Wrapping up Q1 earnings, we look at the numbers and key takeaways for the government & technical consulting stocks, 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 6 government & technical consulting stocks we track reported a mixed Q1. As a group, revenues were in line with analysts’ consensus estimates.

While some government & technical consulting stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 2.6% since the latest earnings results.

Weakest Q1: 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 $3.48 billion, flat year on year. This print was in line with analysts’ expectations, but overall, it was a slower quarter for the company with a significant miss of analysts’ EPS estimates.

“Amentum delivered another quarter of solid performance across all key financial and business development metrics," said Amentum Chief Executive Officer John Heller.

Unsurprisingly, the stock is down 4.2% since reporting and currently trades at $22.95.

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

Best Q1: 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 $758 million, up 7.5% year on year, outperforming analysts’ expectations by 1.2%. The business had an exceptional quarter with a beat of analysts’ EPS and revenue estimates.

The market seems happy with the results as the stock is up 11.9% since reporting. It currently trades at $100.82.

Is now the time to buy UL Solutions? Access our full analysis of the earnings results 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 $437.5 million, down 10.3% year on year, falling short of analysts’ expectations by 2.5%. It was a slower quarter as it posted a significant miss of analysts’ revenue and EPS estimates.

ICF International delivered the highest full-year guidance raise but had the slowest revenue growth in the group. As expected, the stock is down 8.5% since the results and currently trades at $68.20.

Read our full analysis of ICF International’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 $1.31 billion, down 4.1% year on year. This result lagged analysts' expectations by 0.9%. Taking a step back, it was a mixed quarter as it also logged a beat of analysts’ EPS estimates but a slight miss of analysts’ revenue estimates.

Maximus had the weakest full-year guidance update among its peers. The stock is down 4.7% since reporting and currently trades at $60.93.

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

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 $2.78 billion, down 6.4% year on year. This number came in 2.8% below analysts' expectations. Aside from that, it was a mixed quarter as it also produced a beat of analysts’ EPS estimates but a significant miss of analysts’ revenue estimates.

Booz Allen Hamilton had the weakest performance against analyst estimates among its peers. The stock is up 4.1% since reporting and currently trades at $79.46.

Read our full, actionable report on Booz Allen Hamilton 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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