What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-05-12 compared with 2026-02-10 · 229 added, 159 removed, 703 unchanged (36% of the section changed)

38 unchanged sentences

AECOM STOCKHOLDERS’ EQUITY:

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

Common stock-authorized, 300,000,000 shares of $ 0.01 par value as of March 31, 2026 and September 30, 2025;

issued and outstanding 128,201,913 and 131,782,371 shares as of March 31, 2026 and September 30, 2025, respectively

Additional paid-in capital 4,641,183 4,609,126

8 unchanged sentences

(unaudited - in thousands, except per share data)

Three Months Ended

2025 December 31,

Three Months Ended Six Months Ended

2026 March 31,

2025 March 31,

2026 March 31,

Revenue $ 3,801,143 $ 3,771,613 $ 7,631,977 $ 7,785,765

5 unchanged sentences

Income from operations 247,756 257,571 469,801 495,069

Other income 7,819 6,924

Other income (loss) 10,637 ( 8,748 ) 18,456 ( 1,824 )

Interest income 13,712 14,530 27,453 31,094

24 unchanged sentences

(unaudited—in thousands)

Three Months Ended

2025 December 31,

Three Months Ended Six Months Ended

2026 March 31,

2025 March 31,

2026 March 31,

Net income $ 190,448 $ 159,540 $ 283,800 $ 338,744

Other comprehensive income (loss), net of tax:

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

Other comprehensive (loss) income, net of tax:

Net unrealized gain (loss) on derivatives, net of tax 1,585 ( 7,186 ) 257 1,953

Foreign currency translation adjustments ( 15,099 ) 34,966 ( 9,735 ) ( 70,995 )

Pension adjustments, net of tax 5,081 ( 5,916 ) 6,130 8,395

Other comprehensive income (loss), net of tax 5,085 ( 82,511 )

Other comprehensive (loss) income, net of tax ( 8,433 ) 21,864 ( 3,348 ) ( 60,647 )

Comprehensive income, net of tax 182,015 181,404 280,452 278,097

15 unchanged sentences

Dividends declared — — — ( 80,518 ) ( 80,518 ) — ( 80,518 )

Other comprehensive income — — 4,993 — 4,993 92 5,085

Other comprehensive loss — — ( 3,215 ) — ( 3,215 ) ( 133 ) ( 3,348 )

Issuance of stock 8 21,243 — — 21,251 — 21,251

3 unchanged sentences

Distributions to noncontrolling interests — — — — — ( 28,255 ) ( 28,255 )

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

BALANCE AT MARCH 31, 2026 $ 1,282 $ 4,641,183 $ ( 896,242 ) $ ( 1,475,631 ) $ 2,270,592 $ 204,836 $ 2,475,428

Stock Additional

13 unchanged sentences

Stock-based compensation — 30,757 — — 30,757 — 30,757

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

Contributions from noncontrolling interests — — — — — 2,335 2,335

Distributions to noncontrolling interests — — — — — ( 22,038 ) ( 22,038 )

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

Consolidated Statements of Stockholders’ Equity

(unaudited—in thousands)

Stock Additional

Capital Accumulated

Comprehensive

Loss Accumulated

Deficits Total

Stockholders’

Interests Total

Stockholders’

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

Net income — — — 179,860 179,860 10,588 190,448

Dividends declared — — — ( 40,136 ) ( 40,136 ) — ( 40,136 )

Other comprehensive loss — — ( 8,208 ) — ( 8,208 ) ( 225 ) ( 8,433 )

Issuance of stock 1 8,443 — — 8,444 — 8,444

Repurchases of stock ( 12 ) ( 23 ) — ( 116,107 ) ( 116,142 ) — ( 116,142 )

Stock-based compensation — 14,832 — — 14,832 — 14,832

Contributions from noncontrolling interests — — — — — 65 65

Distributions to noncontrolling interests — — — — — ( 19,405 ) ( 19,405 )

BALANCE AT MARCH 31, 2026 $ 1,282 $ 4,641,183 $ ( 896,242 ) $ ( 1,475,631 ) $ 2,270,592 $ 204,836 $ 2,475,428

Stock Additional

Capital Accumulated

Comprehensive

Loss Accumulated

Deficits Total

Stockholders’

Interests Total

Stockholders’

