{"success":true,"data":{"pressRelease":{"id":"30318","rtpr_id":"nBw2pkT8ra","ticker":"ACM","exchange":"NYSE","all_tickers":["ACM"],"title":"AECOM reports second quarter fiscal 2026 results","author":"Business Wire","published_at":"2026-05-11T20:05:01.515Z","article_body":"AECOM reports second quarter fiscal 2026 results\n\n\n * Delivered record second quarter performance\n\n * Design book-to-burn ratio of 1.2 drove 8% total backlog growth to a record\nhigh; 22(nd) consecutive quarter with a book-to-burn ratio in excess of 1\n\n * Continued to execute returns-based capital allocation policy\n\n * Raised earnings guidance for a second consecutive quarter\n\nAECOM (NYSE:ACM), the trusted global infrastructure leader, today reported\nsecond quarter fiscal 2026 results.\n\nSecond Quarter Highlights:\n\n\n * Reflecting as reported GAAP performance from continuing operations, second\nquarter revenue increased 1% to $3.8 billion, operating income declined 4% to\n$248 million, net income increased 19% to $184 million and diluted earnings\nper share increased 22% to $1.42.\n\n * Net service revenue(1) increased 4% on an as reported basis, or 2% on a\nconstant-currency basis, highlighted by 8% constant-currency growth in the\nAmericas design business.\n\n * The segment adjusted(2) operating margin(3) increased by 50 basis points to\n16.5% and the adjusted(2) EBITDA margin(4) increased by 20 basis points to\n16.5%, both of which set new all-time highs for a second quarter.\n\n\n* As a result, in the first half of the year, the segment adjusted operating\nmargin and the adjusted EBITDA margin were both 16.5%, increasing by 70 basis\npoints and 50 basis points, respectively, and set new records.\n\n\n\n\n * Adjusted(2) EBITDA(5) increased by 8% and adjusted(2) EPS increased by 27%.\n\n * Total backlog(6) increased by 8% to a record high, driven by a 1.2\nbook-to-burn(7) ratio in the design business.\n\n\n* The design pipeline increased by double-digits and reached a record level,\ndriven by strong funding across the Company’s markets and an expanding\naddressable market opportunity.\n\n\n\n   Second Quarter Fiscal 2026 \n (from Continuing Operations; As Reported YoY % Change Adjusted(2) YoY % Change \n \n \n \n \n \n$ in millions, except EPS) \n(GAAP) \n(Non-GAAP) \n Revenue $3,801 1% -- -- \n Net Service Revenue (NSR)(1) -- -- $1,948 2% \n Operating Income $248 (4%) $280 7% \n Segment Operating Margin(3) -- -- 16.5% +50 bps \n Net Income $184 19% $205 23% \n EPS (Fully Diluted) $1.42 22% $1.59 27% \n EBITDA(5) -- -- $312 8% \n EBITDA Margin(4) -- -- 16.5% +20 bps \n Operating Cash Flow $4 (98%) -- -- \n Free Cash Flow(8) -- -- ($27) NM \n Total Backlog(6) $26,204 8% -- -- \n\n\n“Our strong second quarter and fiscal year-to-date performance highlights\nthe strength and resiliency of our business,” said Troy Rudd, AECOM’s\nchairman and chief executive officer. “Our competitive advantages of scale,\ninfrastructure domain and technical expertise, and strong client relationships\nare key to our successes. We are continuing to invest at record levels to\nenhance our client value proposition and expand our addressable market, which\nincludes our proprietary AI investments and growing our Advisory practice.\nTaken together, we are well positioned to deliver on both our twice-raised\nfiscal 2026 guidance and our long-term financial targets.”\n\n“Our teams continue to build momentum and our investments to extend our\ncompetitive advantages are contributing to a strengthened client value\nproposition,” said Lara Poloni, AECOM’s president. “Now more than ever,\nwe are positioned to deliver complex technical expertise at scale.”\n\n“As our second quarter performance and raised full year financial guidance\nunderscore, we have an enduring competitive advantage that allows us to\ncontinue to deliver,” said Gaurav Kapoor, AECOM’s chief financial and\noperations officer. “Our competitive advantages have enabled us to\nconsistently win increasingly valuable projects, and in turn, deliver\ncontinued earnings growth year after year.”\n\nCash Flow and Capital Allocation\n\n\n * Underlying cash flow in the second quarter was consistent with expectations,\nbut was offset by delayed payment timing in the Middle East business, as well\nas longer-than-anticipated claim resolution on certain projects.\n\n * Importantly, collections in the Middle East have already recovered in the\nfiscal third quarter and AECOM reiterated its full year free cash flow\nguidance, as well as its long-term 100%+ free cash flow conversion target.\n\n * The Company returned $155 million to shareholders through repurchases and\ndividends in the quarter.\n\n\n* Since the initiation of its repurchase program in September 2020, the\nCompany\nhas returned more than $3.5 billion of capital to shareholders.\n\n * The Company remains committed to executing its returns-focused capital\nallocation policy, which includes returning substantially all available cash\nflow to shareholders through repurchases and dividends.\n\n\n\n\n * The Company maintains a strong balance sheet with net leverage(9) of 1.2x.\n\nFiscal 2026 and Long-Term Financial Guidance\n\n\n * The Company increased its fiscal 2026 earnings guidance, supported by its\nstrong year-to-date performance, another quarter of record backlog and\ndouble-digit pipeline growth.\n\n * As a result, the Company’s guidance now includes expectations for:\n\n\n* Adjusted(2) EPS of between $5.90 and $6.10, as compared to $5.85 to 6.05\npreviously, which now represents 14% year-over-year growth at the mid-point of\nthe range.\n\n * Adjusted(2) EBITDA(5) of between $1,275 million and $1,305 million, as\ncompared to $1,270 million and $1,305 million previously, which now represents\n7% year-over-year growth at the mid-point of the range.\n\n * Reiterated organic NSR(1) growth range of between 6% and 8%, which excludes\nthe expected approximately 200 basis point impact of fewer working days in\nfiscal 2026.\n\n * A segment adjusted operating margin(3) of 16.8% and an adjusted EBITDA\nmargin(4) of 17.0%.\n\n * Free cash flow(8) of approximately $400 million.\n\n * An average fully diluted share count of 130 million, which does not include\nany potential future benefits from capital allocation actions not yet taken,\nincluding potential repurchases.\n\n * An adjusted effective tax rate of approximately 20 – 22%.\n\n\n\n\n * In addition, the Company reaffirmed its long-term financial targets, which\nincludes its expectation to deliver a 20%+ margin exit rate by fiscal 2028 and\nto grow adjusted(2) EPS at a 15%+ CAGR from fiscal 2026 to fiscal 2029.\n\n * See the Regulation G Information tables at the end of this release for a\nreconciliation of non-GAAP measures to the most directly comparable GAAP\nmeasures.\n\nBusiness Segments\n\nAmericas\n\nRevenue in the second quarter was $2.9 billion, a 1% increase from the prior\nyear. Net service revenue(1) in the second quarter was $1.2 billion, a 5%\nincrease from the prior year, driven by 8% growth in the Americas design\nbusiness.\n\nOperating income increased by 5% over the prior year to $228 million and on an\nadjusted(2) basis increased by 10% to $239 million. The adjusted operating\nmargin on net service revenue increased by 60 basis points over the prior year\nto 20.0%, which marked a new all-time high for a second quarter. This\nperformance reflects a continued focus on driving operating efficiencies\nacross the business and the high returns on the investments the Company has\nmade and continues to make in organic growth.\n\nBacklog in the Americas segment grew by 2% to a new record high, driven by a\n1.0 book-to-burn ratio(7). The Americas design business had a 1.1 book-to-burn\nratio led by strong wins in the Transportation, Environment and Water end\nmarkets.\n\nInternational\n\nRevenue in the second quarter was $890 million, a 2% increase from the prior\nyear. Net service revenue(1) was $754 million, a 3% decrease from the prior\nyear, driven by declines in the Asia and Middle East markets.\n\nOperating income decreased by 6% over the prior year to $77 million and on an\nadjusted(2) basis increased 2% to $84 million. The adjusted operating margin\non net service revenue was effectively unchanged over the prior year at 11.1%.\nThis performance includes an impact from lower revenues in certain regions due\nto the conflict in the Middle East, as well as continued investments in\nbusiness development and strategic growth initiatives.\n\nBacklog in the International segment grew 25% over the prior year to a new\nrecord high, driven by a 1.2 book-to-burn ratio(7 )and( )strong wins in the\nU.K. and Middle East markets.\n\nTax Rate\n\nThe effective tax rate was 12.1% in the second quarter. On an adjusted(2)\nbasis, the effective tax rate was 13.9%. The adjusted tax rate was derived by\nre-computing the quarterly effective tax rate on adjusted net income(10). The\nadjusted tax expense differs from the GAAP tax expense based on the taxability\nor deductibility and tax rate applied to each of the adjustments.\n\nConference Call\n\nAECOM is hosting a conference call tomorrow at 8 a.m. Eastern Time, during\nwhich management will make a brief presentation focusing on the Company's\nresults, strategy and operating trends, and outlook. Interested parties can\nlisten to the conference call and view accompanying slides via webcast at\nhttps://investors.aecom.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestors.aecom.com&esheet=54533187&newsitemid=20260511700814&lan=en-US&anchor=https%3A%2F%2Finvestors.aecom.com&index=1&md5=1e6581007c6b43a2919ba9beea10f430)\n. The webcast will be available for replay following the call.