What changed in this filing

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Item 1. Financial Statements

2026-05-05 compared with 2026-02-03 · 380 added, 221 removed, 608 unchanged (50% of the section changed)

4 unchanged sentences

(In thousands, except share information)

December 26, 2025 September 26, 2025

March 27, 2026 September 26, 2025

Current Assets:

32 unchanged sentences

Common stock, $ 1 par value, authorized - 240,000,000 shares;

issued and outstanding - 117,586,748 shares and 119,081,294 shares as of December 26, 2025 and September 26, 2025, respectively

issued and outstanding - 118,190,953 shares and 119,081,294 shares as of March 27, 2026 and September 26, 2025, respectively

118,191 119,081

10 unchanged sentences

CONSOLIDATED STATEMENTS OF EARNINGS

Three Months Ended December 26, 2025 and December 27, 2024

Three and Six Months Ended March 27, 2026 and March 28, 2025

(In thousands, except per share information)

For the Three Months Ended

December 26, 2025 December 27, 2024

For the Three Months Ended For the Six Months Ended

March 27, 2026 March 28, 2025 March 27, 2026 March 28, 2025

Revenues $ 3,694,881 $ 2,910,415 $ 6,988,162 $ 5,843,371

2 unchanged sentences

Selling, general and administrative expenses ( 876,069 ) ( 529,697 ) ( 1,408,758 ) ( 1,042,546 )

Operating Profit 232,561 208,418

Operating (loss) profit ( 81,176 ) 208,648 151,385 417,066

Other Income (Expense):

Interest income

9,301 9,525 16,930 19,181

Interest expense

Miscellaneous income (expense), net 287 ( 130,107 )

( 41,075 ) ( 38,580 ) ( 75,329 ) ( 73,399 )

Loss on extinguishment of debt

— ( 20,510 ) — ( 20,510 )

Miscellaneous expense ( 17,656 ) ( 103,260 ) ( 17,370 ) ( 233,367 )

Total other expense, net

Earnings from Continuing Operations Before Taxes 206,223 53,147

Income Tax Expense from Continuing Operations ( 73,109 ) ( 57,149 )

Net Earnings (Loss) of the Group from Continuing Operations 133,114 ( 4,002 )

Net Earnings (Loss) of the Group from Discontinued Operations, net of tax 554 ( 1,001 )

Net Earnings (Loss) of the Group 133,668 ( 5,003 )

Net Earnings Attributable to Noncontrolling Interests from Continuing Operations ( 2,440 ) ( 6,080 )

Net Earnings Attributable to Redeemable Noncontrolling Interests ( 5,720 ) ( 7,047 )

Net Earnings (Loss) Attributable to Jacobs from Continuing Operations 124,954 ( 17,129 )

Net Earnings (Loss) Attributable to Jacobs from Discontinued Operations 554 ( 1,001 )

Net Earnings (Loss) Attributable to Jacobs $ 125,508 $ ( 18,130 )

( 49,430 ) ( 152,825 ) ( 75,769 ) ( 308,095 )

(Loss) Earnings from Continuing Operations Before Taxes ( 130,606 ) 55,823 75,616 108,971

Income Tax Benefit (Expense) from Continuing Operations 45,088 ( 50,576 ) ( 28,021 ) ( 107,725 )

Net (Loss) Earnings of the Group from Continuing Operations ( 85,518 ) 5,247 47,595 1,246

Net Loss of the Group from Discontinued Operations, net of tax ( 2,890 ) ( 5,550 ) ( 2,336 ) ( 6,551 )

Net (Loss) Earnings of the Group ( 88,408 ) ( 303 ) 45,259 ( 5,305 )

Net Loss Attributable to Noncontrolling Interests from Continuing Operations 10,863 11,731 8,423 5,651

Net Loss (Earnings) Attributable to Redeemable Noncontrolling Interests 31,662 ( 5,816 ) 25,943 ( 12,863 )

Net (Loss) Earnings Attributable to Jacobs from Continuing Operations ( 42,993 ) 11,162 81,961 ( 5,966 )

Net Loss Attributable to Jacobs from Discontinued Operations ( 2,890 ) ( 5,550 ) ( 2,336 ) ( 6,551 )

Net (Loss) Earnings Attributable to Jacobs $ ( 45,883 ) $ 5,612 $ 79,625 $ ( 12,517 )

Net Earnings Per Share:

Basic Net Earnings (Loss) from Continuing Operations Per Share $ 1.12 $ ( 0.10 )

Basic Net Earnings (Loss) from Discontinued Operations Per Share $ — $ ( 0.01 )

Basic Earnings (Loss) Per Share $ 1.12 $ ( 0.11 )

Diluted Net Earnings (Loss) from Continuing Operations Per Share $ 1.11 $ ( 0.10 )

Diluted Net Earnings (Loss) from Discontinued Operations Per Share $ — $ ( 0.01 )

Diluted Earnings (Loss) Per Share $ 1.12 $ ( 0.11 )

Basic Net (Loss) Earnings from Continuing Operations Per Share $ ( 0.32 ) $ 0.10 $ 0.81 $ —

Basic (Loss) from Discontinuing Operations Per Share $ ( 0.02 ) $ ( 0.05 ) $ ( 0.02 ) $ ( 0.05 )

Basic (Loss) Earnings Per Share $ ( 0.34 ) $ 0.06 $ 0.79 $ ( 0.05 )

Diluted Net (Loss) Earnings from Continuing Operations Per Share $ ( 0.32 ) $ 0.10 $ 0.81 $ —

Diluted (Loss) from Discontinuing Operations Per Share $ ( 0.02 ) $ ( 0.05 ) $ ( 0.02 ) $ ( 0.05 )

Diluted (Loss) Earnings Per Share $ ( 0.34 ) $ 0.06 $ 0.79 $ ( 0.05 )

See the accompanying Notes to Consolidated Financial Statements - Unaudited.

2 unchanged sentences

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Three Months Ended December 26, 2025 and December 27, 2024

Three and Six Months Ended March 27, 2026 and March 28, 2025

(In thousands)

For the Three Months Ended

December 26, 2025 December 27, 2024

Net Earnings (Loss) of the Group $ 133,668 $ ( 5,003 )

Other Comprehensive Income (Loss):

For the Three Months Ended For the Six Months Ended

March 27, 2026 March 28, 2025 March 27, 2026 March 28, 2025

Net (Loss) Earnings of the Group $ ( 88,408 ) $ ( 303 ) $ 45,259 $ ( 5,305 )

Other Comprehensive (Loss) Income:

Foreign currency translation adjustments ( 39,928 ) 64,040 ( 14,411 ) ( 96,108 )

1 unchanged sentence

Change in pension plan liabilities 11,631 ( 6,672 ) 12,988 17,504

Other Comprehensive Income (Loss) Before Taxes 24,753 ( 130,151 )

Other Comprehensive (Loss) Income Before Taxes ( 28,481 ) 51,139 ( 3,728 ) ( 79,012 )

Income Tax Benefit (Expense):

1 unchanged sentence

Change in pension plan liabilities ( 1,187 ) ( 700 ) ( 2,133 ) ( 1,832 )

Income Tax Expense:

Income Tax (Expense) Benefit:

( 1,140 ) 1,035 ( 1,545 ) ( 1,581 )

Net Other Comprehensive Income (Loss) 24,348 ( 132,767 )

Net Comprehensive Income (Loss) of the Group 158,016 ( 137,770 )

Net Earnings Attributable to Noncontrolling Interests ( 2,440 ) ( 6,080 )

Net Earnings Attributable to Redeemable Noncontrolling Interests ( 5,720 ) ( 7,047 )

Net Comprehensive Income (Loss) Attributable to Jacobs $ 149,856 $ ( 150,897 )

Net Other Comprehensive (Loss) Income ( 29,621 ) 52,174 ( 5,273 ) ( 80,593 )

Net Comprehensive (Loss) Income of the Group ( 118,029 ) 51,871 39,986 ( 85,898 )

Net Loss Attributable to Noncontrolling Interests 10,863 11,731 8,423 5,651

Net Loss (Earnings) Attributable to Redeemable Noncontrolling Interests 31,662 ( 5,816 ) 25,943 ( 12,863 )

Net Comprehensive (Loss) Income Attributable to Jacobs $ ( 75,504 ) $ 57,786 $ 74,352 $ ( 93,110 )

See the accompanying Notes to Consolidated Financial Statements - Unaudited.

2 unchanged sentences

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the Three Months Ended December 26, 2025 and December 27, 2024

For the Three Months Ended March 27, 2026 and March 28, 2025

(In thousands)

Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Jacobs Stockholders’ Equity Noncontrolling Interests Total Group Stockholders’ Equity

Balances at September 27, 2024 $ 124,084 $ 2,758,064 $ 2,366,769 $ ( 699,450 ) $ 4,549,467 $ 17,836 $ 4,567,303

Net (loss) earnings — — ( 18,130 ) — ( 18,130 ) 6,080 ( 12,050 )

Foreign currency translation adjustments net of deferred taxes of $ —

— — — ( 160,148 ) ( 160,148 ) — ( 160,148 )

Balances at December 27, 2024 $ 122,912 $ 2,735,155 $ 2,179,509 $ ( 832,217 ) $ 4,205,359 $ 21,607 $ 4,226,966

Net earnings (loss) 5,612 — 5,612 ( 11,731 ) ( 6,119 )

Foreign currency translation adjustments — — — 64,040 64,040 — 64,040

Pension plan liability, net of deferred taxes of $ 700

5 unchanged sentences

Repurchase and issuance of redeemable noncontrolling interests — — 97 — 97 — 97

Distribution of SpinCo Business — — 1,000 — 1,000 — 1,000

Noncontrolling interests - distributions and other — — — — — ( 1,160 ) ( 1,160 )

Distribution adjustments relating to SpinCo Business — — ( 23,645 ) — ( 23,645 ) — ( 23,645 )

Stock based compensation — 21,283 — — 21,283 — 21,283

1 unchanged sentence

Repurchases of equity securities ( 2,724 ) ( 60,626 ) ( 287,426 ) — ( 350,776 ) — ( 350,776 )

Balances at March 28, 2025

$ 120,379 $ 2,699,690 $ 1,824,418 $ ( 780,043 ) $ 3,864,444 $ 8,716 $ 3,873,160

Balances at December 26, 2025 $ 117,587 $ 2,678,370 $ 1,334,005 $ ( 686,062 ) $ 3,443,900 $ 4,331 $ 3,448,231

— — ( 45,883 ) — ( 45,883 ) ( 10,863 ) ( 56,746 )

Foreign currency translation adjustments

— — — ( 39,928 ) ( 39,928 ) — ( 39,928 )

Pension plan liability, net of deferred taxes of $ 1,187

— — — 10,444 10,444 — 10,444

Change in cash flow hedges, net of deferred taxes of $( 47 )

— — — ( 137 ) ( 137 ) — ( 137 )

Dividends — — ( 42,211 ) — ( 42,211 ) — ( 42,211 )

Redeemable Noncontrolling interests redemption value adjustment — — ( 63,823 ) — ( 63,823 ) — ( 63,823 )

Redemption of redeemable noncontrolling interests relating to the PA Consulting Transaction — — ( 36,011 ) — ( 36,011 ) — ( 36,011 )

Noncontrolling interests - distributions and other — — — — — ( 1,838 ) ( 1,838 )

Stock based compensation — 21,092 — — 21,092 — 21,092

Issuances of equity securities including shares withheld for taxes 2,220 264,499 ( 1,541 ) — 265,178 — 265,178

Repurchases of equity securities ( 1,616 ) ( 36,783 ) ( 181,363 ) — ( 219,762 ) — ( 219,762 )

Balances at March 27, 2026 $ 118,191 $ 2,927,178 $ 963,173 $ ( 715,683 ) $ 3,292,859 $ ( 8,370 ) $ 3,284,489

See the accompanying Notes to Consolidated Financial Statements – Unaudited.

