Revenue growth has exhibited significant volatility, ranging from a peak of 37.8% in 2024Q1 to a low of 1.1% in 2026Q1, while gross margins have trended downward to 17.5% in 2026Q2.
| 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'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 4.91B | 5.44B | 5.2B | 4.52B | 2.84B | 3.21B | 2.35B | 3.11B | 2.96B | 2.75B | 2.58B | 2.3B | 2.48B | 2.61B | 2.71B | 2.57B | 2.2B | 2.29B | 2.15B | 1.55B | 1.41B | 1.29B | 1.44B | 860.77M | 740.72M | 730.06M | 794.58M | 432.1M | 382.9M | 246.8M | 220.1M |
| Revenue Growth % | 7.88% | 4.69% | 14.95% | 59.49% | -11.76% | 36.83% | -24.42% | 4.83% | 7.66% | 6.58% | 12.36% | -7.43% | -4.97% | -3.59% | 5.36% | 16.9% | -3.77% | 6.63% | 38.06% | 9.84% | 10.01% | -10.54% | 67.01% | 16.21% | 1.46% | -8.12% | 83.89% | 12.85% | 55.15% | 12.13% | 83.42% |
| Cost of Goods Sold | 3.95B | 4.48B | 4.33B | 3.8B | 2.26B | 2.72B | 1.9B | 2.7B | 2.58B | 2.4B | 2.25B | 1.98B | 2.2B | 2.35B | 2.35B | 2.24B | 1.91B | 2.01B | 1.89B | 1.35B | 1.23B | 1.17B | 1.28B | 680.16M | 582.15M | 559.47M | 635.62M | 314.6M | 302.6M | 192.5M | 177.6M |
| COGS % of Revenue | - | 82.34% | 83.33% | 83.97% | 79.7% | 84.49% | 80.99% | 86.86% | 87.03% | 87.16% | 87.22% | 86.27% | 88.63% | 89.79% | 86.76% | 87.17% | 86.93% | 87.86% | 88.15% | 87.09% | 87.14% | 91.09% | 89.16% | 79.02% | 78.59% | 76.63% | 79.99% | 72.81% | 79.03% | 78% | 80.69% |
| Gross Profit | 960.15M | 961.34M | 866.44M | 725.03M | 575.56M | 498.4M | 446.54M | 408.18M | 384.46M | 353.64M | 330.21M | 315.79M | 282.44M | 266.99M | 359M | 330.15M | 287.69M | 277.63M | 254.19M | 200.65M | 181.87M | 114.59M | 155.76M | 180.61M | 158.56M | 170.59M | 158.96M | 117.5M | 80.3M | 54.3M | 42.5M |
| Gross Margin % | 19.54% | 17.66% | 16.67% | 16.03% | 20.3% | 15.51% | 19.01% | 13.14% | 12.97% | 12.84% | 12.78% | 13.73% | 11.37% | 10.21% | 13.24% | 12.83% | 13.07% | 12.14% | 11.85% | 12.91% | 12.86% | 8.91% | 10.84% | 20.98% | 21.41% | 23.37% | 20.01% | 27.19% | 20.97% | 22% | 19.31% |
| Gross Profit Growth % | - | 10.95% | 19.5% | 25.97% | 15.48% | 11.62% | 9.4% | 6.17% | 8.72% | 7.09% | 4.57% | 11.81% | 5.79% | -25.63% | 8.74% | 14.76% | 3.62% | 9.22% | 26.68% | 10.32% | 58.71% | -26.43% | -13.76% | 13.91% | -7.05% | 7.32% | 35.28% | 46.33% | 47.88% | 27.76% | 75.62% |
| Operating Expenses | 351.07M | 355.24M | 365.7M | 366.92M | 235.11M | 219.7M | 205.44M | 200.23M | 190.12M | 177.22M | 171.99M | 170.46M | 187.3M | 199.73M | 211.88M | 183.73M | 163.21M | 155.74M | 147.79M | 114.35M | 112.38M | 228.26M | 105.58M | 87.46M | 98.14M | 121.35M | 84.71M | 62M | 40.5M | 29.7M | 24.8M |
| OpEx % of Revenue | - | 6.53% | 7.03% | 8.11% | 8.29% | 6.84% | 8.75% | 6.44% | 6.41% | 6.44% | 6.66% | 7.41% | 7.54% | 7.64% | 7.82% | 7.14% | 7.41% | 6.81% | 6.89% | 7.36% | 7.94% | 17.75% | 7.34% | 10.16% | 13.25% | 16.62% | 10.66% | 14.35% | 10.58% | 12.03% | 11.27% |