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

Net income — — — 143,394 143,394 16,146 159,540

Dividends declared — — — ( 34,773 ) ( 34,773 ) — ( 34,773 )

Other comprehensive loss — — 21,667 — 21,667 197 21,864

Issuance of stock 2 12,831 — — 12,833 — 12,833

Repurchases of stock ( 8 ) ( 65 ) — ( 75,556 ) ( 75,629 ) — ( 75,629 )

Stock-based compensation — 13,934 — — 13,934 — 13,934

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

Contributions from noncontrolling interests — — — — — 2,325 2,325

Distributions to noncontrolling interests — — — — — ( 19,582 ) ( 19,582 )

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

See accompanying Notes to Consolidated Financial Statements.

Consolidated Statements of Cash Flows

(unaudited - in thousands)

Three Months Ended December 31,

Six Months Ended March 31,

CASH FLOWS FROM OPERATING ACTIVITIES:

6 unchanged sentences

Non-cash stock compensation 30,799 30,757

Non-cash net fair value gains

( 5,091 ) ( 4,957 )

Non-cash net fair value (gains) losses ( 12,937 ) 5,654

Non-cash loss on disposal activities 61,800 —

10 unchanged sentences

CASH FLOWS FROM INVESTING ACTIVITIES:

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

Investment in unconsolidated joint ventures ( 48,433 ) ( 4,380 )

16 unchanged sentences

EFFECT OF EXCHANGE RATE CHANGES ON CASH ( 2,871 ) ( 4,058 )

NET DECREASE IN CASH AND CASH EQUIVALENTS

( 339,052 ) ( 136 )

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS ( 551,482 ) 15,203

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

CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 1,034,257 $ 1,600,065

LESS CASH AND CASH EQUIVALENTS INCLUDED IN CURRENT ASSETS HELD FOR SALE — ( 4,070 )

CASH AND CASH EQUIVALENTS OF CONTINUING OPERATIONS AT END OF PERIOD $ 1,246,687 $ 1,580,656

See accompanying Notes to Consolidated Financial Statements.

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

The results of operations for the three and six months ended March 31, 2026 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 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.

The interim consolidated financial statements are presented for the periods ending on April 3, 2026 and March 28, 2025.

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

New Accounting Pronouncements and Changes in Accounting

27 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.

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.

As of March 31, 2026, the Company had one equity method investment with a carrying value of $ 18.9 million classified as held for sale, and the Company continues to actively pursue the sale of its discontinued operations.

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

At March 31, 2026, the counterparty had $ 25.6 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.

31 unchanged sentences

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 Company's noncurrent assets held for sale represent the carrying value of its investment in an unconsolidated joint venture, which was $ 18.9 million and $ 19.0 million as of March 31, 2026 and September 30, 2025, respectively.

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

Three Months Ended

2025 December 31,

Three Months Ended Six Months Ended

2026 March 31,

2025 March 31,

2026 March 31,

Revenue $ — $ 55.0 $ — $ 97.6

Cost of revenue — 51.1 — 101.4

Gross loss — ( 7.7 )

Gross profit (loss) — 3.9 — ( 3.8 )

Equity in losses of joint ventures ( 2.1 ) ( 6.0 ) ( 2.6 ) ( 6.0 )

6 unchanged sentences

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

Three Months Ended

2025 December 31,

Three Months Ended Six Months Ended

2026 March 31,

2025 March 31,

2026 March 31,

Payments for capital expenditures $ — $ — $ — $ 0.4

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

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

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.

2 unchanged sentences

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:

The initial accounting for these acquisitions is not complete as of March 31, 2026 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 six months ended March 31, 2026 were as follows:

September 30,

Impact Post-Acquisition Adjustments December 31,

Impact Post-Acquisition Adjustments March 31,

(in millions)

2 unchanged sentences

Total $ 3,700.6 $ ( 7.8 ) $ 69.5 $ 3,762.3

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

The gross amounts and accumulated amortization of the Company’s identifiable intangible assets with finite useful lives as of March 31, 2026 and September 30, 2025, included in intangible assets—net, in the accompanying consolidated balance sheets, were as follows:

March 31, 2026 September 30, 2025

Amount Accumulated

8 unchanged sentences

Total $ 210.4 $ ( 32.6 ) $ 177.8 $ 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.

