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TTEK

Tetra Tech, Inc.

TTEK

Tetra Tech, Inc. • NASDAQ
$34.73 ▼ -0.14% (-0.05)
Market Cap $9.06 B
52w High $43.50
52w Low $27.27
Dividend Yield 0.19%
P/E 37.34
Volume 944.50K
Outstanding Shares 260.84M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $1.33B ▲ $102.714M ▲ $127.745M ▲ 9.604% ▼ $0.49 ▲ $195.944M ▲
Q3-2025 $1.153B ▲ $86.553M ▼ $113.844M ▲ 9.874% ▲ $0.43 ▲ $178.625M ▲
Q2-2025 $1.104B ▼ $174.579M ▼ $5.388M ▲ 0.488% ▲ $0.02 ▲ $143.964M ▼
Q1-2025 $1.197B ▲ $198.951M ▲ $747K ▼ 0.062% ▼ $0.003 ▼ $153.589M ▼
Q4-2024 $1.144B $101.933M $96.154M 8.402% $0.35 $171.303M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $167.459M ▼ $4.282B ▼ $2.502B ▼ $1.78B ▲
Q3-2025 $242.833M ▲ $4.353B ▲ $2.611B ▲ $1.742B ▲
Q2-2025 $179.433M ▼ $4.184B ▲ $2.611B ▲ $1.574B ▼
Q1-2025 $248.104M ▲ $4.179B ▼ $2.487B ▲ $1.692B ▼
Q4-2024 $232.689M $4.193B $2.362B $1.83B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $127.745M ▲ $100.847M ▼ $1.519M ▲ $-175.257M ▲ $-75.374M ▼ $95.61M ▼
Q3-2025 $113.883M ▲ $349.598M ▲ $-95.505M ▼ $-197.55M ▼ $63.4M ▲ $345.574M ▲
Q2-2025 $5.412M ▲ $-5.823M ▼ $-9.335M ▼ $-56.831M ▼ $-68.671M ▼ $-11.762M ▼
Q1-2025 $778K ▼ $13.063M ▼ $-3.433M ▲ $19.394M ▲ $15.415M ▼ $9.63M ▼
Q4-2024 $96.18M $105.598M $-6.735M $-83.922M $20.368M $98.787M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
CommercialInternational Services Group
CommercialInternational Services Group
 $690.00M ▲$680.00M ▼$720.00M ▲$760.00M ▲
Government Services Group
Government Services Group
 $750.00M ▲$660.00M ▼$670.00M ▲$590.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Tetra Tech’s income statement shows a healthy growth story. Revenue has been rising steadily each year, and profits are increasing even faster than sales, which suggests better pricing, an improving mix of higher‑margin work, or productivity gains. Both operating profit and net profit have climbed consistently, and earnings per share have moved up as well. This pattern points to a business that is scaling well rather than simply adding low‑margin volume. On the risk side, the company still works in a project‑based, contract‑driven industry, so results can be influenced by the timing of large contracts, government budget cycles, and broader infrastructure spending trends. But over this four‑year window, the direction is clearly positive: more work, better profitability, and increasingly efficient operations.

Balance Sheet

Balance Sheet The balance sheet shows a company that has grown meaningfully in size while taking on more financial leverage along the way. Total assets and shareholders’ equity have both expanded, which is a sign of business growth and retained earnings. However, debt has increased sharply compared with a few years ago, likely reflecting acquisition activity and strategic investments. Equity still represents a solid portion of the capital structure, but the higher debt load means the company is more exposed to interest costs and credit conditions than it used to be. Cash on hand is modest but not unusually low for a consulting and engineering firm, and the overall picture looks like a growth‑oriented balance sheet that is using debt as a tool rather than as a crutch. The key watch point is how comfortably the company continues to service and gradually reduce this higher level of borrowing over time.

