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.