What changed in this filing

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Item 1. Financial Statements

2026-08-11 compared with 2026-05-12 · 208 added, 172 removed, 760 unchanged (33% of the section changed)

38 unchanged sentences

AECOM STOCKHOLDERS’ EQUITY:

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

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

issued and outstanding 128,695,633 and 131,782,371 shares as of June 30, 2026 and September 30, 2025, respectively

Additional paid-in capital 4,677,450 4,609,126

8 unchanged sentences

(unaudited - in thousands, except per share data)

Three Months Ended Six Months Ended

2026 March 31,

2025 March 31,

2026 March 31,

Three Months Ended Nine Months Ended

2026 June 30,

2025 June 30,

2026 June 30,

Revenue $ 3,586,067 $ 4,178,440 $ 11,218,044 $ 11,964,205

Cost of revenue 3,620,109 3,851,490 10,674,596 11,078,090

Gross profit 296,500 290,761 577,490 559,165

Gross (loss) profit ( 34,042 ) 326,950 543,448 886,115

Equity in earnings of joint ventures 4,512 5,290 23,461 21,707

1 unchanged sentence

Restructuring and acquisition costs ( 12,082 ) — ( 53,580 ) —

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

(Loss) Income from operations ( 75,980 ) 294,077 393,821 789,146

Other income (loss) 5,028 823 23,484 ( 1,001 )

1 unchanged sentence

Interest expense ( 47,641 ) ( 40,198 ) ( 143,477 ) ( 125,437 )

Income from continuing operations before taxes 221,535 221,148 419,874 439,100

Income tax expense for continuing operations 26,841 51,238 65,924 80,470

Net income from continuing operations 194,694 169,910 353,950 358,630

(Loss) Income from continuing operations before taxes ( 106,569 ) 268,765 313,305 707,865

Income tax (benefit) expense for continuing operations ( 26,569 ) 65,148 39,355 145,618

Net (loss) income from continuing operations ( 80,000 ) 203,617 273,950 562,247

Net loss from discontinued operations ( 2,888 ) ( 43,880 ) ( 73,038 ) ( 63,766 )

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

Net (loss) income ( 82,888 ) 159,737 200,912 498,481

Net income attributable to noncontrolling interests from continuing operations ( 3,824 ) ( 28,771 ) ( 33,244 ) ( 55,953 )

1 unchanged sentence

Net income attributable to noncontrolling interests ( 3,824 ) ( 28,771 ) ( 33,244 ) ( 57,079 )

Net income attributable to AECOM from continuing operations 184,106 154,098 324,530 331,448

Net (loss) income attributable to AECOM from continuing operations ( 83,824 ) 174,846 240,706 506,294

Net loss attributable to AECOM from discontinued operations ( 2,888 ) ( 43,880 ) ( 73,038 ) ( 64,892 )

Net income attributable to AECOM $ 179,860 $ 143,394 $ 254,380 $ 310,436

Net (loss) income attributable to AECOM $ ( 86,712 ) $ 130,966 $ 167,668 $ 441,402

Net income (loss) attributable to AECOM per share:

11 unchanged sentences

(unaudited—in thousands)

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

Three Months Ended Nine Months Ended

2026 June 30,

2025 June 30,

2026 June 30,

Net (loss) income $ ( 82,888 ) $ 159,737 $ 200,912 $ 498,481

Other comprehensive (loss) income, net of tax:

2 unchanged sentences

Pension adjustments, net of tax ( 1,968 ) ( 13,263 ) 4,162 ( 4,868 )

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

Other comprehensive income, net of tax 13,082 68,357 9,734 7,710

Comprehensive (loss) income, net of tax ( 69,806 ) 228,094 210,646 506,191

Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax ( 3,913 ) ( 28,862 ) ( 33,200 ) ( 56,979 )

Comprehensive income attributable to AECOM, net of tax $ 171,652 $ 165,061 $ 251,165 $ 249,980

Comprehensive (loss) income attributable to AECOM, net of tax $ ( 73,719 ) $ 199,232 $ 177,446 $ 449,212

See accompanying Notes to Consolidated Financial Statements.