| Selling, General & Admin | 271.96M | 355.24M | 356.02M | 305.11M | 0 | 222.97M | 0 | 200.23M | 190.12M | 177.22M | 171.99M | 170.46M | 187.3M | 199.73M | 211.88M | 183.73M | 163.21M | 155.74M | 147.79M | 114.35M | 112.38M | 122.65M | 105.58M | 87.46M | 98.14M | 121.35M | 71M | 49.3M | 33.9M | 25.2M | 21.2M |
| SG&A % of Revenue | - | 6.53% | 6.85% | 6.75% | - | 6.94% | - | 6.44% | 6.41% | 6.44% | 6.66% | 7.41% | 7.54% | 7.64% | 7.82% | 7.14% | 7.41% | 6.81% | 6.89% | 7.36% | 7.94% | 9.54% | 7.34% | 10.16% | 13.25% | 16.62% | 8.94% | 11.41% | 8.85% | 10.21% | 9.63% |
| 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 9.68M | 61.81M | 235.11M | -3.27M | 205.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 105.61M | 0 | 0 | 0 | 0 | 13.71M | 12.7M | 6.6M | 4.5M | 3.6M |
| Operating Income | 609.08M | 606.11M | 500.74M | 358.11M | 340.45M | 278.7M | 241.09M | 188.76M | 190.09M | 183.34M | 135.85M | 87.68M | 153.83M | 20.22M | 166.37M | 146.42M | 124.47M | 121.89M | 106.4M | 86.3M | 69.5M | -113.67M | 50.18M | 93.15M | 60.42M | 49.24M | 74.25M | 55.5M | 39.8M | 24.6M | 17.7M |
| Operating Margin % | 12.39% | 11.14% | 9.63% | 7.92% | 12.01% | 8.67% | 10.27% | 6.07% | 6.41% | 6.66% | 5.26% | 3.81% | 6.19% | 0.77% | 6.14% | 5.69% | 5.65% | 5.33% | 4.96% | 5.55% | 4.91% | -8.84% | 3.49% | 10.82% | 8.16% | 6.74% | 9.34% | 12.84% | 10.39% | 9.97% | 8.04% |
| Operating Income Growth % | - | 21.04% | 39.83% | 5.19% | 22.15% | 15.6% | 27.72% | -0.7% | 3.68% | 34.95% | 54.94% | -43% | 660.87% | -87.85% | 13.62% | 17.63% | 2.12% | 14.56% | 23.3% | 24.18% | 161.14% | -326.51% | -46.13% | 54.17% | 22.7% | -33.68% | 33.77% | 39.45% | 61.79% | 38.98% | 51.28% |
| EBITDA | 665.75M | 664.38M | 574.41M | 419.32M | 367.48M | 302.51M | 265.7M | 217.61M | 227.89M | 229.1M | 181.44M | 131.88M | 208.37M | 82.82M | 223.27M | 202.11M | 157.97M | 149.15M | 125.04M | 100.02M | 82.19M | -97.35M | 68.68M | 109.88M | 83.78M | 70.6M | 87.95M | 68.2M | 46.4M | 29.1M | 21.3M |
| EBITDA Margin % | 13.55% | 12.21% | 11.05% | 9.27% | 12.96% | 9.41% | 11.31% | 7% | 7.69% | 8.32% | 7.02% | 5.74% | 8.39% | 3.17% | 8.24% | 7.85% | 7.18% | 6.52% | 5.83% | 6.44% | 5.81% | -7.57% | 4.78% | 12.77% | 11.31% | 9.67% | 11.07% | 15.78% | 12.12% | 11.79% | 9.68% |
| EBITDA Growth % | 66.23% | 15.66% | 36.99% | 14.11% | 21.48% | 13.85% | 22.1% | -4.51% | -0.53% | 26.26% | 37.58% | -36.71% | 151.59% | -62.9% | 10.47% | 27.94% | 5.91% | 19.28% | 25.01% | 21.69% | 184.43% | -241.73% | -37.49% | 31.16% | 18.65% | -19.73% | 28.96% | 46.98% | 59.45% | 36.62% | 56.62% |
| D&A (Non-Cash Add-back) | 56.67M | 58.28M | 73.68M | 61.21M | 27.03M | 23.8M | 24.61M | 28.84M | 37.8M | 45.76M | 45.59M | 44.2M | 54.54M | 62.6M | 56.9M | 55.68M | 33.49M | 27.26M | 18.64M | 13.72M | 12.7M | 16.32M | 18.5M | 16.73M | 23.35M | 21.36M | 13.71M | 12.7M | 6.6M | 4.5M | 3.6M |
