Revenue growth has stalled significantly, dropping from double-digit gains in early 2024 to a mere 0.8% increase in 2026Q2, while operating margins remain constrained within a narrow 4.2% to 7.0% range.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'02 |
|---|
| Sales/Revenue | 15.99B | 16.14B | 16.11B | 14.38B | 13.15B | 13.34B | 13.24B | 13.64B | 13.88B | 18.2B | 17.41B | 17.99B | 8.36B | 8.15B | 8.22B | 8.04B | 6.55B | 6.12B | 5.19B | 4.24B | 3.42B | 2.4B | 1.75B |
| Revenue Growth % | -0.38% | 0.21% | 12.01% | 9.36% | -1.44% | 0.76% | -2.95% | -1.7% | -23.76% | 4.55% | -3.22% | 115.27% | 2.49% | -0.79% | 2.25% | 22.79% | 6.97% | 17.8% | 22.6% | 23.84% | 42.84% | 37.11% | - |
| Cost of Goods Sold | 14.75B | 14.92B | 15.02B | 13.43B | 12.3B | 12.54B | 12.53B | 13.03B | 13.4B | 17.52B | 16.77B | 17.45B | 7.95B | 7.7B | 7.8B | 7.57B | 6.12B | 5.77B | 4.91B | 3.08B | 2.52B | 1.72B | 1.27B |
| COGS % of Revenue | - | 92.46% | 93.27% | 93.42% | 93.55% | 94.02% | 94.64% | 95.52% | 96.55% | 96.24% | 96.31% | 97.03% | 95.18% | 94.48% | 94.87% | 94.19% | 93.43% | 94.26% | 94.48% | 72.6% | 73.53% | 71.72% | 72.64% |
| Gross Profit | 1.24B | 1.22B | 1.08B | 945.47M | 847.97M | 798.42M | 709.56M | 611.65M | 479.03M | 683.72M | 642.82M | 535.19M | 403.18M | 449.99M | 421.86M | 466.7M | 430.27M | 351.2M | 286.9M | 1.16B | 905.81M | 677.48M | 478M |
| Gross Margin % | 7.73% | 7.54% | 6.73% | 6.58% | 6.45% | 5.98% | 5.36% | 4.48% | 3.45% | 3.76% | 3.69% | 2.97% | 4.82% | 5.52% | 5.13% | 5.81% | 6.57% | 5.74% | 5.52% | 27.4% | 26.47% | 28.28% | 27.36% |
| Gross Profit Growth % | - | 12.21% | 14.69% | 11.5% | 6.21% | 12.52% | 16.01% | 27.69% | -29.94% | 6.36% | 20.11% | 32.74% | -10.4% | 6.67% | -9.61% | 8.47% | 22.51% | 22.41% | -75.29% | 28.19% | 33.7% | 41.73% | - |
| Operating Expenses | 215.68M | 190.19M | 256.9M | 621.33M | 201.17M | 168.87M | 328.1M | 215.56M | 86.43M | 29.86M | 267.29M | 406.17M | 50.29M | 73M | 368.25M | 45.48M | 89.48M | 64.34M | 48.39M | 1.01B | 802.4M | 579.18M | 429M |
| OpEx % of Revenue | - | 1.18% | 1.6% | 4.32% | 1.53% | 1.27% | 2.48% | 1.58% | 0.62% | 0.16% | 1.54% | 2.26% | 0.6% | 0.9% | 4.48% | 0.57% | 1.37% | 1.05% | 0.93% | 23.72% | 23.45% | 24.18% | 24.56% |
| Selling, General & Admin | 162.48M | 157.85M | 160.1M | 153.57M | 147.31M | 155.07M | 188.53M | 148.12M | 135.79M | 133.31M | 115.09M | 113.97M | 80.91M | 97.32M | 80.9M | 90.3M | 110.46M | 86.89M | 70.58M | 1.02B | 808.95M | 581.53M | 430M |
| SG&A % of Revenue | - | 0.98% | 0.99% | 1.07% | 1.12% | 1.16% | 1.42% | 1.09% | 0.98% | 0.73% | 0.66% | 0.63% | 0.97% | 1.19% | 0.98% | 1.12% | 1.69% | 1.42% | 1.36% | 24% | 23.64% | 24.28% | 24.61% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 32.34M | 96.79M | 467.76M | 53.86M | 13.8M | 139.56M | 67.44M | -49.36M | -103.44M | 152.2M | 292.19M | -30.61M | -24.32M | 287.35M | -44.82M | -20.99M | -22.56M | -22.19M | -11.83M | -6.55M | -2.35M | -1M |
| Operating Income | 1.02B | 1.03B | 827.44M | 324.13M | 646.8M | 629.55M | 381.46M | 396.1M | 392.6M | 653.86M | 375.54M | 129.02M | 352.88M | 376.99M | 53.61M | 421.22M | 340.8M | 286.87M | 238.51M | 155.94M | 103.41M | 98.3M | 49M |