JACOBS SOLUTIONS INC.

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the Six Months Ended March 27, 2026 and March 28, 2025

(In thousands)

Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Jacobs Stockholders’ Equity Noncontrolling Interests Total Group Stockholders’ Equity

Balances at September 27, 2024 $ 124,084 $ 2,758,064 $ 2,366,769 $ ( 699,450 ) $ 4,549,467 $ 17,836 $ 4,567,303

Net loss — — ( 12,517 ) — ( 12,517 ) ( 5,651 ) ( 18,168 )

Foreign currency translation adjustments — — — ( 96,108 ) ( 96,108 ) — ( 96,108 )

Pension liability, net of deferred taxes of $ 1,832

— — — 15,672 15,672 — 15,672

Foreign currency translation adjustments, net of deferred taxes of $ —

Change in cash flow hedges, net of deferred taxes of $( 251 )

— — — ( 157 ) ( 157 ) — ( 157 )

Pension plan liability, net of deferred taxes of $ 946

Dividends — — ( 39,894 ) — ( 39,894 ) — ( 39,894 )

Redeemable Noncontrolling interests redemption value adjustment — — ( 8,491 ) — ( 8,491 ) — ( 8,491 )

Repurchase of redeemable noncontrolling interests 1,079 1,079 1,079

Noncontrolling interests - distributions and other — — — — — ( 3,469 ) ( 3,469 )

Distribution adjustments relating to SpinCo Business — — ( 22,645 ) — ( 22,645 ) — ( 22,645 )

Stock based compensation — 34,342 — — 34,342 — 34,342

Issuances of equity securities including shares withheld for taxes 475 269 ( 4,646 ) — ( 3,902 ) — ( 3,902 )

Repurchases of equity securities ( 4,180 ) ( 92,985 ) ( 455,237 ) — ( 552,402 ) — ( 552,402 )

Balances at March 28, 2025 $ 120,379 $ 2,699,690 $ 1,824,418 $ ( 780,043 ) $ 3,864,444 $ 8,716 $ 3,873,160

Balances at September 26, 2025 $ 119,081 $ 2,706,376 $ 1,525,760 $ ( 710,410 ) $ 3,640,807 $ 7,098 $ 3,647,905

Net earnings (loss) — — 79,625 — 79,625 ( 8,423 ) 71,202

Foreign currency translation adjustments

— — — ( 14,411 ) ( 14,411 ) — ( 14,411 )

Pension liability, net of deferred taxes of $ 2,133

— — — 10,855 10,855 — 10,855

Change in cash flow hedges, net of deferred taxes of $( 588 )

3 unchanged sentences

Repurchase and issuance of redeemable noncontrolling interests — — 219 — 219 — 219

Redemption of redeemable noncontrolling interests relating to the PA Consulting Transaction — — ( 36,011 ) — ( 36,011 ) — ( 36,011 )

Noncontrolling interests - distributions and other — — — — — ( 7,045 ) ( 7,045 )

2 unchanged sentences

Repurchases of equity securities ( 3,389 ) ( 77,114 ) ( 391,341 ) — ( 471,844 ) — ( 471,844 )

Balances at December 26, 2025 $ 117,587 $ 2,678,370 $ 1,334,005 $ ( 686,062 ) $ 3,443,900 $ 4,331 $ 3,448,231

Balances at March 27, 2026 $ 118,191 $ 2,927,178 $ 963,173 $ ( 715,683 ) $ 3,292,859 $ ( 8,370 ) $ 3,284,489

See the accompanying Notes to Consolidated Financial Statements – Unaudited.

2 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Three Months Ended December 26, 2025 and December 27, 2024

For the Six Months Ended March 27, 2026 and March 28, 2025

(In thousands)

For the Three Months Ended

December 26, 2025 December 27, 2024

For the Six Months Ended

March 27, 2026 March 28, 2025

Cash Flows from Operating Activities:

Net Earnings (Loss) of the Group $ 45,259 $ ( 5,305 )

Adjustments to reconcile net earnings (loss) to net cash flows provided by operations:

Adjustments to reconcile net earnings (loss) to net cash flows (used for) provided by operations:

Depreciation and amortization:

1 unchanged sentence

Intangible assets 72,059 76,701

Loss on extinguishment of debt — 20,510

Loss on investment in equity securities — 254,677

11 unchanged sentences

Other, net 10,690 ( 17,872 )

Net cash provided by operating activities

Net cash (used for) provided by operating activities

( 103,361 ) 11,025

9 unchanged sentences

Repayments of short-term borrowings — ( 656,981 )

Debt issuance costs ( 15,447 ) ( 92 )

Proceeds from issuances of common stock 17,216 17,186

4 unchanged sentences

Repurchase of redeemable noncontrolling interests ( 883,623 ) ( 4,066 )

Net cash (used for) provided by financing activities

Net cash provided by financing activities

392,006 106,634

22 unchanged sentences

Readers of this Quarterly Report on Form 10-Q should also read our consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September 26, 2025 (“2025 Form 10-K”).

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of our consolidated financial statements as of December 26, 2025, and for the three months ended December 26, 2025.

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of our consolidated financial statements as of March 27, 2026, and for the three and six months ended March 27, 2026.

Our interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year.

JACOBS SOLUTIONS INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

On January 2, 2026, Jacobs entered into an Implementation Deed (the “Implementation Deed”) with PA Consulting.

Pursuant to the Implementation Deed and certain related agreements, and in accordance with the terms and conditions thereof, on March 20, 2026, Jacobs completed the transaction to acquire from shareholders of PA Consulting all of the remaining issued share capital of PA Consulting ("PA Shares") owned by the PA Consulting shareholders (excluding shares already held by Jacobs and its affiliates).

The Company acquired the PA Shares for an aggregate initial consideration of approximately £ 1.21 billion which was paid through a combination of approximately £ 997.6 million in cash (net of certain PA Consulting shareholder expenses) and 2,043,537 newly issued shares of Jacobs' common stock, par value $ 1.00 per share (“Company Common Stock”).

Also, on March 20, 2028, the Company will pay an additional £ 75 million in consideration with shares of Company Common Stock, cash or a combination thereof (as determined by the Company in its sole discretion), with accruals associated with this additional consideration reflected in Other deferred liabilities on the Consolidated Balance Sheet as of March 27, 2026.

The transactions described in this paragraph, are collectively referred to as the “PA Consulting Transaction”.

As a result of the PA Consulting Transaction, the Company no longer carries Redeemable Noncontrolling Interests on the Jacobs Consolidated Financial Statements.

See Note 15- PA Consulting Redeemable Noncontrolling Interests for more discussion on the transaction and Note 12- Borrowings for more discussion on the financing for the transaction.

On September 27, 2024, Jacobs Solutions Inc.

5 unchanged sentences

See Note 14- Discontinued Operations for more information.

JACOBS SOLUTIONS INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Use of Estimates and Assumptions

9 unchanged sentences

Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants as of the date fair value is determined (the “measurement date”).

When determining fair value, we consider the principal or most advantageous market in which we would transact, and we consider only those assumptions we believe a typical market participant would consider when pricing an asset or liability.

When determining fair value, we consider the principal or most advantageous market in which we would transact, and we

JACOBS SOLUTIONS INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

consider only those assumptions we believe a typical market participant would consider when pricing an asset or liability.

In measuring fair value, we use the following inputs in the order of priority indicated:

5 unchanged sentences

Please refer to Note 2- Significant Accounting Policies of Notes to Consolidated Financial Statements included in our 2025 Form 10-K for a more complete discussion of the various items within the consolidated financial statements measured at fair value and the methods used to determine fair value.

Please also refer to Note 17- Commitments and Contingencies and Derivative Financial Instruments for discussion regarding the Company's derivative instruments and Note 14- Discontinued Operations for discussion regarding the Company's investment in Amentum common shares.

The net carrying amounts of cash and cash equivalents, trade receivables and payables and short-term debt approximate fair value due to the short-term nature of these instruments.

69 unchanged sentences

Refer to Note 18- Segment Information for additional information on how we disaggregate our revenues by reportable segment.

The following table further disaggregates our revenue by geographic area for the three months ended December 26, 2025 and December 27, 2024 (in thousands):

Three Months Ended

December 26, 2025 December 27, 2024

The following table further disaggregates our revenue by geographic area for the three and six months ended March 27, 2026 and March 28, 2025 (in thousands):

Three Months Ended Six Months Ended

March 27, 2026 March 28, 2025 March 27, 2026 March 28, 2025

United States $ 2,442,921 $ 1,796,118 $ 4,502,710 $ 3,608,903

8 unchanged sentences

Contract liabilities represent amounts billed to clients in excess of revenue recognized to date.

Revenue recognized for the three months ended December 26, 2025 that was previously included in the contract liability balance on September 26, 2025 was $ 448.8 million.

Revenue recognized for the three months ended December 27, 2024 that was included in the contract liability balance on September 27, 2024 was $ 410.7 million.

Revenue recognized for the three and six months ended March 27, 2026 that was previously included in the contract liability balance on September 26, 2025 was $ 169.6 million and $ 618.4 million, respectively.

Revenue recognized for the three and six months ended March 28, 2025 that was included in the contract liability balance on September 27, 2024 was $ 172.2 million and $ 583.0 million, respectively.

JACOBS SOLUTIONS INC.

2 unchanged sentences

Remaining Performance Obligations

The Company’s remaining performance obligations as of December 26, 2025 represent a measure of the total dollar value of work to be performed on contracts awarded and in progress.

The Company had approximately $ 18.5 billion in remaining performance obligations as of December 26, 2025.

The Company’s remaining performance obligations as of March 27, 2026 represent a measure of the total dollar value of work to be performed on contracts awarded and in progress.

The Company had approximately $ 19.0 billion in remaining performance obligations as of March 27, 2026.

The Company expects to recognize approximately 47 % of its remaining performance obligations into revenue within the next twelve months and the remaining 53 % thereafter.

6 unchanged sentences

Participating securities and common shares have equal rights to undistributed earnings.

Net earnings used for the purpose of determining basic and diluted EPS is determined by taking net earnings, less earnings available to participating securities and the redeemable noncontrolling interests redemption value adjustment associated with the PA Consulting transaction.

In connection with the PA Consulting Transaction, the Company issued 2,043,537 shares of Company Common Stock.

See Note 15- PA Consulting Redeemable Noncontrolling Interests for more discussion on the transaction.