\n (1 )Revenue, less pass-through revenue; growth rates are presented on a \n constant-currency basis, unless otherwise noted. \n (2) Excludes the impact of certain items, such as restructuring costs, \n amortization of intangible assets, non-core AECOM Capital and other items. See \n Regulation G Information for a reconciliation of non-GAAP measures to the \n comparable GAAP measures. \n (3) Reflects segment operating performance, excluding AECOM Capital and \n G&A, and margins are presented on a net service revenue basis. \n (4) Adjusted EBITDA margin includes non-controlling interests in EBITDA and is \n on a net service revenue basis. \n (5) Net income before interest expense, tax expense, depreciation and \n amortization. \n (6 )Backlog represents the total value of work for which AECOM has been \n selected that is expected to be completed by consolidated subsidiaries and \n includes the proportionate share of work expected to be performed by \n unconsolidated joint ventures. \n (7) Book-to-burn ratio is defined as the dollar amount of wins divided by \n revenue recognized during the period, including revenue related to work \n performed in unconsolidated joint ventures. \n (8) Free cash flow is defined as cash flow from operations less capital \n expenditures, net of proceeds from disposals of property and equipment; free \n cash flow conversion is defined as free cash flow divided by adjusted net \n income attributable to AECOM. \n (9) Net leverage is comprised of EBITDA as defined in the Company’s credit \n agreement dated October 17, 2014, as amended, and total debt on the \n Company’s financial statements, net of total cash and cash equivalents. \n (10) Inclusive of non-controlling interest deduction and adjusted for \n financing charges in interest expense, the amortization of intangible assets \n and is based on continuing operations. \n\n\nAbout AECOM\n\nAECOM (NYSE: ACM) is the global infrastructure leader, committed to delivering\na better world. As a trusted professional services firm powered by deep\ntechnical abilities, we solve our clients’ complex challenges in water,\nenvironment, energy, transportation and buildings. Our teams partner with\npublic- and private-sector clients to create innovative, sustainable and\nresilient solutions throughout the project lifecycle – from advisory,\nplanning, design and engineering to program and construction management. AECOM\nis a Fortune 500 firm that had revenue of $16.1 billion in fiscal year 2025.\nLearn more at aecom.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Faecom.com%2F&esheet=54533187&newsitemid=20260511700814&lan=en-US&anchor=aecom.com&index=2&md5=c611e7eaed57460bfb54dede0efa9b28)\n.\n\nForward-Looking Statements\n\nAll statements in this communication other than statements of historical fact\nare “forward-looking statements” for purposes of federal and state\nsecurities laws, including any statements of the plans, strategies and\nobjectives for future operations, profitability, strategic value creation,\ncapital allocation strategy including stock repurchases, risk profile and\ninvestment strategies, and any statements regarding future economic conditions\nor performance, and the expected financial and operational results of AECOM.\nAlthough we believe that the expectations reflected in our forward-looking\nstatements are reasonable, actual results could differ materially from those\nprojected or assumed in any of our forward-looking statements. Important\nfactors that could cause our actual results, performance and achievements, or\nindustry results to differ materially from estimates or projections contained\nin our forward-looking statements include, but are not limited to, the\nfollowing: our business is cyclical and vulnerable to economic downturns and\nclient spending reductions; government shutdowns; changes in administration or\nother funding directives and circumstances that cause governmental agencies to\nmodify, curtail or terminate our contracts; government contracts are subject\nto audits and adjustments of contractual terms; long-term government contracts\nare subject to uncertainties related to government contract appropriations;\nlosses under fixed-price contracts; limited control over operations run\nthrough our joint venture entities; liability for misconduct by our employees\nor consultants; changes in government laws, regulations and policies,\nincluding failure to comply with laws or regulations applicable to our\nbusiness; maintaining adequate surety and financial capacity; potential high\nleverage and inability to service our debt and guarantees; our capital\nallocation strategy, including our ability to continue payment of dividends\nand purchase stock; exposure to political and economic risks in different\ncountries, including tariffs and trade policies, geopolitical events, and\nconflicts; inflation, currency exchange rates and interest rate fluctuations;\nchanges in capital markets and stock market volatility; retaining and\nrecruiting key technical and management personnel; legal claims and\nlitigation; inadequate insurance coverage; environmental law compliance and\ninadequate nuclear indemnification; unexpected adjustments and cancellations\nrelated to our backlog; partners and third parties who may fail to satisfy\ntheir legal obligations; managing pension costs; AECOM Capital real estate\ndevelopment; cybersecurity issues, IT outages and data privacy; risks\nassociated with the benefits and costs of the sale of our Management Services\nand self-perform at-risk civil infrastructure, power construction and oil and\ngas construction businesses, including the risk that any purchase adjustments\nfrom those transactions could be unfavorable and any future proceeds owed to\nus as part of the transactions could be lower than we expect; risks associated\nwith our strategic initiatives, including AI investments and potential\nacquisitions and divestitures; as well as other additional risks and factors\nthat could cause actual results to differ materially from our forward-looking\nstatements set forth in our reports filed with the Securities and Exchange\nCommission. Any forward-looking statements are made as of the date hereof. We\ndo not intend, and undertake no obligation, to update any forward-looking\nstatement.\n\nNon-GAAP Financial Information\n\nThis communication contains financial information calculated other than in\naccordance with U.S. generally accepted accounting principles (“GAAP”).\nThe Company believes that non-GAAP financial measures such as adjusted EPS,\nadjusted EBITDA, adjusted EBITDA margin, adjusted net/operating income,\nsegment adjusted operating margin, adjusted tax rate, net service revenue and\nfree cash flow provide a meaningful perspective on its business results as the\nCompany utilizes this information to evaluate and manage the business. We use\nadjusted operating income, adjusted net income, adjusted EBITDA, adjusted\nEBITDA margin, and adjusted EPS to exclude the impact of certain items, such\nas amortization expense and taxes to aid investors in better understanding our\ncore performance results. We use free cash flow to present the cash generated\nfrom operations after capital expenditures to maintain our business. We\npresent net service revenue (NSR) to exclude pass-through subcontractor costs\nfrom revenue to provide investors with a better understanding of our\noperational performance. We present segment adjusted operating margin to\nreflect segment operating performance of our Americas and International\nsegments, excluding AECOM Capital. We present adjusted tax rate to reflect the\ntax rate on adjusted earnings. We also use constant-currency growth rates\nwhere appropriate, which are calculated by conforming the current period\nresults to the comparable period exchange rates.\n\nOur non-GAAP disclosure has limitations as an analytical tool, should not be\nviewed as a substitute for financial information determined in accordance with\nGAAP, and should not be considered in isolation or as a substitute for\nanalysis of our results as reported under GAAP, nor is it necessarily\ncomparable to non-GAAP performance measures that may be presented by other\ncompanies. A reconciliation of these non-GAAP measures is found in the\nRegulation G Information tables at the back of this communication. The Company\nis unable to reconcile certain of its non-GAAP financial guidance and\nlong-term financial targets due to uncertainties in these non-operating items\nas well as other adjustments to net income. The Company is unable to provide a\nreconciliation of its guidance for NSR to GAAP revenue because it is unable to\npredict with reasonable certainty its pass-through revenue. In addition, the\nCompany is unable to provide a reconciliation of its guidance for financial\nmetrics excluding the Construction Management business due to uncertainties in\nthese non-operating items as well as other adjustments to these measures.\n AECOM \n \n \n \nConsolidated Statements of Income \n \n \n \n(unaudited - in thousands, except per share data) \n   \n     Three Months Ended   Six Months Ended   \n     March 31, 2026   March 31, 2025   % Change   March 31, 2026   March 31, 2025   % Change   \n                             \n Revenue   $ 3,801,143     $ 3,771,613     0.8 %   $ 7,631,977     $ 7,785,765     (2.0 )%   \n Cost of revenue     3,504,643       3,480,852     0.7 %     7,054,487       7,226,600     (2.4 )%   \n Gross profit     296,500       290,761     2.0 %     577,490       559,165     3.3 %   \n Equity in earnings of joint ventures     9,122       6,864     32.9 %     18,949       16,417     15.4 %   \n General and administrative expenses     (44,301 )     (40,054 )   10.6 %     (85,140 )     (80,513 )   5.7 %   \n Restructuring and acquisition costs     (13,565 )     -     NM       (41,498 )     -     NM     \n Income from operations     247,756       257,571     (3.8 )%     469,801       495,069     (5.1 )%   \n   \n Other income (expense)     10,637       (8,748 )   (221.6 )%     18,456       (1,824 )   (1111.8 )%   \n Interest income     13,712       14,530     (5.6 )%     27,453       31,094     (11.7 )%   \n Interest expense     (50,570 )     (42,205 )   19.8 %     (95,836 )     (85,239 )   12.4 %   \n Income from continuing operations before taxes     221,535       221,148     0.2 %     419,874       439,100     (4.4 )%   \n Income tax expense for continuing operations     26,841       51,238     (47.6 )%     65,924       80,470     (18.1 )%   \n