18 unchanged sentences

Distributions to noncontrolling interests — — — — — ( 30,932 ) ( 30,932 )

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

BALANCE AT JUNE 30, 2026 $ 1,287 $ 4,677,450 $ ( 883,249 ) $ ( 1,602,228 ) $ 2,193,260 $ 206,145 $ 2,399,405

Stock Additional

16 unchanged sentences

Distributions to noncontrolling interests — — — — — ( 25,501 ) ( 25,501 )

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

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

Consolidated Statements of Stockholders’ Equity

8 unchanged sentences

Stockholders’

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

Net income — — — ( 86,712 ) ( 86,712 ) 3,824 ( 82,888 )

3 unchanged sentences

Repurchases of stock — 5 — — 5 — 5

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

Reversal of stock-based compensation — ( 4,129 ) — — ( 4,129 ) — ( 4,129 )

Contributions from noncontrolling interests — — — — — 73 73

Distributions to noncontrolling interests — — — — — ( 2,677 ) ( 2,677 )

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

BALANCE AT JUNE 30, 2026 $ 1,287 $ 4,677,450 $ ( 883,249 ) $ ( 1,602,228 ) $ 2,193,260 $ 206,145 $ 2,399,405

Stock Additional

6 unchanged sentences

Stockholders’

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

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

7 unchanged sentences

Distributions to noncontrolling interests — — — — — ( 3,463 ) ( 3,463 )

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

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

See accompanying Notes to Consolidated Financial Statements.

1 unchanged sentence

(unaudited - in thousands)

Six Months Ended March 31,

Nine Months Ended June 30,

CASH FLOWS FROM OPERATING ACTIVITIES:

19 unchanged sentences

CASH FLOWS FROM INVESTING ACTIVITIES:

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

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

1 unchanged sentence

Return of investment in unconsolidated joint ventures 52,520 3,042

Credit facility investment ( 12,500 ) 16,625

Other investing activities ( 18,121 ) —

26 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 six months ended March 31, 2026 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 nine months ended June 30, 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 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.

The interim consolidated financial statements are presented for the periods ending on July 3, 2026 and June 27, 2025.

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

New Accounting Pronouncements and Changes in Accounting

3 unchanged sentences

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.

The Company does not expect the adoption of this standard will have a significant impact on its financial presentation.

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.

20 unchanged sentences

Accordingly, the financial results of the self-perform at-risk construction businesses are presented in the Consolidated Statement of Operations as discontinued operations for all periods presented.

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 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.

Assets of the business not sold as of the balance sheet date are presented in the consolidated balance sheets as assets held for sale for both periods presented.

As of June 30, 2026, the Company had one equity method investment with a carrying value of $ 29.0 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 March 31, 2026, the counterparty had $ 25.6 million outstanding under the credit facility, and all cash flows were classified as other investing activities.

At June 30, 2026, the counterparty had $ 30.7 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.

21 unchanged sentences

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.

In July 2026, the Company entered into a settlement agreement to resolve the 2014 Claims and 2019 Claims that will result in a $ 58.5 million payment to the Company, which was consistent with the agreement in principle.

The asset related to the project is presented in other noncurrent assets in the consolidated balance sheet.

5 unchanged sentences

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, 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 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 $ 18.9 million and $ 19.0 million as of March 31, 2026 and September 30, 2025, respectively.

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 net cash proceeds the Company would receive as a result of the trial verdict.

In the third quarter of fiscal 2026, the Company concluded its appeal process and collected cash of $ 51.1 million, which fully resolves the claims.

The Company recorded a loss of $ 2.7 million in discontinued operations on the settlement.

The Company's noncurrent assets held for sale represent the carrying value of its investment in an unconsolidated joint venture, which was $ 29.0 million and $ 19.0 million as of June 30, 2026 and September 30, 2025, respectively.

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

Three Months Ended Six Months Ended

2026 March 31,

2025 March 31,

2026 March 31,

Three Months Ended Nine Months Ended

2026 June 30,

2025 June 30,

2026 June 30,

Revenue $ — $ — $ — $ 102.7

Cost of revenue — — — 106.6

Gross profit (loss) — 3.9 — ( 3.8 )

Gross loss — — — ( 3.9 )

Equity in losses of joint ventures ( 0.5 ) ( 0.1 ) ( 3.1 ) ( 6.1 )

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 Six Months Ended

2026 March 31,

2025 March 31,

2026 March 31,

Three Months Ended Nine Months Ended

2026 June 30,

2025 June 30,

2026 June 30,

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

5 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 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:

The initial accounting for these acquisitions is not complete as of June 30, 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 nine months ended June 30, 2026 were as follows:

September 30,

Impact Post-Acquisition Adjustments March 31,

Impact Post-Acquisition Adjustments June 30,

(in millions)

2 unchanged sentences

Total $ 3,700.6 $ ( 4.7 ) $ 71.2 $ 3,767.1

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

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

June 30, 2026 September 30, 2025

Amount Accumulated

8 unchanged sentences

Total $ 221.5 $ ( 46.5 ) $ 175.0 $ 185.8 $ ( 2.5 ) $ 183.3

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.