JACOBS SOLUTIONS INC.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

The following table reconciles the numerator and denominator used to compute basic EPS to the numerator and denominator used to compute diluted EPS for the three months ended December 26, 2025 and December 27, 2024 (in thousands):

Three Months Ended

December 26, 2025 December 27, 2024

The following table reconciles the numerator and denominator used to compute basic EPS to the numerator and denominator used to compute diluted EPS for the three and six months ended March 27, 2026 and March 28, 2025 (in thousands):

Three Months Ended Six Months Ended

March 27, 2026 March 28, 2025 March 27, 2026 March 28, 2025

Numerator for Basic and Diluted EPS:

Net Earnings (Loss) Attributable to Jacobs from Continuing Operations $ 124,954 $ ( 17,129 )

Net (Loss) Earnings Attributable to Jacobs from Continuing Operations $ ( 42,993 ) $ 11,162 $ 81,961 $ ( 5,966 )

Redeemable Noncontrolling interests redemption value adjustment (See Note 15- PA Consulting Redeemable Noncontrolling Interests )

Net earnings (loss) from continuing operations allocated to common stock for EPS calculation $ 132,642 $ ( 12,561 )

Net earnings (loss) from discontinued operations allocated to common stock for EPS calculation $ 554 $ ( 1,001 )

Net earnings (loss) allocated to common stock for EPS calculation $ 133,196 $ ( 13,562 )

5,792 1,244 13,480 5,812

Net (Loss) Earnings from continuing operations allocated to common stock for EPS calculation $ ( 37,201 ) $ 12,406 $ 95,441 $ ( 154 )

Net (Loss) from discontinued operations allocated to common stock for EPS calculation $ ( 2,890 ) $ ( 5,550 ) $ ( 2,336 ) $ ( 6,551 )

Net (Loss) Earnings allocated to common stock for EPS calculation $ ( 40,091 ) $ 6,856 $ 93,105 $ ( 6,705 )

Denominator for Basic and Diluted EPS:

4 unchanged sentences

Net Earnings Per Share:

Basic Net Earnings (Loss) from Continuing Operations Per Share $ 1.12 $ ( 0.10 )

Basic Net Earnings (Loss) from Discontinued Operations Per Share $ — $ ( 0.01 )

Basic Earnings Per Share $ 1.12 $ ( 0.11 )

Diluted Net Earnings (Loss) from Continuing Operations Per Share $ 1.11 $ ( 0.10 )

Diluted Net Earnings (Loss) from Discontinued Operations Per Share $ — $ ( 0.01 )

Diluted Earnings (Loss) Per Share $ 1.12 $ ( 0.11 )

Basic Net (Loss) Earnings from Continuing Operations Per Share $ ( 0.32 ) $ 0.10 $ 0.81 $ —

Basic Net (Loss) from Discontinuing Operations Per Share $ ( 0.02 ) $ ( 0.05 ) $ ( 0.02 ) $ ( 0.05 )

Basic (Loss) Earnings Per Share $ ( 0.34 ) $ 0.06 $ 0.79 $ ( 0.05 )

Diluted Net (Loss) Earnings from Continuing Operations Per Share $ ( 0.32 ) $ 0.10 $ 0.81 $ —

Diluted Net (Loss) from Discontinuing Operations Per Share $ ( 0.02 ) $ ( 0.05 ) $ ( 0.02 ) $ ( 0.05 )

Diluted (Loss) Earnings Per Share $ ( 0.34 ) $ 0.06 $ 0.79 $ ( 0.05 )

Per share amounts may not add due to rounding.

(1) For the three months ended December 27, 2024, because Net Earnings (Loss) Attributable to Jacobs from Continuing Operations was a loss, the effect of antidilutive securities of 576 was excluded from the denominator in calculating diluted EPS.

(1) For the three months ended March 27, 2026 and the six months ended March 28, 2025, because net (loss) earnings from continuing operations was a loss, the effect of antidilutive securities of 292 and 472 , respectively, was excluded from the denominator in calculating diluted EPS.

JACOBS SOLUTIONS INC.

5 unchanged sentences

On January 30, 2025, the Company's Board of Directors authorized an incremental share repurchase program of up to $ 1.5 billion of the Company's common stock, to expire on January 30, 2028 (the "2025 Repurchase Authorization").

At December 26, 2025, the Company had $ 966.2 million remaining under the 2025 Repurchase Authorization.

The following table summarizes repurchase ac tivity for fiscal 2026 u nder the 2025 Repurchase Authorization for the three months ended December 26, 2025 :

At March 27, 2026, the Company had $ 746.4 million remaining under the 2025 Repurchase Authorization.

The following table summarizes repurchase ac tivity for fiscal 2026 u nder the 2025 Repurchase Authorization through the second fiscal quarter of 2026 :

Amount Authorized

8 unchanged sentences

Cash Dividends

On January 29, 2026, the Company’s Board of Directors declared a quarterly dividend of $ 0.36 per share of the Company’s common stock to be paid on March 20, 2026, to shareholders of record on the close of business on February 20, 2026.

On April 30, 2026, the Company’s Board of Directors declared a quarterly dividend of $ 0.36 per share of the Company’s common stock to be paid on June 19, 2026, to shareholders of record on the close of business on May 22, 2026.

Future dividend declarations are subject to review and approval by the Company’s Board of Directors.

Dividends paid through the first fiscal quarter of 2026 and the preceding fiscal year are as follows:

Dividends paid through the second fiscal quarter of 2026 and the preceding fiscal year are as follows:

Declaration Date Record Date Payment Date Cash Amount (per share)

January 29, 2026 February 20, 2026 March 20, 2026 $ 0.36

November 18, 2025 December 2, 2025 December 19, 2025 $ 0.32

7 unchanged sentences

Goodwill and Intangibles

The carrying value of goodwill appearing in the accompanying Consolidated Balance Sheets at December 26, 2025 and September 26, 2025 was as follows (in thousands):

The carrying value of goodwill appearing in the accompanying Consolidated Balance Sheets at March 27, 2026 and September 26, 2025 was as follows (in thousands):

Infrastructure & Advanced Facilities PA Consulting Total

1 unchanged sentence

Foreign currency translation adjustments and other ( 2,978 ) ( 14,578 ) ( 17,556 )

Balance December 26, 2025 $ 3,353,739 $ 1,439,898 $ 4,793,637

The following table provides certain information related to the Company’s acquired intangibles in the accompanying Consolidated Balance Sheets at December 26, 2025 and September 26, 2025 (in thousands):

Balance March 27, 2026 $ 3,348,512 $ 1,414,750 $ 4,763,262

The following table provides certain information related to the Company’s acquired intangibles in the accompanying Consolidated Balance Sheets at March 27, 2026 and September 26, 2025 (in thousands):

Customer Relationships, Contracts and Backlog Developed Technology Trade Names Total

2 unchanged sentences

Foreign currency translation adjustments and other ( 3,916 ) ( 6 ) ( 1,675 ) ( 5,597 )

Balance December 26, 2025 $ 492,772 $ 16,527 $ 174,349 $ 683,648

Balance March 27, 2026 $ 458,173 $ 14,145 $ 167,696 $ 640,014

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

6 unchanged sentences

Receivables and Contract Assets

The following table presents the components of receivables and contract assets appearing in the accompanying Consolidated Balance Sheets at December 26, 2025 and September 26, 2025, as well as certain other related information (in thousands):

December 26, 2025 September 26, 2025

The following table presents the components of receivables and contract assets appearing in the accompanying Consolidated Balance Sheets at March 27, 2026 and September 26, 2025, as well as certain other related information (in thousands):

March 27, 2026 September 26, 2025

Components of receivables and contract assets:

10 unchanged sentences

Accumulated Other Comprehensive Income (Loss)

The following table presents the Company's roll forward of accumulated other comprehensive loss after-tax as of December 26, 2025 (in thousands):

The following table presents the Company's roll forward of accumulated other comprehensive loss after-tax as of March 27, 2026 (in thousands):

Change in Net Pension Obligation Foreign Currency Translation Adjustments

2 unchanged sentences

$ ( 372,910 ) $ ( 373,969 ) $ 36,469 $ ( 710,410 )

Other comprehensive income 643 25,517 235 26,395

Other comprehensive income (loss) 9,807 ( 14,411 ) 1,791 ( 2,813 )

Reclassifications from accumulated other comprehensive loss 1,048 — ( 3,508 ) ( 2,460 )

Balance at December 26, 2025

Balance at March 27, 2026

$ ( 362,055 ) $ ( 388,380 ) $ 34,752 $ ( 715,683 )

( 1) Included in the Company’s cumulative net unrealized gains from interest rate and cross currency swaps recorded in accumulated other comprehensive loss as of December 26, 2025 were approximately $ 6.2 million in unrealized gains, net of taxes, which are expected to be realized in earnings during the twelve months subsequent to December 26, 2025.

( 1) Included in the Company’s cumulative net unrealized gains from interest rate and cross currency swaps recorded in accumulated other comprehensive loss as of March 27, 2026 were approximately $ 6.5 million in unrealized gains, net of taxes, which are expected to be realized in earnings during the twelve months subsequent to March 27, 2026.

JACOBS SOLUTIONS INC.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

The Company’s effective tax rates from continuing operations for the three months ended December 26, 2025 and December 27, 2024 were 35.5 % and 107.5 %, respectively.

The Company’s effective tax rates from continuing operations for the three months ended March 27, 2026 and March 28, 2025 were 34.5 % and 90.6 %, respectively.

Significant items contributing to differences 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 26, 2025 were $ 16.6 million of unfavorable tax impacts related to non-deductible incentive compensation associated with the Company's PA Consulting investment, as well as U.S.

federal corporate tax rate of 21.0% and the Company's effective tax rate for the three-month period ended March 27, 2026 included $ 13.0 million related to non-deductible incentive compensation associated with the Company's PA Consulting investment and $ 3.0 million of U.S.

state income taxes.

These items are expected to have a continuing impact on the Company's 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 of 90.6 % for the three-month period ended March 28, 2025 were related to $ 33.1 million in unfavorable tax impacts associated with the non-deductibility of losses from the Company's former investment in Amentum stock, as well as U.S.

state income tax expense of $ 4.0 million and U.S.

tax on foreign earnings of $ 4.5 million.

These expense items are expected to have a continuing impact on the Company's 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 of 107.5 % for the three-month period ended December 27, 2024 were $ 37.0 million in unfavorable tax impacts associated with the non-deductibility of losses from the Company's investment in Amentum stock as well as U.S.

The Company’s effective tax rates from continuing operations for the six months ended March 27, 2026 and March 28, 2025 were 37.1 % and 98.9 %, respectively.

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 27, 2026 included unfavorable tax impacts of $ 7.5 million related to non-deductible incentive compensation associated with the Company's PA Consulting investment, as mentioned above, as well as $ 3.4 million related to other non-deductible expenses arising from the PA Consulting Transaction on March 20, 2026.

These items are expected to have a continuing impact on the Company's effective tax rate for the remainder of the fiscal year.

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

federal corporate tax rate of 21.0% and the Company's effective tax rate of 98.9 % for the six-month period ended March 28, 2025 were related to $ 70.1 million in unfavorable tax impacts associated with the non-deductibility of losses from the Company's former investment in Amentum stock, as well as U.S.

state income tax expense of $ 9.4 million and U.S.

12 unchanged sentences

Joint Ventures, VIEs and Other Investments

For the Company's consolidated variable interest entities ("VIE") joint ventures, the carrying value of assets and liabilities was $ 155.9 million and $ 140.9 million, respectively, as of December 26, 2025 and $ 163.4 million and $ 144.7 million, respectively, as of September 26, 2025.

For the Company's consolidated variable interest entities ("VIE") joint ventures, the carrying value of assets and liabilities was $ 119.7 million and $ 132.9 million , respectively, as of March 27, 2026 and $ 163.4 million and $ 144.7 million, respectively, as of September 26, 2025.

