Jacobs Solutions Inc. (NYSE: J) is a professional services company that delivers consulting, engineering, and project delivery services across infrastructure, advanced facilities, and management consulting. It earns revenue through cost-reimbursable and fixed-price contracts with government agencies, life sciences clients, and infrastructure owners. The company operates two reportable segments: Infrastructure & Advanced Facilities (I&AF) and PA Consulting. Total revenues from continuing operations were $12.03 billion in fiscal year ended September 26, 2025, with I&AF contributing $10.76 billion and PA Consulting contributing $1.27 billion. Cost-reimbursable contracts represented 68% of total revenues in FY2025. Jacobs holds a 65% stake in PA Consulting Group Limited, acquired in fiscal 2021. In September 2024, Jacobs completed a Reverse Morris Trust transaction that separated its Critical Mission Solutions and Cyber & Intelligence businesses into Amentum Holdings, Inc., narrowing the company's focus to infrastructure, advanced manufacturing, and life sciences end markets.

Revenue model

Jacobs earns fees under cost-reimbursable contracts (68% of FY2025 revenues) and fixed-price, limited-risk contracts (32% of FY2025 revenues). Cost-reimbursable contracts pass through project costs plus a fee; fixed-price contracts carry defined scope at agreed pricing. The U.S. federal government is a material customer, and loss of federal contracts is disclosed as a significant revenue risk.

Products and services

Services include engineering, consulting, project delivery, and advisory work across water and environmental, life sciences and advanced manufacturing, and critical infrastructure end markets. PA Consulting, a fully consolidated subsidiary (65% owned as of FY2021 acquisition), provides technology-enabled management consulting. Subsidiary Simetrica-Jacobs delivers social value measurement and wellbeing research. The company also holds minority stakes in joint ventures used for project delivery.

Customers and end markets

Key end markets include critical infrastructure, advanced manufacturing, life sciences, water and environmental, and government services. U.S. federal government agencies represent a material share of revenues, with the filing noting that their loss could have a material adverse effect on the company. Clients span government bodies and private-sector owners in infrastructure and advanced facilities.

Value-chain role

Jacobs operates as a services integrator and project delivery firm, contracting directly with clients and using third-party subcontractors, suppliers, and manufacturers to execute project scope. It does not manufacture products. Subcontractor and supplier compliance with applicable laws and client requirements is a disclosed operational risk.

Geographic exposure

Jacobs operates internationally, with revenues subject to foreign currency translation effects. The FY2025 filing references operations across 34 countries in the context of charitable giving. Foreign currency translation had approximately $3.1 million favorable impact on I&AF segment operating profit in FY2025, down from $11.5 million favorable impact in FY2024. The U.S. federal government is specifically identified as a material revenue source.

Source: SEC 10-K, filed 2025-11-20

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