Amortization expense of intangible assets included within cost of revenue was $ 44.0 million and $ 1.8 million for the nine months ended June 30, 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 (six months remaining) $ 27.1

2026 (three months remaining) $ 13.8

Total $ 175.0

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 six months ended March 31, 2026 and 2025 were $ 3.8 billion and $ 4.1 billion, respectively.

These pass-through revenues for the nine months ended June 30, 2026 and 2025 were $ 5.8 billion and $ 6.4 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 Six Months Ended

2026 March 31,

2025 March 31,

2026 March 31,

Three Months Ended Nine Months Ended

2026 June 30,

2025 June 30,

2026 June 30,

(in millions)

3 unchanged sentences

Total revenue $ 3,586.0 $ 4,178.4 $ 11,218.0 $ 11,964.2

Three Months Ended Six Months Ended

2026 March 31,

2025 March 31,

2026 March 31,

Three Months Ended Nine Months Ended

2026 June 30,

2025 June 30,

2026 June 30,

(in millions)

4 unchanged sentences

Remaining Unsatisfied Performance Obligations

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 .

As of June 30, 2026, the Company had allocated $ 20.4 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 $ 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 recognized revenue of $ 762.6 million and $ 859.9 million during the nine months ended June 30, 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 $ 2,389.7 $ 2,497.1

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.

Substantially all contract assets as of June 30, 2026 and September 30, 2025 are expected to be billed and collected within twelve months, except for claims.

Significant claims recorded in contract assets were approximately $ 620 million and $ 400 million as of June 30, 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.

Estimates of consideration to be received, including variable consideration, are subject to revision during contract performance.

As a result, the Company may be exposed to losses if the services cannot be delivered within the total estimated consideration.

If estimated total costs on contracts indicate a loss, the Company recognizes that estimated loss in the period the estimated loss first becomes known.

During the nine months ended June 30, 2026, the Company recorded a net loss totaling $ 344.6 million ($ 258.8 million after tax) related to revisions of contract estimates, including the project discussed below, on contracts for which revenue is recognized using the input method.

The loss reduced earnings by $ 2.01 per basic and diluted share for the three months ended June 30, 2026, and by $ 2.00 and $ 1.99 per basic and diluted share, respectively, for the nine months ended June 30, 2026.

The Company did no t have material revisions to estimates for contracts for which revenue is recognized using the input method during the nine months ended June 30, 2025.

Liabilities recorded related to accrued contract losses were not material as of June 30, 2026 and September 30, 2025.

During the third quarter of fiscal 2026, the Company experienced significant delays on a project in its Construction Management business.

The Company assessed the estimated cost to complete the project compared to estimated revenue with the relevant components of variable consideration, including significant claims that represent a portion of the amount noted above, and recorded an aggregate loss of $ 336.8 million on the project.

The Company continually monitors the progress on the project and the loss represents its current estimate based on available information.

The Company may be required to make subsequent changes to estimates based on new information and project progression, which could result in additional estimated losses and could be material.

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 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.

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

The Company sold trade receivables to financial institutions, of which $ 348.9 million and $ 268.2 million were outstanding as of June 30, 2026 and September 30, 2025, respectively.

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

6 unchanged sentences

Some of the Company’s joint ventures have no employees and minimal operating expenses.

For these joint ventures, the Company’s employees perform work for the joint venture, which is then billed to a third-party customer by the joint venture.

For these joint ventures, the Company’s employees perform work for the joint venture, which is then billed to a third-party customer by

the joint venture.

These joint ventures function as pass-through entities to bill the third-party customer.

11 unchanged sentences

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

March 31, 2026

June 30, 2026

(unaudited) September 30,

10 unchanged sentences

Total liabilities and owners’ equity $ 922.2 $ 783.4

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.