| EBIT | 616.73M | 606.11M | 508.02M | 453.41M | 340.77M | 279.62M | 243.52M | 190.49M | 191.5M | 184.07M | 136.85M | 145.33M | 154.64M | 67.26M | 167.24M | 147.3M | 125.28M | 122.44M | 106.4M | 86.3M | 69.5M | -73.9M | 57.3M | 87.27M | 56.08M | 49.24M | 74.25M | 55.48M | 39.8M | 24.6M | 17.7M |
| Net Interest Income | -31.06M | -30.8M | -37.27M | -46.54M | -11.58M | -11.83M | -13.1M | -13.63M | -15.52M | -11.58M | -11.39M | -7.36M | -9.49M | -7.69M | -5.57M | -5.93M | -1.39M | -2.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 9.84M | 7.29M | 5.9M | 1.78M | 917K | 1.38M | 1.73M | 1.82M | 729K | 996K | 680K | 804K | 1M | 873K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 31.06M | 40.64M | 44.56M | 52.44M | 13.36M | 12.75M | 14.47M | 15.36M | 17.35M | 12.31M | 12.38M | 8.04M | 10.29M | 8.69M | 6.44M | 5.93M | 1.39M | 2.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -8.97M | -228.49M | -37.27M | 42.87M | 8.32M | -11.83M | -13.1M | -13.63M | -15.52M | -11.58M | -11.39M | -7.36M | -9.49M | -7.69M | -5.57M | -5.93M | -1.39M | -2.68M | -2.99M | -6.52M | -5.1M | -85.05M | -9.72M | -3.39M | -5.45M | -8.54M | -7.03M | -3.18M | -3.3M | 0 | -700K |
| Pretax Income | 600.11M | 377.62M | 463.47M | 400.98M | 348.77M | 266.87M | 227.99M | 175.14M | 174.56M | 171.76M | 124.47M | 80.32M | 144.34M | 12.53M | 160.8M | 140.49M | 123.09M | 119.2M | 103.41M | 79.78M | 64.4M | -124.83M | 40.46M | 83.88M | 54.97M | 40.7M | 67.22M | 52.3M | 36.5M | 24.6M | 17M |
| Pretax Margin % | 12.21% | 6.94% | 8.92% | 8.87% | 12.3% | 8.3% | 9.71% | 5.64% | 5.89% | 6.24% | 4.82% | 3.49% | 5.81% | 0.48% | 5.93% | 5.46% | 5.59% | 5.21% | 4.82% | 5.13% | 4.55% | -9.71% | 2.81% | 9.74% | 7.42% | 5.57% | 8.46% | 12.1% | 9.53% | 9.97% | 7.72% |
| Income Tax | 159.33M | 129.67M | 130.02M | 127.53M | 85.6M | 34.04M | 54.1M | 16.38M | 37.6M | 53.84M | 40.61M | 41.09M | 35.67M | 14.04M | 56.06M | 47.51M | 46.27M | 32.18M | 42.51M | 33.44M | 27.93M | -26.15M | 16.72M | 33.77M | 23.06M | 9.87M | 26.78M | 23.2M | 15.9M | 10.3M | 6.9M |
| Effective Tax Rate % | 26.55% | 34.34% | 28.05% | 31.8% | 24.54% | 12.75% | 23.73% | 9.35% | 21.54% | 31.35% | 32.63% | 51.16% | 24.71% | 112.02% | 34.87% | 33.82% | 37.59% | 26.99% | 41.1% | 41.91% | 43.38% | 20.95% | 41.33% | 40.26% | 41.95% | 24.26% | 39.84% | 44.36% | 43.56% | 41.87% | 40.59% |
| Net Income | 440.43M | 247.72M | 333.38M | 273.42M | 263.13M | 232.81M | 173.86M | 158.67M | 136.88M | 117.87M | 83.78M | 39.07M | 108.27M | -2.14M | 104.38M | 90.04M | 76.82M | 87.03M | 60.91M | 46.35M | 36.6M | -99.47M | 23.74M | -64.56M | 31.91M | 30.82M | 40.44M | 29.1M | 20.6M | 14.3M | 10.1M |
| Net Margin % | 8.96% | 4.55% | 6.41% | 6.05% | 9.28% | 7.24% | 7.4% | 5.11% | 4.62% | 4.28% | 3.24% | 1.7% | 4.36% | -0.08% | 3.85% | 3.5% | 3.49% | 3.8% | 2.84% | 2.98% | 2.59% | -7.73% | 1.65% | -7.5% | 4.31% | 4.22% | 5.09% | 6.73% | 5.38% | 5.79% | 4.59% |
