Jacobs Q2 2025 Earnings Summary

Jacobs Solutions Inc. reported Q2 fiscal 2025 results showing revenue of $2.91 billion, up 2.2% year-over-year, with adjusted net revenue increasing 3.1% to $2.14 billion. GAAP net income dropped to $11.2 million, or $0.10 per diluted share, primarily due to a $109.5 million mark-to-market loss on its Amentum investment. However, adjusted net earnings rose to $175.5 million, with adjusted EPS up to $1.43 from $1.17 a year ago. Adjusted EBITDA reached $287 million, up from $265 million in Q2 2024.

Backlog grew 20% year-over-year to $22.2 billion, with a trailing twelve-month book-to-bill ratio of 1.3x. Segment performance was led by Infrastructure & Advanced Facilities and PA Consulting, which reported operating profits of $203.3 million and $67.3 million respectively. Jacobs repurchased $351 million in shares during the quarter and $552 million in the first half of FY25. The company also reduced debt by $312 million through an equity-for-debt exchange and refinanced $700 million at lower interest rates.

Jacobs reaffirmed its full-year guidance, expecting mid-to-high single-digit adjusted net revenue growth, adjusted EBITDA margin of 13.8–14.0%, free cash flow conversion above 100%, and adjusted EPS between $5.85 and $6.20.

EX-99.1 2 jacobs-equityfordebtexchan.htm EX-99.1
1999 Bryan Street, Suite 1200
Dallas, Texas 75201
+1 214.638.0145
image_0a.jpg


Press Release
FOR IMMEDIATE RELEASE March 13, 2025


Jacobs Completes Equity for Debt Exchange
Exchange Reduces Debt by approximately $312 million
DALLAS – Jacobs (NYSE:J) today announced that it has successfully exited its equity stake in Amentum Holdings, Inc. (“Amentum”) by exchanging 19,464,174 shares of common stock of Amentum held by its wholly-owned subsidiary, Jacobs Engineering Group Inc. (“JEG”), for approximately £240 million aggregate principal amount of JEG term loans. The Amentum common stock was sold by BofA Securities, Inc., as selling shareholder, to investors in a registered public offering that closed on March 13, 2025. After giving effect to the transaction and the retirement of the exchanged JEG term loans, Jacobs’ aggregate outstanding borrowings decreased by approximately £240 million, or the equivalent of approximately $312 million.1
Jacobs' Chair and CEO Bob Pragada commented, "We are pleased to have successfully completed this equity for debt exchange, achieving value for our shareholders through further debt reduction, within our previously announced timeline. Exiting our position in Amentum is another step in our business transformation strategy resulting in an industry leading science-based consulting and advisory company delivering resilient, digitally enabled infrastructure solutions having a positive impact on the world.”
An additional 9,732,087 shares of Amentum common stock remain in escrow, subject to final determination of certain performance milestones in connection with a post-closing adjustment to the merger consideration provided in the transaction documents relating to the combination of Jacobs’ Critical Mission Solutions and Cyber & Intelligence businesses with Amentum Parent Holdings LLC on September 27, 2024. As previously disclosed, Jacobs intends to distribute any additional shares of Amentum common stock to which it becomes entitled on a pro rata basis to Jacobs’ shareholders as of a record date that will be set once the final determination is reached.
BofA Securities, J.P. Morgan, Morgan Stanley, BNP Paribas and TD Cowen acted as joint book-running managers in the registered public offering of Amentum common stock.
This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any offer, solicitation or sale of the securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. An effective shelf registration statement, under which securities were sold, was filed previously with the U.S. Securities and Exchange Commission. The offering was made by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained by
1 Calculated based on $1.2990 per £1.


contacting BofA Securities, Attention: Prospectus Department, 201 North Tryon Street, NC1-022-02-25 Charlotte, North Carolina 28255-0001, or by emailing: dg.prospectus_requests@bofa.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or email: prospectus-eq_fi@jpmorgan.com; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, New York, New York 10014. An electronic copy may also be obtained at www.sec.gov.
About Jacobs
At Jacobs, we're challenging today to reinvent tomorrow – delivering outcomes and solutions for the world's most complex challenges. With approximately $12 billion in annual revenue and a team of almost 45,000, we provide end-to-end services in advanced manufacturing, cities & places, energy, environmental, life sciences, transportation and water. From advisory and consulting, feasibility, planning, design, program and life

Jacobs Solutions Inc. reported its fiscal first-quarter 2025 results, showing strong growth and strategic moves. Key highlights include:

- Gross revenue of $2.9 billion, up 4.4% year-over-year, and adjusted net revenue increased 5.1% y/y.
- Infrastructure & Advanced Facilities grew by 4.9% in gross revenue and 6.0% in adjusted net revenue.
- GAAP net loss of $17.1 million, down 113.3% y/y, impacted by a $145 million loss on investments in AMTM.
- Adjusted EBITDA of $282 million, up 23.6% y/y.
- Backlog increased by 18.9% to $21.8 billion with a book-to-bill ratio of 1.0x in Q1 (1.3x on a trailing twelve-month basis).
- EPS was ($0.10), a 109.7% decrease y/y, but adjusted EPS was $1.33, a decline of 8.3% y/y, partly due to a tax benefit of $0.49/share in Q1 2024.
- Jacobs repurchased $202 million worth of shares during the quarter and announced a $1.5 billion share repurchase program, its largest ever.
- Dividend increased by 10% year-over-year to $0.32 per share.

The company raised its adjusted EPS guidance for fiscal 2025, with a new range of $5.85-$6.20. Jacobs is optimistic about the remainder of the fiscal year, citing strong performance in key sectors like Water and Life Sciences.