olivLaw · US equity research
Jacobs Solutions Inc. J
Heavy Construction Other Than Bldg Const - Contractors · SIC 1600 · Vertical: Heavy Construction Other Than Bldg Const - Contractors (SIC 1600)
Jacobs Solutions Inc. is a global consulting and technical services company with revenue of 12.03 bn USD in fiscal 2025. In fiscal Q3 2026 gross revenue rose 34.5 percent year on year and the backlog reached 28.9 bn USD. The Challenge Accepted strategy and the I&AF segment support growth, but results remain exposed to public and private spending cycles.
At the close of 04 Nov 2026, Jacobs Solutions Inc. (J) stock was 160.11 USD (+0.16% on the day), with market capitalisation 18.7 bn USD, P/E 54.3 on diluted EPS of 2.95 USD over the last 12 months, dividend yield 0.85%, beta 0.83, 52-week range 107.27–160.24 USD. Latest reported quarter (Q3 2026): revenue of 4.1 bn USD (+34.5% YoY), net income of 136.6 m USD (−24.0% YoY), diluted EPS 1.15 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 76.8
- overbought (≥ 70)
- Bollinger (20, 2)
- 131.90 – 161.12
- in the upper half of the band · %B 0.97 · band width 19.9%
- SMA 50 / 200
- 144.26 / 134.13
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 4.66 / 2.74
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +15.5% | −1.1% | +16.6 pp | — |
| 3 months | +10.7% | −0.5% | +11.1 pp | — |
| 6 months | +26.4% | +4.4% | +22.1 pp | — |
| Year to date | +20.9% | +12.3% | +8.6 pp | — |
| 1 year | +3.6% | +13.5% | −10.0 pp | −9.5% |
| 3 years | +44.5% | +76.4% | −31.9 pp | +63.3% |
| 5 years | +35.7% | +63.7% | −28.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 26 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.0 bn | 2.9 bn | 2.9 bn | 3.0 bn | 3.2 bn | 3.3 bn | 3.7 bn | 4.1 bn |
| Cost of revenue | 2.2 bn | 2.2 bn | 2.2 bn | 2.3 bn | 2.4 bn | 2.5 bn | 2.9 bn | 3.3 bn |
| Gross profit | 735.1 m | 721.3 m | 738.3 m | 758.4 m | 766.9 m | 765.3 m | 794.9 m | 810.7 m |
| SG&A | 538.9 m | 512.8 m | 529.7 m | 523.4 m | 555.4 m | 532.7 m | 876.1 m | 524.0 m |
| Operating income | 196.2 m | 208.4 m | 208.6 m | 235.0 m | 211.6 m | 232.6 m | -81.2 m | 286.7 m |
| Depreciation & amortisation | 25.1 m | 20.9 m | 20.0 m ≈ | 21.1 m ≈ | 20.0 m | 21.6 m | 22.2 m ≈ | 23.7 m ≈ |
| Interest expense | 35.7 m | 34.8 m | 38.6 m | 37.1 m | 35.3 m | 34.3 m | 41.1 m | 54.7 m |
| Pre-tax income | 393.6 m | 53.1 m | 55.8 m | 245.1 m | 189.4 m | 206.2 m | -130.6 m | 241.2 m |
| Income tax | 74.5 m | 57.1 m | 50.6 m | 53.8 m | 54.1 m | 73.1 m | -45.1 m | 104.6 m |
| Net income | 325.4 m | -18.1 m | 5.6 m | 179.6 m | 122.3 m | 125.5 m | -45.9 m | 136.6 m |
| Diluted EPS | 2.51 | -0.11 | 0.06 | 1.55 | 1.02 ≈ | 1.12 | -0.34 | 1.15 |
| Operating cash flow | 196.5 m | 107.5 m | -96.4 m ≈ | 292.6 m ≈ | 383.1 m | 380.8 m | -484.1 m ≈ | 456.1 m ≈ |
| Capex | 38.3 m | 10.3 m | 17.3 m ≈ | 22.1 m ≈ | 29.6 m | 15.8 m | 20.8 m ≈ | 25.1 m ≈ |
| Dividends paid | 36.3 m | 36.5 m | 39.4 m ≈ | 38.9 m ≈ | 38.2 m | 38.6 m | 42.6 m ≈ | 42.2 m ≈ |