Income from continuing operations     194,694       169,910     14.6 %     353,950       358,630     (1.3 )%   \n Loss from discontinued operations     (4,246 )     (10,370 )   (59.1 )%     (70,150 )     (19,886 )   252.8 %   \n Net income     190,448       159,540     19.4 %     283,800       338,744     (16.2 )%   \n                             \n Net income attributable to noncontrolling interests from continuing operations     (10,588 )     (15,812 )   (33.0 )%     (29,420 )     (27,182 )   8.2 %   \n Net income attributable to noncontrolling interests from discontinued     -       (334 )   (100.0 )%     -       (1,126 )   (100.0 )%   \n operations \n Net income attributable to noncontrolling interests     (10,588 )     (16,146 )   (34.4 )%     (29,420 )     (28,308 )   3.9 %   \n                             \n Net income attributable to AECOM from continuing operations     184,106       154,098     19.5 %     324,530       331,448     (2.1 )%   \n Net loss attributable to AECOM from discontinued operations     (4,246 )     (10,704 )   (60.3 )%     (70,150 )     (21,012 )   233.9 %   \n Net income attributable to AECOM   $ 179,860     $ 143,394     25.4 %   $ 254,380     $ 310,436     (18.1 )%   \n                             \n Net income (loss) attributable to AECOM per share:                           \n Basic continuing operations per share   $ 1.43     $ 1.16     23.3 %   $ 2.50     $ 2.50     0.0 %   \n Basic discontinued operations per share     (0.03 )     (0.08 )   (62.5 )%     (0.54 )     (0.16 )   237.5 %   \n Basic earnings per share   $ 1.40     $ 1.08     29.6 %   $ 1.96     $ 2.34     (16.2 )%   \n                             \n Diluted continuing operations per share   $ 1.42     $ 1.16     22.4 %   $ 2.48     $ 2.48     0.0 %   \n Diluted discontinued operations per share     (0.03 )     (0.08 )   (62.5 )%     (0.53 )     (0.15 )   253.3 %   \n Diluted earnings per share   $ 1.39     $ 1.08     28.7 %   $ 1.95     $ 2.33     (16.3 )%   \n                             \n Weighted average shares outstanding:                           \n Basic     128,728       132,432     (2.8 )%     129,808       132,466     (2.0 )%   \n Diluted     129,235       133,139     (2.9 )%     130,609       133,382     (2.1 )%   \n\n AECOM \n \n \n \nBalance Sheet Information \n \n \n \n(unaudited - in thousands) \n   \n   March 31, 2026   September 30, 2025   \n Balance Sheet Information:         \n Total cash and cash equivalents $ 1,034,257   $ 1,585,739   \n Accounts receivable and contract assets – net   4,628,940     4,282,326   \n Working capital   618,264     801,411   \n Total debt, excluding unamortized debt issuance costs   2,747,720     2,743,719   \n Total assets   12,007,347     12,200,249   \n Total AECOM stockholders’ equity   2,270,592     2,492,584   \n\n AECOM \n \n \n \nReportable Segments \n \n \n \n(unaudited - in thousands) \n   \n                         \n     Americas   International   AECOM Capital   Corporate   Total   \n \n \n \n  \n Three Months Ended March 31, 2026                       \n Revenue   $ 2,911,571     $ 889,572     $ -     $ -     $ 3,801,143     \n Cost of revenue     2,688,473       816,170       -       -       3,504,643     \n Gross profit     223,098       73,402       -       -       296,500     \n Equity in earnings of joint ventures     4,841       3,583       698       -       9,122     \n General and administrative expenses     -       -       (2,238 )     (42,063 )     (44,301 )   \n Restructuring and acquisition costs     -       -       -       (13,565 )     (13,565 )   \n Income (loss) from operations   $ 227,939     $ 76,985     $ (1,540 )   $ (55,628 )   $ 247,756     \n                         \n Gross profit as a % of revenue     7.7 %     8.3 %     -       -       7.8 %   \n                         \n Three Months Ended March 31, 2025                       \n Revenue   $ 2,896,772     $ 874,733     $ 108     $ -     $ 3,771,613     \n Cost of revenue     2,684,279       796,573       -       -       3,480,852     \n Gross profit     212,493       78,160       108       -       290,761     \n Equity in earnings (loss) of joint ventures     4,861       4,023       (2,020 )     -       6,864     \n General and administrative expenses     -       -       (2,807 )     (37,247 )     (40,054 )   \n Income (loss) from operations   $ 217,354     $ 82,183     $ (4,719 )   $ (37,247 )   $ 257,571     \n                         \n Gross profit as a % of revenue     7.3 %     8.9 %     -       -       7.7 %   \n                         \n Six Months Ended March 31, 2026                       \n Revenue   $ 5,888,856     $ 1,743,121     $ -     $ -     $ 7,631,977     \n Cost of revenue     5,456,162       1,598,289       36       -       7,054,487     \n Gross profit (loss)     432,694       144,832       (36 )     -       577,490     \n Equity in earnings of joint ventures     9,357       8,175       1,417       -       18,949     \n General and administrative expenses     -       -       (4,037 )     (81,103 )     (85,140 )   \n Restructuring and acquisition costs     -       -       -       (41,498 )     (41,498 )   \n Income (loss) from operations   $ 442,051     $ 153,007     $ (2,656 )   $ (122,601 )   $ 469,801     \n                         \n Gross profit as a % of revenue     7.3 %     8.3 %     -       -       7.6 %   \n                         \n Contracted backlog   $ 8,977,642     $ 4,845,210     $ -     $ -     $ 13,822,852     \n Awarded backlog     9,122,890       3,257,814       -       -       12,380,704     \n Total backlog   $ 18,100,532     $ 8,103,024     $ -     $ -     $ 26,203,556     \n                         \n Total backlog – Design only   $ 16,561,215     $ 8,103,024     $ -     $ -     $ 24,664,239     \n                         \n                         \n Six Months Ended March 31, 2025                       \n Revenue   $ 6,008,727     $ 1,776,743     $ 295     $ -     $ 7,785,765     \n Cost of revenue     5,605,974       1,620,626       -       -       7,226,600     \n Gross profit     402,753       156,117       295       -       559,165     \n Equity in earnings (losses) of joint ventures     10,373       6,904       (860 )     -       16,417     \n General and administrative expenses     -       -       (5,202 )     (75,311 )     (80,513 )   \n Income (loss) from operations   $ 413,126     $ 163,021     $ (5,767 )   $ (75,311 )   $ 495,069     \n                         \n Gross profit as a % of revenue     6.7 %     8.8 %     -       -       7.2 %   \n                         \n Contracted backlog   $ 8,854,297     $ 4,475,858     $ -     $ -     $ 13,330,155     \n Awarded backlog     8,930,751       2,007,993       -       -       10,938,744     \n Total backlog   $ 17,785,048     $ 6,483,851     $ -     $ -     $ 24,268,899     \n                         \n Total backlog – Design only   $ 16,458,797     $ 6,483,851     $ -     $ -     $ 22,942,648     \n\n AECOM \n Regulation G Information \n (in millions) \n   \n Reconciliation of Revenue to Net Service Revenue (NSR) \n   \n   Three Months Ended   Six Months Ended   \n   Mar 31, 2026   Dec 31, 2025   Mar 31, 2025   Mar 31, 2026   Mar 31, 2025   \n                                 \n Americas                               \n Revenue $ 2,911.6   $ 2,977.3   $ 2,896.7   $ 5,888.9   $ 6,008.7   \n Less: Pass-through revenue   1,717.3     1,862.6     1,772.0     3,579.9     3,833.1   \n Net service revenue $ 1,194.3   $ 1,114.7   $ 1,124.7   $ 2,309.0   $ 2,175.6   \n                                 \n International                               \n Revenue $ 889.6   $ 853.5   $ 874.8   $ 1,743.1   $ 1,776.8   \n Less: Pass-through revenue   135.5     117.3     132.5     252.8     284.3   \n Net service revenue $ 754.1   $ 736.2   $ 742.3   $ 1,490.3   $ 1,492.5   \n                                 \n Segment Performance (excludes ACAP)                               \n Revenue $ 3,801.2   $ 3,830.8   $ 3,771.5   $ 7,632.0   $ 7,785.5   \n Less: Pass-through revenue   1,852.8     1,979.9     1,904.5     3,832.7     4,117.4   \n Net service revenue $ 1,948.4   $ 1,850.9   $ 1,867.0   $ 3,799.3   $ 3,668.1   \n                                 \n Consolidated                               \n Revenue $ 3,801.2   $ 3,830.8   $ 3,771.6   $ 7,632.0   $ 7,785.8   \n Less: Pass-through revenue   1,852.8     1,979.9     1,904.5     3,832.7     4,117.4   \n Net service revenue $ 1,948.4   $ 1,850.9   $ 1,867.1   $ 3,799.3   $ 3,668.4   \n                                 \n\n Reconciliation of Total Debt to Net Debt \n   Balances at: \n   Mar 31, 2026 Dec 31, 2025 Mar 31, 2025 \n Short-term debt $ 2.2 $ 3.3 $ 3.2 \n Current portion of long-term debt   60.7   62.6   67.1 \n Long-term debt, excluding unamortized debt issuance costs   2,684.8   2,672.6   2,476.6 \n Total debt   2,747.7   2,738.5   2,546.9 \n Less: Total cash and cash equivalents   1,034.3   1,246.7   1,600.1 \n Net debt $ 1,713.4 $ 1,491.8 $ 946.8 \n       \n\n Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow   \n   Three Months Ended   Six Months Ended   \n   Mar 31, 2026   Dec 31, 2025   Mar 31, 2025   Mar 31, 2026   Mar 31, 2025   \n                                 \n Net cash provided by operating activities $ 3.8     $ 70.2     $ 190.7     $ 74.0     $ 341.8     \n Capital expenditures, net   (31.2 )     (28.3 )     (12.3 )     (59.5 )     (52.4 )   \n Free cash flow $ (27.4 )   $ 41.9     $ 178.4     $ 14.5     $ 289.4     \n                                 \n\n AECOM \n \n \n \nRegulation G Information \n \n \n \n(in millions, except per share data) \n   \n   Three Months Ended Six Months Ended \n   Mar 31, 2026 Dec 31, 2025 Mar 31, 2025 Mar 31, 2026 Mar 31, 2025 \n             \n Reconciliation of Income from Operations to Adjusted Income from Operations to \n Adjusted EBITDA with Noncontrolling Interests (NCI) to Adjusted EBITDA \n Income from operations $ 247.8   $ 222.0   $ 257.6   $ 469.8   $ 495.1   \n Noncore AECOM Capital loss   1.5     1.2     4.7     2.7     5.7   \n Restructuring and acquisition costs   13.6     27.9     -     41.5     -   \n Amortization