AECOM financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AECOM files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	17,411	18,203	20,156	13,642	13,240	13,341	13,148	14,378	16,105	16,140
Cost of revenue	16,768	17,520	13,399	13,031	12,530	12,542	12,300	13,433	15,021	14,923
Gross profit	643	684	479	612	710	798	848	945	1,084	1,217
General and administrative	115	133	136	148	189	155	147	154	160	158
Operating income	376	654	393	396	381	630	647	324	827	1,027
Interest expense							110	159	185	184
Interest income						6.72	8.21	40.3	58.6	62.9
Other non-operating income	8.18	6.64	20.6	14.6	11.1	17.6	14.2	-5.3	2.1	-2.5
Pre-tax income	126	429	212	249	233	409	551	213	718	916
Income tax	-37.9	7.71	-3.49	13.5	45.8	89	136	56.1	153	204
Income from continuing operations			196	211	170	295	389	114	506	638
Net income to minority interests	67.4	82.1	60.7	77.1	32.6	29.8	24.1	44.8	58	74.4
Net income	96.1	339	136	-261	-186	173	311	55.3	402	562
EBITDA	774	932	660	657	619	806	818	500	1,006	1,202
EPS, basic	0.62	2.18	0.86	-1.66	-1.17	1.18	2.21	0.40	2.97	4.24
EPS, diluted	0.62	2.13	0.84	-1.63	-1.16	1.16	2.18	0.39	2.95	4.21
Shares, basic (weighted)	155	156	159	157	159	147	141	139	136	132
Shares, diluted (weighted)	156	159	162	160	161	150	143	140	136	133

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	692	802	887	886	1,708	1,229	1,172	1,260	1,581	1,586
Receivables	4,531	5,128	3,308	2,869	2,921	2,619	2,318	2,544	2,793	2,497
Other current assets	730	697	585	516	692	739	759	730	638	716
Total current assets	6,001	6,682	7,127	7,535	7,530	6,174	5,823	6,170	7,056	6,730
Property, plant and equipment	645	621	614	406	382	399	428	383	354	416
Lease right-of-use assets					652	607	540	447	432	463
Goodwill	5,824	5,993	5,921	3,477	3,484	3,502	3,381	3,419	3,480	3,701
Intangible assets	479	415	320	99.6	76.9	54.9	35.6	17.8	6.93	183
Other non-current assets	219	150	229	172	160	308	293	219	268	254
Total assets	13,670	14,397	14,681	14,551	12,999	11,734	11,139	11,233	12,062	12,200
Accounts payable	1,911	2,250	2,726	2,411	2,358	2,090	2,027	2,191	2,560	2,261
Accrued liabilities	2,385	2,246	2,267	1,878	2,250	2,174	2,181	2,288	2,386	2,490
Deferred revenue			931	851	997	1,059	1,051	1,189	1,298	1,088
Short-term debt	366	142	143	98.3	20.9	53.8	48.6	89.5	66.9	66.3
Total current liabilities	5,305	5,578	6,130	6,462	6,090	5,522	5,404	5,850	6,374	5,929
Long-term debt	3,702	3,702	3,484	3,218	2,041	2,158	2,157	2,113	2,450	2,647
Lease liabilities					745	679	595	549	511	516
Other non-current liabilities	403	322	329	266	163	145	136	124	156	211
Total liabilities	10,117	10,182	10,403	10,652	9,585	8,904	8,534	8,850	9,691	9,504
Total debt	4,125	3,896	3,674	3,353	2,085	2,236	2,225	2,217	2,540	2,744
Paid-in capital	3,605	3,734	3,846	3,954	4,035	4,116	4,157	4,242	4,347	4,609
Retained earnings	618	962	948	600	174	-504	-702	-1,104	-1,282	-1,225
Other comprehensive income	-858	-701	-703	-864	-919	-900	-980	-927	-883	-893
Shareholders' equity	3,367	3,996	4,093	3,691	3,293	2,712	2,477	2,212	2,184	2,493
Minority interests	186	219	186	209	121	117	129	171	186	204
Total equity	3,552	4,215	4,278	3,899	3,414	2,830	2,605	2,384	2,370	2,696
Total liabilities and equity	13,670	14,397	14,681	14,551	12,999	11,734	11,139	11,233	12,062	12,200
Shares outstanding	154	158	157	157	157	143	139	136	133	132

