TETRA TECH INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TETRA TECH INC 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	2,583	2,753	2,964	3,107	2,995	3,214	3,504	4,523	5,199	5,443
Cost of revenue								771	877	825
Gross profit	330	354	384	408	447	498	576	725	866	961
Operating income	136	183	190	189	241	279	340	358	501	408
Interest expense	12.4	12.3	17.3	15.4	14.5	12.7	13.4	52.4	44.6	40.6
Interest income	1	0.73	1.82	1.73	1.38	0.92	1.78	5.9	7.29	9.84
Other non-operating income						0	19.9	89.4	0	0
Pre-tax income	124	172	175	175	228	267	349	401	463	378
Income tax	40.6	53.8	37.6	16.4	54.1	34	85.6	128	130	130
Net income to minority interests	0.07	0.04	0.07	0.09	0.03	0.02	0.04	0.03	0.06	0.23
Net income	83.8	118	137	159	174	233	263	273	333	248
EBITDA	181	229	229	218	266	303	367	419	574	467
EPS, basic	0.29	0.41	0.49	0.58	0.64	0.86	0.98	1.03	1.25	0.94
EPS, diluted	0.28	0.41	0.48	0.57	0.63	0.85	0.97	1.02	1.23	0.93
Shares, basic (weighted)	292	285	279	275	272	271	268	266	267	265
Shares, diluted (weighted)	295	290	284	280	276	274	271	268	270	267
Dividend per share	0.07	0.08	0.09	0.11	0.13	0.15	0.17	0.20	0.22	0.25

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	160	190	146	121	158	167	185	169	233	167
Receivables	714	789	694	769	649	669	755	975	1,051	1,159
Other current assets	46.3	50	56	62.2	81.1	112	115	89.1	91.6	98.8
Total current assets	935	1,042	1,050	1,080	1,000	1,066	1,158	1,356	1,527	1,621
Property, plant and equipment	67.8	56.8	43.3	39.4	35.5	37.7	32.3	74.8	73.1	66.1
Lease right-of-use assets					239	215	182	176	178	198
Goodwill	718	741	799	925	993	1,109	1,110	1,880	2,047	2,050
Intangible assets	49	26.7	16.1	16.4	13.9	38	29.2	174	161	121
Other non-current assets	27.9	31.9	38.8	51.7	57	53.2	62.5	70.5	102	120
Total assets	1,801	1,903	1,959	2,147	2,379	2,577	2,623	3,820	4,193	4,282
Accounts payable	159	178	160	207	112	129	147	173	197	205
Accrued liabilities	129	143	180	203	200	206	238	303	332	347
Deferred revenue			143	166	172	190	241	335	352	420
Short-term debt	15.5	15.6	12.6	12.5	49.3	12.5	12.5	0	0
Total current liabilities	481	538	618	770	793	848	916	1,208	1,220	1,379
Long-term debt	332	341	265	264	242	200	246	880	813	763
Lease liabilities					192	174	146	145	140	155
Other non-current liabilities	54	51	57.7	83.1	80.6	69.2	79.2	148	138	151
Total liabilities	931	974	992	1,158	1,341	1,342	1,440	2,417	2,362	2,502
Total debt	347	357	277	277	292	213	259	880	813	766
Paid-in capital	260	194	149	78.1	0		0	0	35.9	0
Retained earnings	736	833	945	1,071	1,199	1,359	1,391	1,596	1,871	1,873
Other comprehensive income	-128	-98.5	-127	-161	-162	-125	-208	-195	-78.9	-95.8
Shareholders' equity	869	928	967	989	1,037	1,234	1,183	1,403	1,830	1,780
Minority interests	0.14	0.17	0.13	0.18	0.05	0.05	0.05	0.07	0.09	0.38
Total equity	869	929	967	989	1,037	1,234	1,183	1,404	1,830	1,780
Total liabilities and equity	1,801	1,903	1,959	2,147	2,379	2,577	2,623	3,820	4,193	4,282
Shares outstanding	286	280	277	273	270	270	53	266	268	261