| Operating Margin % | 6.38% | 6.36% | 5.14% | 2.25% | 4.92% | 4.72% | 2.88% | 2.9% | 2.83% | 3.59% | 2.16% | 0.72% | 4.22% | 4.62% | 0.65% | 5.24% | 5.21% | 4.69% | 4.59% | 3.68% | 3.02% | 4.1% | 2.8% |
| Operating Income Growth % | - | 24.06% | 155.28% | -49.89% | 2.74% | 65.04% | -3.69% | 0.89% | -39.96% | 74.11% | 191.07% | -63.44% | -6.39% | 603.26% | -87.27% | 23.6% | 18.8% | 20.28% | 52.95% | 50.8% | 5.2% | 100.61% | - |
| EBITDA | 1.21B | 1.2B | 1.01B | 499.86M | 817.69M | 805.95M | 618.84M | 657.28M | 660.17M | 932.49M | 774.27M | 728.28M | 448.28M | 471.39M | 156.58M | 531.53M | 419.69M | 370.98M | 301.26M | 201.06M | 143.24M | 118.23M | 49M |
| EBITDA Margin % | 7.59% | 7.45% | 6.25% | 3.48% | 6.22% | 6.04% | 4.67% | 4.82% | 4.76% | 5.12% | 4.45% | 4.05% | 5.36% | 5.78% | 1.91% | 6.61% | 6.41% | 6.06% | 5.8% | 4.75% | 4.19% | 4.94% | 2.8% |
| EBITDA Growth % | 6.93% | 19.5% | 101.31% | -38.87% | 1.46% | 30.24% | -5.85% | -0.44% | -29.2% | 20.43% | 6.31% | 62.46% | -4.9% | 201.06% | -70.54% | 26.65% | 13.13% | 23.14% | 49.83% | 40.37% | 21.15% | 141.28% | - |
| D&A (Non-Cash Add-back) | 193.29M | 175.92M | 178.81M | 175.72M | 170.89M | 176.4M | 237.38M | 261.19M | 267.57M | 278.63M | 398.73M | 599.26M | 95.39M | 94.41M | 102.97M | 110.31M | 78.9M | 84.12M | 62.75M | 45.13M | 39.83M | 19.93M | 0 |
| EBIT | 1.06B | 1.1B | 903.57M | 372.74M | 660.96M | 647.16M | 392.52M | 410.65M | 413.23M | 660.49M | 383.72M | 148.16M | 355.63M | 380.51M | 64.21M | 426.23M | 351.05M | 286.87M | 194.13M | 155.94M | 103.41M | 98.3M | 49M |
| Net Interest Income | -135.65M | -121.41M | -126.86M | -119.09M | -102.06M | -231.63M | -159.91M | -161.48M | -201.02M | -231.31M | -258.16M | -299.63M | -40.84M | -44.74M | -46.73M | -42.05M | -9.93M | -10.69M | 1.34M | 0 | 0 | 0 | 0 |
| Interest Income | 59.25M | 62.89M | 58.56M | 40.25M | 8.21M | 6.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.34M | 0 | 0 | 0 | 0 |
| Interest Expense | 194.9M | 184.3M | 185.42M | 159.34M | 110.27M | 238.35M | 159.91M | 161.48M | 201.02M | 231.31M | 258.16M | 299.63M | 40.84M | 44.74M | 46.73M | 42.05M | 9.93M | 10.69M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -123.02M | -110.95M | -109.29M | -110.73M | -96.12M | -220.75M | -148.86M | -146.93M | -180.4M | -224.67M | -249.98M | -280.49M | -38.09M | -41.22M | -319.27M | 7.78M | 322K | -8.98M | -15.79M | -8.44M | -24.5M | -15.51M | -15M |
| Pretax Income | 896.34M | 915.57M | 718.15M | 213.4M | 550.68M | 408.8M | 232.6M | 249.17M | 212.21M | 429.18M | 125.56M | -151.47M | 314.79M | 335.77M | 17.48M | 384.18M | 341.12M | 277.89M | 223.01M | 147.5M | 78.91M | 82.79M | 34M |
| Pretax Margin % | 5.61% | 5.67% | 4.46% | 1.48% | 4.19% | 3.06% | 1.76% | 1.83% | 1.53% | 2.36% | 0.72% | -0.84% | 3.77% | 4.12% | 0.21% | 4.78% | 5.21% | 4.54% | 4.29% | 3.48% | 2.31% | 3.46% | 1.95% |
| Income Tax | 189.47M | 204.02M | 152.9M | 56.05M | 136.05M | 89.01M | 45.75M | 13.5M | -3.49M | 7.71M | -37.92M | -80.24M | 82.02M | 92.58M | 74.42M | 100.09M | 91.7M | 77M | 76.49M | 47.2M | 25.22M | 28.98M | 11M |
