What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-02-10 compared with 2025-08-05 · 211 added, 271 removed, 651 unchanged (43% of the section changed)

10 unchanged sentences

Prepaid expenses and other current assets 724,746 716,070

Current assets held for sale — 77,224

Income taxes receivable 136,571 146,092

16 unchanged sentences

Contract liabilities 1,091,648 1,087,905

Current liabilities held for sale — 35,559

Current portion of long-term debt 62,550 62,217

8 unchanged sentences

AECOM STOCKHOLDERS’ EQUITY:

Common stock-authorized, 300,000,000 shares of $ 0.01 par value as of June 30, 2025 and September 30, 2024;

issued and outstanding 132,318,294 and 132,552,407 shares as of June 30, 2025 and September 30, 2024, respectively

Common stock-authorized, 300,000,000 shares of $ 0.01 par value as of December 31, 2025 and September 30, 2025;

issued and outstanding 129,286,286 and 131,782,371 shares as of December 31, 2025 and September 30, 2025, respectively

Additional paid-in capital 4,617,931 4,609,126

8 unchanged sentences

(unaudited - in thousands, except per share data)

Three Months Ended Nine Months Ended

2025 June 30,

2024 June 30,

2025 June 30,

Three Months Ended

2025 December 31,

Revenue $ 3,830,834 $ 4,014,152

1 unchanged sentence

Gross profit 280,990 268,404

Equity in earnings (losses) of joint ventures 5,290 7,647 21,707 ( 1,835 )

Equity in earnings of joint ventures 9,827 9,553

General and administrative expenses ( 40,839 ) ( 40,459 )

Restructuring costs — ( 29,025 ) — ( 80,670 )

Restructuring and acquisition costs ( 27,933 ) —

Income from operations 222,045 237,498

Other income (loss) 823 963 ( 1,001 ) 6,154

Other income 7,819 6,924

Interest income 13,741 16,564

3 unchanged sentences

Net income from continuing operations 159,256 188,720

Net (loss) income from discontinued operations ( 43,880 ) 5,677 ( 63,766 ) ( 104,998 )

Net loss from discontinued operations ( 65,904 ) ( 9,516 )

Net income 93,352 179,204

3 unchanged sentences

Net income attributable to AECOM from continuing operations 140,424 177,350

Net (loss) income attributable to AECOM from discontinued operations ( 43,880 ) 4,796 ( 64,892 ) ( 107,828 )

Net loss attributable to AECOM from discontinued operations ( 65,904 ) ( 10,308 )

Net income attributable to AECOM $ 74,520 $ 167,042

12 unchanged sentences

(unaudited—in thousands)

Three Months Ended Nine Months Ended

2025 June 30,

2024 June 30,

2025 June 30,

Three Months Ended

2025 December 31,

Net income $ 93,352 $ 179,204

Other comprehensive income (loss), net of tax:

Net unrealized loss on derivatives, net of tax ( 3,769 ) ( 375 ) ( 1,816 ) ( 9,776 )

Net unrealized (loss) gain on derivatives, net of tax ( 1,328 ) 9,139

Foreign currency translation adjustments 5,364 ( 105,961 )

22 unchanged sentences

Stock-based compensation — 15,326 — — 15,326 — 15,326

Effect of deconsolidation of a joint venture — — — — — ( 13,768 ) ( 13,768 )

Contributions from noncontrolling interests — — — — — 139 139

Distributions to noncontrolling interests — — — — — ( 8,850 ) ( 8,850 )

BALANCE AT JUNE 30, 2025 $ 1,323 $ 4,426,087 $ ( 874,861 ) $ ( 1,060,209 ) $ 2,492,340 $ 206,265 $ 2,698,605

BALANCE AT DECEMBER 31, 2025 $ 1,293 $ 4,617,931 $ ( 888,034 ) $ ( 1,499,248 ) $ 2,231,942 $ 213,813 $ 2,445,755

Stock Additional

9 unchanged sentences

Dividends declared — — — ( 34,614 ) ( 34,614 ) — ( 34,614 )

Other comprehensive income — — 11,588 — 11,588 ( 1 ) 11,587

Issuance of stock 13 53,597 — — 53,610 — 53,610

Repurchases of stock ( 18 ) ( 21,179 ) — ( 141,345 ) ( 162,542 ) — ( 162,542 )

Stock-based compensation — 44,814 — — 44,814 — 44,814

Contributions from noncontrolling interests — — — — — 8,529 8,529

Distributions to noncontrolling interests — — — — — ( 26,972 ) ( 26,972 )

BALANCE AT JUNE 30, 2024 $ 1,357 $ 4,318,755 $ ( 914,989 ) $ ( 1,106,797 ) $ 2,298,326 $ 200,350 $ 2,498,676

Consolidated Statements of Stockholders’ Equity

(unaudited—in thousands)

Stock Additional

Capital Accumulated

Comprehensive

Loss Accumulated

Deficits Total

Stockholders’

Interests Total

Stockholders’

BALANCE AT MARCH 31, 2025 $ 1,320 $ 4,378,663 $ ( 943,127 ) $ ( 1,151,420 ) $ 2,285,436 $ 180,851 $ 2,466,287

Net income — — — 130,966 130,966 28,771 159,737

Dividends declared — — — ( 35,040 ) ( 35,040 ) — ( 35,040 )

Other comprehensive loss — — ( 82,123 ) — ( 82,123 ) ( 388 ) ( 82,511 )

2 unchanged sentences

Stock-based compensation — 16,823 — — 16,823 — 16,823

Effect of deconsolidation of a joint venture — — — — — — —

Contributions from noncontrolling interests — — — — — 10 10

Distributions to noncontrolling interests — — — — — ( 2,456 ) ( 2,456 )

BALANCE AT JUNE 30, 2025 $ 1,323 $ 4,426,087 $ ( 874,861 ) $ ( 1,060,209 ) $ 2,492,340 $ 206,265 $ 2,698,605

Stock Additional

Capital Accumulated

Comprehensive

Loss Accumulated

Deficits Total

Stockholders’

Interests Total

Stockholders’

BALANCE AT MARCH 31, 2024 $ 1,359 $ 4,267,719 $ ( 909,970 ) $ ( 1,160,441 ) $ 2,198,667 $ 195,688 $ 2,394,355

Net loss — — — 134,273 134,273 18,236 152,509

Dividends declared — — — ( 30,338 ) ( 30,338 ) — ( 30,338 )

Other comprehensive income — — ( 5,019 ) — ( 5,019 ) ( 38 ) ( 5,057 )

Issuance of stock 3 36,887 — — 36,890 — 36,890

Repurchases of stock ( 5 ) ( 54 ) — ( 50,291 ) ( 50,350 ) — ( 50,350 )

Stock-based compensation — 14,203 — — 14,203 — 14,203

Contributions from noncontrolling interests — — — — — 3,037 3,037

Distributions to noncontrolling interests — — — — — ( 16,573 ) ( 16,573 )

BALANCE AT JUNE 30, 2024 $ 1,357 $ 4,318,755 $ ( 914,989 ) $ ( 1,106,797 ) $ 2,298,326 $ 200,350 $ 2,498,676

See accompanying Notes to Consolidated Financial Statements.

