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Aecom (ACM) stock

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NYSE: ACM NYSE Construction & Engineering Next results ~November 16, 2026

C Fundamentals grade

Aecom is a US-listed company in the construction & engineering industry. Its financial year ends in September.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$74

Cash-flow model

Base case. Range ~$52–$100 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 11% below our base value.

Price used: $65.68, November 2, 2026

Aecom valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders3 buying, 2 selling3 purchases and 4 sales by directors and officers, last 12 monthsInsider trades
  • Funds256 adding, 360 cuttingOf 75 active managers that changed their stake, 44 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Aecom files

Where Aecom stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $15.4bn, down 4.2% on a year earlier, slower than -0.4% a quarter earlier. That puts it 893 of 931 for growth among all the companies we cover. Free-cash-flow margin fell to 1.3% from 5.1% a year earlier. Operating margin narrowed to 4.1% from 6.4%. The diluted share count is down 2.2% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 3 financial-health checks. Our cash-flow model value is $65.07 a share, against a share price of $59.17. At that price, our model says the market is pricing in about 0.3% a year of cash-flow growth for five years, slower than the 2.9% a year revenue growth it has delivered.

Source: 10-Q filed August 11, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 16, 2026 (estimated)

Aecom's trailing-twelve-month revenue fell 4.2% year on year, with a free-cash-flow margin of 1.3%. Where it stands out: change in share count of -2.2% ranks 7 of 40 construction & engineering companies we cover. Where it lags: gross margin of 5.7% ranks 33 of 39 construction & engineering companies we cover.

Our discounted-cash-flow model values the business at ~$74 per share in the base case (~$52–$100 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 75.3% while net income fell 53.1%: a 22pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 2.2% in a year, so each share owns more of the business.

Things to watch

  • Results due soon. Results are expected around 9 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 4.2% over the last 12 months.
  • Growth easing. The growth rate is 3.9 points lower than a quarter earlier.
  • Weak cash conversion. Free cash flow was 71% of net income over the last 12 months.
  • Below peers: gross margin. Gross margin of 5.7% ranks 33 of 39 construction & engineering companies we cover (median 11.8%).
  • Below peers: change in growth rate. Change in growth rate of -3.9pp ranks 33 of 43 construction & engineering companies we cover (median +3.2pp).

Latest results: FY2026 Q3

Filed August 11, 2026
Earnings per share
-$0.50 against an average estimate of $1.46: missed by 134.2%
Revenue
$3.59bn, down 14.2% on a year earlier
Share reaction
-11.6% in the first session after the results on August 10, 2026, against -0.3% for the S&P 500
Guidance given
adjusted EPS $3.95 to $4.15 (fiscal 2026); adjusted EBITDA $935m to $965m (fiscal 2026)
Next report
November 16, 2026; average EPS estimate $1.59

Aecom's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.7%
  • 1 week+8.2%
  • 1 month+10.7%
  • This year-30.0%
  • 1 year-50.3%
  • 5 years+1.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$15.4B
Operating margin
4.1%
Net margin
1.9%
EPS (TTM, diluted)
$2.20

Growth

Revenue growth
−4.2%
Change in growth rate
−3.9 pts
Share count change
−2.2%

Cash

Free cash flow (TTM)
$203M
FCF margin
1.3%
Stock pay % of revenue
0.3%

Earnings

Last results
August 10, 2026
Next results (est.)
November 9, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Leadership
  3. Leadership
  4. Announcement
  5. Leadership
  6. Announcement
  7. Announcement
  8. Guidance
  9. Announcement
  10. Announcement
  11. Leadership
  12. Leadership
  13. Announcement
  14. Partnership
  15. Results
  16. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Aecom valuation models and calculator

What the price is pricing in

The share price implies about 1.2% a year of cash-flow growth for five years.That is close to the 2.9% a year revenue growth Aecom has delivered.

