Parsons Corporation (PSN): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde des enjeux élevés de l'innovation gouvernementale et de défense, Parsons Corporation (PSN) apparaît comme une puissance stratégique, transformant des défis technologiques complexes en solutions de pointe. Avec un modèle commercial robuste qui plie de manière transparente la sécurité nationale, les infrastructures et les services technologiques avancés, Parsons s'est positionné comme un partenaire critique pour les agences fédérales et les organisations de défense. Leur approche unique combine une expertise technique approfondie, des partenariats stratégiques et une suite complète de capacités d'ingénierie et de cybersécurité qui redéfinissent comment les projets critiques de mission sont conceptualisés, développés et exécutés sur plusieurs secteurs.

Parsons Corporation (PSN) - Modèle d'entreprise: partenariats clés

Département américain de la Défense et des agences gouvernementales fédérales

En 2024, Parsons Corporation a obtenu 1,97 milliard de dollars de contrats du gouvernement fédéral. Les partenariats clés de l'agence fédérale comprennent:

Agence	Valeur du contrat	Durée du contrat
Département américain de la défense	1,2 milliard de dollars	2023-2026
Département de sécurité intérieure	425 millions de dollars	2024-2027
NASA	345 millions de dollars	2024-2025

Aérospatiale et entrepreneurs de premier plan en technologie

Parsons maintient des partenariats stratégiques avec les principaux entrepreneurs en aérospatiale et en technologie:

• Lockheed Martin
• Boeing
• Northrop Grumman
• Raytheon Technologies

Partenaires internationaux de défense et d'infrastructure

Pays	Focus de partenariat	Valeur de partenariat estimé
Émirats arabes unis	Infrastructure de défense	675 millions de dollars
Arabie Saoudite	Infrastructure critique	542 millions de dollars
Royaume-Uni	Solutions de cybersécurité	389 millions de dollars

Entreprises de technologie avancée et de cybersécurité

Les partenariats de cybersécurité et de technologie comprennent:

• Réseaux palo alto
• Cowsterrike
• Mandiant
• Sabot

Sous-traitants d'ingénierie et de construction

Sous-traitant	Spécialisation	Valeur du contrat
Aecom	Ingénierie des infrastructures	256 millions de dollars
Fluor Corporation	Projets de construction complexes	412 millions de dollars
Colline CH2M	Génie environnemental	189 millions de dollars

Parsons Corporation (PSN) - Modèle d'entreprise: activités clés

Infrastructure gouvernementale et conception du projet de défense

Parsons Corporation a généré 4,1 milliards de dollars de revenus liés au gouvernement et à la défense en 2023. La société soutient actuellement 44 agences gouvernementales américaines et gère plus de 150 projets d'infrastructures de défense actifs.

Catégorie de projet	Valeur du contrat annuel	Nombre de projets actifs
Conception d'infrastructure de défense	1,2 milliard de dollars	78 projets
Modernisation des bases militaires	650 millions de dollars	42 projets

Développement de solutions technologiques avancées

Parsons a investi 127 millions de dollars dans la R&D pour les solutions de technologie avancée en 2023, en se concentrant sur les domaines technologiques émergents.

• Intégration de l'intelligence artificielle
• Recherche informatique quantique
• Développement de robotique avancée
• Technologies d'apprentissage automatique

Services de cybersécurité et de transformation numérique

Le segment de la cybersécurité a généré 892 millions de dollars de revenus en 2023, avec 36 contrats de cybersécurité fédéraux actifs.

Service de cybersécurité	Revenus annuels	Segments du client
Solutions fédérales de cybersécurité	456 millions de dollars	Ministère de la Défense
Protection contre les infrastructures critiques	336 millions de dollars	Sécurité intérieure

Ingénierie et conseil technique

Les services de conseil technique ont représenté 1,3 milliard de dollars de revenus pour Parsons en 2023, avec 220 projets d'ingénierie actifs dans plusieurs secteurs.

Intégration et gestion des systèmes complexes

Le segment de l'intégration des systèmes a géré 2,1 milliards de dollars de projets d'infrastructures technologiques complexes en 2023.

Domaine d'intégration des systèmes	Valeur totale du projet	Niveau de complexité
Systèmes de sécurité nationale	780 millions de dollars	Haut
Infrastructure de transport	620 millions de dollars	Moyen-élevé

Parsons Corporation (PSN) - Modèle d'entreprise: Ressources clés

Main-d'œuvre technique hautement qualifiée

Depuis 2024, Parsons Corporation emploie 16 500 membres du personnel professionnel sur plusieurs emplacements mondiaux. La répartition des effectifs comprend:

Catégorie des employés	Pourcentage	Nombre
Ingénieurs	48%	7,920
Spécialistes techniques	27%	4,455
Chefs de projet	15%	2,475
Personnel de soutien	10%	1,650

Ingénierie avancée et capacités technologiques

Les capacités technologiques clés comprennent:

• Solutions de transformation numérique
• Infrastructure de cybersécurité
• Technologies géospatiales avancées
• Conception d'infrastructures critiques

Plates-formes et solutions technologiques propriétaires

Parsons maintient 37 brevets technologiques actifs dans divers domaines. L'investissement technologique pour 2024 est prévu à 124 millions de dollars.