BALANCE AT DECEMBER 31, 2024 $ 1,326 $ 4,351,963 $ ( 964,794 ) $ ( 1,184,485 ) $ 2,204,010 $ 195,533 $ 2,399,543

Consolidated Statements of Cash Flows

(unaudited - in thousands)

Nine Months Ended June 30,

Three Months Ended December 31,

CASH FLOWS FROM OPERATING ACTIVITIES:

2 unchanged sentences

Depreciation and amortization 52,036 42,297

Equity in (earnings) losses of unconsolidated joint ventures ( 15,555 ) 5,235

Equity in earnings of unconsolidated joint ventures

( 9,377 ) ( 9,553 )

Distribution of earnings from unconsolidated joint ventures 5,297 2,754

Non-cash stock compensation 16,011 16,823

Loss on sale of discontinued operations — 90,412

Non-cash net fair value gains

( 5,091 ) ( 4,957 )

Non-cash loss on disposal activities 61,800 —

Foreign currency translation 616 ( 28,671 )

9 unchanged sentences

CASH FLOWS FROM INVESTING ACTIVITIES:

Payments for business acquisition, net of cash acquired ( 2,786 ) ( 18,686 )

Cash outflow from deconsolidation of a joint venture ( 45,352 ) —

Investment in unconsolidated joint ventures ( 24,246 ) ( 976 )

Return of investment in unconsolidated joint ventures 28,710 105

Proceeds from sale of investments — 3,180

Other investing activities ( 11,000 ) 16,250

11 unchanged sentences

Other financing activities ( 4,545 ) ( 3,477 )

Net cash (used in) provided by financing activities ( 281,603 ) 44,374

Net cash used in financing activities

( 374,232 ) ( 121,330 )

EFFECT OF EXCHANGE RATE CHANGES ON CASH ( 216 ) ( 5,153 )

NET INCREASE IN CASH AND CASH EQUIVALENTS 209,215 386,039

NET DECREASE IN CASH AND CASH EQUIVALENTS

( 339,052 ) ( 136 )

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 1,585,739 1,584,862

11 unchanged sentences

The consolidated financial statements included in this report have been prepared consistently with the accounting policies described in the Annual Report, except as noted, and should be read together with the Annual Report.

The results of operations for the three and nine months ended June 30, 2025 are not necessarily indicative of the results to be expected for the fiscal year ending September 30, 2025.

The results of operations for the three months ended December 31, 2025 are not necessarily indicative of the results to be expected for the fiscal year ending September 30, 2026.

As discussed in more detail in Note 3, the Company concluded that its self-perform at-risk construction businesses met the criteria for held for sale beginning in the first quarter of fiscal 2020 and met the criteria for discontinued operation classification.

2 unchanged sentences

The Company reports its annual results of operations based on 52- or 53-week periods ending on the Friday nearest September 30.

The interim consolidated financial statements are presented for the periods ending on June 27, 2025 and June 28, 2024.

For clarity of presentation, all periods are presented as if the periods ended on September 30 and June 30.

The interim consolidated financial statements are presented for the periods ending on January 2, 2026 and December 27, 2024.

For clarity of presentation, all periods are presented as if the periods ended on September 30 and December 31.

New Accounting Pronouncements and Changes in Accounting

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.

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, with early adoption permitted.

The Company is currently evaluating the impact that the adoption of this new guidance will have on its financial statement presentation.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

In December 2023, the Financial Accounting Standard Board (FASB) issued ASU 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures , which includes amendments that further enhance the income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid.

The update also includes certain other amendments to improve the effectiveness of income tax disclosures.

The amendments are effective for the Company’s annual periods beginning October 1, 2025, with early adoption permitted.

The Company is currently evaluating the impact that the adoption of this new guidance will have on its financial statement presentation.

The standard is effective for the Company for its annual financial statements in fiscal year 2026 and can be applied either prospectively or retrospectively.

The Company is currently evaluating the impact that the updated standard will have on its financial statement disclosures.

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.

1 unchanged sentence

The Company is currently evaluating the impact that the adoption of this new guidance will have on its financial statements.

In September 2025, the FASB issued ASU 2025-06 to clarify and modernize the accounting for costs related to internal-use software.

The guidance removes references to project stages used in ASC 250-40 and clarifies the threshold entities should apply to begin capitalizing internal-use software costs.

The new guidance is effective for the Company starting October 1, 2028.

The Company adopted new guidance in the first quarter of fiscal year 2026 using the prospective approach.

Adoption of this new guidance did not have a material impact on the Company's financial statements.

In December 2025, the FASB issued ASU 2025-10 to provide authoritative guidance related to the recognition, measurement, presentation and disclosure of government grants received by business entities.

Previously, GAAP lacked specific provisions, leading to diverse practices based on analogies to IAS 20, ASC 958-605, or ASC 250.

The new guidance is effective for the Company in fiscal year 2029.

The Company adopted the new guidance in the first quarter of fiscal year 2026 using a modified prospective approach.

Adoption of this new guidance did not have a material impact on the Company's financial statements.

In December 2025, the FASB issued ASU 2025-11 that clarifies and improves the guidance for interim financial reporting by providing a list of required interim disclosures, clarifying the applicability of interim reporting requirements, and introducing a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity.

The new guidance is effective for the Company starting October 1, 2028, with early adoption permitted.

The Company is currently evaluating the impact that the adoption of this new guidance will have on its financial presentation.

Discontinued Operations, Goodwill and Intangible Assets

5 unchanged sentences

Current and non-current assets and liabilities of these businesses not sold as of the balance sheet date are presented in the Consolidated Balance Sheets as assets and liabilities held for sale for both periods presented.

The Company completed the sale of its power and oil and gas construction businesses in fiscal 2021 and fiscal 2022, respectively.

The Company completed the sale of its civil infrastructure construction business to affiliates of Oroco Capital in the second quarter of fiscal 2021.