There are no consolidated VIEs that have debt or credit facilities.

For the Company's proportionate consolidated VIEs, the carrying value of assets and liabilities was $ 146.7 million and $ 138.6 million, respectively, as of December 26, 2025, and $ 143.9 million and $ 131.9 million, respectively, as of September 26, 2025.

The carrying values of our investments in equity method joint ventures in the Consolidated Balance Sheets (reported in Other Noncurrent Assets:

Miscellaneous) as of December 26, 2025 and September 26, 2025 were $ 39.3 million and $ 36.3 million, respectively.

Additionally, income from equity method joint ventures (reported in Revenue) was $ 4.2 million and $ 3.7 million, respectively, during the three months ended December 26, 2025 and December 27, 2024.

As of December 26, 2025, the Company's equity method investment carrying values do not include material amounts exceeding their share of the respective joint ventures' reported net assets.

Accounts receivable from unconsolidated joint ventures accounted for under the equity method was $ 12.8 million and $ 13.6 million as of December 26, 2025 and September 26, 2025, respectively.

For the Company's proportionate consolidated VIEs, the carrying value of assets and liabilities was $ 159.3 million and $ 147.2 million , respectively, as of March 27, 2026, and $ 143.9 million and $ 131.9 million, respectively, as of September 26, 2025.

JACOBS SOLUTIONS INC.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

At December 26, 2025 and September 26, 2025, long-term debt consisted of the following (principal amounts in thousands):

Interest Rate Maturity December 26, 2025 September 26, 2025

The carrying values of our investments in equity method joint ventures in the Consolidated Balance Sheets (reported in Other Noncurrent Assets:

Miscellaneous) as of March 27, 2026 and September 26, 2025 were $ 38.4 million and $ 36.3 million, respectively.

Additionally, net income (loss) from equity method joint ventures (reported in Revenue) was $ 2.6 million and $( 0.2 ) million, respectively, during the three months ended March 27, 2026 and March 28, 2025, with $ 6.8 million and $ 3.5 million respectively, for the corresponding six month periods.

As of March 27, 2026, the Company's equity method investment carrying values do not include material amounts exceeding their share of the respective joint ventures' reported net assets.

Accounts receivable from unconsolidated joint ventures accounted for under the equity method was $ 15.6 million and $ 13.6 million as of March 27, 2026 and September 26, 2025, respectively.

At March 27, 2026 and September 26, 2025, long-term debt consisted of the following (principal amounts in thousands):

Interest Rate Maturity March 27, 2026 September 26, 2025

JSI Revolving Credit Facility Benchmark + applicable margin (1)

March 2031 $ 505,000 $ —

2026 Term Loan Facility - Three-year Benchmark + applicable margin (2)

March 2029 700,000 —

2026 Term Loan Facility - Five-year Benchmark + applicable margin (3)

March 2031 500,000 —

Revolving Credit Facility Benchmark + applicable margin (4) February 2028 — 395,000

7 unchanged sentences

August 2028 600,000 600,000

5.375 % Bonds, due 2036

March 2036 500,000 —

4.75 % Bonds, due 2031

March 2031 800,000 —

Deferred Financing Fees ( 20,780 ) ( 8,805 )

Total Long-term debt, net $ 4,084,220 $ 2,236,456

dollar denominated borrowings under the Revolving Credit Facility bear interest at either a SOFR rate plus a margin of between 0.975 % and 1.725 % or a base rate plus a margin of between 0 % and 0.625 % depending on the Company’s Consolidated Leverage Ratio or Debt Rating (each as defined in the Revolving Credit Facility (defined below)).

The interest rate under the Revolving Credit Agreement also incorporates a modest sustainability-linked pricing adjustment, which resulted in a favorable interest rate adjustment to the Company in February 2025.

The applicable SOFR rates, including applicable margins, at December 26, 2025 and September 26, 2025 were approximately 5.04 % and 5.37 %.

Borrowings denominated in British pounds bear interest at an adjusted SONIA rate plus a margin of between 0.908 % and 1.658 %.

There were no amounts drawn in British pounds as of December 26, 2025.

(2) Borrowings under the 2025 Term Loan Facility bear interest at either a SONIA rate or term SOFR rate plus a margin of between 0.975 % and 1.60 % or a base rate plus a margin of between 0 % and 0.50 % depending on the Company’s Consolidated Leverage Ratio or Debt Rating.

The applicable SOFR and SONIA rates, including applicable margins, at December 26, 2025 and September 26, 2025 were approximately 5.02 % and 5.42 % for borrowings denominated in U.S.

dollars and 4.72 % and 4.97 % for borrowings denominated in British pounds.

dollar denominated borrowings under the JSI Revolving Credit Facility (as defined below) bear interest at either a SOFR rate plus a margin of between 0.875 % and 1.625 % or a base rate plus a margin of between 0 % and 0.625 % depending on the Company’s Consolidated Leverage Ratio or Debt Rating (each as defined in the JSI Revolving Credit Facility).

The applicable SOFR rate, including applicable margins at March 27, 2026 was approximately 4.90 %.

(2) The borrowings under the 2026 Term Loan Facility - three-year bear interest at either a SOFR rate plus a margin of between 0.750 % and 1.500 % or a base rate plus a margin of between 0 % and 0.500 % depending on the Company’s Consolidated Leverage Ratio or Debt Rating.

The applicable SOFR rate including applicable margins for borrowings denominated in U.S.

dollars at March 27, 2026 was approximately 4.80 %.

(3) The borrowings under the 2026 Term Loan Facility- five-year bear interest at either a SOFR rate plus a margin of between 0.875 % and 1.625 % or a base rate plus a margin of between 0 % and 0.625 % depending on the Company’s Consolidated Leverage Ratio or Debt Rating.

The applicable SOFR rate including applicable margins for borrowings denominated in U.S.

dollars at March 27, 2026 was approximately 4.93 %.

dollar denominated borrowings under the Revolving Credit Facility bore interest at either a SOFR rate plus a margin of between 0.975 % and 1.725 % or a base rate plus a margin of between 0 % and 0.625 % depending on the Company’s Consolidated Leverage Ratio or Debt Rating (each as defined in the Revolving Credit Facility (defined below)).

The interest rate under the Revolving Credit Agreement also incorporated a modest sustainability-linked pricing adjustment, which resulted in a favorable interest rate adjustment to the Company in February 2025.

The applicable SOFR rate, including applicable margins, at September 26, 2025 was approximately 5.37 %.

Borrowings denominated in British pounds bore interest at an adjusted SONIA rate plus a margin of between 0.908 % and 1.658 %.

There were no amounts drawn in British pounds as of September 26, 2025.

JACOBS SOLUTIONS INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

(5) Borrowings under the 2025 Term Loan Facility bore interest at either a SONIA rate or term SOFR rate plus a margin of between 0.975 % and 1.60 % or a base rate plus a margin of between 0 % and 0.50 % depending on the Company’s Consolidated Leverage Ratio or Debt Rating.

The applicable SOFR and SONIA rates, including applicable margins, at September 26, 2025 were approximately 5.42 % for borrowings denominated in U.S.

dollars and 4.97 % for borrowings denominated in British pounds.

(6) The interest rate payable on the 5.90 % Bonds (as defined below) may be increased by an additional 12.5 basis points on each of September 1, 2028 and September 1, 2030, based on whether or not the Company achieves the key performance indicators set forth in the First Supplemental Indenture (as defined below).

1 unchanged sentence

Therefore, we may achieve one, both, or neither.

We believe the carrying values of the Revolving Credit Facility and the 2025 Term Loan Facility approximates fair value based on the interest rates and scheduled maturities applicable to the outstanding borrowings.

At December 26, 2025, the fair value of the 5.90 % Bonds and the 6.35 % bonds is estimated to be $ 527.4 million and $ 632.0 million, respectively, based on Level 2 inputs.

The fair value is determined by discounting future cash flows using interest rates available for issuances with similar terms and average maturities.

We believe the carrying values of the JSI Revolving Credit Facility and the 2026 Term Loan Facility (as defined below) approximates fair value based on the interest rates and scheduled maturities applicable to the outstanding borrowings.

The following table presents the estimated fair value of each outstanding bond based on Level 2 inputs as of March 27, 2026 (in thousands):

Estimated Fair Value

5.9 % Bonds, due 2033

6.35 % Bonds, due 2028

5.375 % Bonds, due 2036

4.75 % Bonds, due 2031

Revolving Credit Facility and Term Loans

The Company and certain of its subsidiaries maintain an unsecured revolving credit facility (the “Revolving Credit Facility”) established under a third amended and restated credit agreement, dated February 6, 2023 (the "Revolving Credit Agreement"), among Jacobs and certain of its subsidiaries as borrowers and a syndicate of U.S.

The Company and certain of its subsidiaries maintained an unsecured revolving credit facility (the “Revolving Credit Facility”) established under a third amended and restated credit agreement, dated February 6, 2023 (the "Revolving Credit Agreement"), among Jacobs and certain of its subsidiaries as borrowers and a syndicate of U.S.

and international banks and financial institutions.

Amounts up to $ 2.25 billion in credit extensions under the Revolving Credit Facility can be funded in U.S.

Amounts up to $ 2.25 billion in credit extensions under the Revolving Credit Facility could be funded in U.S.

dollars, British Sterling, Euros, Canadian dollars, Australian dollars, Swedish Krona, Singapore dollars and other agreed upon alternative currencies.

The Revolving Credit Agreement also provides for a letter of credit sub facility of $ 400.0 million, and provides for a $ 100.0 million sub facility for swing line loans.

Letters of credit are subject to fees based on the Company’s Consolidated Leverage Ratio or Debt Rating, whichever is more favorable to the Company.

The maturity date of the Revolving Credit Facility is February 6, 2028.

The Revolving Credit Agreement also provided for a letter of credit sub facility of $ 400.0 million, and provided for a $ 100.0 million sub facility for swing line loans.

Letters of credit were subject to fees based on the Company’s Consolidated Leverage Ratio or Debt Rating, whichever was more favorable to the Company.

The Company is a guarantor of the obligations of JEGI and its subsidiaries under the Revolving Credit Agreement.

JACOBS SOLUTIONS INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

The maturity date of the Revolving Credit Facility was February 6, 2028.

However, on March 16, 2026 the Revolving Credit Facility was repaid and the JSI Revolving Credit Facility, a new revolving credit facility, was established (see below).

On March 16, 2026, the Company, JEGI, and certain subsidiaries of the Company, entered into a $ 1.5 billion l ong-term unsecured, revolving credit facility (the “JSI Revolving Credit Facility”) with a syndicate of U.S.

and international banks and financial institutions.

The JSI Revolving Credit Facility permits the Company to borrow in U.S.

dollars, British Sterling, Euros, Canadian dollars, Australian dollars, Swedish Krona, Singapore dollars and other agreed upon alternative currencies.

The Revolving Credit Agreement also provides for a letter of credit sub facility of $ 400.0 million, and provides for a $ 100.0 million sub facility for swing line loans, which are a part of, and not in addition to the overall aggregate borrowing limit.

Letters of credit are subject to fees based on the Company’s Consolidated Leverage Ratio or Debt Rating, whichever is more favorable to the Company.

The maturity date of the JSI Revolving Credit Facility is March 14, 2031.