  • Priced in1.2%
  • Last 12 months-4.2%
  • 3 years a year3.3%
  • 5 years a year2.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($64.81, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$74
Price used
$64.81close November 3, 2026
Implied change
▲ +14%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Aecom's free cash flow after stock-based pay with after-tax interest added back ($654M, FY2026 Q3 TTM), growing 4.5% and 4.1% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$52–~$100 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Aecom's free cash flow after stock-based pay ( $654M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Aecom as an operating company, with every model that fits that kind of business. Cost of equity 9.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.05 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$74 ~$52–$100 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$90 ~$81–$120 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$25 ~$18–$34 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$26 ~$23–$31 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$58 ~$25–$90 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Aecom with Construction & Engineering in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −38%
  • Revenue growth 5 points higher ▲ +50%
  • Free-cash-flow margin 1 point lower ▼ −64%
  • Last year's free-cash-flow margin change, if it persists ▼ −71%
  • Discount rate 1 point higher ▼ −21%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $58$84$119$164$224$301
8.5% $40$59$84$117$160$214
10% $30$45$64$89$121$163

Valuation multiples over time Market data may be delayed

At fiscal year end 201720182019202020212022202320242025Now
Share price$34.93$30.99$35.64$39.70$59.93$65.28$79.97$100.41$128.09$65.68
Market value$5.6bn$5.0bn$5.7bn$6.4bn$9.0bn$9.3bn$11.2bn$13.7bn$17.1bn$8.6bn
+ Net debt (− = net cash)$3.1bn$2.8bn$2.5bn$377m$1.0bn$1.1bn$957m$959m$1.2bn$1.7bn
Enterprise value$8.7bn$7.8bn$8.2bn$6.8bn$10.0bn$10.4bn$12.2bn$14.7bn$18.2bn$10.3bn
Multiples
Price / sales 0.3x0.4x0.4x0.5x0.7x0.7x0.8x0.9x1.1x0.6x
Price / earnings 16.4x36.9x——51.8x30.0xn/m34.1x30.4x29.8x
Price / free cash flow 9.1x7.6x8.4x29.8x15.8x16.2x19.0x19.4x24.9x42.2x
EV / EBITDA 9.3x11.8x12.4x11.0x12.4x12.7x24.3x14.6x17.1x14.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

50 /100

Moderate moat

How hard Aecom's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 1.9% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 6.1%, moving by 1.0 percentage points (standard deviation) across 8 years.

  • Durability 10 / 20

    Operating margin has been a median 4.0%; its worst year was 2.9%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 8 of 8 years, at a median 4.3% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 14.5% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 16, 2026, after the close. Analysts expect revenue of $4.1bn and EPS of $1.59 (range $1.51 to $1.66) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.01 −24% $15.3bn −5%
Next $6.24 +56% $16.6bn +8%

Next year's EPS estimate has moved −7.1% in 90 days, across 12 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −32.9% on 90 days ago. In the last 30 days, 2 analysts raised Aecom's forecast and 0 cut it.

Consensus EPS forecast Aecom, last 90 days
$4.00 $5.00 $6.00 $7.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.97 Current fiscal year, 60 days ago: $4.00 Current fiscal year, 30 days ago: $4.00 Current fiscal year, 7 days ago: $4.01 Current fiscal year, Now: $4.01 $4.01 Next fiscal year, 90 days ago: $6.72 Next fiscal year, 60 days ago: $6.40 Next fiscal year, 30 days ago: $6.40 Next fiscal year, 7 days ago: $6.27 Next fiscal year, Now: $6.24 $6.24

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.97$6.72
60 days ago $4.00$6.40
30 days ago $4.00$6.40
7 days ago $4.01$6.27
Now $4.01$6.24

