J 10-Q

Jacobs Solutions Inc. (J)

10-Q 2025-08-05 For: 2025-06-27

View Original

Added on April 09, 2026



Title of Each Class		Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock	$1 par value	J	New York Stock Exchange


			Page No.
PART I	FINANCIAL INFORMATION

	Item 1.	Financial Statements	4

		Consolidated Balance Sheets - Unaudited	5

		Consolidated Statements of Earnings - Unaudited	6

		Consolidated Statements of Comprehensive Income - Unaudited	7

		Consolidated Statements of Stockholders’ Equity - Unaudited	8

		Consolidated Statements of Cash Flows - Unaudited	10

		Notes to Consolidated Financial Statements - Unaudited	11

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	46

	Item 4.	Controls and Procedures	56

PART II	OTHER INFORMATION

	Item 1.	Legal Proceedings	48

	Item 1A.	Risk Factors	48

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	48

	Item 3.	Defaults Upon Senior Securities	49

	Item 4.	Mine Safety Disclosures	49

	Item 5.	Other Information	49

	Item 6.	Exhibits	50

		SIGNATURES	51


	June 27, 2025		September 27, 2024
	(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents	$	1,293,307	$	1,144,795
Receivables and contract assets	3,047,152		2,845,452
Prepaid expenses and other	130,224		155,865
Investment in equity securities	—		749,468
Total current assets	4,470,683		4,895,580
Property, Equipment and Improvements, net	303,267		315,630
Other Noncurrent Assets:
Goodwill	4,820,173		4,788,181
Intangibles, net	771,141		874,894
Deferred income tax assets	277,944		195,406
Operating lease right-of-use assets	304,018		303,856
Miscellaneous	465,614		385,458
Total other noncurrent assets	6,638,890		6,547,795
	$	11,412,840	$	11,759,005
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt	$	—	$	875,760
Accounts payable	1,125,307		1,029,140
Accrued liabilities	977,694		1,087,764
Operating lease liabilities	110,008		119,988
Contract liabilities	992,283		967,089
Total current liabilities	3,205,292		4,079,741
Long-term debt	2,508,692		1,348,594
Liabilities relating to defined benefit pension and retirement plans	266,664		298,221
Deferred income tax liabilities	150,917		116,655
Long-term operating lease liabilities	385,578		407,826
Other deferred liabilities	156,095		120,483
Total other noncurrent liabilities	3,467,946		2,291,779
Commitments and Contingencies
Redeemable Noncontrolling interests	908,352		820,182
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 - 119,704,769 shares and 124,253,511 shares as of June 27, 2025 and September 27, 2024, respectively	119,705		124,084
Additional paid-in capital	2,699,770		2,758,064
Retained earnings	1,660,186		2,366,769
Accumulated other comprehensive loss	(657,640)		(699,450)
Total Jacobs stockholders’ equity	3,822,021		4,549,467
Noncontrolling interests	9,229		17,836
Total Group stockholders’ equity	3,831,250		4,567,303
	$	11,412,840	$	11,759,005


	For the Three Months Ended				For the Nine Months Ended
	June 27, 2025		June 28, 2024		June 27, 2025		June 28, 2024
Revenues	$	3,031,768	$	2,883,384	$	8,875,139	$	8,540,791
Direct cost of contracts	(2,273,358)		(2,162,442)		(6,657,118)		(6,443,156)
Gross profit	758,410		720,942		2,218,021		2,097,635
Selling, general and administrative expenses	(523,396)		(549,956)		(1,565,942)		(1,601,404)
Operating Profit	235,014		170,986		652,079		496,231
Other Income (Expense):
Interest income	8,297		9,718		27,478		25,939
Interest expense	(37,051)		(45,789)		(110,451)		(133,372)
Loss on extinguishment of debt	—		—		(20,510)		—
Miscellaneous income (expense), net	38,844		1,550		(194,523)		(5,118)
Total other income (expense), net	10,090		(34,521)		(298,006)		(112,551)
Earnings from Continuing Operations Before Taxes	245,104		136,465		354,073		383,680
Income Tax Expense from Continuing Operations	(53,752)		(45,272)		(161,477)		(57,026)
Net Earnings of the Group from Continuing Operations	191,352		91,193		192,596		326,654
Net (Loss) Earnings of the Group from Discontinued Operations, net of tax	(1,629)		67,703		(8,180)		187,232
Net Earnings of the Group	189,723		158,896		184,416		513,886
Net (Earnings) Loss Attributable to Noncontrolling Interests from Continuing Operations	(4,442)		(4,858)		1,209		(13,037)
Net Earnings Attributable to Redeemable Noncontrolling Interests	(5,676)		(3,411)		(18,539)		(10,112)
Net Earnings Attributable to Jacobs from Continuing Operations	181,234		82,924		175,266		303,505
Net Earnings Attributable to Noncontrolling Interests from Discontinued Operations	—		(3,693)		—		(10,080)
Net (Loss) Earnings Attributable to Jacobs from Discontinued Operations	(1,629)		64,010		(8,180)		177,152
Net Earnings Attributable to Jacobs	$	179,605	$	146,934	$	167,086	$	480,657
Net Earnings Per Share:
Basic Net Earnings from Continuing Operations Per Share	$	1.56	$	0.66	$	1.54	$	2.43
Basic Net (Loss) Earnings from Discontinued Operations Per Share	$	(0.01)	$	0.51	$	(0.07)	$	1.41
Basic Earnings Per Share	$	1.55	$	1.17	$	1.47	$	3.84

