33 unchanged sentences
Revenue Recognition - Contract cost and claim recovery estimates
−Removed: Description of the Matter
−Removed: For the year ended September 30, 2024, contract revenues recognized by the Company were $16.1 billion.
+Added: Description of the Matter For the year ended September 30, 2025, contract revenues recognized by the Company were $16.1 billion.
Contract revenues include $4.0 billion which relate to fixed price contracts and $6.0 billion which relate to guaranteed maximum price contracts.
7 unchanged sentences
Changes in recovery estimates can have a material effect on the amount of revenue recognized.
−Removed: How We Addressed the Matter in Our Audit
−Removed: We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls that address the risk of material misstatement of contract revenue including those associated with cost to complete estimates for long-term fixed price contracts and estimates of amounts expected to be recovered from claims.
+Added: How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls that address the risk of material misstatement of contract revenue including those associated with cost to complete estimates for long-term fixed price contracts and estimates of amounts expected to be recovered from claims.
For example, we tested controls over the Company’s review of estimated direct and indirect costs to be incurred and estimates of claim recovery amounts.
9 unchanged sentences
We have served as the Company’s auditor since 1990.
−Removed: Los Angeles, California
+Added: Dallas, Texas
November 18, 2025
22 unchanged sentences
/s/ Ernst & Young LLP
−Removed: Los Angeles, California
+Added: Dallas, Texas
November 18, 2025
16 unchanged sentences
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES 138,056 138,067
+Added: GOODWILL 3,700,619 3,480,155
INTANGIBLE ASSETS—NET 183,284 6,932
1 unchanged sentence
OPERATING LEASE RIGHT-OF-USE ASSETS 463,479 432,166
+Added: NON-CURRENT ASSETS HELD FOR SALE 18,953 —
+Added: TOTAL ASSETS $ 12,200,249 $ 12,061,669
LIABILITIES AND STOCKHOLDERS’ EQUITY
10 unchanged sentences
OPERATING LEASE LIABILITIES, NON-CURRENT 515,998 510,573
−Removed: LONG-TERM LIABILITIES HELD FOR SALE
DEFERRED TAX LIABILITY-NET 67,968 27,509
9 unchanged sentences
Accumulated deficits ( 1,224,833 ) ( 1,281,647 )
−Removed: ( 1,281,647 )
−Removed: ( 1,103,976 )
TOTAL AECOM STOCKHOLDERS’ EQUITY 2,492,584 2,184,205
9 unchanged sentences
2024 September 30,
+Added: Revenue $ 16,139,622 $ 16,105,498 $ 14,378,461
Cost of revenue 14,922,909 15,021,157 13,432,996
−Removed: Equity in (losses) earnings of joint ventures
+Added: Gross profit 1,216,713 1,084,341 945,465
+Added: Equity in earnings of joint ventures 27,013 2,124 ( 279,352 )
General and administrative expenses ( 157,849 ) ( 160,105 ) ( 153,575 )
−Removed: Restructuring costs
+Added: Restructuring and acquisition costs ( 59,355 ) ( 98,918 ) ( 188,404 )
Income from operations 1,026,522 827,442 324,134
+Added: Other income 10,457 17,570 8,357
Interest income 62,894 58,560 40,251
4 unchanged sentences
Net loss from discontinued operations ( 75,364 ) ( 104,997 ) ( 57,207 )
+Added: Net income 636,187 460,255 100,141
Net income attributable to noncontrolling interests from continuing operations ( 73,287 ) ( 59,322 ) ( 43,262 )
12 unchanged sentences
Weighted average shares outstanding:
+Added: Basic 132,373 135,544 138,614
+Added: Diluted 133,311 136,453 140,109
See accompanying Notes to Consolidated Financial Statements.
5 unchanged sentences
2024 September 30,
+Added: Net income $ 636,187 $ 460,255 $ 100,141
Other comprehensive (loss) income, net of tax:
2 unchanged sentences
Pension adjustments, net of tax 601 ( 25,986 ) ( 8,719 )
−Removed: Other comprehensive income (loss), net of tax
+Added: Other comprehensive (loss) income, net of tax ( 10,387 ) 44,113 53,166
Comprehensive income, net of tax 625,800 504,368 153,307
4 unchanged sentences
(in thousands)
+Added: Stock Additional
+Added: Capital Accumulated
Comprehensive
+Added: Loss Accumulated
+Added: Deficits Total
Stockholders’
+Added: Interests Total
Stockholders’
BALANCE AT SEPTEMBER 30, 2022 $ 1,389 $ 4,156,594 $ ( 979,675 ) $ ( 701,654 ) $ 2,476,654 $ 128,725 $ 2,605,379
+Added: Net income — — — 55,332 55,332 44,809 100,141
Dividends declared — — — ( 100,872 ) ( 100,872 ) — ( 100,872 )
3 unchanged sentences
Stock-based compensation — 45,882 — — 45,882 — 45,882
−Removed: Other transactions with noncontrolling interests
Contributions from noncontrolling interests — — — — — 17,225 17,225
1 unchanged sentence
BALANCE AT SEPTEMBER 30, 2023 $ 1,362 $ 4,241,523 $ ( 926,577 ) $ ( 1,103,976 ) $ 2,212,332 $ 171,379 $ 2,383,711
+Added: Net income — — — 402,266 402,266 57,989 460,255
Dividends declared — — — ( 120,454 ) ( 120,454 ) — ( 120,454 )
6 unchanged sentences
BALANCE AT SEPTEMBER 30, 2024 $ 1,326 $ 4,347,197 $ ( 882,671 ) $ ( 1,281,647 ) $ 2,184,205 $ 186,205 $ 2,370,410
−Removed: ( 1,103,976 )
+Added: Net income — — — 561,774 561,774 74,413 636,187
Dividends declared — — — ( 139,303 ) ( 139,303 ) — ( 139,303 )
3 unchanged sentences
Stock-based compensation — 61,439 — — 61,439 — 61,439
+Added: Effect of deconsolidation of a joint venture — — — — — ( 13,768 ) ( 13,768 )
Contributions from noncontrolling interests — — — — — 2,450 2,450
1 unchanged sentence
BALANCE AT SEPTEMBER 30, 2025 $ 1,318 $ 4,609,126 $ ( 893,027 ) $ ( 1,224,833 ) $ 2,492,584 $ 203,600 $ 2,696,184
−Removed: ( 1,281,647 )
See accompanying Notes to Consolidated Financial Statements.
6 unchanged sentences
CASH FLOWS FROM OPERATING ACTIVITIES:
+Added: Net income $ 636,187 $ 460,255 $ 100,141
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 175,917 178,812 175,725
−Removed: Equity in losses (earnings) of unconsolidated joint ventures
+Added: Equity in (earnings) losses of unconsolidated joint ventures ( 16,861 ) 1,276 282,291
Distribution of earnings from unconsolidated joint ventures 59,498 24,254 41,178
2 unchanged sentences
Loss on sale of discontinued operations — 90,412 43,222
+Added: Prepayment premium on redemption of unsecured senior notes 9,064 — —
Foreign currency translation 2,316 15,468 969
Deferred income tax expense (benefit) 35,415 150,894 ( 135,878 )
+Added: Other 916 ( 4,854 ) 6,388
Changes in operating assets and liabilities:
7 unchanged sentences
CASH FLOWS FROM INVESTING ACTIVITIES:
−Removed: Payment for business acquisition, net of cash required
−Removed: Payments for sale of discontinued operations, net of cash disposed
+Added: Payments for business acquisitions, net of cash acquired $ ( 212,529 ) $ ( 18,658 ) $ —
+Added: Cash outflow from deconsolidation of a joint venture ( 45,352 ) — —
Investment in unconsolidated joint ventures ( 55,617 ) ( 55,058 ) ( 59,772 )
8 unchanged sentences
Repayments of borrowings under credit agreements ( 2,259,380 ) ( 5,878,475 ) ( 3,552,639 )
−Removed: ( 5,878,475 )
−Removed: ( 3,552,639 )
−Removed: ( 3,657,308 )
+Added: Issuance of unsecured senior notes 1,188,600 — —
+Added: Redemption of unsecured senior notes ( 997,293 ) — —
+Added: Prepayment premium on redemption of unsecured senior notes ( 9,064 ) — —
Cash paid for debt issuance costs ( 3,889 ) ( 16,573 ) —
19 unchanged sentences
Organization — AECOM and its consolidated subsidiaries provide planning, consulting, advisory, architectural and engineering design services, construction management and program management to public and private clients worldwide in major end markets such as transportation, facilities, environmental, energy, water and government.
−Removed: Fiscal Year —The Company reports results of operations based on 52 -or 53 - week periods ending on the Friday nearest September 30.
−Removed: For clarity of presentation, all periods are presented as if the year ended on September 30.
−Removed: Fiscal years 2024, 2023 and 2022 each contained 52 , 52 and 52 weeks, respectively, and ended on September 27, September 29, and September 30, respectively.
+Added: Fiscal Year —The Company reports its annual results of operations based on 52-or 53- week periods ending on the Friday nearest September 30.
Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified to conform with the current period’s presentation.
48 unchanged sentences
In order to determine the amount of goodwill resulting from an acquisition, the Company performs an assessment to determine the value of the acquired company’s tangible and identifiable intangible assets and liabilities.
−Removed: In its assessment, the Company determines whether identifiable intangible assets exist, which typically include backlog and customer relationships.
+Added: In its assessment, the Company determines whether identifiable intangible assets exist, which typically include backlog, customer relationships and intellectual property.
Intangible assets are amortized over the period in which the contractual or economic benefits of the intangible assets are expected to be realized.
1 unchanged sentence
Such events or circumstances include significant changes in legal factors and business climate, recent losses at a reporting unit, and industry trends, among other factors.
−Removed: A reporting unit is defined as an operating segment or one level below an operating segment.
+Added: A reporting unit is defined as an operating segment or one level below an
+Added: operating segment.
The Company’s impairment tests are performed at the operating segment level as they represent the Company’s reporting units.
3 unchanged sentences
In the event the fair value of the reporting unit is determined to be less than the carrying value, goodwill is impaired, and an impairment loss is recognized equal to the excess, limited to the total amount of goodwill allocated to the reporting unit.
