ACMMEDIUM SIGNALFINANCIAL10-K

AECOM delivered meaningfully stronger profitability in fiscal 2024, with net income and operating income both expanding notably while the company continued returning capital to shareholders through dividends and buybacks.

The improvement across gross profit, operating income, and net income signals effective cost discipline and healthy demand for AECOM's professional services, particularly in infrastructure and water-related markets. Reduced accounts receivable alongside stronger earnings may reflect improved collections efficiency rather than a slowdown in revenue activity, a constructive sign for working capital management. Stockholders' equity expanding to $2.5B reinforces balance sheet stability and supports continued capital return capacity.

Comparing 2025-11-19 vs 2024-11-19View on EDGAR →
FINANCIAL ANALYSIS

AECOM's P&L showed broad-based improvement in fiscal 2024, with gross profit growing approximately 12%, operating income rising roughly 24%, and net income climbing nearly 40% — a consistent progression that suggests operating leverage is materializing as revenues scale. On the capital return front, dividend payments increased modestly by approximately 16% while share buybacks declined by about 19%, suggesting a modest rebalancing toward dividends without abandoning repurchases. Accounts receivable declined by approximately 11% to $2.5B even as profitability improved, which — combined with growing stockholders' equity — presents an overall picture of a financially disciplined business generating higher-quality earnings and maintaining a solid balance sheet footing.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+39.7%
$402.3M→$561.8M

Net income grew 39.7% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+24.1%
$827.4M→$1.0B

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Share Buybacks
Cash Flow
-18.8%
$478.5M→$388.4M

Buyback activity reduced 18.8% — capital being redeployed elsewhere or cash conservation underway.

Dividends Paid
Cash Flow
+15.9%
$115.2M→$133.6M

Dividend payments increased 15.9% — management confidence in sustained cash generation.

Stockholders Equity
Balance Sheet
+14.1%
$2.2B→$2.5B

Equity base grew 14.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Gross Profit
P&L
+12.2%
$1.1B→$1.2B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Accounts Receivable
Balance Sheet
-10.6%
$2.8B→$2.5B

Receivables declined — improved collection efficiency or conservative revenue recognition.

LANGUAGE CHANGES
NEW — 2025-11-19
PRIOR — 2024-11-19
ADDED
We refer to the fiscal year ended September 30, 2024 as fiscal 2024 and the fiscal year ended September 30, 2025 as fiscal 2025.
During the first quarter of fiscal 2020, we reorganized our operating and reporting structure to better align with our ongoing professional services business.
For example, within our water service offerings, we provide water, wastewater, water supply and water resource services, which are necessary in response to sustainability and resilience, drought mitigation and other factors as part of major capital/infrastructure projects.
In addition, our industry is poised to capitalize on the benefits of AI and innovation.
We are investing to lead this transformation, which will extend our advantages, improve overall delivery, and create distinct solutions for clients that differentiate us from competitors and enhance our client experience.
These investments include capturing the value of our libraries of data to build more efficient design processes, and innovative and more advanced AI solutions for increasingly complex challenges that will accelerate design delivery and reduce the materials and costs required for a project.
As previously announced, the Company has commenced a review of strategic alternatives for this business, which could include a potential sale.
Program Management We integrate the complexity of large-scale programs and projects through tailored approaches, proven methodologies, and multidisciplinary solutions to deliver transformative outcomes for our clients and the communities they serve, including: Megacity development.
Members of the legacy team continue to support AECOM Capital's investment vehicles pursuant to certain advisory agreements in a manner consistent with their historical responsibilities.
Thinking and Acting Globally AECOM is at its best when we think and act globally.
REMOVED
We refer to the fiscal year ended September 30, 2023 as fiscal 2023 and the fiscal year ended September 30, 2024 as fiscal 2024.
This reorganization better reflected our continuing operations after the sale of our Management Services segment, the sale of our self-perform at-risk civil infrastructure and power construction businesses, and the sale of our oil gas construction business.
For example, within our water service offerings, we provide water, wastewater, water supply and water resource services, which are necessary in response to climate adaptation and resilience, drought mitigation and other environmental and social impact factors as part of major capital/infrastructure projects.
In addition, our industry is undergoing a digital transformation, and we are investing in digital capabilities to extend our advantages, improve overall delivery, and create distinct solutions for clients that differentiate us from competitors and enhance our client experience.
These investments include capturing the value of our libraries of data to build more efficient design processes, and innovative and more advanced solutions for increasingly complex challenges.
The team will continue to support AECOM Capital s investment vehicles pursuant to certain advisory agreements in a manner consistent with their current obligations.
Human Capital Management Our principal asset is our employees and large percentages of our employees have technical and professional backgrounds and undergraduate and/or advanced degrees.
The following table sets forth our total revenue attributable to these categories of clients for each of the periods indicated: Year Ended September 30, ($ in millions) 2024 2023 2022 U.S.
Federal Government $ 1,064.0 7 % $ 790.6 5 % $ 821.3 6 % U.S.
State and Local Governments 3,660.5 23 2,918.9 20 2,824.0 21 Non-U.S.
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