Diluted Net Earnings from Continuing Operations Per Share	$	1.56	$	0.66	$	1.53	$	2.42
Diluted Net (Loss) Earnings from Discontinued Operations Per Share	$	(0.01)	$	0.51	$	(0.07)	$	1.40
Diluted Earnings Per Share	$	1.55	$	1.17	$	1.46	$	3.82


	For the Three Months Ended				For the Nine Months Ended
	June 27, 2025		June 28, 2024		June 27, 2025		June 28, 2024
Net Earnings of the Group	$	189,723	$	158,896	$	184,416	$	513,886
Other Comprehensive Income:
Foreign currency translation adjustments	136,829		1,418		40,721		74,595
Change in cash flow hedges	(3,357)		(3,659)		(3,765)		(29,398)
Change in pension plan liabilities	(15,721)		2,245		1,783		(4,214)
Other comprehensive income before taxes	117,751		4		38,739		40,983
Income Tax Benefit (Expense):
Foreign currency translation adjustments	4,558		4,390		4,558		4,390
Cash flow hedges	856		904		1,107		7,573
Change in pension plan liabilities	(762)		(470)		(2,594)		(1,407)
Income Tax Benefit:	4,652		4,824		3,071		10,556
Net other comprehensive Income	122,403		4,828		41,810		51,539
Net Comprehensive Income of the Group	312,126		163,724		226,226		565,425
Net (Earnings) Loss Attributable to Noncontrolling Interests	(4,442)		(8,551)		1,209		(23,117)
Net Earnings Attributable to Redeemable Noncontrolling Interests	(5,676)		(3,411)		(18,539)		(10,112)
Net Comprehensive Income Attributable to Jacobs	$	302,008	$	151,762	$	208,896	$	532,196


	Three Months Ended				Nine Months Ended
	June 27, 2025		June 28, 2024		June 27, 2025		June 28, 2024
Revenues:
United States	$	1,862,762	$	1,809,939	$	5,471,774	$	5,316,903
Europe	726,478		671,375		2,136,581		2,026,806
Canada	66,341		66,849		180,491		191,392
Asia	36,827		31,619		105,599		96,379
India	50,691		37,946		132,138		110,963
Australia and New Zealand	139,696		135,228		410,239		407,215
Middle East and Africa	148,973		130,428		438,317		391,133
Total	$	3,031,768	$	2,883,384	$	8,875,139	$	8,540,791


On January 16, 2020, the Company's Board of Directors authorized a share repurchase program of up to $1.0 billion of the Company's common stock (the "2020 Repurchase Authorization"). The 2020 Repurchase Authorization expired on January 15, 2023. On January 25, 2023, the Company's Board of Directors authorized an incremental share repurchase program of up to $1.0 billion of the Company's common stock, to expire on January 25, 2026 (the "2023 Repurchase Authorization"). During the second fiscal quarter of 2025, the Company repurchased the remaining amount of common stock authorized under the 2023 Repurchase Authorization. On January 30, 2025, the Company's Board of Directors authorized an incremental share repurchase program of up to $1.5 billion of the Company's common stock, to expire on January 30, 2028 (the "2025 Repurchase Authorization"). At June 27, 2025, the Company had $1.3 billion remaining under the 2025 Repurchase Authorization.