+Added: The impairment evaluation process includes, among other things, making assumptions about variable such as revenue growth rates, profitability, discount rates, and industry market multiples, which are subject to a high degree of judgment.
See also Note 3.
26 unchanged sentences
The Company recognizes taxes due under the GILTI provision as a current period expense.
+Added: On July 4, 2025, the U.S.
+Added: government enacted the One Big Beautiful Bill Act which permanently extends many provisions of the Tax Cuts and Jobs Act of 2017 and introduces new tax provisions relevant for multinational businesses.
+Added: Most of the new provisions take effect starting in fiscal 2026.
+Added: Based on its assessment, the Company does not expect the legislation to have a material impact on its consolidated financial statements.
New Accounting Pronouncements and Changes in Accounting
−Removed: In November 2023, the Financial Accounting Standards Board (FASB) amended the guidance of Accounting Standards Codification (ASC) 280, Segment Reporting , requiring public entities to disclose significant segment expenses and other segment items on an annual and interim basis.
−Removed: The new guidance is effective for the Company for its interim period ending December 31, 2025, with early adoption permitted.
−Removed: The Company is currently evaluating the impact that the adoption of this new guidance will have on its financial statement presentation.
+Added: In November 2023, the Financial Accounting Standards Board (FASB) amended the guidance of Accounting Standards Codification (ASC) 280, Segment Reporting , requiring public entities to disclose significant segment expenses and other segment items on an interim basis.
+Added: The new guidance is effective for the Company for its annual financial statements in fiscal year 2025 and for its interim financial statements in fiscal year 2026.
+Added: The adoption of the new guidance did not significantly impact the Company's financial presentation.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):
3 unchanged sentences
The Company is currently evaluating the impact that the adoption of this new guidance will have on its financial statement presentation.
+Added: In November 2024, the FASB issued ASU 2024-03 requiring public entities to provide disaggregated disclosures in the notes of the financial statements of certain categories of expenses that are included in expense line items on the face of the income statement on an interim basis.
+Added: The new guidance is effective for the Company for its annual financial statements in fiscal year 2027 and for its interim financial statements in fiscal year 2028, with early adoption permitted.
+Added: The Company is currently evaluating the impact that the adoption of this new guidance will have on its financial statements.
+Added: In September 2025, the FASB issued ASU 2025-06 to clarify and modernize the accounting for costs related to internal-use software.
+Added: The guidance removes references to project stages used in ASC 350-40 and clarifies the threshold entities should apply to begin capitalizing internal-use software costs.
+Added: The new guidance is effective for the Company starting October 1, 2028, and the Company may apply the guidance using a prospective, retrospective, or modified transition approach.
+Added: The Company is currently evaluating the impact that the adoption of this new guidance will have on its financial statements.
Discontinued Operations, Goodwill and Intangible Assets
7 unchanged sentences
The Company completed the sale of its civil infrastructure construction business to affiliates of Oroco Capital in the second quarter of fiscal 2021.
−Removed: In the second quarters of both fiscal 2024 and 2023, the Company recorded losses related to revised estimates of its contingent consideration receivable recognized in its civil infrastructure construction business of $ 103.1 million and $ 38.9 million, respectively.
+Added: In the second quarter of fiscal 2024, the Company recorded a $ 103.1 million loss related to a revised estimate of its contingent consideration receivable recognized in its civil infrastructure construction business.
During the third quarter of fiscal 2024, the Company resolved contingencies related to the sale of its civil infrastructure construction business and received equity in the counterparty, and the Company recorded a $ 12.7 million gain based on the fair value of the equity received.
Concurrently, the Company participated as a member of a lending group in a revolving credit facility for the counterparty, committing to fund $ 30 million that matures in May 2029.
−Removed: As of September 30, 2024, the Company has funded $ 21.0 million, all of which was classified as a cash outflow in other investing activities and outstanding.
+Added: At September 30, 2025, the counterparty had $ 15.4 million outstanding under the credit facility, and all cash flows were classified as other investing activities.
+Added: During the second quarter of fiscal 2025, the Company and its joint venture counterparty amended the joint venture agreement for a business classified as held for sale.
+Added: In connection with the amendment and consistent with ASC 810, Consolidation , the Company reconsidered whether it remained the primary beneficiary under the variable interest model and concluded it was no longer the primary beneficiary.
+Added: As such, the Company deconsolidated the joint venture as of the amendment date.
+Added: The Company continues to present its retained noncontrolling interest as held for sale and equity in earnings from the joint venture are reported in net loss from discontinued operations.
+Added: No gain or loss was recognized in the deconsolidation of the joint venture during the second quarter of fiscal 2025.
+Added: Department of Energy Deactivation, Demolition, and Removal Project
+Added: A former affiliate of the Company, Amentum Environment & Energy, Inc., f/k/a AECOM Energy and Construction, Inc.
+Added: (“Former Affiliate”), executed a cost-reimbursable task order with the Department of Energy (DOE) in 2007 to provide deactivation, demolition and removal services at a New York State project site that, during 2010, experienced contamination and performance issues.
+Added: In February 2011, the Former Affiliate and the DOE executed a Task Order Modification that changed some cost-reimbursable contract provisions to at-risk.
+Added: The Task Order Modification, including subsequent amendments, required the DOE to pay all project costs up to $ 106 million, required the Former Affiliate and the DOE to equally share in all project costs incurred from $ 106 million to $ 146 million, and required the Former Affiliate to pay all project costs exceeding $ 146 million.
+Added: Due to unanticipated requirements and permitting delays by federal and state agencies, as well as delays and related ground stabilization activities caused by Hurricane Irene in 2011, the Former Affiliate was required to perform work outside the scope of the Task Order Modification.
+Added: In December 2014, the Former Affiliate submitted an initial set of claims against the DOE pursuant to the Contracts Disputes Acts seeking recovery of $ 103 million, including additional fees on changed work scope (the “2014 Claims”).
+Added: On December 6, 2019, the Former Affiliate submitted a second set of claims against the DOE seeking recovery of an additional $ 60.4 million, including additional project costs and delays outside the scope of the contract as a result of differing site and ground conditions (the “2019 Claims”).
+Added: The Former Affiliate also submitted three alternative breach of contract claims to the 2014 Claims and the 2019 Claims that may entitle the Former Affiliate to recovery of $ 148.5 million to $ 329.4 million.
+Added: On December 30, 2019, the DOE denied the Former Affiliate’s 2014 Claims.
+Added: On September 25, 2020, the DOE denied the Former Affiliate’s 2019 Claims.
+Added: The Company filed an appeal of these decisions on December 20, 2020 in the Court of Federal Claims.
+Added: Deconstruction, decommissioning and site restoration activities are complete.
+Added: On January 31, 2020, the Company completed the sale of its Management Services business, including the Former Affiliate who worked on the DOE project, to Maverick Purchaser Sub LLC (“MS Purchaser”), an affiliate of American Securities LLC and Lindsay Goldberg LLC.
+Added: The Company and the MS Purchaser agreed that all future DOE project claim recoveries and costs will be split 10 % to the MS Purchaser and 90 % to the Company with the Company retaining control of all future strategic legal decisions.
+Added: Fact discovery has concluded and expert discovery will proceed once the stay due to the government shutdown is lifted, expected in fiscal year 2026.
+Added: The Company intends to vigorously pursue all claimed amounts but can provide no certainty that the Company will recover 2014 Claims and 2019 Claims submitted against the DOE, or any additional incurred claims or costs, which could have a material adverse effect on the Company’s results of operations.
+Added: Refinery Turnaround Project
+Added: A former affiliate of the Company, which was sold in a series of transactions to effectuate the sale of the self‑perform at-risk construction businesses, entered into an agreement to perform turnaround maintenance services in Montana in December 2017.
+Added: The former affiliate performed additional work outside of the original contract and became entitled to payment from the refinery owner.
+Added: As part of the sale of the former affiliate, the refinery turnaround project, including related claims, were retained by the Company.
+Added: The former affiliate's claims against the refinery owner and the refinery owner's crossclaims against the Company's former affiliate moved to federal court.
+Added: A jury trial was completed on
+Added: February 1, 2025, resulting in a favorable verdict for the Company.
+Added: As a result of unfavorable court orders on post-trial motions during the third quarter of fiscal 2025, including pre-judgment interest and prompt payment interest, and issuance of the associated judgment, the Company recorded a $ 53.0 million loss from the reduction in the expected future net cash proceeds the Company would receive as a result of the trial verdict.
+Added: The Company has appealed the judgment.
+Added: The loss is reported in discontinued operations as the project was completed prior to the sale of the former affiliate.
The following table represents summarized balance sheet information of assets and liabilities held for sale (in millions):
4 unchanged sentences
Current assets held for sale $ — $ 77.2
+Added: Investment in unconsolidated joint venture $ 18.9 $ —
Property and equipment, net $ — $ 16.7
+Added: Other 0.1 1.2
Write-down of assets to fair value less cost to sell — ( 17.9 )
8 unchanged sentences
2024 September 30,
+Added: Revenue $ 97.6 $ 178.2 $ 212.8
Cost of revenue 101.4 181.1 223.2
−Removed: Equity in earnings of joint ventures
+Added: Gross loss ( 3.8 ) ( 2.9 ) ( 10.4 )
+Added: Equity in losses of joint ventures ( 10.1 ) ( 3.4 ) ( 2.9 )
Loss on disposal activities ( 83.8 ) ( 97.1 ) ( 50.6 )
1 unchanged sentence
Loss from operations ( 97.7 ) ( 103.6 ) ( 64.1 )
−Removed: Interest expense
+Added: Other expense ( 0.3 ) ( 1.5 ) ( 1.0 )
Loss before taxes ( 98.0 ) ( 105.1 ) ( 65.1 )
−Removed: Income tax (benefit) expense
+Added: Income tax benefit ( 22.6 ) ( 0.1 ) ( 7.9 )
Net loss from discontinued operations $ ( 75.4 ) $ ( 105.0 ) $ ( 57.2 )
5 unchanged sentences
Payments for capital expenditures $ — $ ( 2.5 ) $ ( 6.2 )
+Added: Noncash increase in noncurrent assets held for sale due to deconsolidation of a joint venture $ 41.6 $ — $ —
+Added: Noncash decrease in noncontrolling interest due to deconsolidation of a joint venture $ ( 13.8 ) $ — $ —
The Company also recorded a $ 12.7 million non-cash gain in discontinued operations in fiscal 2024.