Total revenue of the consolidated joint ventures was $ 1,318.6 million and $ 1,260.1 million for the nine months ended June 30, 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 $ 155.5 $ 138.1

Six Months Ended

2026 March 31,

Nine Months Ended

2026 June 30,

(in millions)

4 unchanged sentences

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

Six Months Ended

2026 March 31,

Nine Months Ended

2026 June 30,

(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 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

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, 2026 and 2025:

Three Months Ended Nine Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

(in millions)

3 unchanged sentences

Expected return on plan assets ( 1.3 ) ( 14.0 ) ( 1.2 ) ( 13.3 ) ( 3.8 ) ( 41.8 ) ( 3.6 ) ( 38.6 )

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

Amortization of net loss (gain) 1.0 ( 0.1 ) 0.9 ( 0.4 ) 2.9 ( 0.4 ) 2.8 ( 1.0 )

Net periodic benefit cost (credit) $ 1.6 $ ( 3.9 ) $ 1.7 $ ( 3.4 ) $ 4.7 $ ( 11.7 ) $ 5.1 $ ( 9.7 )

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

The total amounts of employer contributions paid for the nine months ended June 30, 2026 were $ 6.9 million for U.S.

plans and $ 18.4 million for non-U.S.

4 unchanged sentences

(in millions)

Credit Agreement $ 1,450.0 $ 1,439.9

Amended Credit Agreement $ 1,448.8 $ 1,439.9

2033 Senior Notes 1,200.0 1,200.0

4 unchanged sentences

Long-term debt $ 2,652.0 $ 2,647.2

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

2026 (six months remaining) $ 45.4

The following table presents, in millions, scheduled maturities of the Company’s debt as of June 30, 2026:

2026 (three months remaining) $ 36.3

Thereafter 2,627.4

Total $ 2,745.2

Credit Agreement

Credit Agreements

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.

("Bank of America") as 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 "Amended Credit Agreement"), pursuant to which the Company obtained a new $ 1,500,000,000 revolving credit facility (the “$ 1.5 billion 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 $ 1.5 billion Revolving Credit Facility and the Term Loan A Facility, the "Amended Facilities").

The $ 1.5 billion Revolving Credit Facility and the Term Loan A Facility mature on March 10, 2031.

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

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.

Loans under the $ 1.5 billion Revolving Credit Facility may be borrowed, and letters of credit thereunder may be issued, in U.S.

dollars or in certain foreign currencies.

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 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.

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 prior credit facilities under the Existing Credit Agreement.

On June 10, 2026, the Company and certain of its subsidiaries entered into a Credit Agreement with Bank of America, as administrative agent and the other lenders party thereto (the "New Credit Agreement") and, together with the Amended Credit Agreement, the "Credit Agreements"), pursuant to which the Company obtained a new $ 500,000,000 revolving credit facility (the "$ 500 million Revolving Credit Facility" and, together with the $ 1.5 billion Revolving Credit Facility, the "Revolving Credit Facilities") which matures on June 9, 2028.

Borrowings under (a) the Revolving Credit Facilities (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) 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, excluding any applicable sustainability adjustment with respect to the $ 1.5 billion Revolving Credit Facility and the Term Loan A Facility, and with the actual margin determined from time to time on the basis of the Company's consolidated leverage ratio;

and (b) the $ 1.5 billion 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, plus the same margin applicable to SOFR rate loans.

An unused commitment fee ranging from 0.15 % to 0.30 % (excluding any applicable sustainability adjustment, and 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 Facilities.

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.

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

The Credit Agreements contain 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.

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.

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 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.

As of June 30, 2026, the Company was in compliance with the covenants of the Credit Agreements.

The Credit Agreements contain 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 Agreements contain 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, 2026 and September 30, 2025, letters of credit totaled $ 4.4 million and $ 4.4 million, respectively, under the $ 1.5 billion Revolving Credit Facility.

As of June 30, 2026 and September 30, 2025, the Company had $ 1,495.6 million and $ 1,495.6 million, respectively, available under the $ 1.5 billion Revolving Credit Facility.

At June 30, 2026, the Company had no outstanding letters of credit and had $ 500 million available under the $ 500 million 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 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.

As of June 30, 2026, the estimated fair value of the 2033 Senior Notes was approximately $ 1,201.5 million.

The fair value of the 2033 Senior Notes as of June 30, 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.

