Q1 26 EPS
$1.29
BEAT +11.21%
Est. $1.16
Q1 26 Revenue
$3.83B
BEAT +8.61%
Est. $3.53B
vs S&P Since Q1 26
-45.6%
TRAILING MARKET
ACM -37.0% vs S&P +8.6%
Market Reaction
Did ACM Beat Earnings? Q1 2026 Results
AECOM kicked off fiscal 2026 with a standout first quarter, posting adjusted EPS of $1.29 against a consensus estimate of $1.16, a beat of 10.88%, while revenue of $3.83 billion topped expectations by 8.61% despite falling 4.6% year-over-year, a decl… Read more AECOM kicked off fiscal 2026 with a standout first quarter, posting adjusted EPS of $1.29 against a consensus estimate of $1.16, a beat of 10.88%, while revenue of $3.83 billion topped expectations by 8.61% despite falling 4.6% year-over-year, a decline management attributed almost entirely to a deliberate reduction in lower-margin pass-through revenue. Strip out the pass-throughs and the picture sharpens considerably: net service revenue grew 5% after adjusting for fewer working days, and adjusted EBITDA climbed 6% to $286.80 million with margins expanding 80 basis points to 16.4%. The most consequential number in the report, however, may be backlog, which surged 9% to a record $25.96 billion on a 1.5x book-to-burn ratio, its 21st consecutive quarter above 1.0x, fueled by major wins including the Brisbane 2032 Olympic Games infrastructure role. Analysts have taken note, with at least one firm lifting its price target to $132 on a maintained Buy rating. Confidence in the trajectory prompted AECOM to raise its full-year adjusted EPS guidance to $5.85 to $6.05 and reiterate a 15%+ adjusted EPS compound growth target through fiscal 2029.
Key Takeaways
- • Net service revenue growth of 5% adjusted for fewer working days, highlighted by 9% growth in the Americas segment
- • Segment adjusted operating margin expanded 100 basis points to 16.4%
- • Record total backlog of $25.96 billion, up 9% year-over-year with 1.5x book-to-burn ratio
- • 21st consecutive quarter with book-to-burn ratio exceeding 1.0x
- • Persistent NSR and profit per employee growth for six consecutive years
- • Strong execution and operational efficiencies across both segments
ACM YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
ACM Revenue by Segment
With YoY comparisons, source: SEC Filings
ACM Revenue by Geography
With YoY comparisons, source: SEC Filings
“We outperformed our expectations on every key financial metric in the quarter and raised our full year guidance as a result. Importantly, backlog increased by 9%, highlighted by a 1.5 book-to-burn ratio that featured some of the largest and most iconic projects in the world. Our successes are built on the foundation of having the number one-ranked franchises in each of our end markets, technical leadership, infrastructure domain expertise, and trusted client relationships. Our investments in the Advisory and Program Management businesses, as well as in technology and AI enable us to scale these attributes, expand our addressable market, deliver even greater value to clients, and build an even stronger and more durable moat – all of which underscore our confidence in achieving our financial objectives.”
— Troy Rudd, Q1 2026 Earnings Press Release
ACM Earnings Trends
ACM vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ACM EPS Trend
Earnings per share: estimate vs actual
ACM Revenue Trend
Quarterly revenue: estimate vs actual
ACM Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $1.54 | $1.59 | +3.25% | $3.80B | -3.60% |
| Q1 26 BEAT | $1.16 | $1.29 | +11.21% | $3.83B | +8.61% |
| Q4 25 BEAT FY | $1.34 | $1.36 | +1.49% | $4.18B | -3.23% |
| FY Full Year | $5.25 | $5.26 | +0.17% | $16.14B | -0.85% |
| Q3 25 BEAT | $1.25 | $1.34 | +7.20% | $4.18B | -3.52% |
| Q2 25 BEAT | $1.19 | $1.25 | +5.04% | $3.77B | -9.64% |