| Share repurchases | 56.3 m | 201.6 m | 350.8 m ≈ | 100.8 m ≈ | 100.9 m | 252.1 m | 219.8 m ≈ | 142.2 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 95 percentile of its own 43-quarter history (min 10.2, median 24.0, max 58.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 15.0 bn | 12.7 bn | 13.6 bn | 14.1 bn | 9.8 bn | 10.9 bn | 11.5 bn | 12.0 bn |
| Revenue YoY | +49.5% | −15.0% | +6.5% | +3.9% | −30.6% | +10.9% | +6.0% | +4.6% |
| Net income | 163.4 m | 848.0 m | 491.8 m | 477.0 m | 644.0 m | 665.8 m | 806.1 m | 289.3 m |
| Net income YoY | −44.4% | +418.9% | −42.0% | −3.0% | +35.0% | +3.4% | +21.1% | −64.1% |
| Diluted EPS | 1.18 | 6.08 | 3.71 | 3.20 | 4.98 | 5.30 | 6.32 | 2.38 |
| Diluted EPS YoY | −51.2% | +415.3% | −39.0% | −13.7% | +55.6% | +6.4% | +19.2% | −62.3% |
| net % | 1.1% | 6.7% | 3.6% | 3.4% | 6.6% | 6.1% | 7.0% | 2.4% |
| Free cash flow | 386.3 m | -502.4 m | 688.6 m | 633.5 m | 347.1 m | 837.3 m | 933.6 m | 607.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 26 Sept 2025
- Cash
- 1.2 bn USD
- Financial debt
- 2.2 bn USD
- Net debt
- 1.0 bn USD
- Equity
- 3.6 bn USD
- Total assets
- 11.3 bn USD
- Debt / equity
- 0.61x
- Current ratio
- 1.30x
- ROE
- 7.0%
- ROA
- 2.5%
- FCF margin
- 5.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 13.6 bn | 14.1 bn | 9.8 bn | 10.9 bn | 11.5 bn | 12.0 bn | SEC (XBRL)· 20 Nov 2025verified |
| Cost of revenue | 11.0 bn | 11.0 bn | 7.2 bn | 8.1 bn | 8.7 bn | 9.0 bn | SEC (XBRL)· 20 Nov 2025verified |
| Gross profit | 2.6 bn | 3.0 bn | 2.6 bn | 2.7 bn | 2.8 bn | 3.0 bn | SEC (XBRL)· 20 Nov 2025verified |
| SG&A | 2.1 bn | 2.4 bn | 2.0 bn | 2.0 bn | 2.1 bn | 2.1 bn | SEC (XBRL)· 20 Nov 2025verified |
| Operating income | 536.0 m | 688.1 m | 539.9 m | 676.5 m | 692.4 m | 863.6 m | SEC (XBRL)· 20 Nov 2025verified |
| Depreciation & amortisation | 91.1 m | 101.0 m | 102.5 m | 103.3 m | 99.2 m | 82.1 m | SEC (XBRL)· 20 Nov 2025verified |
| EBITDA | 627.0 m ≈ | 789.1 m ≈ | 642.3 m ≈ | 779.8 m ≈ | 791.7 m ≈ | 945.7 m ≈ | SEC (XBRL)· 20 Nov 2025derived |
| Interest expense | 62.2 m | 72.7 m | 100.2 m | 168.1 m | 169.1 m | 145.8 m | SEC (XBRL)· 20 Nov 2025verified |
| Pre-tax income | 441.2 m | 695.6 m | 477.5 m | 521.0 m | 777.3 m | 543.5 m | SEC (XBRL)· 20 Nov 2025verified |
| Income tax | 55.3 m | 274.8 m | 66.3 m | 101.3 m | 131.5 m | 215.6 m | SEC (XBRL)· 20 Nov 2025verified |
| Net income | 491.8 m | 477.0 m | 644.0 m | 665.8 m | 806.1 m | 289.3 m | SEC (XBRL)· 20 Nov 2025verified |
| Diluted EPS | 3.71 | 3.20 | 4.98 | 5.30 | 6.32 | 2.38 | SEC (XBRL)· 20 Nov 2025verified |
| Weighted average diluted shares | 132.7 m | 131.3 m | 129.4 m | 127.2 m | 125.9 m | 121.9 m | SEC (XBRL)· 20 Nov 2025verified |
| Dividend per share | 0.19 | — | — | 0.26 | — | — | SEC (XBRL)· 20 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 862.4 m | 1.0 bn | 1.1 bn | 770.9 m | 1.1 bn | 1.2 bn | SEC (XBRL)· 20 Nov 2025verified |
| Current assets | 4.5 bn | 4.3 bn | 4.7 bn | 4.7 bn | 4.9 bn | 4.4 bn | SEC (XBRL)· 20 Nov 2025verified |
| Property, plant & equipment, net | 319.4 m | 353.1 m | 346.7 m | 279.7 m | 315.6 m | 311.9 m | SEC (XBRL)· 20 Nov 2025verified |
| Goodwill | 5.6 bn | 7.2 bn | 7.2 bn | 4.6 bn | 4.8 bn | 4.8 bn | SEC (XBRL)· 20 Nov 2025verified |