9 unchanged sentences

The indenture also contains customary negative covenants.

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

The Company was in compliance with the covenants related to the 2033 Senior Notes as of June 30, 2026.

Other Debt and Other Items

1 unchanged sentence

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 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.

At June 30, 2026 and September 30, 2025, these outstanding standby letters of credit totaled $ 906.9 million and $ 899.4 million, respectively.

As of June 30, 2026, the Company had $ 411.8 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 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.

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, 2026 and 2025 was 5.2 % and 5.1 %, 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, 2026 of $ 1.4 million and $ 6.2 million, respectively, and for the three and nine months ended June 30, 2025 of $ 1.2 million and $ 3.9 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:

March 31, 2026

June 30, 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 six months ended March 31, 2026 and 2025.

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, 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 six months ended March 31, 2026 and 2025.

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

The Company recorded a gain of $ 8.6 million and a loss of $ 6.9 million in other income in the first nine 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 $ 5.7 million in other income in the first six months of fiscal 2026.

The Company recorded a gain of $ 6.6 million in other income in the first nine 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

June 30, 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:

Six Months Ended March 31, 2026

Nine Months Ended June 30, 2026

(in millions)

1 unchanged sentence

Credit facility investment including accrued interest $ 17.4 ( 0.5 ) 1.3 12.5 — $ 30.7

Nine Months Ended June 30, 2025

(in millions)

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

Credit facility investment including accrued interest $ 21.9 ( 0.7 ) 0.8 8.0 ( 24.6 ) $ 5.4

Share-based Payments

2 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 six months ended March 31 was as follows:

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

Stock Units Weighted

8 unchanged sentences

Vested ( 0.2 ) $ 83.94 ( 0.3 ) $ 94.85 ( 0.2 ) $ 75.70 ( 0.3 ) $ 85.46

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.

Cancelled — $ — — $ — ( 0.1 ) $ 95.96 — $ —

Outstanding at June 30, 0.8 $ 99.72 0.7 $ 106.77 0.7 $ 95.58 0.7 $ 109.67

Total compensation expense related to these share-based payments including stock options was $ 26.5 million and $ 46.1 million during the nine months ended June 30, 2026 and 2025, respectively.

Compensation expense in fiscal year 2026 decreased $ 18.2 million due to changes in performance achievement expectations for the PEP awards.

Unrecognized compensation expense related to total share-based payments outstanding as of June 30, 2026 and September 30, 2025 was $ 91.9 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 12.6 % and 20.6 % for the nine months ended June 30, 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 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.

federal corporate tax rate of 21.0 % and the Company’s effective tax rate for the nine-month period ended June 30, 2026 were a tax benefit of $ 54.7 million related to a net deferred tax asset recognized due to legal entity restructuring, tax benefit of $ 39.6 million related to income tax credits and incentives, tax expense of $ 37.5 million related to foreign residual income, and tax expense of $ 30.2 million related to changes in uncertain tax positions.

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 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.

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.

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

6 unchanged sentences

The Company’s effective tax rate fluctuates from quarter to quarter due to various factors including the change in the mix of global income and expenses, outcomes of administrative audits, changes in the assessment of valuation allowances due to management’s consideration of new positive or negative evidence during the quarter, and changes in enacted tax laws.

and many international legislative and regulatory bodies have proposed legislation that could significantly impact how our business activities are taxed.

and many international legislative and regulatory bodies have proposed legislation that could

significantly impact how our business activities are taxed.

These proposed changes could have a material impact on the Company’s income tax expense and deferred tax balances.

The Company is currently under tax audit in several jurisdictions including the U.S.

where its federal income tax returns for fiscal 2017 through 2020 are being examined by the IRS.

where its federal income tax returns for fiscal 2017 through 2020 are being examined by the Internal Revenue Service (IRS).

Disputes can arise with tax authorities involving issues related to the timing of deductions, the calculation and use of credits, and the taxation of income in various tax jurisdictions because of differing interpretations or application of tax laws, regulations, and relevant facts.

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

In August 2026, the Company received a draft Notice of Proposed Adjustment (NOPA) from the IRS concerning research and development (R&D) tax credits claimed during fiscal years 2017 through 2020.

The draft NOPA proposes adjustments that, if sustained in full, could have a material impact on the Company’s consolidated financial statements.