of intangible assets   17.1     12.9     0.4     30.0     1.5   \n Adjusted income from operations $ 280.0   $ 264.0   $ 262.7   $ 544.0   $ 502.3   \n Other income (expense)   10.5     7.9     (8.7 )   18.4     (1.8 ) \n Fair value adjustment included in other income   (7.9 )   (5.1 )   10.5     (13.0 )   5.5   \n Depreciation   38.9     37.7     39.9     76.6     79.7   \n Adjusted EBITDA with noncontrolling interests (NCI) $ 321.5   $ 304.5   $ 304.4   $ 626.0   $ 585.7   \n Net income attributable to NCI from continuing operations excluding interest   (9.4 )   (17.7 )   (14.7 )   (27.1 )   (24.6 ) \n income included in NCI \n Adjusted EBITDA $ 312.1   $ 286.8   $ 289.7   $ 598.9   $ 561.1   \n             \n             \n \n \n \n  \n Reconciliation of Income from Continuing Operations Before Taxes to Adjusted \n Income from Continuing Operations Before Taxes \n Income from continuing operations before taxes $ 221.6   $ 198.3   $ 221.1   $ 419.9   $ 439.1   \n Noncore AECOM Capital loss   1.5     1.2     4.7     2.7     5.7   \n Fair value adjustment   (8.3 )   (5.5 )   10.6     (13.8 )   5.0   \n Restructuring and acquisition costs   13.6     27.9     -     41.5     -   \n Amortization of intangible assets   17.1     12.9     0.4     30.0     1.5   \n Financing charges in interest expense   3.5     1.4     1.2     4.9     2.6   \n Adjusted income from continuing operations before taxes $ 249.0   $ 236.2   $ 238.0   $ 485.2   $ 453.9   \n             \n             \n \n \n \n  \n Reconciliation of Income Taxes for Continuing Operations to Adjusted Income \n Taxes for Continuing Operations \n Income tax expense for continuing operations $ 26.9   $ 39.0   $ 51.2   $ 65.9   $ 80.5   \n Tax effect of the above adjustments((1)) and valuation allowance   6.2     7.8     4.3     14.0     4.3   \n Adjusted income tax expense for continuing operations $ 33.1   $ 46.8   $ 55.5   $ 79.9   $ 84.8   \n   \n ((1))Adjusts the income taxes during the period to exclude the impact on our \n effective tax rate of the pre-tax adjustments shown above. \n             \n   \n\n AECOM \n \n \n \nRegulation G Information \n \n \n \n(in millions, except per share data) \n   \n   Three Months Ended   Six Months Ended \n   Mar 31, 2026   Dec 31, 2025   Mar 31, 2025   Mar 31, 2026   Mar 31, 2025 \n   \n Reconciliation of Net Income Attributable to AECOM from Continuing Operations \n to Adjusted Net Income Attributable to AECOM from Continuing Operations \n   \n Net income attributable to AECOM from continuing operations $ 184.2   $ 140.4   $ 154.1   $ 324.6   $ 331.4   \n Noncore AECOM Capital loss, net of NCI   1.5     1.2     4.7     2.7     5.7   \n Fair value adjustment   (8.3 )   (5.5 )   10.6     (13.8 )   5.0   \n Restructuring and acquisition costs   13.6     27.9     -     41.5     -   \n Amortization of intangible assets   17.1     12.9     0.4     30.0     1.5   \n Financing charges in interest expense   3.5     1.4     1.2     4.9     2.6   \n Tax effect of the above adjustments((1)) and valuation allowance   (6.2 )   (7.8 )   (4.3 )   (14.0 )   (4.3 ) \n Adjusted net income attributable to AECOM from continuing operations   205.4     170.5     166.7     375.9   $ 341.9   \n   \n ((1) )Adjusts the income taxes during the period to exclude the impact on our \n effective tax rate of the pre-tax adjustments shown above \n   \n Reconciliation of Net Income Attributable to AECOM from Continuing Operations \n per Diluted Share to Adjusted Net Income Attributable to AECOM from Continuing \n Operations per Diluted Share \n Net income attributable to AECOM from continuing operations per diluted share $ 1.42   $ 1.06   $ 1.16   $ 2.48   $ 2.48   \n Per diluted share adjustments:   \n Noncore AECOM Capital loss, net of NCI   0.01     0.01     0.04     0.02     0.04   \n Fair value adjustment   (0.06 )   (0.04 )   0.08     (0.10 )   0.04   \n Restructuring and acquisition costs   0.11     0.21     -     0.32     -   \n Amortization of intangible assets   0.13     0.10     -     0.23     0.01   \n Financing charges in interest expense   0.03     0.01     0.01     0.04     0.02   \n Tax effect of the above adjustments((1)) and valuation allowance   (0.05 )   (0.06 )   (0.04 )   (0.11 )   (0.03 ) \n Adjusted net income attributable to AECOM from continuing operations per $ 1.59   $ 1.29   $ 1.25   $ 2.88   $ 2.56   \n diluted share \n Weighted average shares outstanding – basic   128.7     130.9     132.4     129.8     132.5   \n Weighted average shares outstanding – diluted   129.2     132.0     133.1     130.6     133.4   \n   \n ((1) )Adjusts the income taxes during the period to exclude the impact on our \n effective tax rate of the pre-tax adjustments shown above. \n   \n Reconciliation of Net Income Attributable to AECOM from Continuing Operations \n to Adjusted EBITDA \n Net income attributable to AECOM from continuing operations $ 184.2   $ 140.4   $ 154.1   $ 324.6   $ 331.4   \n Income tax expense   26.9     39.0     51.2     65.9     80.5   \n Depreciation and amortization   59.5     52.0     41.6     111.5     83.9   \n Interest income, net of NCI   (12.8 )   (12.5 )   (13.4 )   (25.3 )   (28.6 ) \n Interest expense   50.5     45.3     42.2     95.8     85.2   \n Amortized bank fees included in interest expense   (3.5 )   (1.4 )   (1.3 )   (4.9 )   (2.7 ) \n Noncore AECOM Capital loss, net of NCI   1.5     1.2     4.7     2.7     5.7   \n Fair value adjustment included in other income   (7.8 )   (5.1 )   10.6     (12.9 )   5.7   \n Restructuring and acquisition costs   13.6     27.9     -     41.5     -   \n Adjusted EBITDA $ 312.1   $ 286.8   $ 289.7   $ 598.9   $ 561.1   \n\n AECOM \n Regulation G Information \n (in millions, except per share data) \n   \n   Three Months Ended Six Months Ended \n   Mar 31, 2026   Dec 31, 2025   Mar 31, 2025   Mar 31, 2026   Mar 31, 2025 \n           \n Reconciliation of Segment Income from Operations to Adjusted Segment Income \n from Operations \n Americas Segment:     \n Segment Income from operations $ 227.9 $ 214.1 $ 217.4 $ 442.0 $ 413.2 \n Amortization of intangible assets   10.6   8.1   0.3   18.7   1.4 \n Adjusted segment income from operations $ 238.5 $ 222.2 $ 217.7 $ 460.7 $ 414.6 \n       \n International Segment:     \n Segment Income from operations $ 77.0 $ 76.0 $ 82.2 $ 153.0 $ 163.0 \n Amortization of intangible assets   6.6   4.8   -   11.4   - \n Adjusted segment income from operations $ 83.6 $ 80.8 $ 82.2 $ 164.4 $ 163.0 \n       \n Segment Performance (excludes ACAP & G&A):     \n Segment Income from operations $ 304.9 $ 290.1 $ 299.6 $ 595.0 $ 576.2 \n Amortization of intangible assets   17.2   12.9   0.3   30.1   1.4 \n Adjusted segment income from operations $ 322.1 $ 303.0 $ 299.9 $ 625.1 $ 577.6 \n       \n   \n\n AECOM \n \n \n \nRegulation G Information \n     \n FY2026 GAAP EPS Guidance based on Adjusted EPS Guidance   \n (all figures approximate) Fiscal Year End 2026 \n GAAP EPS guidance $4.25 to $4.86 \n Adjusted EPS excludes:   \n Amortization of intangible assets $0.58 to $0.44 \n Amortization of deferred financing fees $0.06 \n Noncore AECOM Capital $0.02 \n Fair value adjustment ($0.11) \n Restructuring and acquisition costs $1.54 to $1.15 \n Tax effect of the above items ($0.44) to ($0.32) \n Adjusted EPS guidance $5.90 to $6.10 \n     \n FY2026 GAAP Net Income from Continuing Operations Guidance based on Adjusted   \n EBITDA Guidance \n (in millions, all figures approximate) Fiscal Year End 2026 \n GAAP net income from continuing operations guidance $617 to $696 \n Net income attributable to noncontrolling interest from continuing operations ($65) \n Net income attributable to AECOM from continuing operations $552 to $631 \n Adjusted net income attributable to AECOM from continuing operations excludes:   \n Amortization of intangible assets $75 to $57 \n Amortization of deferred financing fees $8 \n Noncore AECOM Capital $3 \n Fair value adjustment ($14) \n Restructuring and acquisition costs $200 to $150 \n Tax effect of the above items ($57) to ($42) \n Adjusted net income attributable to AECOM from continuing operations $767 to $793 \n Adjusted EBITDA excludes:   \n Depreciation $160 \n Adjusted interest expense, net $145 \n Tax expense, including tax effect of above items $203 to $207 \n Adjusted EBITDA guidance $1,275 to $1,305 \n     \n FY2026 GAAP Interest Expense Guidance based on Adjusted Interest Expense   \n Guidance \n (in millions, all figures approximate) Fiscal Year End 2026 \n GAAP interest expense guidance $195 \n Finance charges in interest expense ($8) \n Interest income, net of NCI ($42) \n Adjusted interest expense guidance, net $145 \n FY2026 GAAP Income Tax Guidance based on Adjusted Income Tax Guidance   \n (in millions, all figures approximate) Fiscal Year End 2026 \n GAAP income tax expense guidance $146 to $165 \n Tax effect of adjusting items $57 to $42 \n Adjusted income tax expense guidance $203 to $207 \n\n Note: Variances in tables are due to rounding. \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260511700814/en/\n(https://www.businesswire.com/news/home/20260511700814/en/)\n\nInvestor Contact:\n\nWill Gabrielski\n\nSenior Vice President, Finance, Treasurer\n\n213.593.8208\n\nWilliam.Gabrielski@aecom.com (mailto:William.Gabrielski@aecom.com)\n\nMedia Contact:\n\nBrendan Ranson-Walsh\n\nSenior Vice President, Global Communications\n\n213.996.2367\n\nBrendan.Ranson-Walsh@aecom.com (mailto:Brendan.Ranson-Walsh@aecom.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw2pkT8ra","title":"AECOM reports second quarter fiscal 2026 results","author":"Business Wire","ticker":"ACM","created":"2026-05-11T20:05:01.515Z","tickers":["ACM"],"exchange":"NYSE","article_body":"AECOM reports second quarter fiscal 2026 results\n\n\n * Delivered record second quarter performance\n\n * Design book-to-burn ratio of 1.2 drove 8% total backlog growth to a record\nhigh; 22(nd) consecutive quarter with a book-to-burn ratio in excess of 1\n\n * Continued to execute returns-based capital allocation policy\n\n * Raised earnings guidance for a second consecutive quarter\n\nAECOM (NYSE:ACM), the trusted global infrastructure leader, today reported\nsecond quarter fiscal 2026 results.