| Intangibles (excl. goodwill) | 658.3 m | 1.6 bn | 1.4 bn | 950.8 m | 874.9 m | 717.7 m | SEC (XBRL)· 20 Nov 2025verified |
| Total assets | 12.4 bn | 14.6 bn | 14.7 bn | 14.6 bn | 11.8 bn | 11.3 bn | SEC (XBRL)· 20 Nov 2025verified |
| Accounts payable | 1.1 bn | 908.4 m | 966.8 m | 922.4 m | 1.0 bn | 1.3 bn | SEC (XBRL)· 20 Nov 2025verified |
| Short-term debt | 0 | 53.5 m | 50.4 m | 51.8 m | 870.4 m | 0 | SEC (XBRL)· 20 Nov 2025verified |
| Long-term debt | 1.7 bn | 2.8 bn | 3.4 bn | 2.8 bn | 1.3 bn | 2.2 bn | SEC (XBRL)· 20 Nov 2025verified |
| Current liabilities | 2.9 bn | 3.2 bn | 3.3 bn | 3.4 bn | 4.1 bn | 3.4 bn | SEC (XBRL)· 20 Nov 2025verified |
| Equity | 5.9 bn | 6.0 bn | 6.1 bn | 6.6 bn | 4.6 bn | 3.6 bn | SEC (XBRL)· 20 Nov 2025verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 806.8 m | 726.3 m | 474.7 m | 974.8 m | 1.1 bn | 686.7 m | SEC (XBRL)· 20 Nov 2025verified |
| Capex | 118.3 m | 92.8 m | 127.6 m | 137.5 m | 121.1 m | 79.2 m | SEC (XBRL)· 20 Nov 2025verified |
| Free cash flow | 688.6 m ≈ | 633.5 m ≈ | 347.1 m ≈ | 837.3 m ≈ | 933.6 m ≈ | 607.5 m ≈ | SEC (XBRL)· 20 Nov 2025derived |
| Investing cash flow | -429.1 m | -1.4 bn | -538.4 m | -145.7 m | -127.2 m | -75.3 m | SEC (XBRL)· 20 Nov 2025verified |
| Financing cash flow | -208.3 m | 799.0 m | 320.2 m | -1.1 bn | -751.6 m | -525.2 m | SEC (XBRL)· 20 Nov 2025verified |
| Dividends paid | 144.0 m | 156.0 m | 115.9 m | 128.4 m | 142.8 m | 153.0 m | SEC (XBRL)· 20 Nov 2025verified |
| Share repurchases | 337.3 m | 274.9 m | 281.9 m | 265.7 m | 402.7 m | 754.1 m | SEC (XBRL)· 20 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 41 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 18.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet44
- Valuation18
- Quality56
- Growth30
- Returns80
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.42 – 141.81 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)79.21 – 141.81 (Mid 102.62)WACC 8.4% · starting FCFF 748.9 m USD · terminal value share of EV 76%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 25.2%
- Peers: EV/EBITDA29.41 – 54.63 (Mid 40.34)5 companies used · median multiple 9.7x · quartiles 7.9x – 11.9xGVA, KBR, ORN, ROAD, STRL
- Peers: P/E43.57 – 123.68 (Mid 80.90)4 companies used · median multiple 27.4x · quartiles 14.8x – 41.9xKBR, ORN, ROAD, STRL
- Dividend discount (DDM)3.42 – 4.59 (Mid 3.92)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 41/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.7% | 33 (vs peers) | 10% |
| Net margin · Quality | 2.4% | 50 (vs peers) | 6% |
| FCF conversion · Quality | 190.5% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 7.1% | 59 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | -21.8% | 0 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 3.3x | 50 (vs peers) | 10% |
| Interest coverage · Balance sheet | 3.9x | 37 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.3x | 41 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 54.3x | 0 (on a fixed band) | 10% |
| EV/EBITDA · Valuation | 28.7x | 17 (vs peers) | 10% |