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.46 −$0.50 −134.2%
Mar 2026 $1.54 $1.59 +3.5%
Dec 2025 $1.16 $1.29 +10.9%
Sept 2025 $1.34 $1.36 +1.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 10, 2026
  • Total NSR fiscal 2026 $7.3bn to $7.35bn Non-GAAP
    “Total NSR 1 of between $7.30 and $7.35 billion.” source
  • Total NSR (excluding Construction Management charge) fiscal 2026 $7.65bn to $7.7bn Non-GAAP
    “Total NSR of between $7.65 and $7.70 billion.” source
  • Adjusted EPS fiscal 2026 $3.95 to $4.15 Non-GAAP
    “Adjusted 2 EPS of between $3.95 and $4.15 and adjusted 2 EBITDA 5 of between $935 million and $965 million.” source
  • Adjusted EPS (excluding Construction Management charge) fiscal 2026 $5.90 to $6.10 Non-GAAP Maintained
    “Adjusted 2 EPS of between $5.90 and $6.10 and adjusted 2 EBITDA 5 of between $1,275 million and $1,305 million, which is consistent with the Company's prior guidance.” source
  • GAAP EPS guidance Fiscal Year End 2026 $2.37 to $2.87 GAAP
    “GAAP EPS guidance $2.37 to $2.87” source
  • segment adjusted operating margin fiscal 2026 about 17% Non-GAAP
    “A segment adjusted operating margin 3 of 17.0% and an adjusted EBITDA margin 4 of 17.4%.” source
Show 13 more items
  • Adjusted EBITDA fiscal 2026 $935m to $965m Non-GAAP
    “Adjusted 2 EPS of between $3.95 and $4.15 and adjusted 2 EBITDA 5 of between $935 million and $965 million.” source
  • Free cash flow fiscal 2026 about $300m Non-GAAP
    “Free cash flow 8 of approximately $300 million.” source
  • average fully diluted share count fiscal 2026 about 130m
    “An average fully diluted share count of 130 million.” source
  • adjusted effective tax rate fiscal 2026 about 19% Non-GAAP
    “An adjusted effective tax rate of approximately 19%.” source
  • adjusted EBITDA margin fiscal 2026 about 17.4% Non-GAAP
    “A segment adjusted operating margin 3 of 17.0% and an adjusted EBITDA margin 4 of 17.4%.” source
  • Adjusted EBITDA (excluding Construction Management charge) fiscal 2026 $1,275m to $1,305m Non-GAAP Maintained
    “Adjusted 2 EPS of between $5.90 and $6.10 and adjusted 2 EBITDA 5 of between $1,275 million and $1,305 million, which is consistent with the Company's prior guidance.” source
  • GAAP net income from continuing operations guidance Fiscal Year End 2026 $354m to $419m GAAP
    “GAAP net income from continuing operations guidance $354 to $419” source
  • Net income attributable to AECOM from continuing operations Fiscal Year End 2026 $309m to $374m GAAP
    “Net income attributable to AECOM from continuing operations $309 to $374” source
  • Adjusted net income attributable to AECOM from continuing operations Fiscal Year End 2026 $514m to $539m Non-GAAP
    “Adjusted net income attributable to AECOM from continuing operations $514 to $539” source
  • GAAP interest expense guidance Fiscal Year End 2026 about $190m GAAP
    “GAAP interest expense guidance $190” source
  • Adjusted interest expense guidance, net Fiscal Year End 2026 about $140m Non-GAAP
    “Adjusted interest expense guidance, net $140” source
  • GAAP income tax expense guidance Fiscal Year End 2026 $73m to $88m GAAP
    “GAAP income tax expense guidance $73 to $88” source
  • Adjusted income tax expense guidance Fiscal Year End 2026 $121m to $126m Non-GAAP
    “Adjusted income tax expense guidance $121 to $126” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Aecom's revenue by +4.5% next year and +4.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.7%, weight 68%) and the company's own record (+2.0%, weight 32%) . How the weights are set.

