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We provide advisory, planning, consulting, architectural and engineering design, construction and program management services, and investment and development services to public and private clients worldwide in major end markets such as transportation, facilities, water, environmental, and energy.
−Removed: According to Engineering News-Record’s (ENR’s) 2024 Design Survey, we are the second largest general architectural and engineering design firm in the world, ranked by 2023 design revenue, and we are the number one ranked water, transportation design, facilities design, environmental engineering, environmental consulting and environmental science firm in the world.
+Added: According to Engineering News-Record’s (ENR’s) 2025 Design Survey, we are the largest general architectural and engineering design firm in the world, ranked by 2024 design revenue, and we are the number one ranked water, transportation design, facilities design, environmental engineering, environmental consulting and environmental science firm in the world.
In addition, we are ranked by ENR as the leading firm in a number of design end markets, including several water infrastructure-related markets.
8 unchanged sentences
During the first quarter of fiscal 2020, we reorganized our operating and reporting structure to better align with our ongoing professional services business.
−Removed: This reorganization better reflected our continuing operations after the sale of our Management Services segment, the sale of our self-perform at-risk civil infrastructure and power construction businesses, and the sale of our oil & gas construction business.
+Added: This reorganization better reflected our continuing operations after the sale of our Management Services segment, the sale of our self-perform at-risk civil infrastructure and power construction
+Added: businesses, and the sale of our oil & gas construction business.
Our Management Services and self-perform at-risk construction businesses were part of our former Management Services segment and represented a substantial portion of the revenue of our former Construction Services segment, respectively.
6 unchanged sentences
• International :
−Removed: Planning, advisory, consulting, architectural and engineering design services and program management to public and private clients in Europe, the Middle East, India, Africa, and the Asia-Australia-Pacific regions in major end markets such as transportation, water, government, facilities, environmental, and energy.
+Added: Planning, advisory, consulting, architectural and engineering design services, site supervision and program management to public and private clients in Europe, the Middle East, India, Africa, and the Asia-Australia-Pacific regions in major end markets such as transportation, water, government, facilities, environmental, and energy.
• AECOM Capital (ACAP) :
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With our design and technical consulting, advisory and program management expertise, we are able to provide our clients a broad spectrum of services across the life cycle of their assets.
−Removed: For example, within our water service offerings, we provide water, wastewater, water supply and water resource services, which are necessary in response to climate adaptation and resilience, drought mitigation and other environmental and social impact factors as part of major capital/infrastructure projects.
+Added: For example, within our water service offerings, we provide water, wastewater, water supply and water resource services, which are necessary in response to sustainability and resilience, drought mitigation and other factors as part of major capital/infrastructure projects.
Our services may be sequenced over multiple phases or multiple projects in the form of a program.
1 unchanged sentence
Program and construction management contracts may employ small or large project teams and, in many cases, operate with our staff located at the project site.
−Removed: In addition, our industry is undergoing a digital transformation, and we are investing in digital capabilities to extend our advantages, improve overall delivery, and create distinct solutions for clients that differentiate us from competitors and enhance our client experience.
−Removed: These investments include capturing the value of our libraries of data to build more efficient design processes, and innovative and more advanced solutions for increasingly complex challenges.
+Added: In addition, our industry is poised to capitalize on the benefits of AI and innovation.
+Added: We are investing to lead this transformation, which will extend our advantages, improve overall delivery, and create distinct solutions for clients that differentiate us from competitors and enhance our client experience.
+Added: These investments include capturing the value of our libraries of data to build more efficient design processes, and innovative and more advanced AI solutions for increasingly complex challenges that will accelerate design delivery and reduce the materials and costs required for a project.
We provide the services in these segments both directly and through joint ventures or similar arrangements to the following end markets or business sectors:
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sports arenas, modern office and residential towers, hotels, convention centers, performance venues, aviation, and other facilities.
+Added: As previously announced, the Company has commenced a review of strategic alternatives for this business, which could include a potential sale.
• Water and Wastewater.
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• Water supply systems.
−Removed: Water and Environment Advisory – We provide expertise driven advisory services to infrastructure clients through the development of high-value strategies blending strategic direction with real-world expertise and deep collaboration, including:
+Added: Advisory – We provide expertise driven advisory services to infrastructure clients through the development of high-value strategies blending strategic direction with real-world expertise and deep collaboration, including:
• Digital Water Advisory and Consulting.
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We completed a transaction that transitioned the AECOM Capital team to a new third-party platform in the third quarter of fiscal 2024.
−Removed: The team will continue to support AECOM Capital’s investment vehicles pursuant to certain advisory agreements in a manner consistent with their current obligations.
+Added: Members of the legacy team continue to support AECOM Capital's investment vehicles pursuant to certain advisory agreements in a manner consistent with their historical responsibilities.
Thinking and Acting Globally
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Technical and professional development.
−Removed: Technical excellence is the foundation of our business—it’s how we harness the power of our teams’ technical skills and expertise to deliver high quality solutions for clients and communities we serve.