Amortization expense of intangible assets included within cost of revenue was $ 30.1 million and $ 1.5 million for the six months ended March 31, 2026 and 2025, 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)

2026 (nine months remaining) $ 29.3

2026 (six months remaining) $ 27.1

Total $ 177.8

5 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 three months ended December 31, 2025 and 2024 were $ 2.0 billion and $ 2.2 billion, respectively.

These pass-through revenues for the six months ended March 31, 2026 and 2025 were $ 3.8 billion and $ 4.1 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

2025 December 31,

Three Months Ended Six Months Ended

2026 March 31,

2025 March 31,

2026 March 31,

(in millions)

3 unchanged sentences

Total revenue $ 3,801.2 $ 3,771.6 $ 7,632.0 $ 7,785.8

Three Months Ended

2025 December 31,

Three Months Ended Six Months Ended

2026 March 31,

2025 March 31,

2026 March 31,

(in millions)

4 unchanged sentences

Remaining Unsatisfied Performance Obligations

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 .

As of March 31, 2026, the Company had allocated $ 20.1 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 $ 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 recognized revenue of $ 686.7 million and $ 771.9 million during the six months ended March 31, 2026 and 2025, 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 $ 2,464.7 $ 2,497.1

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.

Substantially all contract assets as of March 31, 2026 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 $ 680 million and $ 400 million as of March 31, 2026 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 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.

No single client accounted for more than 10% of the Company’s outstanding receivables at March 31, 2026 and September 30, 2025.

The Company sold trade receivables to financial institutions, of which $ 319.4 million and $ 268.2 million were outstanding as of March 31, 2026 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:

December 31, 2025

March 31, 2026

(unaudited) September 30,

10 unchanged sentences

Total liabilities and owners’ equity $ 813.7 $ 783.4

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.

Total revenue of the consolidated joint ventures was $ 833.2 million and $ 783.7 million for the six months ended March 31, 2026 and 2025, 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 $ 147.1 $ 138.1

Three Months Ended

2025 December 31,

Six Months Ended

2026 March 31,

(in millions)

4 unchanged sentences

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

Three Months Ended

2025 December 31,

Six Months Ended

2026 March 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 months ended December 31, 2025 and 2024:

Three Months Ended

December 31, 2025 December 31, 2024

The following table details the components of net periodic benefit cost for the Company’s pension plans for the three and six months ended March 31, 2026 and 2025:

Three Months Ended Six Months Ended

March 31, 2026 March 31, 2025 March 31, 2026 March 31, 2025

(in millions)

Components of net periodic benefit cost:

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

Interest cost on projected benefit obligation 1.8 10.2 1.9 9.6 3.7 20.2 3.9 19.5

2 unchanged sentences

Net periodic benefit cost (credit) $ 1.5 $ ( 3.9 ) $ 1.7 $ ( 3.1 ) $ 3.1 $ ( 7.8 ) $ 3.4 $ ( 6.3 )

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

The total amounts of employer contributions paid for the six months ended March 31, 2026 were $ 4.4 million for U.S.

plans and $ 11.8 million for non-U.S.

The expected remaining scheduled annual employer contributions for the fiscal year ending September 30, 2026 are $ 6.4 million for U.S.

plans and $ 18.2 million for non-U.S.

plans and $ 13.2 million for International plans.

Debt consisted of the following:

8 unchanged sentences

Long-term debt $ 2,654.3 $ 2,647.2

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

2026 (nine months remaining) $ 56.5

The following table presents, in millions, scheduled maturities of the Company’s debt as of March 31, 2026:

2026 (six months remaining) $ 45.4

Thereafter 2,627.5

1 unchanged sentence

Credit Agreement

On April 19, 2024, the Company entered into Amendment No.

14 to Syndicated Facility Agreement (as amended, modified or otherwise supplemented, the "Credit Agreement"), pursuant to which the Company obtained a new $ 1,500,000,000 revolving credit facility (the “New Revolving Credit Facility”), a new $ 750,000,000 term loan A facility (the “New Term A Facility” and, together with the New Revolving Credit Facility, the “New Pro Rata Facilities”) and a new $ 700,000,000 term loan B facility (the “New Term B Facility” and, together with the New Pro Rata Facilities, the “New Credit Facilities”).

The New Revolving Credit Facility and the New Term A Facility mature on April 19, 2029.

The New Term B Facility matures on April 19, 2031.