Amount Authorized (2023 Repurchase Authorization)	Average Price Per Share (1)	Total Shares Repurchased and Retired
$1,000,000,000	$133.51	3,570,275


Amount Authorized (2025 Repurchase Authorization)	Average Price Per Share (1)	Total Shares Repurchased and Retired
$1,500,000,000	$124.29	1,420,821


Our share repurchase program does not obligate the Company to purchase any shares. Share repurchases may be executed through various means including, without limitation, accelerated share repurchases, open market transactions, privately negotiated transactions, purchases pursuant to Rule 10b5-1 plans or otherwise. The authorization for the share repurchase programs may be terminated, increased or decreased by the Company’s Board of Directors in its discretion at any time. The timing, amount and manner of share repurchases may depend upon market conditions and economic circumstances, availability of investment opportunities, the availability and costs of financing, currency fluctuations, the market price of the Company's common stock, other uses of capital and other factors.


	Infrastructure & Advanced Facilities		PA Consulting		Total
Balance September 27, 2024	$	3,362,760	$	1,425,421	$	4,788,181



Foreign currency translation adjustments and other	(4,701)		36,693		31,992
Balance June 27, 2025	$	3,358,059	$	1,462,114	$	4,820,173


	Customer Relationships, Contracts and Backlog		Developed Technology		Trade Names		Total
Balance September 27, 2024	$	651,894	$	31,515	$	191,485	$	874,894
Amortization	(96,007)		(8,986)		(10,953)		(115,946)


Foreign currency translation adjustments and other	8,106		7		4,080		12,193
Balance June 27, 2025	$	563,993	$	22,536	$	184,612	$	771,141


Fiscal Year	(in millions)
2025	$	40.0
2026	141.0
2027	111.0
2028	100.6
2029	100.6
Thereafter	277.9
Total	$	771.1


	June 27, 2025		September 27, 2024
Components of receivables and contract assets:
Amounts billed, net	$	1,475,699	$	1,278,980
Unbilled receivables and other	1,126,147		1,132,980
Contract assets	445,306		433,492
Total receivables and contract assets, net	$	3,047,152	$	2,845,452


	Change in Net Pension Obligation		Foreign Currency Translation Adjustments (1)		Gain/(Loss) on Cash Flow Hedges (2)		Total
Balance at September 27, 2024	$	(370,937)	$	(369,516)	$	41,003	$	(699,450)
Other comprehensive (loss) income	(811)		45,279		3,274		47,742
Reclassifications from accumulated other comprehensive loss	—		—		(5,932)		(5,932)
Balance at June 27, 2025	$	(371,748)	$	(324,237)	$	38,345	$	(657,640)


	For the Nine Months Ended
	June 27, 2025		June 28, 2024
Cash Flows from Operating Activities:
Net earnings of the Group	$	184,416	$	513,886
Adjustments to reconcile net earnings to net cash flows provided by operations:
Depreciation and amortization:
Property, equipment and improvements	62,038		74,171
Intangible assets	115,946		156,292
Loss on extinguishment of debt	20,510		—
Loss on investment in equity securities	227,305		—
Stock based compensation	47,421		54,170
Equity in earnings of operating ventures, net of return on capital distributions	(503)		(13,554)
(Gain) loss on disposals of assets, net	(777)		1,033



Deferred income taxes	(53,794)		(116,103)
Changes in assets and liabilities:
Receivables and contract assets, net of contract liabilities	(225,280)		23,440
Prepaid expenses and other current assets	16,168		54,512
Miscellaneous other assets	49,570		68,666
Accounts payable	96,323		117,220
Accrued liabilities	(228,933)		(107,709)
Other deferred liabilities	10,192		22,243
Other, net	(16,983)		9,874
Net cash provided by operating activities	303,619		858,141
Cash Flows from Investing Activities:
Additions to property and equipment	(49,655)		(82,772)
Disposals of property and equipment and other assets	2,332		158
Capital contributions to equity investees, net of return of capital distributions	932		1,660
Acquisitions of businesses, net of cash acquired	—		(14,000)


Net cash used for investing activities	(46,391)		(94,954)
Cash Flows from Financing Activities:
Proceeds from long-term borrowings	2,173,201		2,224,577
Repayments of long-term borrowings	(926,800)		(2,194,423)
Proceeds from short-term borrowings	—		1,106
Repayments of short-term borrowings	(656,981)		(31,882)


The Company’s effective tax rates from continuing operations for the three months ended June 27, 2025 and June 28, 2024 were 21.9% and 33.2%, respectively. Significant items contributing to differences between the statutory U.S. federal corporate tax rate of 21.0% and the Company's effective tax rate for the three-month period ended June 27, 2025 were U.S. state income tax expense and U.S. tax on foreign earnings. These expense items were offset by a return-to-provision income tax benefit, mainly attributable to additional research and development credits claimed on the U.S. federal tax return. The U.S state income tax and U.S. tax on foreign earnings are expected to have a continuing impact on the Company's effective tax rate for the remainder of the fiscal year.