Analyst recommendations

13 analysts, Oct 2026
Buy1185%
Hold215%
Sell00%

Monthly trend

  1. Oct 202629213
  2. Sep 202629213
  3. Aug 202629213
  4. Jul 202629213

Counts of recommendations published by analysts covering Aecom, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.0%
of tradable shares
Days to cover
3.82
at average volume
Short interest, 1 month
−3%
to October 15, 2026
Held by institutions
96%
of shares
Held by insiders
0.5%
of shares
Employees
51,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −50.3%

$132.16 on October 31, 2025 to $65.68

ThenNowEffect
Revenue (last 12 months) $16.1bn $15.4bn −4.2%
Net margin 3.8% 1.9% −51.0%
P/E multiple 28.8x 29.8x +3.6%
Share count 134m 131m +2.3%

Biggest factor: net margin.

Last 3 years −13.9%

$76.26 on November 3, 2023 to $65.68

ThenNowEffect
Revenue (last 12 months) $14.0bn $15.4bn +10.3%
Net margin 1.0% 1.9% +92.9%
P/E multiple 79.0x 29.8x −62.2%
Share count 140m 131m +7.2%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ACM+55%+11%+10%+17%−10%−30%
Industry peers (median)+38%−8%+46%+48%+30%+0%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ACM67%50%50%67%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ACM−15%−23%−17%−16%−29%−43%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 56% from October 31, 2025 to October 7, 2026. Getting back needed a 128% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$57.98 – $131.62
From 52-week high
−50.1%
vs 50-day average
+6.2%
vs 200-day average
−12.8%
Volatility (1 year)
37%
Beta vs S&P 500
0.82