The New Term A Facility and the New Term B Facility were borrowed in full on April 19, 2024 in U.S.

Loans under the New Revolving Credit Facility may be borrowed, and letters of credit thereunder may be issued, in U.S.

On March 10, 2026 (the "Amendment Effective Date"), the Company and certain of its subsidiaries entered into Amendment No.

16 to Syndicated Facility Agreement ("Amendment") with Bank of America, N.A.

as administrative agent (the "Administrative Agent") and the other lenders party thereto, which amended the Syndicated Facility Agreement, dated as of October 17, 2014, to which the Company and certain of its subsidiaries are party (as amended prior to the Amendment Effective Date, the "Existing Credit Agreement", and as amended by the Amendment, the "Credit Agreement"), pursuant to which the Company obtained a new $ 1,500,000,000 revolving credit facility (the “Revolving Credit Facility”), a new $ 950,000,000 term loan A facility (the “Term Loan A Facility”) and a new $ 500,000,000 term loan B facility (the “Term Loan B Facility” and, together with the Revolving Credit Facility and the Term Loan A Facility, the "Amended Facilities").

The Revolving Credit Facility and the Term Loan A Facility mature on March 10, 2031, which represents a two-year extension of the maturity date applicable to such facilities under the Existing Credit Agreement.

The Term Loan B Facility matures on April 19, 2031, which is unchanged from the Existing Credit Agreement.

The Term Loan A Facility and the Term Loan B Facility were borrowed in full on the Amendment Effective Date in U.S.

Loans under the Revolving Credit Facility may be borrowed, and letters of credit thereunder may be issued, in U.S.

dollars or in certain foreign currencies.

The New Credit Facilities replace in full the Company's 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 Amended Facilities replace in full the Company's existing revolving credit facility and term loan facilities under the Existing Credit Agreement, and borrowings under the Amended Facilities were used on the Amendment Effective Date to refinance in full the Company's existing credit facilities under the Existing Credit Agreement.

The Credit Agreement permits the Company to designate certain of its subsidiaries as additional co-borrowers from time to time.

Currently, there are no co-borrowers under the New Credit Facilities.

On October 29, 2024, the Company entered into Amendment No.

15 to Syndicated Facility Agreement, pursuant to which the Company reduced the interest rate spread applicable to its New Term B Facility.

Borrowings under (a) the New Revolving Credit Facility (in U.S.

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 0.225 % 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 %.

The applicable margin is subject, in each case, to adjustment based on the Company’s consolidated leverage ratio from time to time.

Borrowings under the New Term B Facility, after giving effect to Amendment No.

15 to Syndicated Facility Agreement, bear interest at a rate per annum equal to, at the Company’s option, (a) a Term SOFR rate (with a 0 % floor and a SOFR adjustment of 0 %) or (b) a base rate (with a 0 % floor), in each case, plus an applicable margin of 1.75 % in the case of the Term SOFR rate and 0.75 % in the case of the base rate.

Certain of the Company’s material subsidiaries (the “Guarantors”) have guaranteed the Company’s obligations of the borrowers under the Credit Agreement, subject to certain exceptions.

The borrowers’ obligations under the Credit Agreement are secured by a lien on substantially all of the Company’s assets and its Guarantors’ assets, subject to certain exceptions.

The Credit Agreement contains customary negative covenants that include, among other things, limitations on the ability of the Company and certain of its subsidiaries, subject to certain exceptions, to incur liens and debt, make investments, dispositions, and restricted payments, change the nature of their business, consummate mergers, consolidations and the sale of all or substantially all of their respective assets and transact with affiliates.

The Company is also required to maintain a consolidated leverage ratio of less than or equal to 4.00 to 1.00 (subject to certain adjustments in connection with permitted acquisitions), tested on a quarterly basis (the “Financial Covenant”).

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

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

Currently, there are no co-borrowers under the Amended Facilities.

Borrowings under (a) the Revolving Credit Facility (in U.S.

dollars) and the Term Loan A Facility bear interest at a rate per annum equal to, at the Company’s option, (i) excluding the sustainability adjustment, a SOFR rate (with a 0 % floor) plus a margin ranging from 1.125 % to 2 % or (ii) a base rate (with a 0 % floor) plus a margin ranging from 0.125 % to 1 %, in each case, with the actual margin determined from time to time on the basis of the Company's consolidated leverage ratio;

and (b) the 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 the same margin applicable to SOFR rate loans.

