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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
AECOM (ACM) investor relations material
AECOM Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Nov, 2025
Executive summary
Achieved record fiscal 2025 results, surpassing raised earnings and margin guidance, with record backlog and pipeline growth for five consecutive quarters.
Delivered 6% net service revenue growth for the year, with 9% growth in the Americas in Q4.
Adjusted EPS reached a record $5.26, up 16% year-over-year.
Returned nearly $500 million to shareholders via repurchases and dividends, with a 19% increase in the quarterly dividend.
Announced a review of strategic alternatives for the Construction Management business, including a potential sale.
Financial highlights
Net service revenue for FY'25 was $7.57 billion, up 6% year-over-year.
Adjusted EBITDA for FY'25 was $1.20 billion, up from $1.09 billion in FY'24.
Segment adjusted operating margin reached 16.5% for FY'25, a 70 bps increase year-over-year.
Free cash flow for the year was $685 million, with a 114% average conversion since 2020.
Fourth quarter adjusted EPS grew 7% to $1.36; full year adjusted EPS increased 16% to $5.26.
Outlook and guidance
FY'26 guidance projects adjusted EBITDA of $1.27–$1.31 billion and adjusted EPS of $5.65–$5.85, representing 7% and 9% growth, respectively.
Net service revenue expected to grow 6–8% to $7.2–$7.4 billion in FY'26.
Segment adjusted operating margin targeted at 16.6% for FY'26.
Long-term targets (FY'26–FY'29) include 5–8% organic NSR CAGR, 20%+ segment adjusted operating/EBITDA margin exit rate by FY'28, and double-digit annual dividend increases.
Free cash flow guidance for FY'26 is approximately $400 million, reflecting investments in AI and restructuring.
How will CM sale proceeds be deployed?
How AI investments drive 2028 margin target?
Drivers for lower FY26 free cash flow
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Investor Day 202518 Nov, 2025
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Frequently asked questions
Building a sustainable future
AECOM is a multinational engineering and infrastructure firm that provides professional services in the areas of design, consulting, construction, and management. The company operates across various sectors, including transportation, water, energy, environmental, and buildings. AECOM's business model revolves around delivering integrated solutions to clients, offering a wide range of services throughout the project lifecycle.
Economies of scale
One of AECOM's key competitive advantages is its global presence and scale. The company has a vast network of offices and projects worldwide, allowing it to serve clients across different regions and leverage local expertise. AECOM's multidisciplinary approach and ability to offer end-to-end solutions also contribute to its competitive edge, enabling seamless coordination and collaboration on complex projects.
Structural tailwinds
AECOM operates in an industry with several opportunities. The increasing need for infrastructure development, urbanization, and sustainable solutions presents growth opportunities for the company. AECOM can capitalize on emerging trends like smart cities, renewable energy, and resilience planning. Additionally, the global demand for transportation infrastructure and water management solutions creates avenues for expansion.
However, AECOM also faces challenges in the industry. The industry is susceptible to regulatory changes, geopolitical factors, and economic fluctuations, which can affect project funding and profitability. Maintaining a skilled workforce, managing project risks, and ensuring sustainable growth are ongoing challenges for AECOM.
Three listed peers to AECOM in the engineering and infrastructure industry are: Jacobs Solutions, WSP Global, Tetra Tech.
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