ACM 8-K SEC Filing Analysis

Latest settled — T+5d

ACM ▲ +2.34% at T+5d

LONG call ✓ call won +2.34% · α vs SPY +2.26% · entry $69.86 → $71.49

Next anchor: T+20d due 19h ago

Last close $70.85 (close Jun 8) · +1.42% from $69.86 entry

Entry anchored
May 11, 2026
via day open

T+1d

+0.13%

call +0.13% · α -0.40%

$69.95

settled 29d ago

T+5d

+2.34%

call +2.34% · α +2.26%

$71.49

settled 23d ago

T+20d

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call — · α —

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due 19h ago

T+60d

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call — · α —

—

in 8w

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Executive Summary

AECOM reported Q2 fiscal 2026 results with GAAP diluted EPS of $1.42 (up 22% YoY) and adjusted EPS of $1.59 (up 27% YoY), beating consensus estimates. Revenue grew 1% to $3.8B, while net service revenue increased 2%. The company raised its full-year adjusted EPS guidance for the second consecutive quarter to $5.90-$6.10, driven by record backlog and strong margin expansion.

Key Financial Metrics

Free Cash Flow

-$27.4M

Gross Margin

7.8%

Actionable Insight

The second consecutive guidance raise, record backlog, and expanding margins signal strong operational momentum. However, negative free cash flow in Q2 due to Middle East payment delays warrants monitoring. The stock should react positively to the beat and raised guidance, but watch for any commentary on cash flow recovery on the conference call.

Key Facts

GAAP diluted EPS from continuing operations: $1.42, up 22% YoY
Adjusted EPS: $1.59, up 27% YoY, beating consensus of $1.54
Revenue: $3.8B, up 1% YoY
Net service revenue: $1.95B, up 2% YoY
Segment adjusted operating margin: 16.5%, up 50 bps YoY (record Q2 high)
Total backlog: $26.2B, up 8% YoY to a record high
Design book-to-burn ratio: 1.2x; 22nd consecutive quarter above 1.0x
Raised FY2026 adjusted EPS guidance to $5.90-$6.10 (from $5.85-$6.05)
Raised FY2026 adjusted EBITDA guidance to $1.275B-$1.305B
Free cash flow was -$27M in Q2 due to delayed Middle East payments; FY guidance of ~$400M reiterated
Returned $155M to shareholders via buybacks and dividends in Q2

Financial Impact

Adjusted EPS beat consensus by ~3.2% ($1.59 vs $1.54); guidance raised by $0.05 at midpoint

epsrevenuemarginsbacklogguidance

Risk Factors

Negative free cash flow of -$27M in Q2 due to delayed Middle East payments
International net service revenue declined 3% YoY, driven by Asia and Middle East weakness
Operating cash flow collapsed 98% YoY to $4M
Restructuring costs of $13.6M in Q2; $41.5M YTD
Interest expense increased 19.8% YoY to $50.6M

Market Snapshot

Exchange

NYSE

Sector

Services-Engineering Services

Analyst Consensus

83% bullish (18 analysts)

Documents Analyzed

This report is based on 6 SEC documents filed with EDGAR.

Document	Accession Number
8-K Filing (Primary)	0001104659-26-058656
Document: tm2614102d1_8k.htm	0001104659-26-058656
Document: 0001104659-26-058656-index-headers.html	0001104659-26-058656
Document: 0001104659-26-058656-index.html	0001104659-26-058656
Document: 0001104659-26-058656.txt	0001104659-26-058656
8-K Data (Synthetic)	0001104659-26-058656

3 reports for ACM

T+1T+5T+20T+60

Filters

Reports for ACM — sortable, filterable
	Type				Now
Jun 3, 2026 6d ago	8-K NEUTRAL ★ 3/10	$72.40 $72.66	▲ +0.36%	▼ −0.04%	$70.85 (−2.14%)
May 11, 2026 29d ago	8-K BULLISH ★ 7/10	$69.86 $69.95	▲ +0.13%	▼ −0.40%	$70.85 (+1.42%)
Mar 5, 2026 13w ago	8-K NEUTRAL ★ 3/10	$93.69 $94.03	▲ +0.36%	▼ −0.48%	$70.85 (−24.38%)

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