AECOM
ACM NYSE Construction & Engineering Financials FY2016–FY2025
AECOM's revenue rose 0.2% to $16.1 billion in fiscal 2025. Its operating margin was 6.4%, up from 5.1% a year earlier. Free cash flow was $685 million, down 3.2%. It paid out $522 million in dividends and buybacks, 76% of free cash flow. The diluted share count fell 2.3%.
What AECOM does
AECOM is a professional services firm that advises, plans, designs and manages infrastructure projects for governments, businesses and other organizations around the world. Its work includes advisory, planning, consulting, architectural and engineering design, construction and program management, and investment and development services. Its main markets are transportation, facilities, water, environmental and energy.
The company reports three segments: Americas, International and AECOM Capital. Americas serves public and private clients in the United States, Canada and Latin America. International serves clients in other regions. AECOM Capital develops real estate and earns income from development sales and management fees. In its professional services work, AECOM mostly earns money by billing for its employees' time on client projects, so managing staff costs matters to its results.
AECOM says it ranks first by design revenue among architectural and engineering design firms in an industry survey by Engineering News-Record. Its fiscal year ends on the Friday closest to September 30. It sold its Management Services business and its self-performed construction businesses in earlier years.
- Legal name
- AECOM
- Fiscal year ends
- September 30, 2025
- Latest annual report
- 10-K · Nov 19, 2025
- Accession · CIK
- 0000868857-25-000013
0000868857
Revenue and margins
AECOM had $16.1B of revenue in fiscal 2025, up 0.2% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 23.7% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $685M in fiscal 2025, 4.2% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
AECOM returned $522M to shareholders in fiscal 2025, 76% of free cash flow. The diluted share count fell 2.3%.
Value AECOM yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$1.1B and divides by 133.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 27.7x · peers 27.3x · sector 26.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably AECOM can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.2B | $1.2B | $1.3B | $1.6B | $1.6B |
| Debt incl. finance leases | $2.2B | $2.2B | $2.2B | $2.5B | $2.7B |
| Net debt / EBITDA | 1.2x | 1.3x | 1.9x | 0.9x | 0.9x |
| Debt / equity | 0.8x | 0.9x | 1.0x | 1.2x | 1.1x |
| Interest coverage | 2.5x | 5.9x | 2.0x | 4.5x | 5.6x |
| Current ratio | 1.1x | 1.1x | 1.1x | 1.1x | 1.1x |
| Quick ratio | 1.1x | 1.1x | 1.1x | 1.1x | 1.1x |
| Total assets | $11.7B | $11.1B | $11.2B | $12.1B | $12.2B |
| Total liabilities | $8.9B | $8.5B | $8.8B | $9.7B | $9.5B |
| Shareholders' equity | $2.7B | $2.5B | $2.2B | $2.2B | $2.5B |
| Net debt (− = net cash) | $982M | $1.0B | $943M | $936M | $1.1B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.7M
3 insiders
Sold, 12 months
$3.2M
2 insiders
Of sales under plans
100%