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±5.6%
After a week
6 up, 6 down
typical move ±8.5%
After a month
4 up, 8 down
typical move ±10.8%
Results releasedNext dayS&P 500 next day5 days21 days
August 10, 2026 −11.6% −0.3% −18.0% −15.6%
May 11, 2026 −13.2% +0.1% −11.3% −14.9%
February 9, 2026 +2.8% +0.2% −9.7% −9.4%
November 18, 2025 −14.3% −0.5% −21.3% −26.2%
August 4, 2025 +7.1% +1.0% +7.3% +11.7%
May 5, 2025 +0.6% −1.4% +3.9% +8.3%
February 3, 2025 −1.2% 0.0% +2.4% −9.0%
November 18, 2024 +1.8% +0.8% +9.3% 0.0%
August 5, 2024 +3.2% −2.0% +7.7% +9.3%
May 6, 2024 −1.7% +1.1% −2.9% −8.9%
February 5, 2024 −1.8% −0.1% −0.1% −0.9%
November 13, 2023 +7.6% +1.8% +8.2% +15.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Aecom’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.16× the last 60 days’ realised volatility .
  • Puts and calls are priced at about the same implied volatility.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Aecom in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Aecom
$14B $14.5B $15B $15.5B $16B $16.5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $14.4B Revenue (TTM), FY24 Q1: $14.9B Revenue (TTM), FY24 Q2: $15.3B Revenue (TTM), FY24 Q3: $15.8B Revenue (TTM), FY24 Q4: $16.1B Revenue (TTM), FY25 Q1: $16.2B Revenue (TTM), FY25 Q2: $16B Revenue (TTM), FY25 Q3: $16.1B Revenue (TTM), FY25 Q4: $16.1B Revenue (TTM), FY26 Q1: $16B Revenue (TTM), FY26 Q2: $16B Revenue (TTM), FY26 Q3: $15.4B $15.4B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $14.4B
FY24 Q1 $14.9B
FY24 Q2 $15.3B
FY24 Q3 $15.8B
FY24 Q4 $16.1B
FY25 Q1 $16.2B
FY25 Q2 $16B
FY25 Q3 $16.1B
FY25 Q4 $16.1B
FY26 Q1 $16B
FY26 Q2 $16B
FY26 Q3 $15.4B
Revenue growth, TTM YoY Aecom
-5% 0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 9.4% Revenue growth, TTM YoY, FY24 Q1: 12.3% Revenue growth, TTM YoY, FY24 Q2: 13.4% Revenue growth, TTM YoY, FY24 Q3: 13.4% Revenue growth, TTM YoY, FY24 Q4: 12.0% Revenue growth, TTM YoY, FY25 Q1: 8.9% Revenue growth, TTM YoY, FY25 Q2: 4.5% Revenue growth, TTM YoY, FY25 Q3: 1.5% Revenue growth, TTM YoY, FY25 Q4: 0.2% Revenue growth, TTM YoY, FY26 Q1: -1.6% Revenue growth, TTM YoY, FY26 Q2: -0.4% Revenue growth, TTM YoY, FY26 Q3: -4.2% -4.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 9.4%
FY24 Q1 12.3%
FY24 Q2 13.4%
FY24 Q3 13.4%
FY24 Q4 12.0%
FY25 Q1 8.9%
FY25 Q2 4.5%
FY25 Q3 1.5%
FY25 Q4 0.2%
FY26 Q1 -1.6%
FY26 Q2 -0.4%
FY26 Q3 -4.2%
Operating margin (TTM) Aecom
0% 2% 4% 6% 8% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 2.3% Operating margin (TTM), FY24 Q1: 2.3% Operating margin (TTM), FY24 Q2: 2.2% Operating margin (TTM), FY24 Q3: 4.2% Operating margin (TTM), FY24 Q4: 5.1% Operating margin (TTM), FY25 Q1: 5.6% Operating margin (TTM), FY25 Q2: 6.0% Operating margin (TTM), FY25 Q3: 6.4% Operating margin (TTM), FY25 Q4: 6.4% Operating margin (TTM), FY26 Q1: 6.3% Operating margin (TTM), FY26 Q2: 6.3% Operating margin (TTM), FY26 Q3: 4.1% 4.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 2.3%
FY24 Q1 2.3%
FY24 Q2 2.2%
FY24 Q3 4.2%
FY24 Q4 5.1%
FY25 Q1 5.6%
FY25 Q2 6.0%
FY25 Q3 6.4%
FY25 Q4 6.4%
FY26 Q1 6.3%
FY26 Q2 6.3%
FY26 Q3 4.1%
FCF margin (TTM) Aecom
0% 2% 4% 6% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 4.1% FCF margin (TTM), FY24 Q1: 4.0% FCF margin (TTM), FY24 Q2: 4.5% FCF margin (TTM), FY24 Q3: 4.4% FCF margin (TTM), FY24 Q4: 4.4% FCF margin (TTM), FY25 Q1: 4.5% FCF margin (TTM), FY25 Q2: 5.2% FCF margin (TTM), FY25 Q3: 5.1% FCF margin (TTM), FY25 Q4: 4.2% FCF margin (TTM), FY26 Q1: 3.9% FCF margin (TTM), FY26 Q2: 2.6% FCF margin (TTM), FY26 Q3: 1.3% 1.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 4.1%
FY24 Q1 4.0%
FY24 Q2 4.5%
FY24 Q3 4.4%
FY24 Q4 4.4%
FY25 Q1 4.5%
FY25 Q2 5.2%
FY25 Q3 5.1%
FY25 Q4 4.2%
FY26 Q1 3.9%
FY26 Q2 2.6%
FY26 Q3 1.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Aecom took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $16.1B
  2. Cost of revenue $14.9B · 92.5%
  3. Gross profit $1.2B · 7.5%
  4. Selling, general and admin $158M · 1.0%
  5. Operating income $1B · 6.4%
  6. Income tax $204M · 1.3%
  7. Interest and other $261M · 1.6%
  8. Net income $562M · 3.5%

