AECOM — Nov 18, 2025 release
Fiscal 2025 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001104659-25-113439
Showing in the filing
Organic NSR growth (continuing design and consulting business)
“6% to 8%”
Period
FY2026
Measure
Company-defined measure
Source
Prose
All guidance in this release · 27
Long-term margin exit rate for the long term
“20%+”
Quarterly dividend for FY2026
“$0.31 per share”
Per share dividend value increase for FY2026
“double-digit percentage annually”
Next dividend payment for FY2026
“January 23, 2026”
Adjusted EPS (enterprise-wide) for FY2026
“between $5.65 and $5.85”
Adjusted EBITDA (enterprise-wide) for FY2026
“between $1,265 million and $1,305 million”
Free cash flow (enterprise-wide) for FY2026
“approximately $400 million”
Organic NSR growth (continuing design and co… for FY2026
“6% to 8%”
NSR (continuing design and consulting busine… for FY2026
“between $7.2 and $7.4 billion”
Adjusted EBITDA (continuing design and consu… for FY2026
“between $1,180 million and $1,220 million”
Segment adjusted operating margin (continuin… for FY2026
“16.6%”
Adjusted EBITDA margin (continuing design an… for FY2026
“16.8%”
Adjusted EPS (continuing design and consulti… for FY2026
“between $5.15 and $5.35”
Average fully diluted share count for FY2026
“133 million”
Depreciation for FY2026
“approximately $160 million”
Adjusted effective tax rate for FY2026
“approximately 22 - 23%”
Adjusted net interest expense for FY2026
“approximately $140 million”
Adjusted EPS CAGR for the long term
“15%+”
Organic NSR CAGR for FY2026
“5 – 8%”
Free cash flow conversion (cumulative, of ad… for FY2026
“at least 100%”
GAAP EPS for FY2026
“$4.01 to $4.84”
GAAP net income from continuing operations for FY2026
“$599 to $710”
Net income attributable to AECOM from contin… for FY2026
“$534 to $645”
Adjusted net income attributable to AECOM fr… for FY2026
“$753 to $780”
Adjusted income tax expense for FY2026
“$212 to $225”
GAAP interest expense for FY2026
“$175”
GAAP income tax expense for FY2026
“$151 to $186”
Exhibit 99.1 · full document
EXHIBIT 99.1
Exhibit 99.1
Press
Release
Investor
Contact :
Will Gabrielski
Senior
Vice President, Finance, Treasurer
213.593.8208
William.Gabrielski@aecom.com
Media
Contact:
Brendan Ranson-Walsh
Senior
Vice President, Global Communications
213.996.2367
Brendan.Ranson-Walsh@aecom.com
AECOM
reports fourth quarter and full year fiscal 2025 results
· Initiated
fiscal 2026 guidance that includes expectations for continued strong performance for all
key financial metrics
· Exceeded
the mid-points of previously-raised earnings guidance with record fiscal 2025 results
· Delivered
a record margin for the year that included exceeding prior long-term guidance five quarters
ahead of prior expectations
· Exited
the year with a record backlog and pipeline, including a fifth consecutive quarter of sequential
backlog growth
· Returned
nearly $500 million of repurchases and dividends in the year and announced a 19% increase
to the quarterly dividend
· Announced
a review of strategic alternatives for the Construction Management business, including a potential sale
· Increased
long-term margin and adjusted EPS CAGR targets for fiscal 2026-2029
DALLAS
(November 18, 2025) — AECOM (NYSE:ACM), the trusted global infrastructure leader, today reported fourth quarter and full
year fiscal 2025 results.
Fourth Quarter Fiscal 2025
Full Year Fiscal 2025
(from Continuing Operations; $ in millions, except EPS)
As
Reported
YoY %
Change
Adjusted 1 (Non-
GAAP)
YoY %
Change
As
Reported
YoY % Change
Adjusted 1 (Non-
GAAP)
YoY %
Change
Revenue
$ 4,175
2 %
--
--
$ 16,140
0 %
--
--
Net Service Revenue (NSR) 2
--
--
$ 1,967
8 %
--
--
$ 7,573
6 %
Operating Income
$ 237
0 %
$ 299
14 %
$ 1,027
24 %
$ 1,097
11 %
Segment Operating Margin 3
--
--
17.1 %
+40 bps
--
--
16.5 %
+70 bps
Net Income
$ 132
(22 )%
$ 182
6 %
$ 638
26 %
$ 702
14 %
EPS (Fully Diluted)
$ 0.99
(21 )%
$ 1.36
7 %
$ 4.79
29 %
$ 5.26
16 %
EBITDA 4
--
--
$ 329
13 %
--
--
$ 1,203
10 %
EBITDA Margin 5
--
--
17.5 %
+80 bps
--
--
16.8 %
+80 bps
Operating Cash Flow
$ 196
(34 )%
--
--
$ 822
(1 )%
--
--
Free Cash Flow 6
--
--
$ 134
(51 )%
--
--
$ 685
(3 )%
Total Backlog 7
$ 24,830
4 %
--
--
“We
exited fiscal 2025 with numerous financial and strategic accomplishments including a record backlog and pipeline, which underpins our
confidence in fiscal 2026 and beyond,” said Troy Rudd, AECOM’s chairman and chief executive officer. “We exceeded the
midpoints of our previously-increased financial guidance in fiscal 2025, including delivering a record full year margin and highlighted
by a 17.1% margin in the second half of the fiscal year. Looking ahead, we made several announcements today that underscore our commitment
to extending our competitive advantage and expanding our long-term earnings power. This includes our expectation to achieve a 20%+ margin
run-rate by the end of fiscal 2028 as we advance our proprietary AECOM AI capabilities and growth accelerates in our higher-margin Advisory
business. Importantly, the organization has never been stronger or better positioned to capitalize on these opportunities.”
