AECOM (ACM) Q4 2025 Earnings
How Did ACM Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: +3.11%.
Did ACM Beat Earnings? Q4 2025 Results
Yes. AECOM reported Q4 2025 earnings of $1.36 a share on Nov 18, 2025, beating the $1.34 consensus estimate by 1.5%. Revenue was $4.2B against a $4.3B estimate.
AECOM closed out fiscal 2025 with a mixed but broadly encouraging quarter, delivering Q4 adjusted EPS of $1.36 against a consensus estimate of $1.34, a 1.49% beat, even as revenue of $4.18 billion came in 3.23% below the $4.31 billion analysts had expected, rising just 1.6% year over year. The headline earnings strength was particularly notable given that a notably elevated Q4 adjusted tax rate of 29.0% weighed on results; management indicated that, absent the higher tax burden, quarterly adjusted EPS growth would have been 18%. The real story, however, was the margin and backlog momentum: full-year segment adjusted operating margins hit a record 16.5%, and total backlog climbed to an all-time high of $24.83 billion. AECOM also announced a review of its Construction Management business for a potential sale, pivoting toward higher-margin design and AI-driven advisory services, with analysts anticipating a sustained infrastructure construction cycle ahead. For fiscal 2026, the company guided adjusted EPS of $5.65 to $5.85, representing roughly 9% growth at the midpoint.
- NSR growth accelerated to 8% in Q4, driven by 9% growth in Americas design business
- Record full year segment adjusted operating margin of 16.5%, up 70 basis points
- Americas adjusted operating margin on NSR reached record 19.8% for full year, up 90 basis points
- Design book-to-burn ratio of 1.1x in Q4, marking 20th consecutive quarter above 1.0x
- Total backlog reached all-time high of $24.8 billion, fifth consecutive quarter of sequential growth
- Design pipeline increased 13% year-over-year to sixth consecutive all-time high
“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.”
AECOM CEO, on the earnings call
What Was AECOM's Outlook in Q4 2025?
AECOM initiated fiscal 2026 enterprise-wide guidance of adjusted EPS of $5.65-$5.85 (9% increase at mid-point) and adjusted EBITDA of $1,265-$1,305 million (7% increase at mid-point), with free cash flow of approximately $400 million including significant AI restructuring investments. Excluding Construction Management (expected held for sale), FY2026 guidance includes organic NSR growth of 6-8%, NSR of $7.2-$7.4 billion, adjusted EBITDA of $1,180-$1,220 million, segment adjusted operating margin of 16.6%, and adjusted EPS of $5.15-$5.35. Long-term targets through FY2029 were raised to include a 20%+ margin exit rate by FY2028, 15%+ adjusted EPS CAGR, 5-8% organic NSR CAGR, 100%+ cumulative free cash flow conversion, and double-digit annual per share dividend growth. The company expects to achieve these targets through proprietary AECOM AI deployment and doubling its Advisory business NSR to $400 million over three years.
ACM YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $4.2B | $4.1B | +1.6% |
| Gross Profit | $330.6M | $294.2M | +12.4% |
| Operating Income | $237.4M | $236.4M | +0.4% |
| Net Income | $137.7M | $172.5M | −20.2% |
ACM Revenue by Segment
ACM Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.