| FCF yield · Valuation | 3.4% | 43 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 4.7% | 67 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 25.1% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet44/100 · 3/3 factors with a value
- Growth30/100 · 2/2 factors with a value
- Quality56/100 · 3/3 factors with a value
- Returns80/100 · 2/2 factors with a value
- Valuation18/100 · 3/3 factors with a value
Memo
JACOBS SOLUTIONS INC. (J). Latest full fiscal year: 2025; data up to 2026-06-26.
Figures computed from the financial statements: revenue 12.0 bn USD in 2025; YoY growth 4.6%; net margin 2.4%; ROE 9.6%; net debt/EBITDA 3.3x.
The estimated value range is 36.49–89.15 USD per share (median of 4 methods, agreement: low); assumptions are illustrative. Against the central value of 60.62 USD, the price of 160.11 USD leaves a potential of -62.1% (value / price − 1) and a margin of safety of -164.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 41/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 190.5%
- Payout ratio (FCF): 25.1%
What contradicts it
- EPS CAGR 3Y: -21.8%
- P/E (TTM): 54.3x
- EV/EBITDA: 28.7x
- The price is above the estimated value range
- The valuation methods diverge
Versus the vertical median
Heavy Construction Other Than Bldg Const - Contractors (SIC 1600) · same industry (4-digit SIC) · compared with 10 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| JJacobs Solutions Inc. | 18.7 bn | 54.3 | 9.6% | 2.4% | +4.6% | +4% / +44% |
| STRLSterling Infrastructure, Inc. | 8.7 bn | 15.9 | 43.3% | 12.9% | +17.7% | −18% / +347% |
| FLRFluor Corporation | 6.4 bn | — | -46.2% | -12.8% | −5.0% | +11% / +25% |
| GVAGranite Construction Inc | 5.8 bn | — | -25.2% | -5.0% | +10.4% | +23% / +188% |
| KBRKBR, Inc. | 5.0 bn | 11.4 | 27.4% | 5.7% | +1.0% | −4% / −23% |
| ROADConstruction Partners, Inc. | 1.9 bn | 38.9 | 15.0% | 4.1% | +54.2% | −9% / +137% |
| ORNOrion Group Holdings, Inc. | 318.8 m | 50.9 | 3.5% | 0.6% | +7.0% | −22% / +63% |
| SHIMShimmick Corporation | 98.8 m | — | — | -3.8% | +2.6% | −9% / −61% |
| SLNDSouthland Holdings, Inc. | 40.8 m | — | — | -67.0% | −21.2% | −76% / −86% |
| CDNLCardinal Infrastructure Group Inc | — | — | 7.4% | 2.7% | +44.7% | unavailable / unavailable |
| FERFerrovial N.V. | — | — | 14.8% | 9.2% | +5.2% | −10% / +79% |
1- and 3-year price returns: for J from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 95.26 Total return -40% · Per year -40% | 168.20 Total return 6% · Per year 6% | 253.07 Total return 59% · Per year 59% |
| 3 years | 97.41 Total return -37% · Per year -14% | 193.05 Total return 23% · Per year 7% | 318.21 Total return 102% · Per year 26% |
| 5 years | 99.61 Total return -34% · Per year -8% | 221.58 Total return 44% · Per year 7% | 400.12 Total return 157% · Per year 21% |
- Exit P/E± 48.26
- Net margin± 33.78
- Annual revenue growth± 27.05
- Annual dilution± 2.84
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Jacobs Solutions Inc. is a global consulting and technical services company with revenue of 12.03 bn USD in fiscal 2025 1. In fiscal Q3 2026 gross revenue rose 34.5 percent year on year and the backlog reached 28.9 bn USD 3. The Challenge Accepted strategy and the I&AF segment support growth, but results remain exposed to public and private spending cycles.