“As
demand for critical infrastructure across our markets continues to grow, project size and complexity are also increasing, which creates
new opportunities for our rapidly-growing Advisory practice,” said Lara Poloni, AECOM’s president. “The secular megatrends
of global investments in infrastructure, in sustainability and resilience, and in meeting growing energy demand have accelerated. Amid
this backdrop, our advantages of deep technical expertise, trusted client relationships, and a capacity and willingness to invest to
advance our proprietary AECOM AI and Advisory capabilities separate us from the competition – both in our core industry and beyond.”
1
“Our
fiscal 2025 results and raised long-term margin and adjusted EPS CAGR targets demonstrate our growing competitive advantage,” said
Gaurav Kapoor, AECOM’s chief financial and operations officer. “We are focused on further leveraging our advantages. AI is
creating new opportunities, including being able to scale our human and intellectual capital in more impactful ways, including expanding
our operating leverage. As a result, we are confident in delivering on our new long-term financial targets.”
Fourth
Quarter and Full Year Fiscal 2025 Highlights:
· Reflecting
as reported GAAP performance from continuing operations, fourth quarter revenue increased
2% to $4.2 billion, operating income was effectively unchanged at $237 million, net income
declined 22% to $132 million and diluted earnings per share decreased 21% to $0.99. For the
full year, revenue was effectively unchanged at $16.1 billion, operating income increased
24% to $1.0 billion, net income increased 26% to $638 million and diluted earnings
per share increased 29% to $4.79.
· NSR 2
growth accelerated to 8% in the fourth quarter, driven by 9% growth in the Americas design
business.
· Earnings
exceeded the mid-point of the Company’s previously-increased financial guidance.
‒ Fourth
quarter adjusted 1 EBITDA 4 and adjusted 1 EPS increased by
13% and 7%, respectively
§ When
adjusted for the previously-expected higher tax rate in the fourth quarter, adjusted 1
EPS would have increased by 18%.
‒ Full
year adjusted 1 EBITDA 4 and adjusted 1 EPS increased by 10%
and 16%, respectively, and set new full year records.
· Delivered
a record full year segment adjusted 1 operating margin 3 and exceeded
the Company’s prior long-term 17%+ margin guidance five quarters ahead of its prior
expectations.
‒ The
full year segment adjusted operating margin 3 increased by 70 basis points to 16.5%
and the adjusted 1 EBITDA margin 5 increased by 80 basis points to 16.8%,
both of which set new full year records.
‒ The
fourth quarter segment adjusted operating margin 3 increased by 40 basis points
to 17.1% and the adjusted 1 EBITDA margin 5 increased by 80 basis points
to 17.5%.
· Operating
cash flow of $822 million contributed to free cash flow 6 of $685 million for the
full year.
Backlog
and Pipeline Update
· Total
backlog 7 increased by 4% and design backlog increased by 3%, both of which increased
quarter-over-quarter to new all-time highs.
‒ Backlog
increased in both the Americas and International design businesses.
‒ Design
book-to-burn 8 in the fourth quarter was 1.1x, contributing to the 20 th
consecutive quarter the Company has delivered a book-to-burn ratio in excess of 1.0.
· The
Company’s pipeline of opportunities in the design business increased by 13% year-over-year,
reaching an all-time high for the sixth consecutive quarter driven by robust funding across
all of its largest markets.
‒ Growth
remains strongest in the earlier stages of the pipeline as new project formation continues
to accelerate, reflective of growing global demand and funding for critical infrastructure.
Capital
Allocation Update
· The
Company returned nearly $500 million to shareholders in the fiscal year through repurchases
and dividends.
· The
Board of Directors approved a 19% increase to the Company’s quarterly dividend to $0.31
per share.
‒ The
Company has grown its per share dividend at a 20% CAGR since its initiation, delivering on
its commitment to increase the value of its per share dividend by a double-digit percentage
annually.
‒ The
increased dividend as declared by the Board will be reflected in the Company’s next
dividend payment on January 23, 2026, to stockholders of record on January 7, 2026.
· Since
the initiation of its repurchase program in September 2020, the Company has returned
more than $3 billion of capital to shareholders through repurchases and dividends.
· Subsequent
to the fiscal fourth quarter end, the Company approved a plan to evaluate strategic alternatives
for the Construction Management business, including a possible sale.
– The
decision to pursue strategic alternatives is consistent with the Company’s commitment
to focus time and capital on its highest-returning and fastest-growing businesses and markets.
– Beginning
in the first quarter, the Construction Management business is expected to be classified as
held for sale and reported in discontinued operations for GAAP reporting purposes.
– The
Company has retained Goldman Sachs & Co. LLC as financial advisor and Wachtell,
Lipton, Rosen & Katz as legal advisor.
Fiscal
2026 Financial Guidance
AECOM
is providing financial guidance for fiscal 2026 both with and without the Construction Management business.
· The
Company initiated guidance for the enterprise-wide business for fiscal 2026 with expectations for continued strong performance,
including:
‒ Adjusted 1
EPS of between $5.65 and $5.85, reflecting a 9% increase at the mid-point over the prior
year.
2
‒ Adjusted 1
EBITDA 4 of between $1,265 million and $1,305 million, reflecting an increase of
7% at the mid-point over the prior year.
‒ Free
cash flow 6 of approximately $400 million, which includes expectations for strong
underlying cash flow.