The Company disagrees with the proposed adjustments outlined in the draft NOPA and intends to pursue all available administrative remedies, including filing an appeal.

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.

10 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 six months ended March 31, 2026 and 2025, equity awards excluded from the calculation of potential common shares were not significant.

The computation of diluted loss per share for the three months ended June 30, 2026 excludes approximately 2.0 million potential common shares due to their antidilutive effect.

For the three months ended June 30, 2025, equity awards excluded from the calculation of potential commons shares were 0.2 million shares.

For the nine months ended June 30, 2026 and 2025, equity awards excluded from the calculation of potential common shares were 0.2 million and 0.4 million shares, respectively.

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

Three Months Ended Six Months Ended

2026 March 31,

2025 March 31,

2026 March 31,

Three Months Ended Nine Months Ended

2026 June 30,

2025 June 30,

2026 June 30,

(in millions)

12 unchanged sentences

The components of lease expenses are as follows:

Three Months Ended Six Months Ended

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

Three Months Ended Nine Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

(in millions)

6 unchanged sentences

Additional balance sheet information related to leases is as follows:

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

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

Operating lease assets Operating lease right-of-use assets $ 442.0 $ 463.5

7 unchanged sentences

Total non-current lease liabilities $ 526.4 $ 560.3

March 31, 2026 September 30, 2025

June 30, 2026 September 30, 2025

Weighted average remaining lease term (in years):

5 unchanged sentences

Additional cash flow information related to leases is as follows:

Six Months Ended

2026 March 31,

Nine Months Ended

2026 June 30,

(in millions)

8 unchanged sentences

Fiscal Year (in millions)

2026 (six months remaining) $ 81.6 $ 18.7

2026 (three months remaining) $ 41.3 $ 9.7

2027 153.6 31.6

14 unchanged sentences

Total $ 2,402.0 $ 2,490.5

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.

Accrued contract costs above include balances related to professional liability accruals, which is discussed in more detail in Note 15.

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 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.

During the first nine months of fiscal 2026 the Company incurred restructuring and acquisition expenses of $ 53.6 million, including personnel and other costs of $ 40.8 million and real estate costs of $ 12.8 million, of which $ 42.0 million was accrued and unpaid at June 30, 2026.

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

Other accrued expenses includes primarily accrued dividends payable, current operating lease liabilities noted in Note 12, and accrued VAT taxes of $ 63.4 million and $ 62.5 million as of June 30, 2026 and September 30, 2025, respectively.

On June 3, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $ 0.31 per share, which was paid on July 17, 2026 to stockholders of record as of the close of business on July 1, 2026.

As of June 30, 2026, accrued and unpaid dividends totaled $ 42.5 million.

Reclassifications out of Accumulated Other Comprehensive Loss

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):

The accumulated balances and reporting period activities for the three and nine months ended June 30, 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 December 31, 2025 $ ( 250.4 ) $ ( 647.1 ) $ 9.5 $ ( 888.0 )

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

Other comprehensive (loss) income before reclassification ( 2.6 ) 13.9 2.4 13.7

Amounts reclassified from accumulated other comprehensive (loss) income 0.6 — ( 1.4 ) ( 0.8 )

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

Balances at June 30, 2026 $ ( 247.3 ) $ ( 648.1 ) $ 12.1 $ ( 883.3 )

Adjustments Foreign

2 unchanged sentences

Comprehensive

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

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

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

Adjustments Foreign

5 unchanged sentences

Amounts reclassified from accumulated other comprehensive (loss) income 1.9 — ( 4.6 ) ( 2.7 )

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

Balances at June 30, 2026 $ ( 247.3 ) $ ( 648.1 ) $ 12.1 $ ( 883.3 )

Adjustments Foreign

5 unchanged sentences

Amounts reclassified from accumulated other comprehensive (loss) income 1.3 — ( 7.3 ) ( 6.0 )

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

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

Commitments and Contingencies

The Company records amounts representing its probable estimated liabilities relating to claims, guarantees, litigation, audits and investigations.

The Company's services involve risk of professional and other liabilities that may exceed the fees it derives from such services.

In the ordinary course of business, the Company makes professional judgments and recommendations for its clients, and it may be deemed responsible for those recommendations if they are later determined to be inaccurate.

Unfavorable rulings against the Company could result in substantial monetary damages.

The Company records amounts representing its probable estimated liabilities relating to claims, guarantees, litigation, audits, liquidated damages and investigations.

