Tetra Tech boosts share buybacks by $500M
Tetra Tech’s board more than doubled its share repurchase capacity, citing strong cash generation and a low net debt leverage ratio.
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Rhea-AI Filing Summary
TETRA TECH, INC. (TTEK) reported that its Board of Directors approved a $500 million increase to its share repurchase authorization. This more than doubles the capital remaining under its program at the end of the third quarter of fiscal 2026, raising total available repurchases to $898 million.
Over the twelve months ended the third quarter of fiscal 2026, the company generated $567 million in cash flow from operations and returned $322 million to shareholders through buybacks and dividends, while also completing strategic acquisitions. Tetra Tech stated that strong cash generation allowed continued balance-sheet deleveraging, with a net debt leverage ratio of 0.88x at the end of the quarter.
Chief Executive Officer Roger Argus said the expanded repurchase authorization reflects confidence in Tetra Tech’s long-term growth outlook and its balanced capital allocation, supporting ongoing investment in organic initiatives and acquisitions alongside increased capacity to return capital to shareholders.
Positive
- Board approved a $500 million increase to the share repurchase program, expanding total available repurchases to $898 million.
- Tetra Tech generated $567 million in cash flow from operations over 12 months and returned $322 million to shareholders via repurchases and dividends.
- The company reported a low net debt leverage ratio of 0.88x at the end of the third quarter of fiscal 2026, indicating continued deleveraging.
Negative
- None.
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net debt leverage ratio financial
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FAQ
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How much cash flow from operations did TTEK generate over the last 12 months?
What is TTEK’s reported net debt leverage ratio?
How does TTEK describe the rationale for increasing its buyback authorization?
Did TTEK mention any strategic activity alongside the repurchase increase?
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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
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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:
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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).
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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 8.01. | Other Events. |
On September 10, 2026, Tetra Tech announced that its Board of Directors has authorized a $500 million increase to its share repurchase program. A copy of the press release is attached to this Current Report as Exhibit 99.1.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits |
| 99.1 | Press Release, dated September 10, 2026, announcing Tetra Tech’s Board of Directors authorized a $500 million increase to its share repurchase program. |
| 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: September 10, 2026 | By: | /s/ ROGER R. ARGUS |
| Roger R. Argus | ||
| Chief Executive Officer and President | ||
| 3 |
Exhibit 99.1
 |
NEWS
RELEASE September 10, 2026 |
Tetra Tech Announces $500 Million Increase to its Share Repurchase Program
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, announced today that its Board of Directors approved an addtional $500 million share repurchase authorization. This more than doubles the amount remaining under the Company’s existing share repurchase program at the end of the third quarter of fiscal 2026, increasing total available share repurchases to $898 million.
For the twelve months ended the third quarter of fiscal 2026, Tetra Tech generated $567 million in cash flow from operations and returned $322 million to shareholders through share repurchases and dividends. During this period, the Company also advanced its Leading with Science® differentiation with the completion of strategic acquisitions that added new clients and technical capabilities. The strong cash flow also enabled the Company to continue deleveraging its balance sheet, and its net debt leverage ratio was 0.88x at the end of third quarter 2026.
“The increased share repurchase program reflects confidence in Tetra Tech’s long-term growth outlook and our balanced approach to capital allocation,” said Roger Argus, Tetra Tech Chief Executive Officer. “Our more than 20-year track record of generating cash from operations in excess of net income enables us to continue investing in organic growth initiatives and strategic acquisitions, while the new authorization expands our capacity to return capital to shareholders.”
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
Any statements made in this release that are not based on historical fact are forward-looking statements. Any forward-looking statements made in this release represent management’s best judgment as to what may occur in the future. However, Tetra Tech’s actual outcome and results are not guaranteed and are subject to certain risks, uncertainties and assumptions ("Future Factors"), and may differ materially from what is expressed. For a description of Future Factors that could cause actual results to differ materially from such forward-looking statements, see the discussion under the section "Risk Factors" included in the Company’s Form 10-K and Form 10-Q filings with the Securities and Exchange Commission.