§ Cash
flow guidance also includes expected investments to execute on the Company’s announced
restructuring to deliver key AI initiatives and efficiencies outlined at today’s 2025
Investor Day.
§ These
investments are key drivers of the Company’s increased long-term margin and earnings
targets, which would substantially lead the industry.
· Beginning
with the first quarter of fiscal 2026, the Company expects to report results for its continuing
design and consulting business, which excludes the Construction Management business that
is expected to be classified as held for sale and reported in discontinued operations. On this basis,
the Company initiated the following fiscal 2026 guidance for:
‒ Organic
NSR 2 growth of 6% to 8%, which excludes the expected impact of fewer working days
in fiscal 2026 than in fiscal 2025.
§ NSR
is expected to be between $7.2 and $7.4 billion, or approximately 5% growth at the mid-point.
‒ Adjusted 1
EBITDA 4 of between $1,180 million and $1,220 million.
‒ A
segment adjusted operating margin 3 of 16.6% and an adjusted EBITDA margin 5
of 16.8%
§ Margins
include accelerating investment to enable the continued development and deployment of AI
and continue to expand the Company’s Advisory team.
‒ Adjusted 1
EPS of between $5.15 and $5.35.
· Other
assumptions incorporated into guidance:
‒ An
average fully diluted share count of 133 million, which does not include any potential future
benefits from capital allocation actions not yet taken, including potential repurchases.
‒ G&A of approximately $155 million.
‒ Depreciation of approximately $160 million.
‒ An
adjusted effective tax rate of approximately 22 - 23% for the full year.
‒ Adjusted
net interest expense of approximately $140 million.
· See
the Regulation G Information tables at the end of this release for a reconciliation of non-GAAP
measures to the most directly comparable GAAP measures.
Raised
Long-Term Financial Targets
As
separately announced as part of its 2025 Investor Day, AECOM increased its long-term financial targets, highlighted by its expectation
to deliver a 20%+ margin exit rate by fiscal 2028 and to grow adjusted EPS at a 15%+ CAGR from fiscal 2026 to fiscal 2029. In addition,
the Company expects to deliver from fiscal 2026 to 2029 a 5 – 8% organic NSR CAGR, to convert at least 100% of adjusted net income
to free cash flow cumulatively and continue to increase the per share value of its dividend by a double-digit percentage annually over
the same period.
Business
Segments
Americas
Revenue
in the fourth quarter was $3.2 billion, a 2% increase from the prior year. Full year revenue of $12.5 billion was effectively unchanged
over the prior year.
Net
service revenue 2 in the fourth quarter was $1.2 billion, a 13% increase from the prior year. Full year net service revenue 2
was $4.6 billion, a 9% increase from the prior year.
Fourth
quarter operating income increased by 20% over the prior year to $244 million and increased by 16% for the full year to $898 million.
On an adjusted 1 basis, fourth quarter operating income increased by 17% to $244 million and increased by 14% to $900 million
for the full year. The fourth quarter adjusted operating margin on net service revenue increased by 70 basis points to 20.4%. The full
year adjusted operating margin on net service revenue increased by 90 basis points over the prior year to 19.8%, a new record that reflects
the ongoing execution of initiatives to deliver expanding operating leverage, as well as strong execution and growth.
International
Revenue
in the fourth quarter was $935 million, a 1% decrease from the prior year. Full year revenue was $3.6 billion, unchanged from the prior
year.
Net
service revenue 2 in the fourth quarter was $769 million, effectively unchanged from the prior year. Full year net service
revenue 2 was $3.0 billion, a 1% increase from the prior year.
Fourth
quarter operating income decreased by 2% over the prior year to $93 million and increased by 3% to $346 million for the full year. On
an adjusted 1 basis, operating income decreased by 2% to $93 million in the fourth quarter and increased by 2% to $346 million
for the full year. The fourth quarter adjusted operating margin on net service revenue decreased by 50 basis points to 12.1%, primarily
due to lower revenue in certain end markets. The full year adjusted operating margin on net service revenue remained unchanged over the
prior year at 11.5%.
3
Balance
Sheet
As
of September 30, 2025, AECOM had $1.6 billion of total cash and cash equivalents, $2.7 billion of total debt and $1.2 billion of
net debt (total debt less cash and cash equivalents). Net leverage 9 was 0.8x.
Tax
Rate
The
effective tax rate was 28.1% in the fourth quarter and 22.3% in the full year. On an adjusted 1 basis, the effective tax rate
was 29.0% in the fourth quarter and 24.3% in the full year, which was consistent with the Company’s guidance. The adjusted tax
rate was derived by re-computing the quarterly effective tax rate on adjusted net income 10 . The adjusted tax expense differs
from the GAAP tax expense based on the taxability or deductibility and tax rate applied to each of the adjustments.
Investor
Day
AECOM
is hosting its 2025 Investor Day today at 10 a.m. Eastern Time, during which management will make a presentation focusing on the
Company's transformative strategic initiatives and long-term financial objectives, as well as review the Company’s fourth quarter
and full year fiscal 2025 financial results. As part of the event, the Company will discuss its new long-term financial targets through
fiscal 2029 that include a substantial increase in expected annual margin expansion and adjusted EPS growth.
Interested
parties can listen to the conference call and view accompanying slides via webcast at https://investors.aecom.com . The webcast
will be available for replay following the call.
1
Excludes the impact of certain items, such as restructuring costs, amortization of intangible assets, non-core AECOM Capital and
other items. See Regulation G Information for a reconciliation of non-GAAP measures to the comparable GAAP measures.