+Added: Technical excellence is the foundation of our competitive advantage—it’s how we harness the power of our teams’ technical skills and expertise to deliver high quality solutions for clients and communities we serve.
We strive to be home to our industry’s best technical minds — professionals who thrive in an environment that encourages their collaboration and innovation and celebrates great project and client outcomes.
We have invested in a robust learning ecosystem that keeps our employees project-ready with ‘on the job’ technical training, future-ready with new digital tools, thought leadership and programs that inspire innovation, and globally connected within their technical practice and strategic partnerships.
−Removed: Our digital learning platform, AECOM University, delivers high-quality and personalized learning experiences, including our Global Technical Academies.
+Added: Our online learning platform, AECOM University, delivers high-quality and personalized learning experiences, including our Global Technical Academies.
Created by us for us, Academies deliver structured and self-directed technical training courses on key global topics, practices and markets that are relevant to our business.
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($ in millions)
+Added: 2025 2024 2023
Federal Government $ 1,107.3 7 % $ 1,064.0 7 % $ 790.6 5 %
State and Local Governments 3,916.9 24 3,660.5 23 2,918.9 20
+Added: Governments 3,019.6 19 2,610.0 16 2,544.7 18
Subtotal Governments 8,043.8 50 7,334.5 46 6,254.2 43
Private Entities (worldwide) 8,095.8 50 8,771.0 54 8,124.3 57
+Added: Total $ 16,139.6 100 % $ 16,105.5 100 % $ 14,378.5 100 %
No single client accounted for 10% or more of our revenue in any of the past five fiscal years.
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In addition, clients reimburse us for materials and other direct incidental expenditures, including payments to subcontractors, incurred in connection with our performance under the contract.
+Added: We may apply a practical expedient to recognize revenue in the amount in which we have the right to invoice if our right to consideration is equal to the value of performance completed to date.
Time-and-material price contracts may also have a fixed-price element in the form of not-to-exceed or guaranteed maximum price provisions.
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We provide clients with a guaranteed price for the overall project (adjusted for change orders issued by clients) and a schedule including the expected completion date.
−Removed: Cost overruns or costs associated with project delays in completion could generally be our responsibility.
−Removed: For many of our commercial or residential GMP contracts, the final price is generally not established until we have subcontracted a substantial percentage of the trade contracts with terms consistent with the master contract, and we have negotiated additional contract limitations, such as waivers of consequential damages as well as aggregate caps on liabilities and liquidated damages.
+Added: Cost overruns or costs associated with project delays in completion could be our responsibility.
+Added: For many of our GMP contracts, the final price is generally not established until we have subcontracted a substantial percentage of the trade contracts with terms consistent with the master contract, and we have negotiated additional contract limitations, such as waivers of consequential damages as well
+Added: as aggregate caps on liabilities and liquidated damages.
Revenue is recognized for GMP contracts as project costs are incurred relative to total estimated project costs.
1 unchanged sentence
Fixed-price contracts include both lump-sum and fixed-unit price contracts.
−Removed: Under lump-sum contracts, we perform all the work under the contract for a specified price.
+Added: Under lump-sum contracts, we perform all the work under the contract for a specified fee.
Lump-sum contracts are typically subject to price adjustments if the scope of the project changes or unforeseen conditions arise.
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Many of our contracts require us to provide services over more than one year.
−Removed: Our backlog for the year ended September 30, 2024 decreased $2.2 billion, or 5.6%, to $37.4 billion as compared to $39.6 billion for the corresponding period last year, primarily due to a decrease in our Americas Construction Management design business.
+Added: Our backlog for the year ended September 30, 2025 increased $2.3 billion, or 6.1%, to $39.7 billion as compared to $37.4 billion for the corresponding period last year, primarily due to a increase in our Americas Construction Management business.
The following summarizes backlog (in billions):
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We also regularly perform work in and around sensitive environmental areas, such as rivers, lakes and wetlands.
−Removed: Significant fines, penalties and other sanctions may be imposed for non-compliance with environmental and health and safety laws and regulations, and some laws provide for joint and several strict liabilities for remediation of releases of hazardous substances, rendering a person liable for environmental damage, without regard to negligence or fault on the part of such person.
+Added: Significant fines, penalties and other sanctions may be imposed for non-compliance with environmental and health and safety laws and regulations, and some laws provide for joint and several strict liabilities for remediation of releases of hazardous substances, rendering a person liable for environmental damage, without regard to negligence or fault
+Added: on the part of such person.
These laws and regulations may expose us to liability arising out of the conduct of operations or conditions caused by others, or for our acts that were in compliance with all applicable laws at the time these acts were performed.
36 unchanged sentences
Our Corporate Governance Guidelines and our Code of Ethics are available on our website at www.aecom.com under the “Investors” section.
+Added: However, our website and any content thereof should not be considered to be incorporated by reference into this document.
Copies of the information identified above may be obtained without charge from us by writing to AECOM, 13355 Noel Road, Suite 400, Dallas, Texas 75240, Attention:
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.