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	83.9	118	137	159	174	233	263	273	333	248
Depreciation and amortization	45.6	45.8	38.6	28.8	24.6	23.8	27	61.2	73.7	58.3
Stock-based compensation	13	13.5	19.6	17.6	19.4	23.1	26.2	28.6	31.2	33.9
Deferred income tax	6.05	-9.96	-29.4	-37.6	2.73	-35.8	2.21	-27.8	-12.2	-11.3
Change in receivables	9.06	-64.8	-46.3
Change in payables	-3	18.6	-16	39	-102	13.6	17.1	-19.2	18.1	2.4
Cash from operations	142	141	186	209	262	304	336	368	359	458
Capital expenditures	-11.9	-9.74	-9.73	-16.2	-12.2	-8.57	-10.6	-26.9	-18.1	-18.6
Acquisitions	-81.3	-8.04	-68.3	-84.2	-68.5	-84.9	-49.1	-854	-93.7	-97.3
Cash from investing	-94	-17	-42.6	-99.7	-63	-93	-55.7	-771	-111	-107
Debt repaid			-486	-415	-331	-414	-117
Stock issued	18	18.6	13.5	11.8	10.3	11.3	1.81	0.63	3.07	0.47
Share buybacks	-99.5	-100	-75	-100	-117	-60	-200	0	0	-250
Dividends paid	-19.7	-21.7	-24.5	-29.7	-34.7	-40	-46.1	-52.1	-58.8	-65
Cash from financing	-25.4	-98.3	-182	-135	-163	-210	-250	382	-191	-410
Exchange rate effect	2.52	3.45	-4.95	-1.73	0.21	7.77	-12.3	4.09	7.57	-5
Net change in cash	25.1	29.7	-43.8	-28	36.6	9.05	18.5	-16.3	63.9	-64.3
Free cash flow	130	132	176	192	250	296	326	342	341	439
Interest paid	12.6	11.5	15.6	12.3	13.3	10.3	13.4	47.4	36.9	35
Income taxes paid	35.3	72.6	49.8	66	55	59.1	70.8	93.2	181	111

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 28, 2026; growth uses fiscal years. Valuation uses the share price of $33.91 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	18.8%	Gross profit / revenue.
Operating margin	12.1%	Operating income / revenue.
EBITDA margin	12.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	11.7%	Pre-tax income / revenue.
Net margin	8.6%	Net income / revenue.
FCF margin	10.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.2%	Cash from operations / revenue.
Effective tax rate	26.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	23.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.9%	Net income / average total assets.
Return on invested capital (ROIC)	18.5%	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	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.4%	Capital expenditures / revenue.
D&A / revenue	0.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	11.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	18.6%	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	16.6%	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	-18.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	6.3%	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	11.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-18.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	8.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	11.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-25.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-2.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	7.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-24.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-1.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	8.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	27.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	10.8%	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	11.8%	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	28.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	10.5%	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	11.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	11.8%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	12.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	14.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-2.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.6%	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	11.4%	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	2.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	17.8%	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	12.5%	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	-1.1%	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	-0.5%	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	-0.6%	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	1.18x	Current assets / current liabilities.
Quick ratio	0.98x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.17x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.43x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	18.3%	Total debt / total assets.
Liabilities / assets	57.8%	Total liabilities / total assets.
Net debt	$572.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.88x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	15.4x	Operating income / interest expense.
Working capital	$246.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	53.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$487.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.16x	Revenue / average total assets.
Fixed asset turnover	80.3x	Revenue / average property, plant and equipment.
Receivables turnover	4.71x	Revenue / average receivables.
Days sales outstanding	78 days	365 x average receivables / revenue.
Days payables	113 days	365 x average accounts payable / cost of revenue.
FCF conversion	125.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	3.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.66	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	$19.51	Revenue / diluted weighted shares.
FCF per share	$2.11	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.18	Cash from operations / diluted weighted shares.
Book value per share	$7.23	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$1.91	Tangible book value / shares outstanding.
Cash per share	$0.90	(Cash + short-term investments) / shares outstanding.
Payout ratio	15.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	12.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	46.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$8.68B	Share price x shares outstanding.
Enterprise value	$9.26B	Market cap + total debt - cash - short-term investments.
P/E	19.9x	Market cap / net income. Only when net income is positive.
P/S	1.71x	Market cap / revenue.
P/B	4.69x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	15.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.3x	Market cap / cash from operations, when positive.
EV/Sales	1.83x	Enterprise value / revenue.
EV/EBIT	15.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	16.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.3%	Free cash flow / market cap.
Earnings yield	5.0%	Net income / market cap (the inverse of P/E).
Dividend yield	0.8%	Dividends paid over the period / market cap.
Shareholder yield	3.7%	(Dividends paid + share buybacks) / market cap.

What was TETRA TECH INC's revenue in fiscal 2025?

TETRA TECH INC reported revenue of $5.44B for fiscal 2025, 4.7% higher than the year before.

Was TETRA TECH INC profitable in fiscal 2025?

Yes. Net income was $247.7M, a net margin of 4.6%.

How much free cash flow did TETRA TECH INC generate in fiscal 2025?

Cash from operations of $457.7M minus capital expenditures of $18.6M left free cash flow of $439.1M.

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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