Short answer

Jacobs Solutions (J) filed its fiscal 2025 10-K annual report with the SEC on Nov 20, 2025. It reported revenue of $12.0B (+4.6% year over year) and net income of $289M.

Top risk flagged: Federal government backlog $2.2B or 9.5% of total at FY2025 with annual Congressional appropriations risk

FY2025 key financial metrics · XBRL

Revenue: $12.0B; +4.6% YoY
Net income: $289M; −64.1% YoY
Operating margin: 7.2%; +1.2 pp YoY
Gross margin: 24.8%; +0.2 pp YoY
EPS (diluted): $2.38; −62.3% YoY
ROE: 7.9%; −9.8 pp YoY
Operating cash flow: $687M; −34.9% YoY

Source: XBRL data from the Jacobs Solutions (J) FY2025 10-K on SEC EDGAR. USD.

Jacobs Solutions FY2025 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

Core business model: Engineering and consulting services with integrated solutions across infrastructure, environment, and advanced technology sectors
Strategic shift: Completed merger with Amentum in November 2023, impacting continued operations and discontinued segments reporting
Notable quantitative metric: Revenues $12.03B in FY 2025, up 4.6% YoY; net earnings from continuing operations $313M vs $613M prior year reflecting merger impacts
Most unusual fact: Discontinued operations loss $24M in FY 2025 vs earnings $193M prior, linked to post-merger restructuring and asset divestitures

Management Discussion & Analysis

Revenue $12.03B, up 4.6% YoY from $11.50B, driven by Infrastructure & Advanced Facilities (I&AF) and PA Consulting growth
Operating profit $864M, margin 7.2% vs 6.0% in prior year; I&AF segment best performer with $904M operating profit (+13.2%) on $10.76B revenue
PA Consulting segment revenue $1.27B (+7.5%) with $279M operating profit (+16.4%); worst performance impact from discontinued operations $(24M) net loss
Net earnings from continuing operations $313M, down 48.9% YoY due to $227M mark-to-market losses on Amentum stock and $21M debt extinguishment cost
Cash flow/capital allocation details limited; reduced net interest expense by $24.6M due to debt repayments; restructuring charges $28.2M in FY2025 with expected $165-200M annual cash savings
Backlog $23.1B, up $1.2B; management positive outlook but notes risk from joint venture ruling and investment volatility in Amentum stock impacting earnings

Risk Factors

Federal government backlog $2.2B or 9.5% of total at FY2025 with annual Congressional appropriations risk
$998M cash held outside U.S. across UK, Eurozone, Australia, India, Canada, Middle East with repatriation tax cost exposure
PA Consulting equity-based incentive grants with $142.1M unrecognized compensation cost tied to 2026 liquidity event
$2.25B revolving credit facility and $1.24B cash provide liquidity, but FY2025 net cash from operations down $368M YoY
Long-term debt increased $888M due to new $750M term loan and $255M draw on revolver funding share buybacks and dividends

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