Tetra Tech FY2026 earnings rise to $1.69 per share
Tetra Tech expects fiscal 2027 EPS of $1.65–$1.80 and net revenue of $4.425–$4.625 billion.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Tetra Tech reported fourth-quarter and fiscal 2026 results for the year ended September 27, 2026. Fourth-quarter revenue was $1.34 billion and net revenue, which excludes subcontractor costs, was $1.15 billion; diluted EPS was $0.51 and adjusted EPS was $0.49, up 9% year over year. For the full year, revenue was $5.08 billion versus $5.44 billion in fiscal 2025, while net revenue was $4.35 billion and increased 7% excluding USAID / DOS and episodic disaster response. Operating income was $619 million and adjusted EBITDA was $660 million; EBITDA margin expanded 90 basis points versus fiscal 2025, and operating cash flow increased 14% year over year.
Backlog was $4.67 billion at fiscal year-end, up 13% year over year. The board declared a quarterly cash dividend of $0.072 per share, an 11% year-over-year increase, payable December 11, 2026, to stockholders of record December 2. Tetra Tech repurchased $100 million of common stock in the fourth quarter and had $798 million remaining under its share repurchase program as of September 27, 2026. For fiscal 2027, Tetra Tech expects EPS of $1.65 to $1.80 and net revenue of $4.425 billion to $4.625 billion.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointFY2026 net revenue increased 7% excluding USAID / DOS and episodic disaster response.
- Moderate pointFY2026 diluted EPS was $1.69, versus $0.93 in fiscal 2025.
- Moderate pointOperating cash flow increased 14% year over year in fiscal 2026.
- Minor pointQuarterly dividend increased 11% to $0.072 per share.
Negative
- Moderate pointFY2026 revenue was $5.08 billion, versus $5.44 billion in fiscal 2025.
Filing Explained
At
8-K Event Classification
Key Figures
Key Terms
net revenue financial
Adjusted EBITDA financial
contingent earn-out liabilities financial
percentage-of-completion method of accounting financial
Earnings Snapshot
Based on current expectations, first-quarter fiscal 2027 EPS of $0.36 to $0.38 and net revenue of $1.04 billion to $1.08 billion; fiscal 2027 EPS of $1.65 to $1.80 and net revenue of $4.425 billion to $4.625 billion.
FAQ
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What were TTEK's fiscal 2026 results?
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
| (State
or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification Number) |
(Address of principal executive office, including zip code)
(
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
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 class | Trading symbol(s) | Name of each exchange on which registered | ||
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 2.02. | Results of Operations and Financial Condition. |
On November 11, 2026, Tetra Tech, Inc. (“Tetra Tech”) reported its financial results for the fourth fiscal quarter ended September 27, 2026. A copy of the press release is attached to this report as Exhibit 99.1.
Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.
| Item 8.01. | Other Events. |
On November 11, 2026, Tetra Tech announced that its Board of Directors has declared a $0.072 per share quarterly cash dividend. The dividend is payable on December 11, 2026 to stockholders of record as of the close of business on December 2, 2026.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| 99.1 | Press Release, dated November 11, 2026, reporting the financial results for Tetra Tech’s fourth fiscal quarter ended September 27, 2026, and the declaration of a quarterly cash dividend. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| 2 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Tetra Tech has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TETRA TECH, INC. | ||||
| Date: | November 11, 2026 | By: | /s/ ROGER R. ARGUS | |
| Roger R. Argus | ||||
| Chief Executive Officer and President | ||||
| 3 |
Exhibit 99.1
 | NEWS
RELEASE November 11, 2026 |
Tetra Tech Reports Strong Fourth Quarter and Fiscal Year 2026 Results
| · | Fourth quarter revenue $1.34 billion and net revenue $1.15 billion |
| · | Record fourth quarter EPS $0.51 and adjusted EPS $0.49 |
| · | Record fiscal year EPS $1.69 and adjusted EPS $1.60 |
| · | Backlog $4.67 billion, up 13% Y/Y |
Pasadena, California. Tetra Tech, Inc. (NASDAQ: TTEK), a global provider of high-end technical and engineering services, Leading with Science® in water, environment and sustainable infrastructure, today announced results for the fourth quarter and fiscal year ended September 27, 2026.