Shares of revenue. Source: Aecom's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Sept 2020 2021 Sept 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025 LTM Jun 2026
Income
Revenue 18.2 13.9 13.6 13.2 13.3 13.1 14.4 16.1 16.1 15.4
Gross profit 0.7 0.5 0.6 0.7 0.8 0.8 0.9 1.1 1.2 0.9
EBITDA 0.9 0.7 0.7 0.6 0.8 0.8 0.5 1.0 1.1 0.7
Operating income 0.7 0.4 0.4 0.4 0.6 0.6 0.3 0.8 1.0 0.6
Net income 0.3 0.1 −0.3 −0.2 0.2 0.3 0.1 0.4 0.6 0.3
Diluted EPS $2.13 $0.84 −$1.63 −$1.16 $1.16 $2.18 $0.39 $2.95 $4.21 $2.20
Growth (year on year)
Revenue — −23.8% −1.7% −3.0% +0.8% −1.4% +9.4% +12.0% +0.2% −4.2%
EBITDA — −29.2% −0.4% −5.8% +30.2% +1.5% −38.9% +101.3% +6.2% −40.6%
Operating income — −40.0% +0.9% −3.7% +65.0% +2.7% −49.9% +155.3% +24.1% −38.5%
Net income — — — — — — −82.2% — +39.7% −53.1%
Diluted EPS — — — — — — −82.1% — +42.7% −52.0%
Margins
Gross margin 3.8% 3.5% 4.5% 5.4% 6.0% 6.4% 6.6% 6.7% 7.5% 5.7%
EBITDA margin 5.1% 4.8% 4.8% 4.7% 6.0% 6.2% 3.5% 6.2% 6.6% 4.6%
Operating margin 3.6% 2.8% 2.9% 2.9% 4.7% 4.9% 2.3% 5.1% 6.4% 4.1%
Net margin 1.9% 1.0% −1.9% −1.4% 1.3% 2.4% 0.4% 2.5% 3.5% 1.9%
Free-cash-flow margin 3.4% 4.8% 5.0% 1.6% 4.3% 4.4% 4.1% 4.4% 4.2% 1.3%
Cash flow
Cash from operations 0.7 0.8 0.8 0.3 0.7 0.7 0.7 0.8 0.8 0.4
Capital spending 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2
Free cash flow 0.6 0.7 0.7 0.2 0.6 0.6 0.6 0.7 0.7 0.2
Stock-based pay 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.1 0.1 0.0
Free cash flow after stock pay 0.5 0.6 0.6 0.2 0.5 0.5 0.5 0.6 0.6 0.2
Balance sheet
Cash 0.8 0.9 0.9 1.7 1.2 1.2 1.3 1.6 1.6 1.0
Total debt 3.9 3.7 3.4 2.1 2.2 2.2 2.2 2.5 2.7 2.7
Net debt (negative = net cash) 3.1 2.8 2.5 0.4 1.0 1.1 1.0 1.0 1.2 1.7
Diluted shares 159m 162m 160m 161m 150m 143m 140m 136m 133m 131m
Returned to shareholders
Dividends — — — — — 0.1 0.1 0.1 0.1 0.1
Buybacks 0.0 0.2 0.1 0.2 0.9 0.5 0.4 0.5 0.4 0.7
Total returned 0.0 0.2 0.1 0.2 0.9 0.5 0.5 0.6 0.5 0.8

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 7 checks passed · June 30, 2026
What it owns · $12.0bn
Short-term assets $6.3bnLonger-term assets $5.7bn
What it owes, and who funded it · $11.8bn
Short-term liabilities $6.0bnLonger-term liabilities $3.6bnShareholders' equity $2.2bn
  • Short-term assets cover short-term liabilities $6.3bn of assets due within a year against $6.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $6.3bn short-term assets against $3.6bn of longer-dated liabilities.
  • More cash than debt $1.0bn of cash against $2.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 124% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 86% to 124% over five years.
  • A year's operating cash flow covers at least 20% of debt $365m of operating cash flow against $2.7bn of debt.
  • Operating profit covers interest at least five times over Operating income of $631m against $202m of interest.