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.

As of December 31, 2025, the Company had one equity method investment with a carrying value of $ 14.0 million classified as held for sale.

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.

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.

At June 30, 2025, the counterparty had $ 4.4 million outstanding under the credit facility, and all cash flows were classified as other investing activities.

At December 31, 2025, the counterparty had $ 23.2 million outstanding under the credit facility, and all cash flows were classified as other investing activities.

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.

11 unchanged sentences

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”).

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.

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.

On December 30, 2019, the DOE denied the Former Affiliate’s 2014 Claims.

4 unchanged sentences

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.

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.

During the first quarter of fiscal 2026, the procedural process resumed, and the Company subsequently engaged in settlement discussions.

As a result, the Company revised its estimated recovery of the 2014 Claims and 2019 Claims submitted against the DOE, resulting in a $ 61.8 million non-cash loss recorded in loss from discontinued operations as the project was completed prior to the sale of the Former Affiliate.

The asset related to the project is presented in other noncurrent assets in the Consolidated Balance Sheet.

Refinery Turnaround Project

2 unchanged sentences

As part of the sale of the former affiliate, the refinery turnaround project, including related claims, were retained by the Company.

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.

The former affiliate's claims against the refinery owner and the refinery owner's cross-claims against the Company's former affiliate moved to federal court.

A jury trial was completed on February 1, 2025, resulting in a favorable verdict for the Company.

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.

As a result of unfavorable court orders on post-trial motions, including pre-judgment interest and prompt payment interest, and issuance of the associated judgment, the Company recorded a $ 53.0 million loss during the third quarter of fiscal 2025 from the reduction in the expected future net cash proceeds the Company would receive as a result of the trial verdict.

The Company has appealed the judgment.

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):

2025 September 30,

Cash and cash equivalents $ — $ 4.0

Receivables and contract assets — 73.2

Current assets held for sale $ — $ 77.2

Investment in unconsolidated joint venture $ 16.9 $ —

Property and equipment, net — 16.7

Write-down of assets to fair value less cost to sell — ( 17.9 )

Non-current assets held for sale $ 16.9 $ —

Accounts payable and accrued expenses $ — $ 35.6

Current liabilities held for sale $ — $ 35.6

The loss was reported in discontinued operations as the project was completed prior to the sale of the former affiliate.

The Company's noncurrent assets held for sale represent the carrying value of its investment in an unconsolidated joint venture, which was $ 14.0 million and $ 19.0 million as of December 31, 2025 and September 30, 2025, respectively.

The following table represents summarized income statement information of discontinued operations (in millions):

Three Months Ended Nine Months Ended

2025 June 30,

2024 June 30,

2025 June 30,

Three Months Ended

2025 December 31,

Revenue $ — $ 42.6

2 unchanged sentences

Equity in losses of joint ventures ( 0.5 ) —

(Loss) income on disposal activities ( 58.3 ) 12.7 ( 75.0 ) ( 100.4 )

Transaction costs — — — ( 0.2 )

(Loss) income from operations ( 58.4 ) 8.2 ( 85.0 ) ( 105.1 )

Loss on disposal activities ( 66.3 ) ( 4.9 )

Loss from operations ( 66.8 ) ( 12.6 )

Other expense ( 0.4 ) ( 0.4 )

(Loss) income before taxes ( 58.8 ) 7.6 ( 85.8 ) ( 106.8 )

Income tax (benefit) expense ( 14.9 ) 1.9 ( 22.0 ) ( 1.8 )

Net (loss) income from discontinuing operations $ ( 43.9 ) $ 5.7 $ ( 63.8 ) $ ( 105.0 )

Loss before taxes ( 67.2 ) ( 13.0 )

Income tax benefit ( 1.3 ) ( 3.4 )

Net loss from discontinued operations $ ( 65.9 ) $ ( 9.6 )

The significant components included in our Consolidated Statement of Cash Flows for the discontinued operations are as follows (in millions):

Three Months Ended Nine Months Ended

2025 June 30,

2024 June 30,

2025 June 30,

Three Months Ended

2025 December 31,

Payments for capital expenditures $ — $ ( 0.4 )

Noncash increase in noncurrent assets held for sale due to deconsolidation of a joint venture $ — $ — $ 41.6 $ —

Noncash decrease in noncontrolling interest due to deconsolidation of a joint venture $ — $ — $ ( 13.8 ) $ —

The changes in the carrying value of goodwill by reportable segment for the nine months ended June 30, 2025 were as follows:

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.

Neither of these two acquisitions met the quantitative thresholds to require separate disclosure.

The Company acquired these businesses to expand its competitive advantage and compound strengths to achieve its long-term profitability targets.

The Company preliminarily estimates the amount of identifiable assets as soon as information is available, but not more than 12 months from the date of acquisition.

The initial accounting for these acquisitions is not complete as of December 31, 2025 as the Company continues to assess the value of the tax liabilities and the acquired intellectual property, including digital assets.

The changes in the carrying value of goodwill by reportable segment for the three months ended December 31, 2025 were as follows:

September 30,

Impact Acquired June 30,

Impact Post-Acquisition Adjustments December 31,

(in millions)

2 unchanged sentences

Total $ 3,700.6 $ 3.7 $ 69.5 $ 3,773.8

The gross amounts and accumulated amortization of the Company’s acquired identifiable intangible assets with finite useful lives as of June 30, 2025 and September 30, 2024, included in intangible assets—net, in the accompanying consolidated balance sheets, were as follows:

June 30, 2025 September 30, 2024

The gross amounts and accumulated amortization of the Company’s acquired identifiable intangible assets with finite useful lives as of December 31, 2025 and September 30, 2025, included in intangible assets—net, in the accompanying consolidated balance sheets, were as follows:

December 31, 2025 September 30, 2025

Amount Accumulated

6 unchanged sentences

Backlog and Customer relationships $ 7.4 $ ( 2.9 ) $ 4.5 $ 7.4 $ ( 2.5 ) $ 4.9 1 - 11

Amortization expense of acquired intangible assets included within cost of revenue was $ 1.8 million and $ 14.1 million for the nine months ended June 30, 2025 and 2024, respectively.

Digital assets 188.0 ( 12.5 ) 175.5 178.4 — 178.4 5

Total $ 195.4 $ ( 15.4 ) $ 180.0 $ 185.8 $ ( 2.5 ) $ 183.3

Amortization expense of acquired intangible assets included within cost of revenue was $ 12.9 million and $ 1.1 million for the three months ended December 31, 2025 and 2024, respectively.