Fourth Quarter Results
Revenue and revenue, net of subcontractor costs (net revenue)1, in the fourth quarter totaled $1.34 billion and $1.15 billion, respectively. Net revenue increased 5% year-over-year excluding episodic disaster response. Operating income was $188 million and adjusted EBITDA1 was $194 million; adjusted EBITDA margin increased 90 basis points year-over-year. EPS was $0.51 and adjusted EPS1 was $0.49, up 9% year-over-year. Backlog was $4.67 billion at the end of the fourth quarter, up 13% year-over-year.
Recent Key Wins
| · | $1.4 billion multiple-award blanket purchase agreement for enterprise logistics services for NASA |
| · | $145 million multiple-award contract for engineering and technical consulting services for U.S. Navy |
| · | $141 million single-award contract for water infrastructure assessment services for U.S. EPA |
| · | $85 million multiple-award contracts for environmental services for USACE Europe District |
| · | $63 million single-award contract for emergency preparedness and response services for U.S. EPA |
| · | $49 million multiple-award contract for geospatial and engineering services for NOAA |
| · | $14 million single-award contract for digital systems modernization for LA Metro |
| · | $12.7 million single-award contracts for technical services for Millennium Challenge Corporation |
| 1 | Non-GAAP financial measures which the Company believes provide valuable perspectives on its business results. Refer to Regulation G Information for reconciliations to the comparable GAAP metrics. |
Executive Management Comments
Roger Argus, Chief Executive Officer, commented, “We completed fiscal year 2026 with a strong fourth quarter driven by our global commercial and government businesses. We continue to see increasing demand for our differentiated Leading with Science® technical services for water and environmental programs, including digital automation for associated facilities. Our resilient infrastructure design services are growing globally with new contracts for water supply, coastal infrastructure, and defense modernization. These key client programs drove our backlog up by more than $530 million, an increase of 13% from last year. This strong momentum in backlog gives us confidence in continued revenue growth and further margin expansion.”
Steve Burdick, Chief Financial Officer, stated, “In fiscal year 2026, we continued to increase our profit margins with 90 basis points of EBITDA margin expansion from fiscal year 2025. The strength of our balance sheet and consistent cash flow generation position us to continue to invest in organic growth and strategic acquisitions.”
Quarterly Dividend and Share Repurchase Program
On November 9, 2026, Tetra Tech’s Board of Directors approved a quarterly dividend in the amount of $0.072 per share, an 11% increase year-over-year, payable on December 11, 2026, to stockholders of record as of December 2, 2026. This is the 46th consecutive double-digit increase in the Company’s quarterly dividend. In the fourth quarter of fiscal year 2026, Tetra Tech repurchased $100 million of common stock. Additionally, as of September 27, 2026, the Company had $798 million remaining under its share repurchase program.
Fiscal Year Results
Revenue for fiscal year 2026 was $5.08 billion and net revenue was $4.35 billion. For fiscal year 2026, net revenue increased 7% compared to last year excluding USAID / DOS and episodic disaster response. Operating income was $619 million, adjusted EBITDA was $660 million with margin up 90 basis points compared to last year, and EPS was $1.69. Cash flows generated from operations were up 14% year-over-year.
Business Outlook
The following statements are based on current expectations. These statements are forward-looking, and the actual results could differ materially. These statements do not include the potential impact of transactions that may be completed or developments that become evident after the date of this release. The Business Outlook section should be read in conjunction with the information on forward-looking statements at the end of this release.
Tetra Tech expects EPS for the first quarter of fiscal year 2027 to range from $0.36 to $0.38 and net revenue2 to range from $1.04 billion to $1.08 billion. For fiscal year 2027, Tetra Tech expects EPS to range from $1.65 to $1.80, and net revenue to range from $4.425 billion to $4.625 billion.