\n\nSecond Quarter Highlights:\n\n\n * Reflecting as reported GAAP performance from continuing operations, second\nquarter revenue increased 1% to $3.8 billion, operating income declined 4% to\n$248 million, net income increased 19% to $184 million and diluted earnings\nper share increased 22% to $1.42.\n\n * Net service revenue(1) increased 4% on an as reported basis, or 2% on a\nconstant-currency basis, highlighted by 8% constant-currency growth in the\nAmericas design business.\n\n * The segment adjusted(2) operating margin(3) increased by 50 basis points to\n16.5% and the adjusted(2) EBITDA margin(4) increased by 20 basis points to\n16.5%, both of which set new all-time highs for a second quarter.\n\n\n* As a result, in the first half of the year, the segment adjusted operating\nmargin and the adjusted EBITDA margin were both 16.5%, increasing by 70 basis\npoints and 50 basis points, respectively, and set new records.\n\n\n\n\n * Adjusted(2) EBITDA(5) increased by 8% and adjusted(2) EPS increased by 27%.\n\n * Total backlog(6) increased by 8% to a record high, driven by a 1.2\nbook-to-burn(7) ratio in the design business.\n\n\n* The design pipeline increased by double-digits and reached a record level,\ndriven by strong funding across the Company’s markets and an expanding\naddressable market opportunity.\n\n\n\n   Second Quarter Fiscal 2026 \n (from Continuing Operations; As Reported YoY % Change Adjusted(2) YoY % Change \n \n \n \n \n \n$ in millions, except EPS) \n(GAAP) \n(Non-GAAP) \n Revenue $3,801 1% -- -- \n Net Service Revenue (NSR)(1) -- -- $1,948 2% \n Operating Income $248 (4%) $280 7% \n Segment Operating Margin(3) -- -- 16.5% +50 bps \n Net Income $184 19% $205 23% \n EPS (Fully Diluted) $1.42 22% $1.59 27% \n EBITDA(5) -- -- $312 8% \n EBITDA Margin(4) -- -- 16.5% +20 bps \n Operating Cash Flow $4 (98%) -- -- \n Free Cash Flow(8) -- -- ($27) NM \n Total Backlog(6) $26,204 8% -- -- \n\n\n“Our strong second quarter and fiscal year-to-date performance highlights\nthe strength and resiliency of our business,” said Troy Rudd, AECOM’s\nchairman and chief executive officer. “Our competitive advantages of scale,\ninfrastructure domain and technical expertise, and strong client relationships\nare key to our successes. We are continuing to invest at record levels to\nenhance our client value proposition and expand our addressable market, which\nincludes our proprietary AI investments and growing our Advisory practice.\nTaken together, we are well positioned to deliver on both our twice-raised\nfiscal 2026 guidance and our long-term financial targets.”\n\n“Our teams continue to build momentum and our investments to extend our\ncompetitive advantages are contributing to a strengthened client value\nproposition,” said Lara Poloni, AECOM’s president. “Now more than ever,\nwe are positioned to deliver complex technical expertise at scale.”\n\n“As our second quarter performance and raised full year financial guidance\nunderscore, we have an enduring competitive advantage that allows us to\ncontinue to deliver,” said Gaurav Kapoor, AECOM’s chief financial and\noperations officer. “Our competitive advantages have enabled us to\nconsistently win increasingly valuable projects, and in turn, deliver\ncontinued earnings growth year after year.”\n\nCash Flow and Capital Allocation\n\n\n * Underlying cash flow in the second quarter was consistent with expectations,\nbut was offset by delayed payment timing in the Middle East business, as well\nas longer-than-anticipated claim resolution on certain projects.\n\n * Importantly, collections in the Middle East have already recovered in the\nfiscal third quarter and AECOM reiterated its full year free cash flow\nguidance, as well as its long-term 100%+ free cash flow conversion target.\n\n * The Company returned $155 million to shareholders through repurchases and\ndividends in the quarter.\n\n\n* Since the initiation of its repurchase program in September 2020, the\nCompany\nhas returned more than $3.5 billion of capital to shareholders.\n\n * The Company remains committed to executing its returns-focused capital\nallocation policy, which includes returning substantially all available cash\nflow to shareholders through repurchases and dividends.\n\n\n\n\n * The Company maintains a strong balance sheet with net leverage(9) of 1.2x.\n\nFiscal 2026 and Long-Term Financial Guidance\n\n\n * The Company increased its fiscal 2026 earnings guidance, supported by its\nstrong year-to-date performance, another quarter of record backlog and\ndouble-digit pipeline growth.\n\n * As a result, the Company’s guidance now includes expectations for:\n\n\n* Adjusted(2) EPS of between $5.90 and $6.10, as compared to $5.85 to 6.05\npreviously, which now represents 14% year-over-year growth at the mid-point of\nthe range.\n\n * Adjusted(2) EBITDA(5) of between $1,275 million and $1,305 million, as\ncompared to $1,270 million and $1,305 million previously, which now represents\n7% year-over-year growth at the mid-point of the range.\n\n * Reiterated organic NSR(1) growth range of between 6% and 8%, which excludes\nthe expected approximately 200 basis point impact of fewer working days in\nfiscal 2026.\n\n * A segment adjusted operating margin(3) of 16.8% and an adjusted EBITDA\nmargin(4) of 17.0%.\n\n * Free cash flow(8) of approximately $400 million.\n\n * An average fully diluted share count of 130 million, which does not include\nany potential future benefits from capital allocation actions not yet taken,\nincluding potential repurchases.\n\n * An adjusted effective tax rate of approximately 20 – 22%.\n\n\n\n\n * In addition, the Company reaffirmed its long-term financial targets, which\nincludes its expectation to deliver a 20%+ margin exit rate by fiscal 2028 and\nto grow adjusted(2) EPS at a 15%+ CAGR from fiscal 2026 to fiscal 2029.\n\n * See the Regulation G Information tables at the end of this release for a\nreconciliation of non-GAAP measures to the most directly comparable GAAP\nmeasures.\n\nBusiness Segments\n\nAmericas\n\nRevenue in the second quarter was $2.9 billion, a 1% increase from the prior\nyear. Net service revenue(1) in the second quarter was $1.2 billion, a 5%\nincrease from the prior year, driven by 8% growth in the Americas design\nbusiness.\n\nOperating income increased by 5% over the prior year to $228 million and on an\nadjusted(2) basis increased by 10% to $239 million. The adjusted operating\nmargin on net service revenue increased by 60 basis points over the prior year\nto 20.0%, which marked a new all-time high for a second quarter. This\nperformance reflects a continued focus on driving operating efficiencies\nacross the business and the high returns on the investments the Company has\nmade and continues to make in organic growth.\n\nBacklog in the Americas segment grew by 2% to a new record high, driven by a\n1.0 book-to-burn ratio(7). The Americas design business had a 1.1 book-to-burn\nratio led by strong wins in the Transportation, Environment and Water end\nmarkets.\n\nInternational\n\nRevenue in the second quarter was $890 million, a 2% increase from the prior\nyear. Net service revenue(1) was $754 million, a 3% decrease from the prior\nyear, driven by declines in the Asia and Middle East markets.\n\nOperating income decreased by 6% over the prior year to $77 million and on an\nadjusted(2) basis increased 2% to $84 million. The adjusted operating margin\non net service revenue was effectively unchanged over the prior year at 11.1%.\nThis performance includes an impact from lower revenues in certain regions due\nto the conflict in the Middle East, as well as continued investments in\nbusiness development and strategic growth initiatives.\n\nBacklog in the International segment grew 25% over the prior year to a new\nrecord high, driven by a 1.2 book-to-burn ratio(7 )and( )strong wins in the\nU.K. and Middle East markets.\n\nTax Rate\n\nThe effective tax rate was 12.1% in the second quarter. On an adjusted(2)\nbasis, the effective tax rate was 13.9%. The adjusted tax rate was derived by\nre-computing the quarterly effective tax rate on adjusted net income(10). The\nadjusted tax expense differs from the GAAP tax expense based on the taxability\nor deductibility and tax rate applied to each of the adjustments.\n\nConference Call\n\nAECOM is hosting a conference call tomorrow at 8 a.m. Eastern Time, during\nwhich management will make a brief presentation focusing on the Company's\nresults, strategy and operating trends, and outlook. Interested parties can\nlisten to the conference call and view accompanying slides via webcast at\nhttps://investors.aecom.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestors.aecom.com&esheet=54533187&newsitemid=20260511700814&lan=en-US&anchor=https%3A%2F%2Finvestors.aecom.com&index=1&md5=1e6581007c6b43a2919ba9beea10f430)\n. The webcast will be available for replay following the call.