The following table presents estimated amortization expense of existing intangible assets for the remainder of fiscal 2026 and for the succeeding years:

Fiscal Year (in millions)

2025 (three months remaining) $ 0.4

2026 (nine months remaining) $ 29.3

Total $ 180.0

Revenue Recognition

4 unchanged sentences

These costs are passed through to clients and, in accordance with GAAP, are included in the Company’s revenue and cost of revenue.

These pass-through revenues for the nine months ended June 30, 2025 and 2024 were $ 6.4 billion and $ 6.6 billion, respectively.

These pass-through revenues for the three months ended December 31, 2025 and 2024 were $ 2.0 billion and $ 2.2 billion, respectively.

Recognition of revenue and profit is dependent upon a number of factors, including the accuracy of a variety of estimates made at the balance sheet date, such as engineering progress, material quantities, the achievement of milestones, penalty provisions, labor productivity and cost estimates.

26 unchanged sentences

The following tables present the Company’s revenues disaggregated by revenue sources:

Three Months Ended Nine Months Ended

2025 June 30,

2024 June 30,

2025 June 30,

Three Months Ended

2025 December 31,

(in millions)

3 unchanged sentences

Total revenue $ 3,830.8 $ 4,014.2

Three Months Ended Nine Months Ended

2025 June 30,

2024 June 30,

2025 June 30,

Three Months Ended

2025 December 31,

(in millions)

4 unchanged sentences

Remaining Unsatisfied Performance Obligations

As of June 30, 2025, the Company had allocated $ 17.9 billion of transaction price to unsatisfied or partially satisfied performance obligations, of which approximately 59 % is expected to be satisfied within the next twelve months .

As of December 31, 2025, the Company had allocated $ 19.4 billion of transaction price to unsatisfied or partially satisfied performance obligations, of which approximately 60 % is expected to be satisfied within the next twelve months .

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.

The Company recognized revenue of $ 859.9 million and $ 764.7 million during the nine months ended June 30, 2025 and 2024, respectively, that was included in contract liabilities as of September 30, 2024 and 2023, respectively.

The Company recognized revenue of $ 550.1 million and $ 623.5 million during the three months ended December 31, 2025 and 2024, respectively, that was included in contract liabilities as of September 30, 2025 and 2024, respectively.

The Company’s timing of revenue recognition may not be consistent with its rights to bill and collect cash from its clients.

10 unchanged sentences

Total accounts receivable—net $ 2,348.4 $ 2,497.1

Substantially all contract assets as of June 30, 2025 and September 30, 2024 are expected to be billed and collected within twelve months, except for claims.

Significant claims recorded in contract assets and other non-current assets were approximately $ 320 million and $ 180 million as of June 30, 2025 and September 30, 2024, respectively.

The asset related to the Deactivation, Demolition, and Removal Project retained from the MS Purchaser as defined in and discussed in Note 3 is presented in prepaid expense and other 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.

Substantially all contract assets as of December 31, 2025 and September 30, 2025 are expected to be billed and collected within twelve months, except for claims.

Significant claims recorded in contract assets and other non-current assets were approximately $ 520 million and $ 400 million as of December 31, 2025 and September 30, 2025, respectively.

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.

The Company considers a broad range of information to estimate expected credit losses including the related ages of past due balances, projections of credit losses based on historical trends, and collection history and credit quality of its clients.

Negative macroeconomic trends or delays in payment of outstanding receivables could result in an increase in the estimated credit losses.

No single client accounted for more than 10% of the Company’s outstanding receivables at June 30, 2025 and September 30, 2024.

The Company sold trade receivables to financial institutions, of which $ 355.6 million and $ 319.5 million were outstanding as of June 30, 2025 and September 30, 2024, respectively.

No single client accounted for more than 10% of the Company’s outstanding receivables at December 31, 2025 and September 30, 2025.

The Company sold trade receivables to financial institutions, of which $ 347.5 million and $ 268.2 million were outstanding as of December 31, 2025 and September 30, 2025, respectively.

The Company does not retain financial or legal obligations for these receivables that would result in material losses.

20 unchanged sentences

Summary of financial information of the consolidated joint ventures is as follows:

June 30, 2025

December 31, 2025

(unaudited) September 30,

6 unchanged sentences

Total liabilities 641.9 597.1

Total AECOM equity (deficit) 51.5 ( 17.2 )

Total AECOM deficit ( 18.5 ) ( 15.9 )

Noncontrolling interests 212.4 202.2

1 unchanged sentence

Total liabilities and owners’ equity $ 835.8 $ 783.4

Total revenue of the consolidated joint ventures was $ 1,260.1 million and $ 1,799.2 million for the nine months ended June 30, 2025 and 2024, respectively.

Total revenue of the consolidated joint ventures was $ 431.2 million and $ 443.7 million for the three months ended December 31, 2025 and 2024, respectively.

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.

11 unchanged sentences

AECOM’s investment in unconsolidated joint ventures $ 146.5 $ 138.1

Nine Months Ended

2025 June 30,

Three Months Ended

2025 December 31,

(in millions)

4 unchanged sentences

Summary of AECOM’s equity in earnings of unconsolidated joint ventures is as follows:

Nine Months Ended

2025 June 30,

Three Months Ended

2025 December 31,

(in millions)

11 unchanged sentences

The components of net periodic benefit cost other than the service cost component are included in other income in the consolidated statement of operations.

The following table details the components of net periodic benefit cost for the Company’s pension plans for the three and nine months ended June 30, 2025 and 2024:

Three Months Ended Nine Months Ended

June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024

The following table details the components of net periodic benefit cost for the Company’s pension plans for the three months ended December 31, 2025 and 2024:

Three Months Ended

December 31, 2025 December 31, 2024

(in millions)

Components of net periodic benefit cost:

Service costs $ — $ — $ — $ 0.1 $ — $ 0.1 $ — $ 0.2

Interest cost on projected benefit obligation 1.9 10.0 2.0 9.9

Expected return on plan assets ( 1.3 ) ( 13.8 ) ( 1.2 ) ( 12.8 )

Amortization of prior service cost — 0.1 — 0.1 — 0.1 — 0.1

Amortization of net loss (gain) 1.0 ( 0.1 ) 0.9 ( 0.3 )

Net periodic benefit cost (credit) $ 1.6 $ ( 3.9 ) $ 1.7 $ ( 3.2 )

The total amounts of employer contributions paid for the nine months ended June 30, 2025 were $ 7.7 million for U.S.