Des relations contractuelles du gouvernement et de la défense

Composition du portefeuille de contrats:

Type de contrat	Valeur annuelle	Pourcentage de revenus
Contrats fédéraux américains	2,3 milliards de dollars	62%
Contrats de défense internationale	685 millions de dollars	18%
Projets d'infrastructure critiques	542 millions de dollars	15%

Propriété intellectuelle et expertise technique

Métriques de la propriété intellectuelle pour 2024:

• Investissement total de R&D: 89,7 millions de dollars
• Projets de recherche actifs: 62
• Demandes de brevet déposées: 24
• Accords de transfert de technologie: 13

Parsons Corporation (PSN) - Modèle d'entreprise: propositions de valeur

Solutions complètes de sécurité nationale et d'infrastructure

Parsons Corporation fournit des solutions d'infrastructure critiques avec un portefeuille de contrats d'une valeur de 4,1 milliards de dollars sur les marchés de défense et de renseignement à partir de 2023. La société livre services d'infrastructure critique de mission dans plusieurs secteurs gouvernementaux.

Segment de marché	Valeur du contrat annuel	Zones de service clés
Infrastructure de défense	1,8 milliard de dollars	Modernisation des bases militaires
Infrastructure de renseignement	1,3 milliard de dollars	Conception de l'installation sécurisée
Sécurité intérieure	1 milliard de dollars	Protection contre les infrastructures critiques

Innovation technologique de pointe pour des défis complexes

Parsons investit environ 45 millions de dollars par an en recherche et développement, en se concentrant sur les technologies émergentes.

• Intégration de l'intelligence artificielle
• Systèmes de robotique avancés
• Solutions informatiques quantiques
• Algorithmes d'apprentissage automatique

Gestion de projet de bout en bout et expertise technique

La société gère des projets complexes avec une main-d'œuvre de 16 500 professionnels dans plusieurs emplacements mondiaux, offrant des solutions techniques avec un taux d'achèvement du projet de 98,7%.

Catégorie de projet	Durée moyenne du projet	Taux de réussite
Projets d'infrastructure	36 mois	97.5%
Mise en œuvre de la technologie	24 mois	99.2%

Services avancés de cybersécurité et de transformation numérique

Le segment de la cybersécurité génère 750 millions de dollars de revenus annuels, avec des services spécialisés ciblant le gouvernement et les secteurs commerciaux.

• Conception d'architecture zéro-frust
• Plateformes d'intelligence de menace
• Implémentations de sécurité du cloud
• Capacités de réponse aux incidents

Solutions d'ingénierie spécialisées sur plusieurs secteurs

Parsons opère dans divers domaines d'ingénierie avec 6,2 milliards de dollars de revenus annuels totaux en 2023, distribués sur plusieurs secteurs spécialisés.

Secteur de l'ingénierie	Revenus annuels	Part de marché
Infrastructure critique	2,1 milliards de dollars	34%
Technologies de défense	1,8 milliard de dollars	29%
Cybersécurité	750 millions de dollars	12%
Transformation numérique	1,55 milliard de dollars	25%

Parsons Corporation (PSN) - Modèle d'entreprise: relations clients

Partenariats contractuels du gouvernement à long terme

Parsons Corporation maintient 47 contrats gouvernementaux actifs au T2 2023, avec une valeur de contrat totale de 8,3 milliards de dollars. Les principales agences fédérales comprennent:

Agence	Valeur du contrat	Durée du contrat
Ministère de la Défense	3,2 milliards de dollars	5-7 ans
Département de sécurité intérieure	1,7 milliard de dollars	4-6 ans
Département de l'énergie	1,4 milliard de dollars	3-5 ans

Équipes de gestion des comptes dédiés

Couverture du segment de la clientèle:

• Secteur gouvernemental: 28 équipes de compte dédié
• Infrastructure critique: 15 groupes de gestion des comptes spécialisés
• Défense & Intelligence: 19 gestionnaires de relations stratégiques

Support technique continu et consultation

Métriques de support technique pour 2023:

Métrique de soutien	Performance
Temps de réponse moyen	2,3 heures
Heures de soutien annuelles	87 500 heures
Évaluation de satisfaction du client	94.6%

Modèles de relations basées sur les performances

Structures incitatives de performance pour 2023-2024:

• Contrats de partage des risques: 22% du portefeuille total des contrats
• Modèles de rémunération basés sur les résultats: 18% des contrats
• Potentiel de bonus de performance: jusqu'à 15% de la valeur du contrat

Développement de solutions personnalisées

Métriques de développement de solutions personnalisées:

Catégorie de solution	Nombre de solutions personnalisées	Temps de développement moyen
Systèmes de défense	37 solutions	8-12 mois
Projets d'infrastructure	24 solutions	6-9 mois
Implémentations de la cybersécurité	19 solutions	4-6 mois

Parsons Corporation (PSN) - Modèle commercial: canaux

Négociations directes du gouvernement et des contrats de défense

Parsons Corporation génère 4,2 milliards de dollars de revenus annuels du gouvernement et des contrats de défense en 2023. La société maintient des contrats actifs avec 15 agences fédérales, y compris:

Agence	Valeur du contrat
Ministère de la Défense	1,8 milliard de dollars
Département de sécurité intérieure	620 millions de dollars
Département de l'énergie	450 millions de dollars

Conférences techniques et événements de l'industrie

Parsons participe à 37 conférences industrielles majeures Annuellement, avec une portée d'engagement moyenne de 12 500 clients potentiels.

• Expo de défense et de sécurité
• Forum de la technologie des infrastructures
• Conférence de protection des infrastructures critiques

Plateformes de proposition en ligne et d'appel d'offres

La société soumet approximativement 225 propositions numériques par an sur les plateformes d'approvisionnement du gouvernement:

Plate-forme	Propositions annuelles	Taux de réussite
Sam.gov	175	42%
GSA EBUY	50	36%

Réseautage professionnel et gestion des relations

Parsons maintient 2 200 relations avec les clients de niveau d'entreprise actifs sur plusieurs secteurs. Les mesures de réseautage clés comprennent:

• Connexions LinkedIn: 85 000
• Réunions exécutives de l'industrie: 412 par trimestre
• Partenariat stratégique Accords: 24 partenariats actifs

Plateformes de communication numérique et de gestion de projet

L'infrastructure des canaux numériques comprend:

Plate-forme	Nombre d'utilisateurs	Investissement annuel
Microsoft Teams	12 500 employés	3,2 millions de dollars
Salesforce CRM	850 utilisateurs de ventes / gestion	1,5 million de dollars
Gestion de projet Primavera	2 300 chefs de projet	2,7 millions de dollars

Parsons Corporation (PSN) - Modèle d'entreprise: segments de clientèle

Agences gouvernementales fédérales américaines

Au cours de l'exercice 2022, Parsons Corporation a généré 4,26 milliards de dollars de revenus totaux, avec environ 85% des contrats du gouvernement américain.

Segment de clientèle	Plage de valeurs de contrat	Dépenses annuelles
Agences gouvernementales fédérales	50 millions de dollars - 500 millions de dollars	3,62 milliards de dollars

Ministère de la Défense

Parsons détient plusieurs contrats liés à la défense totalisant 1,8 milliard de dollars en 2022.

• Valeur du contrat Agence de systèmes d'information de la défense (DISA): 675 millions de dollars
• Contrat de l'agence de défense des missiles: 412 millions de dollars
• Projets du Corps des ingénieurs de l'armée: 253 millions de dollars

Sécurité intérieure

Les contrats liés à la sécurité intérieure en 2022 représentaient 456 millions de dollars de revenus de Parsons.

Segment de la sécurité intérieure	Durée du contrat	Valeur totale du contrat
Technologie de protection des frontières	5 ans	225 millions de dollars
Protection contre les infrastructures critiques	3 ans	231 millions de dollars

Communauté du renseignement

Les contrats liés au renseignement ont représenté 612 millions de dollars en 2022.

• Contrats de l'Agence nationale de sécurité (NSA): 287 millions de dollars
• Support technologique de la CIA: 195 millions de dollars
• Projets de l'agence de renseignement de la défense: 130 millions de dollars

Organisations internationales de défense et d'infrastructure

Les contrats internationaux représentaient 15% des revenus totaux de Parsons en 2022, soit environ 638 millions de dollars.

Région géographique	Secteurs contractuels	Valeur totale du contrat
Moyen-Orient	Défense et infrastructure	412 millions de dollars
Asie-Pacifique	Technologie et sécurité	226 millions de dollars

Parsons Corporation (PSN) - Modèle d'entreprise: Structure des coûts

Investissement de la recherche et du développement

Pour l'exercice 2023, Parsons Corporation a investi 209,4 millions de dollars dans les frais de recherche et de développement, ce qui représente 4,3% des revenus totaux.

Exercice fiscal	Investissement en R&D	Pourcentage de revenus
2023	209,4 millions de dollars	4.3%

Compensation technique de la main-d'œuvre

La rémunération totale des employés pour Parsons en 2023 était de 2,1 milliards de dollars, avec un salaire annuel moyen de 112 500 $ pour les professionnels techniques.

• Total de main-d'œuvre: 18 700 employés
• Salaire professionnel technique moyen: 112 500 $
• Budget total de rémunération: 2,1 milliards de dollars

Maintenance des infrastructures technologiques

La maintenance des infrastructures et les coûts d'investissement technologique pour 2023 ont totalisé 157,6 millions de dollars.

