AECOM

aecom.com

What Do They Do?

Provides infrastructure consulting and advisory, design, and program and construction management services to governments, institutions, and corporations.

How Do They Make Money?

Governments and private clients pay for project services through fees for staff time and project costs; AECOM bills in advance, at milestones, or as services are performed. Real-estate development also brings sales proceeds and management fees.

revenue

Segment	Share	How money arrives
Americas Recurring	78% FY2022: 76%	Recurring
International Recurring	22% FY2022: 24%	Recurring
AECOM Capital	0.0% FY2022: <0.1%

Who Are Their Customers?

Governments, public and private institutions, and major corporations hire AECOM for infrastructure services, which it provides directly and through joint ventures or similar arrangements.

Do Revenues Turn Into Profits?

Yes. It kept 3 cents of every revenue dollar as net income in FY2025 and turned 4 cents into free cash flow.

Operating income, FY2025

6% of revenue

▲ +24% vs FY2024 ($827.4M, 5%)

Net income, FY2025

3% of revenue

▲ +40% vs FY2024 ($402.3M, 2%)

Free cash flow, FY2025

4% of revenue

▼ −3% vs FY2024 ($707.9M, 4%)

How Are They Changing?

Since the FY2025 annual report

Aug 10, 2026 Revises fiscal 2026 guidance after a construction project charge A $337 million pre-tax charge for a delayed project led to revised fiscal 2026 guidance, including lower expected net service revenue growth.

Growing. Revenue grew 21% in 4 years, from $13.3B in FY2021 to $16.1B in FY2025, about 5% a year.

Revenue over time

Americas International AECOM Capital

$20B$10B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Comments