From Aecom's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$692M
Dividends (TTM)
$150M
Returned to shareholders
414%
of free cash flow
Buybacks, last 3 fiscal years
$1.2B
Diluted share count
−2.2%
year over year
Total shareholder yield
10.0%
dividends 1.8% + buybacks 8.2% of market value
Dividend payout ratio
52%
of net income paid out
Days sales outstanding
57 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in construction & engineering
Last 12 months unless stated ACM FLR J MTZ EME FER Median
Revenue, last 12 months $15.4bn $15.5bn $14.2bn $17.3bn $19.8bn $10.9bn $1.5bn
Revenue growth, last 12 months −4.2% −4.8% 20.1% 25.7% 22.1% 10.0% 21.2%
Revenue growth, 3-year average 3.3% 1.1% 28.1% 13.8% 17.9% — 11.3%
Revenue growth, latest quarter −14.2% 8.8% 34.5% 29.9% 28.8% — 26.9%
Gross margin 5.7% −0.8% 22.1% — 19.6% — 13.0%
Operating margin 4.1% −1.4% 4.6% — 10.4% 34.0% 4.1%
Operating margin, 3-year average 4.9% 1.0% 5.9% — 9.5% — 5.4%
Net margin 1.9% −12.8% 2.4% 2.8% 7.8% 9.2% 1.9%
Cash from operations / revenue 2.4% −1.8% 5.2% 4.4% 8.1% 20.0% 4.4%
Free-cash-flow margin 1.3% −2.1% 4.5% 2.3% 7.5% 14.9% 2.3%
Free-cash-flow margin, 3-year average 3.6% 0.5% 5.5% 4.5% 7.9% — 5.5%
Stock pay / revenue 0.3% 0.2% 0.5% 0.2% 0.1% — 0.7%
Change in share count −2.2% −10.8% −3.3% 0.0% −2.0% −0.8% 0.8%

Median of all 43 companies we cover in construction & engineering. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

43 construction & engineering companies
Measure Company Peer median Rank
Revenue growth Growth -4.2% 21.2% 36 of 43
Change in growth rate Growth -3.9pp +3.2pp 33 of 43
Gross margin Profitability 5.7% 11.8% 33 of 39
Operating margin Profitability 4.1% 4.1% 20 of 39
Net margin Profitability 1.9% 2.1% 23 of 42
Free-cash-flow margin Cash generation 1.3% 2.3% 23 of 43
Stock pay as % of revenue Cash generation 0.3% 0.7% 6 of 33
Long-term debt as % of assets Balance sheet 22.1% 16.2% 23 of 35
Change in share count Balance sheet -2.2% 1.9% 7 of 40
Days sales outstanding Balance sheet 57 days 67 days 9 of 27

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to September 30, 2025
Geography
Region Revenue Share YoY
Americas $12.5B 77.6% ▲ 0.3%
EMEA $2.2B 13.3% ▲ 0.6%
Asia Pacific $1.5B 9.0% ▼ 1.2%

From Aecom's 10-K filed November 19, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$8.3B
Institutions reporting
569
Shares held vs prior quarter
▲ 5.4%
Positions opened / closed
71 / 126

