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Aecom

ACM

Aecom • NYSE
$103.13 ▼ -2.21% (-2.33)
Market Cap $13.65 B
52w High $135.52
52w Low $85.00
Dividend Yield 1.04%
P/E 21.53
Volume 1.24M
Outstanding Shares 132.37M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $4.175B ▼ $93.222M ▲ $120.372M ▼ 2.883% ▼ $0.91 ▼ $304.396M ▼
Q3-2025 $4.178B ▲ $32.873M ▼ $130.966M ▼ 3.134% ▼ $1.32 ▲ $353.511M ▲
Q2-2025 $3.772B ▼ $33.19M ▲ $143.394M ▼ 3.802% ▼ $1.08 ▼ $304.883M ▲
Q1-2025 $4.014B ▼ $30.906M ▼ $167.042M ▼ 4.161% ▼ $1.26 ▼ $303.283M ▼
Q4-2024 $4.11B $57.775M $172.548M 4.198% $1.29 $307.952M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $1.586B ▼ $12.2B ▼ $9.504B ▼ $2.493B ▲
Q3-2025 $1.794B ▲ $12.252B ▲ $9.554B ▲ $2.492B ▲
Q2-2025 $1.6B ▲ $11.782B ▼ $9.316B ▼ $2.285B ▲
Q1-2025 $1.581B ▼ $11.819B ▼ $9.419B ▼ $2.204B ▲
Q4-2024 $1.581B $12.062B $9.691B $2.184B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $159.737M ▲ $283.725M ▲ $-47.275M ▲ $-45.154M ▲ $194.012M ▲ $261.683M ▲
Q2-2025 $159.54M ▼ $190.658M ▲ $-61.295M ▼ $-115.119M ▲ $19.409M ▲ $178.276M ▲
Q1-2025 $179.204M ▼ $151.089M ▼ $-24.742M ▲ $-121.33M ▲ $-221K ▲ $110.874M ▼
Q4-2024 $183.122M ▲ $298.776M ▲ $-24.744M ▲ $-339.834M ▼ $-63.935M ▼ $274.459M ▲
Q3-2024 $152.509M $291.296M $-63.974M $232.8M $459.006M $272.75M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
Aecom Capital
Aecom Capital
 $0 ▲$0 ▲$0 ▲$0 ▲
Americas Segment
Americas Segment
 $3.11Bn ▲$2.90Bn ▼$3.28Bn ▲$3.24Bn ▼
International Segment
International Segment
 $900.00M ▲$870.00M ▼$900.00M ▲$940.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been climbing again after a short pause, with the last two years showing solid top-line growth. Profitability has improved as well, with margins trending better and operating earnings rebounding strongly after a weaker year. Net income and earnings per share, however, have been somewhat volatile, suggesting one-off charges or restructuring effects along the way. Overall, the direction of the income statement looks positive, but the bumpiness in bottom-line results highlights some earnings risk and sensitivity to project mix and execution.

Balance Sheet

Balance Sheet The balance sheet looks relatively stable in size, with total assets moving within a narrow band over the past few years. Cash has gradually increased, which supports financial flexibility. Debt is moderate but has crept up somewhat, while shareholder equity has edged down, likely reflecting buybacks, special charges, or both. The result is a business that is not overextended but is slowly becoming more leveraged, making continued earnings growth and cash discipline important for maintaining balance sheet strength.

Cash Flow

Cash Flow Cash generation from the core business has been consistently healthy and has even strengthened recently. Free cash flow has been solid and fairly steady, helped by relatively light capital spending needs for a consulting-heavy model. Importantly, cash flow has held up even in years when reported earnings were under pressure, which suggests good cash conversion from profits. This pattern gives the company room to fund investment, service debt, and return capital, though it still depends on maintaining a robust project pipeline.

Competitive Edge

Competitive Edge Aecom operates from a position of scale and specialization in large, complex infrastructure projects, which naturally limits the field of capable competitors. Its global footprint and diversified end markets help smooth out regional and sector swings. The emphasis on higher-margin advisory work and program management adds a layer of differentiation beyond traditional engineering. Long-standing client relationships, a strong win rate on major bids, and a sizable, sustained backlog point to a durable competitive position, though the industry remains cyclical and contract-driven, with pricing and execution risks always present.

Innovation and R&D

Innovation and R&D The company is leaning hard into digital tools and AI to sharpen its edge, from bid-optimization software to generative design platforms that can cut time and materials. Its “Digital Aecom” offerings, sustainability-focused solutions, and patented environmental technologies show an ongoing commitment to innovation rather than one-off initiatives. By blending advisory services with proprietary tools like planning and capital allocation platforms, Aecom is trying to move up the value chain and embed itself more deeply with clients. The main risks are execution—scaling these tools across a large organization—and the need to keep investing so its technology remains ahead of both peers and generic AI solutions.

Summary

Aecom combines steady growth in its core infrastructure consulting business with improving profitability and consistently strong cash generation. The balance sheet is sound but gradually more leveraged, which puts some pressure on the company to keep delivering on its growth and margin ambitions. Competitively, it benefits from scale, complex-project expertise, and a growing advisory and digital offering that differentiates it in a crowded field. Its push into AI-enabled project delivery, sustainability solutions, and higher-value consulting roles could meaningfully expand margins and opportunity over time, provided the company continues to execute well on both technology deployment and portfolio focus.

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