Catégorie de coûts d'infrastructure	Dépenses annuelles
Maintenance d'infrastructure informatique	87,3 millions de dollars
Mises à niveau de l'équipement technologique	70,3 millions de dollars

Conformité du gouvernement et exigences réglementaires

Les dépenses liées à la conformité pour 2023 s'élevaient à 45,2 millions de dollars.

• Coûts de conformité réglementaire: 28,6 millions de dollars
• Dépenses juridiques et d'audit: 16,6 millions de dollars

Investissements technologiques et équipements spécifiques au projet

Le total des investissements technologiques spécifiques au projet en 2023 a atteint 312,5 millions de dollars.

Catégorie de technologie du projet	Montant d'investissement
Systèmes de technologie de défense	187,3 millions de dollars
Technologie d'infrastructure	125,2 millions de dollars

Parsons Corporation (PSN) - Modèle d'entreprise: Strots de revenus

Revenus contractuels du gouvernement fédéral

Exercice 2023 Revenus du contrat fédéral: 4,18 milliards de dollars

Type de contrat	Montant des revenus
Contrats du ministère de la Défense	2,65 milliards de dollars
Contrats d'agence civile	1,53 milliard de dollars

Contrats du projet de défense et de sécurité nationale

Valeur du contrat du projet de défense total pour 2023: 3,1 milliards de dollars

• Contrats de la communauté du renseignement: 892 millions de dollars
• Contrats de soutien à la logistique militaire: 1,24 milliard de dollars
• Projets de défense de la cybersécurité: 678 millions de dollars

Frais de service de technologie et de cybersécurité

2023 Revenus du service technologique: 1,42 milliard de dollars

Catégorie de service	Revenu
Solutions de cybersécurité	612 millions de dollars
Services de transformation numérique	458 millions de dollars
Services d'ingénierie cloud	350 millions de dollars

Développement des infrastructures et services d'ingénierie

Revenus du projet d'infrastructure pour 2023: 2,36 milliards de dollars

• Infrastructure de transport: 1,05 milliard de dollars
• Modernisation des infrastructures critiques: 782 millions de dollars
• Projets d'ingénierie environnementale: 523 millions de dollars

Projet international et revenus de consultation

2023 Revenus du projet international: 1,17 milliard de dollars

Région géographique	Revenu
Moyen-Orient	542 millions de dollars
Asie-Pacifique	378 millions de dollars
Europe et autres régions	250 millions de dollars

Parsons Corporation (PSN) - Canvas Business Model: Value Propositions

You're looking at the core promises Parsons Corporation (PSN) is making to its customers, which are clearly backed by some serious contract wins as of late 2025. These aren't just vague statements; they are tied to specific, large-scale government commitments.

Delivering national security solutions in cyber, space, and missile defense.

Parsons Corporation is delivering on its national security promise, even while navigating the wind-down of a specific confidential contract. When you look at the Federal Solutions segment excluding that contract, the story changes to one of growth. For the third quarter of 2025, revenue growth, excluding that contract, was 14%, with organic growth at 9%. This growth is clearly hitting the priority areas you'd expect, driven by wins in cyber, intelligence, and space and missile defense markets. To give you a sense of the scale they are positioning for, Parsons secured a position on the $15 billion Pacific Deterrence Initiative MACC and, more recently, on the $3.5 billion DTRA CTRIC IV IDIQ contract vehicle. That's significant capability positioning.

End-to-end critical infrastructure protection and modernization.

This is where the growth story is really shining through in the financials. The Critical Infrastructure segment is delivering for PSN, showing robust expansion. In the third quarter of 2025, this segment's revenue jumped 18% year-over-year, with organic growth hitting 13%. This performance is supported by recent acquisitions and strong execution in North America and the Middle East. Here's a quick look at how the segments stacked up in Q3 2025:

Metric	Critical Infrastructure Segment	Federal Solutions Segment
Q3 2025 Revenue Change (YoY)	Increased 18%	Decreased 29% (including confidential contract)
Q3 2025 Organic Revenue Change	Increased 13%	Increased 5% (excluding confidential contract)
Q3 2025 Adjusted EBITDA Margin	10.3%	9.0%

Expertise in complex environmental remediation, including PFAS solutions.

Parsons Corporation is actively translating its environmental expertise into tangible contract value, especially around emerging contaminants like PFAS. They were recently awarded a seat on a massive $1.5 billion multiple-award task order contract from the Air Force Civil Engineering Center specifically for environmental work, including PFAS. On the contract wins front, they reported year-to-date PFAS awards totaling nearly $70 million as of the Q3 2025 reporting period, including three contracts totaling $23 million in that quarter alone. Plus, they secured a $176 million design-build contract with the Army Corps of Engineers for a new tank farm at Holston Army Ammunition Plant, showing breadth beyond just cleanup.