\n (1 )Revenue, less pass-through revenue; growth rates are presented on a \n constant-currency basis, unless otherwise noted. \n (2) Excludes the impact of certain items, such as restructuring costs, \n amortization of intangible assets, non-core AECOM Capital and other items. See \n Regulation G Information for a reconciliation of non-GAAP measures to the \n comparable GAAP measures. \n (3) Reflects segment operating performance, excluding AECOM Capital and \n G&A, and margins are presented on a net service revenue basis. \n (4) Adjusted EBITDA margin includes non-controlling interests in EBITDA and is \n on a net service revenue basis. \n (5) Net income before interest expense, tax expense, depreciation and \n amortization. \n (6 )Backlog represents the total value of work for which AECOM has been \n selected that is expected to be completed by consolidated subsidiaries and \n includes the proportionate share of work expected to be performed by \n unconsolidated joint ventures. \n (7) Book-to-burn ratio is defined as the dollar amount of wins divided by \n revenue recognized during the period, including revenue related to work \n performed in unconsolidated joint ventures. \n (8) Free cash flow is defined as cash flow from operations less capital \n expenditures, net of proceeds from disposals of property and equipment; free \n cash flow conversion is defined as free cash flow divided by adjusted net \n income attributable to AECOM. \n (9) Net leverage is comprised of EBITDA as defined in the Company’s credit \n agreement dated October 17, 2014, as amended, and total debt on the \n Company’s financial statements, net of total cash and cash equivalents. \n (10) Inclusive of non-controlling interest deduction and adjusted for \n financing charges in interest expense, the amortization of intangible assets \n and is based on continuing operations. \n\n\nAbout AECOM\n\nAECOM (NYSE: ACM) is the global infrastructure leader, committed to delivering\na better world. As a trusted professional services firm powered by deep\ntechnical abilities, we solve our clients’ complex challenges in water,\nenvironment, energy, transportation and buildings. Our teams partner with\npublic- and private-sector clients to create innovative, sustainable and\nresilient solutions throughout the project lifecycle – from advisory,\nplanning, design and engineering to program and construction management. AECOM\nis a Fortune 500 firm that had revenue of $16.1 billion in fiscal year 2025.\nLearn more at aecom.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Faecom.com%2F&esheet=54533187&newsitemid=20260511700814&lan=en-US&anchor=aecom.com&index=2&md5=c611e7eaed57460bfb54dede0efa9b28)\n.\n\nForward-Looking Statements\n\nAll statements in this communication other than statements of historical fact\nare “forward-looking statements” for purposes of federal and state\nsecurities laws, including any statements of the plans, strategies and\nobjectives for future operations, profitability, strategic value creation,\ncapital allocation strategy including stock repurchases, risk profile and\ninvestment strategies, and any statements regarding future economic conditions\nor performance, and the expected financial and operational results of AECOM.\nAlthough we believe that the expectations reflected in our forward-looking\nstatements are reasonable, actual results could differ materially from those\nprojected or assumed in any of our forward-looking statements. Important\nfactors that could cause our actual results, performance and achievements, or\nindustry results to differ materially from estimates or projections contained\nin our forward-looking statements include, but are not limited to, the\nfollowing: our business is cyclical and vulnerable to economic downturns and\nclient spending reductions; government shutdowns; changes in administration or\nother funding directives and circumstances that cause governmental agencies to\nmodify, curtail or terminate our contracts; government contracts are subject\nto audits and adjustments of contractual terms; long-term government contracts\nare subject to uncertainties related to government contract appropriations;\nlosses under fixed-price contracts; limited control over operations run\nthrough our joint venture entities; liability for misconduct by our employees\nor consultants; changes in government laws, regulations and policies,\nincluding failure to comply with laws or regulations applicable to our\nbusiness; maintaining adequate surety and financial capacity; potential high\nleverage and inability to service our debt and guarantees; our capital\nallocation strategy, including our ability to continue payment of dividends\nand purchase stock; exposure to political and economic risks in different\ncountries, including tariffs and trade policies, geopolitical events, and\nconflicts; inflation, currency exchange rates and interest rate fluctuations;\nchanges in capital markets and stock market volatility; retaining and\nrecruiting key technical and management personnel; legal claims and\nlitigation; inadequate insurance coverage; environmental law compliance and\ninadequate nuclear indemnification; unexpected adjustments and cancellations\nrelated to our backlog; partners and third parties who may fail to satisfy\ntheir legal obligations; managing pension costs; AECOM Capital real estate\ndevelopment; cybersecurity issues, IT outages and data privacy; risks\nassociated with the benefits and costs of the sale of our Management Services\nand self-perform at-risk civil infrastructure, power construction and oil and\ngas construction businesses, including the risk that any purchase adjustments\nfrom those transactions could be unfavorable and any future proceeds owed to\nus as part of the transactions could be lower than we expect; risks associated\nwith our strategic initiatives, including AI investments and potential\nacquisitions and divestitures; as well as other additional risks and factors\nthat could cause actual results to differ materially from our forward-looking\nstatements set forth in our reports filed with the Securities and Exchange\nCommission. Any forward-looking statements are made as of the date hereof. We\ndo not intend, and undertake no obligation, to update any forward-looking\nstatement.\n\nNon-GAAP Financial Information\n\nThis communication contains financial information calculated other than in\naccordance with U.S. generally accepted accounting principles (“GAAP”).\nThe Company believes that non-GAAP financial measures such as adjusted EPS,\nadjusted EBITDA, adjusted EBITDA margin, adjusted net/operating income,\nsegment adjusted operating margin, adjusted tax rate, net service revenue and\nfree cash flow provide a meaningful perspective on its business results as the\nCompany utilizes this information to evaluate and manage the business. We use\nadjusted operating income, adjusted net income, adjusted EBITDA, adjusted\nEBITDA margin, and adjusted EPS to exclude the impact of certain items, such\nas amortization expense and taxes to aid investors in better understanding our\ncore performance results. We use free cash flow to present the cash generated\nfrom operations after capital expenditures to maintain our business. We\npresent net service revenue (NSR) to exclude pass-through subcontractor costs\nfrom revenue to provide investors with a better understanding of our\noperational performance. We present segment adjusted operating margin to\nreflect segment operating performance of our Americas and International\nsegments, excluding AECOM Capital. We present adjusted tax rate to reflect the\ntax rate on adjusted earnings. We also use constant-currency growth rates\nwhere appropriate, which are calculated by conforming the current period\nresults to the comparable period exchange rates.\n\nOur non-GAAP disclosure has limitations as an analytical tool, should not be\nviewed as a substitute for financial information determined in accordance with\nGAAP, and should not be considered in isolation or as a substitute for\nanalysis of our results as reported under GAAP, nor is it necessarily\ncomparable to non-GAAP performance measures that may be presented by other\ncompanies. A reconciliation of these non-GAAP measures is found in the\nRegulation G Information tables at the back of this communication. The Company\nis unable to reconcile certain of its non-GAAP financial guidance and\nlong-term financial targets due to uncertainties in these non-operating items\nas well as other adjustments to net income. The Company is unable to provide a\nreconciliation of its guidance for NSR to GAAP revenue because it is unable to\npredict with reasonable certainty its pass-through revenue. In addition, the\nCompany is unable to provide a reconciliation of its guidance for financial\nmetrics excluding the Construction Management business due to uncertainties in\nthese non-operating items as well as other adjustments to these measures.\n AECOM \n \n \n \nConsolidated Statements of Income \n \n \n \n(unaudited - in thousands, except per share data) \n   \n     Three Months Ended   Six Months Ended   \n     March 31, 2026   March 31, 2025   % Change   March 31, 2026   March 31, 2025   % Change   \n                             \n Revenue   $ 3,801,143     $ 3,771,613     0.8 %   $ 7,631,977     $ 7,785,765     (2.0 )%   \n Cost of revenue     3,504,643       3,480,852     0.7 %     7,054,487       7,226,600     (2.4 )%   \n Gross profit     296,500       290,761     2.0 %     577,490       559,165     3.3 %   \n Equity in earnings of joint ventures     9,122       6,864     32.9 %     18,949       16,417     15.4 %   \n General and administrative expenses     (44,301 )     (40,054 )   10.6 %     (85,140 )     (80,513 )   5.7 %   \n Restructuring and acquisition costs     (13,565 )     -     NM       (41,498 )     -     NM     \n Income from operations     247,756       257,571     (3.8 )%     469,801       495,069     (5.1 )%   \n   \n Other income (expense)     10,637       (8,748 )   (221.6 )%     18,456       (1,824 )   (1111.8 )%   \n Interest income     13,712       14,530     (5.6 )%     27,453       31,094     (11.7 )%   \n Interest expense     (50,570 )     (42,205 )   19.8 %     (95,836 )     (85,239 )   12.4 %   \n Income from continuing operations before taxes     221,535       221,148     0.2 %     419,874       439,100     (4.4 )%   \n Income tax expense for continuing operations     26,841       51,238     (47.6 )%     65,924       80,470     (18.1 )%   \n Income from continuing operations     194,694       169,910     14.6 %     353,950       358,630     (1.3 )%   \n Loss from discontinued operations     (4,246 )     (10,370 )   (59.1 )%     (70,150 )     (19,886 )   252.8 %   \n Net income     190,448       159,540     19.4 %     283,800       338,744     (16.2 )%   \n                             \n Net income attributable to noncontrolling interests from continuing operations     (10,588 )     (15,812 )   (33.0 )%     (29,420 )     (27,182 )   8.2 %   \n Net income attributable to noncontrolling interests from discontinued     -       (334 )   (100.0 )%     -       (1,126 )   (100.0 )%   \n operations \n Net income