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 UL Solutions (NYSE: ULS).

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 9.1% since the latest earnings results.

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. This print exceeded analysts’ expectations by 0.9%. Despite the top-line beat, it was still a softer quarter for the company with a significant miss of analysts’ EPS estimates.

Interestingly, the stock is up 22% since reporting and currently trades at $86.91.

Is now the time to buy UL Solutions? Access our full analysis of the earnings results 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 estimates and an impressive beat of analysts’ 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 16.5% since reporting. It currently trades at $79.92.

Is now the time to buy Booz Allen Hamilton? 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 $1.35 billion, down 4.1% year on year, falling short of analysts’ expectations by 2.2%. It was a softer quarter as it posted full-year revenue guidance missing analysts’ expectations significantly and a significant miss of analysts’ revenue estimates.

Maximus delivered the weakest full-year guidance update in the group. As expected, the stock is down 27.6% since the results and currently trades at $67.82.

Read our full analysis of Maximus’s results here.

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 $3.24 billion, down 5.2% year on year. This number came in 2.5% below analysts' expectations. Overall, it was a slower quarter as it also recorded a significant miss of analysts’ revenue estimates and full-year revenue guidance slightly missing analysts’ expectations.

The stock is down 26.9% since reporting and currently trades at $26.75.

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

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 lagged analysts' expectations by 1%. Aside from that, it was a mixed quarter as it also produced a beat of analysts’ EPS estimates but full-year revenue guidance missing analysts’ expectations significantly.

The stock is up 4.9% since reporting and currently trades at $96.42.

Read our full, actionable report on SAIC 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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