The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how government & technical consulting stocks fared in Q4, starting with SAIC (NASDAQ: SAIC).

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 slower Q4. As a group, revenues missed analysts’ consensus estimates by 0.8%.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 11.5% since the latest earnings results.

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 $1.75 billion, down 4.8% year on year. This print fell short of analysts’ expectations by 1%. Overall, it was a mixed quarter for the company with a beat of analysts’ EPS estimates but full-year revenue guidance missing analysts’ expectations significantly.

The market was likely pricing in the results, and the stock is flat since reporting. It currently trades at $91.71.

Read our full report on SAIC here, it’s free.

Best Q4: Booz Allen Hamilton (NYSE: BAH)

With roots dating back to 1914 and deep ties to nearly all U.S. cabinet-level departments, Booz Allen Hamilton (NYSE: BAH) provides management consulting, technology services, and cybersecurity solutions primarily to U.S. government agencies and military branches.

Booz Allen Hamilton reported revenues of $2.62 billion, down 10.2% year on year, falling short of analysts’ expectations by 3.8%. However, the business still had a strong quarter with a beat of analysts’ EPS and full-year EPS guidance estimates.

Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 17.7% since reporting. It currently trades at $78.81.

Is now the time to buy Booz Allen Hamilton? Access our full analysis of the earnings results here, it’s free.

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 $789 million, up 6.8% year on year, exceeding analysts’ expectations by 0.9%. Still, it was a softer quarter as it posted a significant miss of analysts’ EPS estimates.

Interestingly, the stock is up 18.3% since the results and currently trades at $84.29.

Read our full analysis of UL Solutions’s results here.

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 $1.35 billion, down 4.1% year on year. This number missed analysts’ expectations by 2.2%. Overall, it was a softer quarter as it also recorded full-year revenue guidance missing analysts’ expectations significantly and a significant miss of analysts’ revenue estimates.

Maximus had the weakest full-year guidance update among its peers. The stock is down 29.7% since reporting and currently trades at $65.88.

Read our full, actionable report on Maximus here, it’s free.

ICF International (NASDAQ: ICFI)

Operating at the intersection of policy, technology, and implementation for over five decades, ICF International (NASDAQ: ICFI) provides professional consulting services and technology solutions to government agencies and commercial clients across energy, health, environment, and security sectors.

ICF International reported revenues of $443.7 million, down 10.6% year on year. This result surpassed analysts’ expectations by 1%. More broadly, it was a mixed quarter as it also produced a narrow beat of analysts’ revenue estimates but a miss of analysts’ EPS estimates.

ICF International achieved the highest full-year guidance raise but had the slowest revenue growth among its peers. The stock is down 15.2% since reporting and currently trades at $67.57.

Read our full, actionable report on ICF International here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

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