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Jacobs Solutions (NYSE: J) lifts 2026 outlook after Q3 revenue hits $4.1B

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Jacobs Solutions Inc. reported strong fiscal third quarter 2026 results, with gross revenue of $4.1 billion, up 34.5% year over year, and adjusted net revenue of $2.4 billion, up 8.3%. GAAP net earnings from continuing operations were $137.4 million, or $1.16 per diluted share, while adjusted EPS rose 13.6% to $1.84. Adjusted EBITDA reached $366.8 million, up 16.7%, and backlog hit a record $28.9 billion, 27.3% higher than a year ago, with a Q3 book‑to‑bill of 1.5x.

The company generated $456 million of operating cash flow in the quarter, supporting strong free cash flow. Capital deployment included $142 million of share repurchases in Q3 and $614 million year‑to‑date. Management raised fiscal 2026 guidance for the third consecutive quarter, now targeting adjusted net revenue growth of 9.5%–10.0%, adjusted EBITDA margin of 14.7%–14.8%, adjusted EPS of $7.20–$7.30, and an adjusted free cash flow margin of about 8%.

Positive

  • Q3 2026 gross revenue grew 34.5% to $4.1 billion, while adjusted net revenue rose 8.3% and adjusted EPS increased 13.6% to $1.84, reflecting broad-based growth.
  • Record backlog of $28.9 billion, up 27.3% year over year, with Q3 book‑to‑bill of 1.5x and adjusted net revenue book‑to‑bill of 1.1x, supports future revenue visibility.
  • Robust cash generation and buybacks, with $456 million of Q3 operating cash flow and share repurchases of $142 million in the quarter and $614 million year‑to‑date.
  • Raised fiscal 2026 guidance for the third straight quarter, to 9.5%–10.0% adjusted net revenue growth, 14.7%–14.8% adjusted EBITDA margin, $7.20–$7.30 adjusted EPS and ~8% adjusted free cash flow margin.

Negative

  • GAAP profitability declined, as net earnings from continuing operations fell to $137.4 million and diluted EPS to $1.16 from $1.56 in Q3 2025, alongside a higher 43.4% effective tax rate.

Filing Explained

By June 26, 2026, Jacobs reported $3,579,376 thousand of long-term debt and 117,132,889 common shares outstanding, a mixed capital-structure update.

This Form 8-K furnishes Jacobs’ completed fiscal third-quarter results for the quarter ended June 26, 2026; the disclosure updates the company’s reported obligations and common-share count.

At June 26, 2026, long-term debt was $3,579,376 thousand and cash and cash equivalents were $1,172,914 thousand, compared with $2,236,456 thousand of debt at September 26, 2025.

The balance sheet reports 240,000,000 authorized common shares and 117,132,889 issued and outstanding, versus 119,081,294 issued and outstanding at September 26, 2025.

Taken together, the filing shows more debt outstanding than at fiscal year-end alongside a lower reported number of common shares outstanding.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Item 99.1 Item 99.1
Gross Revenue Q3 2026 $4,076,410 thousand Fiscal Q3 2026 gross revenue; up 34.5% year over year
Adjusted Net Revenue Q3 2026 $2,416,608 thousand Fiscal Q3 2026 adjusted net revenue; up 8.3% year over year
GAAP Net Earnings from Continuing Ops Q3 2026 $137,359 thousand Fiscal Q3 2026 net earnings from continuing operations
Adjusted EPS Q3 2026 $1.84 per diluted share Adjusted EPS from continuing operations; up 13.6% vs Q3 2025
Backlog $28.9 billion Backlog as of June 26, 2026; up 27.3% year over year
Adjusted EBITDA Q3 2026 $366,809 thousand Adjusted EBITDA in fiscal Q3 2026; 15.2% adjusted EBITDA margin
Operating Cash Flow Q3 2026 $456,119 thousand Net cash provided by operating activities in fiscal Q3 2026
Share Repurchases $142 million Q3; $614 million year-to-date Common stock repurchases during Q3 2026 and first nine months
Adjusted net revenue financial
"Gross revenue of $4.1 billion up 34.5% y/y; adjusted net revenue..."
Adjusted net revenue is the company’s sales income after removing or reclassifying one-time items, refunds, discounts, taxes or other specified effects so the figure better reflects regular, underlying business activity. Investors use it to see a cleaner picture of how the core business is performing over time; like wiping dust off a window to judge the view, it makes trends and comparisons clearer by excluding irregular or non-operational distortions.
Adjusted EBITDA financial
"adjusted EBITDA2 of $366.8 million increased 16.7% y/y"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Book-to-bill ratio financial
"TTM Book-to-Bill Ratio of 1.4x (1.2x Adj. NR)"
The book-to-bill ratio compares the value of new orders a company receives to the value of products it ships out or bills for over a certain period. If the ratio is above 1, it means the company is getting more orders than it is completing, which can indicate growth. If it's below 1, it suggests demand is slowing down.
Free cash flow financial
"Generated $456 million in Cash from Operations in Q3, Resulting in Strong Free Cash Flow"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
PA Consulting Transaction financial
"costs and charges relating to transaction expenses... in connection with the PA Consulting Transaction"
Separation Transaction financial
"restructuring and other charges relating to the Separation Transaction"
Gross revenue $4.1 billion up 34.5% year over year
Adjusted net revenue $2.4 billion up 8.3% year over year
GAAP diluted EPS from continuing operations $1.16 vs $1.56 in Q3 2025
Adjusted diluted EPS from continuing operations $1.84 up 13.6% year over year
Adjusted EBITDA $366.8 million up 16.7% year over year; 15.2% adjusted EBITDA margin
Backlog $28.9 billion up 27.3% year over year
Guidance

For fiscal 2026, the company expects adjusted net revenue growth of 9.5%–10.0%, adjusted EBITDA margin of 14.7%–14.8%, adjusted EPS of $7.20–$7.30 and adjusted free cash flow margin of approximately 8%.

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FAQ

What were Jacobs Solutions (J) fiscal Q3 2026 revenue and growth?
Jacobs reported gross revenue of $4.1 billion in fiscal Q3 2026, up 34.5% year over year. Adjusted net revenue was $2.4 billion, an 8.3% increase, reflecting strong organic growth, particularly in Infrastructure & Advanced Facilities.

How did GAAP and adjusted EPS perform for Jacobs (J) in Q3 2026?
GAAP diluted EPS from continuing operations was $1.16, down from $1.56 in Q3 2025, affected by a higher tax rate. Adjusted EPS rose 13.6% to $1.84, highlighting underlying earnings growth after excluding specified charges and transaction-related items.

What backlog and book-to-bill did Jacobs (J) report for Q3 2026?
Jacobs reported a record backlog of $28.9 billion, up 27.3% year over year. The company achieved a Q3 book‑to‑bill ratio of 1.5x, with an adjusted net revenue book‑to‑bill of 1.1x, indicating more work won than revenue recognized.

What fiscal 2026 guidance did Jacobs Solutions (J) provide?
For fiscal 2026, Jacobs now expects adjusted net revenue growth of 9.5%–10.0%, adjusted EBITDA margin of 14.7%–14.8%, adjusted EPS of $7.20–$7.30, and an adjusted free cash flow margin of about 8%, all representing an increased outlook versus prior guidance.