+Added: The Company completed two business acquisitions during the year ended September 30, 2025 for total consideration of $ 375.9 million, which included stock consideration of $ 146.4 million.
+Added: Neither of these two acquisitions met the quantitative thresholds to require separate disclosure.
+Added: The Company acquired these businesses to expand its competitive advantage and compound strengths to achieve its long-term profitability targets.
+Added: The Company preliminarily estimates the amount of identifiable assets acquired based on the facts and circumstances available at the time of acquisition.
+Added: The Company determines the final value of the identifiable intangible assets as soon as information is available, but not more than 12 months from the date of acquisition.
+Added: The initial accounting for these acquisitions is not complete as of September 30, 2025 as the Company continues to assess the value of the acquired intellectual property intangible asset.
The changes in the carrying value of goodwill by reportable segment for the year ended September 30, 2025 were as follows:
September 30,
−Removed: September 30,
+Added: Impact Acquired September 30,
(in millions)
+Added: Americas $ 2,625.7 $ ( 5.4 ) $ 150.1 $ 2,770.4
International 854.5 0.4 75.3 930.2
+Added: Total $ 3,480.2 $ ( 5.0 ) $ 225.4 $ 3,700.6
The gross amounts and accumulated amortization of the Company’s acquired identifiable intangible assets with finite useful lives as of September 30, 2025 and 2024, included in intangible assets—net, in the accompanying consolidated balance sheets, were as follows:
−Removed: September 30, 2024
−Removed: September 30, 2023
−Removed: (in millions)
+Added: September 30, 2025 September 30, 2024
+Added: Amount Accumulated
+Added: Amortization Intangible
+Added: Assets, Net Gross
+Added: Amount Accumulated
+Added: Amortization Intangible
+Added: Assets, Net Amortization
+Added: (in millions) (years)
Backlog and Customer relationships $ 7.4 $ ( 2.5 ) $ 4.9 $ 671.7 $ ( 664.8 ) $ 6.9 1 - 11
+Added: Intellectual property 178.4 — 178.4 — — — 5
+Added: Total $ 185.8 $ ( 2.5 ) $ 183.3 $ 671.7 $ ( 664.8 ) $ 6.9
Amortization expense of acquired intangible assets included within cost of revenue was $ 1.5 million and $ 18.8 million for the years ended September 30, 2025 and 2024, respectively.
The following table presents estimated amortization expense of existing intangible assets for the succeeding years:
−Removed: (in millions)
+Added: Fiscal Year (in millions)
+Added: Total $ 183.3
Revenue Recognition
22 unchanged sentences
The Company provides 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 the Company’s responsibility.
−Removed: For many of the Company’s commercial or residential GMP contracts, the final price is generally not established until the Company has subcontracted a substantial percentage of the trade contracts with terms consistent with the master contract, and it has negotiated additional contractual 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 the Company’s responsibility.
+Added: For many of the Company’s GMP contracts, the final price is generally not established until the Company has subcontracted a substantial percentage of the trade contracts with terms consistent with the master contract, and it has negotiated additional contractual limitations, such as waivers of consequential damages as well 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.
5 unchanged sentences
Revenue is recognized for fixed-price contracts using the input method measured on a cost-to-cost basis as the Company believes this is the best measure of progress towards completion.
+Added: Disaggregated Revenue
The following tables present the Company’s revenues disaggregated by revenue sources:
6 unchanged sentences
Guaranteed maximum price 5,960.7 6,030.0 4,887.7
+Added: Fixed price 3,982.8 3,714.1 3,362.0
Total revenue $ 16,139.6 $ 16,105.5 $ 14,378.5
4 unchanged sentences
(in millions)
+Added: Americas $ 12,526.4 $ 12,487.0 $ 10,976.4
Europe, Middle East, India, Africa 2,153.3 2,141.5 1,937.3
1 unchanged sentence
Total revenue $ 16,139.6 $ 16,105.5 $ 14,378.5
+Added: Remaining Unsatisfied Performance Obligations
As of September 30, 2025, the Company had allocated $ 19.7 billion of transaction price to unsatisfied or partially satisfied performance obligations, of which approximately 57 % is expected to be satisfied within the next twelve months .
−Removed: The majority of the remaining performance obligation after the first 12 months is expected to be recognized over a two-year period.
+Added: The majority of remaining performance obligation after the first 12 months are expected to be recognized over a two-year period.
Contract liabilities represent billings as of the balance sheet date, as allowed under the terms of a contract, but not yet recognized as contract revenue pursuant to the Company’s revenue recognition policy.
9 unchanged sentences
(in millions)
+Added: Billed $ 1,934.3 $ 2,184.9
Contract retentions 647.6 696.3
4 unchanged sentences
Significant claims recorded in contract assets and other non-current assets were approximately $ 400 million and $ 180 million as of September 30, 2025 and 2024, respectively.
−Removed: The asset related to the Deactivation, Demolition, and Removal Project retained from the MS Purchaser as defined in discussed in Note 18 is presented in prepaid expense and other current assets from continuing operations in the Consolidated Balance Sheet.
+Added: The asset related to the Deactivation, Demolition, and Removal Project retained from the MS Purchaser as defined and and discussed in Note 3 is presented in other non-current assets from continuing operations in the Consolidated Balance Sheet.
Contract retentions represent amounts invoiced to clients where payments have been withheld from progress payments until the contracted work has been completed and approved by the client but nonetheless represent an unconditional right to cash.
7 unchanged sentences
Property and equipment, at cost, consists of the following:
−Removed: Fiscal Year Ended
+Added: Fiscal Year Ended Useful Lives
September 30,
5 unchanged sentences
Furniture and fixtures 85.7 92.2 3 - 10
+Added: Total 1,141.6 1,061.2
Accumulated depreciation and amortization ( 725.4 ) ( 706.8 )
20 unchanged sentences
As part of the above analysis, if it is determined that the Company has the power to direct the activities that most significantly impact the joint venture’s economic performance, the Company considers whether or not it has the obligation to absorb losses or rights to receive benefits of the VIE that could potentially be significant to the VIE.
−Removed: Contractually required support provided to the Company’s joint ventures is discussed in Note 18.
−Removed: Summary of financial information of the consolidated joint ventures is as follows:
+Added: Contractually required support provided to the Company’s joint ventures is further discussed in Note 18.
+Added: Summary of financial information of the consolidated joint ventures was as follows:
September 30,
3 unchanged sentences
Non-current assets 84.4 83.1
+Added: Total assets $ 783.4 $ 920.0
Current liabilities $ 591.4 $ 763.6
7 unchanged sentences
The assets of the Company’s consolidated joint ventures are restricted for use only by the particular joint venture and are not available for the general operations of the Company.
−Removed: Summary of financial information of the unconsolidated joint ventures, as derived from their unaudited financial statements, is as follows:
+Added: Summary of unaudited financial information of the unconsolidated joint ventures, as derived from their unaudited financial statements, was as follows:
September 30,
3 unchanged sentences
Non-current assets 708.0 799.9
+Added: Total assets $ 2,245.7 $ 2,178.9
Current liabilities $ 1,107.8 $ 976.3
8 unchanged sentences
(in millions)
+Added: Revenue $ 2,887.6 $ 2,145.8
Cost of revenue 2,822.5 1,972.1
+Added: Gross profit $ 65.1 $ 173.7
+Added: Net income $ 67.1 $ 168.6
Summary of AECOM’s equity in earnings of unconsolidated joint ventures is as follows:
6 unchanged sentences
Other joint ventures ( 0.6 ) ( 26.9 ) ( 303.9 )
+Added: Total $ 27.0 $ 2.1 $ ( 279.4 )
The Company completed a transaction that transitioned the AECOM Capital team to a new third-party platform in the third quarter of fiscal 2024.
25 unchanged sentences
Benefit obligation at beginning of year $ 186.9 $ 860.4 $ 181.2 $ 756.2 $ 198.1 $ 791.2
+Added: Service cost — 0.2 — 0.2 — 0.3
Participant contributions 0.1 0.2 0.1 0.3 0.1 0.2
3 unchanged sentences
Plan settlements ( 0.7 ) — — ( 3.2 ) ( 1.5 ) ( 1.5 )
−Removed: Foreign currency translation (gain) loss
+Added: Transfers in — — — — 0.7 —
+Added: Foreign currency translation loss — 4.4 — 73.9 — 73.0
Benefit obligation at end of year $ 176.9 $ 789.3 $ 186.9 $ 860.4 $ 181.2 $ 756.2
11 unchanged sentences
Plan settlements ( 0.7 ) — — ( 3.2 ) ( 1.5 ) ( 1.5 )
−Removed: Foreign currency translation (loss) gain
+Added: Foreign currency translation gain — 5.0 — 67.5 — 62.7
Fair value of plan assets at end of year $ 104.9 $ 771.9 $ 109.0 $ 804.3 $ 98.8 $ 673.3
Fiscal Year Ended
−Removed: September 30, 2024
−Removed: September 30, 2023
−Removed: September 30, 2022
+Added: September 30, 2025 September 30, 2024 September 30, 2023
(in millions)
1 unchanged sentence
Funded status at end of year $ ( 72.0 ) $ ( 17.4 ) $ ( 77.9 ) $ ( 56.1 ) $ ( 82.4 ) $ ( 82.9 )
−Removed: Contribution made after measurement date
+Added: Contribution made after measurement date N/A N/A N/A N/A N/A N/A
Net amount recognized at end of year $ ( 72.0 ) $ ( 17.4 ) $ ( 77.9 ) $ ( 56.1 ) $ ( 82.4 ) $ ( 82.9 )
1 unchanged sentence
Fiscal Year Ended
−Removed: September 30, 2024
−Removed: September 30, 2023
−Removed: September 30, 2022
+Added: September 30, 2025 September 30, 2024 September 30, 2023
(in millions)
6 unchanged sentences
Fiscal Year Ended
−Removed: September 30, 2024
−Removed: September 30, 2023
−Removed: September 30, 2022
+Added: September 30, 2025 September 30, 2024 September 30, 2023
(in millions)
1 unchanged sentence
Prior service cost $ ( 0.1 ) $ ( 1.2 ) $ ( 0.1 ) $ ( 1.3 ) $ ( 0.1 ) $ ( 1.2 )
+Added: Net loss ( 75.4 ) ( 235.5 ) ( 77.6 ) ( 234.9 ) ( 77.5 ) ( 207.1 )
Total recognized in accumulated other comprehensive loss $ ( 75.5 ) $ ( 236.7 ) $ ( 77.7 ) $ ( 236.2 ) $ ( 77.6 ) $ ( 208.3 )
2 unchanged sentences
Fiscal Year Ended
−Removed: September 30, 2024
−Removed: September 30, 2023
−Removed: September 30, 2022
+Added: September 30, 2025 September 30, 2024 September 30, 2023
(in millions)
11 unchanged sentences
Amortization of net actuarial (losses) gain ( 3.8 ) 0.6
+Added: Total $ ( 3.8 ) $ 0.5
The table below provides additional year-end information for pension plans with accumulated benefit obligations in excess of plan assets.