The total amounts of employer contributions paid for the three months ended December 31, 2025 were $ 2.4 million for U.S.

plans and $ 6.4 million for non-U.S.

11 unchanged sentences

Long-term debt $ 2,643.8 $ 2,647.2

The following table presents, in millions, scheduled maturities of the Company’s debt as of June 30, 2025:

2025 (three months remaining) $ 22.5

The following table presents, in millions, scheduled maturities of the Company’s debt as of December 31, 2025:

2026 (nine months remaining) $ 56.5

Thereafter 1,856.1

24 unchanged sentences

The Financial Covenant does not apply to the New Term B Facility.

As of June 30, 2025, the Company was in compliance with the covenants of the Credit Agreement.

As of December 31, 2025, the Company was in compliance with the covenants of the Credit Agreement.

The Credit Agreement contains customary affirmative covenants, including, among other things, compliance with applicable law, preservation of existence, maintenance of properties and of insurance, and keeping proper books and records.

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.

At June 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.

As of June 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.

At December 31, 2025 and September 30, 2025, letters of credit totaled $ 4.4 million and $ 4.4 million, respectively, under the Company’s New Revolving Credit Facility.

As of December 31, 2025 and September 30, 2025, the Company had $ 1,495.6 million and $ 1,495.6 million, respectively, available under its New Revolving Credit Facility.

2027 Senior Notes

1 unchanged sentence

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.

As of June 30, 2025, the estimated fair value of the 2027 Senior Notes was approximately $ 993.6 million.

The fair value of the 2027 Senior Notes as of June 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 2027 Senior Notes.

Interest was payable on the 2027 Senior Notes at a rate of 5.125 % per annum.

Interest on the 2027 Senior Notes was payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2017.

The 2027 Senior Notes were set to mature on March 15, 2027.

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.

The indenture pursuant to which the 2027 Senior Notes were issued contained customary events of default, including, among other things, payment default, exchange default, failure to provide notices thereunder and provisions related to bankruptcy events.

The indenture also contained customary negative covenants.

The Company was in compliance with the covenants relating to the 2027 Senior Notes as of June 30, 2025.

Other Debt and Other Items

Other debt consists primarily of obligations under capital leases and loans, and unsecured credit facilities.

The Company’s unsecured credit facilities are primarily used for standby letters of credit issued in connection with general and professional liability insurance programs and for contract performance guarantees.

At June 30, 2025 and September 30, 2024, these outstanding standby letters of credit totaled $ 895.2 million and $ 934.5 million, respectively.

As of June 30, 2025, the Company had $ 376.7 million available under these unsecured credit facilities.

Effective Interest Rate

The Company’s average effective interest rate on its total debt, including the effects of the interest rate swap and interest rate cap agreements, during the nine months ended June 30, 2025 and 2024 was 5.1 % and 5.5 %, respectively.

Interest expense in the consolidated statements of operations included amortization of deferred debt issuance costs for the three and nine months ended June 30, 2025 of $ 1.2 million and $ 3.9 million, respectively, and for the three and nine months ended June 30, 2024 of $ 4.0 million and $ 6.4 million, respectively.

Subsequent Events

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.

In August 2025, the Company redeemed the remaining 2027 Senior Notes with a portion of the proceeds of the 2033 Senior Notes.

The purchase and redemption included an aggregate make-whole payment of $ 9.1 million.

2033 Senior Notes

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 December 31, 2025, the estimated fair value of the 2033 Senior Notes was approximately $ 1,222.5 million.

The fair value of the 2033 Senior Notes as of December 31, 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.

Interest will be payable on the 2033 Senior Notes at a rate of 6.000 % per annum.

9 unchanged sentences

The indenture also contains customary negative covenants.

2027 Senior Notes

On July 22, 2025, the Company used a portion of the net proceeds of the offering of the 2033 Senior Notes 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 July 21, 2025 expiration date of its previously announced tender offer for the 2027 Senior Notes.

The purchase included a "make whole" payment of $ 6.4 million.

In addition, the Company also issued a redemption notice to noteholders to redeem on August 14, 2025 the remaining 2027 Senior Notes that are outstanding and not tendered in the tender offer.

The redemption is expected to include a "make whole" payment of $ 2.3 million.

The Company was in compliance with the covenants related to the 2033 Senior Notes as of December 31, 2025.

Other Debt and Other Items

Other debt consists primarily of obligations under capital leases and loans, and unsecured credit facilities.

At December 31, 2025 and September 30, 2025, these outstanding standby letters of credit totaled $ 926.6 million and $ 899.4 million, respectively.

As of December 31, 2025, the Company had $ 399.0 million available under these unsecured credit facilities.

Effective Interest Rate

The Company’s average effective interest rate on its total debt, including the effects of the interest rate swap and interest rate cap agreements, during the three months ended December 31, 2025 and 2024 was 5.3 % and 5.2 %, respectively.

Interest expense in the consolidated statements of operations included amortization of deferred debt issuance costs for the three months ended December 31, 2025 of $ 1.4 million, and for the three months ended December 31, 2024 of $ 1.4 million.

Derivative Financial Instruments and Fair Value Measurements

10 unchanged sentences

The notional principal, fixed rates and related effective and expiration dates of the Company’s outstanding interest rate swap agreements were as follows:

June 30, 2025

December 31, 2025

Notional Amount

14 unchanged sentences

By entering into the swap agreements, the Company converted a portion of the SOFR rate-based liability into a fixed rate liability.

The Company will pay a fixed rate of 1.283 % and receive payment at the prevailing one-month SOFR.

The Company pays a fixed rate of 1.283 % and receives payment at the prevailing one-month SOFR.

In the third quarter of fiscal 2022, the Company purchased interest rate cap agreements with a notional value of $ 300.0 million to manage interest rate exposure of its variable rate loans.

2 unchanged sentences

In the event one-month SOFR exceeds 3.465 %, the Company will receive the spread between prevailing one-month SOFR and 3.465 %.

See Note 14 for accumulated balances and reporting period activities of derivatives related to reclassifications out of accumulated other comprehensive loss for the nine months ended June 30, 2025 and 2024.

See Note 14 for accumulated balances and reporting period activities of derivatives related to reclassifications out of accumulated other comprehensive loss for the three months ended December 31, 2025 and 2024.

Additionally, there were no material losses recognized in income due to amounts excluded from effectiveness testing from the Company’s interest rate swap agreements.

1 unchanged sentence

The Company uses foreign currency forward contracts which are not designated as accounting hedges to hedge intercompany transactions and other monetary assets or liabilities denominated in currencies other than the functional currency of a subsidiary.

