Tetra Tech (TTEK) FY2025 results: revenue $5.4 billion, up 4.7% on the year
Tetra Tech Inc. (TTEK) reported revenue of $5.4 billion for fiscal 2025, the year ended 28 September 2025, up 4.7% on the year before. Net income was $248 million, down 25.7%, and diluted earnings per share $0.93. The figures are the company's own, from the 10-K it filed with the SEC on 20 November 2025.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 5 new.
- Record quarterly net revenue and operating income: Net revenue was $1.16 billion, a record, and operating income was $181 million, up 26%. Excluding USAID and DOS, net revenue rose 10% to $1.07 billion.
- Fiscal 2025 revenue and cash flow at records: Revenue was a record $5.44 billion and net revenue a record $4.62 billion. Operating cash flow was $458 million, up 28%. Adjusted EPS was $1.56, up 24%, against diluted EPS of $0.93.
- Growth excluding USAID and DOS: Excluding USAID and DOS, fiscal 2025 revenue rose 9% to $4.79 billion, net revenue rose 10% to $4.06 billion, adjusted operating income rose 24% to $563 million, and adjusted EPS rose 31% to $1.45.
- Fiscal 2026 guidance first given: Fiscal 2026 net revenue is expected at $4.05 billion to $4.25 billion and EPS at $1.40 to $1.55, with first-quarter net revenue of $950 million to $1.0 billion.
- Large federal awards led the wins: Recent wins included a $500 million USACE Baltimore environmental services contract, $249 million for USACE Mobile, $240 million for a U.S. Navy environmental assessment, and $240 million for USACE Norfolk.
From this 10-K
Tetra Tech is a consulting and engineering firm focused on water, the environment and sustainable infrastructure, working for public and private clients. It usually starts at the earliest stage of a project, identifying technical solutions and drawing up execution plans. In fiscal 2025, which ended in September, it worked on over 100,000 projects in more than 100 countries on all seven continents. Engineering News-Record has ranked it first in Water Treatment and Desalination for 12 years in a row. It reports two segments, the Government Services Group (GSG) and the Commercial/International Services Group (CIG).
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 5,443 | 5,199 | 4,523 | +4.7% | |
| Cost of revenue | 825 | 877 | 771 | -5.9% | |
| Gross profit | 961 | 866 | 725 | +11.0% | |
| Gross margin | 17.7% | 16.7% | 16.0% | ||
| Operating income | 408 | 501 | 358 | -18.4% | |
| Operating margin | 7.5% | 9.6% | 7.9% | ||
| Interest expense | 40.6 | 44.6 | 52.4 | -8.8% | |
| Pre-tax income | 378 | 463 | 401 | -18.5% | |
| Income tax | 130 | 130 | 128 | -0.3% | |
| Effective tax rate | 34.3% | 28.1% | 31.8% | ||
| Net income | 248 | 333 | 273 | -25.7% | |
| Net margin | 4.6% | 6.4% | 6.0% | ||
| Diluted EPS | $0.93 | $1.23 | $1.02 | -24.4% |
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 458 | 359 | 368 | +27.6% | |
| Capital expenditure | 18.6 | 18.1 | 26.9 | +2.7% | |
| Free cash flow | 439 | 341 | 342 | +28.9% | |
| Free cash flow margin | 8.1% | 6.6% | 7.6% | ||
| Cash from investing | -107 | -111 | -771 | ||
| Cash from financing | -410 | -191 | 382 | ||
| Depreciation and amortisation | 58.3 | 73.7 | 61.2 | -20.9% | |
| Share-based compensation | 33.9 | 31.2 | 28.6 | +9.0% | |
| Buybacks | 250 | 0.0 | 0.0 | ||
| Dividends paid | 65.0 | 58.8 | 52.1 | +10.6% | |
| Dividend per share | $0.25 | $0.22 | $0.04 | +11.8% | |
| Diluted shares, weighted | 267m | 270m | 268m | -1.1% | |
| Shares outstanding at period end | 261m | 268m | 266m | -2.4% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 1,780 | 1,830 | 1,403 | -2.8% | |
| Non-controlling interest | 0.4 | 0.1 | 0.1 | +316.5% | |
| Debt | 775 | 825 | 895 | -6.1% | |
| Operating lease liabilities | 155 | 140 | 145 | +10.4% | |
| Other liabilities | 1,572 | 1,397 | 1,377 | +12.5% | |
| Total liabilities and equity | 4,282 | 4,193 | 3,820 | +2.1% | |
| Fixed assets | 66.1 | 73.1 | 74.8 | -9.5% | |
| Goodwill | 2,050 | 2,047 | 1,880 | +0.2% | |
| Intangible assets | 121 | 161 | 174 | -24.6% | |
| Cash and equivalents | 167 | 233 | 169 | -28.0% | |
| Receivables | 1,159 | 1,051 | 975 | +10.2% | |
| Other assets | 719 | 628 | 548 | +14.4% | |
| Total assets | 4,282 | 4,193 | 3,820 | +2.1% |
10-K for the year ended 28 September 2025, filed 20 November 2025: the filing.