16 unchanged sentences
The table below provides the expected future benefit payments, in millions:
−Removed: Year Ending September 30,
+Added: Year Ending September 30, U.S.
+Added: 2026 $ 26.8 $ 52.2
+Added: 2027 18.3 51.3
+Added: 2028 17.6 52.9
+Added: 2029 16.6 54.8
+Added: 2030 15.7 56.0
+Added: 2031-2035 66.0 297.5
+Added: Total $ 161.0 $ 564.7
The underlying assumptions for the pension plans are as follows:
6 unchanged sentences
Discount rate 5.01 % 5.83 % 4.73 % 5.04 % 5.76 % 5.65 %
−Removed: Salary increase rate
+Added: Salary increase rate N/A 2.81 % N/A 2.91 % N/A 3.06 %
Weighted-average assumptions to determine net periodic benefit cost:
Discount rate 4.73 % 5.04 % 5.76 % 5.65 % 5.40 % 5.27 %
−Removed: Salary increase rate
+Added: Salary increase rate N/A 2.91 % N/A 3.06 % N/A 3.48 %
Expected long-term rate of return on plan assets 6.25 % 5.51 % 6.90 % 5.74 % 7.00 % 6.04 %
7 unchanged sentences
Asset Category:
+Added: Equities 18 % 25 % 19 % 24 % 24 % 25 %
+Added: Debt 78 65 74 64 67 64
+Added: Cash — 3 2 2 4 2
Diversified and other 4 7 5 10 5 9
+Added: Total 100 % 100 % 100 % 100 % 100 % 100 %
The Company’s domestic and foreign plans seek a competitive rate of return relative to an appropriate level of risk depending on the funded status and obligations of each plan and typically employ both active and passive investment management strategies.
8 unchanged sentences
September 30,
+Added: (Level 1) Significant
+Added: (Level 2) Significant
+Added: (Level 3) Investments
(in millions)
6 unchanged sentences
Derivative instruments and other ( 3.2 ) 9.9 ( 13.1 ) — —
+Added: Total $ 876.8 $ 486.0 $ 5.4 $ — $ 385.4
As of September 30, 2024, the fair values of the Company’s pension plan assets by major asset categories were as follows:
2 unchanged sentences
September 30,
+Added: (Level 1) Significant
+Added: (Level 2) Significant
+Added: (Level 3) Investments
(in millions)
6 unchanged sentences
Derivative instruments and other ( 6.8 ) 8.2 ( 15.0 ) — —
+Added: Total $ 913.3 $ 487.6 $ 2.6 $ — $ 423.1
Cash equivalents are mostly comprised of short-term money-market instruments and are valued at cost, which approximates fair value.
18 unchanged sentences
2027 Senior Notes — 997.3
+Added: 2033 Senior Notes 1,200.0 —
+Added: Other debt 103.8 95.9
+Added: Total debt 2,743.7 2,539.8
Current portion of debt and short-term borrowings ( 66.3 ) ( 66.9 )
2 unchanged sentences
The following table presents, in millions, scheduled maturities of the Company’s debt as of September 30, 2025:
+Added: Thereafter 1,856.0
+Added: Total $ 2,743.7
Credit Agreement
6 unchanged sentences
dollars or in certain foreign currencies.
−Removed: The New Credit Facilities replace in full the Company’s existing revolving credit facility (the “Original Revolving Credit Facility”), term loan A facility and term loan B facility, and borrowings under the New Credit Facilities were used to refinance in full the Company’s existing credit facilities and for general corporate purposes.
+Added: The New Credit Facilities replace in full the Company’s then-existing revolving credit facility, term loan A facility and term loan B facility, and borrowings under the New Credit Facilities were used to refinance in full the Company’s existing credit facilities and for general corporate purposes.
The Credit Agreement permits the Company to designate certain of its subsidiaries as additional co-borrowers from time to time.
3 unchanged sentences
Borrowings under (a) the New Revolving Credit Facility (in U.S.
−Removed: dollars) and the New Term A Facility bear interest at a rate per annum equal to, at the Company’s option, (i) a Term SOFR rate (with a 0 % floor and SOFR adjustment of 0.10 %) or (ii) a base rate (with a 0 % floor), in each case, plus an applicable margin of 1.225 % in the case of the Term SOFR rate and 0.25 % in the case of the base rate, and (b) the New Revolving Credit Facility in currencies other than U.S.
+Added: dollars) and the New Term A Facility bear interest at a rate per annum equal to, at the Company’s option, (i) a Term SOFR rate (with a 0 % floor and SOFR adjustment of 0.10 %) or (ii) a base rate (with a 0 % floor), in each case, as of September 30, 2025, plus an applicable margin of 1.225 % in the case of the Term SOFR rate and 0.225 % in the case of the base rate, and (b) the New Revolving Credit Facility in currencies other than U.S.
dollars bear interest at a rate per annum equal to the applicable reference rate for such currency (including any related adjustments), plus an applicable margin of 1.225 %.
10 unchanged sentences
The Credit Agreement contains customary events of default, including, among other things, nonpayment of principal, interest or fees, cross-defaults to other debt, inaccuracies of representations and warranties, failure to perform covenants, events of bankruptcy and insolvency, change of control and unsatisfied judgments, subject in certain cases to notice and cure periods and other exceptions.
−Removed: At September 30, 2024 and September 30, 2023, letters of credit totaled $ 4.4 million and $ 4.4 million, respectively, under the Company’s New Revolving Credit Facility and Original Revolving Credit Facility, respectively.
−Removed: As of September 30, 2024 and September 30, 2023, the Company had $ 1,495.6 million and $ 1,145.6 million, respectively, available under its New Revolving Credit Facility and Original Revolving Credit Facility, respectively.
+Added: At September 30, 2025 and September 30, 2024, letters of credit totaled $ 4.4 million and $ 4.4 million, respectively, under the Company’s New Revolving Credit Facility.
+Added: As of September 30, 2025 and September 30, 2024, the Company had $ 1,495.6 million and $ 1,495.6 million, respectively, available under its New Revolving Credit Facility.
2027 Senior Notes
On February 21, 2017, the Company completed a private placement offering of $ 1,000,000,000 aggregate principal amount of its unsecured 5.125 % Senior Notes due 2027 (the “2027 Senior Notes”).
−Removed: On June 30, 2017, the Company completed an exchange offer to exchange the unregistered 2027 Senior Notes for registered notes, as well as related guarantees.
+Added: On June 30, 2017, the
+Added: Company completed an exchange offer to exchange the unregistered 2027 Senior Notes for registered notes, as well as related guarantees.
+Added: In July 2025, the Company used a portion of the proceeds of the 2033 Senior Notes (defined below) to purchase $ 732,914,000 in principal amount of the 2027 Senior Notes that were validly tendered and not validly withdrawn at or prior to the expiration date of the tender offer for the 2027 Senior Notes.
+Added: In August 2025, the Company redeemed the remaining 2027 Senior Notes with a portion of the proceeds of the 2033 Senior Notes.
+Added: The purchase and redemption included an aggregate make-whole payment of $ 9.1 million.
+Added: 2033 Senior Notes
+Added: On July 22, 2025, the Company completed an offering of $ 1,200,000,000 aggregate principal amount of its 6.000 % Senior Notes due 2033 (the “2033 Senior Notes”).
As of September 30, 2025, the estimated fair value of the 2033 Senior Notes was approximately $ 1,227.0 million.
The fair value of the 2033 Senior Notes as of September 30, 2025 was derived by taking the mid-point of the trading prices from an observable market input (Level 2) in the secondary bond market and multiplying it by the outstanding balance of the 2033 Senior Notes.
−Removed: Interest is payable on the 2027 Senior Notes at a rate of 5.125 % per annum.
−Removed: Interest on the 2027 Senior Notes is payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2017.
−Removed: The 2027 Senior Notes will mature on March 15, 2027.
−Removed: At any time and from time to time prior to December 15, 2026, the Company may redeem all or part of the 2027 Senior Notes, at a redemption price equal to 100 % of their principal amount, plus a “make whole” premium as of the redemption date, and accrued and unpaid interest to the redemption date.
−Removed: On or after December 15, 2026, the Company may redeem all or part of the 2027 Senior Notes at a redemption price equal to 100 % of their principal amount, plus accrued and unpaid interest on the redemption date.
−Removed: The indenture pursuant to which the 2027 Senior Notes were issued contains customary events of default, including, among other things, payment default, exchange default, failure to provide notices thereunder and provisions related to bankruptcy events.
−Removed: The indenture also contains customary negative covenants.
−Removed: The Company was in compliance with the covenants relating to the 2027 Senior Notes as of September 30, 2024.
+Added: Interest will be payable on the 2033 Senior Notes at a rate of 6.000 % per annum.
+Added: Interest on the 2033 Senior Notes will be payable semi-annually in arrears on February 1 and August 1 of each year, commencing on February 1, 2026.