2
Revenue, less pass-through revenue; growth rates are presented on a constant-currency basis.
3
Reflects segment operating performance, excluding AECOM Capital and G&A, and margins are presented on a net service revenue basis.
4
Net income before interest expense, tax expense, depreciation and amortization.
5
Adjusted EBITDA margin includes non-controlling interests in EBITDA and is on a net service revenue basis.
6
Free cash flow is defined as cash flow from operations less capital expenditures, net of proceeds from disposals of property and equipment;
free cash flow conversion is defined as free cash flow divided by adjusted net income attributable to AECOM.
7
Backlog represents the total value of work for which AECOM has been selected that is expected to be completed by consolidated subsidiaries
and includes the proportionate share of work expected to be performed by unconsolidated joint ventures.
8
Book-to-burn ratio is defined as the dollar amount of wins divided by revenue recognized during the period, including revenue related
to work performed in unconsolidated joint ventures.
9
Net leverage is comprised of EBITDA as defined in the Company’s credit agreement dated October 17, 2014, as amended, and total
debt on the Company’s financial statements, net of total cash and cash equivalents.
10
Inclusive of non-controlling interest deduction and adjusted for financing charges in interest expense, the amortization of intangible
assets and is based on continuing operations.
About
AECOM
AECOM
(NYSE: ACM) is the global infrastructure leader, committed to delivering a better world. As a trusted professional services firm powered
by deep technical abilities, we solve our clients’ complex challenges in water, environment, energy, transportation and buildings.
Our teams partner with public- and private-sector clients to create innovative, sustainable and resilient solutions throughout the project
lifecycle – from advisory, planning, design and engineering to program and construction management. AECOM is a Fortune 500 firm
that had revenue of $16.1 billion in fiscal year 2025. Learn more at aecom.com.
4
Forward-Looking
Statements
All
statements in this communication other than statements of historical fact are “forward-looking statements” for purposes of
federal and state securities laws, including any statements of the plans, strategies and objectives for future operations, profitability,
strategic value creation, capital allocation strategy including stock repurchases, risk profile and investment strategies, and any statements
regarding future economic conditions or performance, and the expected financial and operational results of AECOM. Although we believe
that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected
or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements,
or industry results to differ materially from estimates or projections contained in our forward-looking statements include, but are not
limited to, the following: our business is cyclical and vulnerable to economic downturns and client spending reductions; government shutdowns
or other funding circumstances that cause governmental agencies to modify, curtail or terminate our contracts; losses under fixed-price
contracts; limited control over operations that run through our joint venture entities; liability for misconduct by our employees or
consultants; failure to comply with laws or regulations applicable to our business; maintaining adequate surety and financial capacity;
potential high leverage and inability to service our debt and guarantees; our capital allocation strategy, including ability to continue
payment of dividends; exposure to political and economic risks in different countries, including tariffs, geopolitical events, and conflicts;
currency exchange rate and interest fluctuations; retaining and recruiting key technical and management personnel; legal claims; inadequate
insurance coverage; environmental law compliance and adequate nuclear indemnification; unexpected adjustments and cancellations related
to our backlog; partners and third parties who may fail to satisfy their legal obligations; managing pension costs; AECOM Capital real
estate development projects; cybersecurity issues, IT outages and data privacy; risks associated with the benefits and costs of
the sale of our Management Services and self-perform at-risk civil infrastructure, power construction and oil and gas businesses, including
the risk that any purchase adjustments from those transactions could be unfavorable and result in any future proceeds owed to us as part
of the transactions could be lower than we expect; risks associated with strategic initiatives, including AI investments and potential
acquisitions and divestitures; as well as other additional risks and factors that could cause actual results to differ materially from
our forward-looking statements set forth in our reports filed with the Securities and Exchange Commission. Any forward-looking statements
are made as of the date hereof. We do not intend, and undertake no obligation, to update any forward-looking statement.
Non-GAAP
Financial Information
This
communication contains financial information calculated other than in accordance with U.S. generally accepted accounting principles (“GAAP”).
The Company believes that non-GAAP financial measures such as adjusted EPS, adjusted EBITDA, adjusted EBITDA margin, adjusted net/operating
income, segment adjusted operating margin, adjusted tax rate, net service revenue and free cash flow provide a meaningful perspective
on its business results as the Company utilizes this information to evaluate and manage the business. We use adjusted operating income,
adjusted net income, adjusted EBITDA, adjusted EBITDA margin, and adjusted EPS to exclude the impact of certain items, such as amortization
expense and taxes to aid investors in better understanding our core performance results. We use free cash flow to present the cash generated
from operations after capital expenditures to maintain our business. We present net service revenue (NSR) to exclude pass-through subcontractor
costs from revenue to provide investors with a better understanding of our operational performance. We present segment adjusted operating
margin to reflect segment operating performance of our Americas and International segments, excluding AECOM Capital. We
present adjusted tax rate to reflect the tax rate on adjusted earnings. We also use constant-currency growth rates where appropriate,
which are calculated by conforming the current period results to the comparable period exchange rates.
Our
non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for financial information determined
in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP,
nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies. A reconciliation of these
non-GAAP measures is found in the Regulation G Information tables at the back of this communication. The Company is unable to reconcile
certain of its non-GAAP financial guidance and long-term financial targets due to uncertainties in these non-operating items as well
as other adjustments to net income. The Company is unable to provide a reconciliation of its guidance for NSR to GAAP revenue because
it is unable to predict with reasonable certainty its pass-through revenue. In addition, the Company is unable to provide a reconciliation
of its guidance for financial metrics excluding the Construction Management business due to uncertainties in these non-operating items
as well as other adjustments to these measures.