Cash Flow

Cash Flow Cash flow quality looks solid and consistent. Operating cash flow has broadly kept pace with earnings, which is important in a project‑based business where working capital swings can sometimes distort results. Free cash flow is strong and remarkably steady, helped by very light capital spending needs. This is typical of an asset‑light, knowledge‑based model: the company does not need to pour large sums into factories or heavy equipment, so a good share of its accounting profit turns into cash. That gives management flexibility to fund acquisitions, repay debt, or return capital, depending on priorities. The main risk is not capex, but rather the continued ability to win and execute projects that keep this cash machine running smoothly.

Competitive Edge

Competitive Edge Tetra Tech appears to hold a strong competitive position in a focused niche of the broader engineering and construction world. Its deep specialization in water, environmental services, and sustainable infrastructure sets it apart from more generalist peers. A large base of long‑standing government clients, both in the U.S. and abroad, provides recurring work and high barriers to entry for newcomers. The company’s “Leading with Science” positioning, along with top industry rankings in water‑related work, reinforces a reputation for high‑end, technically demanding projects rather than commodity engineering. Its ability to offer end‑to‑end services—from early studies through design, construction support, and ongoing operations—makes it a one‑stop partner for complex assignments. At the same time, reliance on government and infrastructure budgets, plus competition from major global engineering firms and emerging digital players, remain ongoing competitive pressures.

Innovation and R&D

Innovation and R&D Innovation is a clear strategic focus for Tetra Tech. The company has built a notable digital layer on top of its traditional consulting work, anchored by its Tetra Tech Delta platform, which uses data analytics, artificial intelligence, and automation to improve project outcomes. Its “digital water” offerings—remote monitoring, smart control systems, and cyber‑secure infrastructure—aim to help utilities modernize and manage scarce water resources more intelligently. Beyond digital tools, Tetra Tech is investing in capabilities around emerging environmental issues such as PFAS contamination, decarbonization, and climate resilience. The long‑term “ONE TETRA 2030” strategy emphasizes higher‑growth, higher‑margin segments like desalination, energy storage, and recurring digital services. The opportunity is to shift more of the business toward scalable, subscription‑like revenue and differentiated intellectual property. The risk is execution: keeping technology ahead of competitors, integrating acquisitions smoothly, and turning innovation initiatives into durable, profitable service lines.

Summary

Overall, Tetra Tech looks like a steadily growing, high‑specialization engineering and consulting company with improving profitability and solid cash generation. The income statement shows rising sales and margins, the balance sheet reflects deliberate use of debt to fund growth, and cash flows are strong and relatively predictable for this type of business. Its competitive edge comes from deep technical expertise in water and environmental work, long‑term government relationships, and a strong brand around science‑led solutions. On top of that, the company is leaning into digital platforms and advanced analytics, which could enhance both differentiation and margins if scaled successfully. Key positives are the combination of growth, high cash conversion, and a clear innovation agenda tightly aligned with long‑term themes like water scarcity, climate change, and infrastructure modernization. Key watch points include the higher debt level, exposure to government and infrastructure cycles, and the need to keep executing well on complex projects and technology initiatives. The long‑term picture is of a knowledge‑driven firm trying to move steadily up the value chain in its chosen niches.

NEWS

November 12, 2025 · 4:00 PM UTC

Tetra Tech Reports Strong Fourth Quarter and Fiscal 2025 Results

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November 6, 2025 · 9:00 AM UTC

Tetra Tech Selected to Lead Groundwater Monitoring Services for Major UK Infrastructure Project

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November 4, 2025 · 9:00 AM UTC

Tetra Tech Awarded $249 Million U.S. Army Corps of Engineers A-E Services Multiple-Award Contract

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October 30, 2025 · 9:00 AM UTC

Tetra Tech Awarded £17 Million Water Engineering Design Contract

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October 22, 2025 · 4:00 PM UTC

Tetra Tech Announces Planned Dates for Fourth Quarter and Fiscal 2025 Results and Conference Call

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