The most significant items contributing to the difference between the statutory U.S. federal corporate tax rate of 21.0% and the Company's effective tax rate of 33.2% for the three-month period ended June 28, 2024 were related to U.S. state income tax expense, U.S. tax on foreign earnings and income tax expense related to foreign exchange gains associated with change in assertion on intercompany loans that were previously indefinitely reinvested. These expense items were partly offset by a return-to-provision income tax benefit, mainly attributable to additional research and development credits claimed on the U.S. federal tax return.

The Company’s effective tax rates from continuing operations for the nine months ended June 27, 2025 and June 28, 2024 were 45.6% and 14.9%, respectively. The most significant items contributing to the difference between the statutory U.S. federal corporate tax rate of 21.0% and the Company's effective tax rate for the nine-month period ended June 27, 2025 were related to $63.1 million in unfavorable tax impacts associated with the non-deductibility of losses from the Company's investment in Amentum stock, as well as U.S. state income tax expense and U.S. tax on foreign earnings. These expense items were partly offset by a return-to-provision income tax benefit mainly attributable to additional research and development credits claimed on the U.S. federal tax return. The U.S state income tax and U.S. tax on foreign earnings are expected to have a continuing impact on the Company's effective tax rate for the remainder of the fiscal year.

The most significant item contributing to the difference between the statutory U.S. federal corporate tax rate of 21.0% and the Company's effective tax rate of 14.9% for the nine-month period ended June 28, 2024 were related to the election to treat an Australian subsidiary as a corporation versus a partnership for U.S. tax purposes, which resulted in the derecognition of a deferred tax liability and yielded a discrete income tax benefit of $61.6 million as the Company asserted that a component of the investment will be indefinitely reinvested. This benefit was partly offset by U.S. state income tax expense, U.S. tax on foreign earnings and income tax related to foreign exchange gains associated with change in assertion on intercompany loans that were previously indefinitely reinvested.

On July 4, 2025, H.R. 1, also referred to as the “One Big Beautiful Bill Act” (“OBBBA”), was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act (“TCJA”), modifications to the international tax framework and pre-TCJA treatment for certain business provisions. ASC 740, Income Taxes, requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. The OBBBA has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company is currently assessing its impact on the consolidated financial statements which will be recorded during the fourth quarter of fiscal 2025.

In December 2021, the Organization for Economic Cooperation and Development ("OECD") released the Pillar Two Model Rules (also referred to as the global minimum tax or Global Anti-Base Erosion "GloBE" rules), which were designed to ensure large multinational enterprises pay a minimum 15 percent level of tax on the income arising in each jurisdiction in which they operate. Several jurisdictions in which we operate have enacted these rules, which were effective for the first quarter of the fiscal year ending September 26, 2025. The Company is continually monitoring developments and evaluating the potential impacts. At this time, implementation of these rules has not generated a material impact on consolidated income taxes.

The amount of income taxes the Company pays is subject to ongoing audits by tax jurisdictions around the world. In the normal course of business, the Company is subject to examination by tax authorities throughout the world, including such major jurisdictions as Australia, Canada, India, the United Kingdom and the United States. Our estimate of the potential outcome of any uncertain tax issue is subject to our assessment of the relevant risks, facts, and circumstances existing at the time. The Company believes that it has adequately provided for reasonably foreseeable outcomes related to these matters. However, future results may include favorable or unfavorable adjustments to our estimated tax liabilities in the period the assessments are made or resolved, which may impact our effective tax rate.