5
AECOM
Consolidated
Statements of Income
(unaudited
- in thousands, except per share data)
Three Months Ended
Twelve Months Ended
September 30, 2025
September 30, 2024
%
Change
September 30, 2025
September 30, 2024
%
Change
Revenue
$ 4,175,417
$ 4,110,494
1.6 %
$ 16,139,622
$ 16,105,498
0.2 %
Cost of revenue
3,844,819
3,816,341
0.7 %
14,922,909
15,021,157
(0.7 )%
Gross profit
330,598
294,153
12.4 %
1,216,713
1,084,341
12.2 %
Equity in earnings of joint ventures
5,306
3,959
34.0 %
27,013
2,124
1171.8 %
General and administrative expenses
(39,173 )
(43,486 )
(9.9 )%
(157,849 )
(160,105 )
(1.4 )%
Restructuring and acquisition costs
(59,355 )
(18,248 )
225.3 %
(59,355 )
(98,918 )
(40.0 )%
Income from operations
237,376
236,378
0.4 %
1,026,522
827,442
24.1 %
Other income
11,458
11,416
0.4 %
10,457
17,570
(40.5 )%
Interest income
17,737
15,219
16.5 %
62,894
58,560
7.4 %
Interest expense
(58,867 )
(45,070 )
30.6 %
(184,304 )
(185,420 )
(0.6 )%
Income from continuing operations before taxes
207,704
217,943
(4.7 )%
915,569
718,152
27.5 %
Income tax expense for continuing operations
58,400
34,822
67.7 %
204,018
152,900
33.4 %
Net income from continuing operations
149,304
183,121
(18.5 )%
711,551
565,252
25.9 %
Net (loss) income from discontinued operations
(11,598 )
1
NM
(75,364 )
(104,997 )
(28.2 )%
Net income
137,706
183,122
(24.8 )%
636,187
460,255
38.2 %
Net income attributable to noncontrolling interests from continuing operations
(17,334 )
(14,737 )
17.6 %
(73,287 )
(59,322 )
23.5 %
Net loss (income) attributable to noncontrolling interests from discontinued operations
—
4,163
(100.0 )%
(1,126 )
1,333
(184.5 )%
Net income attributable to noncontrolling interests
(17,334 )
(10,574 )
63.9 %
(74,413 )
(57,989 )
28.3 %
Net income attributable to AECOM from continuing operations
131,970
168,384
(21.6 )%
638,264
505,930
26.2 %
Net (loss) income attributable to AECOM from discontinued operations
(11,598 )
4,164
(378.5 )%
(76,490 )
(103,664 )
(26.2 )%
Net income attributable to AECOM
$ 120,372
$ 172,548
(30.2 )%
$ 561,774
$ 402,266
39.7 %
Net income (loss) attributable to AECOM per share:
Basic continuing operations per share
$ 1.00
$ 1.25
(20.0 )%
$ 4.82
$ 3.73
29.2 %
Basic discontinued operations per share
(0.09 )
0.04
(325.0 )%
(0.58 )
(0.76 )
(23.7 )%
Basic earnings per share
$ 0.91
$ 1.29
(29.5 )%
$ 4.24
$ 2.97
42.8 %
Diluted continuing operations per share
$ 0.99
$ 1.25
(20.8 )%
$ 4.79
$ 3.71
29.1 %
Diluted discontinued operations per share
(0.09 )
0.03
(400.0 )%
(0.58 )
(0.76 )
(23.7 )%
Diluted earnings per share
$ 0.90
$ 1.28
(29.7 )%
$ 4.21
$ 2.95
42.7 %
Weighted average shares outstanding:
Basic
132,260
134,247
(1.5 )%
132,373
135,544
(2.3 )%
Diluted
133,400
135,209
(1.3 )%
133,311
136,453
(2.3 )%
6
AECOM
Balance
Sheet Information
(unaudited
- in thousands)
September 30, 2025
September 30, 2024
Balance Sheet Information:
Total cash and cash equivalents
$ 1,585,739
$ 1,580,877
Accounts receivable and contract assets – net
4,282,326
4,599,765
Working capital
801,411
681,678
Total debt, excluding unamortized debt issuance costs
2,743,719
2,539,811
Total assets
12,200,249
12,061,669
Total AECOM stockholders’ equity
2,492,584
2,184,205
7
AECOM
Reportable
Segments
(unaudited
- in thousands)
Americas
International
AECOM Capital
Corporate
Total
Three Months Ended September 30, 2025
Revenue
$ 3,240,019
$ 935,255
$ 143
$ —
$ 4,175,417
Cost of revenue
2,999,519
845,299
—
—
3,844,818
Gross profit
240,500
89,956
143
—
330,599
Equity in earnings (losses) of joint ventures
3,214
2,732
(640 )
—
5,306
General and administrative expenses
—
—
(1,484 )
(37,689 )
(39,173 )
Restructuring and acquisition costs
—
—
—
(59,355 )
(59,355 )
Income (loss) from operations
$ 243,714
$ 92,688
$ (1,981 )
$ (97,044 )
$ 237,377
Gross profit as a % of revenue
7.4 %
9.6 %
7.9 %
Three Months Ended September 30, 2024
Revenue
$ 3,161,547
$ 948,422
$ 525
$ —
$ 4,110,494
Cost of revenue
2,961,766
854,575
—
—
3,816,341
Gross profit
199,781
93,847
525
—
294,153
Equity in earnings (losses) of joint ventures
3,639
663
(343 )
—
3,959
General and administrative expenses
—
—
(2,333 )
(41,153 )
(43,486 )
Restructuring and acquisition costs
—
—
—
(18,248 )
(18,248 )
Income (loss) from operations
$ 203,420
$ 94,510
$ (2,151 )
$ (59,401 )
$ 236,378