$3.2M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 16, 2026 | Lara PoloniPresident | Bought | 4,224 | $70.63 | $0.3M | Form 4 |
| May 14, 2026 | Gaurav KapoorChief Financial Officer (pao) | Bought | 1,420 | $71.12 | $0.1M | Form 4 |
| May 14, 2026 | Troy RuddChief Executive Officer, Director | Bought | 4,225 | $71.02 | $0.3M | Form 4 |
| Dec 17, 2025 | David Y. GanChief Legal Officer | Sold plan | 9,502 | $97.01 | $0.9M | Form 4 |
| Dec 17, 2025 | Lara PoloniPresident | Sold plan | 17,533 | $97.02 | $1.7M | Form 4 |
| Dec 15, 2025 | David Y. GanChief Legal Officer | Sold plan | 6,000 | $98.85 | $0.6M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✕ | ✕ |
| Current ratio rose | ✕ | ✓ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | ✓ | ✓ | ✕ |
| F-score | 6 / 9 | 8 / 9 | 7 / 9 |
| Accruals ratio | −5.7% | −3.7% | −2.1% |
| Altman Z'' | 0.34 | 0.74 | 0.97 |
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10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | — | $18.2B | $13.9B | $13.6B | $13.2B | $13.3B | $13.1B | $14.4B | $16.1B | $16.1B |
| Gross profit | $643M | $684M | $479M | $612M | $710M | $798M | $848M | $946M | $1.1B | $1.2B |
| Operating income | $376M | $654M | $393M | $396M | $382M | $630M | $647M | $324M | $827M | $1.0B |
| Interest expense | $216M | $226M | $272M | $222M | $201M | $256M | $110M | $159M | $185M | $184M |
| Pretax income | $126M | $429M | $212M | $249M | $233M | $409M | $551M | $213M | $718M | $916M |
| Income tax | −$37.9M | $7.7M | −$3.5M | $13.5M | $45.8M | $89.0M | $136M | $56.1M | $153M | $204M |
| Net income | $96.1M | $339M | $137M | −$261M | −$186M | $173M | $311M | $55.3M | $402M | $562M |
| Diluted EPS | $0.62 | $2.13 | $0.84 | −$1.63 | −$1.16 | $1.16 | $2.18 | $0.39 | $2.95 | $4.21 |
| Diluted shares | 0.16B | 0.16B | 0.16B | 0.16B | 0.16B | 0.15B | 0.14B | 0.14B | 0.14B | 0.13B |
| Cash flow | ||||||||||
| Cash from operations | $814M | $697M | $775M | $778M | $330M | $705M | $714M | $696M | $828M | $822M |
| Capital expenditure | $191M | $86.4M | $113M | $101M | $115M | $136M | $137M | $106M | $120M | $137M |
| Free cash flow | $623M | $610M | $661M | $677M | $215M | $568M | $577M | $590M | $708M | $685M |
| Depreciation and amortization | $399M | $279M | $268M | $261M | $237M | $176M | $171M | $176M | $179M | $176M |
| Stock-based compensation | $73.4M | $83.8M | $73.1M | $63.8M | $54.2M | $44.7M | $38.5M | $45.9M | $61.5M | $61.4M |
| Acquisitions | $5.5M | $103M | $5.6M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $18.7M | $213M |
| Share buybacks | $25.9M | $25.1M | $180M | $98.2M | $187M | $867M | $473M | $379M | $479M | $388M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $63.3M | $96.2M | $115M | $134M |
| Dividends and buybacks | $25.9M | $25.1M | $179M | $98.2M | $187M | $867M | $536M | $475M | $594M | $522M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $692M | $802M | $887M | $886M | $1.7B | $1.2B | $1.2B | $1.3B | $1.6B | $1.6B |
| Total debt | $4.1B | $3.8B | $3.6B | $3.3B | $2.1B | $2.2B | $2.2B | $2.2B | $2.5B | $2.7B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $31.8M | $45.5M | $50.1M | $64.8M | $61.2M | $76.2M |