Webcast
Investors will have the opportunity to access a live audio-visual webcast and supplemental financial information concerning the fourth quarter and fiscal year 2026 results through a link posted on the Company’s website at tetratech.com on November 12, 2026, at 8:00 a.m. (PT).
| 2 | Reconciliation of the net revenue guidance to the most directly comparable GAAP measure is not available without unreasonable efforts because the Company cannot predict the magnitude and timing of all the components required to provide such reconciliation with sufficient precision. |
About Tetra Tech
Tetra Tech is the leader in water, environment and sustainable infrastructure, providing high-end technical and engineering services for projects worldwide. With more than 25,000 employees working together, Tetra Tech provides clear solutions to complex problems by Leading with Science® to address the entire water cycle, protect and restore the environment, and design sustainable and resilient infrastructure. For more information about Tetra Tech, please visit tetratech.com or follow us on LinkedIn and Facebook.
CONTACTS:
Jim Wu, Investor Relations
Charlie MacPherson, Media & Public Relations
(626) 470-2844
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as "anticipate," "expect," "could," "may," "intend," "plan" and "believe," among others, generally identify forward-looking statements. These forward-looking statements are based on current expectations and beliefs of Tetra Tech’s management and currently available operating, financial, economic and other information, and are subject to a number of risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. A variety of factors, many of which are beyond our control, could cause actual future results or events to differ materially from those projected in the forward-looking statements in this release, including but not limited to: continuing worldwide political and economic uncertainties; the U.S. Administration’s potential changes to fiscal policies; the cyclicality in demand for our overall services; the fluctuation in demand for oil and gas, and mining services; risks related to international operations; concentration of revenues from U.S. government agencies and potential funding disruptions by these agencies; dependence on winning or renewing U.S. government contracts; the delay or unavailability of public funding on U.S. government contracts; the U.S. government’s right to modify, delay, curtail or terminate contracts at its convenience; compliance with government procurement laws and regulations; the impact of global pandemics; credit risks associated with certain clients in certain geographic areas or industries; acquisition strategy and integration risks; goodwill or other intangible asset impairment; the failure to comply with worldwide anti-bribery laws; the failure to comply with domestic and international export laws; the failure to properly manage projects; the loss of key personnel or the inability to attract and retain qualified personnel; the ability of our employees to obtain government granted eligibility; the use of estimates and assumptions in the preparation of financial statements; the ability to maintain adequate workforce utilization; the use of the percentage-of-completion method of accounting; the inability to accurately estimate and control contract costs; the failure to adequately recover on our claims for additional contract costs; the failure to win or renew contracts with private and public sector clients; growth strategy management; backlog cancellation and adjustments; risks relating to cyber security breaches; the failure of partners to perform on joint projects; the failure of subcontractors to satisfy their obligations; requirements to pay liquidated damages based on contract performance; the adoption of new legal requirements; changes in resource management, environmental or infrastructure industry laws, regulations or programs; changes in bank and capital markets and the access to capital; credit agreement covenants; industry competition; liability related to legal proceedings, investigations, and disputes; the availability of third-party insurance coverage; the ability to obtain adequate bonding; employee, agent, or partner misconduct; employee risks related to international travel; safety programs; conflict of interest issues; liabilities relating to reports and opinions; liabilities relating to environmental laws and regulations; force majeure events; protection of intellectual property rights; stock price volatility; the ability to impede a business combination based on Delaware law and charter documents; and other risks and uncertainties as may be described in Tetra Tech’s periodic filings with the Securities and Exchange Commission, including those described in the “Risk Factors” section of Tetra Tech’s Annual Report on Form 10-K for the fiscal year ended September 28, 2025. Readers should not place undue reliance on forward-looking statements since such information speaks only as of the date of this release. Tetra Tech does not intend to update forward-looking statements and expressly disclaims any obligation to do so.
Non-GAAP Financial Measures
To supplement the financial results presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we present certain non-GAAP financial measures within the meaning of Regulation G under the Securities Exchange Act of 1934, as amended. We provide these non-GAAP financial measures because we believe they provide a valuable perspective on our 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, GAAP measures. In addition, other companies may define non-GAAP measures differently which limits the ability of investors to compare non-GAAP measures of Tetra Tech to those used by our peer companies. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is set forth in this release.
Tetra Tech, Inc.