Gains and losses on these contracts were not material for the nine months ended June 30, 2025 and 2024.

Gains and losses on these contracts were not material for the three months ended December 31, 2025 and 2024.

Fair Value Measurements

6 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.

The Company recorded a loss of $ 6.9 million and $ 1.6 million in other income in the first nine months of fiscal 2025 and 2024, respectively, representing the decrease in fair value of these investments.

The Company recorded a gain of $ 1.0 million and $ 5.0 million in other income in the first three months of fiscal 2026 and 2025, respectively, representing the increase in fair value of these investments.

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.

The contingent consideration is a liability that is measured at fair value with changes in fair value reported in other income.

The contingent consideration is measured using Level 2 inputs, such as quoted market prices and volatilities.

The Company recorded a gain of $ 4.1 million in other income in the first three months of fiscal 2026.

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:

June 30, 2025

December 31, 2025

Balance Sheet Location Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value

4 unchanged sentences

Credit facility investment Other non-current assets — — 23.0 23.0

Contingent Consideration Other long-term liabilities — ( 3.4 ) — ( 3.4 )

Equity investment Other non-current assets 23.6 — — 23.6

7 unchanged sentences

Credit facility investment Other non-current assets — — 17.4 17.4

Contingent Consideration Other long-term liabilities — ( 7.5 ) — ( 7.5 )

Equity investment Other non-current assets 21.9 — — 21.9

1 unchanged sentence

The table below sets forth a summary of changes in the fair value of the Company's Level 3 investment assets:

Nine Months Ended June 30, 2025

Three Months Ended December 31, 2025

Beginning Balance Investment Gains/(Losses) Interest Earned Loans Collections Ending Balance

4 unchanged sentences

The grant date fair value of PEP awards and restricted stock unit awards is primarily based on that day’s closing market price of the Company’s common stock.

Restricted stock units and PEP unit activity for the nine months ended June 30 was as follows:

Restricted stock units and PEP unit activity for the three months ended December 31 was as follows:

Stock Units Weighted

9 unchanged sentences

Cancelled 0.0 $ 86.63 0.0 $ 105.03 0.0 $ 84.14 0.0 $ 104.43

Outstanding at June 30, 0.7 $ 95.58 0.7 $ 109.67 0.8 $ 83.95 0.7 $ 95.37

T otal compensation expense related to these share-based payments including stock options was $ 46.1 million and $ 44.8 million during the nine months ended June 30, 2025 and 2024, respectively.

Unrecognized compensation expense related to total share-based payments outstanding as of June 30, 2025 and September 30, 2024 was $ 89.7 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 .

The Company’s effective tax rate was 20.6 % and 23.6 % for the nine months ended June 30, 2025 and 2024, respectively.

Outstanding at December 31, 0.8 $ 99.99 0.7 $ 106.74 0.8 $ 95.45 0.7 $ 109.68

Total compensation expense related to these share-based payments including stock options was $ 16.0 million and $ 16.8 million during the three months ended December 31, 2025 and 2024, respectively.

Unrecognized compensation expense related to total share-based payments outstanding as of December 31, 2025 and September 30, 2025 was $ 143.8 million and $ 106.7 million, respectively, to be recognized on a straight-line basis over the awards’ respective vesting periods which are generally three years .

The Company’s effective tax rate was 19.7 % and 13.4 % for the three months ended December 31, 2025 and 2024, respectively.

The most significant items contributing to the difference between the statutory U.S.

federal corporate tax rate of 21.0 % and the Company’s effective tax rate for the nine-month period ended June 30, 2025 were a tax benefit of $ 47.2 million related to income tax credits and incentives, tax expense of $ 45.6 million related to foreign residual income, a tax benefit of $ 20.1 million related to deferred tax assets recognized due to legal entity restructuring, and tax expense of $ 19.6 million related to state income taxes.

All these items, except for the deferred tax assets benefit, are expected to have a continuing impact on the effective tax rate for the remainder of the fiscal year.

federal corporate tax rate of 21.0 % and the Company’s effective tax rate for the three-month period ended December 31, 2025 were a tax benefit of $ 15.1 million related to income tax credits and incentives, and tax expense of $ 13.2 million related to foreign residual income.

All these items are expected to have a continuing impact on the effective tax rate for the remainder of the fiscal year.

The most significant items contributing to the difference between the statutory U.S.

federal corporate tax rate of 21.0 % and the Company’s effective tax rate for the nine-month period ended June 30, 2024 were a tax benefit of $ 46.1 million related to income tax credits and incentives, tax expense of $ 39.7 million related to foreign residual income, tax expense of $ 18.2 million related to state income taxes, a tax benefit of $ 8.4 million related to the exclusion of tax on non-controlling interests, tax expense of $ 7.4 million related to changes in valuation allowances, a tax benefit of $ 6.9 million related to an audit settlement, and tax expense of $ 5.6 million related to nondeductible costs.

federal corporate tax rate of 21.0 % and the Company’s effective tax rate for the three-month period ended December 31, 2024 were a tax benefit of $ 20.1 million related to deferred tax assets recognized due to legal entity restructuring, a tax benefit of $ 17.6 million related to income tax credits and incentives, tax expense of $ 15.1 million related to foreign residual income, and tax expense of $ 6.1 million related to state income taxes.

During the first quarter of fiscal 2025, the Company recognized deferred tax assets of $ 20.1 million related to legal entity restructuring.

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 the first quarter of 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.

The Company is utilizing the annual effective tax rate method under ASC 740 to compute its interim tax provision.

6 unchanged sentences

The IRS is currently auditing certain tax credits and the methodology for calculating the credits.

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 issue.

However, the Company is not able to reasonably estimate the range of potential outcomes.

The Company 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 does not provide for U.S.

taxes or foreign withholding taxes on gross book-tax differences in its non-U.S.

subsidiaries because such basis differences of approximately $ 1.2 billion are able to and intended to be reinvested indefinitely.

subsidiaries because such basis differences of approximately $ 1.1 billion are able to and

intended to be reinvested indefinitely.

If these basis differences were distributed, foreign tax credits could become available under current law to partially or fully reduce the resulting U.S.

6 unchanged sentences

The Company includes as potential common shares the weighted average dilutive effects of equity awards using the treasury stock method.

For the three and nine months ended June 30, 2025 and 2024, equity awards excluded from the calculation of potential common shares were not significant.

For the three months ended December 31, 2025 and 2024, equity awards excluded from the calculation of potential common shares were not significant.