| Current assets | $6.0B | $6.7B | $7.1B | $7.5B | $7.5B | $6.2B | $5.8B | $6.2B | $7.1B | $6.7B |
| Current liabilities | $5.3B | $5.6B | $6.1B | $6.5B | $6.1B | $5.5B | $5.4B | $5.9B | $6.4B | $5.9B |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $645M | $621M | $614M | $406M | $382M | $399M | $428M | $383M | $354M | $416M |
| Total assets | $13.7B | $14.4B | $14.7B | $14.6B | $13.0B | $11.7B | $11.1B | $11.2B | $12.1B | $12.2B |
| Total liabilities | $10.1B | $10.2B | $10.4B | $10.7B | $9.6B | $8.9B | $8.5B | $8.8B | $9.7B | $9.5B |
| Shareholders' equity | $3.4B | $4.0B | $4.1B | $3.7B | $3.3B | $2.7B | $2.5B | $2.2B | $2.2B | $2.5B |
| Margins | ||||||||||
| Gross margin | — | 3.8% | 3.5% | 4.5% | 5.4% | 6.0% | 6.5% | 6.6% | 6.7% | 7.5% |
| Operating margin | — | 3.6% | 2.8% | 2.9% | 2.9% | 4.7% | 4.9% | 2.3% | 5.1% | 6.4% |
| EBITDA margin | — | 5.1% | 4.8% | 4.8% | 4.7% | 6.0% | 6.2% | 3.5% | 6.3% | 7.5% |
| Net margin | — | 1.9% | 1.0% | −1.9% | −1.4% | 1.3% | 2.4% | 0.4% | 2.5% | 3.5% |
| FCF margin | — | 3.4% | 4.8% | 5.0% | 1.6% | 4.3% | 4.4% | 4.1% | 4.4% | 4.2% |
| Returns | ||||||||||
| Return on capital | 5.2% | 9.1% | 5.5% | 5.6% | 6.1% | 13.0% | 13.1% | 6.9% | 19.6% | 22.4% |
| Return on capital employed | 4.3% | 7.6% | 4.5% | 4.8% | 5.1% | 9.6% | 10.8% | 5.8% | 15.0% | 17.2% |
| Return on equity | 2.8% | 9.2% | 3.4% | −6.7% | −5.3% | 5.8% | 12.0% | 2.4% | 18.3% | 24.0% |
| Return on assets | 0.7% | 2.4% | 0.9% | −1.8% | −1.4% | 1.4% | 2.7% | 0.5% | 3.5% | 4.6% |
| Growth | ||||||||||
| Revenue growth | — | — | −23.8% | −1.7% | −3.0% | 0.8% | −1.4% | 9.4% | 12.0% | 0.2% |
| Net income growth | — | 253.1% | −59.8% | −291.3% | — | — | 79.4% | −82.2% | 627.0% | 39.7% |
| EPS growth | — | 243.6% | −60.6% | −294.1% | — | — | 87.9% | −82.1% | 656.4% | 42.7% |
| FCF growth | −4.2% | −2.0% | 8.4% | 2.4% | −68.2% | 164.3% | 1.4% | 2.4% | 19.9% | −3.2% |
| Share count change | 4.3% | 2.0% | 2.0% | −1.6% | 1.0% | −7.2% | −4.7% | −1.8% | −2.6% | −2.3% |
| Financial health | ||||||||||
| Net debt / EBITDA | 4.4x | 3.3x | 4.2x | 3.7x | 0.6x | 1.2x | 1.3x | 1.9x | 0.9x | 0.9x |
| Debt / equity | 1.2x | 1.0x | 0.9x | 0.9x | 0.6x | 0.8x | 0.9x | 1.0x | 1.2x | 1.1x |
| Interest coverage | 1.7x | 2.9x | 1.4x | 1.8x | 1.9x | 2.5x | 5.9x | 2.0x | 4.5x | 5.6x |
| Current ratio | 1.1x | 1.2x | 1.2x | 1.2x | 1.2x | 1.1x | 1.1x | 1.1x | 1.1x | 1.1x |
| Quick ratio | 1.1x | 1.2x | 1.2x | 1.2x | 1.2x | 1.1x | 1.1x | 1.1x | 1.1x | 1.1x |
| Capital allocation | ||||||||||
| Capex / revenue | — | 0.5% | 0.8% | 0.7% | 0.9% | 1.0% | 1.0% | 0.7% | 0.7% | 0.9% |
| Stock comp / revenue | — | 0.5% | 0.5% | 0.5% | 0.4% | 0.3% | 0.3% | 0.3% | 0.4% | 0.4% |
| Payouts / FCF | 4.2% | 4.1% | 27.1% | 14.5% | 86.9% | 152.6% | 93.0% | 80.5% | 83.9% | 76.2% |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | 4.0 | 6.0 | 6.0 | 7.0 | 7.0 | 6.0 | 8.0 | 7.0 |
| Altman Z'' | 1.0 | 1.5 | 1.3 | 1.2 | 1.3 | 0.9 | 0.8 | 0.3 | 0.7 | 1.0 |
| Accruals ratio | −5.2% | −2.6% | −4.4% | −7.1% | −3.8% | −4.3% | −3.5% | −5.7% | −3.7% | −2.1% |
Source: SEC EDGAR XBRL filings (CIK 0000868857). Data updated October 10, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.