| Effective Tax Rate % | 21.14% | 22.28% | 21.29% | 26.27% | 24.71% | 21.77% | 19.67% | 5.42% | -1.65% | 1.8% | -30.2% | 52.97% | 26.06% | 27.57% | 425.65% | 26.05% | 26.88% | 27.71% | 34.3% | 32% | 31.96% | 35% | 32.35% |
| Net Income | 505.72M | 561.77M | 402.27M | 55.33M | 310.61M | 173.19M | -186.37M | -261.05M | 136.47M | 339.39M | 96.11M | -154.84M | 229.85M | 239.24M | -58.57M | 275.8M | 236.89M | 189.7M | 147.23M | 100.3M | 53.69M | 53.81M | 23M |
| Net Margin % | 3.16% | 3.48% | 2.5% | 0.38% | 2.36% | 1.3% | -1.41% | -1.91% | 0.98% | 1.86% | 0.55% | -0.86% | 2.75% | 2.93% | -0.71% | 3.43% | 3.62% | 3.1% | 2.83% | 2.37% | 1.57% | 2.25% | 1.32% |
| Net Income Growth % | -18.07% | 39.65% | 627% | -82.19% | 79.35% | 192.93% | 28.61% | -291.29% | -59.79% | 253.13% | 162.07% | -167.37% | -3.92% | 508.49% | -121.24% | 16.43% | 24.88% | 28.85% | 46.79% | 86.82% | -0.24% | 133.97% | - |
| Net Income (Continuing) | 706.87M | 711.55M | 565.25M | 157.35M | 414.63M | 319.79M | 186.85M | 235.67M | 215.7M | 421.48M | 163.47M | -71.23M | 232.76M | 243.2M | -56.93M | 284.09M | 249.42M | 200.89M | 159.78M | 100.3M | 53.69M | 53.81M | 23M |
| Discontinued Operations | -4M | -75.36M | -105M | -57.21M | -79.93M | -116.81M | -340.59M | -419.66M | -18.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -77K | 2.99M | 704K | 0 | 0 | 0 | 0 |
| Minority Interest | 204.84M | 203.6M | 186.21M | 171.38M | 128.72M | 117.11M | 120.99M | 208.77M | 185.59M | 218.56M | 185.57M | 223.19M | 85.96M | 52.65M | 55.02M | 55.43M | 48.46M | 24.69M | 50.75M | 21.09M | 18.7M | 9.72M | 0 |
| EPS (Diluted) | 3.91 | 4.21 | 2.95 | 0.39 | 2.18 | 1.16 | -1.17 | -1.17 | 0.84 | 2.13 | 0.62 | -1.04 | 2.33 | 2.35 | -0.52 | 2.33 | 2.05 | 1.73 | 1.41 | 1.15 | 0.74 | 1.20 | 0.29 |
| EPS Growth % | -9.37% | 42.71% | 656.41% | -82.11% | 87.93% | 199.15% | 0% | -239.29% | -60.56% | 243.55% | 159.62% | -144.64% | -0.85% | 551.92% | -122.32% | 13.66% | 18.5% | 22.7% | 22.61% | 55.41% | -38.33% | 313.79% | - |
| EPS (Basic) | - | 4.24 | 2.97 | 0.40 | 2.21 | 1.18 | -1.17 | -1.17 | 0.86 | 2.18 | 0.62 | -1.04 | 2.36 | 2.38 | -0.52 | 2.35 | 2.07 | 1.76 | 1.45 | 1.37 | 0.94 | 1.35 | 0.40 |
| Diluted Shares Outstanding | 129.24M | 133.31M | 136.45M | 140.11M | 142.7M | 149.68M | 161.29M | 157.04M | 162.26M | 159.13M | 156.07M | 149.6M | 98.66M | 101.94M | 111.88M | 118.34M | 115.46M | 109.71M | 104.22M | 87.54M | 72.66M | 44.9M | 78.5M |
| Basic Shares Outstanding | 128.73M | 132.37M | 135.54M | 138.61M | 140.77M | 147.28M | 159M | 157.04M | 159.1M | 155.73M | 154.77M | 148.89M | 97.23M | 100.62M | 111.88M | 117.4M | 114.34M | 108M | 101.46M | 73.09M | 54.86M | 39.75M | 56.97M |
| Dividend Payout Ratio | - | 23.78% | 28.65% | 173.85% | 20.38% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Project backlog conversion delays
According to recent quarterly filings, ACM's revenue growth has decelerated significantly, posting a marginal 0.8% increase in 2026Q2 compared to double-digit growth rates observed in early 2024, suggesting that the firm's reliance on large-scale infrastructure projects may be hitting a ceiling in the current environment.