Program management for multi-billion dollar transportation projects (e.g., Hudson Tunnel Project).

The value proposition here is managing mega-projects using the delivery partner model. The most concrete example is the Hudson Tunnel Project (HTP). In September 2025, the MPA Delivery Partners joint venture, which includes Parsons, was awarded a $665 million, 4.5-year contract extension by the Gateway Development Commission (GDC) to continue managing the delivery. This project is forecast to create more than 95,000 jobs and generate over $19 billion in economic activity nationwide. The new Gateway Tunnel is slated for completion in 2035.

High-margin, technology-enabled services and digital engineering.

The focus on technology-enabled services is reflected in the margin expansion across the company, despite some revenue headwinds from the confidential contract. The overall Adjusted EBITDA margin for the third quarter of 2025 was 9.8%, which is an expansion of 60 basis points year-over-year. The company's full-year 2025 Adjusted EBITDA guidance is set between $600 million and $630 million. The fact that the Critical Infrastructure segment, which leans heavily on these modern services, posted a segment margin of 10.3% in Q3 2025 shows where the profitability is concentrated. It's all about driving that margin profile upward.

Finance: draft 13-week cash view by Friday.

Parsons Corporation (PSN) - Canvas Business Model: Customer Relationships

You're looking at how Parsons Corporation locks in its business, and it's heavily reliant on deep, long-term partnerships, especially with government clients. This isn't about one-off sales; it's about becoming an indispensable part of the customer's mission structure.

Dedicated, consultative engagement for long-term, multi-year contracts.

Parsons Corporation cultivates relationships through dedicated, consultative support, which translates directly into long-term revenue visibility. This approach is evident in their contract structures, which frequently include base periods followed by multiple option years. For instance, the Air Force Civil Engineering Center (AFCEC) environmental services contract is an indefinite-delivery, indefinite-quantity (IDIQ) award with a five-year base period and five one-year options, plus an additional six-month extension option. Similarly, the Defense Threat Reduction Agency (DTRA) contract has a five-year base and a one five-year option period. This structure ensures Parsons is engaged for substantial durations, often spanning a decade or more on key programs.

Relationship-driven contract recompetes and extensions (e.g., $665 million extension).

The success of initial performance directly fuels relationship-driven recompetes and extensions. A prime example is the contract extension secured by the MPA Delivery Partners joint venture, which includes Parsons, for the Hudson Tunnel Project (HTP). This was a $665 million, 4.5-year contract extension awarded by the Gateway Development Commission (GDC). This single extension provides substantial revenue visibility through approximately 2029. This continuation signals client satisfaction and execution capability on what's described as the most urgent rail infrastructure project in the United States. The company also secured a six-year, $133 million contract extension for Georgia's State Route 400 Express Lanes.

Here's a look at the duration and value associated with some of these long-term relationship anchors:

Contract/Program	Value (Ceiling/Award)	Base Period	Option/Extension Length	Relationship Driver
Hudson Tunnel Project Extension (MPA JV)	$665 million	N/A (Extension)	4.5 years	Successful initial performance/Delivery Partner Model
Air Force Environmental Services (AFCEC)	$1.5 billion (Ceiling)	Five years	Five one-year options + six months	Proven capability in environmental remediation (PFAS)
DTRA CWMD Support (IDIQ MATOC)	$4 billion (Ceiling)	Five years	One five-year option	Decades-long support of DTRA mission
Georgia State Route 400 Lanes	$133 million (Extension)	N/A (Extension)	Six years	Continued role as lead designer

The total backlog for Parsons Corporation stood at $8.8 billion as of the third quarter of 2025, with 72 percent funded, which represents the highest funded level since the company's 2019 Initial Public Offering (IPO). That backlog is the direct result of these long-term engagements.

Embedded teams providing continuous support and systems integration.

The consultative nature means Parsons often places teams directly within client operations. This is more than just having staff on site; it involves continuous support and deep systems integration, making Parsons' presence integral to daily mission success. For example, a recent $88 million task order under the Air Base Air Defense (ABAD) IDIQ contract vehicle involved providing equipment procurement, systems integration, training, technical support, and ongoing maintenance for U.S. Air Forces in Europe and Africa. This level of integration requires sustained, embedded expertise.

Key relationship indicators tied to continuous support include:

• Securing a 10-year task order for design and modernization at the Holston Army Ammunition Plant.
• Providing architecture, engineering, and related services for Sound Transit's $60 billion capital program, building on existing design partnerships.
• The company's stated strategy includes completing two to three acquisitions annually to expand capabilities and better serve existing customer needs through enhanced offerings.

High-level executive engagement with government and military leadership.

Maintaining relationships at the highest levels is crucial for securing and sustaining large government contracts. Parsons Corporation's leadership is actively involved in these top-tier discussions. The CEO participated in private CEO roundtables with the U.S. President and regional leaders during a presidential visit to the Middle East. This level of access helps align Parsons' capabilities with national security and infrastructure priorities, which is key when competing for large, strategic awards.

