AECOM NYSE:ACM Price, Chart, News & Insight

AECOM (ACM) Q1 2026: Record Backlog and Raised Guidance Drive 1% Gain

Tuesday, May 12, 2026

AECOM is up 1% today after delivering a second quarter that set multiple records and prompted management to raise full-year earnings guidance for the second consecutive quarter. For a global infrastructure engineering firm navigating Middle East payment delays and currency headwinds, the underlying momentum is impressively clean.

Record Quarter Across Key Metrics

Adjusted EPS grew 27% to $1.59, adjusted EBITDA rose 8% to $312 million, and net service revenue increased 2% on a constant-currency basis. The segment adjusted operating margin hit 16.5% — a new all-time high for a second quarter — and the adjusted EBITDA margin also reached 16.5%, up 20 basis points year-over-year. Americas design was the standout, delivering 8% constant-currency growth and a 20.0% adjusted operating margin on net service revenue — another all-time Q2 record. As-reported GAAP net income grew 19% to $184 million, with diluted EPS up 22% to $1.42.

Backlog: The Most Important Number

Total backlog grew 8% to a record $26.2 billion, driven by a design book-to-burn ratio of 1.2 — meaning AECOM is winning new work 20% faster than it is burning through existing contracts. This is the 22nd consecutive quarter with a book-to-burn ratio above 1.0, an unbroken streak that stretches back nearly six years and is the strongest forward revenue signal in the business. The design pipeline grew double-digits to a record level, with strength across Transportation, Environment, and Water end markets in the Americas, and strong wins in the U.K. and Middle East internationally. International backlog surged 25% year-over-year.

The One Soft Spot: Cash Flow

Operating cash flow was just $4 million in the quarter — down 98% year-over-year — and free cash flow was negative $27 million. Management was transparent about the cause: delayed payment timing in the Middle East business, compounded by longer-than-anticipated resolution on certain project claims. Critically, collections in the Middle East have already recovered in the fiscal third quarter, and AECOM reiterated its full-year free cash flow guidance of approximately $400 million. The market is giving management the benefit of the doubt on this, correctly treating it as a timing issue rather than a structural problem.

Capital Return and Balance Sheet

AECOM returned $155 million to shareholders through buybacks and dividends in the quarter, bringing total returns since September 2020 to more than $3.5 billion. Net leverage stands at a conservative 1.2x. The company remains committed to returning substantially all available cash flow to shareholders.

Raised Guidance

Full-year adjusted EPS guidance was raised to $5.90 to $6.10 — representing 14% year-over-year growth at the midpoint — up from $5.85 to $6.05 previously. Adjusted EBITDA guidance was nudged up to $1,275 to $1,305 million. Organic NSR growth of 6-8% was reaffirmed, along with a full-year segment adjusted operating margin target of 16.8% and adjusted EBITDA margin of 17.0%. The long-term targets — a 20%+ margin exit rate by fiscal 2028 and 15%+ adjusted EPS CAGR from fiscal 2026 to 2029 — were also reaffirmed.

The Bottom Line

AECOM is a steady, high-quality compounder in global infrastructure that is quietly delivering record results while most of the market's attention is on AI and energy. Record backlog, 22 consecutive quarters of book-to-burn above 1.0, expanding margins, raised guidance, and an aggressive buyback program make a compelling case. The 1% gain today is modest given the quality of the print — but for a name that compounds rather than surprises, that is entirely on brand.

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The Investor 05-12-26

AECOM Delivers Record Q3 Results, Raises FY2025 Outlook

AECOM (NYSE: ACM) reported strong third-quarter fiscal 2025 results, setting quarterly records in adjusted EBITDA and EPS. Net service revenue rose 6% year-over-year to $1.94 billion, with the Americas segment growing 8%. Adjusted EPS climbed 16% to $1.34, and adjusted EBITDA rose 10% to $313 million with a margin of 17.6%.
Net income grew 35% to $175 million, and free cash flow reached $262 million. Total backlog hit a record $24.6 billion, supported by sustained high win rates and robust project pipelines.

The company raised full-year guidance for the third straight quarter, now expecting adjusted EBITDA between $1.19 and $1.21 billion and adjusted EPS between $5.20 and $5.30. AECOM also anticipates 5–8% organic net service revenue growth and full-year free cash flow conversion above 100%.

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European Investor 08-05-25

AECOM Launches $1 Billion Senior Notes Offering to Refinance 2027 Debt

AECOM (NYSE: ACM) has announced a private offering of $1.0 billion in senior unsecured notes due 2033. The proceeds will be used, along with cash on hand, to repurchase or redeem its existing 5.125% Senior Notes due 2027 through a concurrent cash tender offer.

The new notes will be guaranteed by certain AECOM subsidiaries and sold to qualified institutional buyers under Rule 144A and offshore investors under Regulation S. The offering is not registered under U.S. securities laws and is limited to private placements.

AECOM emphasized the move as part of its broader financial strategy to manage debt and optimize its capital structure, with no registration of the offering planned.

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WS Investor 07-15-25

ACM Research, Inc. Announces Dividend and Growth Plans for Its Chinese Subsidiary

FREMONT, Calif. — ACM Research, Inc. has announced that its primary operating subsidiary, ACM Research (Shanghai), Inc., approved key resolutions at its Annual Shareholder Meeting held in Shanghai on June 12, 2025.

Shareholders of ACM Shanghai authorized the distribution of a proposed dividend totaling approximately RMB 288.3 million (~$40.1 million), expected to be paid by year-end. However, the company noted that the dividend’s payment, net proceeds, and repatriation timeline to the U.S. remain uncertain. If received, the funds will be used for working capital and general corporate purposes.

In addition to the dividend, ACM Shanghai also approved its 2025 financial budget, which forecasts revenue growth of 16%–26% and R&D expense growth of 15%–35%, based on Chinese GAAP.

ACM Research holds an 81.1% stake in ACM Shanghai, which continues to represent a significant share of the company’s consolidated revenue and income. It also emphasized that financial results reported under Chinese GAAP may materially differ from those under U.S. GAAP, due to conversion and consolidation factors.

The company cautioned investors with a forward-looking statement disclaimer, citing potential risks and uncertainties that could impact the actual results.

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M

ME NEWS 06-16-25

AECOM (NYSE: ACM) announced on March 6, 2025, that its Board of Directors has declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on April 17, 2025, to stockholders of record as of the close of business on April 2, 2025. The declaration and payment of future dividends remain at the discretion of the Board of Directors.

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WS Investor 03-06-25

AECOM filed a Form 8-K on February 28, 2025, reporting the results of its annual stockholder meeting held on the same day. Stockholders voted on five proposals.

The election of directors resulted in all nominees being elected to serve until the 2026 annual meeting. The highest vote-getter was Derek J. Kerr, while Daniel R. Tishman received the most opposing votes.

The selection of Ernst & Young LLP as the company's independent auditor for the fiscal year ending September 30, 2025, was ratified with strong support.

An amendment to the company's amended and restated certificate of incorporation to update the exculpation provision under Delaware law was approved.

The advisory vote on executive compensation was approved.

The proposal regarding the ratification of severance compensation was not approved.

The filing provides details of vote counts for each proposal.

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European Investor 03-01-25

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