The Company relies in part on qualified actuaries to assist it in determining the level of reserves to establish for insurance-related claims that are known and have been asserted against it, and for insurance-related claims that are believed to have been incurred based on actuarial analysis, but have not yet been reported to the Company’s claims administrators as of the respective balance sheet dates.

The Company includes any adjustments to such insurance reserves in its consolidated results of operations.

The Company's professional liability accruals were $ 881.9 million and $ 893.7 million as of June 30, 2026 and September 30, 2025, respectively, and classified as accrued contract costs.

The Company's insurance recovery assets were $ 389.9 million and $ 418.4 million as of June 30, 2026 and September 30, 2025, respectively, and are classified as other current assets.

The Company’s reasonably possible loss disclosures are presented on a gross basis prior to the consideration of insurance recoveries.

4 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 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.

At June 30, 2026 and September 30, 2025, these outstanding standby letters of credit totaled $ 906.9 million and $ 899.4 million, respectively.

As of June 30, 2026, the Company had $ 411.8 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 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.

At June 30, 2026, the Company was contingently liable in the amount of approximately $ 911.3 million in issued standby letters of credit and $ 6.4 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 March 31, 2026, the Company has capital commitments of $ 3.7 million to the Fund over the next 3 years.

At June 30, 2026, the Company has capital commitments of $ 3.7 million to the Fund over the next 2 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.

3 unchanged sentences

In connection with the resolution of contingencies related to the sale of the civil infrastructure construction business, the Company agreed to act as an additional guarantor on the counterparty’s existing debt, which was extended to March 2028.

The Company's Construction Management business has two projects that have experienced delays and have significant claims for recovery of damages from the clients.

The claims related to those two projects represent a majority of the significant claims in Note 4 as of June 30, 2026 and September 30, 2025.

The Company believes there is a reasonable

possibility that the clients on these projects will file a material claim against the Company and continues to assess its potential exposure.

The Company has provided financial and performance assurances to the clients of these projects in the form of corporate guarantees, $ 403.9 million of standby letters of credit, and $ 1.0 billion of surety performance bonds.

The Company intends to vigorously prosecute and defend its rights but cannot provide assurances that it will be successful.

As these are unasserted claims with complex and unique legal considerations, any potential liability cannot be reasonably estimated at this time.

The Company continues to actively work with the project owners to resolve its claims position and exposure.

Reportable Segments

15 unchanged sentences

($ in millions)

Three Months Ended March 31, 2026:

Three Months Ended June 30, 2026:

Revenue $ 2,632.7 $ 953.1 $ 0.2 $ 3,586.0

4 unchanged sentences

Earnings before income taxes and amortization $ ( 129.9 ) $ 114.9 $ ( 1.1 ) $ ( 16.1 )

Three Months Ended March 31, 2025:

Three Months Ended June 30, 2025:

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

4 unchanged sentences

Earnings before income taxes and amortization $ 224.4 $ 82.6 $ ( 1.2 ) $ 305.8

Six Months Ended March 31, 2026:

Nine Months Ended June 30, 2026:

Revenue $ 8,521.6 $ 2,696.2 $ 0.2 $ 11,218.0

4 unchanged sentences

Earnings before income taxes and amortization $ 311.6 $ 279.0 $ ( 3.7 ) 586.9

Six Months Ended March 31, 2025:

Nine Months Ended June 30, 2025:

Revenue $ 9,285.9 $ 2,677.9 $ 0.4 $ 11,964.2

5 unchanged sentences

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 Six Months Ended

2026 March 31

2025 March 31

2026 March 31

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

Three Months Ended Nine Months Ended

Total segment attributable earnings before taxes and amortization $ ( 16.1 ) $ 305.8 $ 586.9 $ 859.3

1 unchanged sentence

Restructuring and acquisition costs ( 12.1 ) — ( 53.6 ) —

Other income 6.6 ( 11.9 ) $ 10.6 $ ( 8.2 )

Other income (loss) 1.2 ( 2.6 ) 11.8 ( 10.8 )

Interest income 12.0 14.1 39.5 45.2

2 unchanged sentences

Income attributable to noncontrolling interests from continuing operations 2.8 27.9 30.1 52.6

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

(Loss) Income from continuing operations before taxes $ ( 106.6 ) $ 268.8 $ 313.3 $ 707.9

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