How strong was Jacobs (J) cash flow and share repurchase activity in Q3 2026?
Jacobs generated $456 million of cash from operating activities in Q3 2026, supporting strong free cash flow. The company repurchased $142 million of its shares during the quarter and $614 million year‑to‑date, while reducing net leverage below its year‑end target.

How did segment performance contribute to Jacobs (J) Q3 2026 results?
Infrastructure & Advanced Facilities delivered strong growth, with segment gross revenue up 39% and adjusted net revenue up 10%, both organically. This performance, led by data centers, semiconductors, energy and transportation, contributed materially to overall revenue and backlog expansion.
0000052988false00000529882026-08-042026-08-04

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
_____________________________
Form 8-K
___________________________

Current Report
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (date of earliest event reported): August 4, 2026
Jacobs Solutions Inc.
(Exact name of Registrant as specified in its charter)
Delaware
1-7463
 
88-1121891
(State or other jurisdiction of incorporation or organization)
(SEC File No.)
 
(IRS Employer
identification number)
 
 
 
1999 Bryan Street
Suite 3500
Dallas
Texas
75201
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number (including area code): (214) 583-8500
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




Securities registered pursuant to Section 12(b) of the Act:


_________________________________________________________________
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock$1 par valueJNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.





Item 2.02Results of Operations and Financial Condition
On August 4, 2026, Jacobs Solutions Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 26, 2026 and certain other financial information. A copy of the press release is attached to this Form 8-K as Exhibit 99.1.
Item 9.01Financial Statements and Exhibits
(d)Exhibits:
The following exhibits are furnished as part of this Report pursuant to Item 2.02.
99.1 
Press Release dated August 4, 2026 announcing the Company’s financial results for the quarter ended June 26, 2026
104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document
The information disclosed pursuant to Items 2.02 and 9.01 in this Current Report on Form 8-K, including the exhibits, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Furthermore, the information disclosed pursuant to Items 2.02 and 9.01, including the exhibits, of this Current Report on Form 8-K shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.



Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: August 4, 2026
 
 
  
JACOBS SOLUTIONS INC.
  
By:/s/ Venk Nathamuni
 Venk Nathamuni
 Chief Financial Officer
(Principal Financial Officer)






Exhibit 99.1

imagea.jpg

1999 Bryan Street, Suite 3500
Dallas, Texas 75201
1.214.583.8500

Press Release
FOR IMMEDIATE RELEASEAugust 4, 2026



Jacobs Reports Strong Fiscal Third Quarter 2026 Results
Robust Q3 Gross Revenue and Adjusted Net Revenue Growth of 34% and 8% y/y, Respectively
Record Backlog of $28.9 billion, Up 27% y/y, with TTM Book-to-Bill Ratio of 1.4x (1.2x Adj. NR)
Engineering News-Record (ENR) Ranks Jacobs #1 in 18 Categories Including Data Centers, Up 6 y/y
Generated $456 million in Cash from Operations in Q3, Resulting in Strong Free Cash Flow
Repurchased $142 Million of Jacobs Shares in Q3, $614 Million Year-to-Date
Raising FY 2026 Guidance for the Third Consecutive Quarter, Reflecting Strong Business Momentum
DALLAS, TEXAS - Jacobs Solutions Inc. (NYSE: J) today announced its financial results for the fiscal third quarter ended June 26, 2026.
Q3 2026 Highlights1:
•Gross revenue of $4.1 billion up 34.5% y/y; adjusted net revenue2 of $2.4 billion up 8.3% y/y
•GAAP net earnings of $137.4 million (vs. net earnings of $181.2 million in Q3 2025) with GAAP net earnings reflecting a temporarily higher tax rate associated with the PA acquisition transaction; adjusted EBITDA2 of $366.8 million increased 16.7% y/y
•GAAP EPS of $1.16 (vs. EPS of $1.56 in Q3 2025) with GAAP EPS reflecting a temporarily higher tax rate associated with the PA acquisition transaction; adjusted EPS2 of $1.84 increased 13.6% y/y
•Backlog of $28.9 billion up 27.3% y/y
•Q3 book-to-bill of 1.5x (1.4x TTM); Q3 adjusted net revenue book-to-bill of 1.1x (1.2x TTM)

Jacobs' Chair and CEO Bob Pragada commented, “We delivered robust overall third quarter results driven by strength in Infrastructure & Advanced Facilities (I&AF) as segment gross revenue increased 39% year-on-year and adjusted net revenue increased 10% - all organic. Within I&AF, revenue growth was broad-based, led by the Data Center, Semiconductor, Energy & Power, Transportation and Water sectors. Our private sector and utility clients continue to boost capital spending, contributing to accelerating organic growth in our I&AF segment and record performance in our Life Sciences & Advanced Manufacturing end market. Importantly, we are seeing diversified revenue growth. The combination of strong execution, a record backlog position and a rising pipeline of opportunities across both I&AF and PA Consulting gives us confidence in our long-term trajectory. Focusing on FY26, we are raising the midpoints of our guidance for adjusted net revenue growth and adjusted EPS for the third consecutive time this year."

Jacobs' CFO Venk Nathamuni added, “We're very pleased with our Q3 performance. We are now well ahead of our initial FY26 expectations and remain on track to reach or exceed all of our FY29 targets. As spending on the AI build-out has ramped up, we have been able to leverage our cross-cutting portfolio of solutions to help deliver increasingly complex manufacturing and compute facilities. Top-tier revenue growth, paired with good operating performance, drove solid quarter-over-quarter improvement in our margin profile, which was further complemented by $456 million in reported cash generated from operating activities during Q3. The resulting increase in free cash flow helped reduce our net leverage to below our year-end target, even as we repurchased $614 million of our shares year-to-date. In summary, we are exiting Q3 in a very strong financial position with good momentum in our business as we prepare for the next fiscal year."
Financial Outlook3
1All data reflects continuing operations only.
2See Non-GAAP Financial Measures and Operating Metrics, and GAAP Reconciliations at the end of the press release for additional detail.
3Reconciliation of fiscal 2026 adjusted EBITDA margin, adjusted EPS and expectations for adjusted net revenue growth and adjusted FCF margin to the most directly comparable GAAP measure is not available without unreasonable efforts because the Company cannot predict with sufficient certainty all the components required to provide such reconciliation, including with respect to the costs and charges relating to transaction expenses, restructuring and integration to be incurred in fiscal 2026.


2

The Company’s outlook for fiscal 2026 is for adjusted net revenue to grow 9.5% to 10.0% over fiscal 2025 (versus prior forecast of 8.0% to 10.5%), adjusted EBITDA margin to range from 14.7% to 14.8% (versus prior forecast of 14.6% to 14.9%), adjusted EPS to range from $7.20 to $7.30 (versus prior forecast of $7.10 to $7.35) and adjusted free cash flow margin to be approximately 8% (versus prior forecast of 7.0% to 8.5%).