Solution-based selling for mission-critical, bespoke requirements.

Parsons focuses on selling tailored solutions for unique, mission-critical needs rather than off-the-shelf products. This is evident across both segments. In Federal Solutions, they compete for task orders involving research, development, testing and evaluation, and systems engineering to meet specific Department of Defense Countering Weapons Of Mass Destruction (CWMD) objectives under the $4 billion DTRA contract. In Critical Infrastructure, they won three contracts in the PFAS market totaling $23 million in Q3 2025, demonstrating an ability to address emerging environmental contaminants with specialized, bespoke remediation technology, often leveraging recent acquisitions like TRS Group Inc. The company's Q3 2025 adjusted EBITDA margin rose to 9.8 percent, partly driven by stronger program performance, suggesting that these complex, solution-based contracts are delivering profitable results.

Parsons Corporation (PSN) - Canvas Business Model: Channels

You're looking at how Parsons Corporation moves its services to market as of late 2025. The channels are heavily weighted toward direct government contracting, which is typical for a firm of this size in the defense and infrastructure spaces. The data shows a clear focus on securing large, multi-year contract vehicles that provide a steady stream of potential work.

Direct bidding on federal IDIQ (Indefinite Delivery, Indefinite Quantity) contracts

Direct bidding on federal IDIQ contracts remains a cornerstone channel for Parsons Corporation, particularly within the Federal Solutions segment. These vehicles allow Parsons to compete for task orders over an extended period, securing future revenue visibility. The company has been highly successful in this area recently, evidenced by several large-ceiling awards.

Parsons Corporation was selected as an awardee for the Defense Threat Reduction Agency (DTRA) Cooperative Threat Reduction Integration Contract (CTRIC) IV, an IDIQ Multiple Award Task Order Contract (MATOC) with a ceiling value of $3.5 billion, which includes a five-year base period and a five-year option period. Furthermore, Parsons secured prime positions on four multiple-award IDIQ contracts by federal customers, which have a combined ceiling value of $43.5 billion year-to-date through Q3 2025. Another key win includes a seat on a $1.5 billion IDIQ multiple award task order contract from the Air Force Civil Engineer Center.

The conversion of these large vehicles into booked revenue is key. For example, in Q3 2025, Parsons booked $82 million on an $88 million task order awarded under the Air Base Air Defense (ABAD) IDIQ contract vehicle. Still, the channel faces timing risks; Federal Solutions revenue, including a confidential contract, decreased 29% in Q3 2025 year-over-year, though excluding that contract, revenue increased 9% total.

Direct sales to state and local transportation/water authorities

The Critical Infrastructure segment relies on direct engagement with state and local authorities, capitalizing on infrastructure spending tailwinds. This channel saw strong performance in Q3 2025, with revenue increasing 18% year-over-year to $833 million, up from $705 million in Q3 2024. The segment's adjusted EBITDA saw an 83% increase in the same period.

Major contract wins illustrate this direct channel success:

• Secured a six-year authorization for Georgia's State Route 400 Express Lanes, valued at $133 million.
• Won three contracts in the PFAS market totaling $23 million in Q3 2025, booking nearly $70 million year-to-date in PFAS awards.
• Acquired Applied Sciences Consulting, Inc., to expand water and stormwater solutions expertise for cities and districts in Florida.

Joint venture structures for large-scale, complex infrastructure bids

Parsons Corporation uses joint venture (JV) structures to pursue massive, complex projects that require combined expertise and bonding capacity. This is a critical channel for securing marquee infrastructure work.

A notable example is MPA Delivery Partners, a JV of three companies including Parsons, which was awarded a $665 million, 4.5-year contract extension to continue managing the Hudson Tunnel Project. This structure allows Parsons to participate in projects like the multi-billion dollar tunnel build and rehabilitation between New York and New Jersey.

The company also secured a position on Sound Transit's 2025 Multiple Award Task Order Contract (MATOC) for design services, which has a $1 billion ceiling and supports Sound Transit's overall $60 billion capital program.

Direct engagement with Middle Eastern government customers for defense and infrastructure

Direct engagement in the Middle East is a significant, established channel for Parsons Corporation, spanning over six decades of operation in the region. This channel supports both Federal Solutions (defense/security) and Critical Infrastructure.

Financial scale in this region is substantial:

Metric	Value (Late 2025 Data)	Source Context
Annual Revenue Generated (2024)	More than $1 billion	Showcasing stability and experience in the region.
Employees in GCC Countries (as of May 2025)	Nearly 7,000	Reflecting a large, established operational footprint.
Current Projects in Saudi Arabia	50 projects	Aligning with the Kingdom's Vision 2030 development initiatives.
Q3 2025 Defense/Security Contract Bookings	Over $100 million	Two multiyear contracts booked for Middle East government clients.

