Jacobs sees robust infrastructure pipeline after posting strong FY25 earnings
(UI) - Jacobs Solutions reported solid fiscal fourth-quarter and full-year 2025 results, highlighted by revenue growth across its water, transportation, energy and advanced facilities markets, along with a record company backlog that signals sustained demand for infrastructure services heading into 2026.
The company posted Q4 gross revenue of $3.2 billion, up 6.6% year-over-year, with adjusted net revenue up 5.8%. Adjusted EBITDA grew 12% to $324 million. While GAAP earnings declined due to prior-year mark-to-market gains related to Jacobs’ former stake in Amentum, adjusted EPS rose 27.7%, reflecting core operational strength.
For the full fiscal year, gross revenue reached $12.0 billion, a 4.6% increase, with adjusted net revenue up 5.3%. Adjusted EBITDA climbed 13.9%, and adjusted EPS grew nearly 16%. Cash conversion exceeded 100% for the year.
Infrastructure demand continued to fuel results, with growth driven by life sciences, water, energy & power, transportation, data centers, and advanced facilities. Jacobs also noted increasing momentum at PA Consulting, which contributed positively across the portfolio.
Backlog finished the fiscal year at a record $23.1 billion, up 5.6% year-over-year, with a trailing twelve-month book-to-bill ratio of 1.1x.
Chair and CEO Bob Pragada said the company sees “multiple secular tailwinds” supporting continued growth in FY26, noting strong market fundamentals across water, energy transition, resilient infrastructure, and technology-driven facility upgrades. CFO Venk Nathamuni emphasized continued margin expansion and shareholder returns, with $1.1 billion returned via dividends and share repurchases in FY25.
For fiscal 2026, Jacobs is forecasting 6–10% adjusted net revenue growth, adjusted EPS between $6.90 and $7.30, and free cash flow margins between 7–8%, reflecting expectations for another year of infrastructure-led profitability.
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