+Added: The 2033 Senior Notes will mature on August 1, 2033.
+Added: Prior to August 1, 2028, the Company may redeem all or part of the 2033 Senior Notes at a redemption price equal to 100 % of the principal amount to be redeemed, plus a “make whole” premium as of the redemption date, and accrued and unpaid interest to, but excluding, the redemption date.
+Added: In addition, prior to August 1, 2028, the Company may redeem up to 40 % of the aggregate principal amount of the 2033 Senior Notes with proceeds from certain equity offerings at a redemption price equal to 106 % of the principal amount to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.
+Added: Furthermore, at any time on or after August 1, 2028, the Company may redeem on one or more occasions all or part of the 2033 Senior Notes at the redemption prices set forth below, plus accrued and unpaid interest thereon to, but excluding, the redemption date, if redeemed during the 12-month period beginning on August 1 of each of the years indicated below:
+Added: 2028 103.000 %
+Added: 2029 101.500 %
+Added: 2030 and thereafter 100.000 %
+Added: The indenture pursuant to which the 2033 Senior Notes were issued contained customary events of default, including, among other things, payment default, failure to provide certain notices thereunder and certain provisions related to bankruptcy events.
+Added: The indenture also contained customary negative covenants.
Other Debt and Other Items
11 unchanged sentences
The Company recognizes derivative instruments as either assets or liabilities on the accompanying consolidated balance sheets at fair value.
−Removed: The Company records changes in the fair value (i.e., gains or losses) of the derivatives that have been designated as accounting hedges in the accompanying consolidated statements of operations as cost of revenue, interest expense or to accumulated other comprehensive loss in the accompanying consolidated balance sheets.
+Added: The Company records changes in the fair value (i.e., gains or losses) of the derivatives that have been designated as accounting hedges in the accompanying consolidated statements of operations as interest expense or to accumulated other comprehensive loss in the accompanying consolidated balance sheets.
Cash Flow Hedges
3 unchanged sentences
If the hedged transaction becomes probable of not occurring, any gain or loss related to interest rate swap or interest rate cap agreements would be recognized in other income.
−Removed: During the third quarter of fiscal 2023, the hedged debt index was changed from LIBOR to SOFR.
The notional principal, fixed rates and related effective and expiration dates of the Company’s outstanding interest rate swap agreements were as follows:
1 unchanged sentence
Notional Amount
−Removed: Notional Amount
−Removed: (in millions)
−Removed: February 2023
+Added: Currency Notional Amount
+Added: (in millions) Fixed
+Added: Rate Effective
+Added: Date Expiration
+Added: USD 400.0 1.283 % February 2023 March 2028
September 30, 2024
Notional Amount
−Removed: Notional Amount
−Removed: (in millions)
−Removed: February 2023
−Removed: In the fourth quarter of fiscal 2021, the Company entered into new interest rate swap agreements with a notional value of $ 400.0 million to manage the interest rate exposure of its variable rate loans.
−Removed: The new swaps became effective February 2023 and terminate in March 2028.
+Added: Currency Notional Amount
+Added: (in millions) Fixed
+Added: Rate Effective
+Added: Date Expiration
+Added: USD 400.0 1.283 % February 2023 March 2028
+Added: In the fourth quarter of fiscal 2021, the Company entered into interest rate swap agreements with a notional value of $ 400.0 million to manage the interest rate exposure of its variable rate loans.
+Added: The swaps became effective February 2023 and terminate in March 2028.
By entering into the swap agreements, the Company converted a portion of the SOFR rate-based liability into a fixed-rate liability.
4 unchanged sentences
In the event one-month SOFR exceeds 3.465 %, the Company will pay the spread between prevailing one-month SOFR and 3.465 %.
−Removed: See Note 17 for accumulated balances and reporting period activities of derivatives related to reclassifications out of accumulated other comprehensive income for the years ended September 30, 2024, 2023 and 2022.
+Added: See Note 17 for accumulated balances and reporting period activities of derivatives related to reclassifications out of accumulated other comprehensive loss for the years ended September 30, 2025, 2024 and 2023.
Additionally, there were no material losses recognized in income due to amounts excluded from effectiveness testing from the Company’s interest rate swap agreements.
10 unchanged sentences
Fair value for the equity investment is determined using Level 1 inputs, and fair value of the credit facility investment is determined using Level 3 inputs, such as estimated cash flows and estimated discount rates.
−Removed: The Company recorded a gain of $ 7.2 million in other income during the year ended September 30, 2024 representing the increase in fair value of these investments.
+Added: The Company recorded a gain of $ 2.5 million and $ 7.2 million in other income during the years ended September 30, 2025 and September 30, 2024, respectively, representing the increase in fair value of these investments.
+Added: In the fourth quarter of fiscal 2025, the Company issued contingent consideration in connection with the acquisition of a business, with a maximum value of $ 17.7 million.
+Added: The contingent consideration is a liability that is measured at fair value with changes in fair value reported through earnings.
+Added: The contingent consideration is measured using Level 2 inputs, such as quoted market prices and volatilities.
Below are the Company’s non-pension financial assets and liabilities recorded at fair value on a recurring basis within the ASC 820-10 fair value hierarchy:
As of September 30, 2025
−Removed: Quoted Prices in
+Added: Balance Sheet Location Quoted Prices in
Active Markets for
Identical Assets
−Removed: Balance Sheet Location
−Removed: Inputs (Level 2)
+Added: (Level 1) Significant
+Added: Inputs (Level 2) Significant
+Added: (Level 3) Total
(in millions)
−Removed: Interest rate contracts
−Removed: Other current assets
−Removed: Interest rate contracts
−Removed: Other non-current assets
−Removed: Interest rate contracts
−Removed: Other current liabilities
−Removed: Interest rate contracts
−Removed: Other long-term liabilities
−Removed: Credit facility investment
−Removed: Other non-current assets
−Removed: Equity investment
−Removed: Other non-current assets
+Added: Interest rate contracts Other current assets $ — $ 9.0 $ — $ 9.0
+Added: Interest rate contracts Other non-current assets — 10.0 — 10.0
+Added: Interest rate contracts Other current liabilities — ( 1.8 ) — ( 1.8 )
+Added: Interest rate contracts Other long-term liabilities — ( 2.8 ) — ( 2.8 )
+Added: Credit facility investment Other non-current assets — — 17.4 17.4
+Added: Contingent Consideration Other long-term liabilities — ( 7.5 ) — ( 7.5 )
+Added: Equity investment Other non-current assets 21.9 — — 21.9
Total net assets at fair value $ 21.9 $ 6.9 $ 17.4 $ 46.2
As of September 30, 2024
−Removed: Quoted Prices in
+Added: Balance Sheet Location Quoted Prices in
Active Markets for
Identical Assets
−Removed: Balance Sheet Location
−Removed: Inputs (Level 2)
+Added: (Level 1) Significant
+Added: Inputs (Level 2) Significant
+Added: (Level 3) Total
(in millions)
−Removed: Interest rate contracts
−Removed: Other current assets
−Removed: Interest rate contracts
−Removed: Other non-current assets
+Added: Interest rate contracts Other current assets $ — $ 9.2 $ — $ 9.2
+Added: Interest rate contracts Other non-current assets — 16.5 — 16.5
+Added: Interest rate contracts Other current liabilities — ( 0.9 ) — ( 0.9 )
+Added: Interest rate contracts Other long-term liabilities — ( 3.6 ) — ( 3.6 )
+Added: Credit facility investment Other non-current assets — — 21.9 21.9
+Added: Equity investment Other non-current assets 19.4 — — 19.4
Total net assets at fair value $ 19.4 $ 21.2 $ 21.9 $ 62.5
1 unchanged sentence
Year-ended September 30, 2025
−Removed: Gains/(Losses)
−Removed: Interest Earned
−Removed: Ending Balance
+Added: Balance Investment
+Added: Gains/(Losses) Interest Earned Loans Collections Ending Balance
(in millions)
Credit facility investment including accrued interest $ 21.9 0.1 1.1 19.0 ( 24.7 ) $ 17.4
+Added: Year-ended September 30, 2024
+Added: Balance Investment
+Added: Gains/(Losses) Interest Earned Loans Collections Ending Balance
+Added: (in millions)
+Added: Credit facility investment including accrued interest $ — 0.5 0.5 32.5 ( 11.6 ) $ 21.9
Concentration of Credit Risk
20 unchanged sentences
Fiscal Year Ended
−Removed: September 30, 2024
−Removed: September 30, 2023
−Removed: September 30, 2022
+Added: September 30, 2025 September 30, 2024 September 30, 2023
(in millions)
6 unchanged sentences
Additional balance sheet information related to leases is as follows:
−Removed: (in millions except as noted)
−Removed: Balance Sheet Classification
−Removed: September 30, 2024
−Removed: September 30, 2023
−Removed: Operating lease assets
−Removed: Operating lease right-of-use assets
−Removed: Finance lease assets
−Removed: Property and equipment – net
+Added: (in millions except as noted) Balance Sheet Classification September 30, 2025 September 30, 2024
+Added: Operating lease assets Operating lease right-of-use assets $ 463.5 $ 432.2
+Added: Finance lease assets Property and equipment – net 74.4 62.1
Total lease assets $ 537.9 $ 494.3
−Removed: Operating lease liabilities
−Removed: Accrued expenses and other current liabilities
−Removed: Finance lease liabilities
−Removed: Current portion of long-term debt
+Added: Operating lease liabilities Accrued expenses and other current liabilities $ 132.4 $ 135.1
+Added: Finance lease liabilities Current portion of long-term debt 31.9 25.5
Total current lease liabilities 164.3 160.6
−Removed: Operating lease liabilities
−Removed: Operating lease liabilities, noncurrent
−Removed: Finance lease liabilities
−Removed: Long-term debt
+Added: Operating lease liabilities Operating lease liabilities, noncurrent 516.0 510.6
+Added: Finance lease liabilities Long-term debt 44.3 35.7
Total non-current lease liabilities $ 560.3 $ 546.3
−Removed: September 30, 2024
−Removed: September 30, 2023
−Removed: September 30, 2022
+Added: September 30, 2025 September 30, 2024 September 30, 2023
Weighted average remaining lease term (in years):
17 unchanged sentences
Total remaining lease payments under both the Company’s operating and finance leases are as follows:
−Removed: Operating Leases
−Removed: Finance Leases
−Removed: (in millions)
+Added: Operating Leases Finance Leases
+Added: Fiscal Year (in millions)
+Added: 2026 $ 163.6 $ 35.0
+Added: 2027 135.7 26.1
+Added: 2028 118.1 16.0
+Added: 2029 97.9 4.6
+Added: Thereafter 173.3 —
Total lease payments $ 764.0 $ 81.7
12 unchanged sentences
however, employees classified as insiders are restricted under the Company’s insider trading policy.
