📈 Price History

Ratio Health

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By Category

📊 Peer Medians

About

AECOM, together with its subsidiaries, provides professional infrastructure consulting services for governments, businesses, and organizations internationally. The company operates in three segments: Americas, International, and AECOM Capital. The company offers advisory, planning, consulting, architectural and engineering design, construction and program management services, and investment and development services to public and private clients in major end markets such as transportation, facilities, water, environmental, and energy. It is also involved in the investment and development of real estate projects. The company was formerly known as AECOM Technology Corporation and changed its name to AECOM in January 2015. AECOM was incorporated in 1980 and is headquartered in Dallas, Texas.

Key Ratios Snapshot

📈 Growth Pattern

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⭐ Superinvestors Holding ACM

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	662.3K	$56.2M	0.09%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management repeatedly highlighted record metrics (NSR, margins, EPS, backlog) and raised guidance midpoints for the second consecutive quarter. They acknowledged isolated delays but framed them as manageable and temporary, using specific language like 'less than 35% of IIJA funding spent' and 'win rates at an all-time high'.

Q3 2025

Confident Specific

Management repeatedly used phrases like 'surpassed our expectations', 'set new records', 'raising guidance for third consecutive time', and provided specific numbers (17.1% margin, 6% organic NSR growth, 8% Americas growth) with consistent upward revisions.

Q1 2026

Confident Specific

Management used language like 'exceptional start', 'exceeded expectations across every key financial metric', 'record first quarter NSR, adjusted EBITDA, margins, and backlog'. They raised full-year guidance and highlighted strong win rates and 21 consecutive quarters of book-to-burn above 1.

Q2 2026 latest

Confident Specific

Management consistently used language like 'new second quarter highs', 'record backlog', 'increasing guidance for the second time', and cited specific figures (e.g., 8% Americas design growth, 50 bps margin expansion, 66 bps AI spend). The tone was direct and detailed, with no hedging on the core narrative of strength.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. Record backlog and increased guidance confirm demand momentum in core markets (U.S. infrastructure, defense, AI/data centers). Management’s detailed disclosure on AI wins and margin progression provides tangible evidence of competitive differentiation. However, the Middle East revenue drag and delayed claims resolution remain near-term risks to monitor. Next quarter, watch for Middle East growth inflecting and cash flow recovering to validate the confident outlook. The increased guidance for the second time underscores management’s conviction.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

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🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED AECOM reports record backlog up 8% and raises profit guidance

Revenue & Profitability

In Q2 2026, AECOM achieved a segment adjusted operating margin of 16.5%, up 50 basis points year-over-year. Americas design NSR grew 8%, and backlog increased 8% to a new record. Adjusted EBITDA and adjusted EPS are expected to grow 7% and 14% respectively at the midpoint of raised full-year guidance. Free cash flow guidance of $400 million was reaffirmed.

Outlook

Management sees strong secular demand and robust funding in many markets, with more than half of IIJA funding still to be spent in the U.S. Defense spending is growing rapidly, with the President's $1.5 trillion budget proposal pointing to accelerated investment. In the U.K., water and energy are strong but transportation is weak. The Middle East presents near-term uncertainty but long-term growth opportunities, including an estimated $40-50 billion needed for U.S. military infrastructure.

Growth Drivers

Key growth drivers include the Americas design business (8% NSR growth), the high-tech business (fastest-growing in the U.S., driven by AI infrastructure), and nuclear fusion (expected to deliver nine figures of NSR). International backlog reached a new record, with Middle East growth expected to re-accelerate. The advisory business is on track to double its NSR in three years.

Balance Sheet & CapEx

AECOM is investing in proprietary AI, with $13 million spent in Q2 (66 basis points of margin). The full-year AI investment is expected to be 60-70 basis points. These investments are unlocking capacity and driving margin expansion. No specific CapEx guidance was provided, but the company continues to invest in strategic priorities like AI and advisory.

Margins

The segment adjusted operating margin increased by 50 basis points to 16.5%, with Americas margin up 60 bps to 20% and International margin holding at 11%. Despite a 66 bps AI investment, margins improved, driven by operating efficiencies and strong performance. Management is confident in delivering on margin progression goals for FY2026 and beyond.

Key Risks

Risks flagged include the ongoing conflict in the Middle East, which caused a 100 bps NSR headwind and delayed cash collections, though payments have since recovered. The resolution timeline for the conflict remains unclear. Delays in claim resolution on two legacy projects also impacted cash flow, but management expressed confidence in recovery.

Generated by AI · Q2 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q3 2026 Q3 2026 2026-08-11

Record backlog and strong wins offset by a $337M charge on a delayed Construction Management project, impacting cash flow and reported results. Excluding this, adjusted EBITDA and EPS grew year-over-year, with robust pipelines and multi-year visibility supporting a reaffirmed 5%-8% long-term growth outlook.

Q2 2026 Q2 2026 2026-05-12

Record Q2 results with strong NSR, margin expansion, and backlog growth, driven by Americas design and AI-enabled wins. Full-year profit guidance raised, with robust funding and pipeline supporting outlook despite Middle East uncertainties.

Q1 2026 Q1 2026 2026-02-10

Record Q1 results with strong NSR, margin, and backlog growth led to raised full-year guidance. Major wins in infrastructure and data centers, successful AI integration, and increased share repurchase authorization highlight robust market demand and operational momentum.

Q3 2025 Q3 2025 2025-08-05

Third quarter results set new records for margins, earnings, and backlog, prompting a raised annual outlook. Strong organic growth, robust cash flow, and high win rates in key markets underpin confidence in continued margin expansion and shareholder returns.

Q2 2025 Q2 2025 2025-05-06

Record Q2 results with strong NSR, margin, and EPS growth, led by the Americas and supported by record backlog and pipeline. Raised full-year EBITDA and EPS guidance, maintained robust cash flow, and continued strategic investments and shareholder returns.

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