The Company and JEGI maintained an unsecured delayed draft term loan facility (the “2021 Term Loan Facility”) established under an amended and restated term loan agreement dated February 6, 2023 (the "Amended and Restated Term Loan Agreement"), by and among the Company and JEGI and a syndicate of banks and financial institutions.

4 unchanged sentences

In connection with the Equity-for-Debt Transaction, $ 20.5 million in discounts and expenses were recognized as loss on extinguishment of debt.

JACOBS SOLUTIONS INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

On March 27, 2025, the Company, as guarantor, and JEGI, as borrower, entered into a term loan agreement (the “2025 Term Loan Facility”) with Bank of America, N.A., as administrative agent and sole lead arranger, and the lenders party thereto.

1 unchanged sentence

The proceeds from the 2025 Term Loan Facility were used to repay the remaining outstanding 2021 Term Loan Facility principal equal to $ 120.0 million and £ 410.2 million, or $ 531.6 million, with the remaining proceeds used for general corporate purposes.

We were in compliance with the covenants under the Revolving Credit Facility and 2025 Term Loan Facility at December 26, 2025.

On March 3, 2026, the Company repaid the outstanding obligations under the 2025 Term Loan Facility using proceeds from the offering and issuance of the 4.75 % Bonds and 5.375 % Bonds.

On March 16, 2026, the Company, as borrower, and JEGI, as guarantor, entered into a unsecured term loan agreement (the “2026 Term Loan Facility”) with a syndicate of financial institutions as lenders.

Under the 2026 Term Loan Facility, the Company borrowed a $ 700.0 million term loan for a term of three-years from the date of initial funding, maturing on March 16, 2029 and $ 500.0 million term loan for a term of five-years from the date of initial funding, maturing on March 14, 2031.

The proceeds from the 2026 Term Loan Facility proceeds were used to fund the cash portion of the PA Consulting Transaction.

We were in compliance with the covenants under the JSI Revolving Credit Facility and 2026 Term Loan Facility at March 27, 2026.

5.90 % Bonds, due 2033

1 unchanged sentence

The 5.90 % Bonds are fully and unconditionally guaranteed by the Company (the “ 5.90 % Bonds Guarantee”).

The 5.90 % Bonds and the 5.90 % Bonds Guarantee were offered pursuant to a prospectus supplement, dated February 13, 2023, to the prospectus dated February 6, 2023, that forms a part of the Company's and JEGI’s automatic shelf registration statement on Form S-3ASR previously filed with the SEC, and were issued pursuant to an Indenture, dated as of February 16, 2023, between JEGI, as issuer, the Company, as guarantor, and U.S.

The 5.90 % Bonds and the 5.90 % Bonds Guarantee were offered pursuant to a prospectus supplement, dated February 13, 2023, to the prospectus dated February 6, 2023, that forms a part of the Company's and JEGI’s automatic shelf registration statement on Form S-3ASR previously filed with the SEC, and were issued pursuant to an indenture (the "Indenture"), dated as of February 16, 2023, between JEGI, as issuer, the Company, as guarantor, and U.S.

Bank Trust Company, National Association, as trustee (the "Trustee"), as amended and supplemented by the First Supplemental Indenture, dated as of February 16, 2023 (the “First Supplemental Indenture”).

17 unchanged sentences

At any time and from time to time on or after the 6.35 % Bonds Par Call Date, JEGI may redeem the 6.35 % Bonds, at its option, in whole or in part, at a redemption price equal to 100 % of the principal amount of the 6.35 % Bonds to be redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date.

4.75 % Bonds, due 2031 and 5.375 % Bonds, due 2036

On March 3, 2026, the Company completed an offering of $ 800.0 million aggregate principal amount of 4.75 % Bonds due 2031 (the " 4.75 % Bonds") and $ 500.0 million aggregate principal amount of 5.375 % Bonds due 2036 (the " 5.375 % Bonds").

The 4.75 % Bonds and 5.375 % Bonds are fully and unconditionally guaranteed by JEGI (the “Guarantees”).

The 4.75 % Bonds and 5.375 % Bonds, and the Guarantees were offered pursuant to a prospectus supplement, dated February 24, 2026, to the prospectus dated February 2, 2026, that forms a part of the Company and the JEGI's automatic shelf registration statement on Form S-3ASR previously filed with the SEC, and were issued pursuant to the Indenture, as amended and supplemented by the Third Supplemental Indenture, dated March 3, 2026 (the “Third Supplemental Indenture”).

Interest on the 4.75 % Bonds and 5.375 % Bonds is payable semi-annually in areas on March 3 and September 3 of each year, commencing on September 3, 2026, until maturity.

The 4.75 % Bonds bear interest at the rate of 4.75 % per annum and will mature on March 3, 2031.

The 5.375 % Bonds bear interest at the rate of 5.375 % per annum and will mature on March 3, 2036.

Prior to February 3, 2031 for the 4.75 % Bonds (one month prior to the maturity date of the 4.75 % Bonds) and December 3, 2035 for the 5.375 % Bonds (three months prior to the maturity date of the 5.375 % Bonds) (each such date, a "Par Call Date”), the Company may redeem the 4.75 % Bonds and 5.375 % Bonds at its option, in whole or in part, at any time and from time to time, at the applicable redemption price calculated by the Company (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

(1) (a) the sum of the present values of the remaining scheduled payments of principal and interest on the 4.75 % Bonds and 5.375 % Bonds being redeemed, assuming that such 4.75 % Bonds and 5.375 % Bonds matured on the Par Call Date, discounted to the redemption date on a semiannual basis (assuming a 360-day year of twelve 30-day months), at the Treasury Rate (as defined in the Third Supplemental Indenture) plus 20 basis points for the 4.75 % Bonds and 25 basis points for the 5.375 % Bonds, less (b) interest accrued to the redemption date, and (2) 100 % of the principal amount of such 4.75 % Bonds and 5.375 % Bonds to be redeemed, plus, in either case, accrued and unpaid interest on the 4.75 % Bonds and 5.375 % Bonds, if any, to, but excluding, the redemption date.

At any time and from time to time on or after the applicable Par Call Date, the Company may redeem the 4.75 % Bonds and 5.375 % Bonds, at its option, in whole or in part, at a redemption price equal to 100 % of the principal amount of the 4.75 % Bonds and 5.375 % Bonds to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

Other arrangements

1 unchanged sentence

See Note 17- Commitments and Contingencies and Derivative Financial Instruments for discussion regarding the Company's derivative instruments.

The Company issued $ 0.3 million in letters of credit under the Revolving Credit Facility, leaving $ 1.61 billion of available borrowing capacity under the Revolving Credit Facility at December 26, 2025.

In addition, the Company had issued $ 249.8 million under various separate, committed and uncommitted letter-of-credit facilities for total issued letters of credit of $ 250.1 million at December 26, 2025.

The Company issued $ 0.3 million in letters of credit under the JSI Revolving Credit Facility, leaving $ 994.7 million of available borrowing capacity under the JSI Revolving Credit Facility at March 27, 2026.

In addition, the Company had issued $ 253.1 million under various separate, committed and uncommitted letter-of-credit facilities for total issued letters of credit of $ 253.4 million at March 27, 2026.

JACOBS SOLUTIONS INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Pension and Other Postretirement Benefit Plans

The following table presents the components of net periodic pension benefit expense recognized in earnings during the three months ended December 26, 2025 and December 27, 2024 (in thousands):

Three Months Ended

December 26, 2025 December 27, 2024

The following table presents the components of net periodic pension benefit expense recognized in earnings during the three and six months ended March 27, 2026 and March 28, 2025 (in thousands):

Three Months Ended Six Months Ended

March 27, 2026 March 28, 2025 March 27, 2026 March 28, 2025

Service cost $ 2,831 $ 2,496 $ 5,668 $ 4,995

2 unchanged sentences

Amortization of previously unrecognized items 3,388 3,045 6,768 6,047

Settlement 1,398 — 1,398 —

Total net periodic pension benefit expense recognized $ 1,955 $ 1,184 $ 2,529 $ 2,400

The service cost component of net periodic pension benefit is presented in the same line item as other compensation costs (direct cost of contracts and selling, general and administrative expenses) and the other components of net periodic pension expense are presented in miscellaneous income (expense), net on the Consolidated Statements of Earnings.

The service cost component of net periodic pension benefit is presented in the same line item as other compensation costs (Direct cost of contracts and Selling, general and administrative expenses) and the other components of net periodic pension expense are presented in Miscellaneous expense on the Consolidated Statements of Earnings.

The following table presents certain information regarding the Company’s cash contributions to our pension plans for fiscal 2026 (in thousands):

Cash contributions made during the first three months of fiscal 2026

Cash contributions made during the first six months of fiscal 2026

Cash contributions projected for the remainder of fiscal 2026

Total $ 13,850

JACOBS SOLUTIONS INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Discontinued Operations

2 unchanged sentences

Amentum Holdings, Inc., as the surviving entity of the Separation Transaction is now an independent public company with common stock listed on the New York Stock Exchange under the symbol “AMTM” (“Amentum”).

In connection and in accordance with the terms of the Separation Transaction and prior to the Distribution and the Merger, Jacobs received a cash payment from SpinCo of approximately $ 911.0 million, after adjustments based on the estimated levels of cash, debt and working capital in the SpinCo Business as of the transaction date, and recorded estimated additional net working capital receivable amounts reflected in Receivables and Contract Assets in the Company's September 27, 2024 Consolidated Balance Sheet, subject to final settlement between the parties after the closing of the transaction and as set forth in the Agreement and Plan of Merger, dated as of November 20, 2023 (as amended, the “Merger Agreement").

Subsequent to the closing and upon final determination in March 2025, the parties determined that the Company was entitled to $ 70.0 million in final settlement of the post-closing working capital adjustment, resulting in a $ 24.0 million reduction from preliminary recorded receivable amounts, which was charged to Retained Earnings in the Company's Consolidated Balance Sheet.

The $ 70.0 million final receivable balance was collected in full on April 10, 2025 and immediately utilized to pay down existing amounts owed on Company’s Revolving Credit Facility upon receipt.

JACOBS SOLUTIONS INC.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

The $ 70.0 million final receivable balance was collected in full on April 10, 2025 and immediately utilized to pay down existing amounts owed on Company’s Revolving Credit Facility upon receipt.

Summarized Financial Information of Discontinued Operations

The following table represents earnings from discontinued operations, net of tax (in thousands):

Three Months Ended

December 26, 2025 December 27, 2024

Three Months Ended Six Months Ended

March 27, 2026 March 28, 2025 March 27, 2026 March 28, 2025

Revenues $ — $ ( 67 ) $ — $ ( 3 )

1 unchanged sentence

Gross (loss) profit

— ( 9 ) — ( 6 )

Selling, general and administrative expense

2 unchanged sentences

( 345 ) ( 5,692 ) 142 ( 7,037 )

Other income, net

Other expense, net (1)

( 2,641 ) — ( 2,641 ) —

(Loss) Earnings Before Taxes from Discontinued Operations

1 unchanged sentence

Income Tax Benefit (Expense)

88 132 155 475

Net (Loss) Earnings of the Group from Discontinued Operations

3 unchanged sentences

$ ( 2,898 ) $ ( 5,560 ) $ ( 2,344 ) $ ( 6,562 )

(1) Selling, general and administrative expenses for the three months ended December 26, 2025 were favorably impacted by $ 0.8 million from an indemnity reserve in respect of an ongoing non-U.S.

