AECOM (ACM) Q4 2025 Financial Results Summary
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AECOM (ACM) Q4 2025 Financial Results Summary
DALLAS (November 18, 2025)—AECOM (NYSE:ACM), the leading global infrastructure firm, has reported its financial results for the fourth quarter and full year of fiscal 2025.
Key Financial Highlights
Fourth Quarter Fiscal 2025
- Revenue: $4.175 billion, a 2% increase compared to Q4 2024.
- Net Service Revenue (NSR): $1.967 billion, an 8% increase year-over-year.
- Operating Income:
- Reported: $237 million, effectively unchanged,
- Adjusted: $299 million, a 14% increase from Q4 2024.
- Net Income: $132 million, a 22% decrease compared to the previous year.
- EPS (Diluted): $0.99, a 21% decrease versus Q4 2024.
- EBITDA: Adjusted EBITDA was $329 million, a 13% increase year-over-year.
Full Year Fiscal 2025
- Revenue: $16.140 billion, effectively unchanged from the previous year.
- Net Service Revenue (NSR): $7.573 billion, a 6% increase year-over-year.
- Operating Income:
- Reported: $1.027 billion, a 24% increase from FY 2024,
- Adjusted: $1.097 billion, an 11% increase year-over-year.
- Net Income: $638 million, a 26% increase compared to FY 2024.
- EPS (Diluted): $4.79, a 29% increase year-over-year.
- EBITDA: $1.203 billion for the year, a 10% increase from the previous year.
- Free Cash Flow: $685 million, a 3% decrease from FY 2024.
- Operating Cash Flow: $822 million, a 1% decrease year-over-year.
Backlog and Pipeline
- Total Backlog: $24.83 billion, a 4% increase year-over-year.
- Design Pipeline: Increased by 13% year-over-year, reflecting robust funding in key markets.
Dividend and Share Repurchases
- AECOM announced a 19% increase to its quarterly dividend, raising it to $0.31 per share.
- The company returned nearly $500 million to shareholders through repurchases and dividends during the year.
Segment Performance
Americas Segment
- Fourth Quarter Revenue: $3.240 billion, a 2% increase from Q4 2024.
- Net Service Revenue: $1.198 billion, a 13% increase compared to the prior year.
- Operating Income: Increased by 20% to $244 million.
- Adjusted Margin on NSR: Increased by 70 basis points to 20.4%.
International Segment
- Fourth Quarter Revenue: $935 million, a 1% decrease from Q4 2024.
- Net Service Revenue: $769 million, effectively unchanged year-over-year.
- Operating Income: Decreased by 2% to $93 million.
Financial Guidance for Fiscal 2026
- Adjusted EPS Guidance: Between $5.65 and $5.85, reflecting a 9% increase over FY 2025 mid-point.
- Adjusted EBITDA Guidance: Between $1.265 billion and $1.305 billion, indicating a 7% increase year-over-year.
- Free Cash Flow Guidance: Approximately $400 million.
- Organic NSR Growth: Expected to be between 6% to 8%, independent of the anticipated impact from fewer working days.
Strategic Alternatives Announcement
- AECOM is undertaking a review of strategic alternatives for its Construction Management business, which may include a potential sale.
Conclusion
AECOM’s robust performance in fiscal 2025, characterized by significant growth in key areas such as operating income and net income, positions the company for continued success in fiscal 2026 and beyond. The planned increase in its quarterly dividend and strategic review of business operations highlight AECOM’s focus on delivering value to its shareholders.
| 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 | 207,704 | 217,943 | (4.7 %) | 915,569 | 718,152 | 27.5 % |
| taxes | ||||||
| Income tax expense for continuing ops | 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 ops | (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 | (17,334) | (14,737) | 17.6 % | (73,287) | (59,322) | 23.5 % |
| continuing operations | ||||||
| Net loss (income) attributable to | ||||||
| noncontrolling interests from | — | 4,163 | (100.0 %) | (1,126) | 1,333 | (184.5 %) |
| discontinued operations | ||||||
| Net income attributable to AECOM from | 131,970 | 168,384 | (21.6 %) | 638,264 | 505,930 | 26.2 % |
| continuing operations | ||||||
| Net (loss) income attributable to AECOM | (11,598) | 4,164 | (378.5 %) | (76,490) | (103,664) | (26.2 %) |
| from discontinued operations | ||||||
| Net income attributable to AECOM | $ 120,372 | $ 172,548 | (30.2 %) | $ 561,774 | $ 402,266 | 39.7 % |
| 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 | (0.09) | 0.03 | (400.0 %) | (0.58) | (0.76) | (23.7 %) |
| share | ||||||
| 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 %) |
| Balance Sheet Information | September 30, 2025 | September 30, 2024 |
|---|---|---|
| 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 | 2,743,719 | 2,539,811 |
| issuance costs | ||
| Total assets | 12,200,249 | 12,061,669 |
| Total AECOM stockholders’ equity | 2,492,584 | 2,184,205 |