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Tetra Tech (TTEK) investor relations material
Tetra Tech Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record or strong Q3 results with double-digit revenue and EPS growth, driven by disaster response, water, and environmental services; high staff utilization and margin expansion noted.
Maintained a strong balance sheet and robust cash flow, supporting future capital deployment and growth initiatives.
Backlog ranged from $3.85B to $4.2B, with major contract wins but also a 20.4% decline due to USAID contract cancellations.
Net income impacted by $115M legal charge and $92.4M goodwill impairment related to USAID contract terminations.
Cautious approach maintained due to uncertainties from U.S. administration changes, federal funding, and policy shifts.
Financial highlights
Q3 net revenue (excluding USAID/DOS) was $1.06B, up 11% year-over-year; operating income up 37% to $159M; EPS up 46% to $0.41.
Year-to-date net revenue up 9% to $3.45B; operating income up 21% to $432M; adjusted EPS up 26% to $1.11.
Cash flow from operations for the trailing twelve months was $462M, up 23%; Q3 operating cash flow surged 148% year-over-year to $350M.
DSO improved to 54–56 days; net debt/EBITDA leverage reduced to 0.96x.
Net income for nine months was $120.1M, down from $237.3M year-over-year due to non-recurring charges.
Outlook and guidance
Q4 net revenue guidance: $1.0B–$1.1B; EPS: $0.38–$0.43; FY25 net revenue: $4.454B–$4.554B; adjusted EPS: $1.49–$1.54.
USAID and DOS revenue expected to decline sharply in Q4; U.S. federal and state/local government revenue to grow.
Guidance excludes $0.35 legal contingency and $0.31 goodwill impairment.
Management expects sufficient liquidity and capital resources for at least the next 12 months.
Disaster response revenue expected to be minimal in Q4; design/planning work to remain consistent.
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