The Critical Infrastructure segment's organic growth in Q3 2025 was explicitly driven by growth in the Middle East. The company also secured a position on the $15 billion Pacific Deterrence Initiative MACC, which has relevance to the broader Indo-Pacific security environment.

Finance: draft 13-week cash view by Friday.

Parsons Corporation (PSN) - Canvas Business Model: Customer Segments

You're looking at the core clients Parsons Corporation serves, which really breaks down into two main buckets: Federal Solutions and Critical Infrastructure. Honestly, the Federal side has been a bit volatile recently, but the infrastructure pipeline looks strong.

U.S. Federal Government (DoD, Intelligence Community, DTRA, FAA)

This group is your bread and butter for the Federal Solutions segment, which made up about 59% of Parsons Corporation's 2024 revenue. You saw some noise in the 2025 numbers, though. For instance, in the third quarter of 2025, Federal Solutions revenue dropped 29% year-over-year, but if you exclude that confidential State Department contract, revenue actually grew 9%. That confidential program, by the way, is essentially zeroed out for the rest of 2025 due to customer reorganization, though it was expected to contribute about $350 million total for the year. On the defense side, Parsons maintains a significant role with the Missile Defense Agency (MDA), holding a $2.26 billion contract with over $1 billion ceiling remaining, running until January 2029.

The FAA relationship is deep, spanning over four decades. Parsons was competing for the Brand New Air Traffic Control System (BNATCS) contract, which Congress funded initially with $12.5 billion, but that award went to Peraton. Still, Parsons has a potential 10-year, $1.8 billion contract with the FAA, part of a combined $4.1 billion in prior Technical Support Services Contracts (TSSC III, IV, V).

Here's a snapshot of where the Federal Solutions segment stood in Q3 2025:

Metric	Value (Q3 2025)	Comparison/Context
Total Federal Solutions Revenue	$1.6 billion (Total Q3 Revenue)	Decreased 10% year-over-year
Federal Solutions Revenue (Excl. Confidential Contract)	Increased 9%	Organic growth was 5%
Federal Solutions Adjusted EBITDA Contribution (FY 2024)	59%	Of total Adjusted EBITDA of $605.0 million
MDA Contract Ceiling Remaining	Over $1 billion	Runs until January 2029

State and Local Governments (DOTs, water management districts)

These customers fall squarely into the Critical Infrastructure segment, which is showing solid momentum. In Q3 2025, Critical Infrastructure revenue jumped 18% year-over-year, driven by 13% organic growth. This segment is capitalizing on infrastructure spending, like the Infrastructure Investment and Jobs Act funding, which is expected to peak around 2028. You see this focus in specific wins, such as securing authorization for the Georgia State Route 400 Express Lanes. Plus, the acquisition of Applied Sciences Consulting, Inc. bolsters their water expertise in places like Florida.

International Governments, primarily in the Middle East (defense and urban development)

Parsons Corporation has a long history here, operating for over six decades, and this region accounts for about 19% of their focus. They generate more than $1 billion in annual revenue from the Middle East, employing over 6,000 people across the GCC countries. They are actively involved in Saudi Arabia's Vision 2030, with 50 current projects there. Just in Q4 2024, they locked down major contracts worth $475 million across Saudi Arabia and the UAE.

Large-scale transportation and infrastructure authorities (e.g., Gateway Development Commission)

While the search results didn't specifically name the Gateway Development Commission, the focus on large authorities is clear through the FAA and state DOT work mentioned above. The Critical Infrastructure segment is geared toward these massive projects. They are leveraging their engineering and program management expertise for modernization efforts. For example, the Q2 2025 organic growth in this segment was 8%, fueled by transportation and environmental remediation markets.

You should track the Critical Infrastructure segment's margin expansion; it hit 10.3% in Q3 2025, a 360 basis point increase year-over-year.

• Critical Infrastructure revenue grew 18% in Q3 2025.
• The segment delivered over 10% margin for 3 consecutive quarters.
• The company has completed over 3,000 projects in the UAE alone.

Finance: draft 13-week cash view by Friday.

Parsons Corporation (PSN) - Canvas Business Model: Cost Structure

You're looking at the expense side of Parsons Corporation's operations as of late 2025. For a company heavily reliant on specialized labor and government contracts, the cost structure is dominated by people and the necessary overhead to secure and execute that work. Honestly, personnel costs are the engine here, even if the exact dollar figure isn't broken out in the latest filings.

High personnel costs for specialized, cleared engineers and scientists are inherent. While direct salary figures aren't public, you can infer the scale from the revenue base. For the trailing twelve months ending September 30, 2025, Parsons generated approximately $331,365 in revenue per employee. This figure reflects the high value, but also the high cost, of maintaining a workforce with the necessary security clearances and deep technical expertise for federal solutions.