Consolidated Balance Sheets
(unaudited - in thousands, except par value)
| September 27, | September 28, | |||||||
| 2026 | 2025 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 235,076 | $ | 167,459 | ||||
| Accounts receivable, net | 1,149,139 | 1,158,928 | ||||||
| Contract assets | 144,924 | 138,232 | ||||||
| Prepaid expenses and other current assets | 112,440 | 83,434 | ||||||
| Assets held-for-sale | - | 57,502 | ||||||
| Income taxes receivable | 55,234 | 15,334 | ||||||
| Total current assets | 1,696,813 | 1,620,889 | ||||||
| Property and equipment, net | 65,507 | 66,148 | ||||||
| Right-of-use assets, operating leases | 191,373 | 197,618 | ||||||
| Goodwill | 2,224,991 | 2,049,874 | ||||||
| Intangible assets, net | 116,417 | 121,160 | ||||||
| Deferred tax assets | 40,641 | 106,238 | ||||||
| Other non-current assets | 140,057 | 120,247 | ||||||
| Total assets | $ | 4,475,799 | $ | 4,282,174 | ||||
| Liabilities and Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 223,810 | $ | 204,725 | ||||
| Accrued compensation | 325,294 | 346,912 | ||||||
| Contract liabilities | 406,937 | 420,254 | ||||||
| Short-term lease liabilities, operating leases | 77,958 | 69,099 | ||||||
| Current contingent earn-out liabilities | 49,352 | 24,826 | ||||||
| Liabilities held-for-sale | - | 25,115 | ||||||
| Other current liabilities | 259,113 | 288,113 | ||||||
| Total current liabilities | 1,342,464 | 1,379,044 | ||||||
| Deferred tax liabilities | 18,964 | 21,333 | ||||||
| Long-term debt | 891,957 | 763,363 | ||||||
| Long-term lease liabilities, operating leases | 134,999 | 154,695 | ||||||
| Non-current contingent earn-out liabilities | 43,581 | 32,135 | ||||||
| Other non-current liabilities | 159,503 | 151,440 | ||||||
| Total liabilities | 2,591,468 | 2,502,010 | ||||||
| Equity: | ||||||||
| Preferred stock - authorized, 2,000 shares of $0.01 par value; no shares issued and outstanding at September 27, 2026 and September 28, 2025 | - | - | ||||||
| Common stock - authorized, 750,000 shares of $0.01 par value; issued and outstanding, 253,284 and 261,418 shares at September 27, 2026 and September 28, 2025, respectively | 2,533 | 2,614 | ||||||
| Accumulated other comprehensive loss | (96,442 | ) | (95,777 | ) | ||||
| Retained earnings | 1,977,557 | 1,872,948 | ||||||
| Tetra Tech stockholders' equity | 1,883,648 | 1,779,785 | ||||||
| Noncontrolling interests | 683 | 379 | ||||||
| Total stockholders' equity | 1,884,331 | 1,780,164 | ||||||
| Total liabilities and stockholders' equity | $ | 4,475,799 | $ | 4,282,174 | ||||
Tetra Tech, Inc.
Consolidated Statements of Income
(unaudited - in thousands, except per share data)
| Three Months Ended | Fiscal Year Ended | |||||||||||||||
| September 27, | September 28, | September 27, | September 28, | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenue | $ | 1,337,362 | $ | 1,330,100 | $ | 5,076,737 | $ | 5,442,590 | ||||||||
| Subcontractor costs | (184,391 | ) | (166,791 | ) | (728,399 | ) | (825,230 | ) | ||||||||
| Other costs of revenue | (887,084 | ) | (889,163 | ) | (3,404,785 | ) | (3,656,016 | ) | ||||||||
| Gross profit | 265,887 | 274,146 | 943,553 | 961,344 | ||||||||||||
| Selling, general and administrative expenses | (84,438 | ) | (102,714 | ) | (339,092 | ) | (357,737 | ) | ||||||||
| Legal contingency costs | - | - | - | (115,000 | ) | |||||||||||
| Impairment of goodwill | - | - | - | (92,416 | ) | |||||||||||
| Contingent consideration - fair value adjustments | 6,991 | 9,873 | 14,421 | 12,228 | ||||||||||||
| Income from operations | 188,440 | 181,305 | 618,882 | 408,419 | ||||||||||||
| Interest expense, net | (7,345 | ) | (6,806 | ) | (30,468 | ) | (30,802 | ) | ||||||||
| Other non-operating income | - | - | 12,361 | - | ||||||||||||
| Income before income tax expense | 181,095 | 174,499 | 600,775 | 377,617 | ||||||||||||