	Interest Rate	Maturity	June 27, 2025		September 27, 2024
Revolving Credit Facility	Benchmark + applicable margin (1)	February 2028	$	655,000	$	140,000
2021 Term Loan Facility - USD Portion	Benchmark + applicable margin (2)	February 2026	—		120,000
2021 Term Loan Facility - GBP Portion	Benchmark + applicable margin (2)	September 2025	—		870,415
2025 Term Loan Facility - USD Portion	Benchmark + applicable margin (3)	March 2027	200,000		—
2025 Term Loan Facility - GBP Portion	Benchmark + applicable margin (3)	March 2027	562,971		—
Fixed-rate:
5.9% Bonds, due 2033	5.9% (4)	March 2033	500,000		500,000
6.35% Bonds, due 2028	6.35%	August 2028	600,000		600,000

Less: Current Portion (5)			—		(870,415)
Less: Deferred Financing Fees			(9,279)		(11,406)
Total Long-term debt, net			$	2,508,692	$	1,348,594


	Nine Months Ended
	June 27, 2025		June 28, 2024
Cash paid for amounts included in the measurements of lease liabilities	$	111,809	$	113,916



Right-of-use assets obtained in exchange for new operating lease liabilities	$	62,954	$	30,871

Weighted average remaining lease term - operating leases	5.7 years		5.7 years

Weighted average discount rate - operating leases	3.9%		3.6%


Fiscal Year	Operating Leases
2025	$	35,544
2026	125,540
2027	104,967
2028	86,276
2029	65,223
Thereafter	133,327
	550,877
Less Interest	(55,291)
	$	495,586


Cash contributions made during the first nine months of fiscal 2025	$	35,785
Cash contributions projected for the remainder of fiscal 2025	1,506
Total	$	37,291




Balance at September 27, 2024	$	820,182
Accrued Preferred Dividend to Preference Shareholders	59,792
Attribution of Preferred Dividend to Common Shareholders	(59,792)

Net earnings attributable to redeemable noncontrolling interests to Common Shareholders	18,539
Redeemable Noncontrolling interests redemption value adjustment	68,031
Repurchase of redeemable noncontrolling interests	(11,003)

Cumulative translation adjustments and other	12,603
Balance at June 27, 2025	$	908,352


Balance at September 27, 2024	$	44,935
Net Charges (Credits)	47,657
Payments and other	(72,701)
Balance at June 27, 2025	$	19,891



Terminations	$	99,732
Outside Services	156,868
Other (1)	61
Total	$	256,661


(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 and June 28, 2024 included $22.0 million and $47.1 million, respectively, and $50.8 million and $120.3 million, respectively, in restructuring and other charges relating to the Separation Transaction (primarily professional services and employee separation costs), as well as 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 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 (see Note 15- Discontinued Operations). The nine months ended June 27, 2025 included $20.5 million in discounts and expenses associated with the Equity-for-Debt Transaction (see Note 12- Borrowings and Note 15- Discontinued Operations).


	Three Months Ended				Nine Months Ended
(in thousands)	June 27, 2025		June 28, 2024		June 27, 2025		June 28, 2024
Revenue	$	2,699,062	$	2,595,113	$	7,928,023	$	7,652,552
Operating Profit	$	235,975	$	208,171	$	649,514	$	579,659


Revenues for the I&AF segment for the three and nine months ended June 27, 2025 were $2.70 billion and $7.93 billion, respectively, an increase of $103.9 million and $275.5 million, or 4.0% and 3.6%, compared to $2.60 billion and $7.65 billion for the corresponding periods last year. The increase in revenues for the three and nine months ended June 27, 2025 was driven primarily from stronger performance in its Advanced Facilities, Americas and APME business operations. This was partly offset by a reserve recorded in second quarter fiscal 2025 associated with an unfavorable interim ruling against a consolidated joint venture in which the Company holds a 50% interest, with the noncontrolling partner’s share included in noncontrolling interests in the Company's Consolidated Statements of Earnings for the nine months ended June 27, 2025. Additionally, foreign currency translation had approximately $18.9 million and $8.3 million in favorable impacts on revenues for the three and nine months ended June 27, 2025, respectively, as compared to $3.1 million in unfavorable and $26.9 million in favorable impacts in the corresponding prior year periods.