Gross profit as a % of revenue
6.3 %
9.9 %
7.2 %
Twelve Months Ended September 30, 2025
Revenue
$ 12,525,882
$ 3,613,196
$ 544
$ —
$ 16,139,622
Cost of revenue
11,643,847
3,279,062
—
—
14,922,909
Gross profit
882,035
334,134
544
—
1,216,713
Equity in earnings (losses) of joint ventures
15,785
11,803
(575 )
—
27,013
General and administrative expenses
—
—
(8,951 )
(148,898 )
(157,849 )
Restructuring and acquisition costs
—
—
—
(59,355 )
(59,355 )
Income (loss) from operations
$ 897,820
$ 345,937
$ (8,982 )
$ (208,253 )
$ 1,026,522
Gross profit as a % of revenue
7.0 %
9.2 %
7.5 %
Contracted backlog
$ 8,791,178
$ 4,727,438
$ —
$ —
$ 13,518,616
Awarded backlog
9,171,426
2,139,935
—
—
11,311,361
Total backlog
$ 17,962,604
$ 6,867,373
$ —
$ —
$ 24,829,977
Total backlog – Design only
$ 16,436,803
$ 6,867,373
$ —
$ —
$ 23,304,176
Twelve Months Ended September 30, 2024
Revenue
$ 12,485,687
$ 3,618,456
$ 1,355
$ —
$ 16,105,498
Cost of revenue
11,726,629
3,294,528
—
—
15,021,157
Gross profit
759,058
323,928
1,355
—
1,084,341
Equity in earnings (losses) of joint ventures
15,505
13,510
(26,891 )
—
2,124
General and administrative expenses
—
—
(15,000 )
(145,105 )
(160,105 )
Restructuring and acquisition costs
—
—
—
(98,918 )
(98,918 )
Income (loss) from operations
$ 774,563
$ 337,438
$ (40,536 )
$ (244,023 )
$ 827,442
Gross profit as a % of revenue
6.1 %
9.0 %
6.7 %
Contracted backlog
$ 8,853,977
$ 4,481,765
$ —
$ —
$ 13,335,742
Awarded backlog
8,582,289
1,945,012
—
—
10,527,301
Total backlog
$ 17,436,266
$ 6,426,777
$ —
$ —
$ 23,863,043
Total backlog – Design only
$ 16,130,139
$ 6,426,777
$ —
$ —
$ 22,556,916
8
AECOM
Regulation G Information
(in millions)
Reconciliation of Revenue to Net Service Revenue (NSR)
Three Months Ended
Twelve Months Ended
Sep 30, 2025
Jun 30,
2025
Sep 30, 2024
Sep 30, 2025
Sep 30, 2024
Americas
Revenue
$ 3,240.0
$ 3,277.2
$ 3,161.5
$ 12,525.9
$ 12,485.7
Less: Pass-through revenue
2,042.3
2,098.3
2,104.1
7,973.7
8,281.1
Net service revenue
$ 1,197.7
$ 1,178.9
$ 1,057.4
$ 4,552.2
$ 4,204.6
International
Revenue
$ 935.2
$ 901.2
$ 948.4
$ 3,613.2
$ 3,618.4
Less: Pass-through revenue
166.2
142.6
194.3
593.1
659.4
Net service revenue
$ 769.0
$ 758.6
$ 754.1
$ 3,020.1
$ 2,959.0
Segment Performance (excludes ACAP)
Revenue
$ 4,175.2
$ 4,178.4
$ 4,109.9
$ 16,139.1
$ 16,104.1
Less: Pass-through revenue
2,208.5
2,240.9
2,298.4
8,566.8
8,940.5
Net service revenue
$ 1,966.7
$ 1,937.5
$ 1,811.5
$ 7,572.3
$ 7,163.6
Consolidated
Revenue
$ 4,175.3
$ 4,178.5
$ 4,110.5
$ 16,139.6
$ 16,105.5
Less: Pass-through revenue
2,208.5
2,240.9
2,298.4
8,566.8
8,940.5
Net service revenue
$ 1,966.8
$ 1,937.6
$ 1,812.1
$ 7,572.8
$ 7,165.0
Reconciliation of Total Debt to Net
Debt
Balances at:
Sep 30, 2025
Jun 30, 2025
Sep 30, 2024
Short-term debt
$ 4.1
$ 4.7
$ 3.1
Current portion of long-term debt
62.2
68.5
63.8
Long-term debt, excluding unamortized debt issuance costs
2,677.4
2,475.0
2,473.0
Total debt
2,743.7
2,548.2
2,539.9
Less: Total cash and cash equivalents
1,585.7
1,794.1
1,580.9
Net debt
$ 1,158.0
$ 754.1
$ 959.0
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Three Months Ended
Twelve Months Ended
Sep 30, 2025
Jun 30, 2025
Sep 30, 2024
Sep 30, 2025
Sep 30, 2024
Net cash provided by operating activities
$ 196.1
$ 283.7
$ 298.8
$ 821.6
$ 827.5
Capital expenditures, net
(62.0 )
(22.0 )
(24.2 )
(136.4 )
(119.1 )
Free cash flow
$ 134.1
$ 261.7
$ 274.6
$ 685.2
$ 708.4
9
AECOM
Regulation
G Information
(in
millions, except per share data)
Three Months Ended
Twelve Months Ended
Sep 30, 2025
Jun 30, 2025
Sep 30, 2024
Sep 30, 2025
Sep 30, 2024
Reconciliation of Income from Operations to Adjusted Income from Operations
to Adjusted EBITDA with Noncontrolling Interests (NCI) to Adjusted EBITDA
Income from operations
$ 237.3
$ 294.1
$ 236.3
$ 1,026.5
$ 827.4
Noncore AECOM Capital loss
2.0
1.3
2.2
9.0
40.5
Restructuring and acquisition costs
59.4
—
18.3
59.4
99.0
Amortization of intangible assets
0.4
0.3
4.7
2.2
18.7
Adjusted income from operations
$ 299.1
$ 295.7
$ 261.5
$ 1,097.1
$ 985.6
Other income
11.5
0.8
11.4
10.5
17.6
Fair value adjustment included in other income
(9.6 )
1.3
(8.8 )
(2.8 )
(7.2 )
Depreciation
43.6
42.9
39.0
166.2
152.5
Adjusted EBITDA with noncontrolling interests (NCI)
$ 344.6
$ 340.7
$ 303.1
$ 1,271.0
$ 1,148.5