−Removed: Compensation expense for the employer contributions related to AECOM stock issued under defined contribution plans during fiscal years ended September 30, 2024, 2023 and 2022 was $ 24.7 million, $ 23.1 million, and $ 22.7 million, respectively.
+Added: Compensation expense for the employer contributions related to AECOM stock
+Added: issued under defined contribution plans during fiscal years ended September 30, 2025, 2024 and 2023 was $ 26.0 million, $ 24.7 million, and $ 23.1 million, respectively.
Stock Incentive Plans —Under the 2020 Stock Incentive Plan, the Company has up to 11.3 million securities remaining available for future issuance as of September 30, 2025.
1 unchanged sentence
Unexercised options expire seven years after date of grant.
−Removed: The fair value of the Company’s employee stock option awards is estimated on the date of grant.
−Removed: The expected term of awards granted represents the period of time the awards are expected to be outstanding.
−Removed: The risk-free interest rate is based on U.S.
−Removed: Treasury bond rates with maturities equal to the expected term of the option on the grant date.
−Removed: The Company uses historical data as a basis to estimate the probability of forfeitures.
The Company grants stock units to employees under its Performance Earnings Program (PEP), whereby units are earned and issued dependent upon meeting established cumulative performance objectives and vest over a three-year service period.
2 unchanged sentences
Restricted stock unit and PEP unit activity for the year ended September 30 was as follows:
−Removed: (in millions)
−Removed: (in millions)
+Added: Stock Units Weighted Average Grant-Date Fair Value PEP Units Weighted Average Grant-Date Fair Value
+Added: (in millions) (in millions)
Outstanding at September 30, 2022 1.0 $ 53.05 0.7 $ 60.60
+Added: Granted 0.3 $ 83.64 0.2 $ 94.64
PEP units earned (unearned) — $ — 0.2 $ 43.19
+Added: Vested ( 0.4 ) $ 44.35 ( 0.4 ) $ 43.19
+Added: Cancelled ( 0.1 ) $ 62.09 — $ 71.71
Outstanding at September 30, 2023 0.8 $ 68.34 0.7 $ 75.54
+Added: Granted 0.3 $ 92.30 0.2 $ 104.66
PEP units earned (unearned) — $ — 0.2 $ 52.50
+Added: Vested ( 0.3 ) $ 50.14 ( 0.4 ) $ 52.50
+Added: Cancelled 0.0 $ 77.32 — $ 89.76
Outstanding at September 30, 2024 0.8 $ 83.96 0.7 $ 95.38
+Added: Granted 0.2 $ 110.65 0.2 $ 129.28
PEP units earned (unearned) — $ — 0.1 $ 85.46
+Added: Vested ( 0.2 ) $ 75.72 ( 0.3 ) $ 85.46
+Added: Cancelled ( 0.1 ) $ 95.85 ( 0.1 ) $ 109.53
Outstanding at September 30, 2025 0.7 $ 95.64 0.6 $ 109.74
1 unchanged sentence
Unrecognized compensation expense related to total share-based payments outstanding as of September 30, 2025 and 2024 was $ 106.7 million and $ 68.7 million, respectively, to be recognized on a straight-line basis over the awards’ respective vesting periods which are generally three years .
−Removed: Income before income taxes included income from domestic operations of $ 233.0 million, loss of $ 129.2 million, and income of $ 235.2 million for fiscal years ended September 30, 2024, 2023 and 2022 and income from foreign operations of $ 485.2 million, $ 342.6 million, and $ 315.4 million for fiscal years ended September 30, 2024, 2023 and 2022.
+Added: Income before income taxes included income from domestic operations of $ 392.7 million, $ 233.0 million, and loss of $ 129.2 million for fiscal years ended September 30, 2025, 2024 and 2023 and income from foreign operations of $ 522.9 million, $ 485.2 million, and $ 342.6 million for fiscal years ended September 30, 2025, 2024 and 2023.
Income tax expense was comprised of:
4 unchanged sentences
(in millions)
+Added: Federal $ 88.9 $ 15.1 $ 67.7
+Added: State 26.4 ( 78.6 ) 71.9
+Added: Foreign 56.1 63.5 52.8
Total current income tax expense 171.4 — 192.4
+Added: Federal 7.7 45.2 ( 71.8 )
+Added: State ( 6.5 ) 68.1 ( 84.3 )
+Added: Foreign 31.4 39.6 19.8
Total deferred income tax expense (benefit) 32.6 152.9 ( 136.3 )
6 unchanged sentences
2024 September 30,
+Added: Amount % Amount % Amount %
(in millions)
1 unchanged sentence
State income tax, net of federal benefit 16.1 1.8 ( 8.5 ) ( 1.2 ) ( 7.1 ) ( 3.3 )
+Added: Change in uncertain tax positions 46.7 5.1 18.6 2.6 9.4 4.4
Foreign residual income 41.9 4.6 43.8 6.1 59.4 27.8
Nondeductible costs 16.6 1.8 20.6 2.9 10.7 5.0
−Removed: ACAP investment sale
−Removed: Change in uncertain tax positions
Tax rate changes 2.3 0.3 1.2 0.2 ( 3.2 ) ( 1.5 )
1 unchanged sentence
Income tax credits and incentives ( 59.5 ) ( 6.5 ) ( 63.5 ) ( 8.8 ) ( 68.2 ) ( 31.9 )
−Removed: Valuation allowance
+Added: Legal entity restructuring ( 20.1 ) ( 2.2 ) — — — —
Exclusion of tax on non-controlling interests ( 15.6 ) ( 1.7 ) ( 12.5 ) ( 1.7 ) ( 9.4 ) ( 4.4 )
−Removed: Return to provision
−Removed: Foreign tax rate differential
+Added: Valuation allowance ( 11.8 ) ( 1.3 ) ( 12.6 ) ( 1.8 ) 16.6 7.8
Tax exempt income ( 2.1 ) ( 0.2 ) ( 2.5 ) ( 0.4 ) ( 3.3 ) ( 1.5 )
+Added: Foreign tax rate differential ( 1.1 ) ( 0.1 ) ( 2.8 ) ( 0.4 ) 0.2 0.1
+Added: Return to provision ( 0.5 ) ( 0.1 ) ( 3.7 ) ( 0.5 ) ( 0.5 ) ( 0.2 )
+Added: ACAP investment sale — — 20.2 2.8 — —
Other items, net ( 2.6 ) ( 0.3 ) 3.3 0.4 4.8 2.1
Total income tax expense $ 204.0 22.3 % $ 152.9 21.3 % $ 56.1 26.3 %
+Added: During fiscal 2025, the Company recorded a reserve of $ 47.0 million related to uncertain tax positions associated with federal and state tax credits claimed for years subject to examination by the tax authorities.
+Added: The reserve reflects the Company’s assessment that it is more likely than not that a portion of the credits may not be sustained under examination based on recent discussions and developments related to our ongoing audits.
+Added: During fiscal 2025, the Company recognized deferred tax assets of $ 20.1 million related to legal entity restructuring.
+Added: The restructuring resulted in the recognition of deferred tax assets related to tax attributes that are expected to be utilized against future taxable income.
During fiscal 2024, the Company recorded an increase in tax benefit of $ 38.4 million related to state income taxes due to apportionment factor changes for fiscal years 2016 through 2023.
3 unchanged sentences
During fiscal 2024, the Company approved a tax planning strategy and restructured certain operations in Canada which resulted in a release of a valuation allowance related to net operating losses and other deferred tax assets of $ 11.7 million.
−Removed: The Company is now forecasting the utilization of the net operating losses within the foreseeable future.
−Removed: The positive evidence was evaluated against any negative evidence to determine the valuation was no longer needed.
During fiscal 2024, the Company settled its tax audit in Hong Kong for fiscal year 2011 through fiscal year 2021 and recorded a tax benefit of $ 6.9 million due primarily to changes in uncertain tax positions.
−Removed: During fiscal 2023, valuation allowances in the amount of $ 21.0 million related to the AECOM Capital impairment charge were established for the portion of the charge that is not expected to be realized.
−Removed: During fiscal 2022, valuation allowances in the amount of $ 21.9 million primarily related to net operating losses in certain foreign entities were released due to sufficient positive evidence.
−Removed: The positive evidence included a realignment of the Company’s global transfer pricing methodology which resulted in forecasting the utilization of the net operating losses within the foreseeable future.
+Added: During fiscal 2023, valuation allowances in the amount of $ 21.0 million related to the ACAP impairment charge were established for the portion of the charge that is not expected to be realized.
The Company is currently under tax audit in several jurisdictions including the U.S.
2 unchanged sentences
The IRS is currently auditing certain tax credits and the methodology for calculating the credits.
−Removed: While the Company has historically been able to sustain the credits in previous audit cycles without adjustment, the Company believes it’s reasonably possible there could be an adjustment to the liability for uncertain tax positions within the next twelve months related to this matter.
−Removed: However, given the early stages of the audit of these credits, the Company is not able to reasonably estimate the range of potential outcomes.
+Added: We will continue to monitor developments related to the examination and will adjust the reserve as necessary based on changes in facts and circumstances, including the resolution of the audit.
Generally, the Company would reverse its valuation allowance in a particular tax jurisdiction if the positive evidence examined, such as projected and sustainable earnings or a tax-planning strategy that allows for the usage of the deferred tax asset, is sufficient to overcome significant negative evidence, such as large net operating loss carryforwards or a cumulative history of losses in recent years.
