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AECOM

AECOM (ACM) Q3 2025 Earnings

Reported Aug 4, 2025 at 4:16 PM ET · SEC Source

Q3 25 EPS

$1.34

BEAT +7.20%

Est. $1.25

Q3 25 Revenue

$4.18B

MISS 3.52%

Est. $4.33B

vs S&P Since Q3 25

-59.7%

TRAILING MARKET

ACM -40.0% vs S&P +19.7%

Market Reaction

Did ACM Beat Earnings? Q3 2025 Results

AECOM posted a mixed but fundamentally strong fiscal third quarter, beating on earnings while falling short on the top line as profitability took center stage. Adjusted EPS came in at $1.34, clearing the $1.26 consensus estimate by 6.24%, even as rev… Read more AECOM posted a mixed but fundamentally strong fiscal third quarter, beating on earnings while falling short on the top line as profitability took center stage. Adjusted EPS came in at $1.34, clearing the $1.26 consensus estimate by 6.24%, even as revenue of $4.18 billion trailed expectations by 3.52% despite edging 0.7% higher year over year. The real story was margin execution, with the company's segment adjusted operating margin hitting 17.1% and crossing its own long-term target more than a year ahead of schedule; the Americas segment alone achieved a quarterly-high 20.5% adjusted operating margin on net service revenue, driven by robust U.S. Public infrastructure spending and an eighth consecutive quarter of momentum in Canada. With only about a third of Infrastructure Investment and Jobs Act funds targeted at AECOM's markets yet spent, management sees a durable demand runway ahead. The company raised its full-year guidance for a third straight quarter, now targeting adjusted EPS of $5.20 to $5.30, representing 16% growth at the midpoint, backed by a record $24.59 billion backlog.

Key Takeaways

  • • Net service revenue growth accelerated in both segments, with 8% growth in the Americas and 3% in International
  • • Segment adjusted operating margin reached 17.1%, exceeding the long-term 17% target more than one year ahead of prior expectation
  • • Americas adjusted operating margin on NSR expanded 120 basis points to 20.5%, a new quarterly high
  • • Record investments in organic growth initiatives including advisory business and technical capabilities
  • • Strong U.S. public infrastructure investment and strong win rates
  • • Seventh consecutive quarter of double-digit growth in Canada
  • • U.K. and Middle East markets driving International growth
  • • Win rates at all-time high levels
  • • 19th consecutive quarter with book-to-burn ratio in excess of 1.0x
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ACM YoY Financials

Q3 2025 vs Q3 2024, source: SEC Filings

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ACM Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q2 26
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ACM Revenue by Geography

With YoY comparisons, source: SEC Filings

Q2 25 Q2 26

“The strength of our third quarter results, which included outperformance on all key financial metrics, demonstrated the benefits of our competitive edge platform and the high returns we earn on our growth investments. Our visibility has never been stronger – driven by the secular investment megatrends of infrastructure, sustainability and resilience, and energy – and our backlog and pipeline are at record highs. Our win rates are at all-time high levels, and we are confident in continued growth in the earnings power of our business. This quarter, we also reached a major milestone by delivering a 17.1% segment adjusted operating margin, exceeding our long-term 17% target more than one year ahead of our prior expectation. Leading our industry in margins has been a hallmark of our performance over the past several years. Importantly, these margins include record investments in organic growth initiatives, such as in our advisory business and in our technical capabilities, underscoring the high returns we earn on our investments and the continued opportunity to expand margins over time.”

— Troy Rudd, Q3 2025 Earnings Press Release

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