Net income attributable to NCI from continuing operations excluding interest income included in NCI
(15.9 )
(27.9 )
(13.2 )
(68.4 )
(53.5 )
Amortization of intangible assets included in NCI
—
—
—
—
(0.2 )
Adjusted EBITDA
$ 328.7
$ 312.8
$ 289.9
$ 1,202.6
$ 1,094.8
Reconciliation of Income from Continuing Operations Before Taxes to Adjusted Income from Continuing Operations Before Taxes
Income from continuing operations before taxes
$ 207.7
$ 268.8
$ 218.0
$ 915.6
718.2
Noncore AECOM Capital loss
2.0
1.2
2.2
8.9
40.5
Fair value adjustment
(9.6 )
1.1
(9.2 )
(3.5 )
(7.6 )
Restructuring and acquisition costs
59.4
—
18.2
59.4
98.9
Amortization of intangible assets
0.4
0.3
4.7
2.2
18.7
Financing charges in interest expense
13.5
1.3
1.2
17.4
10.7
Adjusted income from continuing operations before taxes
$ 273.4
$ 272.7
$ 235.1
$ 1,000.0
879.4
Reconciliation of Income Taxes for Continuing Operations to Adjusted Income Taxes for Continuing Operations
Income tax expense for continuing operations
$ 58.3
$ 65.2
$ 34.9
$ 204.0
$ 153.0
Tax effect of the above adjustments (1)
16.2
1.0
2.3
21.0
38.3
Valuation allowances and other tax only items
(0.2 )
(0.3 )
10.9
—
11.7
Adjusted income tax expense for continuing operations
$ 74.3
$ 65.9
$ 48.1
$ 225.0
$ 203.0
(1) Adjusts the income taxes
during the period to exclude the impact on our effective tax rate of the pre-tax adjustments shown above.
Reconciliation of Net Income Attributable to Noncontrolling Interests
(NCI) from Continuing Operations to Adjusted Net Income Attributable to Noncontrolling Interests from Continuing Operations
Net income attributable to noncontrolling interests from continuing operations
$ (17.3 )
$ (28.8 )
$ (14.7 )
$ (73.3 )
$ (59.3 )
Amortization of intangible assets included in NCI
—
—
—
—
(0.2 )
Adjusted net income attributable to noncontrolling interests from continuing operations
$ (17.3 )
$ (28.8 )
$ (14.7 )
$ (73.3 )
$ (59.5 )
10
AECOM
Regulation G Information
(in millions, except per share data)
Three Months Ended
Twelve Months Ended
Sep 30, 2025
Jun 30, 2025
Sep 30, 2024
Sep 30, 2025
Sep 30, 2024
Reconciliation of Net Income Attributable to AECOM from Continuing Operations
to Adjusted Net Income Attributable to AECOM from Continuing Operations
Net income attributable to AECOM from continuing operations
$ 132.1
$ 174.8
$ 168.4
$ 638.3
$ 505.9
Noncore AECOM Capital loss (income), net of NCI
2.0
1.3
2.2
9.0
40.5
Fair value adjustment
(9.6 )
1.1
(9.2 )
(3.5 )
(7.6 )
Restructuring and acquisition costs
59.4
—
18.3
59.4
99.0
Amortization of intangible assets
0.4
0.3
4.7
2.2
18.7
Financing charges in interest expense
13.5
1.2
1.2
17.3
10.7
Tax effect of the above adjustments (1)
(16.2 )
(1.0 )
(2.4 )
(21.0 )
(38.4 )
Valuation allowances and other tax only items
0.2
0.3
(10.9 )
—
(11.7 )
Amortization of intangible assets included in NCI
—
—
—
—
(0.2 )
Adjusted net income attributable to AECOM from continuing operations
$ 181.8
$ 178.0
$ 172.3
$ 701.7
$ 616.9
(1)
Adjusts the income taxes during the period to exclude the impact on our effective tax rate of the pre-tax adjustments shown above
Reconciliation of Net Income Attributable to AECOM from Continuing Operations
per Diluted Share to Adjusted Net Income Attributable to AECOM from Continuing Operations per Diluted Share
Net income attributable to AECOM from continuing operations per diluted share
$ 0.99
$ 1.31
$ 1.25
$ 4.79
$ 3.71
Per diluted share adjustments:
Noncore AECOM Capital loss, net of NCI
0.01
0.01
0.02
0.07
0.30
Fair value adjustment
(0.07 )
0.01
(0.07 )
(0.03 )
(0.06 )
Restructuring and acquisition costs
0.45
—
0.14
0.45
0.73
Amortization of intangible assets
—
—
0.03
0.02
0.14
Financing charges in interest expense
0.10
0.01
0.01
0.13
0.07
Tax effect of the above adjustments (1)
(0.12 )
—
(0.03 )
(0.17 )
(0.28 )
Valuation allowances and other tax only items
—
—
(0.08 )
—
(0.09 )
Adjusted net income attributable to AECOM from continuing operations per diluted share
$ 1.36
$ 1.34
$ 1.27
$ 5.26
$ 4.52
Weighted average shares outstanding – basic
132.3
132.3
134.2
132.4
135.5
Weighted average shares outstanding – diluted
133.4
133.1
135.2
133.3
136.5
(1) Adjusts the income taxes during the period to exclude the impact on our effective tax rate of the pre-tax adjustments shown above.