3

Third Quarter Review (in thousands, except per-share data)
Fiscal Q3 2026
Fiscal Q3 2025
Change
Revenue$4,076,410$3,031,768$1,044,642
Adjusted Net Revenue1
$2,416,608$2,231,276$185,332
GAAP Net Earnings (Loss) from Continuing Operations$137,359$181,234($43,875)
GAAP Earnings (Loss) Per Diluted Share (EPS) from Continuing Operations$1.16$1.56($0.40)
Adjusted Net Earnings from Continuing Operations1
$219,263$194,833$24,430
Adjusted EPS from Continuing Operations1
$1.84$1.62$0.22
U.S. GAAP effective tax rate from Continuing Operations43.4%21.9%2,150 bps
Adjusted effective tax rate from Continuing Operations1
26.4%24.8%160 bps
1See "Non-GAAP Financial Measures and Operating Metrics" and the GAAP Reconciliation tables that follow for additional detail.
The Company’s adjusted net earnings from continuing operations and adjusted EPS from continuing operations for the third quarter of fiscal 2026 and fiscal 2025 exclude certain adjustments that are further described in the section entitled “Non-GAAP Financial Measures” at the end of this release. For a reconciliation of Revenue to Adjusted Net Revenue, see "Segment Information" below.
Jacobs is hosting a conference call at 4:30 P.M. ET on Tuesday, August 4, 2026, which it is webcasting live at www.jacobs.com.
Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not directly relate to any historical or current fact. When used herein, words such as “expects,” “anticipates,” “believes,” “seeks,” “estimates,” “plans,” “intends,” “future,” “will,” “would,” “could,” “can,” “may,” "target," "goal" and similar words are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements we make concerning our expectations as to our trajectory and momentum and future growth, prospects, financial outlook and business strategy, including our expectations for our fiscal year 2026 adjusted EBITDA margin, adjusted EPS, adjusted net revenue growth and adjusted free cash flow margin, as well as our expectations for our effective tax rates, and any assumptions underlying any of the foregoing. Although such statements are based on management's current estimates and expectations, and/or currently available competitive, financial, and economic data, forward-looking statements are inherently uncertain, and you should not place undue reliance on such statements as actual results may differ materially. We caution the reader that there are a variety of risks, uncertainties and other factors that could cause actual results to differ materially from what is contained, projected or implied by our forward-looking statements. Such factors include but are not limited to:
▪general economic conditions, including inflation and the actions taken by monetary authorities in response to inflation, changes in interest rates and foreign currency exchange rates, changes in capital markets and stock market volatility, instability in the banking industry, labor shortages, or the impact of a possible recession or economic downturn or changes to monetary or fiscal policies or priorities in the U.S. and the countries where we do business on our results, prospects and opportunities;
▪competition from existing and future competitors in our target markets, as well as the possible reduction in demand for certain of our product solutions and services, including delays in the timing of the award of projects or reduction in funding, or the abandonment of ongoing or anticipated projects due to the financial condition of our clients and suppliers or due to governmental budget constraints or changes to governmental budgetary priorities, or the inability of our clients to meet their payment obligations in a timely manner or at all;
▪our ability to fully execute on our corporate strategy, including the impact of acquisitions (including the transaction to acquire the remaining stake in PA Consulting (the "PA Consulting Transaction"), strategic alliances, divestitures, and other strategic events resulting from evolving business strategies, including on our ability to maintain our culture and retain key personnel, customers or suppliers, or our ability to achieve the cost-savings and synergies contemplated by our recent acquisitions within the expected time frames or to achieve them fully and to successfully integrate acquired businesses while retaining key personnel, and our ability to invest in and effectively deploy and use the tools, technologies and capabilities needed to implement our strategy, including


artificial intelligence and other emerging technologies, and to manage the operational, legal, regulatory, cybersecurity, data privacy and reputational risks associated with the use of such technologies;
▪financial market risks that may affect us, including by affecting our access to capital, the cost of such capital and/or our funding obligations under defined benefit pension and post-retirement plans;
▪legislative changes, including potential changes to the amounts provided for under the Infrastructure Investment and Jobs Act, as well as other legislation and executive orders, including any directive to federal agencies to reduce federal spending or the size of the federal workforce, and changes in U.S. or foreign tax laws, including the tax legislation enacted in the U.S. in July 2025, statutes, rules, regulations or ordinances, including the impact of, and changes to, tariffs and retaliatory tariffs or trade policies, that may adversely impact our future financial position or results of operations;
▪increased geopolitical uncertainty and risks, including policy risks and potential civil unrest, relating to the outcome of elections across our key markets and elevated geopolitical tension and conflicts, including the Russia-Ukraine conflict and on-going, escalated and/or future tensions and conflicts in the Middle East, among others; and
▪the impact of any pandemic, and any resulting economic downturn on our results, prospects and opportunities, measures or restrictions imposed by governments and health officials in response to the pandemic, as well as the inability of governments in certain of the countries in which we operate to effectively mitigate the financial or other impacts of any future pandemics or infectious disease outbreaks on their economies and workforces and our operations therein.
The foregoing factors and potential future developments are inherently uncertain, unpredictable and, in many cases, beyond our control. For a description of these and additional factors that may occur that could cause actual results to differ from our forward-looking statements see the Company’s filings with the U.S. Securities and Exchange Commission, including in particular the discussions contained in our fiscal 2025 Annual Report on Form 10-K under Item 1 - Business, Item 1A - Risk Factors, Item 3 - Legal Proceedings, and Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations; and in our most recently filed Quarterly Report on Form 10-Q under Part I, Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations. The Company is not under any duty to update any of the forward-looking statements after the date of this press release to conform to actual results, except as required by applicable law.
[ MORE ]

5

Regulation FD

We use any of the following to comply with our disclosure obligations under Regulation FD: press releases, SEC filings, public conference calls, or our website. We routinely post important information on our website at www.jacobs.com, including information that may be deemed to be material. We encourage investors and others interested in the Company to monitor these distribution channels for material disclosures.
About Jacobs
At Jacobs, we're challenging today to reinvent tomorrow – delivering outcomes and solutions for the world's most complex challenges. With approximately $12 billion in annual revenue and a talent force of almost 47,000, we provide end-to-end services in advanced manufacturing, cities & places, energy, environmental, life sciences, transportation and water. From advisory and consulting, feasibility, planning, design, program and lifecycle management, we're creating a more connected and sustainable world. See how at jacobs.com and connect with us on LinkedIn, Instagram, X and Facebook.



