Good morning. My name is Jon Raviv, SAIC's Vice President of Investor Relations. Welcome to all of our stockholders and employees to SAIC's annual meeting. We are grateful for your attendance and interest in SAIC. I will now introduce Donna Morea, the Chair of the Board of SAIC.
Thank you, Jon. On behalf of the Board of Directors and SAIC's management team, I would like to welcome you to this year's annual meeting of stockholders. I too thank you for your interest and participation in today's meeting. I will act as chair of this meeting. Hilary Hageman, the company's General Counsel and Corporate Secretary, will act as secretary for the meeting. At this time, I would like to call the annual meeting of stockholders to order. SAIC's fiscal year 2026 results reflected resiliency in a challenging operating environment. I am incredibly proud of our employees for persevering amidst several headwinds while continuing to serve our customers with excellence. This commitment strengthens our ability to deliver long-term sustainable value creation. It is now my pleasure to introduce the SAIC Board of Directors and state their committee assignments.
In addition to serving as the Chair of the Board, I am also a member of the Human Resources and Compensation Committee and the Nominating and Corporate Governance Committee. Jim Reagan. Jim is our Chief Executive Officer and a member of the Technology Committee. Paul Eremenko. Paul is a member of the Audit Committee and the Technology Committee. Carolyn Handlon. Carolyn is a member of the Audit Committee and the Nominating and Corporate Governance Committee. Katharina McFarland. Katharina is the Chair of the Nominating and Corporate Governance Committee and Chair of the Technology Committee. Milford McGuirt. Milford is the Chair of the Audit Committee and a member of the Nominating and Corporate Governance Committee. Michael Rogers. Michael is a member of the Audit Committee and Technology Committee. Steve Shane.
Steve is the Chair of the Human Resources and Compensation Committee and a member of the Technology Committee and the Audit Committee. John Tien Jr. John is a member of the Human Resources and Compensation Committee and the Nominating and Corporate Governance Committee. David Urban. David is a member of the Human Resources and Compensation Committee and the Nominating and Corporate Governance Committee. Also here today is Mike Policicchio from Ernst & Young, the company's independent auditing firm. In addition, we have SAIC Accounting Director, Krista Smith, who will act as our Inspector of Elections for the meeting. Mike and Krista, thank you for your assistance. Also, Jim Reagan will provide an overview of fiscal year 2026 performance and outlook for the fiscal year 2027. Now, Hilary, would you please report on the meeting particulars, including the notice and quorum details?
Thank you, Donna. The notice of meeting, proxy statement, and annual report, together with the proxy and voting instruction card, were properly delivered on or about April 22nd, 2026, to the company's stockholders of record as of April 6th, 2026, the record date for this meeting. The proxy statement and annual report on Form 10-K can be found on the SEC Filings section of SAIC's investor website. In the unlikely event transmission of this virtual meeting is unexpectedly interrupted, the meeting will be deemed adjourned and will reconvene at 4:00 P.M. Eastern Time on June 23rd, 2026, and will be accessible in the same manner as today's meeting. A list of stockholders of record as of the record date has been available for inspection for the past 10 days. This list will remain available for inspection during the meeting.
As of April 6th, 2026, the record date established for this meeting, there were approximately 43 million shares of the company's common stock outstanding. Holders of common stock are entitled to one vote per share. Delaware law requires that the holders of a majority of the total voting power of the company's shares be present in person or by proxy in order to constitute a quorum at a meeting of stockholders. Prior to the commencement of this meeting, I have received proxies representing more than a majority of voting power of the shares outstanding on the record date. Therefore, a quorum is present for the conduct of business. Thank you. Donna?
Thank you, Hilary. The annual meeting of stockholders is now officially convened. We have five matters to consider and vote upon at this meeting. A proposal to elect 10 directors, a proposal to approve executive compensation by an advisory vote, a proposal to approve frequency of future say-on-pay votes by an advisory vote, a proposal to approve an amendment to the 2023 Equity Incentive Plan to increase the total number of authorized shares, and a proposal to ratify the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year ending January 29th, 2027. Your board is recommending that you vote in favor of all five proposals.