SWOT
Strengths
Weaknesses
Opportunities
- Growth in data center, semiconductor and energy investment could extend demand for the I&AF segment 3.
- Full integration of PA Consulting could open transformation consulting opportunities for public and private clients 12.
- Interest in decarbonization and climate resilience solutions could support new contract wins 1.
Risks
- Dependence on public contractshigh
A meaningful share of revenue comes from government agencies, and contracts can be terminated or suspended, which could affect results 1.
- Fixed-price contractsmedium
Cost overruns or delays could reduce margins, and the company bears most of the inflation risk on these contracts 1.
- Backlog can be adjustedmedium
Contracts in the backlog can be adjusted, cancelled or suspended by clients, so backlog is not necessarily an accurate measure of future revenue 1.
- Acquisition and integration exposuremedium
Acquisitions and strategic stakes, including the PA Consulting transaction, could face integration difficulties or goodwill impairment 12.
- Compliance and security riskslow
Violations of anti-corruption, environmental or workplace safety laws could bring significant penalties and liabilities 1.
Investment thesis
What would need to be true (bull case)
- A record backlog and strong organic growth in I&AF could support revenue in coming quarters if private investment stays elevated 3.
- Fiscal 2026 guidance has been raised three times this year, which could signal solid execution if the trend holds 3.
- Digital and data capabilities, combined with PA Consulting, could differentiate the company on complex transformation projects 12.
What would break the thesis
- A significant part of revenue depends on public spending, and reduced funding could slow new contract awards 12.
- Gross revenue has grown much faster than adjusted net revenue, which could point to reliance on pass-through costs 3.
- Intense competition and fixed-price contracts could compress margins if costs rise faster than prices 1.
What to watch
- Pace of organic growth in I&AF and new order intakeQ4 2026
- Completion of the transaction for the remaining PA Consulting stake2026
- Fiscal 2027 guidance and trajectory of adjusted EBITDA marginnext 10-K
- Share of fixed-price contracts and exposure to inflationnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Jacobs delivers end-to-end services across advanced manufacturing, cities and places, energy, environmental, life sciences, transportation and water, from advisory and planning through design, program delivery and lifecycle management 1. The company had about 43,000 people at fiscal 2025 year-end and about 47,000 in the quarter ended June 26, 2026 12. The multi-year Challenge Accepted strategy, launched in February 2025, targets profitable growth in water and environmental, life sciences, advanced manufacturing and critical infrastructure 1.