The transition from 15.3% growth in 2024Q1 to near-flat performance indicates that the company is struggling to scale its top line despite a robust industry backdrop. Investors should monitor whether this deceleration reflects a strategic pivot toward higher-margin, lower-volume work or an inability to convert its massive backlog into active billable revenue.
As reported in financial statements, ACM maintains a structurally thin gross margin profile, which peaked at 7.9% in 2025Q4, highlighting the firm's heavy reliance on pass-through costs that limit the scalability of its professional services model compared to pure-play engineering consultants with higher value-add components.
The persistent gross margin range of 6.3% to 7.9% suggests that ACM's profitability is highly sensitive to project mix and the ability to manage sub-contractor costs effectively. Without a meaningful shift toward higher-margin advisory services, the company may continue to face difficulty in achieving the margin expansion typically expected of a professional services firm.
Based on the provided income statement data, ACM's operating margin has fluctuated between 4.2% and 7.0% over the last ten quarters, indicating that the company has yet to demonstrate consistent operating leverage as SG&A expenses remain volatile relative to the modest growth in gross profit.
The lack of a clear downward trend in SG&A as a percentage of revenue suggests that the company is not yet capturing significant economies of scale from its recent restructuring efforts. This warrants further investigation into whether the current overhead structure is optimized for the firm's long-term strategic pivot toward a professional services-led model.
Analysis of the income statement reveals significant quarterly EPS volatility, with net income swinging from $1.0 million in 2024Q2 to $179.9 million in 2026Q2, largely driven by the inherent risks of percentage-of-completion accounting and the potential for periodic, non-recurring adjustments to project cost estimates.
The wide variance in net margins, which dropped to 0% in 2024Q2 before recovering, suggests that investors should be cautious when relying on headline EPS as a proxy for underlying operational health. The consistent presence of stock-based compensation, averaging roughly $15 million per quarter, further dilutes the quality of earnings and requires careful adjustment when assessing true cash-generative capacity.
Quick answers to the most common questions about buying ACM stock.
For fiscal year 2025, Aecom (ACM) reported total revenue of $16.14B. This represents a 823.8% increase compared to $1.75B in 2002.
Aecom (ACM) is profitable, generating $561.8M in net income for the fiscal year ending 2025 with a net profit margin of 3.5%.
Aecom (ACM) reported an operating income of $1.03B, resulting in an operating profit margin of 6.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Aecom (ACM) generated $1.22B in gross profit for the year, representing a gross profit margin of 7.5%. This demonstrates the company's core pricing power and production efficiency.