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	163	421	197	-184	-154	203	335	100	460	636
Depreciation and amortization	399	279	268	261	237	176	171	176	179	176
Stock-based compensation	73.4	83.8	73.1	63.8	54.2	44.7	38.5	45.9	61.5	61.4
Deferred income tax	-110	-49.9	36.7	-98	11.1	-3.2	21.5	-136	153	32.6
Change in receivables	337	-433	-382
Change in payables	16.6	292	475	251	-193	-250	-103	170	391	-334
Cash from operations	814	697	775	778	330	705	714	696	827	822
Capital expenditures	-191	-86.4	-113	-101	-115	-136	-137	-106	-120	-137
Acquisitions	-5.53	-103	-5.6					0	-18.7	-213
Purchases of investments	-0.21		-23.5	-3.22
Sales and maturities of investments	11.7	0.9	7.17	12.4	12.4	15.5	10.2	5.98	3.18	0
Cash from investing	-163	-203	-59.1	-147	2,037	-421	-175	-138	-211	-413
Debt issued	4,706	5,953	8,529	7,701	4,452	3,639	3,619	3,507	6,169	2,213
Debt repaid	-5,200	-7,072	-8,040	-7,985	-5,568	-2,726	-3,657	-3,553	-5,878	-2,259
Stock issued	28.2	30.1	35.2	30.4	26.4	25.7	26.7	32.9	34.6	40.1
Share buybacks	-25.9	-25.1	-179	-98.2	-187	-867	-473	-379	-479	-388
Dividends paid							-63.3	-96.2	-115	-134
Cash from financing	-638	-386	-625	-433	-1,628	-873	-588	-473	-295	-404
Exchange rate effect	-5.31	2.76	-6.23	-3.96	-1.19	5.49	-8.31	0.51	1.32	-3.83
Net change in cash	8.25	110	84.4	194	738	-583	-58	85.4	323	0.88
Free cash flow	623	610	661	677	215	568	577	590	708	685
Interest paid	216	226	272	222	201	256	105	154	177	167
Income taxes paid	-13.1	11.5	-40.6	-2.5	-71	-114	-105	-78.4	-140	-92

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $60.89 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	5.7%	Gross profit / revenue.
Operating margin	4.1%	Operating income / revenue.
EBITDA margin	4.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.4%	Pre-tax income / revenue.
Net margin	1.9%	Net income / revenue.
FCF margin	1.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.4%	Cash from operations / revenue.
Effective tax rate	18.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.4%	Net income / average total assets.
Return on invested capital (ROIC)	13.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	0.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	12.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	11.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	24.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	16.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	21.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	19.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	13.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	14.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	39.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	21.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	42.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	24.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-0.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	4.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	20.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-3.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	5.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	26.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	14.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-5.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-3.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.06x	Current assets / current liabilities.
Quick ratio	0.57x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.17x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.25x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	22.8%	Total debt / total assets.
Liabilities / assets	80.0%	Total liabilities / total assets.
Net debt	$1.73B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.43x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.12x	Operating income / interest expense.
Working capital	$340.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	32.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.75B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.28x	Revenue / average total assets.
Fixed asset turnover	33.5x	Revenue / average property, plant and equipment.
Receivables turnover	6.44x	Revenue / average receivables.
Days sales outstanding	57 days	365 x average receivables / revenue.
Days payables	60 days	365 x average accounts payable / cost of revenue.
FCF conversion	70.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	44.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.24	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$119.73	Revenue / diluted weighted shares.
FCF per share	$1.58	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.84	Cash from operations / diluted weighted shares.
Book value per share	$17.04	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$13.59	Tangible book value / shares outstanding.
Cash per share	$7.87	(Cash + short-term investments) / shares outstanding.
Payout ratio	52.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	73.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	340.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$7.84B	Share price x shares outstanding.
Enterprise value	$9.57B	Market cap + total debt - cash - short-term investments.
P/E	27.2x	Market cap / net income. Only when net income is positive.
P/S	0.51x	Market cap / revenue.
P/B	3.57x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	38.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	21.4x	Market cap / cash from operations, when positive.
EV/Sales	0.62x	Enterprise value / revenue.
EV/EBIT	15.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	47.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.6%	Free cash flow / market cap.
Earnings yield	3.7%	Net income / market cap (the inverse of P/E).
Dividend yield	1.9%	Dividends paid over the period / market cap.
Shareholder yield	10.7%	(Dividends paid + share buybacks) / market cap.
PEG	1.11x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was AECOM's revenue in fiscal 2025?

AECOM reported revenue of $16.14B for fiscal 2025, 0.2% higher than the year before.

Was AECOM profitable in fiscal 2025?

Yes. Net income was $561.8M, a net margin of 3.5%.

How much free cash flow did AECOM generate in fiscal 2025?

Cash from operations of $821.6M minus capital expenditures of $136.7M left free cash flow of $684.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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