After the September 2024 separation, in which the CMS and C&I businesses moved to Amentum, continuing operations were reorganized into the Infrastructure & Advanced Facilities segment and the majority stake in PA Consulting 1. Jacobs held 65 percent of PA Consulting from 2021 and, in fiscal Q3 2026, referred to a transaction to acquire the remaining stake 13. In fiscal 2025 operating profit was 863.6 million USD and net earnings attributable to Jacobs were 289.3 million USD, weighed down by discontinued operations 1.
In fiscal 2025 about 68 percent of revenue came from cost-reimbursable contracts and 32 percent from fixed-price, limited risk contracts 1. U.S. federal government agencies accounted for 8 percent of revenue from continuing operations 1. This contract mix and reliance on a few public clients are factors that could influence margins and revenue stability.
Segments
PA Consulting
PA Consulting is a global innovation and transformation consultancy with about 4,000 people working across seven sectors, including defense and security, energy and utilities, financial services and health 1. Jacobs has held a majority stake of 65 percent since 2021, and a transaction for the remaining stake is referenced in the latest quarterly report 12. Combining it with engineering delivery could support digital transformation work for public and private clients.
Market context
The engineering and consulting services market is competitive, with regional, national and multinational firms competing on price, schedule and technical depth 1. Demand is shaped by government budgets, private investment and geopolitical tensions, and many contracts are awarded through competitive procurement 12. Demand linked to data centers and energy infrastructure grew in 2026, according to the results release 3.
Trends
- Investment in AI-related infrastructuretailwind
Rising spending on data centers and semiconductor facilities supported I&AF revenue in fiscal Q3 2026 3. If this investment cycle slows, the pace of order growth could decline.
- Inflation and construction costsheadwind
Persistent inflation and high interest rates could reduce demand and squeeze margins on fixed-price contracts, which form part of the portfolio 1. The company flags this risk in several places in its annual report 12.
- Public and federal spendingmixed
Lower federal funding and tighter government budgets could delay contract awards 12. However, infrastructure programs and long-term projects can support public-sector revenue.
- Private and utility demandtailwind
Private clients and utilities have accelerated capital spending, according to management, which contributed to organic growth in I&AF 3. Continuation of this trend depends on economic conditions and access to financing.
Competitive position
Jacobs competes with a large number of engineering, construction and consulting firms across regions and sectors, and competitive pressure can lower contract prices and margins 1. Some competitors may accept riskier terms to win work, which could affect profitability 1.
The company differentiates on digital capabilities, data and AI, and an integrated portfolio from strategy through execution 12. If competitors replicate these advantages, the competitive position could be harder to sustain.
- AmentumAMTM
Independent company formed from the separation of the CMS and C&I businesses from Jacobs in September 2024, listed on the New York Stock Exchange 1.
- Regional and multinational engineering and construction firms
The sources refer to a large number of regional, national and multinational competitors without naming them individually 1.
- Innovation and transformation consultancies
Transformation consulting is a competitive segment in which PA Consulting operates, serving clients in defense, energy and the public sector 1.
- Digital and data service providers for infrastructure
Competition in data and digital analytics is noted in the context of the company's technology capabilities 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Jacobs Solutions Stock: Is J Underperforming the Industrial Sector?Yahoo Finance — News · 21 Sept 2026 · EN
- Jacobs Solutions Stock Outlook: Is Wall Street Bullish or Bearish?Yahoo Finance — News · 25 Aug 2026 · EN
The latest news item in our archive is from 21 Sept 2026; the newest SEC filing is from 23 Sept 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (amendment)23 Sept 2026Departure or appointment of officers
- Current report14 Aug 2026Departure or appointment of officers
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Current report29 Apr 2026Departure or appointment of officers
- Current report17 Mar 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report03 Mar 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report26 Feb 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-09-26 · SEC / Jacobs Solutions Inc. · 20 Nov 2025
- [2] Form 10-Q, quarter ended 2026-06-26 · SEC / Jacobs Solutions Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Jacobs Solutions Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.