(1) Other expense, net for the three and six months ended March 27, 2026 was unfavorably impacted by $ 2.6 million related to foreign currency translation from an indemnity reserve in respect of an ongoing non-U.S.

tax matter related to an entity that was part of the separated SpinCo Business.

No notable components of net cash flows from discontinued operations were included in our Consolidated Statements of Cash Flows for the three months ended December 26, 2025 and December 27, 2024.

No assets and liabilities remained held for spin as of December 26, 2025 and September 26, 2025 balance sheet dates.

For the three and six months ended March 27, 2026, discontinued operations used $ 32.7 million of net cash flows from operating activities in connection with a previously recorded accrued liability, and there were no related investing or financing cash flows.

No notable components of net cash flows from discontinued operations were included in our Consolidated Statements of Cash Flows for the three and six months ended March 28, 2025.

No assets and liabilities remained held for spin as of March 27, 2026 and September 26, 2025 balance sheet dates.

Investment in Amentum Stock

As a result of the Separation Transaction on September 27, 2024, Jacobs held approximately 29.2 million of the outstanding shares of Amentum common stock initially recorded on a net book value basis under spin-off accounting rules.

JACOBS SOLUTIONS INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Following the Merger and in accordance with the Escrow Agreement, Jacobs transferred approximately 10.9 million of the 29.2 million of Amentum shares held into escrow to be held and distributed between the parties based on terms and conditions set forth in the Merger Agreement.

6 unchanged sentences

These shares were subsequently released to the respective parties during the third fiscal quarter of 2025.

JACOBS SOLUTIONS INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Finally, on April 30, 2025, the Jacobs Board of Directors declared a dividend in kind to distribute the remaining 7.3 million shares of Amentum's stock to Jacobs’ shareholders of record as of May 16, 2025, which were distributed on a pro rata basis on May 30, 2025, resulting in an impact on retained earnings as shown on the Company's Consolidated Statements of Shareholders' Equity for the year ended September 26, 2025.

Following the distribution, the Company no longer owns any shares of Amentum common stock.

The Company reported $ 145.2 million in fair value mark-to-market losses and other related charges associated with the investment in Amentum shares for the three months ended December 27, 2024, which were included in Miscellaneous Income (Expense), net as reported in Other Income (Expense) in the Company’s Consolidated Statement of Earnings.

The Company reported $ 109.5 million and $ 254.7 million in fair value mark-to-market losses and other related charges associated with the former investment in Amentum shares for the three and six months ended March 28, 2025, respectively, which were included in Miscellaneous expense as reported in Other Income (Expense) in the Company’s Consolidated Statement of Earnings.

Transition Services Agreement

3 unchanged sentences

Pursuant to the terms of the TSA, the Company received payments for the interim services.

From inception of the TSA agreement, the Company recognized costs recorded in SG&A expense incurred to perform the TSA, offset by $ 0.1 million and $ 11.4 million in TSA related income for such services that is reported in miscellaneous income (expense) for the three month periods ended December 26, 2025 and December 27, 2024, respectively.

From inception of the TSA agreement, the Company recognized costs recorded in SG&A expense incurred to perform the TSA, offset by $ 10.3 million in TSA related income for such services that is reported in Miscellaneous expense for the three months ended March 28, 2025, with $ 0.1 million and $ 21.7 million respectively, for the six month periods ended March 27, 2026 and March 28, 2025.

Sale of Energy, Chemicals and Resources ("ECR") Business

On April 26, 2019, Jacobs completed the sale of its Energy, Chemicals and Resources ("ECR") business to Worley Limited, a company incorporated in Australia ("Worley"), for a purchase price of $ 3.4 billion consisting of (i) $ 2.8 billion in cash plus (ii) $ 58.2 million ordinary shares of Worley, subject to adjustments for changes in working capital and certain other items.

For the three month periods ended December 26, 2025 and December 27, 2024, there were no amounts reported in Net Loss Attributable to Jacobs from Discontinued Operations on the Consolidated Statement of Earnings related to ECR.

For the three and six month periods ended March 28, 2025, there were no amounts reported in Net Loss Attributable to Jacobs from Discontinued Operations on the Consolidated Statement of Earnings related to ECR, with no significant activities during the fiscal 2026 periods presented.

PA Consulting Redeemable Noncontrolling Interests

In connection with the Company's strategic investment in PA Consulting, the Company recorded redeemable noncontrolling interests, including subsequent purchase accounting adjustments, representing the noncontrolling interest holders' equity interests in the form of preferred and common shares of PA Consulting, with substantially all of the value associated with these interests allocable to the preferred shares.

PA Consulting is accounted for as a consolidated subsidiary and as a separate operating segment.

During the three months ended December 26, 2025 and December 27, 2024, PA Consulting repurchased certain shares of the redeemable noncontrolling interest holders for $ 0.4 million and $ 3.7 million respectively, in cash.

JACOBS SOLUTIONS INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

In connection with the Company's strategic investment in PA Consulting on March 2, 2021, the Company recorded redeemable noncontrolling interests, including subsequent purchase accounting adjustments, representing the noncontrolling interest holders' equity interests in the form of preferred and common shares of PA Consulting, with substantially all of the value associated with these interests allocable to the preferred shares.

Since the March 2, 2021 investment date, PA Consulting has been accounted for as a consolidated subsidiary and as a separate operating segment of the Company.

On January 2, 2026, Jacobs entered into the Implementation Deed with PA Consulting.

The transactions described in this paragraph, are collectively referred to as the “PA Consulting Transaction”.

As a result of the PA Consulting Transaction, the Company no longer carries Redeemable Noncontrolling Interests on the Jacobs Consolidated Financial Statements.

See Note 12- Borrowings for discussion on the financing for the transaction.

All of the shares of Company Common Stock issued for the initial consideration in connection with the PA Consulting Transaction ( 2,043,537 shares of Company Common Stock) are subject to a contractual lockup period that restricts any sale, assignment, pledge, or other transfer of those shares until March 20, 2027.

The locked-up shares have the same voting, dividend, and other rights as Jacobs’ other outstanding common shares.

The lockup restriction affects only the sale, assignment, pledge or other transfer of those shares and will expire by its terms on March 20, 2027, at which time such transfer restriction will lapse.

As of March 27, 2026, 2,043,537 shares remain subject to the lockup.

Also, in connection with the PA Consulting Transaction, approximately $ 113.5 million of initial consideration was paid on March 20, 2026 in cash for PA Consulting shares held to the PA Consulting employee benefit trust (the "PA Consulting EBT" - a consolidated entity of Jacobs), with these cash amounts reported as restricted cash in Prepaid expenses and other on the Consolidated Balance Sheets as of March 27, 2026.

Further, upon the recommendation of the PA Consulting shareholder representatives, this restricted cash is anticipated to be distributed by the trustees of the PA Consulting EBT to PA Consulting employees that were employed by PA Consulting as of the March 20, 2026 transaction completion date, with the majority of this distribution expected to take place in the third quarter of fiscal year 2026 (also see the Restricted Cash section of this footnote below for more information).

Based on the terms of the agreements, this amount represents compensation expense incurred related to the transaction with associated charges reflected in Selling, general and administrative expense on the accompanying Consolidated Statements of Earnings and related accruals reported in Accrued liabilities on the Consolidated Balance Sheets as of March 27, 2026.

In addition, approximately $ 10.4 million of the deferred consideration discussed above is also payable to the PA Consulting EBT, which will be distributed to PA Consulting employees on March 20, 2028.

Similar to the terms and conditions described above, this amount represents compensation expense incurred as of the transaction date and is also reflected in Selling, general and administrative expense on the accompanying Consolidated Statements of Earnings and in Other deferred liabilities on the Consolidated Balance Sheets as of and for the period ended March 27, 2026.

Other transaction costs associated with the PA Consulting Transaction of $ 36.0 million is reflected within Retained earnings and presented in the Consolidated Statements of Stockholders' Equity for the six months ended March 27, 2026.

Prior to the PA Consulting Transaction, during the first half of fiscal 2026 and 2025, PA Consulting repurchased certain shares of the redeemable noncontrolling interest holders for $ 0.4 million and $ 4.1 million respectively, in cash.

The difference between the cash purchase prices and the recorded book values of these repurchased and issued interests was recorded in the Company’s consolidated retained earnings.

The Company held approximately 71 % of the outstanding ownership of PA Consulting as of December 26, 2025 and September 26, 2025.

For the three months ended December 26, 2025 and December 27, 2024, there was a $ 0.06 and $ 0.04 adjustment to earnings per share resulting from adjustments to the redeemable noncontrolling interests to reflect the excess of redemption values over fair values of the B common shares component of the redeemable noncontrolling interests.

The redemption value adjustments associated with redeemable noncontrolling interests preference share repurchase and reissuance activities that were recorded had an immaterial impact to earnings per share for the three months ended December 26, 2025 and December 27, 2024.

The changes above had no impact on the Company’s overall results of operations, financial position or cash flows.

See Note 6- Earnings Per Share and Certain Related Information for more information.

Changes in the redeemable noncontrolling interests d uring the three months ended December 26, 2025 are as follows (in thousands):

The Company held approximately 71 % of the outstanding ownership of PA Consulting prior to the PA Consulting Transaction completion date and as of September 26, 2025.

JACOBS SOLUTIONS INC.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

During the first half of fiscal 2026 and 2025, there were adjustments of $ 0.11 and $ 0.05 , respectively, to consolidated earnings per share resulting from adjustments to the redeemable noncontrolling interests to reflect the excess of redemption values over fair values of the B common shares component of the redeemable noncontrolling interests.

The redemption value adjustments associated with redeemable noncontrolling interests preference share repurchase and reissuance activities that were recorded had an immaterial impact to earnings per share for the six months ended March 27, 2026 and March 28, 2025.

As a result of the PA Consulting Transaction, these shares were redeemed at fair value therefore there was no cumulative impact to EPS.

The changes above had no impact on the Company’s overall results of operations, financial position or cash flows.

See Note 6- Earnings Per Share and Certain Related Information for more information.

Changes in the redeemable noncontrolling interests d uring the six months ended March 27, 2026 are as follows (in thousands):

Balance at September 26, 2025 $ 1,018,694

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Attribution of Preferred Dividend to Common Shareholders ( 42,290 )

Net earnings attributable to redeemable noncontrolling interests to Common Shareholders 5,720

Net loss attributable to redeemable noncontrolling interests to Common Shareholders

Redeemable Noncontrolling interests redemption value adjustment 129,413

1 unchanged sentence

Cumulative translation adjustments and other

Balance at December 26, 2025 $ 1,092,980

In addition, certain employees and non-employees of PA Consulting are eligible to receive equity-based incentive grants since the March 2, 2021 original investment date.

Under the terms of the applicable agreements, these grants have reached vested status on a tranche basis of approximately 40 % through July 2025, with the remaining 60 % anticipated to vest and result in associated expense recognition upon a liquidity event, as defined in the applicable agreements, which is expected to take place in 2026.

The Company has accrued liabilities associated with the vested grants at fair value in the amounts of $ 127.5 million and $ 103.8 million reported in Other deferred liabilities in our Consolidated Balance Sheets as of December 26, 2025 and September 26, 2025, respectively.

Also, during the three months ended December 26, 2025 and December 27, 2024, the Company has recorded $ 22.6 million and $ 5.9 million, respectively, in expenses associated with these agreements, which is reflected in selling, general and administrative expenses in the Consolidated Statements of Earnings.