A description of each proposal, your board's recommendation, and its rationale for the recommendations are set forth in detail in the proxy statement. At this time, if you have a comment or question concerning one of the proposals, please enter your question using the functionality provided in the virtual shareholder meeting tool. Comments should be limited to a discussion of these five proposals. There will be an opportunity later for discussion on matters outside of the five proposals. It looks like there are no questions. Now we'll proceed to the voting portion of the meeting. Delaware corporate law requires that we announce the opening and closing of the polls for the matters to be voted on. I hereby declare that the polls for the five matters just discussed will open on this 3rd day of June at 9:07 A.M.
Ms. Hageman will now vote the proxies received by the company. If you have not voted your proxy card up to this point, we will now pause briefly to allow you to do so through the online functionality provided through this virtual stockholder meeting. It being 9:08 A.M., the polls are now closed. The Inspector of Elections will tabulate the votes and report the results. While the votes are being tabulated, our CEO, Jim Reagan, will discuss fiscal year 2026 performance and our outlook for fiscal year 2027. After his remarks, we will take questions from stockholders and proxy holders. Jim?
Thank you, Donna. I would like to start by thanking our shareholders for joining us today. As Donna mentioned, we faced some turbulence in fiscal year 2026, but delivered resilient results with modest revenue contraction, margin expansion, and robust cash generation. In fiscal year 2026, revenue decreased by 3% from the prior year. Despite the revenue contraction, our adjusted EBITDA dollars were similar to the prior year due to EBITDA margin expansion of about 20 basis points. Free cash flow of $577 million equated to over $12 per share. From a business development standpoint, we were awarded net bookings valued at $7.8 billion, resulting in a book- to- bill of approximately 1.1 and a total backlog of approximately $23 billion. I want to again thank our employees for their unwavering commitment throughout a challenging year and their focus on building momentum into fiscal year 2027.
Our fiscal year 2027 outlook reflects headwinds from our enterprise IT market, offset by growth across our engineering and mission-oriented businesses. We plan to deliver over 10% growth in free cash flow per share, continuing our long-standing value proposition of meaningful cash generation and deployment to create value. We are targeting double-digit EBITDA margin on a full-year basis for the first time in the company's history. While enhancing profitability, we continue to invest in our future through a more focused business development strategy and continued commitment to execution excellence. We are performing well against these targets so far this year, with fiscal first quarter delivering modest revenue growth, higher margins, and excellent cash results. We still have three quarters to go, but we are pleased with our good start, and we're working hard today to deliver more sustainable organic growth and continued margin expansion in the future.
I'll now turn the meeting back over to our Chair, Donna Morea.
Thank you, Jim. We will now give stockholders an opportunity to ask questions about the company, including our fiscal year 2026 results. If you wish to ask a question, please do so through the online shareholder meeting site. In the interest of time and consideration of others, we ask that you keep your questions brief. Any questions at this time? It appears that we have no questions. Thank you again for your participation today and your continued support of SAIC. I believe the Inspector of Elections has the voting results. Ms. Smith, would you please report on the voting results?
Proposal one, election of directors. Each of the individuals proposed has received the necessary votes for election as a director. Proposal two, the proposal to approve on a non-binding advisory basis the compensation of our executive officers, as described in the proxy statement, was approved. Proposal three, the proposal to approve a non-binding advisory vote on the frequency of future say-on-pay votes was approved. Proposal four, the proposal to approve an amendment to the 2023 Equity Incentive Plan to increase the total number of authorized shares was approved. Proposal five, the proposal to ratify the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year ending January 29th, 2027, was approved.
Thank you, Krista. This now concludes the stockholders meeting. I now declare the meeting adjourned. Thank you again for participating in SAIC's 2026 annual meeting of stockholders and for your interest in the company.
This concludes today's meeting. Thank you for attending. You may now disconnect and have a wonderful rest of your day.