An unused commitment fee ranging from 0.15 % to 0.30 % (with the actual fee amount determined from time to time on the basis of the Company’s consolidated leverage ratio) is payable on the average daily undrawn portion of the commitments in respect of the Revolving Credit Facility.

Borrowings under the Term Loan B Facility bear interest at a rate per annum equal to, at the Company’s option, (a) a SOFR rate (with a 0 % floor) or (b) a base rate (with a 0 % floor), in each case, plus an applicable margin of 1.50 % in the case of the SOFR rate and 0.50 % in the case of the base rate.

Certain of the Company’s subsidiaries (the “Guarantors”) have guaranteed the Company’s obligations of the Company under the Credit Agreement and the obligations under the Credit Agreement are secured by a lien on substantially all of the assets of the Company and the Guarantors, subject to certain exceptions.

The Credit Agreement contains customary negative covenants that include, among other things, limitations or restrictions on the ability of the Company and its subsidiaries, subject to certain exceptions, to incur liens and debt, make investments, dispositions, and restricted payments, change the nature of their business, consummate mergers, consolidations and the sale of all or substantially all of their respective assets and transact with affiliates.

Such financial covenant does not apply to the Term Loan B Facility.

As of March 31, 2026, 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 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.

At March 31, 2026 and September 30, 2025, letters of credit totaled $ 4.4 million and $ 4.4 million, respectively, under the Revolving Credit Facility.

As of March 31, 2026 and September 30, 2025, the Company had $ 1,495.6 million and $ 1,495.6 million, respectively, available under the Revolving Credit Facility.

2027 Senior Notes

6 unchanged sentences

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.

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.

As of March 31, 2026, the estimated fair value of the 2033 Senior Notes was approximately $ 1,197.0 million.

The fair value of the 2033 Senior Notes as of March 31, 2026 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 is payable on the 2033 Senior Notes at a rate of 6.000 % per annum.

Interest on the 2033 Senior Notes is payable semi-annually in arrears on February 1 and August 1 of each year, commencing on February 1, 2026.

The 2033 Senior Notes will mature on August 1, 2033.

11 unchanged sentences

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 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.

At March 31, 2026 and September 30, 2025, these outstanding standby letters of credit totaled $ 900.1 million and $ 899.4 million, respectively.

As of March 31, 2026, the Company had $ 419.3 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.

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 six months ended March 31, 2026 and 2025 was 5.3 % and 5.1 %, respectively.

Interest expense in the consolidated statements of operations included amortization of deferred debt issuance costs for the three and six months ended March 31, 2026 of $ 3.5 million and $ 4.9 million, respectively, and for the three and six months ended March 31, 2025 of $ 1.2 million and $ 2.6 million, respectively.

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:

December 31, 2025

March 31, 2026

Notional Amount

19 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 three months ended December 31, 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 six months ended March 31, 2026 and 2025.

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 three months ended December 31, 2025 and 2024.

Gains and losses on these contracts were not material for the six months ended March 31, 2026 and 2025.

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 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.

The Company recorded a gain of $ 7.3 million and a loss of $ 5.6 million in other income in the first six months of fiscal 2026 and 2025, respectively, representing the net change 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.

1 unchanged sentence

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:

December 31, 2025

The Company recorded a gain of $ 5.7 million in other income in the first six months of fiscal 2026.

Below are the Company's non-pension financial assets and liabilities, in millions, recorded at fair value on a recurring basis within the ASC 820-10 fair value hierarchy:

March 31, 2026

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

18 unchanged sentences

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

Three Months Ended December 31, 2025

Six Months Ended March 31, 2026

(in millions)

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 three months ended December 31 was as follows:

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

Stock Units Weighted

8 unchanged sentences

Vested ( 0.2 ) $ 83.97 ( 0.3 ) $ 94.85 ( 0.2 ) $ 75.79 ( 0.3 ) $ 85.46

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

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.

Outstanding at March 31, 0.8 $ 99.93 0.7 $ 106.77 0.8 $ 95.54 0.7 $ 109.67

Total compensation expense related to these share-based payments including stock options was $ 30.8 million and $ 30.8 million during the six months ended March 31, 2026 and 2025, respectively.