As of December 26, 2025, there was approximately $ 178 million of total unrecognized compensation cost related to the remaining 60 % vesting of the associated grants under these agreements based on December 26, 2025 fair values which are anticipated to vest upon a liquidity event, as defined in the applicable agreements.

This cost is expected to be recognized in Selling, general and administrative expenses when such a liquidity event is considered probable, which could occur in the second quarter of fiscal 2026.

On January 2, 2026, Jacobs entered into an Implementation Deed (the “Implementation Deed”) with PA Consulting.

Pursuant to the Implementation Deed and certain related agreements, and subject to the terms and conditions thereof, Jacobs will acquire from shareholders of PA Consulting all of the remaining issued share capital of PA Consulting ("PA Shares") owned by the PA Consulting shareholders other than Jacobs and its affiliates.

The Company will acquire the PA Shares for an aggregate initial consideration of approximately £ 1.216 billion to be paid through a combination of cash and new shares of Jacobs' common stock, par value $ 1.00 per share (“Company Common Stock”), with the number of shares of Company Common Stock set at 20 % of the aggregate initial consideration, net of certain PA Consulting shareholder expenses and after making payments with respect to certain PA Shares which the Company has agreed to acquire for 100 % cash, and issued at a price of £ 100.20 per share, as set forth in the Implementation Deed.

The initial consideration is subject to adjustment in accordance with the terms of the Implementation Deed.

Assuming the transaction closes, on the second anniversary of the effective date as defined under the terms of the Implementation Deed, the Company will pay an additional £ 75 million in shares of Company Common Stock, cash or a combination thereof, as determined by the Company in its sole discretion (the transactions described in this paragraph, collectively, the “PA Consulting Transaction”).

The completion of the PA Consulting Transaction is subject to the satisfaction or waiver of certain closing conditions, including approvals by the PA Consulting shareholders, the High Court of Justice in England and Wales, the UK Secretary of State and the Danish Business Authority, and the consummation of certain related transactions.

The PA Consulting Transaction is expected to close in the second quarter of fiscal 2026.

Upon consummation of the PA Consulting Transaction, the Company will no longer carry Redeemable Noncontrolling Interests on the Jacobs Consolidated Financial Statements commencing with the period in which the transaction is consummated.

Redemption of redeemable noncontrolling interests relating to the PA Consulting Transaction

( 1,119,417 )

Balance at March 27, 2026 $ —

In addition, certain employees and non-employees of PA Consulting were eligible to receive equity-based incentive grants since the March 2, 2021 original investment date.

Under the terms of the applicable agreements, these grants reached vested status on a tranche basis of approximately 40 % through July 2025, and the remaining 60 % vested on March 20, 2026 upon completion of the PA Consulting Transaction.

The previously recorded accrued liabilities in connection with the vested grants under these agreements (reported in Other deferred liabilities on our Consolidated Balance Sheets at fair value) were settled with transaction proceeds in connection with the PA Consulting Transaction on March 20, 2026.

No remaining unrecognized compensation costs are expected to be incurred in connection with these agreements in the future.

As of September 26, 2025, the liabilities for the vested grants associated with these equity-based incentive agreements were reported at fair value in the amount of $ 103.8 million and reflected in Other deferred liabilities in our Consolidated Balance Sheets.

Further, during the six months ended March 27, 2026 and March 28, 2025, the Company has recorded $ 237.5 million and $ 13.9 million, respectively, in expenses associated with these agreements, which were reflected in Selling, general and administrative expenses in the Consolidated Statements of Earnings.

Restricted Cash

The Company's investment in PA Consulting includes $ 1.0 million and $ 1.4 million at December 26, 2025 and September 26, 2025, respectively, in cash that is restricted from general use and is reflected in Prepaid expenses and other in the Company's Consolidated Balance Sheets.

The Company's Consolidated Balance Sheets include restricted cash amounts of $ 116.5 million and $ 1.4 million at March 27, 2026 and September 26, 2025, respectively, in PA Consulting subsidiaries that is restricted from general use and is reflected in Prepaid expenses and other, with the increase due primarily to the PA Consulting Transaction as described above.

JACOBS SOLUTIONS INC.

3 unchanged sentences

During fiscal 2023, the Company implemented restructuring and separation initiatives relating to the Separation Transaction (s ee Note 14- Discontinued Operations for additional information) which continued through fiscal years 2024 and 2025 ;

Jacobs has substantially completed the restructuring program for the Separation Transaction at the end of calendar yea r 2025.

Restructuring initiatives were also implemented during fiscal 2023 relating to our PA Consulting business, which are substantially completed.

During the first fiscal quarter of 2026, the Company implemented integration initiatives relating to the PA Consulting Transaction (see Note 15- PA Consulting Redeemable Noncontrolling Interests for additional information).

Jacobs has substantially completed the restructuring program for the Separation Transaction at the end of calendar year 2025.

Rest ructuring initiatives were also implemented during fiscal 2023 relating to our PA Consulting business, which are substantially completed.

During fiscal 2026, the Company implemente d integration initiatives r elating to the PA Consulting Transaction (see Note 15- PA Consulting Redeemable Noncontrolling Interests for additional information).

While restructuring activities for these programs are comprised mainly of employee termination costs, the separation and integration activities are primarily related to the engagement of outside services, dedicated internal personnel and other related costs dedicated to those transactions.

Collectively, the above-mentioned restructuring activities are referred to as “Restructuring and other charges.”

The following table summarizes the impacts of the Restructuring and other charges by operating segment for the three months ended December 26, 2025 and December 27, 2024 (in thousands):

Three Months Ended

December 26, 2025 December 27, 2024

The following table summarizes the impacts of the Restructuring and other charges by operating segment for the three and six months ended March 27, 2026 and March 28, 2025 (in thousands):

Three Months Ended Six Months Ended

March 27, 2026 March 28, 2025 March 27, 2026 March 28, 2025

Infrastructure & Advanced Facilities

2 unchanged sentences

$ 14,171 $ 10,663 $ 18,169 $ 25,403

(1) The three months ended December 26, 2025 and December 27, 2024 included approximately $ 2.2 million and $ 15.0 million, respectively, in restructuring and other charges relating to the Separation Transaction (primarily professional services and employee separation costs).

The three months ended December 26, 2025 included approximately $ 1.8 million in restructuring and other charges relating to the PA Consulting Transaction (primarily professional services and dedicated internal personnel), which were included in operating profit in the Company's Consolidated Statement of Earnings (mainly in SG&A).

The activity in the Company’s accruals for Restructuring and other charges for the three months ended December 26, 2025 is as follows (in thousands):

(1) The three and six months ended March 27, 2026 and March 28, 2025 included approximately $ 7.6 million and $ 9.9 million , respectively, and $ 10.2 million and $ 25.1 million, respectively, in restructuring and other charges relating to the Separation Transaction (primarily employee separation costs and professional services).

The three and six months ended March 27, 2026 included approximately $ 6.5 million and $ 8.3 million in restructuring and other charges relating to the PA Consulting Transaction (primarily professional services and dedicated internal personnel), which were included in Operating (loss) profit in the Company's Consolidated Statement of Earnings (mainly in SG&A).

The activity in the Company’s accruals for Restructuring and other charges for the six months ended March 27, 2026 is as follows (in thousands):

Balance at September 26, 2025

Payments and other ( 21,070 )

Balance at December 26, 2025 $ 4,360

The following table summarizes the Restructuring and other charges by major type of costs for the three months ended December 26, 2025 and December 27, 2024 (in thousands):

Three Months Ended

December 26, 2025 December 27, 2024

Balance at March 27, 2026 $ 11,615

The following table summarizes the Restructuring and other charges by major type of costs for the three and six months ended March 27, 2026 and March 28, 2025 (in thousands):

Three Months Ended Six Months Ended

March 27, 2026 March 28, 2025 March 27, 2026 March 28, 2025

Voluntary and Involuntary Termination $ 8,056 $ 4,503 $ 9,765 $ 4,888

1 unchanged sentence

1,865 4,956 3,040 16,368

(1) Amounts in the three months ended December 26, 2025 are comprised of professional services relating to the Separation Transaction and PA Consulting Transaction.

Amounts in the three months ended December 27, 2024 are comprised of professional services relating to the Separation Transaction.

(2) Amounts in the three months ended December 26, 2025 are comprised of charges relating to the PA Consulting Transaction and Separation Transaction.

Amounts in the three months ended December 27, 2024 are comprised of charges relating to the Separation Transaction.

4,250 1,204 5,364 4,147

$ 14,171 $ 10,663 $ 18,169 $ 25,403

(1) Amounts in the three and six months ended March 27, 2026 are mainly comprised of $ 2.2 million and $ 2.5 million, respectively, relating to the PA Consulting Transaction.

Amounts in the three and six months ended March 28, 2025 are comprised of professional services relating to the Separation Transaction.

(2) Amounts in the three and six months ended March 27, 2026 are comprised mainly of charges relating to the PA Consulting Transaction.

Amounts in the three and six months ended March 28, 2025 are comprised of charges relating to the Separation Transaction.

JACOBS SOLUTIONS INC.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Cumulative amounts incurred to date for restructuring and other programs that were active as of December 26, 2025 by each major type of cost are as follows (in thousands):

Cumulative amounts incurred to date for restructuring and other programs that were active as of March 27, 2026 by each major type of cost are as follows (in thousands):

Voluntary and Involuntary Termination $ 118,807

9 unchanged sentences

See Note 12- Borrowings for further discussion relating to the terms of the 5.90 % Bonds .

The unrealized net gain on these instruments was $ 20.2 million and $ 20.9 million, net of tax, and is included in accumulated other comprehensive loss as of December 26, 2025 and September 26, 2025, respectively.

The unrealized net gain on these instruments was $ 19.5 million and $ 20.9 million, net of tax, and is included in Accumulated other comprehensive loss as of March 27, 2026 and September 26, 2025, respectively.

In fiscal 2020 we entered into interest rate swap agreements to manage the interest rate exposure on our variable rate loans.

1 unchanged sentence

During the fiscal 2023 transition from LIBOR to SOFR, the terms of the swaps were amended accordingly and remained designated as cash-flow hedges in accordance with ASC 815, Derivatives and Hedging .

As of December 26, 2025 and September 26, 2025, the Company has one ten-year outstanding instrument with a notional value of $ 200.0 million.

The fair value of the interest rate swap at December 26, 2025 and September 26, 2025 was $ 19.3 million and $ 20.5 million, respectively, included within miscellaneous other assets on the Consolidated Balance Sheet.

The unrealized net gain on the interest rate swap as of December 26, 2025 and September 26, 2025 was $ 14.7 million and $ 15.6 million, respectively, net of tax, and was included in accumulated other comprehensive loss.

Additionally, the Company held foreign exchange forward contracts in currencies that support our operations, including Australian Dollar, British Pound and other currencies, with notional values of $ 439.8 million at December 26, 2025 and $ 491.9 million at September 26, 2025.

As of March 27, 2026 and September 26, 2025, the Company has one ten-year outstanding instrument with a notional value of $ 200.0 million .

The fair value of the interest rate swap at March 27, 2026 and September 26, 2025 was $ 20.0 million and $ 20.5 million, respectively, included within miscellaneous other assets on the Consolidated Balance Sheet.