6

Financial Highlights:
Results of Operations (in thousands, except per-share data):
For the Three Months EndedFor the Nine Months Ended
June 26, 2026June 27, 2025June 26, 2026June 27, 2025
Revenues$4,076,410 $3,031,768 $11,064,572 $8,875,139 
Direct cost of contracts(3,265,707)(2,273,358)(8,693,726)(6,657,118)
Gross profit810,703 758,410 2,370,846 2,218,021 
Selling, general and administrative expenses(524,000)(523,396)(1,932,758)(1,565,942)
Operating Profit286,703 235,014 438,088 652,079 
Other Income (Expense):
Interest income
8,306 8,297 25,235 27,478 
Interest expense
(54,652)(37,051)(129,981)(110,451)
Loss on extinguishment of debt
— — — (20,510)
Miscellaneous income (expense), net890 38,844 (16,480)(194,523)
Total other (expense) income, net(45,456)10,090 (121,226)(298,006)
Earnings from Continuing Operations Before Taxes241,247 245,104 316,862 354,073 
Income Tax Expense from Continuing Operations(104,635)(53,752)(132,656)(161,477)
Net Earnings of the Group from Continuing Operations136,612 191,352 184,206 192,596 
Net Loss of the Group from Discontinued Operations, net of tax(806)(1,629)(3,142)(8,180)
Net Earnings of the Group135,806 189,723 181,064 184,416 
Net Loss (Earnings) Attributable to Noncontrolling Interests from Continuing Operations747 (4,442)9,170 1,209 
Net (Earnings) Loss Attributable to Redeemable Noncontrolling Interests— (5,676)25,943 (18,539)
Net Earnings Attributable to Jacobs from Continuing Operations137,359 181,234 219,319 175,266 
Net Loss Attributable to Jacobs from Discontinued Operations(806)(1,629)(3,142)(8,180)
Net Earnings Attributable to Jacobs$136,553 $179,605 $216,177 $167,086 
Net Earnings Per Share:
Basic Net Earnings from Continuing Operations Per Share$1.17 $1.56 $1.98 $1.54 
Basic Net Loss from Discontinuing Operations Per Share$(0.01)$(0.01)$(0.03)$(0.07)
Basic Earnings Per Share$1.16 $1.55 $1.95 $1.47 
Diluted Net Earnings from Continuing Operations Per Share$1.16 $1.56 $1.96 $1.53 
Diluted Net Loss from Discontinuing Operations Per Share$(0.01)$(0.01)$(0.03)$(0.07)
Diluted Earnings Per Share$1.15 $1.55 $1.94 $1.46 



Segment Information (in thousands):
For the Three Months EndedFor the Nine Months Ended
June 26, 2026June 26, 2026
Unaudited
Infrastructure & Advanced FacilitiesPA ConsultingTotalInfrastructure & Advanced FacilitiesPA ConsultingTotal
Revenues from External Customers (1)
$3,746,900 $329,510 $4,076,410 $10,022,055 $1,042,517 $11,064,572 
Pass Through Revenue(1,659,802)— (1,659,802)(4,067,426)— (4,067,426)
Adjusted Net Revenue$2,087,098 $329,510 $2,416,608 $5,954,629 $1,042,517 $6,997,146 
Segment Operating Profit (1)
$268,125 $73,643 $341,768 $708,089 $238,399 $946,488 
Restructuring, Transaction and Other Charges (2)
(21,613)(402,889)
Amortization of Intangible Assets(33,452)(105,511)
Total U.S. GAAP Operating Profit$286,703 $438,088 
Total Other (Expense) Income, net (3)
(45,456)(121,226)
Earnings from Continuing Operations Before Taxes$241,247 $316,862 
(1)The nine months ended June 26, 2026 I&AF revenue and operating profit in comparison to the corresponding periods for fiscal 2025 reflected lower charges in connection with the Consolidated JV Matter (as defined below).
(2)The nine months ended June 26, 2026 included $237.5 million in charges for certain subsidiary level compensation based agreements and $122.7 million primarily relating to consideration costs to specified PA Consulting employees which represent compensation expense in connection with the PA Consulting Transaction. The three and nine months ended June 26, 2026 included $7.6 million and $17.5 million, respectively, in restructuring and other charges relating to the Separation Transaction (primarily professional services and employee separation costs), as well as $13.8 million and $22.0 million, respectively, in restructuring and other charges relating to the PA Consulting Transaction (primarily professional services, internal personnel dedicated to integration initiatives resulting from the PA Consulting Transaction and employee separation costs).
(3)
The three and nine months ended June 26, 2026 included $6.2 million in mark-to-market gains related to investments in equity securities carried at fair value. The nine months ended June 26, 2026 included a $20.5 million loss on the foreign exchange forward contract in connection with the PA Consulting Transaction.

8

For the Three Months EndedFor the Nine Months Ended
June 27, 2025June 27, 2025
Unaudited
Infrastructure & Advanced FacilitiesPA ConsultingTotalInfrastructure & Advanced FacilitiesPA ConsultingTotal
Revenues from External Customers (1)
$2,699,062 $332,706 $3,031,768 $7,928,023 $947,116 $8,875,139 
Pass Through Revenue(800,492)— (800,492)(2,422,420)— (2,422,420)
Adjusted Net Revenue$1,898,570 $332,706 $2,231,276 $5,505,603 $947,116 $6,452,719 
Segment Operating Profit (1)
$235,975 $72,418 $308,393 $649,514 $206,502 $856,016 
Restructuring, Transaction and Other Charges (2)
(34,134)(87,991)
Amortization of Intangible Assets(39,245)(115,946)
Total U.S. GAAP Operating Profit$235,014 $652,079 
Total Other (Expense) Income, net (3)
10,090 (298,006)
Earnings from Continuing Operations Before Taxes$245,104 $354,073 
(1)The nine months ended June 27, 2025 I&AF revenue and operating profit were impacted by a reserve in connection with an unfavorable interim ruling against a consolidated joint venture in which the Company holds a 50% interest (the "Consolidated JV Matter"), with the noncontrolling partner’s share included in noncontrolling interests in the Consolidated Statements of Earnings for the respective period.
(2)The three and nine months ended June 27, 2025 included $22.0 million and $47.1 million, respectively, in restructuring and other charges relating to the Separation Transaction (primarily professional services and employee separation costs), as well as $6.8 million and $20.7 million, respectively, in charges for certain subsidiary level compensation based agreements. The three and nine months ended June 27, 2025 included approximately $4.7 million and $20.9 million, respectively, in charges associated with the Company's TSA with Amentum.
(3)
The three and nine months ended June 27, 2025 included gains of $27.4 million and losses of $227.3 million, respectively, mainly related to mark-to-market adjustments and other related charges associated with our former investment in Amentum stock in connection with the Separation Transaction, as well as $9.8 million and $31.5 million, respectively, in income associated with the Company's TSA with Amentum. The nine months ended June 27, 2025 included $20.5 million in discounts and expenses associated with the Equity for-Debt Transaction.
9