Unrecognized compensation expense related to total share-based payments outstanding as of March 31, 2026 and September 30, 2025 was $ 130.0 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 15.7 % and 18.3 % for the six months ended March 31, 2026 and 2025, 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 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.

federal corporate tax rate of 21.0 % and the Company’s effective tax rate for the six-month period ended March 31, 2026 were a tax benefit of $ 54.7 million related to a net deferred tax asset recognized due to legal entity restructuring, tax expense of $ 40.1 million related to changes in uncertain tax positions, a tax benefit of $ 38.3 million related to income tax credits and incentives, and tax expense of $ 28.9 million related to foreign residual income.

The tax benefit related to income tax credits and incentives and tax expense related to foreign residual income 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 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.

federal corporate tax rate of 21.0 % and the Company’s effective tax rate for the six-month period ended March 31, 2025 were a tax benefit of $ 35.2 million related to income tax credits and incentives, tax benefit of $ 20.1 million related to deferred tax assets recognized due to legal entity restructuring, and tax expense of $ 14.0 million related to state income taxes.

During the second quarter of fiscal 2026, the Company recognized a net deferred tax asset of $ 54.7 million related to legal entity restructuring.

The restructuring resulted in the recognition of a deferred tax asset related to tax attributes that are expected to be utilized against future taxable income.

During the second quarter of fiscal 2026, the Company recorded a reserve of $ 34.4 million related to uncertain tax positions associated with certain federal and state tax credits claimed for fiscal 2017 through fiscal 2026.

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 by the tax authorities based on recent discussions and developments related to our ongoing audits.

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

11 unchanged sentences

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

subsidiaries because such basis differences of approximately $ 1.1 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 months ended December 31, 2025 and 2024, equity awards excluded from the calculation of potential common shares were not significant.

For the three and six months ended March 31, 2026 and 2025, 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

2025 December 31,

Three Months Ended Six Months Ended

2026 March 31,

2025 March 31,

2026 March 31,

(in millions)

12 unchanged sentences

The components of lease expenses are as follows:

Three Months Ended

December 31, 2025 December 31, 2024

Three Months Ended Six Months Ended

March 31, 2026 March 31, 2025 March 31, 2026 March 31, 2025

(in millions)

6 unchanged sentences

Additional balance sheet information related to leases is as follows:

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

(in millions except as noted) Balance Sheet Classification March 31, 2026 September 30, 2025

Operating lease assets Operating lease right-of-use assets $ 453.6 $ 463.5

7 unchanged sentences

Total non-current lease liabilities $ 539.7 $ 560.3

December 31, 2025 September 30, 2025

March 31, 2026 September 30, 2025

Weighted average remaining lease term (in years):

5 unchanged sentences

Additional cash flow information related to leases is as follows:

Three Months Ended

2025 December 31,

Six Months Ended

2026 March 31,

(in millions)

8 unchanged sentences

Fiscal Year (in millions)

2026 (nine months remaining) $ 123.3 $ 26.9

2026 (six months remaining) $ 81.6 $ 18.7

2027 147.6 29.7

14 unchanged sentences

Total $ 2,391.9 $ 2,490.5

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.

Accrued contract costs above include balances related to professional liability accruals of $ 849.0 million and $ 893.7 million as of March 31, 2026 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 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.

Liabilities recorded related to accrued contract losses were not material as of March 31, 2026 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 six months ended March 31, 2026 and 2025.

During the first six months of fiscal 2026 the Company incurred restructuring and acquisition expenses of $ 41.5 million, including personnel and other costs of $ 34.9 million and real estate costs of $ 6.6 million, of which $ 46.2 million was accrued and unpaid at March 31, 2026.

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

On March 5, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $ 0.31 per share, which was paid on April 17, 2026 to stockholders of record as of the close of business on April 1, 2026.