| Net Income Growth % | 134.15% | -25.69% | 21.93% | 3.91% | 13.02% | 33.91% | 9.57% | 15.92% | 16.13% | 40.69% | 114.42% | -63.91% | 5156.8% | -102.05% | 15.93% | 17.21% | -11.73% | 42.89% | 31.4% | 26.63% | 136.8% | -518.96% | 136.78% | -302.32% | 3.52% | -23.78% | 38.98% | 41.26% | 44.06% | 41.58% | 32.89% |
| Net Income (Continuing) | 440.78M | 247.95M | 333.44M | 273.45M | 263.16M | 232.83M | 173.89M | 158.76M | 136.96M | 117.92M | 83.85M | 39.23M | 108.67M | -1.51M | 104.73M | 92.98M | 76.82M | 87.03M | 60.91M | 46.34M | 36.46M | -74.04M | 28.11M | 46.61M | 29.29M | 30.82M | 40.44M | 29.1M | 20.6M | 14.3M | 10.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 370K | 379K | 91K | 73K | 50K | 53K | 54K | 178K | 129K | 171K | 144K | 473K | 977K | 1.04M | 897K | 525K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.68 | 0.93 | 1.23 | 1.02 | 0.97 | 0.85 | 0.63 | 0.57 | 0.48 | 0.41 | 0.28 | 0.13 | 0.33 | -0.01 | 0.33 | 0.29 | 0.25 | 0.29 | 0.20 | 0.16 | 0.13 | -0.35 | 0.08 | -0.23 | 0.11 | 0.16 | 0.16 | 0.12 | 0.09 | 0.07 | 0.05 |
| EPS Growth % | 141.02% | -24.39% | 20.59% | 5.15% | 14.12% | 34.92% | 10.53% | 18.75% | 17.07% | 46.43% | 115.38% | -60.61% | - | -102% | 13.79% | 16% | -13.79% | 45% | 25% | 23.08% | 137.14% | -526.83% | 135.65% | -309.09% | -31.25% | 0% | 33.33% | 33.33% | 21.62% | 60.87% | 0% |
| EPS (Basic) | - | 0.94 | 1.25 | 1.03 | 0.98 | 0.86 | 0.64 | 0.58 | 0.49 | 0.41 | 0.29 | 0.13 | 0.34 | -0.01 | 0.33 | 0.29 | 0.25 | 0.29 | 0.21 | 0.16 | 0.13 | -0.35 | 0.08 | -0.24 | 0.11 | 0.16 | 0.17 | 0.12 | 0.09 | 0.08 | 0.05 |
| Diluted Shares Outstanding | 261.92M | 267.12M | 270.04M | 268.19M | 270.81M | 273.38M | 275.11M | 279.68M | 282.99M | 289.56M | 294.83M | 307.66M | 325.73M | 322.72M | 319.67M | 313.88M | 310.44M | 304.97M | 298.16M | 292.76M | 289.46M | 283.68M | 286.44M | 278.91M | 275.43M | 260.01M | 260.01M | 247.19M | 228.05M | 194.29M | 220.51M |
| Basic Shares Outstanding | 260.14M | 264.71M | 267.36M | 266.01M | 268.1M | 270.39M | 271.18M | 274.93M | 278.35M | 284.56M | 290.93M | 304.56M | 321.89M | 322.72M | 316.08M | 310.26M | 307.15M | 300.68M | 294.06M | 289.74M | 286.88M | 283.68M | 279.85M | 273.83M | 269.98M | 250.01M | 243.77M | 232.24M | 218.51M | 182.4M | 220.51M |
| Dividend Payout Ratio | - | 26.25% | 17.65% | 19.06% | 17.52% | 17.2% | 19.98% | 18.7% | 17.88% | 18.39% | 23.55% | 46.68% | 8.27% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Federal budget dependency
According to the provided quarterly data, Tetra Tech's revenue growth has fluctuated significantly, ranging from a peak of 37.8% in 2024Q1 to a low of 1.1% in 2026Q1, suggesting that the company's top-line expansion is highly sensitive to the timing of large-scale project awards and contract cycles.