The following table sets forth a reconciliation of the denominators for basic and diluted earnings per share:

Three Months Ended Nine Months Ended

2025 June 30,

2024 June 30,

2025 June 30,

Three Months Ended

2025 December 31,

(in millions)

12 unchanged sentences

The components of lease expenses are as follows:

Three Months Ended Nine Months Ended

June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024

Three Months Ended

December 31, 2025 December 31, 2024

(in millions)

6 unchanged sentences

Additional balance sheet information related to leases is as follows:

(in millions except as noted) Balance Sheet Classification June 30, 2025 September 30, 2024

(in millions except as noted) Balance Sheet Classification December 31, 2025 September 30, 2025

Operating lease assets Operating lease right-of-use assets $ 448.4 $ 463.5

7 unchanged sentences

Total non-current lease liabilities $ 539.6 $ 560.3

June 30, 2025 September 30, 2024

December 31, 2025 September 30, 2025

Weighted average remaining lease term (in years):

5 unchanged sentences

Additional cash flow information related to leases is as follows:

Nine Months Ended

2025 June 30,

Three Months Ended

2025 December 31,

(in millions)

8 unchanged sentences

Fiscal Year (in millions)

2025 (three months remaining) $ 42.3 $ 8.8

2026 (nine months remaining) $ 123.3 $ 26.9

2027 139.5 27.8

14 unchanged sentences

Total $ 2,404.6 $ 2,490.5

Accrued contract costs above include balances related to professional liability accruals of $ 835.5 million and $ 831.8 million as of June 30, 2025 and September 30, 2024, respectively.

Accrued contract costs above include balances related to professional liability accruals of $ 883.2 million and $ 893.7 million as of December 31, 2025 and September 30, 2025, respectively.

The remaining accrued contract costs primarily relate to costs for services provided by subcontractors and other non-employees.

Liabilities recorded related to accrued contract losses were not material as of June 30, 2025 and September 30, 2024.

The Company did not have material revisions to estimates for contracts where revenue is recognized using the input method during the nine months ended June 30, 2025 and 2024.

During the first nine months of fiscal 2025, the Company did not initiate any new transformational restructuring activities.

During the first nine months of fiscal 2024, the Company incurred restructuring expenses of $ 80.7 million, including personnel and other costs of $ 15.1 million and real estate costs of $ 65.6 million, of which $ 22.4 million was accrued and unpaid at June 30, 2024.

On June 4, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $ 0.26 per share, which was paid on July 18, 2025 to stockholders of record as of the close of business on July 2, 2025.

As of June 30, 2025, accrued and unpaid dividends totaled $ 37.1 million and were classified within other accrued expenses on the consolidated balance sheet.

Liabilities recorded related to accrued contract losses were not material as of December 31, 2025 and September 30, 2025.

The Company did not have material revisions to estimates for contracts where revenue is recognized using the input method during the three months ended December 31, 2025 and 2024.

During the first three months of fiscal 2026 the Company incurred restructuring and acquisition expenses of $ 27.9 million, including personnel and other costs of $ 26.3 million and real estate costs of $ 1.6 million, of which $ 15.0 million was accrued and unpaid at December 31, 2025.

During the first three months of fiscal 2025, the Company did not initiate any new transformational restructuring activities.

On November 18, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $ 0.31 per share, which was paid on January 23, 2026 to stockholders of record as of the close of business on January 7, 2026.

As of December 31, 2025, accrued and unpaid dividends totaled $ 42.6 million and were classified within other accrued expenses on the consolidated balance sheet.

Reclassifications out of Accumulated Other Comprehensive Loss

The accumulated balances and reporting period activities for the three and nine months ended June 30, 2025 and 2024 related to reclassifications out of accumulated other comprehensive loss are summarized as follows (in millions):

Adjustments Foreign

Adjustments Gain/(Loss) on

Instruments Accumulated

Comprehensive

Balances at March 31, 2025 $ ( 243.6 ) $ ( 717.3 ) $ 17.8 $ ( 943.1 )

Other comprehensive (loss) income before reclassification ( 13.7 ) 85.3 ( 1.5 ) 70.1

Amounts reclassified from accumulated other comprehensive (loss) income 0.4 — ( 2.3 ) ( 1.9 )

Balances at June 30, 2025 $ ( 256.9 ) $ ( 632.0 ) $ 14.0 $ ( 874.9 )

Adjustments Foreign

Adjustments Gain/(Loss) on

Instruments Accumulated

Comprehensive

Balances at March 31, 2024 $ ( 233.0 ) $ ( 706.7 ) $ 29.7 $ ( 910.0 )

Other comprehensive (loss) income before reclassification ( 0.4 ) ( 4.4 ) 3.0 ( 1.8 )

Amounts reclassified from accumulated other comprehensive (loss) income 0.2 — ( 3.4 ) ( 3.2 )

Balances at June 30, 2024 $ ( 233.2 ) $ ( 711.1 ) $ 29.3 $ ( 915.0 )

The accumulated balances and reporting period activities for the three months ended December 31, 2025 and 2024 related to reclassifications out of accumulated other comprehensive loss are summarized as follows (in millions):

Adjustments Foreign

5 unchanged sentences

Amounts reclassified from accumulated other comprehensive (loss) income 0.6 ( 1.8 ) ( 1.2 )

Balances at June 30, 2025 $ ( 256.9 ) $ ( 632.0 ) $ 14.0 $ ( 874.9 )

Balances at December 31, 2025 $ ( 250.4 ) $ ( 647.1 ) $ 9.5 $ ( 888.0 )

Adjustments Foreign

5 unchanged sentences

Amounts reclassified from accumulated other comprehensive (loss) income 0.5 — ( 2.8 ) ( 2.3 )

Balances at June 30, 2024 $ ( 233.2 ) $ ( 711.1 ) $ 29.3 $ ( 915.0 )

Balances at December 31, 2024 $ ( 237.7 ) $ ( 752.0 ) $ 24.9 $ ( 964.8 )

Commitments and Contingencies

8 unchanged sentences

The Company’s unsecured credit arrangements are used for standby letters of credit issued in connection with general and professional liability insurance programs and for contract performance guarantees.

At June 30, 2025 and September 30, 2024, these outstanding standby letters of credit totaled $ 895.2 million and $ 934.5 million, respectively.

As of June 30, 2025, the Company had $ 376.7 million available under these unsecured credit facilities.

At December 31, 2025 and September 30, 2025, these outstanding standby letters of credit totaled $ 926.6 million and $ 899.4 million, respectively.

As of December 31, 2025, the Company had $ 399.0 million 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.

