Jacobs Solutions (J) FY2025 results: revenue $12.0 billion, up 4.6% on the year

Jacobs is a consulting, design and engineering firm with a global team of approximately 43,000 people, working across advanced manufacturing, cities and places, energy, environmental, life sciences, transportation and water. Its services run from advisory and consulting through feasibility and planning to design, programme delivery and lifecycle management. It reports two operating segments: Infrastructure and Advanced Facilities, and its majority investment in PA Consulting. In February 2025 it launched a multi-year growth strategy it calls Challenge Accepted, aimed at water and environmental work, life sciences and advanced manufacturing, and critical infrastructure.

Infrastructure and Advanced Facilities

The segment handles client problems in energy security, environmental resilience, transportation, buildings and infrastructure, integrated water management and biopharmaceutical manufacturing, across three end markets: Critical Infrastructure, Water and Environmental, and Life Sciences and Advanced Manufacturing. Its core skills are consulting, planning, architecture, design, engineering and infrastructure delivery, including project, programme and construction management and long-term operation of facilities. Work is sold as standalone professional service engagements, as comprehensive programme management partnerships, and as selective progressive design-build and construction management at-risk delivery. The clients are national, state and local governments across the United States, Europe, the U.K., the Middle East and Asia Pacific, along with multinational and local private sector organisations. Examples given include the digital transformation of Dallas Fort Worth International Airport, the Frederick Douglass Tunnel programme, engineering advice for National Highways in England, and project management for the U.K. carbon capture, usage and storage programme.

PA Consulting

PA Consulting is the innovation and transformation consultancy, as the filing describes it, in which Jacobs took a 65% interest on 2 March 2021. Its global team of about 4,000 includes strategists, innovators, designers, consultants, digital experts, scientists, engineers and technologists, working across seven sectors: consumer and manufacturing, defence and security, energy and utilities, financial services, government, health and life sciences, and transport. Private sector clients named include Diageo, Microsoft, Pret A Manger and Unilever, and the work described ranges from data and analytics on flight punctuality at Heathrow to digital platforms for the American College of Emergency Physicians. Public sector clients named include the U.K. Ministry of Defence, National Highways, the Danish Tax Agency and the Swedish Environmental Protection Agency.

The separation

On 27 September 2024 the company completed a Reverse Morris Trust transaction under which it transferred its Critical Mission Solutions business and the cyber and intelligence parts of Divergent Solutions into a separate company, spun that company off by distributing 124,084,108 shares to its own shareholders on a one-for-one basis, and then merged Amentum Parent Holdings into it. The surviving entity is now an independent public company trading on the New York Stock Exchange as Amentum. Because the disposal represented a strategic shift with a major effect on operations and results, the transferred business is reported as discontinued operations for all periods presented. The pieces of that business concerned with digital strategy and transformation advice, and with digital products supporting capital, operational and cybersecurity decisions, were kept and now sit inside Infrastructure and Advanced Facilities.

Customers and contracts

Agencies of the United States federal government accounted for 8% of total revenues from continuing operations in fiscal 2025, against 10% in 2024 and 9% in 2023, and the filing notes that losing those agencies as customers could have a material adverse effect, as could termination, suspension, debarment or disallowance of costs on government work. Contracts fall into two broad categories, cost-reimbursable and fixed-price, which were 68% and 32% of continuing revenues in fiscal 2025. Most contracts, including federal ones, can be terminated at the client's discretion, in which case they typically provide for reimbursement of costs incurred and fees earned to the termination date. Cost-reimbursable contracts pay costs plus a profit element, which may be a mark-up on labour costs, a fee, or both, the fee being fixed, a percentage of costs, or tied to targets, milestones or performance factors. Fixed-price work covers lump sum bids against client-furnished specifications, which carry the risk of ambiguous specifications, new technologies and economic change, and negotiated fixed-price contracts; in recent years most of it has been design or project services rather than turnkey construction.

Competition and people

The company competes with technology, consulting and engineering firms worldwide, typically in markets no single company dominates, and it often partners with competitors or other companies to pursue projects jointly. Competitors named include AECOM, Tetra Tech, WSP, Arcadis, Bechtel, Arup, Stantec, Parsons, Accenture, AtkinsRealis, Capgemini, Fluor, Deloitte, KPMG, PwC, Bain and McKinsey. It competes on technical capability, reputation for quality, price, safety record, availability of qualified people, the ability to perform work on time and contract terms. Earlier acquisitions cited as strengthening technology-enabled capability include BlackLynx and StreetLight.

From Jacobs Solutions' annual report on Form 10-K for the year ended 26 September 2025. The filing

Written from the 10-K filed 20 November 2025: read the full 10-K.