| Income tax expense | (49,187 | ) | (46,623 | ) | (160,046 | ) | (129,668 | ) | ||||||||
| Net income | 131,908 | 127,876 | 440,729 | 247,949 | ||||||||||||
| Net income attributable to noncontrolling interests | (185 | ) | (131 | ) | (771 | ) | (225 | ) | ||||||||
| Net income attributable to Tetra Tech | $ | 131,723 | $ | 127,745 | $ | 439,958 | $ | 247,724 | ||||||||
| Earnings per share attributable to Tetra Tech: | ||||||||||||||||
| Basic | $ | 0.52 | $ | 0.49 | $ | 1.70 | $ | 0.94 | ||||||||
| Diluted | $ | 0.51 | $ | 0.48 | $ | 1.69 | $ | 0.93 | ||||||||
| Weighted-average common shares outstanding: | ||||||||||||||||
| Basic | 254,764 | 262,184 | 258,430 | 264,713 | ||||||||||||
| Diluted | 256,663 | 264,247 | 260,235 | 267,123 | ||||||||||||
| Cash dividends paid per share | 0.072 | 0.065 | 0.274 | 0.246 | ||||||||||||
Tetra Tech, Inc.
Consolidated Statements of Cash Flows
(unaudited - in thousands)
| Fiscal Year Ended | ||||||||
| September 27, | September 28, | |||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 440,729 | $ | 247,949 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 56,294 | 58,276 | ||||||
| Amortization of stock-based awards | 36,561 | 33,946 | ||||||
| Deferred income taxes | 64,254 | (11,297 | ) | |||||
| Provision for losses on accounts receivables | 1,889 | 3,150 | ||||||
| Impairment of goodwill | - | 92,416 | ||||||
| Gain on sale of divested business | (12,361 | ) | - | |||||
| Fair value adjustments to contingent consideration | (14,421 | ) | (12,228 | ) | ||||
| Other non-cash items | 2,936 | 9,024 | ||||||
| Changes in operating assets and liabilities, net of effects of business acquisitions and divestitures: | ||||||||
| Accounts receivable and contract assets | 45,087 | (112,755 | ) | |||||
| Prepaid expenses and other assets | (9,719 | ) | (30,563 | ) | ||||
| Accounts payable | 10,118 | 2,398 | ||||||
| Accrued compensation | (28,481 | ) | 18,879 | |||||
| Contract liabilities | (13,836 | ) | 73,489 | |||||
| Cash settled contingent earn-out liability | - | (11,170 | ) | |||||
| Income taxes receivable/payable | (40,765 | ) | 23,227 | |||||
| Other liabilities | (15,266 | ) | 72,944 | |||||
| Net cash provided by operating activities | 523,019 | 457,685 | ||||||
| Cash flows from investing activities: | ||||||||
| Payments for business acquisitions, net of cash acquired | (191,870 | ) | (97,263 | ) | ||||
| Capital expenditures | (20,485 | ) | (18,633 | ) | ||||
| Proceeds from sales of assets | 915 | 919 | ||||||
| Proceeds from company-owned life insurance policies | - | 1,934 | ||||||
| Proceeds from divested business, net | 40,263 | 2,406 | ||||||
| Proceeds from loan repayment from divested business | - | 3,883 | ||||||
| Net cash used in investing activities | (171,177 | ) | (106,754 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from borrowings | 335,000 | 715,000 | ||||||
| Repayments on long-term debt | (210,000 | ) | (771,027 | ) | ||||
| Payment of debt issuance costs | - | (2,738 | ) | |||||
| Repurchases of common stock | (302,010 | ) | (249,984 | ) | ||||
| Shares repurchased for tax withholdings on share-based awards | (12,568 | ) | (14,047 | ) | ||||
| Payments of contingent earn-out liabilities | (20,841 | ) | (15,055 | ) | ||||
| Stock options exercised | 1,394 | 469 | ||||||
| Dividends paid | (70,827 | ) | (65,039 | ) | ||||
| Principal payments on finance leases | (8,024 | ) | (7,823 | ) | ||||
| Net cash used in financing activities | (287,876 | ) | (410,244 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents | 2,738 | (5,004 | ) | |||||
| Net increase (decrease) in cash and cash equivalents | 66,704 | (64,317 | ) | |||||
| Cash and cash equivalents at beginning of year | 168,372 | 232,689 | ||||||
| Cash and cash equivalents at end of year | $ | 235,076 | $ | 168,372 | ||||
Tetra Tech, Inc.