3 unchanged sentences

Generally, under joint venture arrangements, if a partner is financially unable to complete its share of the contract, the other partner(s) may be required to complete those activities.

At June 30, 2025, the Company was contingently liable in the amount of approximately $ 899.6 million in issued standby letters of credit and $ 4.9 billion in issued surety bonds primarily to support project execution.

At December 31, 2025, the Company was contingently liable in the amount of approximately $ 931.0 million in issued standby letters of credit and $ 6.3 billion in issued surety bonds primarily to support project execution.

In the ordinary course of business, the Company enters into various agreements providing financial or performance assurances to clients on behalf of certain unconsolidated partnerships, joint ventures and other jointly executed contracts.

2 unchanged sentences

(the “Fund”), in which the Company indirectly holds an equity interest and has an ongoing capital commitment to fund investments.

At June 30, 2025, the Company has capital commitments of $ 5.1 million to the Fund over the next 4 years.

At December 31, 2025, the Company has capital commitments of $ 5.1 million to the Fund over the next 3 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.

7 unchanged sentences

The financial data is organized by geographic region and global business lines.

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.

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.

7 unchanged sentences

Americas International AECOM

Capital Corporate Total

Capital Total

($ in millions)

Three Months Ended June 30, 2025:

Revenue $ 3,277.2 $ 901.1 $ 0.1 $ — $ 4,178.4

Gross profit 238.8 88.0 0.1 — 326.9

Equity in earnings of joint ventures 2.2 2.1 1.0 — 5.3

General and administrative expenses — — ( 2.3 ) ( 35.9 ) ( 38.2 )

Restructuring costs — — — — —

Operating income (loss) 241.0 90.1 ( 1.2 ) ( 35.9 ) 294.0

Gross profit as a % of revenue 7.3 % 9.8 % 7.8 %

Three Months Ended June 30, 2024:

Three Months Ended December 31, 2025:

Revenue $ 2,977.3 $ 853.5 $ — $ 3,830.8

Gross profit 203.9 81.1 0.1 — 285.1

Subcontractor and other direct costs ( 1,862.6 ) ( 117.3 ) — ( 1,979.9 )

Employee compensation expense ( 756.0 ) ( 567.1 ) — ( 1,323.1 )

Equity in earnings of joint ventures 4.5 4.6 0.7 9.8

General and administrative expenses — — ( 0.6 ) ( 35.6 ) ( 36.2 )

Restructuring costs — — — ( 29.1 ) ( 29.1 )

Operating income 207.4 84.6 0.2 ( 64.7 ) 227.5

Gross profit as a % of revenue 6.3 % 9.0 % 6.9 %

Nine Months Ended June 30, 2025:

Other segment items ( 155.6 ) ( 92.1 ) ( 1.8 ) ( 249.5 )

Earnings before income taxes and amortization $ 207.6 $ 81.6 $ ( 1.1 ) $ 288.1

Three Months Ended December 31, 2024:

Revenue $ 3,112.0 $ 902.0 $ 0.2 $ 4,014.2

Gross profit 641.5 244.2 0.4 — 886.1

Subcontractor and other direct costs ( 2,061.0 ) ( 151.8 ) — ( 2,212.8 )

Employee compensation expense ( 708.4 ) ( 566.8 ) — ( 1,275.2 )

Equity in earnings of joint ventures 5.5 2.9 1.2 9.6

General and administrative expenses — — ( 7.5 ) ( 111.2 ) ( 118.7 )

Restructuring costs — — — — —

Operating income (loss) 654.1 253.2 ( 7.0 ) ( 111.2 ) 789.1

Gross profit as a % of revenue 6.9 % 9.1 % 7.4 %

Nine Months Ended June 30, 2024:

Revenue $ 9,324.2 $ 2,670.0 $ 0.8 $ — $ 11,995.0

Gross profit 559.3 230.1 0.8 — 790.2

Equity in earnings (losses) of joint ventures 11.9 12.8 ( 26.5 ) — ( 1.8 )

Other segment items ( 154.6 ) ( 108.9 ) ( 2.4 ) ( 265.9 )

Earnings before income taxes and amortization $ 193.5 $ 77.4 $ ( 1.0 ) $ 269.9

Other segment items include rent expenses, depreciation, nonoperating income, and deduction for earnings attributable to noncontrolling interests as well as other costs.

The table below reconciles total segment attributable earnings before taxes and amortization to income from continuing operations before taxes:

Three Months Ended

2025 December 31

Total segment attributable earnings before taxes and amortization $ 288.1 $ 269.9

General and administrative expenses ( 39.1 ) ( 38.1 )

Restructuring costs — — — ( 80.7 ) ( 80.7 )

Operating income (loss) 571.2 242.9 ( 38.4 ) ( 184.6 ) 591.1

Gross profit as a % of revenue 6.0 % 8.6 % 6.6 %

June 30, 2025 $ 7,864.3 $ 2,830.8 $ 46.8 $ 1,493.4

September 30, 2024 $ 7,988.1 $ 2,734.5 $ 53.2 $ 1,208.7

Restructuring and acquisition costs ( 27.9 ) —

Other income 4.0 3.7

Interest income 13.7 16.6

Interest expense ( 45.3 ) ( 43.0 )

Amortization expense ( 12.9 ) ( 1.1 )

Income attributable to noncontrolling interests from continuing operations 17.7 10.0

Income from continuing operations before taxes $ 198.3 $ 218.0

Reportable Segments:

Americas International AECOM

Capital Corporate and Assets

Held for Sale Total

(In millions)

As of December 31, 2025:

Total assets $ 7,797.6 $ 2,816.4 $ 35.1 $ 1,290.9 $ 11,940.0

Investments in unconsolidated joint ventures 49.3 63.8 33.4 — 146.5

Three Months Ended December 31, 2025:

Capital expenditures 15.4 12.2 — 0.4 28.0

Depreciation and amortization $ ( 39.2 ) $ ( 10.5 ) $ — $ ( 2.3 ) $ ( 52.0 )

As of September 30, 2025:

Total assets $ 7,866.9 $ 2,702.9 $ 41.6 $ 1,588.8 $ 12,200.2

Investment in unconsolidated joint ventures 44.0 56.6 37.5 — 138.1

Three Months Ended December 31, 2024:

Capital expenditures 36.0 17.6 — 1.2 54.8

Depreciation and amortization $ ( 23.3 ) $ ( 16.8 ) $ — $ ( 2.2 ) $ ( 42.3 )

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.

What changed 10-Q

Item 1. Financial Statements