| Metric | Period | Current guidance |
|---|---|---|
| Adjusted EPS (enterprise-wide) | FY2026 | $5.65-$5.85, up ~9% at the mid-point over the prior year (initiated) |
| Adjusted EBITDA (enterprise-wide) | FY2026 | $1,265M-$1,305M, up ~7% at the mid-point (initiated) |
| Free cash flow (enterprise-wide) | FY2026 | Approximately $400M, including investments for the announced AI-driven restructuring (initiated) |
| Adjusted EPS (continuing design & consulting) | FY2026 | $5.15-$5.35, excluding the Construction Management business to be reported in discontinued operations (initiated) |
| Adjusted EBITDA (continuing design & consulting) | FY2026 | $1,180M-$1,220M (initiated) |
| Organic NSR growth (continuing design & consulting) | FY2026 | 6% to 8% (excludes fewer working days in FY2026); NSR of $7.2-$7.4B, ~5% growth at the mid-point (initiated) |
| Segment adjusted operating margin / adjusted EBITDA margin (continuing) | FY2026 | 16.6% segment adjusted operating margin and 16.8% adjusted EBITDA margin (initiated) |
| Adjusted effective tax rate | FY2026 | Approximately 22-23% for the full year (initiated) |
| Average fully diluted share count | FY2026 | 133 million shares, excluding benefits from any capital allocation actions not yet taken (initiated) |
| Metric | YoY | Note |
|---|---|---|
| Total revenue (as reported) | +2% ($4,175M) | Fourth-quarter revenue increased 2% from continuing operations; full-year revenue was effectively unchanged at $16,140M. |
| Net service revenue (NSR) | +8% ($1,967M) | Q4 NSR growth accelerated to 8% on a constant-currency basis, led by 9% growth in the Americas design business; full-year NSR rose 6% to $7,573M. |
| Americas segment (NSR) | +13% ($1.2B) | Strong Americas design demand; Q4 adjusted operating margin on NSR expanded 70 bps to 20.4%, and full-year Americas margin hit a record 19.8% (+90 bps). |
| International segment (NSR) | Flat ($769M) | Q4 revenue declined 1% to $935M and adjusted operating margin on NSR fell 50 bps to 12.1% on lower revenue in certain end markets; full-year NSR up 1% to $3.0B. |
| Adjusted EBITDA | +13% ($329M) | Fourth-quarter adjusted EBITDA rose 13% with margin up 80 bps to 17.5%; full-year adjusted EBITDA grew 10% to a record $1,203M. |
| Segment adjusted operating margin | +40 bps (17.1%) | Continued operating-leverage initiatives lifted the Q4 adjusted segment operating margin to 17.1% and the full-year margin to a record 16.5% (+70 bps). |
| Total backlog | +4% ($24,830M) | Record backlog with a fifth consecutive quarter of sequential growth; design backlog up 3% to a new all-time high across both the Americas and International. |
| Design book-to-burn | 1.1x (Q4) | 20th consecutive quarter above 1.0, reflecting a design pipeline that grew 13% year-over-year to an all-time high. |
| Adjusted EPS | +7% ($1.36) | Q4 adjusted EPS grew 7% (would have been 18% ex a higher tax rate); full-year adjusted EPS set a record at $5.26, up 16%. |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Record backlog and pipeline | — | Exited fiscal 2025 with a record backlog ($24,830M) and pipeline (design pipeline +13% YoY, an all-time high for the sixth straight quarter), which CEO Troy Rudd said underpins confidence in fiscal 2026 and beyond; growth is strongest in the earliest pipeline stages as new project formation accelerates. | — |
| Margin expansion and operating leverage | Prior long-term target of a 17%+ segment margin | Delivered a record 16.5% full-year segment adjusted margin and exceeded the 17%+ target five quarters early (17.1% in H2); management now expects a 20%+ margin run-rate by the end of fiscal 2028 as it scales AECOM AI and the higher-margin Advisory business. | — |
| Capital returns | — | Returned nearly $500M via repurchases and dividends in the year (over $3B since September 2020) and raised the quarterly dividend 19% to $0.31 per share, extending a 20% dividend CAGR since initiation and a commitment to double-digit annual per-share dividend growth. | — |
| AECOM AI and Advisory growth | — | CFO Gaurav Kapoor said AI is creating new opportunities to scale human and intellectual capital and expand operating leverage; president Lara Poloni highlighted a rapidly-growing Advisory practice as project size and complexity increase, positioning these as key drivers of the raised long-term targets. | — |
| End-market demand / global infrastructure megatrends | — | Management cited accelerating secular megatrends - global infrastructure investment, sustainability and resilience, and growing energy demand - as demand for critical infrastructure continues to grow across the Company's markets, supported by robust funding across its largest markets. | — |
| Portfolio focus / Construction Management review | — | Subsequent to year-end, the Board approved a review of strategic alternatives for the Construction Management business (including a possible sale), which will be classified as held for sale and reported in discontinued operations beginning in Q1 FY2026; Goldman Sachs and Wachtell, Lipton, Rosen & Katz were retained as advisors. | — |