Significant investments in bid and proposal (B&P) activity and strategic hiring are essential to maintain the backlog. Parsons reported a strong book-to-bill ratio of 1.0x on net bookings of $1.5 billion in Q2 2025, and a trailing twelve-month book-to-bill ratio of 1.0x on net bookings of $6.7 billion. This constant flow of new business requires substantial, non-recoverable B&P spending, which is baked into the operating expenses.

Costs associated with strategic acquisitions and integration are a notable component. For example, Q2 2025 net income of $55 million included $2 million of M&A transaction-related expenses associated with the CTI acquisition. Furthermore, the fiscal year 2025 Depreciation and Amortization (D&A) guidance of approximately $111 million includes approximately $67 million specifically attributed to acquisition-related amortization. This amortization represents the write-off of intangible assets from past deals.

Operating expenses for technology development and proprietary systems are capitalized and then expensed over time through D&A. The total D&A guidance for FY2025 is approximately $111 million. The company also guides for approximately $43 million in Equity-based compensation expenses for FY2025.

Costs of materials and subcontractors for large fixed-price infrastructure projects are managed within the Cost of Revenue, impacting margins. While specific subcontractor costs aren't itemized, the overall profitability metrics give you a sense of cost control. For Q3 2025, the Adjusted EBITDA margin was 9.8%, and the FY2025 guidance mid-point targets an Adjusted EBITDA margin of approximately 9.5%. The Critical Infrastructure segment, which handles many of these projects, saw its Adjusted EBITDA margin improve by 360 basis points in Q3 2025.

Here's a look at the key cost-related guidance figures Parsons Corporation provided for the full fiscal year 2025:

Cost/Expense Category (FY2025 Guidance)	Amount (Millions USD)	Source Context
Total Revenue (Mid-Point)	$6,550	Target for full-year revenue.
Adjusted EBITDA (Mid-Point)	$610	Indicates operating costs relative to revenue.
Net Interest Expense	~ $45	Cost of debt financing.
Equity-based Compensation	~ $43	Non-cash personnel-related expense.
Total Depreciation & Amortization (D&A)	~ $111	Includes depreciation of assets and amortization of intangibles.
Acquisition-Related Amortization (within D&A)	~ $67	Cost related to past M&A, often tied to systems/IP.
Transaction and Other Expenses (Excluding Future M&A)	~$17	One-time integration/deal costs included in guidance.

The company is not providing a full Net Income guidance for FY2025 due to volatility from interest, taxes, D&A, and M&A impact. This lack of a bottom-line target underscores the variability in these cost components.

Parsons Corporation (PSN) - Canvas Business Model: Revenue Streams

The revenue streams for Parsons Corporation (PSN) are primarily derived from its two operating segments: Federal Solutions and Critical Infrastructure, through various contract mechanisms.

The full-year 2025 financial outlook, as revised following the third quarter results, provides the following expected top-line and profitability metrics:

Metric	Guidance Range (FY 2025)
Revenue	$6.4 billion to $6.5 billion
Adjusted EBITDA	$600 million to $630 million

The Federal Solutions segment revenue is heavily influenced by the mix of contract types. As of late 2025, the company indicated that its work is structured with just north of 60% cost-plus work, which structurally limits margin expansion opportunities compared to fixed-price arrangements. Revenue generation is supported by large vehicles, such as the Defense Threat Reduction Agency (DTRA) Cooperative Threat Reduction Integration Contract IV (CTRIC IV), which carries a ceiling value of $3.5 billion over its ten-year term. Furthermore, Parsons competes for task orders under the $15 billion Pacific Deterrence Initiative Multiple Award Construction Contract (PDI MACC) for design and engineering services.

The Critical Infrastructure segment shows strong growth momentum, with third quarter 2025 revenue increasing 18% year-over-year, including 13% organic growth. This segment's revenue is generated through various vehicles, including Indefinite Delivery/Indefinite Quantity (IDIQ) contracts, Blanket Purchase Agreements (BPAs), and General Service Administration (GSA) schedules. The margin performance in this segment has improved, moving from a 7% margin in the prior year to a 10.3% adjusted EBITDA margin year-to-date for Critical Infrastructure.

Revenue is increasingly sourced from high-growth market areas, which demonstrated strong performance in the first half of 2025:

• Double-digit revenue growth in the cyber market in Q1 2025 (excluding the confidential contract).
• Double-digit revenue growth in the transportation market in Q1 2025 (excluding the confidential contract).
• Organic revenue growth of 8% in Q2 2025 driven by the transportation and cyber markets.

The company utilizes various contract vehicles to secure this revenue, including:

• Indefinite Delivery/Indefinite Quantity (IDIQ) contracts.
• Blanket Purchase Agreements (BPAs).
• General Service Administration (GSA) schedules, such as the GSA Multiple Award Schedule.
• The Alliant 2 Governmentwide Acquisition Contract (GWAC) with a $50 billion program ceiling.