attributable to noncontrolling interests     (10,588 )     (16,146 )   (34.4 )%     (29,420 )     (28,308 )   3.9 %   \n                             \n Net income attributable to AECOM from continuing operations     184,106       154,098     19.5 %     324,530       331,448     (2.1 )%   \n Net loss attributable to AECOM from discontinued operations     (4,246 )     (10,704 )   (60.3 )%     (70,150 )     (21,012 )   233.9 %   \n Net income attributable to AECOM   $ 179,860     $ 143,394     25.4 %   $ 254,380     $ 310,436     (18.1 )%   \n                             \n Net income (loss) attributable to AECOM per share:                           \n Basic continuing operations per share   $ 1.43     $ 1.16     23.3 %   $ 2.50     $ 2.50     0.0 %   \n Basic discontinued operations per share     (0.03 )     (0.08 )   (62.5 )%     (0.54 )     (0.16 )   237.5 %   \n Basic earnings per share   $ 1.40     $ 1.08     29.6 %   $ 1.96     $ 2.34     (16.2 )%   \n                             \n Diluted continuing operations per share   $ 1.42     $ 1.16     22.4 %   $ 2.48     $ 2.48     0.0 %   \n Diluted discontinued operations per share     (0.03 )     (0.08 )   (62.5 )%     (0.53 )     (0.15 )   253.3 %   \n Diluted earnings per share   $ 1.39     $ 1.08     28.7 %   $ 1.95     $ 2.33     (16.3 )%   \n                             \n Weighted average shares outstanding:                           \n Basic     128,728       132,432     (2.8 )%     129,808       132,466     (2.0 )%   \n Diluted     129,235       133,139     (2.9 )%     130,609       133,382     (2.1 )%   \n\n AECOM \n \n \n \nBalance Sheet Information \n \n \n \n(unaudited - in thousands) \n   \n   March 31, 2026   September 30, 2025   \n Balance Sheet Information:         \n Total cash and cash equivalents $ 1,034,257   $ 1,585,739   \n Accounts receivable and contract assets – net   4,628,940     4,282,326   \n Working capital   618,264     801,411   \n Total debt, excluding unamortized debt issuance costs   2,747,720     2,743,719   \n Total assets   12,007,347     12,200,249   \n Total AECOM stockholders’ equity   2,270,592     2,492,584   \n\n AECOM \n \n \n \nReportable Segments \n \n \n \n(unaudited - in thousands) \n   \n                         \n     Americas   International   AECOM Capital   Corporate   Total   \n \n \n \n  \n Three Months Ended March 31, 2026                       \n Revenue   $ 2,911,571     $ 889,572     $ -     $ -     $ 3,801,143     \n Cost of revenue     2,688,473       816,170       -       -       3,504,643     \n Gross profit     223,098       73,402       -       -       296,500     \n Equity in earnings of joint ventures     4,841       3,583       698       -       9,122     \n General and administrative expenses     -       -       (2,238 )     (42,063 )     (44,301 )   \n Restructuring and acquisition costs     -       -       -       (13,565 )     (13,565 )   \n Income (loss) from operations   $ 227,939     $ 76,985     $ (1,540 )   $ (55,628 )   $ 247,756     \n                         \n Gross profit as a % of revenue     7.7 %     8.3 %     -       -       7.8 %   \n                         \n Three Months Ended March 31, 2025                       \n Revenue   $ 2,896,772     $ 874,733     $ 108     $ -     $ 3,771,613     \n Cost of revenue     2,684,279       796,573       -       -       3,480,852     \n Gross profit     212,493       78,160       108       -       290,761     \n Equity in earnings (loss) of joint ventures     4,861       4,023       (2,020 )     -       6,864     \n General and administrative expenses     -       -       (2,807 )     (37,247 )     (40,054 )   \n Income (loss) from operations   $ 217,354     $ 82,183     $ (4,719 )   $ (37,247 )   $ 257,571     \n                         \n Gross profit as a % of revenue     7.3 %     8.9 %     -       -       7.7 %   \n                         \n Six Months Ended March 31, 2026                       \n Revenue   $ 5,888,856     $ 1,743,121     $ -     $ -     $ 7,631,977     \n Cost of revenue     5,456,162       1,598,289       36       -       7,054,487     \n Gross profit (loss)     432,694       144,832       (36 )     -       577,490     \n Equity in earnings of joint ventures     9,357       8,175       1,417       -       18,949     \n General and administrative expenses     -       -       (4,037 )     (81,103 )     (85,140 )   \n Restructuring and acquisition costs     -       -       -       (41,498 )     (41,498 )   \n Income (loss) from operations   $ 442,051     $ 153,007     $ (2,656 )   $ (122,601 )   $ 469,801     \n                         \n Gross profit as a % of revenue     7.3 %     8.3 %     -       -       7.6 %   \n                         \n Contracted backlog   $ 8,977,642     $ 4,845,210     $ -     $ -     $ 13,822,852     \n Awarded backlog     9,122,890       3,257,814       -       -       12,380,704     \n Total backlog   $ 18,100,532     $ 8,103,024     $ -     $ -     $ 26,203,556     \n                         \n Total backlog – Design only   $ 16,561,215     $ 8,103,024     $ -     $ -     $ 24,664,239     \n                         \n                         \n Six Months Ended March 31, 2025                       \n Revenue   $ 6,008,727     $ 1,776,743     $ 295     $ -     $ 7,785,765     \n Cost of revenue     5,605,974       1,620,626       -       -       7,226,600     \n Gross profit     402,753       156,117       295       -       559,165     \n Equity in earnings (losses) of joint ventures     10,373       6,904       (860 )     -       16,417     \n General and administrative expenses     -       -       (5,202 )     (75,311 )     (80,513 )   \n Income (loss) from operations   $ 413,126     $ 163,021     $ (5,767 )   $ (75,311 )   $ 495,069     \n                         \n Gross profit as a % of revenue     6.7 %     8.8 %     -       -       7.2 %   \n                         \n Contracted backlog   $ 8,854,297     $ 4,475,858     $ -     $ -     $ 13,330,155     \n Awarded backlog     8,930,751       2,007,993       -       -       10,938,744     \n Total backlog   $ 17,785,048     $ 6,483,851     $ -     $ -     $ 24,268,899     \n                         \n Total backlog – Design only   $ 16,458,797     $ 6,483,851     $ -     $ -     $ 22,942,648     \n\n AECOM \n Regulation G Information \n (in millions) \n   \n Reconciliation of Revenue to Net Service Revenue (NSR) \n   \n   Three Months Ended   Six Months Ended   \n   Mar 31, 2026   Dec 31, 2025   Mar 31, 2025   Mar 31, 2026   Mar 31, 2025   \n                                 \n Americas                               \n Revenue $ 2,911.6   $ 2,977.3   $ 2,896.7   $ 5,888.9   $ 6,008.7   \n Less: Pass-through revenue   1,717.3     1,862.6     1,772.0     3,579.9     3,833.1   \n Net service revenue $ 1,194.3   $ 1,114.7   $ 1,124.7   $ 2,309.0   $ 2,175.6   \n                                 \n International                               \n Revenue $ 889.6   $ 853.5   $ 874.8   $ 1,743.1   $ 1,776.8   \n Less: Pass-through revenue   135.5     117.3     132.5     252.8     284.3   \n Net service revenue $ 754.1   $ 736.2   $ 742.3   $ 1,490.3   $ 1,492.5   \n                                 \n Segment Performance (excludes ACAP)                               \n Revenue $ 3,801.2   $ 3,830.8   $ 3,771.5   $ 7,632.0   $ 7,785.5   \n Less: Pass-through revenue   1,852.8     1,979.9     1,904.5     3,832.7     4,117.4   \n Net service revenue $ 1,948.4   $ 1,850.9   $ 1,867.0   $ 3,799.3   $ 3,668.1   \n                                 \n Consolidated                               \n Revenue $ 3,801.2   $ 3,830.8   $ 3,771.6   $ 7,632.0   $ 7,785.8   \n Less: Pass-through revenue   1,852.8     1,979.9     1,904.5     3,832.7     4,117.4   \n Net service revenue $ 1,948.4   $ 1,850.9   $ 1,867.1   $ 3,799.3   $ 3,668.4   \n                                 \n\n Reconciliation of Total Debt to Net Debt \n   Balances at: \n   Mar 31, 2026 Dec 31, 2025 Mar 31, 2025 \n Short-term debt $ 2.2 $ 3.3 $ 3.2 \n Current portion of long-term debt   60.7   62.6   67.1 \n Long-term debt, excluding unamortized debt issuance costs   2,684.8   2,672.6   2,476.6 \n Total debt   2,747.7   2,738.5   2,546.9 \n Less: Total cash and cash equivalents   1,034.3   1,246.7   1,600.1 \n Net debt $ 1,713.4 $ 1,491.8 $ 946.8 \n       \n\n Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow   \n   Three Months Ended   Six Months Ended   \n   Mar 31, 2026   Dec 31, 2025   Mar 31, 2025   Mar 31, 2026   Mar 31, 2025   \n                                 \n Net cash provided by operating activities $ 3.8     $ 70.2     $ 190.7     $ 74.0     $ 341.8     \n Capital expenditures, net   (31.2 )     (28.3 )     (12.3 )     (59.5 )     (52.4 )   \n Free cash flow $ (27.4 )   $ 41.9     $ 178.4     $ 14.5     $ 289.4     \n                                 \n\n AECOM \n \n \n \nRegulation G Information \n \n \n \n(in millions, except per share data) \n   \n   Three Months Ended Six Months Ended \n   Mar 31, 2026 Dec 31, 2025 Mar 31, 2025 Mar 31, 2026 Mar 31, 2025 \n             \n Reconciliation of Income from Operations to Adjusted Income from Operations to \n Adjusted EBITDA with Noncontrolling Interests (NCI) to Adjusted EBITDA \n Income from operations $ 247.8   $ 222.0   $ 257.6   $ 469.8   $ 495.1   \n Noncore AECOM Capital loss   1.5     1.2     4.7     2.7     5.7   \n Restructuring and acquisition costs   13.6     27.9     -     41.5     -   \n Amortization of intangible assets   17.1     12.9     0.4     30.0     1.5   \n Adjusted income from operations $ 280.0   $ 264.0   $ 262.7   $ 544.0   $ 502.3   \n Other income (expense)   10.5     7.9     (8.7 )   18.4     (1.8 ) \n Fair value adjustment included in other income   (7.9 )   (5.1 )   10.5     (13.0 )   5.5   \n Depreciation   38.9     37.7     39.9     76.6     79.7   \n Adjusted EBITDA with noncontrolling interests (NCI) $ 321.5   $ 304.5   $ 304.4   $ 626.0   $ 585.7   \n Net income attributable to NCI from continuing operations excluding interest   (9.4 )   (17.7 )   (14.7 )   (27.1 )   (24.6 ) \n income included in NCI \n Adjusted EBITDA $ 312.1   $ 286.8   $ 289.7   $ 598.9   $ 561.1   \n             \n             \n \n \n \n  \n Reconciliation of Income from Continuing Operations Before Taxes to Adjusted \n Income from Continuing Operations Before Taxes \n Income from continuing operations before taxes $ 221.6   $ 198.3   $ 221.1   $ 419.9   $ 439.1   \n Noncore AECOM Capital loss   1.5     1.2     4.7     2.7     5.7   \n Fair value adjustment   (8.3 )   (5.5 )   10.6     (13.8 )   5.0   \n Restructuring and acquisition costs   13.6     27.9     -     41.5     -   \n Amortization of intangible assets   17.1     12.9     0.4     30.0     1.5   \n Financing charges in interest expense   3.5     1.4     1.2     4.9     2.6   \n Adjusted income from continuing operations before taxes $ 249.0   $ 236.2   $ 238.0   $ 485.2   $ 453.9   \n             \n             \n \n \n \n  \n Reconciliation of Income Taxes for Continuing Operations to Adjusted Income \n Taxes for Continuing Operations \n Income tax expense for continuing operations $ 26.9   $ 39.0   $ 51.2   $ 65.9   $ 80.5   \n Tax effect of the above adjustments((1)) and valuation allowance   6.2     7.8     4.3     14.0     4.3   \n Adjusted income tax expense for continuing operations $ 33.1   $ 46.8   $ 55.5   $ 79.9   $ 84.8   \n   \n ((1))Adjusts the income taxes during the period to exclude the impact on our \n effective tax rate of the pre-tax adjustments shown above. \n             \n   \n\n AECOM \n \n \n \nRegulation G Information \n \n \n \n(in millions, except per share data) \n   \n   Three Months Ended   Six Months Ended \n   Mar 31, 2026   Dec 31, 2025   Mar 31, 2025   Mar 31, 2026   Mar 31, 2025 \n   \n Reconciliation of Net Income Attributable to AECOM from Continuing Operations \n to Adjusted Net Income Attributable to AECOM from Continuing Operations \n   \n Net income attributable to AECOM from continuing operations $ 184.2   $ 140.4   $ 154.1   $ 324.6   $ 331.4   \n Noncore AECOM Capital loss, net of NCI   1.5     1.2     4.7     2.7     5.7   \n Fair value adjustment   (8.3 )   (5.5 )   10.6     (13.8 )   5.0   \n Restructuring and acquisition costs   13.6     27.9     -     41.5     -   \n Amortization of intangible assets   17.1     12.9     0.4     30.0     1.5   \n Financing charges in interest expense   3.5     1.4     1.2     4.9     2.6   \n Tax effect of the above adjustments((1)) and valuation allowance   (6.2 )   (7.8 )   (4.3 )   (14.0 )   (4.3 ) \n Adjusted net income attributable to AECOM from continuing operations   205.4     170.5     166.7     375.9   $ 341.9   \n   \n ((1) )Adjusts the income taxes during the period to exclude the impact on our \n effective tax rate of the pre-tax adjustments shown above \n   \n Reconciliation of Net Income Attributable to AECOM from Continuing Operations \n per Diluted Share to Adjusted Net Income Attributable to AECOM from Continuing \n Operations per Diluted Share \n Net income attributable to AECOM from continuing operations per diluted share $ 1.42   $ 1.06   $ 1.16   $ 2.48   $ 2.48   \n Per diluted share adjustments:   \n Noncore AECOM Capital loss, net of NCI   0.01     0.01     0.04     0.02     0.04   \n Fair value adjustment   (0.06 )   (0.04 )   0.08     (0.10 )   0.04   \n Restructuring and acquisition costs   0.11     0.21     -     0.32     -   \n Amortization of intangible assets   0.13     0.10     -     0.23     0.01   \n Financing charges in interest expense   0.03     0.01     0.01     0.04     0.02   \n Tax effect of the above adjustments((1)) and valuation allowance   (0.05 )   (0.06 )   (0.04 )   (0.11 )   (0.03 ) \n Adjusted net income attributable to AECOM from continuing operations per $ 1.59   $ 1.29   $ 1.25   $ 2.88   $ 2.56   \n diluted share \n Weighted average shares outstanding – basic   128.7     130.9     132.4     129.8     132.5   \n Weighted average shares outstanding – diluted   129.2     132.0     133.1     130.6     133.4   \n   \n ((1) )Adjusts the income taxes during the period to exclude the impact on our \n effective tax rate of the pre-tax adjustments shown above. \n   \n Reconciliation of Net Income Attributable to AECOM from Continuing Operations \n to Adjusted EBITDA \n Net income attributable to AECOM from continuing operations $ 184.2   $ 140.4   $ 154.1   $ 324.6   $ 331.4   \n Income tax expense   26.9     39.0     51.2     65.9     80.5   \n Depreciation and amortization   59.5     52.0     41.6     111.5     83.9   \n Interest income, net of NCI   (12.8 )   (12.5 )   (13.4 )   (25.3 )   (28.6 ) \n Interest expense   50.5     45.3     42.2     95.8     85.2   \n Amortized bank fees included in interest expense   (3.5 )   (1.4 )   (1.3 )   (4.9 )   (2.7 ) \n Noncore AECOM Capital loss, net of NCI   1.5     1.2     4.7     2.7     5.7   \n Fair value adjustment included in other income   (7.8 )   (5.1 )   10.6     (12.9 )   5.7   \n Restructuring and acquisition costs   13.6     27.9     -     41.5     -   \n Adjusted EBITDA $ 312.1   $ 286.8   $ 289.7   $ 598.9   $ 561.1   \n\n AECOM \n Regulation G Information \n (in millions, except per share data) \n   \n   Three Months Ended Six Months Ended \n   Mar 31, 2026   Dec 31, 2025   Mar 31, 2025   Mar 31, 2026   Mar 31, 2025 \n           \n Reconciliation of Segment Income from Operations to Adjusted Segment Income \n from Operations \n Americas Segment:     \n Segment Income from operations $ 227.9 $ 214.1 $ 217.4 $ 442.0 $ 413.2 \n Amortization of intangible assets   10.6   8.1   0.3   18.7   1.4 \n Adjusted segment income from operations $ 238.5 $ 222.2 $ 217.7 $ 460.7 $ 414.6 \n       \n International Segment:     \n Segment Income from operations $ 77.0 $ 76.0 $ 82.2 $ 153.0 $ 163.0 \n Amortization of intangible assets   6.6   4.8   -   11.4   - \n Adjusted segment income from operations $ 83.6 $ 80.8 $ 82.2 $ 164.4 $ 163.0 \n       \n Segment Performance (excludes ACAP & G&A):     \n Segment Income from operations $ 304.9 $ 290.1 $ 299.6 $ 595.0 $ 576.2 \n Amortization of intangible assets   17.2   12.9   0.3   30.1   1.4 \n Adjusted segment income from operations $ 322.1 $ 303.0 $ 299.9 $ 625.1 $ 577.6 \n       \n   \n\n AECOM \n \n \n \nRegulation G Information \n     \n FY2026 GAAP EPS Guidance based on Adjusted EPS Guidance   \n (all figures approximate) Fiscal Year End 2026 \n GAAP EPS guidance $4.25 to $4.86 \n Adjusted EPS excludes:   \n Amortization of intangible assets $0.58 to $0.44 \n Amortization of deferred financing fees $0.06 \n Noncore AECOM Capital $0.02 \n Fair value adjustment ($0.11) \n Restructuring and acquisition costs $1.54 to $1.15 \n Tax effect of the above items ($0.44) to ($0.32) \n Adjusted EPS guidance $5.90 to $6.10 \n     \n FY2026 GAAP Net Income from Continuing Operations Guidance based on Adjusted   \n EBITDA Guidance \n (in millions, all figures approximate) Fiscal Year End 2026 \n GAAP net income from continuing operations guidance $617 to $696 \n Net income attributable to noncontrolling interest from continuing operations ($65) \n Net income attributable to AECOM from continuing operations $552 to $631 \n Adjusted net income attributable to AECOM from continuing operations excludes:   \n Amortization of intangible assets $75 to $57 \n Amortization of deferred financing fees $8 \n Noncore AECOM Capital $3 \n Fair value adjustment ($14) \n Restructuring and acquisition costs $200 to $150 \n Tax effect of the above items ($57) to ($42) \n Adjusted net income attributable to AECOM from continuing operations $767 to $793 \n Adjusted EBITDA excludes:   \n Depreciation $160 \n Adjusted interest expense, net $145 \n Tax expense, including tax effect of above items $203 to $207 \n Adjusted EBITDA guidance $1,275 to $1,305 \n     \n FY2026 GAAP Interest Expense Guidance based on Adjusted Interest Expense   \n Guidance \n (in millions, all figures approximate) Fiscal Year End 2026 \n GAAP interest expense guidance $195 \n Finance charges in interest expense ($8) \n Interest income, net of NCI ($42) \n Adjusted interest expense guidance, net $145 \n FY2026 GAAP Income Tax Guidance based on Adjusted Income Tax Guidance   \n (in millions, all figures approximate) Fiscal Year End 2026 \n GAAP income tax expense guidance $146 to $165 \n Tax effect of adjusting items $57 to $42 \n Adjusted income tax expense guidance $203 to $207 \n\n Note: Variances in tables are due to rounding. \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260511700814/en/\n(https://www.businesswire.com/news/home/20260511700814/en/)\n\nInvestor Contact:\n\nWill Gabrielski\n\nSenior Vice President, Finance, Treasurer\n\n213.593.8208\n\nWilliam.Gabrielski@aecom.com (mailto:William.Gabrielski@aecom.com)\n\nMedia Contact:\n\nBrendan Ranson-Walsh\n\nSenior Vice President, Global Communications\n\n213.996.2367\n\nBrendan.Ranson-Walsh@aecom.com (mailto:Brendan.Ranson-Walsh@aecom.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-05-11T20:05:01.638760154Z","server_sent_at_ms":1778529901638},"received_at":"2026-05-11T20:05:01.879Z","source_url":"https://www.businesswire.com/news/home/20260511700814/en/"},"analysis":{"id":"22458","press_release_id":"30318","analysis_json":{"industry":{"label":"Construction & Engineering","sector":"Industrials"},"redFlags":["Operating cash flow declined 98% to $4 million due to payment timing in the Middle East and claim resolution delays"],"eventType":"earnings","narrative":"AECOM reported Q2 fiscal 2026 revenue of $3.8 billion, up 1% year-over-year, with adjusted EPS growing 27% to $1.59 and adjusted EBITDA up % to $312 million.\n\nTotal backlog increased 8% to a record $26.2 billion, driven by a 1.2 design book-to-burn ratio, marking the 22nd consecutive quarter with a ratio above 1.\n\nThe company raised its FY26 adjusted EPS guidance to $5.90-$6.10 and reiterated its free cash flow guidance of approximately $400 million.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Record backlog and second guidance raise drive margin expansion despite cash flow timing noise."},"keyFigures":{"eps":1.42,"revenue":3801143000,"guidance":"FY26 Adjusted EPS $5.90-$6.10 (raised from $5.85-$6.05); Adjusted EBITDA 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