Regulation G Information
September 27, 2026
Reconciliation of Revenue to Revenue, Net of Subcontractor Costs ("Net Revenue")
(in millions)
| 2025 | 2026 | |||||||||||||||||||||||||||||||||||||||||||||||
| 2023 | 2024 | 1st Qtr | 2nd Qtr | 6 Mos | 3rd Qtr | 9 Mos | 4th Qtr | Total | 1st Qtr | 2nd Qtr | 6 Mos | 3rd Qtr | 9 Mos | 4th Qtr | Total | |||||||||||||||||||||||||||||||||
| Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | 4,522.6 | 5,198.7 | 1,420.6 | 1,322.1 | 2,742.7 | 1,369.8 | 4,112.5 | 1,330.1 | 5,442.6 | 1,210.7 | 1,220.2 | 2,430.8 | 1,308.6 | 3,739.4 | 1,337.3 | 5,076.7 | ||||||||||||||||||||||||||||||||
| Subcontractor Costs | (771.5 | ) | (876.8 | ) | (223.3 | ) | (218.4 | ) | (441.7 | ) | (216.8 | ) | (658.5 | ) | (166.8 | ) | (825.3 | ) | (173.5 | ) | (170.5 | ) | (344.0 | ) | (200.0 | ) | (544.0 | ) | (184.4 | ) | (728.4 | ) | ||||||||||||||||
| Net Revenue | 3,751.1 | 4,321.9 | 1,197.3 | 1,103.7 | 2,301.0 | 1,153.0 | 3,454.0 | 1,163.3 | 4,617.3 | 1,037.2 | 1,049.7 | 2,086.8 | 1,108.6 | 3,195.4 | 1,152.9 | 4,348.3 | ||||||||||||||||||||||||||||||||
| GSG Segment | ||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | 2,300.7 | 2,624.2 | 791.4 | 698.9 | 1,490.2 | 709.4 | 2,199.6 | 628.9 | 2,828.6 | 525.5 | 559.4 | 1,084.9 | 598.4 | 1,683.3 | 627.8 | 2,311.1 | ||||||||||||||||||||||||||||||||
| Subcontractor Costs | (484.3 | ) | (540.5 | ) | (144.0 | ) | (134.6 | ) | (278.5 | ) | (136.8 | ) | (415.3 | ) | (88.4 | ) | (503.7 | ) | (93.4 | ) | (100.9 | ) | (194.3 | ) | (124.1 | ) | (318.4 | ) | (115.2 | ) | (433.6 | ) | ||||||||||||||||
| Net Revenue | 1,816.4 | 2,083.7 | 647.4 | 564.3 | 1,211.7 | 572.6 | 1,784.3 | 540.5 | 2,324.9 | 432.1 | 458.5 | 890.6 | 474.3 | 1,364.9 | 512.6 | 1,877.5 | ||||||||||||||||||||||||||||||||
| CIG Segment | ||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | 2,292.7 | 2,634.4 | 644.9 | 637.8 | 1,282.6 | 676.6 | 1,959.1 | 721.2 | 2,680.2 | 704.2 | 676.2 | 1,380.3 | 728.3 | 2,108.6 | 729.5 | 2,838.1 | ||||||||||||||||||||||||||||||||
| Subcontractor Costs | (358.0 | ) | (396.2 | ) | (94.9 | ) | (98.3 | ) | (193.2 | ) | (96.1 | ) | (289.4 | ) | (98.3 | ) | (387.7 | ) | (99.1 | ) | (85.0 | ) | (184.1 | ) | (94.1 | ) | (278.1 | ) | (89.2 | ) | (367.3 | ) | ||||||||||||||||
| Net Revenue | 1,934.7 | 2,238.2 | 550.0 | 539.5 | 1,089.4 | 580.5 | 1,669.7 | 622.9 | 2,292.5 | 605.1 | 591.2 | 1,196.2 | 634.2 | 1,830.5 | 640.3 | 2,470.8 | ||||||||||||||||||||||||||||||||
Reconciliation of Net Income Attributable to Tetra Tech to Adjusted EBITDA
(in thousands)
| 2025 | 2026 | |||||||||||||||||||||||||||||||||||||||||||||||
