As the Q2 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the government & technical consulting industry, including Amentum (NYSE: AMTM) and its peers.
The sector has historically benefitted from steady government spending on defense, infrastructure, and regulatory compliance, providing firms long-term contract stability. However, the Trump administration is showing more willingness than previous administrations to upend government spending and bloat. Whether or not defense budgets get cut, the rising demand for cybersecurity, AI-driven defense solutions, and sustainability consulting should benefit the sector for years, as agencies and enterprises seek expertise in navigating complex technology and regulations. Additionally, industrial automation and digital engineering are driving efficiency gains in infrastructure and technical consulting projects, which could help profit margins.
The 7 government & technical consulting stocks we track reported a mixed Q2. As a group, revenues were in line with analysts’ consensus estimates.
Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 9% since the latest earnings results.
Weakest Q2: Amentum (NYSE: AMTM)
With operations spanning approximately 80 countries and a workforce of specialized engineers and technical experts, Amentum Holdings (NYSE: AMTM) provides advanced engineering and technology solutions to U.S. government agencies, allied governments, and commercial enterprises across defense, energy, and space sectors.
Amentum reported revenues of $3.49 billion, down 2% year on year. This print fell short of analysts’ expectations by 2.2%. Overall, it was a disappointing quarter for the company with a significant miss of analysts’ EPS estimates.
The market seems disappointed with the results as the stock is down 23.1% since reporting and currently trades at $18.78.
Read our full report on Amentum here, it’s free.
Best Q2: SAIC (NASDAQ: SAIC)
With over five decades of experience supporting national security missions, Science Applications International Corporation (NASDAQ: SAIC) provides technical, engineering, and enterprise IT services primarily to U.S. government agencies and military branches.
SAIC reported revenues of $1.88 billion, up 6.3% year on year, outperforming analysts’ expectations by 7.1%. The business had an exceptional quarter with a beat of analysts’ EPS estimates and a solid beat of analysts’ full-year EPS guidance estimates.
SAIC delivered the biggest analyst estimate beat among its peers. However, the results were likely priced into the stock as it’s traded sideways since reporting. Shares currently sit at $125.64.
Is now the time to buy SAIC? Access our full analysis of the earnings results here, it’s free.
Maximus (NYSE: MMS)
With nearly 50 years of experience translating public policy into operational programs that serve millions of citizens, Maximus (NYSE: MMS) provides operational services, clinical assessments, and technology solutions to government agencies in the U.S. and internationally.
Maximus reported revenues of $1.28 billion, down 5.1% year on year, falling short of analysts’ expectations by 3.7%. It was a softer quarter as it posted a significant miss of analysts’ full-year EPS guidance estimates and full-year revenue guidance meeting analysts’ expectations.
Maximus delivered the weakest performance against analyst estimates, slowest revenue growth, and weakest full-year guidance update of the whole group. As expected, the stock is down 13.3% since the results and currently trades at $54.74.
Read our full analysis of Maximus’s results here.
UL Solutions (NYSE: ULS)
Founded in 1894 as a response to the growing dangers of electricity in American homes and businesses, UL Solutions (NYSE: ULS) provides testing, inspection, and certification services that help companies ensure their products meet safety, security, and sustainability standards.
UL Solutions reported revenues of $816 million, up 5.2% year on year. This result was in line with analysts’ expectations. It was a strong quarter as it also produced a beat of analysts’ EPS estimates.
The stock is down 24.9% since reporting and currently trades at $68.37.
Read our full, actionable report on UL Solutions here, it’s free.
Jacobs Solutions (NYSE: J)
With a workforce of approximately 45,000 professionals tackling complex challenges from water scarcity to cybersecurity, Jacobs Solutions (NYSE: J) provides engineering, consulting, and technical services focused on infrastructure, sustainability, and advanced technology solutions.
Jacobs Solutions reported revenues of $2.42 billion, up 8.3% year on year. This print surpassed analysts’ expectations by 0.5%. Zooming out, it was a mixed quarter as its performance in some other areas of the business was disappointing.
Jacobs Solutions achieved the fastest revenue growth in the group. The stock is down 2.4% since reporting and currently trades at $139.26.
Read our full, actionable report on Jacobs Solutions here, it’s free.
Market Update
Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership.
Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products.
By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals.
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