Balance Sheets (in thousands):
June 26, 2026September 26, 2025
Unaudited
ASSETS
Current Assets:
Cash and cash equivalents$1,172,914 $1,235,448 
Receivables and contract assets3,760,646 2,989,067 
Prepaid expenses and other149,764 134,804 
Investment in equity securities6,198 — 
Total current assets5,089,522 4,359,319 
Property, Equipment and Improvements, net311,566 311,872 
Other Noncurrent Assets:
Goodwill4,756,461 4,780,818 
Intangibles, net604,199 717,670 
Deferred income tax assets249,428 325,814 
Operating lease right-of-use assets310,816 289,101 
Miscellaneous421,710 467,941 
Total other noncurrent assets6,342,614 6,581,344 
$11,743,702 $11,252,535 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable$1,777,936 $1,261,489 
Accrued liabilities1,040,176 1,037,754 
Operating lease liabilities114,698 111,040 
Contract liabilities1,020,485 940,616 
Total current liabilities3,953,295 3,350,899 
Long-term debt3,579,376 2,236,456 
Liabilities relating to defined benefit pension and retirement plans258,019 272,069 
Deferred income tax liabilities142,059 151,821 
Long-term operating lease liabilities360,589 362,361 
Other deferred liabilities199,716 212,330 
Total other noncurrent liabilities4,539,759 3,235,037 
Commitments and Contingencies
Redeemable Noncontrolling interests— 1,018,694 
Stockholders’ Equity:
Capital stock:
Preferred stock, $1 par value, authorized - 1,000,000 shares; issued and outstanding - none
— — 
Common stock, $1 par value, authorized - 240,000,000 shares; issued and outstanding - 117,132,889 shares and 119,081,294 shares as of June 26, 2026 and September 26, 2025, respectively
117,133 119,081 
Additional paid-in capital2,933,533 2,706,376 
Retained earnings946,455 1,525,760 
Accumulated other comprehensive loss(732,632)(710,410)
Total Jacobs stockholders’ equity3,264,489 3,640,807 
Noncontrolling interests(13,841)7,098 
Total Group stockholders’ equity3,250,648 3,647,905 
$11,743,702 $11,252,535 
10

Statements of Cash Flows (in thousands)
For the Three Months EndedFor the Nine Months Ended
UnauditedJune 26, 2026June 27, 2025June 26, 2026June 27, 2025
Cash Flows from Operating Activities:
Net Earnings of the Group$135,806 $189,723 $181,064 $184,416 
Adjustments to reconcile net earnings to net cash flows provided by operations:
Depreciation and amortization:
Property, equipment and improvements23,737 21,077 67,557 62,038 
Intangible assets33,452 39,245 105,511 115,946 
Loss on extinguishment of debt— — — 20,510 
(Gain) loss on investment in equity securities(6,198)(27,372)(6,198)227,305 
Stock based compensation18,503 13,079 56,882 47,421 
Equity in earnings of operating ventures, net of return on capital distributions(2,313)321 (4,960)(503)
Loss (gain) on disposals of assets, net488 119 1,010 (777)
Deferred income taxes 41,686 (52,991)66,970 (53,794)
Changes in assets and liabilities:
Receivables and contract assets, net of contract liabilities(78,918)(122,672)(594,961)(225,280)
Prepaid expenses and other current assets37,350 42,410 4,763 16,168 
Miscellaneous other assets20,217 8,321 68,218 49,570 
Accounts payable295,507 129,710 517,619 96,323 
Accrued liabilities(74,919)48,118 (139,989)(228,933)
Other deferred liabilities11,709 2,619 18,569 10,192 
Other, net12 887 10,703 (16,983)
Net cash provided by operating activities456,119 292,594 352,758 303,619 
Cash Flows from Investing Activities:
Additions to property and equipment(25,125)(22,052)(61,722)(49,655)
Disposals of property and equipment and other assets— 4 4,506 2,332 
Capital contributions to equity investees, net of return of capital distributions28 — 362 932 
Net cash used for investing activities(25,097)(22,048)(56,854)(46,391)
Cash Flows from Financing Activities:
Net (repayments) proceeds from borrowings(505,000)(157,000)1,351,172 589,420 
Debt issuance costs(1,028)— (16,475)(92)
Proceeds from issuances of common stock8,961 8,281 26,177 25,467 
Common stock repurchases(142,214)(100,845)(614,058)(653,247)
Taxes paid on vested restricted stock(6,971)(5,904)(29,211)(26,992)
Cash dividends to shareholders(42,243)(38,935)(123,439)(114,813)
Net dividends associated with noncontrolling interests(4,711)(3,994)(11,743)(7,440)
Repurchase of redeemable noncontrolling interests and related costs (33,968)(4,406)(917,591)(8,472)
Cash Impact from distribution of SpinCo Business
— 70,000 — 70,000 
Net cash used for financing activities(727,174)(232,803)(335,168)(126,169)
Effect of Exchange Rate Changes(3,283)52,763 (8,575)17,990 
Net (Decrease) Increase in Cash and Cash Equivalents and Restricted Cash
(299,435)90,506 (47,839)149,049 
Cash and Cash Equivalents, including Restricted Cash, at the Beginning of the Period1,488,412 1,205,474 1,236,816 1,146,931 
Cash and Cash Equivalents, including Restricted Cash, at the End of the Period$1,188,977 $1,295,980 $1,188,977 $1,295,980 
    

11

Backlog (in millions):
UnauditedJune 26, 2026June 27, 2025
Infrastructure & Advanced Facilities$28,429 $22,270 
PA Consulting459 420 
Total$28,888 $22,690 


12

Non-GAAP Financial Measures and Operating Metrics:
In this press release, the Company has included certain non-GAAP financial measures as defined in Regulation G promulgated under the Securities Exchange Act of 1934, as amended. These non-GAAP measures are described below.

Adjusted net revenue is calculated by adjusting revenue from continuing operations to exclude amounts we bill to clients on projects where we are procuring subcontract labor or third-party materials and equipment on behalf of the client (referred to as “pass throughs”). These amounts are considered pass throughs because we receive no or only a minimal mark-up associated with the billed amounts. We sometimes refer to our GAAP revenue as "gross revenue."

Jacobs adjusted operating profit, adjusted earnings from continuing operations before taxes, adjusted income tax expenses from continuing operations, adjusted net earnings from continuing operations, adjusted EPS from continuing operations, adjusted earnings attributable to noncontrolling interests from continuing operations and adjusted interest expense from continuing operations are calculated by:

1.Excluding items collectively referred to as "Restructuring, Integration, Transaction and Other Charges," which include:
a.recoveries, costs and other charges associated with (i) restructuring activities, (ii) cost reduction initiatives implemented in connection with mergers, acquisitions, strategic investments, including the PA Consulting Transaction, and divestitures, including the separation of the CMS/C&I business, such as advisor fees, involuntary terminations and related costs, costs associated with co-locating offices of acquired companies, separating physical locations of continuing operations, professional services and other personnel costs, (iii) involuntary termination programs and other related separations impacting management and employees, including related transition costs, and (iv) certain legal costs and expenses to the extent related to (i) - (iii) or determined to not be related to continuing operations (clauses (i) – (iv) collectively referred to as “Restructuring, integration, separation and other charges"); and
b.transaction costs and other charges incurred in connection with mergers, acquisitions, strategic investments and divestitures, including advisor fees, change in control payments, the impact of the quarterly adjustment to the estimated performance based payout of contingent consideration to certain sellers in connection with certain acquisitions, certain consideration amounts resulting from the PA Consulting Transaction that represent compensation expense to be distributed to PA Consulting employees (including the removal of the associated tax impacts), loss on the foreign exchange forward contract in connection with the PA Consulting Transaction, amortization of the discount on the deferred consideration agreed upon as part of the PA Consulting Transaction and similar transaction costs and expenses (collectively referred to as "Transaction Costs").