| 2023 | 2024 | 1st Qtr | 2nd Qtr | 6 Mos | 3rd Qtr | 9 Mos | 4th Qtr | Total | 1st Qtr | 2nd Qtr | 6 Mos | 3rd Qtr | 9 Mos | 4th Qtr | Total | |||||||||||||||||||||||||||||||||
| Net Income Attributable to Tetra Tech | 273,420 | 333,382 | 747 | 5,388 | 6,135 | 113,844 | 119,979 | 127,745 | 247,724 | 105,028 | 93,623 | 198,651 | 109,584 | 308,235 | 131,723 | 439,958 | ||||||||||||||||||||||||||||||||
| Income Tax Expense | 127,526 | 130,023 | 14,530 | 25,700 | 40,230 | 42,815 | 83,045 | 46,624 | 129,668 | 36,354 | 33,538 | 69,892 | 40,966 | 110,858 | 49,187 | 160,046 | ||||||||||||||||||||||||||||||||
| Interest Expense1 | 46,537 | 37,271 | 7,218 | 8,491 | 15,709 | 8,287 | 23,996 | 6,806 | 30,802 | 7,128 | 8,838 | 15,966 | 7,158 | 23,124 | 7,345 | 30,468 | ||||||||||||||||||||||||||||||||
| Depreciation | 19,980 | 23,722 | 5,402 | 5,248 | 10,650 | 5,410 | 16,059 | 5,115 | 21,175 | 5,608 | 5,550 | 11,159 | 5,720 | 16,879 | 5,472 | 22,352 | ||||||||||||||||||||||||||||||||
| Amortization | 41,226 | 49,955 | 10,660 | 8,629 | 19,289 | 8,287 | 27,577 | 9,524 | 37,101 | 8,387 | 8,791 | 17,178 | 9,046 | 26,224 | 7,719 | 33,943 | ||||||||||||||||||||||||||||||||
| EBITDA | 508,689 | 574,353 | 38,557 | 53,456 | 92,013 | 178,643 | 270,656 | 195,814 | 466,470 | 162,505 | 150,340 | 312,846 | 172,474 | 485,320 | 201,446 | 686,767 | ||||||||||||||||||||||||||||||||
| Acquisition & Integration Expenses2 | 49,554 | 7,138 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
| Contingent Consideration | 12,255 | 2,541 | (366 | ) | (1,931 | ) | (2,297 | ) | (58 | ) | (2,355 | ) | (9,873 | ) | (12,228 | ) | (7,447 | ) | (58 | ) | (7,506 | ) | 77 | (7,429 | ) | (6,991 | ) | (14,421 | ) | |||||||||||||||||||
| FX Hedge Gain | (89,402 | ) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
| Gain on sale of divested business | - | - | - | - | - | - | - | - | - | (7,710 | ) | (4,651 | ) | (12,361 | ) | - | (12,361 | ) | - | (12,361 | ) | |||||||||||||||||||||||||||
| Goodwill Impairment | - | - | - | 92,416 | 92,416 | - | 92,416 | - | 92,416 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
| Legal Contingency Costs | - | - | 115,000 | - | 115,000 | - | 115,000 | - | 115,000 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
| Adjusted EBITDA | 481,096 | 584,032 | 153,191 | 143,941 | 297,132 | 178,585 | 475,717 | 185,941 | 661,658 | 147,348 | 145,631 | 292,979 | 172,551 | 465,530 | 194,455 | 659,985 | ||||||||||||||||||||||||||||||||
1 Includes write-off of deferred debt origination fees of $3.8M in fiscal 2023
2 Includes lease impairment charge of $16.4M in fiscal 2023