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Updated Aug 11, 2026
AECOM posts record backlog at 1.6x book-to-burn but absorbs $337M construction management charge, cutting FY2026 EPS guidance to $4.05 midpoint.
A $337 million pretax charge on a legacy design-build P3 construction management project — bid in 2019 under risk controls since abandoned — dominates Q3 FY2026 results and forces a guidance reset, masking what is otherwise a record-backlog, margin-expanding quarter. Excluding the charge, adjusted EBITDA and EPS improved 5% and 11% year-over-year, Americas design grew 6% (adjusted for one fewer working day), and the International segment returned to growth at 4% NSR with margin expansion driven by Australia and the U.K. The two legacy P3 projects represent the entirety of the design-build P3 exposure in the construction management portfolio; management has prohibited this contract type for years and expects both projects completed by Q2 FY2027, after which approximately $500 million in cumulative cash burn will cease.
Tone: mixedRevenue
$16.1B
ACM 10-K · FY 2025
Employees
51,000
Revenue FY2024
$16.1B
Headquarters
Dallas, TX
Profile
ACM 10-K Item 1 · Nov 19, 2025AECOM is a global professional infrastructure consulting and advisory firm serving public and private clients across transportation, water, environmental, facilities, and energy end markets. The company operates through three segments — Americas, International, and AECOM Capital — delivering advisory, design, program management, and construction management services. Ranked by ENR as the world's largest general architectural and engineering design firm, AECOM generates revenue primarily through fee-based, knowledge-based services.
Read filing description ↓ Collapse description ↑
We are a leading global provider of professional infrastructure consulting and advisory services for governments, businesses and organizations throughout the world. We provide advisory, planning, consulting, architectural and engineering design, construction and program management services, and investment and development services to public and private clients worldwide in major end markets such as transportation, facilities, water, environmental, and energy. According to Engineering News-Record's (ENR's) 2025 Design Survey, we are the largest general architectural and engineering design firm in the world, ranked by 2024 design revenue, and we are the number one ranked water, transportation design, facilities design, environmental engineering, environmental consulting and environmental science firm in the world. Our global network of technical experts, combined with our ability to advise, consult, design, and deliver program management services creates a competitive advantage. Our scale also creates the capacity for investment in digital capabilities that further enhance our delivery capabilities and value proposition. Our business focuses primarily on providing fee-based knowledge-based services. We primarily derive income from our ability to generate revenue and collect cash from our clients through the billing of our employees' time spent on client projects and our ability to manage our costs. We report our continuing business through three segments: Americas, International, and AECOM Capital (ACAP). Aging infrastructure, increasing urbanization, and growing energy demand create growth secular tailwinds for our markets. In addition, our industry is poised to capitalize on the benefits of AI and innovation. We are investing to lead this transformation, which will extend our advantages, improve overall delivery, and create distinct solutions for clients that differentiate us from competitors and enhance our client experience.
Primary products
- advisory services
- planning services
- consulting services
- architectural and engineering design
- construction management
- program management
Business segments
End markets
Geographies
Named customers
No single client accounted for 10% or more of our revenue in any of the past five fiscal years.
“According to Engineering News-Record's (ENR's) 2025 Design Survey, we are the largest general architectural and engineering design firm in the world, ranked by 2024 design revenue, and we are the number one ranked water, transportation design, facilities design, environmental engineering, environmental consulting and environmental science firm in the world.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue was essentially flat year-over-year, increasing marginally from $16,105.5 million in fiscal 2024 to $16,139.6 million in fiscal 2025.
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