As of March 31, 2026, accrued and unpaid dividends totaled $ 42.4 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 months ended December 31, 2025 and 2024 related to reclassifications out of accumulated other comprehensive loss are summarized as follows (in millions):

The accumulated balances and reporting period activities for the three and six months ended March 31, 2026 and 2025 related to reclassifications out of accumulated other comprehensive loss are summarized as follows (in millions):

Adjustments Foreign

2 unchanged sentences

Comprehensive

Balances at September 30, 2025 $ ( 251.4 ) $ ( 652.4 ) $ 10.8 $ ( 893.0 )

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

Other comprehensive (loss) income before reclassification 4.4 ( 14.9 ) 3.0 ( 7.5 )

Amounts reclassified from accumulated other comprehensive (loss) income 0.7 — ( 1.4 ) ( 0.7 )

Balances at March 31, 2026 $ ( 245.3 ) $ ( 662.0 ) $ 11.1 $ ( 896.2 )

Adjustments Foreign

Adjustments Gain/(Loss) on

Instruments Accumulated

Comprehensive

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

Other comprehensive (loss) income before reclassification ( 6.4 ) 34.7 ( 4.9 ) 23.4

Amounts reclassified from accumulated other comprehensive (loss) income 0.5 — ( 2.2 ) ( 1.7 )

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

Adjustments Foreign

5 unchanged sentences

Amounts reclassified from accumulated other comprehensive (loss) income 1.3 — ( 3.2 ) ( 1.9 )

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

Balances at March 31, 2026 $ ( 245.3 ) $ ( 662.0 ) $ 11.1 $ ( 896.2 )

Adjustments Foreign

Adjustments Gain/(Loss) on

Instruments Accumulated

Comprehensive

Balances at September 30, 2024 $ ( 252.0 ) $ ( 646.5 ) $ 15.8 $ ( 882.7 )

Other comprehensive (loss) income before reclassification 7.4 ( 70.8 ) 7.0 ( 56.4 )

Amounts reclassified from accumulated other comprehensive (loss) income 1.0 — ( 5.0 ) ( 4.0 )

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

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 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.

At March 31, 2026 and September 30, 2025, these outstanding standby letters of credit totaled $ 900.1 million and $ 899.4 million, respectively.

As of March 31, 2026, the Company had $ 419.3 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 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.

At March 31, 2026, the Company was contingently liable in the amount of approximately $ 904.5 million in issued standby letters of credit and $ 6.1 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 December 31, 2025, the Company has capital commitments of $ 5.1 million to the Fund over the next 3 years.

At March 31, 2026, the Company has capital commitments of $ 3.7 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.

20 unchanged sentences

($ in millions)

Three Months Ended December 31, 2025:

Three Months Ended March 31, 2026:

Revenue $ 2,911.6 $ 889.6 $ — $ 3,801.2

4 unchanged sentences

Earnings before income taxes and amortization $ 233.9 $ 82.5 $ ( 1.5 ) $ 314.9

Three Months Ended December 31, 2024:

Three Months Ended March 31, 2025:

Revenue $ 2,896.7 $ 874.8 $ 0.1 $ 3,771.6

4 unchanged sentences

Earnings before income taxes and amortization $ 212.9 $ 75.4 $ ( 4.7 ) $ 283.6

Six Months Ended March 31, 2026:

Revenue $ 5,888.9 $ 1,743.1 $ — $ 7,632.0

Subcontractor and other direct costs ( 3,579.9 ) ( 252.8 ) — ( 3,832.7 )

Employee compensation expense ( 1,573.6 ) ( 1,109.8 ) — ( 2,683.4 )

Equity in earnings of joint ventures 9.4 8.2 1.3 18.9

Other segment items ( 303.3 ) ( 224.6 ) ( 3.9 ) ( 531.8 )

Earnings before income taxes and amortization $ 441.5 $ 164.1 $ ( 2.6 ) 603.0

Six Months Ended March 31, 2025:

Revenue $ 6,008.7 $ 1,776.8 $ 0.3 $ 7,785.8

Subcontractor and other direct costs ( 3,833.1 ) ( 284.3 ) — ( 4,117.4 )

Employee compensation expense ( 1,475.9 ) ( 1,114.6 ) — ( 2,590.5 )

Equity in earnings of joint ventures 10.4 6.9 ( 0.9 ) 16.4

Other segment items ( 303.7 ) ( 232.0 ) ( 5.1 ) ( 540.8 )

Earnings before income taxes and amortization $ 406.4 $ 152.8 $ ( 5.7 ) 553.5

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

Three Months Ended Six Months Ended

2026 March 31

2025 March 31

2026 March 31

Total segment attributable earnings before taxes and amortization $ 314.9 $ 283.6 $ 603.0 $ 553.5

7 unchanged sentences

Income from continuing operations before taxes $ 221.6 $ 221.1 $ 419.9 $ 439.1

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