2.Excluding items collectively referred to as "Other Adjustments", which include:
a.intangible assets amortization and impairment charges;
b.impact of certain subsidiary level contingent equity-based agreements in connection with the transaction structure of our March 2, 2021 PA Consulting investment. Under the terms of the applicable agreements, the remaining unvested portion of the relevant grants vested upon completion of the PA Consulting Transaction on March 20, 2026, resulting in expense which is also included as an adjustment;
c.certain tax adjustments resulting from activities directly related to the PA Consulting Transaction;
d.revenue under the Company's transition services agreement (TSA) included in other income for U.S. GAAP reporting purposes, and any SG&A costs associated with the provision of such services;
e.pretax mark-to-market and other related gains or losses associated with the Company's former investment in Amentum stock recorded in connection with the Separation Transaction;
f.discounts and expenses related to the one-time exchange of the Company's former investment in Amentum shares for a portion of the Company's outstanding term loans, which term loans were canceled;
g.impacts resulting from the EPS numerator adjustment relating to the redeemable noncontrolling interests preference share repurchase and reissuance activities; and
h.mark-to-market gains or losses associated with investments in equity securities carried at fair value.

We eliminate the impact of “Restructuring, Integration, Transaction and Other Charges” and "Other Adjustments" because we do not consider these to be indicative of ongoing operating performance. Actions taken by the Company to enhance

13

efficiencies are subject to significant fluctuations from period to period. The Company's management believes the exclusion of the amounts relating to the above-listed items improves the period-to-period comparability and analysis of the underlying financial performance of the business.

Adjustments to derive adjusted net earnings from continuing operations and adjusted EPS from continuing operations are calculated on an after-tax basis.

Free cash flow (FCF) is calculated as net cash provided by operating activities from continuing operations as reported on the statement of cash flows less additions to property and equipment. Adjusted FCF is calculated as reported FCF, calculated as previously described, adjusted to exclude employee-related payments which were included as part of the initial consideration paid in connection with the PA Consulting Transaction. Adjusted FCF Margin is calculated as Adjusted FCF divided by adjusted net revenue.

Adjusted EBITDA is calculated by adding income tax expense, depreciation expense and adjusted interest expense to, and deducting interest income from, adjusted net earnings attributable to Jacobs from continuing operations.

I&AF Operating Margin is a ratio of I&AF operating profit for the segment to the segment's adjusted net revenue. For a reconciliation of revenue to adjusted net revenue, see "Segment Information".

Jacobs Adjusted Operating Margin is a ratio of adjusted operating profit for the Company to the Company's adjusted net revenue. For a reconciliation of revenue to adjusted net revenue, see "Segment Information".

We believe that the measures listed above are useful to management, investors and other users of our financial information in evaluating the Company’s operating results and understanding the Company’s operating trends by excluding or adding back the effects of the items described above and below, the inclusion or exclusion of which can obscure underlying trends. Additionally, management uses such measures in its own evaluation of the Company’s performance, particularly when comparing performance to past periods, and believes these measures are useful for investors because they facilitate a comparison of our financial results from period to period.

This press release also contains certain financial and operating metrics which management believes are useful in evaluating the Company's performance. Backlog represents revenue or gross profit, as applicable, we expect to realize for work to be completed by our consolidated subsidiaries and our proportionate share of work to be performed by unconsolidated joint ventures. Gross margin in backlog refers to the ratio of gross profit in backlog to gross revenue in backlog. For more information on how we determine our backlog, see our Backlog Information in our most recent annual report filed with the Securities and Exchange Commission. Adjusted EBITDA margin refers to a ratio of adjusted EBITDA to adjusted net revenue. Book-to-bill ratio is an operational measure equal to the ratio of period bookings, less cancellations, to revenue. It is calculated as change in backlog during the reporting period plus revenue for the period, divided by revenue for the same period. Adjusted net revenue book-to-bill is calculated using the same methodology; however, the ratio uses adjusted net revenue for the period, which excludes pass-through revenue, added to the change in adjusted net revenue bookings, less cancellations, divided by adjusted net revenue. These metrics provide visibility into performance on business pursuits with and without pass-through revenue, which can be volatile from period to period. We regularly monitor these operating metrics to evaluate our business, identify trends affecting our business, and make strategic decisions.

The Company provides non-GAAP measures to supplement U.S. GAAP measures, as they provide additional insight into the Company’s financial results. However, non-GAAP measures have limitations as analytical tools and should not be considered in isolation and are not in accordance with, or a substitute for, U.S. GAAP measures. In addition, other companies may define non-GAAP measures differently, which limits the ability of investors to compare non-GAAP measures of the Company to those used by our peer companies.

The following tables reconcile non-GAAP financial measures used herein to their respective U.S. GAAP measures. For the comparable period presented below, the adjustments to derive the non-GAAP financial measures consist of amounts incurred in connection with the items described above. Amounts are shown in thousands, except for per-share data (note: earnings per share amounts may not total due to rounding).

14


Reconciliation of Earnings from Continuing Operations Before Taxes to Adjusted Earnings from Continuing Operations Attributable to Jacobs Before Taxes (in thousands)

Three Months EndedNine Months Ended
June 26, 2026June 27, 2025June 26, 2026June 27, 2025
Earnings from Continuing Operations Before Taxes$241,247 $245,104 $316,862 $354,073 
Restructuring, Integration, Transaction and Other Charges (1):
Transaction costs7,143419151,510 (1,283)
Restructuring, integration, separation and other charges21,39622,25439,565 47,657 
Other Adjustments (2):
Transition Services Agreement, net—(5,099)(149)(10,568)
Amortization of intangibles33,45239,245105,511 115,946 
Mark-to-market and other related (gains) losses on investment in Amentum stock—(27,372)—227,305
Other (3)(6,210)6,776234,11242,238
Adjusted Earnings from Continuing Operations Before Taxes$297,028 $281,327 $847,411 $775,368 
Adjusted Earnings Attributable to Noncontrolling Interests from Continuing Operations747(16,809)(22,010)(37,343)
Adj. Earnings from Continuing Operations attributable to Jacobs before Taxes
$297,775 $264,518 $825,401 $738,025 
(1) Includes pre-tax charges primarily relating to the PA Consulting Transaction, mainly professional services, dedicated personnel and employee separation costs for the three and nine months ended June 26, 2026. The nine months ended June 26, 2026 include $123.9 million in compensation costs relating to the PA Consulting Transaction as well as a $20.5 million loss on the foreign exchange forward contract in connection with the PA Consulting Transaction. Includes pre-tax charges relating to the Separation Transaction (primarily employee separation costs and professional services) for the three and nine months ended June 26, 2026 and June 27, 2025, as well as charges associated with various transaction costs and activity associated with the Company's other restructuring and integration programs.
(2) Includes pre-tax charges relating to amortization of intangible assets and pretax income under the Company's TSA with Amentum in connection with the Separation Transaction. The three and nine months ended June 27, 2025 also include pretax mark-to-market (gains) losses associated with our former investment in Amentum stock and other related adjustments in connection with the Separation Transaction. The nine months ended June 27, 2025 also include discounts and expenses associated with the non-cash equity for debt exchange.
(3) The three and nine months ended June 26, 2026 include mark-to-market gains and losses associated with investments in equity securities carried at fair value. The three and nine months ended June 27, 2025 include the impact of certain subsidiary level compensation based agreements and the nine months ended June 26, 2026 include $215.3 million in pre-tax expense relating to the final vesting of these agreements as a result of the PA Consulting Transaction which closed on March 20, 2026.
15