Top buyers and sellers, Q2 2026: 256 institutions bought and 360 sold ; the biggest buyer was Barrow Hanley Mewhinney & Strauss LLC (+2.6M shares) and the biggest seller Pictet Asset Management Holding SA (−2.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1B 14.4M 12.0% ▼ 8.8%
Primecap Management Co $613M 8.8M 7.4% ▲ 1.6%
Vanguard Capital Management LLC $405M 5.8M 4.9% ▲ 0.1%
Barrow Hanley Mewhinney & Strauss LLC $384M 5.5M 4.6% ▲ 92.7%
Vanguard Portfolio Management LLC $383M 5.5M 4.6% ▼ 0.4%
State Street Corp $287M 4.1M 3.4% ▼ 18.6%
FMR LLC $262M 3.8M 3.1% ▲ 78.3%
UBS Am, A Distinct Business Unit Of UBS Asset Management Americas LLC $249M 3.6M 3.0% ▲ 2.4%
Invesco Ltd. $223M 3.2M 2.7% ▼ 10.7%
Geode Capital Management, LLC $171M 2.4M 2.0% ▼ 1.0%
First Trust Advisors LP $171M 2.4M 2.0% ▼ 19.2%
Impax Asset Management Group PLC $149M 2.1M 1.8% ▲ 53.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Aecom's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $699,391 3 trades by 3 insiders, last 12 months Insider sales History → $3.2M 4 trades by 2 insiders · 100% under pre-set plans
Net ▼ $2.5M net selling
Insider Date Trade Shares Price Value
Poloni Lara PRESIDENT June 16, 2026 Buy 4,224 $70.63 $298,341
Rudd Troy CHIEF EXECUTIVE OFFICER May 14, 2026 Buy 4,225 $71.02 $300,060
Kapoor Gaurav CHIEF FINANCIAL OFFICER (PAO) May 14, 2026 Buy 1,420 $71.12 $100,990
Poloni Lara PRESIDENT December 17, 2025 Sell pre-set plan 17,340 $97.01 $1.7M
Poloni Lara PRESIDENT December 17, 2025 Sell pre-set plan 193 $98.35 $18,982
Gan David Y. CHIEF LEGAL OFFICER December 17, 2025 Sell pre-set plan 9,502 $97.01 $921,789
Gan David Y. CHIEF LEGAL OFFICER December 15, 2025 Sell pre-set plan 6,000 $98.85 $593,100

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

No trades in Aecom disclosed in the last 12 months; 3 earlier trades on record.

  • Susie Lee(D-NV 3):Sale (full), $1,001 - $15,000, traded November 4, 2020, filed December 8, 2020
  • Susie Lee(D-NV 3):Purchase, $1,001 - $15,000, traded November 12, 2019, filed January 16, 2020
  • Susie Lee(D-NV 3):Purchase, $1,001 - $15,000, traded November 8, 2019, filed January 16, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 9, 2026 estimated from the company's past filing pattern, not announced

  • August 10, 2026
  • May 11, 2026
  • February 9, 2026
  • November 18, 2025
  • August 4, 2025
  • May 5, 2025

Recent SEC filings

Data status

When each part of this page on Aecom was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Aecom in brief

What does Aecom do?
Aecom is a US-listed company in the construction & engineering industry. Its financial year ends in September.
What is Aecom's stock ticker?
Aecom trades under the ticker ACM on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Aecom's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Aecom reported revenue of $15.4B, 4.2% lower than a year earlier, according to its SEC filings.
What is Aecom's free cash flow?
Aecom's free-cash-flow margin is 1.3% of revenue over the trailing twelve months, ranking 23 of the 43 construction & engineering companies we cover.
What is Aecom's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Aecom's free cash flow after stock-based pay gives ~$74 per share in the base case, and ~$52–$100 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Aecom's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Primecap Management Co and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Aecom buying back stock, and does it pay a dividend?
Aecom spent $692M on share repurchases over the trailing twelve months, and its diluted share count fell 2.2% over the year.
What is Aecom's market cap?
On November 2, 2026, Aecom's market capitalisation was about $8.6B, with a price-to-earnings ratio of 29.8 and net debt of $1.7B. Market figures come from third-party market data and may be delayed.
Does Aecom pay a dividend?
Yes: Aecom paid $150M in dividends over the trailing twelve months, a dividend yield of 1.77% and a payout ratio of 52.0%.
How much debt does Aecom have?
Aecom's debt-to-equity ratio is 123.8%, from its latest balance sheet (85.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Aecom's competitors?
In our Construction & Engineering peer group, the companies closest to Aecom are Fluor Corp, Jacobs Solutions, Mastec Inc, Emcor and Ferrovial N.V. The side-by-side comparison below sets their revenue, margins and growth against Aecom's.
Are insiders buying or selling Aecom stock?
Over the last 12 months, Aecom's directors and officers reported 3 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is Aecom's next earnings date?
Around November 16, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Aecom announces its own schedule.