Mercury Systems' March 2026 quarter was a beat-and-raise: revenue $235.8M, up 11.5% organically; adjusted EBITDA $36.1M at 15.3% margin, up 46% and 360 bps; gross margin 29.3%, up 230 bps. Bookings record $348.3M, 1.48 book-to-bill, backlog near $1.6B. Domestic ~88% of revenue, up 17%. Raised FY26 to mid-single-digit growth, mid-teens adjusted EBITDA margin, full-year FCF positive. Targeting above-market growth, low-to-mid-20s margin, 50% FCF conversion. Not done.