Grade History
| Quarter | Disclosure Quality | Financial Quality |
|---|---|---|
| Q1'25 → | B | B |
| Q2'25 → | B- | C+ |
| Q3'25 → | B- | B |
| Q4'25 → | C+ | B- |
| Q1'26 → | B+ | B+ |
Promise Ledger · All Quarters
| Marked | Promise | Status | |
|---|---|---|---|
| Q1'26 | ⏳ | Mission Solutions margins around 6% for 2026 LOGCAP charge obscures underlying performance but Savannah River contribution intact | pending |
| Q1'26 | ⏳ | Urban Solutions margins of 3-4% for 2026 Q1 charge suggests lower end of range more likely | pending |
| Q1'26 | ⏳ | Operating cash flow of $300 million for 2026 Q1 performance of $110M suggests good trajectory despite legacy drains | pending |
| Q1'26 | ⏳ | Complete three infrastructure legacy projects in 2026 Projects progressing but still burning cash and management time | pending |
| Q1'26 | ⏳ | New awards significantly higher than 2025 ($12B) Q1 start suggests need for ~$4B+ quarterly run rate in remaining quarters | pending |
| Q1'26 | ⏳ | Book-to-burn ratio above 1 for 2026 weighted to back half Q1 awards of $2.7B vs revenue burn suggests need for acceleration in H2 | pending |
| Q4'25 | ✅ | Early indications would suggest EBITDA generation will be marginally better than 2025 Guided $525-585M vs $510-540M for 2025, modest improvement as promised | delivered |
| Q4'25 | ⏳ | Most new awards in 2026 will be weighted towards the second half of the year Cannot assess until awards actually materialize | pending |
| Q4'25 | ❌ | We anticipate around $140 million legacy project funding for 2026 Guidance increased to $220M, up 57% from initial expectation | missed |
| Q4'25 | ⏳ | New awards for 2026 will be significantly higher than in 2025, with a book-to-burn ratio in excess of one 2025 actual was $12B, so need materially above that level | pending |
| Q4'25 | ⏳ | We expect to conclude our NuScale monetization efforts during Q2 40M shares still to be sold after converting 71M shares for $1.35B | pending |
| Q4'25 | ⏳ | We now see a path to target an additional $800 million in repurchases through the end of February Delivered $335M through February 2026 per opening remarks, on track for commitment | pending |
| Q3'25 | ⏳ | $13-15B new awards for 2025 At $13B guidance floor, appears achievable | pending |
| Q3'25 | ❌ | SRPPF award in 2025 Pushed to first half 2026 | missed |
| Q3'25 | ⏳ | Infrastructure cost recovery actions Actions taken but recovery timeline extended | pending |
| Q3'25 | ✅ | Operating cash flow improvement Q3 $286M vs negative $21M in Q2 | exceeded |
| Q3'25 | ✅ | Mexico JV payment resolution $800M collected Q3 plus $300M in October, execution ramping | delivered |
| Q3'25 | ✅ | LNGC Train 2 RFSU in Q3 Achieved RFSU last week, ahead of expectations | exceeded |
| Q3'25 | ✅ | NuScale monetization plan to be unveiled Q3 2025 Announced conversion timeline and monetization through Q2 2026 | delivered |
| Q2'25 | ✅ | LNGC Train 1 RFS achievement Achieved RFS and first cargo shipment in Q2 as guided | delivered |
| Q2'25 | ✅ | NuScale monetization plan over next quarter Announced conversion of 15M shares, though at lower price than hoped | delivered |
| Q2'25 | ❌ | Share repurchases up to $600M for 2025 Reduced to $450-500M due to cash flow constraints | missed |
| Q2'25 | ❌ | Urban Solutions margins 4-5% Cut to 2.5-3.5% due to infrastructure project cost growth | missed |
| Q2'25 | ⏳ | Revenue growth approximately 15% for 2025 Reduced to 5-10%, significantly below original guidance | pending |
| Q2'25 | ⏳ | New awards book-to-burn ratio above 1 for 2025 Still committed but SRPPF delay and market hesitation create risk | pending |
| Q2'25 | ❌ | Operating cash flow between $450-500M for 2025 Reduced to $200-250M due to working capital impacts and claims recovery timing | missed |
| Q1'25 | ✅ | Book-to-burn ratio well above 1 for 2025 Q1 delivered 1.5 ratio with strong new awards of $5.8B | exceeded |
| Q1'25 | ✅ | Legacy projects requiring up to $200M funding in 2025 Reaffirmed $200M requirement, $70M spent in Q1, tracking to expectation | delivered |
| Q1'25 | ⏳ | Operating cash flow $450-500M for 2025 Q1 was -$286M but management noted April improvement, maintaining guidance | pending |
| Q1'25 | ⏳ | Revenue growth of approximately 15% for 2025 Q1 flat sequentially, needs acceleration in remaining quarters to hit target | pending |
| Q1'25 | ⏳ | Energy Solutions margins 3.5-4.5% for 2025 Q1 came in at ~3.1%, below range due to project mix and absorption issues | pending |
| Q1'25 | ✅ | Share repurchase program targeting $300M in 2025 Doubled to $600M authorization, already spent $142M in Q1 vs $300M full year plan | exceeded |
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