Operating profit for the I&AF segment for the three and nine months ended June 27, 2025 was $236.0 million and $649.5 million, respectively, an increase of $27.8 million and $69.9 million, or 13.4% and 12.1%, from $208.2 million and $579.7 million for the corresponding periods last year. The increase for the three and nine months ended June 27, 2025 was a result of higher year over year segment revenues mentioned above, along with increased margin quality associated with higher volume year over year as well as favorable impacts from project mix. Higher operating profit in the nine months ended June 27, 2025 compared to prior year was partially offset by a reserve recorded in second quarter fiscal 2025 associated with an unfavorable interim ruling against a consolidated joint venture in which the Company holds a 50% interest, with the noncontrolling partner's share included in noncontrolling interests in the Company's Consolidated Statements of Earnings for the nine months ended June 27, 2025. Foreign currency translation had approximately $2.7 million and $2.0 million in favorable impacts on operating profit for three and nine months ended June 27, 2025, respectively, as compared to $0.2 million and $9.5 million in favorable impacts in the corresponding prior year periods.


Revenues for the PA Consulting segment for the three and nine months ended June 27, 2025 were $332.7 million and $947.1 million, respectively, reflecting an increase of $44.4 million and $58.9 million, or 15.4% and 6.6% from $288.3 million and $888.2 million in the corresponding period last year. The increase in revenue for the three months ended June 27, 2025 was primarily driven by improved performance in public sector work (through the defence and security and public services sectors), partly offset by reductions in consumer & manufacturing and financial services. The nine month increase was mainly due to improved performance in PA Consulting's health & life sciences business, partly offset by reductions in consumer & manufacturing and financial services businesses. Foreign currency translation had approximately $18.2 million and $26.6 million in favorable impacts on revenues for the three and nine months ended June 27, 2025, respectively, as compared to $2.3 million and $31.4 million in favorable impacts in the corresponding prior year period.

Operating profit for the segment for the three and nine months ended was $72.4 million and $206.5 million, respectively, an increase of $9.5 million and $29.0 million, or 15.2% and 16.3% from $62.9 million and $177.5 million in the corresponding period last year. The year over year increases were mainly attributable to improved revenues as mentioned above, combined with favorable impacts from reduced costs.



The increase in backlog in I&AF from June 28, 2024 was predominantly driven by growth across Water, Advanced Manufacturing and Transportation markets.

The increase in backlog in PA Consulting from June 28, 2024 was primarily driven by organic year-over-year growth of the business including some material sales in the third fiscal quarter of 2025.


Period	Total Number of Shares Purchased	Average Price Per Share (1)	Total Number of Shares Purchased under the 2025 Repurchase Authorizations	Approximate Dollar Value of Shares that May Yet Be Purchased Under the 2025 Repurchase Authorizations
March 29, 2025 - April 25, 2025	252,203	$117.00	252,203	$1,390,503,032
April 26, 2025 - May 23, 2025	262,347	$124.98	262,347	$1,357,713,728
May 24, 2025 - June 27, 2025	296,309	$130.09	296,309	$1,319,166,826
Total	810,859		810,859



2.1			Agreement and Plan of Merger, dated November 20, 2023, by and among Jacobs Solutions Inc., Amazon Holdco Inc., Amentum Parent Holdings LLC and Amentum Joint Venture LP. Filed as Exhibit 2.1 to the Registrant’s Current Report on Form 8-K on November 21, 2023 and incorporated herein by reference.
2.2			Amendment to Agreement and Plan of Merger, dated August 26, 2024, by and among Jacobs Solutions Inc., Amazon Holdco Inc., Amentum Parent Holdings LLC and Amentum Joint Venture LP. Filed as Exhibit 2,5 to the Registrant’s fiscal 2024 Annual Report on Form 10-K and incorporated herein by reference.
3.1			Restated Certificate of Incorporation of Jacobs Solutions Inc, Filed as Exhibit 3.2 to the Registrant’s Current Report on Form 8-K on February 3, 2025 and incorporated herein by reference.
3.2*			Amended and Restated Bylaws of Jacobs Solutions Inc., dated as of J uly 3 1 , 2025.
22.1			Subsidiary Issuers of Guaranteed Securities. Filed as Exhibit 22.1 to the Registrant’s Quarterly Report on Form 10-Q for the third quarter of fiscal 2024 and incorporated herein by reference.
31.1*			Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
31.2*			Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
32.1*			Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*			Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101			The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 27, 2025, formatted in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Earnings, (iii) Consolidated Statements of Comprehensive Income (Loss), (iv) Consolidated Statements of Stockholders’ Equity, (v) Consolidated Statements of Cash Flows and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags.
104			The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 27, 2025, (formatted as Inline XBRL and contained in Exhibit 101).


By:			/s/ Venk Nathamuni
			Venk Nathamuni

			Chief Financial Officer
			(Principal Financial Officer)

Date:			August 5, 2025