Reconciliation of Net Income Attributable to AECOM from Continuing Operations
to Adjusted EBITDA
Net income attributable to AECOM from continuing operations
$ 132.1
$ 174.8
$ 168.4
$ 638.3
$ 505.9
Income tax expense
58.3
65.2
34.9
204.0
153.0
Depreciation and amortization
47.5
44.4
45.0
175.8
178.7
Interest income, net of NCI
(16.4 )
(13.1 )
(13.7 )
(58.1 )
(52.8 )
Interest expense
58.9
40.2
45.0
184.3
185.4
Amortized bank fees included in interest expense
(3.5 )
(1.2 )
(1.3 )
(7.4 )
(7.7 )
Noncore AECOM Capital loss (income), net of NCI
2.0
1.3
2.2
9.0
40.5
Fair value adjustment included in other income
(9.6 )
1.2
(8.9 )
(2.7 )
(7.2 )
Restructuring and acquisition costs
59.4
—
18.3
59.4
99.0
Adjusted EBITDA
$ 328.7
$ 312.8
$ 289.9
$ 1,202.6
$ 1,094.8
11
AECOM
Regulation G Information
(in millions, except per share data)
Three Months Ended
Twelve Months Ended
Sep 30, 2025
Jun 30, 2025
Sep 30, 2024
Sep 30, 2025
Sep 30, 2024
Reconciliation of Segment Income from Operations to Adjusted Segment
Income from Operations
Americas Segment:
Segment Income from operations
$ 243.7
$ 240.9
$ 203.4
$ 897.8
$ 774.6
Amortization of intangible assets
0.4
0.4
4.3
2.2
17.3
Adjusted segment income from operations
$ 244.1
$ 241.3
$ 207.7
$ 900.0
$ 791.9
International Segment:
Segment Income from operations
$ 92.7
$ 90.2
$ 94.5
$ 345.9
$ 337.4
Amortization of intangible assets
—
—
0.4
—
1.4
Adjusted segment income from operations
$ 92.7
$ 90.2
$ 94.9
$ 345.9
$ 338.8
Segment Performance (excludes ACAP & G&A):
Segment Income from operations
$ 336.4
$ 331.1
$ 297.9
$ 1,243.7
$ 1,112.0
Amortization of intangible assets
0.4
0.4
4.7
2.2
18.7
Adjusted segment income from operations
$ 336.8
$ 331.5
$ 302.6
$ 1,245.9
$ 1,130.7
12
AECOM
Regulation G Information
FY2026 GAAP EPS Guidance based on Adjusted EPS Guidance
(All figures approximate. Includes Construction Management)
Fiscal Year End 2026
GAAP EPS guidance
$4.01 to $4.84
Adjusted EPS excludes:
Amortization of intangible assets
$0.56 to $0.14
Amortization of deferred financing fees
$0.04
Restructuring and acquisition costs
$1.50 to $1.13
Tax effect of the above items
($0.46) to ($0.30)
Adjusted EPS guidance
$5.65 to $5.85
FY2026 GAAP Net Income from
Continuing Operations Guidance based on Adjusted EBITDA Guidance
(In millions. All figures approximate. Includes Construction Management)
Fiscal Year End 2026
GAAP net income from continuing operations guidance
$599 to $710
Net income attributable to noncontrolling interest from continuing operations
($65)
Net income attributable to AECOM from continuing operations
$534 to $645
Adjusted net income attributable to AECOM from continuing operations excludes:
Amortization of intangible assets
$75 to $19
Amortization of deferred financing fees
$5
Restructuring and acquisition costs
$200 to $150
Tax effect of the above items
($61) to ($39)
Adjusted net income attributable to AECOM from continuing operations
$753 to $780
Adjusted EBITDA excludes:
Depreciation
$165
Adjusted interest expense, net
$135
Tax expense, including tax effect of above items
$212 to $225
Adjusted EBITDA guidance
$1,265 to $1,305
FY2026 GAAP Interest Expense Guidance based on Adjusted Interest Expense Guidance
(In millions. All figures approximate. Includes Construction Management)
Fiscal Year End 2026
GAAP interest expense guidance
$175
Finance charges in interest expense
($5)
Interest income, net of NCI
($35)
Adjusted net interest expense guidance
$135
FY2026 GAAP Income Tax Guidance based on Adjusted Income Tax Guidance
(In millions. All figures approximate. Includes Construction Management)
Fiscal Year End 2026
GAAP income tax expense guidance
$151 to $186
Tax effect of adjusting items
$61 to $39
Adjusted income tax expense guidance
$212 to $225
Note: Variances in tables are due to rounding.
13
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.