The unrealized net gain on the interest rate swap as of March 27, 2026 and September 26, 2025 was $ 15.2 million and $ 15.6 million, respectively, net of tax, and was included in Accumulated other comprehensive loss.

Additionally, the Company held foreign exchange forward contracts in currencies that support our operations, including British Pound, Australian Dollar and other currencies, with notional values of $ 1.89 billion at March 27, 2026 and $ 491.9 million at September 26, 2025.

The length of these contracts currently ranges from one to three months .

The fair value of the foreign exchange contracts at December 26, 2025 was $ 1.9 million, of which $ 2.1 million is included within current assets and $( 0.2 ) million is included within current liabilities on the Consolidated Balance Sheet as of December 26, 2025.

The fair value of the foreign exchange contracts at March 27, 2026 was $ 2.8 million , of which $ 4.8 million is included within current assets and $( 2.0 ) million is included within current liabilities on the Consolidated Balance Sheet as of March 27, 2026.

The fair value of the contracts as of September 26, 2025 was $( 0.3 ) million, of which $( 2.3 ) million is included within current liabilities and $ 2.0 million is included within current assets on the Consolidated Balance Sheet as of September 26, 2025.

A ssociated income statement impacts are included in miscellaneous income (expense) in the Consolidated Statements of Earnings for both periods.

A ssociated income statement impacts are included in Miscellaneous expense in the Consolidated Statements of Earnings for both periods.

In addition, on January 5, 2026, in connection with the PA Consulting Transaction, the Company entered into a foreign exchange forward contract with a notional value of $ 1.31 billion to manage its exposure to fluctuations in foreign currency exchange rates arising from its obligation to deliver the cash portion of the initial consideration payable in such transaction.

The fair value measurements of these derivatives are being made using Level 2 inputs under ASC 820, Fair Value Measurement , as the measurements are based on observable inputs other than quoted prices in active markets.

On March 12, 2026 the company entered into an additional hedge with a notional value of $ 60.1 million to offset the original hedged amount.

These were subsequently settled on March 18, 2026 and a combined loss of $( 20.5 ) million was recorded in Miscellaneous expense in the Consolidated Statements of Earnings as of March 27, 2026.

JACOBS SOLUTIONS INC.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

exposed to risk from credit-related losses resulting from nonperformance by counterparties to our financial instruments.

We are exposed to risk from credit-related losses resulting from nonperformance by counterparties to our financial instruments.

We perform credit evaluations of our counterparties under forward exchange and interest rate contracts and expect all counterparties to meet their obligations.

4 unchanged sentences

Contractual Guarantees, Legal Proceedings, Claims, Investigations and Insurance

In the normal course of business, we make contractual commitments (some of which are supported by separate guarantees) and on occasion we are a party in a litigation or arbitration proceeding, such as the Consolidated JV Matter (as defined in our fiscal 2025 Annual Report on Form 10-K).

The litigation or arbitration in which we are involved includes personal injury claims, professional liability claims and breach of contract claims.

5 unchanged sentences

Guarantees are accounted for in accordance with ASC 460-10, Guarantees , at fair value at the inception of the guarantee.

At December 26, 2025 and September 26, 2025, the Company had issued and outstanding approximately $ 250.1 million and $ 217.0 million, respectively, in LOCs and $ 3.0 billion and $ 2.8 billion, respectively, in surety bonds.

Of the outstanding LOC amount, $ 0.3 million has been issued under the Revolving Credit Facility and $ 249.8 million are issued under separate, committed and uncommitted letter-of-credit facilities.

At March 27, 2026 and September 26, 2025, the Company had issued and outstanding approximately $ 253.4 million and $ 217.0 million, respectively, in LOCs and $ 3.0 billion and $ 2.8 billion, respectively, in surety bonds.

Of the outstanding LOC amount, $ 0.3 million has been issued under the JSI Revolving Credit Facility and $ 253.1 million are issued under separate, committed and uncommitted letter-of-credit facilities.

We maintain insurance coverage for most insurable aspects of our business and operations.

11 unchanged sentences

Insurance recoveries are recorded as assets if recovery is probable and estimated liabilities are not reduced by expected insurance recoveries.

The Company believes, after consultation with counsel, that such guarantees, litigation, U.S.

government contract-related audits, investigations and claims, and income tax audits and investigations should not have a material adverse effect on our consolidated financial statements, beyond amounts currently accrued.

JACOBS SOLUTIONS INC.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

On January 2, 2026, Jacobs entered into an Implementation Deed with PA Consulting, pursuant to which Jacobs UK Holdings Limited will acquire from shareholders of PA Consulting, other than Jacobs and its affiliates, all of the remaining issued share capital of PA Consulting owned by such shareholders in the PA Consulting Transaction.

Jacobs has agreed to unconditionally and irrevocably guarantee to the other parties the performance and observance by Jacobs UK Holdings Limited of all its obligations, commitments, undertakings and warranties under the Implementation Deed.

The Company believes, after consultation with counsel, that such guarantees, litigation, U.S.

On January 2, 2026, Jacobs entered into the Implementation Deed with PA Consulting, pursuant to which (and certain related agreements) Jacobs UK Holdings Limited acquired from shareholders of PA Consulting, other than Jacobs and its affiliates, all of the remaining issued share capital of PA Consulting owned by such shareholders in the PA Consulting Transaction.

The transaction was completed on March 20, 2026.

Jacobs agreed to unconditionally and irrevocably guarantee, for the period between signing of and closing of the transaction, to the other parties the performance and observance by Jacobs UK Holdings Limited of all its obligations, commitments, undertakings and warranties under the Implementation Deed.

For further information, refer to Note 15- PA Consulting Redeemable Noncontrolling Interests .

9 unchanged sentences

The CODM does not review segment assets as a measure of segment performance.

The following tables present total revenues, direct cost of contracts, selling, general and administrative expenses and segment operating profit from continuing operations for each reportable segment (in thousands) and includes a reconciliation of segment operating profit to total U.S.

GAAP operating profit by including certain corporate-level expenses, Restructuring and other charges (as defined in Note 16- Restructuring and Other Charges ) and transaction and integration costs (in thousands) for the three months ended:

JACOBS SOLUTIONS INC.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

December 26, 2025

Infrastructure & Advanced Facilities PA Consulting Total

For the three months ended For the six months ended

March 27, 2026 March 27, 2026

Infrastructure & Advanced Facilities PA Consulting Total Infrastructure & Advanced Facilities PA Consulting Total

Revenues from External Customers (1)

$ 3,336,307 $ 358,574 $ 3,694,881 $ 6,275,155 $ 713,007 $ 6,988,162

Direct cost of contracts (2)

3 unchanged sentences

Segment Operating Profit (1)

$ 225,223 $ 79,864 $ 305,087 $ 439,965 $ 164,756 $ 604,721

Restructuring, Transaction and Other Charges (3)

( 352,200 ) ( 381,277 )

Amortization of Intangible Assets ( 34,063 ) ( 72,059 )

1 unchanged sentence

Total Other (Expense) Income, net (4)

( 49,430 ) ( 75,769 )

Earnings from Continuing Operations Before Taxes $ ( 130,606 ) $ 75,616

(1) The three and six months ended March 27, 2026 I&AF revenue and operating profit in comparison to the corresponding periods for fiscal 2025 reflected lower charges in connection with the Consolidated JV Matter (as defined below).

(2) Direct cost of contracts and SG&A are considered to be significant segment expense categories as amounts align with, or are easily computable from, the segment-level information regularly provided to the CODM.

(2) The three months ended December 26, 2025 included $ 2.2 million in restructuring and other charges relating to the Separation Transaction (primarily professional services and employee separation costs), as well as $ 1.8 million in restructuring and other charges relating to the PA Consulting Transaction (primarily professional services and dedicated internal personnel), and $ 22.7 million in charges for certain subsidiary level compensation based agreements.

December 27, 2024

Infrastructure & Advanced Facilities PA Consulting Total

(3) The three and six months ended March 27, 2026 included $ 214.9 million and $ 237.5 million, respectively, in charges for certain subsidiary level compensation based agreements as well as $ 120.4 million and $ 122.7 million, respectively, in costs relating to the PA Consulting Transaction, $ 123.9 million of which represents consideration to be distributed to PA Consulting employees as compensation expense.

The three and six months ended March 27, 2026 included $ 7.6 million and $ 9.9 million, respectively, in restructuring and other charges relating to the Separation Transaction (primarily professional services and employee separation costs), as well as $ 6.5 million and $ 8.3 million, respectively, in restructuring and other charges relating to the PA Consulting Transaction (primarily professional services and dedicated internal personnel).

(4) The three and six months ended March 27, 2026 included a $ 20.5 million loss on the foreign exchange forward contract in connection with the PA Consulting Transaction (see Note 17- Commitments and Contingencies and Derivative Financial Instruments ).

JACOBS SOLUTIONS INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

For the Three Months Ended For the six months ended

March 28, 2025 March 28, 2025

Infrastructure & Advanced Facilities PA Consulting Total Infrastructure & Advanced Facilities PA Consulting Total

Revenues from External Customers (1)

$ 2,602,753 $ 307,662 $ 2,910,415 $ 5,228,961 $ 614,410 $ 5,843,371

Direct cost of contracts (2)

3 unchanged sentences

Segment Operating Profit (1)

$ 203,265 $ 67,347 $ 270,612 $ 413,539 $ 134,084 $ 547,623

Restructuring, Transaction and Other Charges (3)

( 23,924 ) ( 53,856 )

Amortization of Intangible Assets ( 38,040 ) ( 76,701 )

1 unchanged sentence

Total Other (Expense) Income, net (4)

( 152,825 ) ( 308,095 )

Earnings from Continuing Operations Before Taxes $ 55,823 $ 108,971

(1) The three and six months ended March 28, 2025 I&AF revenue and operating profit were impacted by a reserve in connection with an unfavorable interim ruling against a consolidated joint venture in which the Company holds a 50 % interest (the "Consolidated JV Matter"), with the noncontrolling partner’s share included in noncontrolling interests in the Consolidated Statements of Earnings for the respective period.

(2) The three months ended December 27, 2024 included $ 15.0 million in restructuring and other charges relating to the Separation Transaction (primarily professional services and employee separation costs), $ 6.0 million in charges for certain subsidiary level compensation based agreements as well as $ 7.9 million in charges associated with the Company's TSA with Amentum.

(3) The three months ended December 27, 2024 included $ 145.2 million in mark-to-market losses associated with our investment in Amentum stock in connection with the Separation Transaction.

(3) The three and six months ended March 28, 2025 included $ 10.2 million and $ 25.1 million, respectively, in restructuring and other charges relating to the Separation Transaction (primarily professional services and employee separation costs), as well as $ 8.0 million and $ 13.9 million, respectively, in charges for certain subsidiary level compensation based agreements.

The three and six months ended March 28, 2025 included approximately $ 8.4 million and $ 16.2 million, respectively, in charges associated with the Company's TSA with Amentum.

(4) The three and six months ended March 28, 2025 included $ 109.5 million and $ 254.7 million, respectively, in mark-to-market losses and other related charges associated with our former investment in Amentum stock in connection with the Separation Transaction, as well as $ 10.3 million and $ 21.7 million, respectively, in income associated with the Company's TSA with Amentum (see Note 14- Discontinued Operations ).

The three and six months ended March 28, 2025 included $ 20.5 million in discounts and expenses associated with the Equity for-Debt Transaction (see Note 12- Borrowings and Note 14- Discontinued Operations ).

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