−Removed: In the United States, the valued deferred tax assets have a restricted life or use under relevant tax law and, therefore, it is unlikely that the valuation allowance related to these assets will reverse.
+Added: In the United States, the valued deferred tax assets have a restricted life or use under relevant tax law.
In addition, the Company is continually investigating tax planning strategies that, if prudent and feasible, may be implemented to realize a deferred tax asset that would otherwise expire unutilized.
14 unchanged sentences
Partnership investment 15.5 22.3
+Added: Other 12.2 8.2
Total deferred tax assets 609.4 678.9
6 unchanged sentences
Contingent consideration — ( 30.5 )
+Added: Other ( 3.3 ) ( 5.4 )
Total deferred tax liabilities ( 225.0 ) ( 218.8 )
1 unchanged sentence
Net deferred tax assets $ 227.3 $ 299.2
−Removed: As of September 30, 2024, and 2023, the Company has available unused federal, foreign and state net operating loss (NOL) carryforwards of $ 744.6 million and $ 757.5 million, respectively, which expire at various dates over the next several years and capital loss carryforwards of $ 181.2 million and $ 199.4 million, respectively, which mostly expire in 2025;
+Added: As of September 30, 2025, and 2024, the Company has available unused federal, foreign and state net operating loss (NOL) carryforwards of $ 700.7 million and $ 744.6 million, respectively, which expire at various dates over the next several years and capital loss carryforwards of $ 51.7 million and $ 181.2 million, respectively, which expire over the next five years;
some foreign NOL carryforwards never expire.
−Removed: In addition, as of September 30, 2024, the Company has unused federal, state and foreign research and development credits of $ 28.4 million, $ 27.8 million and $ 4.6 million, respectively, and other credits of $ 9.7 million which expire at various dates over the next several years.
+Added: In addition, as of September 30, 2025, the Company has unused state and foreign research and development credits of $ 30.5 million and $ 0.2 million, respectively, and other credits of $ 3.7 million which expire at various dates over the next several years.
As of September 30, 2025, and 2024, gross deferred tax assets were $ 609.4 million and $ 678.9 million, respectively.
2 unchanged sentences
Although realization is not assured, based on the Company’s assessment, the Company has concluded that it is more likely than not that the remaining gross deferred tax asset (exclusive of deferred tax liabilities) of $ 452.3 million will be realized and, as such, no additional valuation allowance has been provided.
−Removed: The net decrease in the valuation allowance of $ 10.3 million is primarily attributable to a decrease in valuation allowances of $ 11.7 million related to the ACAP sale in the US, a decrease in valuation allowances on capital losses of $ 10.4 million, an increase in valuation allowances on foreign net operating losses and currency translation adjustments of $ 12.3 million, and decreases in valuation allowances of $ 0.6 million related to state net operating losses and credits.
+Added: The net decrease in the valuation allowance of $ 3.8 million is primarily attributable to a decrease in valuation allowances of $ 5.6 million related to the capital losses, and an increase in valuation allowances on foreign net operating losses and currency translation adjustments of $ 1.9 million.
Generally, the Company does not provide for U.S.
1 unchanged sentence
subsidiaries because such basis differences of approximately $ 1.1 billion are able to and intended to be reinvested indefinitely.
−Removed: If these basis differences were distributed, foreign tax credits could become available under current law to partially or fully reduce the resulting U.S.
+Added: If these basis differences were distributed, foreign tax credits could become available
+Added: under current law to partially or fully reduce the resulting U.S.
income tax liability.
49 unchanged sentences
Other accrued expenses 344.5 410.6
+Added: $ 2,490.5 $ 2,385.7
Accrued contract costs above include balances related to professional liability accruals of $ 893.7 million and $ 831.8 million as of September 30, 2025 and 2024, respectively.
2 unchanged sentences
The Company did not have material revisions to estimates for contracts where revenue is recognized using the input method during the twelve months ended September 30, 2025 and 2024.
+Added: For the year ended September 30, 2025, the Company incurred restructuring and acquisition expenses of $ 59.4 million, which included labor-related costs of $ 32.0 million and non-labor costs of $ 27.3 million, of which $ 15.0 million was accrued and unpaid at September 30, 2025.
For the year ended September 30, 2024, the Company incurred restructuring expenses of $ 98.9 million, which included labor-related costs of $ 18.7 million and non-labor costs of $ 80.2 million, of which $ 11.9 million was accrued and unpaid at September 30, 2024.
−Removed: For the year ended September 30, 2023, the Company incurred restructuring expenses of $ 188.4 million, which included personnel and other costs of $ 91.6 million and real estate costs of $ 96.8 million,of which $ 53.3 million was accrued and unpaid at September 30, 2023.
On September 10, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $ 0.26 per share, which was paid on October 17, 2025 to stockholders of record as of the close of business on October 1, 2025.
As of September 30, 2025, accrued and unpaid dividends totaled $ 37.6 million and were classified within other accrued expenses on the consolidated balance sheet.
+Added: On November 18, 2025, the Company's Board of Directors declared a quarterly cash dividend of $ 0.31 per share.
+Added: The dividend is payable on January 23, 2026 to stockholders of record as of the close of business on January 7, 2026.
Reclassifications out of Accumulated Other Comprehensive Loss
The accumulated balances and reporting period activities for the years ended September 30, 2025, 2024 and 2023 related to reclassifications out of accumulated other comprehensive loss are summarized as follows (in millions):
−Removed: Comprehensive
+Added: Pension Related Adjustments Foreign Currency Translation Adjustments Loss on Derivative Instruments Accumulated Other Comprehensive Loss
Balances at September 30, 2022 $ ( 217.3 ) $ ( 799.3 ) $ 36.9 $ ( 979.7 )
2 unchanged sentences
Balances at September 30, 2023 $ ( 226.0 ) $ ( 739.7 ) $ 39.1 $ ( 926.6 )
−Removed: Comprehensive
+Added: Pension Related Adjustments Foreign Currency Translation Adjustments Loss on Derivative Instruments Accumulated Other Comprehensive Loss
Balances at September 30, 2023 $ ( 226.0 ) $ ( 739.7 ) $ 39.1 $ ( 926.6 )
2 unchanged sentences
Balances at September 30, 2024 $ ( 252.0 ) $ ( 646.5 ) $ 15.8 $ ( 882.7 )
−Removed: Comprehensive
+Added: Pension Related Adjustments Foreign Currency Translation Adjustments Loss on Derivative Instruments Accumulated Other Comprehensive Loss
Balances at September 30, 2024 $ ( 252.0 ) $ ( 646.5 ) $ 15.8 $ ( 882.7 )
13 unchanged sentences
At September 30, 2025 and 2024, these outstanding standby letters of credit totaled $ 899.4 million and $ 934.5 million, respectively.
−Removed: As of September 30, 2024, the Company had $ 389.8 million available under these unsecured credit facilities.
+Added: As of September 30, 2025, the Company had $ 367.4 available under these unsecured credit facilities.
Performance arrangements typically have various expiration dates ranging from the completion of the project contract and extending beyond contract completion in some circumstances such as for warranties.
8 unchanged sentences
(the “Fund”), in which the Company indirectly holds an equity interest and has an ongoing capital commitment to fund investments.
−Removed: At September 30, 2024, the Company has capital commitments of $ 5.9 million to the Fund over the next 4 years.
+Added: At September 30, 2025, the Company has capital commitments of $ 5.1 million to the Fund over the next three years
In addition, in connection with the investment activities of AECOM Capital, the Company provides guarantees of certain contractual obligations, including guarantees for completion of projects, limited debt repayment, environmental indemnity obligations and other lender required guarantees.
In February 2024, the Company was informed of a potential liability as one of the indemnitors on a divested business’ surety bonds.
−Removed: The Company does not have sufficient information to determine the range of potential impacts, however, it is reasonably possible that the Company may incur additional costs related to these bonds.
−Removed: In connection with the resolution of contingencies related to the sale of the civil infrastructure construction business, the Company agreed to act as an additional guarantor on the counterparty’s existing debt, which matured on September 30, 2024.
−Removed: Department of Energy Deactivation, Demolition, and Removal Project
−Removed: A former affiliate of the Company, Amentum Environment & Energy, Inc., f/k/a AECOM Energy and Construction, Inc.
−Removed: (“Former Affiliate”), executed a cost-reimbursable task order with the Department of Energy (DOE) in 2007 to provide deactivation, demolition and removal services at a New York State project site that, during 2010, experienced contamination and performance issues.
−Removed: In February 2011, the Former Affiliate and the DOE executed a Task Order Modification that changed some cost-reimbursable contract provisions to at-risk.
−Removed: The Task Order Modification, including subsequent amendments, required the DOE to pay all project costs up to $ 106 million, required the Former Affiliate and the DOE to equally share in all project costs incurred from $ 106 million to $ 146 million, and required the Former Affiliate to pay all project costs exceeding $ 146 million.
−Removed: Due to unanticipated requirements and permitting delays by federal and state agencies, as well as delays and related ground stabilization activities caused by Hurricane Irene in 2011, the Former Affiliate was required to perform work outside the scope of the Task Order Modification.
−Removed: In December 2014, the Former Affiliate submitted an initial set of claims against the DOE pursuant to the Contracts Disputes Acts seeking recovery of $ 103 million, including additional fees on changed work scope (the “2014 Claims”).
−Removed: On December 6, 2019, the Former Affiliate submitted a second set of claims against the DOE seeking recovery of an additional $ 60.4 million, including additional project costs and delays outside the scope of the contract as a result of differing site and ground conditions (the “2019 Claims”).
−Removed: The Former Affiliate also submitted three alternative breach of contract claims to the 2014 and 2019 Claims that may entitle the Former Affiliate to recovery of $ 148.5 million to $ 329.4 million.
−Removed: On December 30, 2019, the DOE denied the Former Affiliate’s 2014 Claims.
−Removed: On September 25, 2020, the DOE denied the Former Affiliate’s 2019 Claims.
−Removed: The Company filed an appeal of these decisions on December 20, 2020 in the Court of Federal Claims.
−Removed: Deconstruction, decommissioning and site restoration activities are complete.