Reconciliation of Income Tax Expense from Continuing Operations to Adjusted Income Tax Expense from Continuing Operations (in thousands)

Three Months EndedNine Months Ended
June 26, 2026June 27, 2025June 26, 2026June 27, 2025
Income Tax Expense from Continuing Operations$(104,635)$(53,752)$(132,656)$(161,477)
Tax Effects of Restructuring, Integration, Transaction and Other Charges (1):
Transaction costs5,992(107)(25,098)425 
Restructuring, integration, separation and other charges(5,291)(7,070)(9,841)(13,469)
Tax Effects of Other Adjustments (2):
Transition Services Agreement, net—1,301 39 2,695 
Amortization of intangibles(8,422)(10,034)(26,697)(29,657)
Other (3)33,844(23)(24,060)(364)
Adjusted Income Tax Expense from Continuing Operations$(78,512)$(69,685)$(218,313)$(201,847)
Adjusted effective tax rate from Continuing Operations26.4%24.8%25.8%26.0%
(1) Includes tax impacts on charges primarily relating to the PA Consulting Transaction, mainly other professional services, dedicated personnel and employee separation costs for the three and nine months ended June 26, 2026. The nine months ended June 26, 2026 include compensation costs relating to the PA Consulting Transaction as well as a loss on the foreign exchange forward contract in connection with the PA Consulting Transaction. Includes income tax impacts on restructuring activities primarily relating to the Separation Transaction (primarily employee separation costs and professional services) as well as charges associated with various transaction costs and activity associated with the Company's other restructuring and integration programs for the three and nine months ended June 26, 2026 and June 27, 2025.
(2) Includes income tax impacts on amortization of intangible assets and income tax impacts on income under the Company's TSA with Amentum in connection with the Separation Transaction. The nine months ended June 27, 2025 also include income tax impacts on discounts and expenses associated with the non-cash equity for debt exchange.
(3) The three and nine months ended June 26, 2026 include income tax impacts on mark-to-market gains and losses associated with investments in equity securities carried at fair value. The three and nine months ended June 26, 2026 and June 27, 2025 include tax impacts on certain subsidiary level compensation based agreements. The three and nine months ended June 26, 2026 include income tax impacts on expenses associated with the final vesting of these agreements as a result of the PA Consulting Transaction which closed on March 20, 2026.
16


Reconciliation of Net Earnings Attributable to Jacobs from Continuing Operations to Adjusted Net Earnings Attributable to Jacobs from Continuing Operations (in thousands)

Three Months EndedNine Months Ended
June 26, 2026June 27, 2025June 26, 2026June 27, 2025
Net Earnings Attributable to Jacobs from Continuing Operations$137,359$181,234$219,319 $175,266 
After-tax effects of Restructuring, Integration, Transaction and Other Charges (1):
Transaction costs13,135312125,155 (963)
Restructuring, integration, separation and other charges16,10415,18429,398 34,112 
After-tax effects of Other Adjustments (2):
Transition Services Agreement, net—(3,798)(111)(7,873)
Amortization of intangibles25,03124,48369,707 72,507 
Mark-to-market and other related (gains) losses on investment in Amentum stock—(27,372)— 227,305 
Other (3)
27,6344,790163,619 35,824 
Adjusted Net Earnings Attributable to Jacobs from Continuing Operations$219,263 $194,833 $607,087 $536,178 

(1) Includes after-tax charges primarily relating to the PA Consulting Transaction, mainly other professional services, dedicated personnel and employee separation costs for the three and nine months ended June 26, 2026. The nine months ended June 26, 2026 include after-tax compensation costs relating to the PA Consulting Transaction as well as an after-tax loss on the foreign exchange forward contract in connection with the PA Consulting Transaction. Includes after-tax charges on restructuring activities primarily relating to the Separation Transaction (primarily employee separation costs and professional services) as well as charges associated with various transaction costs and activity associated with the Company's other restructuring and integration programs for the three and nine months ended June 26, 2026 and June 27, 2025.
(2) Includes after-tax and noncontrolling interest charges from amortization of intangible assets and after-tax income under the Company's TSA with Amentum in connection with the Separation Transaction. The three and nine months ended June 27, 2025 also include mark-to-market (gains) losses associated with our former investment in Amentum stock and other related adjustments in connection with the Separation Transaction. The nine months ended June 27, 2025 also include discounts and expenses associated with the non-cash equity for debt exchange.
(3) The three and nine months ended June 26, 2026 include after-tax impacts on mark-to-market gains and losses associated with investments in equity securities carried at fair value. The nine months ended June 26, 2026 and three and nine months ended June 27, 2025 include after-tax and noncontrolling interest impacts on certain subsidiary level compensation based agreements. The nine months ended June 26, 2026 include after-tax impacts relating to the final vesting of these agreements as a result of the PA Consulting Transaction which closed on March 20, 2026.

17


Reconciliation of Diluted Net Earnings from Continuing Operations Per Share to Adjusted Diluted Net Earnings from Continuing Operations Per Share

Three Months EndedNine Months Ended
June 26, 2026June 27, 2025June 26, 2026June 27, 2025
Diluted Net Earnings from Continuing Operations Per Share$1.16$1.56$1.96$1.53
After-tax effects of Restructuring, Integration, Transaction and Other Charges (1):
Transaction costs0.11—1.06(0.01)
Restructuring, integration, separation and other charges0.140.130.250.28
After-tax effects of Other Adjustments (2):
Transition Services Agreement, net—(0.03)—(0.06)
Amortization of intangibles0.210.200.590.59
Mark-to-market and other related (gains) losses on investment in Amentum stock—(0.23)—1.85
Other (3)0.23(0.01)1.270.19
Adjusted Diluted Net Earnings from Continuing Operations Per Share$1.84 $1.62 $5.12 $4.37 
(1) Includes per-share impacts from charges primarily relating to the PA Consulting Transaction, mainly other professional services, dedicated personnel costs and employee separation costs for the three and nine months ended June 26, 2026. The nine months ended June 26, 2026 include per-share impacts from compensation costs relating to the PA Consulting Transaction and a loss on the foreign exchange forward contract in connection with the PA Consulting Transaction. Includes per-share impacts on restructuring activities primarily relating to the Separation Transaction (primarily employee separation costs and professional services), as well as per-share impacts associated with various transaction costs and activity associated with the Company's restructuring and integration programs for the three and nine months ended June 26, 2026 and June 27, 2025.
(2) Includes per-share impacts from the amortization of intangible assets and income under the Company's TSA with Amentum in connection with the Separation Transaction. The three and nine months ended June 27, 2025 include the per-share impacts from mark-to-market (gains) losses associated with our former investment in Amentum stock and other related adjustments in connection with the Separation Transaction. The nine months ended June 27, 2025 also include per-share impacts from discounts and expenses associated with the non-cash equity for debt exchange.
(3) The three and nine months ended June 26, 2026 include per-share impacts on mark-to-market gains and losses associated with investments in equity securities carried at fair value. The three and nine months ended June 27, 2025 include per-share impacts on certain subsidiary level compensation based agreements. The nine months ended June 26, 2026 include per-share impacts relating to the final vesting of these agreements as a result of the PA Consulting Transaction which closed on March 20, 2026.


