 million (0.9% of total revenue) in 2025, down from $7.3 million (1.9% of total revenue) in 2024.</li></ul><h3>Operational Metrics</h3><ul><li>Contract Costs: $279.3 million in 2025, down from $318.4 million in 2024.</li><li>General and Administrative Costs: $31.2 million in 2025, down from $35.5 million in 2024.</li><li>Depreciation and Amortization: $17.2 million in 2025, up slightly from $17.1 million in 2024.</li><li>Total Operating Costs: $327.7 million in 2025, down from $371.0 million in 2024.</li><li>Income from Operations: $16.8 million in 2025, down from $24.9 million in 2024.</li><li>Interest Expense: $15.0 million in 2025, down from $17.2 million in 2024.</li><li>Net Income: $1.4 million in 2025, down from $7.4 million in 2024.</li></ul><h3>Cash Flow</h3><ul><li>Net Cash Provided by Operating Activities: $23.2 million in 2025, down from $27.4 million in 2024.</li><li>Net Cash Used in Investing Activities: - $0.2 million in 2025, down from - $0.8 million in 2024.</li><li>Net Cash Used in Financing Activities: - $23.2 million in 2025, down from - $26.4 million in 2024.</li></ul><h3>Unique Metrics</h3><ul><li>Backlog: $514.3 million as of September 30, 2025, down from $690.3 million as of September 30, 2024.</li><li>Funded Backlog: $114.1 million as of September 30, 2025, down from $155.1 million as of September 30, 2024.</li></ul><h3>Outlook / Guidance</h3><ul><li>The U.S. budget and regulatory landscape remains uncertain, and this uncertainty is expected to continue. The company’s performance depends on overall federal spending levels and how well its capabilities align with government priorities.</li><li>The company closely monitors federal budget, legislative, and contracting developments to adapt its strategies accordingly.</li><li>On October 1, 2025, the U.S. government entered a shutdown which persisted until November 12, 2025, when Congress passed and the President signed an appropriations bill to fund certain agencies and extend funding at current levels for the remaining agencies until January 30, 2026.</li></ul>

DLH | 10-K: FY2025 Revenue Misses Estimate at USD 344.5 M