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AECOM (ACM) investor relations material
AECOM Investor Day 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Day 2025 summary18 Nov, 2025
Strategic direction and business transformation
Focus is shifting from M&A to organic growth, emphasizing design, consulting, and advisory services, with major investment in AI to transform operations and client outcomes.
Initiated a strategic review of the Construction Management business, including a possible sale, to reallocate resources to higher-return areas, particularly AI-driven design and advisory.
Advisory and Program Management businesses are targeted to comprise 50% of the business over time, with advisory NSR expected to double to $400 million annually within three years.
Talent acquisition and retention, especially in AI and advisory, are prioritized to sustain competitive advantage and growth.
No plans to enter SaaS; focus remains on delivering outcomes through integrated services and proprietary technology.
Financial guidance and performance
Raised long-term margin guidance to over 20% by fiscal 2028, with an EPS CAGR target of 15%+ and EBITDA/EPS growth of 7–9% for FY26.
Achieved and exceeded 17%+ margin guidance five quarters ahead of schedule, with record backlog and robust organic growth across markets.
FY'26–FY'29 targets include 5–8% organic NSR CAGR, 20%+ segment adjusted operating/EBITDA margin (exit FY'28), and 15%+ adjusted EPS and free cash flow per share CAGR.
Over $3.5B in free cash flow generated FY'20–FY'25, with $2.6B in share repurchases and $443M in dividends, including a 19% increase to the quarterly dividend.
Cash flow conversion expected at 100%+ of earnings in the long run, supporting continued capital allocation flexibility.
AI and technology transformation
AI investment over the past 18 months has enabled a shift in operating leverage from 15% to up to 80%, allowing growth without proportional headcount increases.
Developed a scalable AI platform with over 200 professionals with advanced degrees, enabling rapid deployment and significant efficiency gains.
AI-driven design and engineering can reduce project timelines from months to weeks and cut material/costs by 10–20%.
AI and advisory capabilities are expanding addressable market exposure from 15% to 35% of client spend, with expectations to double advisory business within three years.
AI and Advisory services are enabling higher scalability and margin expansion, reducing the need for proportional increases in variable costs.
AECOM AI: how to expand market share
CM divestiture: strategic rationale
Advisory NSR doubling: growth strategy
How does AI impact AECOM's operating leverage?
What is the strategic rationale for CM divestiture?
How does Advisory business differentiate from peers?
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Q1 20262 Feb, 2026
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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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