18

Reconciliation of Earnings Attributable to Noncontrolling Interests from Continuing Operations to Adjusted Earnings Attributable to Noncontrolling Interests from Continuing Operations (in thousands)

Three Months EndedNine Months Ended
June 26, 2026June 27, 2025June 26, 2026June 27, 2025
Earnings Attributable to Noncontrolling Interests from Continuing Operations$747$(10,118)$35,113$(17,330)
Restructuring, Integration, Transaction and Other Charges (1):
Transaction costs——(1,258)(105)
Restructuring, integration, separation and other charges——(325)(76)
Other Adjustments:
Amortization of intangibles—(4,728)(9,107)(13,782)
Other (2)—(1,963)(46,433)(6,050)
Adjusted Earnings Attributable to Noncontrolling Interests from Continuing Operations$747$(16,809)$(22,010)$(37,343)
(1) Includes noncontrolling interests amounts primarily related to the PA Consulting Transaction for the nine months ended June 26, 2026, including compensation costs relating to the PA Consulting Transaction and other professional services and dedicated personnel costs associated with the Company's restructuring and integration programs. Includes noncontrolling interests amounts related to the loss on the foreign exchange forward contract in connection with the PA Consulting Transaction for the nine months ended June 26, 2026. The nine months ended June 26, 2026 and June 27, 2025 include noncontrolling interests amounts related to various transaction costs as well as activity associated with the Company's restructuring and integration programs.
(2) The nine months ended June 26, 2026, as well as three and nine months ended June 27, 2025 include noncontrolling interests impacts from the certain subsidiary level compensation based agreements. The nine months ended June 26, 2026 also include noncontrolling interests impacts relating to the final vesting of these agreements as a result of the PA Consulting Transaction which closed on March 20, 2026.
19

Reconciliation of Interest Expense from Continuing Operations to Adjusted Interest Expense from Continuing Operations (in thousands):

Three Months EndedNine Months Ended
June 26, 2026June 27, 2025June 26, 2026June 27, 2025
Interest Expense from Continuing Operations$(54,652)$(37,051)$(129,981)$(110,451)
Restructuring, Integration, Transaction and Other Charges (1):
Transaction costs1,049—1,129—
Adjusted Interest Expense from Continuing Operations$(53,603)$(37,051)$(128,852)$(110,451)

(1) Includes pre-tax charges primarily relating to the PA Consulting Transaction for the three and nine months ended June 26, 2026.
20


Reconciliation of Net Earnings Attributable to Jacobs from Continuing Operations to Adjusted EBITDA (in thousands):

Three Months EndedNine Months Ended
June 26, 2026June 27, 2025June 26, 2026June 27, 2025
Net Earnings Attributable to Jacobs from Continuing Operations$137,359$181,234$219,319$175,266
After-tax effects of Restructuring, Integration, Transaction and Other Charges
29,239 15,496 154,553 33,149 
After-tax effects of Other Adjustments52,665 (1,897)233,215 327,763 
Adj. Net Earnings Attributable to Jacobs from Continuing Operations219,263 194,833 607,087 536,178 
Adj. Income Tax Expense from Continuing Operations78,512 69,685 218,313 201,847 
Adj. Earnings from Continuing Operations attributable to Jacobs before Taxes297,775 264,518 825,400 738,025 
Depreciation expense23,737 21,077 67,557 62,038 
Interest income(8,306)(8,297)(25,235)(27,478)
Adjusted Interest expense
53,603 37,051 128,852 110,451 
Adjusted EBITDA$366,809 $314,349 $996,574 $883,036 
Adjusted EBITDA Margin15.2%14.1%14.2%13.7%

Certain amounts may not agree to other non-GAAP schedules due to rounding.
21

Reconciliation of Adjusted Free Cash Flow (in thousands)

Three Months EndedNine Months Ended
June 26, 2026June 27, 2025June 26, 2026June 27, 2025
Net cash provided by operating activities$456,119 $292,594 $352,758 $303,619 
Payout of transaction proceeds in conjunction with the PA Consulting Transaction (1)109,899 — 342,431 — 
Adj. Net cash provided by operating activities566,018 292,594 695,189 303,619 
Additions to property and equipment(25,125)(22,052)(61,722)(49,655)
Adjusted Free cash flow$540,893 $270,542 $633,467 $253,964 
Net cash used for investing activities$(25,097)$(22,048)$(56,854)$(46,391)
Net cash used for financing activities$(727,174)$(232,803)$(335,168)$(126,169)

(1) The three months ended June 26, 2026 primarily include the cash distribution of approximately $102.0 million from specific transaction proceeds from the PA Consulting Transaction to certain eligible PA Consulting employees, which was previously held by the PA Consulting employee benefit trust and reported as restricted cash. The nine months ended June 26, 2026 also include the cash payout of a portion of transaction proceeds for the vesting of equity-based incentive awards.


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Earnings Per Share:
Three Months EndedNine Months Ended
June 26, 2026June 27, 2025June 26, 2026June 27, 2025
Numerator for Basic and Diluted EPS:
Net Earnings Attributable to Jacobs from Continuing Operations$137,359 $181,234 $219,319 $175,266 
Redeemable Noncontrolling interests redemption value adjustment (See Note 15- PA Consulting Redeemable Noncontrolling Interests)
— 6,605 13,480 12,417 
Net Earnings from continuing operations allocated to common stock for EPS calculation$137,359 $187,839 $232,799 $187,683 
Net Loss from discontinued operations allocated to common stock for EPS calculation$(806)$(1,629)$(3,142)$(8,180)
Net Earnings allocated to common stock for EPS calculation$136,553 $186,210 $229,657 $179,503 
Denominator for Basic and Diluted EPS:
Shares used for calculating basic EPS attributable to common stock117,745 120,084 117,867 122,132 
Effect of dilutive securities:
Stock compensation plans1,153 407 619 450 
Shares used for calculating diluted EPS attributable to common stock118,898 120,491 118,486 122,582 
Net Earnings Per Share:
Basic Net Earnings from Continuing Operations Per Share$1.17 $1.56 $1.98 $1.54 
Basic Net Loss from Discontinuing Operations Per Share$(0.01)$(0.01)$(0.03)$(0.07)
Basic Earnings Per Share$1.16 $1.55 $1.95 $1.47 
Diluted Net Earnings from Continuing Operations Per Share$1.16 $1.56 $1.96 $1.53 
Diluted Loss from Discontinuing Operations Per Share$(0.01)$(0.01)$(0.03)$(0.07)
Diluted Earnings Per Share$1.15 $1.55 $1.94 $1.46 
Note: Per share amounts may not add due to rounding.



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For additional information contact:

Investors:
Bert Subin
JacobsIR@jacobs.com

Media:
Louise White
louise.white@jacobs.com
469-724-0810


[ END ]

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Source: View Original Filing on SEC EDGAR

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