AECOM (NYSE: ACM) is a professional services company that provides planning, consulting, advisory, architectural and engineering design, construction management, and program management services to public and private clients worldwide. Revenue is earned on a fee-for-service basis across contract types including cost-plus, fixed-price, and guaranteed maximum price arrangements, with total revenue of $16.1 billion in FY2025 (fiscal year ended September 30, 2025). The company operates through Americas and International segments and has exited substantially all self-perform at-risk construction businesses, concentrating its model on design and management services. AECOM carries $2.7 billion in total debt as of September 30, 2025, against total stockholders' equity of $599.9 million, making it a debt-heavy balance sheet. Income from operations reached $1.03 billion in FY2025, up from $827 million in FY2024. Two acquisitions were completed in FY2025. The current CEO and leadership team have continued a strategy of reducing construction risk exposure while growing fee-based advisory and design work.

Revenue model

Fee-for-service contracts, including cost-plus (with fixed fees, award fees, or incentive fees tied to performance milestones), fixed-price, and guaranteed maximum price contracts. Revenue is recognized as costs are incurred plus a proportionate share of expected fees. Award fees are recorded when contract performance can be assessed and significant reversal is not probable.

Products and services

Advisory, planning, and consulting services; architectural and engineering design (civil, structural, mechanical, electrical, geotechnical, process, and environmental engineering; landscape, interior, and urban design); program management; construction management. Water and wastewater services, water supply and resource planning. Technical disciplines include digital engineering, project economics, cost consulting, and environmental, health and safety work.

Customers and end markets

Public and private clients worldwide. Government clients include the U.S. Department of Defense and other defense-related entities requiring security clearances. End markets include infrastructure, water and wastewater, transportation, and defense. No single customer concentration percentage is disclosed in the excerpts.

Value-chain role

Design and management consultant sitting between asset owners (public agencies, private developers) and construction contractors. Provides services across the full asset life cycle, from initial planning and feasibility through design, program management, and construction management. Does not self-perform construction. Previously operated AECOM Capital (ACAP), a real estate co-investment platform that was transitioned to a third-party platform in Q3 FY2024.

Geographic exposure

Worldwide, through Americas and International segments. Subject to U.S. export control regulations (ITAR, EAR) and anti-bribery laws including the U.S. Foreign Corrupt Practices Act and U.K. Bribery Act of 2010, indicating meaningful international operations. Specific revenue by geography is not broken out in the excerpts.

Source: SEC 10-K, filed 2025-11-19

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