What Parsons Corporation told the SEC could break it.

The U.S. federal government is Parsons' largest customer (substantially all Federal Solutions revenue); one customer set within the federal government represented over 20% of total Company revenue in 2025.

“One customer set within the United States federal government represents over 20% of total Company revenue for the year ended December 31, 2025.”

26.1% of 2025 revenue was from services provided outside the U.S., with exposure to political/economic instability in the Middle East, including the ongoing war and unrest in Israel.

“There are risks inherent in doing business internationally, including: imposition of governmental controls and changes in laws, regulations or policies; political and economic instability and turmoil internationally, including countries in the Middle East; civil unrest, acts of terrorism, force majeure, war, or other armed conflict, including the ongoing war and unrest in Israel, which has the potential to impact other countries in the Middle East;”

Revenue depends on U.S. government expenditures on defense, intelligence and civil programs; budget deficits, the national debt and appropriations timing could materially reduce contract funding. One large confidential contract's second-year option was significantly reduced and is winding down.

“In particular, with regard to our largest single customer, the U.S. federal government, budget deficits, the national debt and the prevailing economic condition, and actions taken to address them, could negatively affect the U.S. government expenditures on defense, intelligence, and civil programs for which we provide support.”