−Removed: On January 31, 2020, the Company completed the sale of its Management Services business, including the Former Affiliate who worked on the DOE project, to Maverick Purchaser Sub LLC (MS Purchaser), an affiliate of American Securities LLC and Lindsay Goldberg LLC.
−Removed: The Company and the MS Purchaser agreed that all future DOE project claim recoveries and costs will be split 10 % to the MS Purchaser and 90 % to the Company with the Company retaining control of all future strategic legal decisions.
−Removed: The Company intends to vigorously pursue all claimed amounts but can provide no certainty that the Company will recover 2014 Claims and 2019 Claims submitted against the DOE, or any additional incurred claims or costs, which could have a material adverse effect on the Company’s results of operations.
−Removed: Refinery Turnaround Project
−Removed: The Former Affiliate of the Company entered into an agreement to perform turnaround maintenance services during a planned shutdown at a refinery in Montana in December 2017.
−Removed: The turnaround project was completed in February 2019.
−Removed: Due to circumstances outside of the Company’s Former Affiliate’s control, including client directed changes and delays and the refinery’s condition, the Company’s Former Affiliate performed additional work outside of the original contract over $ 90 million and is entitled to payment from the refinery owner of approximately $ 144 million.
−Removed: In March 2019, the refinery owner sent a letter to the Company’s Former Affiliate alleging it incurred approximately $ 79 million in damages due to the Company’s Former Affiliate’s project performance.
−Removed: In April 2019, the Company’s Former Affiliate filed and perfected a $ 132 million construction lien against the refinery for unpaid labor and materials costs.
−Removed: In August 2019, following a subcontractor complaint filed in the Thirteen Judicial District Court of Montana asserting claims against the refinery owner and the Company’s Former Affiliate, the refinery owner crossclaimed against the Company’s Former Affiliate and the subcontractor.
−Removed: In October 2019, following the subcontractor’s dismissal of its claims, the Company’s Former Affiliate removed the matter to federal court and cross claimed against the refinery owner.
−Removed: In December 2019, the refinery owner claimed $ 93.0 million in damages and offsets against the Company’s Former Affiliate.
−Removed: On January 31, 2020, the Company completed the sale of its Management Services business, including the Former Affiliate, to the MS Purchaser;
−Removed: however, the Refinery Turnaround Project, including related claims and liabilities, has been retained by the Company.
−Removed: The Company intends to vigorously prosecute and defend this matter;
−Removed: however, the Company cannot provide assurance that the Company will be successful in these efforts.
−Removed: The resolution of this matter and any potential range of loss cannot be reasonably determined or estimated at this time, primarily because the matter raises complex legal issues that Company is continuing to assess.
+Added: The Company does not have sufficient information to determine the range of potential impacts;
+Added: however, it is reasonably possible that the Company may incur additional costs related to these bonds.
+Added: In connection with the resolution of contingencies related to the sale of the civil infrastructure construction business, the Company agreed to act as an additional guarantor on the counterparty’s existing debt, which was extended to March 2028.
Reportable Segments and Geographic Information
2 unchanged sentences
The financial data is organized by geographic region and global business lines.
−Removed: The CODM uses this information to allocate resources and assess the performance of the segments primarily based on revenue less pass - through revenue and attributable earnings before interest, tax, and amortization expense.
+Added: The CODM uses this information to allocate resources and assess the performance of the segments primarily based on revenue less pass‑through revenue and attributable earnings before interest, tax, and amortization expense along with forecasts, market activity, and other non-financial information.
+Added: Information provided to the CODM for purposes of making operating decisions and evaluating segment performance excludes asset-related information.
After considering various factors, including the development and utilization of financial data to the CODM, the Company concluded that identifying its operating segments by geography was consistent with the objectives of ASC 280-10.
6 unchanged sentences
Reportable Segments:
−Removed: International
+Added: Americas International AECOM
+Added: Capital Total
($ in millions)
Fiscal Year Ended September 30, 2025:
−Removed: Equity in earnings of joint ventures
−Removed: General and administrative expenses
−Removed: Restructuring costs
−Removed: Operating income
−Removed: Segment assets
−Removed: Gross profit as a % of revenue
+Added: Revenue $ 12,525.9 $ 3,613.2 $ 0.5 $ 16,139.6
+Added: Subcontractor and other direct costs ( 7,973.7 ) ( 593.1 ) — ( 8,566.8 )
+Added: Employee compensation expense ( 3,089.4 ) ( 2,286.1 ) — ( 5,375.5 )
+Added: Equity in earnings (losses) of joint ventures
+Added: 15.8 11.8 ( 0.6 ) 27.0
+Added: Other segment items ( 609.7 ) ( 424.4 ) ( 8.9 ) ( 1,043.0 )
+Added: Earnings before income taxes and amortization $ 868.9 $ 321.4 $ ( 9.0 ) $ 1,181.3
Fiscal Year Ended September 30, 2024:
−Removed: Equity in earnings of joint ventures
−Removed: General and administrative expenses
−Removed: Restructuring costs
−Removed: Operating income
−Removed: Segment assets
−Removed: Gross profit as a % of revenue
+Added: Revenue $ 12,485.7 $ 3,618.4 $ 1.4 $ 16,105.5
+Added: Subcontractor and other direct costs ( 8,281.1 ) ( 659.4 ) — ( 8,940.5 )
+Added: Employee compensation expense ( 2,929.0 ) ( 2,234.4 ) ( 2.7 ) ( 5,166.1 )
+Added: Equity in earnings (losses) of joint ventures
+Added: 15.5 13.5 ( 26.9 ) 2.1
+Added: Other segment items ( 514.9 ) ( 427.4 ) ( 12.3 ) ( 954.6 )
+Added: Earnings before income taxes and amortization $ 776.2 $ 310.7 $ ( 40.5 ) $ 1,046.4
Fiscal Year Ended September 30, 2023:
−Removed: Equity in earnings of joint ventures
−Removed: General and administrative expenses
−Removed: Restructuring costs
−Removed: Operating income
−Removed: Segment assets
−Removed: Gross profit as a % of revenue
+Added: Revenue $ 10,975.7 $ 3,402.1 $ 0.7 $ 14,378.5
+Added: Subcontractor and other direct costs ( 7,056.7 ) ( 619.0 ) — ( 7,675.7 )
+Added: Employee compensation expense ( 2,729.9 ) ( 2,134.5 ) ( 5.9 ) ( 4,870.3 )
+Added: Equity in earnings (losses) of joint ventures
+Added: 14.8 9.7 ( 303.9 ) ( 279.4 )
+Added: Other segment items ( 482.3 ) ( 421.7 ) ( 6.7 ) ( 910.7 )
+Added: Earnings before income taxes and amortization $ 721.6 $ 236.6 $ ( 315.8 ) $ 642.4
+Added: Other segment items include rent expenses, depreciation, nonoperating income, and a deduction for earnings attributable to noncontrolling interests as well as other costs.
+Added: The table below reconciles total segment attributable earnings before taxes and amortization to income from continuing operations before taxes:
+Added: Fiscal Year Ended
+Added: September 30, 2025 September 30, 2024 September 30, 2023
+Added: (in millions)
+Added: Total segment attributable earnings before taxes and amortization $ 1,181.3 $ 1,046.4 $ 642.4
+Added: Corporate general and administrative expenses
+Added: ( 148.9 ) ( 145.1 ) ( 141.0 )
+Added: Restructuring and acquisition costs ( 59.4 ) ( 98.9 ) ( 188.4 )
+Added: Other income ( 2.5 ) 2.1 ( 5.3 )
+Added: Interest income 62.9 58.6 40.3
+Added: Interest expense ( 184.3 ) ( 185.4 ) ( 159.3 )
+Added: Amortization expense ( 2.2 ) ( 18.8 ) ( 18.6 )
+Added: Income attributable to noncontrolling interests from continuing operations 68.7 59.3 43.3
+Added: Income from continuing operations before taxes $ 915.6 $ 718.2 $ 213.4
+Added: Reportable Segments:
+Added: Americas International AECOM
+Added: Capital Corporate and Assets
+Added: Held for Sale Total
+Added: (in millions)
+Added: Fiscal Year Ended September 30, 2025:
+Added: Total assets $ 7,866.9 $ 2,702.9 $ 41.6 $ 1,588.8 $ 12,200.2
+Added: Investments in unconsolidated joint ventures 44.0 56.6 37.5 — 138.1
+Added: Depreciation and amortization ( 94.3 ) ( 70.8 ) — ( 10.8 ) ( 175.9 )
+Added: Fiscal Year Ended September 30, 2024:
+Added: Total assets $ 7,988.1 $ 2,734.5 $ 53.2 $ 1,285.9 $ 12,061.7
+Added: Investment in unconsolidated joint ventures 34.1 61.1 42.9 — 138.1
+Added: Depreciation and amortization ( 101.6 ) ( 67.2 ) — ( 10.0 ) ( 178.8 )
+Added: Fiscal Year Ended September 30, 2023:
+Added: Depreciation and amortization ( 100.6 ) ( 67.2 ) — ( 7.9 ) ( 175.7 )
Geographic Information:
Fiscal Year Ended
−Removed: September 30,
+Added: Long-Lived Assets September 30,
2025 September 30,
2024 September 30,
−Removed: Long-Lived Assets
(in millions)
+Added: Americas $ 3,779.2 $ 3,315.3 $ 3,478.5
Europe, Middle East, India, Africa 1,025.5 872.9 803.5
Asia-Australia-Pacific 351.1 370.7 342.3
+Added: Total $ 5,155.8 $ 4,558.9 $ 4,624.3
Long-lived assets consist of noncurrent assets excluding deferred tax assets.
6 unchanged sentences
(amounts in millions)
+Added: of Year Additions
Charged to Cost
−Removed: Deductions (a)
−Removed: Exchange Impact
+Added: of Revenue Deductions (a)
+Added: Exchange Impact Balance at
Allowance for Doubtful Accounts
2 unchanged sentences
Fiscal Year 2023 $ 104.0 $ 40.9 $ ( 50.8 ) $ 0.1 $ 94.2
+Added: _____________________________________________________________
(a) Primarily relates to accounts written-off and recoveries
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.