The inconsistent growth profile indicates that while the company benefits from long-term federal contracts, its revenue recognition is prone to lumpy project milestones. Investors should monitor whether the recent 10.6% growth in 2026Q2 represents a sustainable return to form or merely a temporary recovery from the stagnation observed in the prior quarter.
As reported in recent financial statements, Tetra Tech's gross margin has trended downward from a peak of 21.8% in 2025Q3 to 17.5% in 2026Q2, reflecting potential challenges in maintaining pricing power amidst rising subcontractor costs and shifting project mix within the Government Services Group.
The contraction in gross margins suggests that the company may be struggling to pass through inflationary labor costs to its federal clients. This trend warrants further investigation into whether the current margin profile is a permanent structural shift or a temporary byproduct of integrating recent acquisitions like the RPS Group.
Based on the income statement data, Tetra Tech experienced a sharp decline in net income during early 2025, with margins compressing to as low as 0.1% in 2025Q1, which highlights the sensitivity of the bottom line to project-specific cost adjustments and non-operating charges.
The extreme variance in EPS, which dropped to near zero in early 2025 before rebounding, suggests that the company's earnings are heavily influenced by percentage-of-completion accounting adjustments. Analysts should be wary of relying on headline EPS figures without adjusting for these periodic non-cash accruals that obscure the underlying operational performance.
Data from the most recent 2026Q2 filing indicates that SG&A expenses have re-emerged at $82.6M after periods of zero reported overhead, suggesting that the company's cost structure is becoming more complex as it scales its international operations and integrates new technical service capabilities.
The sudden appearance of significant SG&A costs after a period of apparent absence suggests a change in reporting or a surge in integration-related spending. This shift may indicate that the company is entering a higher-cost phase of its growth strategy, which could continue to weigh on operating margins if revenue growth does not scale proportionally.
Quick answers to the most common questions about buying TTEK stock.
For fiscal year 2025, Tetra Tech, Inc. (TTEK) reported total revenue of $5.44B. This represents a 2372.8% increase compared to $220.1M in 1996.
Tetra Tech, Inc. (TTEK) is profitable, generating $247.7M in net income for the fiscal year ending 2025 with a net profit margin of 4.6%.
Tetra Tech, Inc. (TTEK) reported an operating income of $606.1M, resulting in an operating profit margin of 11.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Tetra Tech, Inc. (TTEK) generated $961.3M in gross profit for the year, representing a gross profit margin of 17.7%. This demonstrates the company's core pricing power and production efficiency.