AECOMACM
AECOM Segments Disclosure
Reportable Segments and Geographic Information
The Company manages its operations under three reportable segments according to their geographic regions and business activities. In identifying its reportable segments, the Company considered the financial information provided to its chief operating decision maker (CODM), who is the chief executive officer. The financial data is organized by geographic region and global business lines. The CODM uses this information to allocate resources and assess the performance of the segments primarily based on revenue less pass‑through revenue and attributable earnings before interest, tax, and amortization expense along with forecasts, market activity, and other non-financial information. Information provided to the CODM for purposes of making operating decisions and evaluating segment performance excludes asset-related information. After considering various factors, including the development and utilization of financial data to the CODM, the Company concluded that identifying its operating segments by geography was consistent with the objectives of ASC 280-10. Certain operating segments have been aggregated based on similar characteristics, including long-term financial performance, the nature of services provided, internal process for delivering those services, and types of customers, to arrive at the Company’s reportable segments. The Company’s Americas reportable segment provides planning, consulting, architectural and engineering design services, and construction management services to public and private clients in the United States, Canada, and Latin America and is comprised of the Design and Consulting Services Americas and Construction Management operating segments. The Company’s International reportable segment provides similar professional services to public and private clients in Europe and India, the Middle East and Africa, Asia, and Australia and New Zealand and is comprised of the operating segments in those geographic regions. The Company’s AECOM Capital (ACAP) operating segment is its own reportable segment and primarily invests in and develops real estate projects. Certain expenses that are determined to be related to the Company as a whole are not deemed to be part of an operating segment but are reported within Corporate.
The following tables set forth summarized financial information concerning the Company’s reportable segments:
| Reportable Segments: | Americas | International | AECOM Capital | Total | ||||||||||||||||||||||
| ($ in millions) | ||||||||||||||||||||||||||
| Fiscal Year Ended September 30, 2025: | ||||||||||||||||||||||||||
| Revenue | $ | 12,525.9 | $ | 3,613.2 | $ | 0.5 | $ | 16,139.6 | ||||||||||||||||||
| Subcontractor and other direct costs | (7,973.7) | (593.1) | — | (8,566.8) | ||||||||||||||||||||||
| Employee compensation expense | (3,089.4) | (2,286.1) | — | (5,375.5) | ||||||||||||||||||||||
Equity in earnings (losses) of joint ventures | 15.8 | 11.8 | (0.6) | 27.0 | ||||||||||||||||||||||
| Other segment items | (609.7) | (424.4) | (8.9) | (1,043.0) | ||||||||||||||||||||||
| Earnings before income taxes and amortization | $ | 868.9 | $ | 321.4 | $ | (9.0) | $ | 1,181.3 | ||||||||||||||||||
| Fiscal Year Ended September 30, 2024: | ||||||||||||||||||||||||||
| Revenue | $ | 12,485.7 | $ | 3,618.4 | $ | 1.4 | $ | 16,105.5 | ||||||||||||||||||
| Subcontractor and other direct costs | (8,281.1) | (659.4) | — | (8,940.5) | ||||||||||||||||||||||
| Employee compensation expense | (2,929.0) | (2,234.4) | (2.7) | (5,166.1) | ||||||||||||||||||||||
Equity in earnings (losses) of joint ventures | 15.5 | 13.5 | (26.9) | 2.1 | ||||||||||||||||||||||
| Other segment items | (514.9) | (427.4) | (12.3) | (954.6) | ||||||||||||||||||||||
| Earnings before income taxes and amortization | $ | 776.2 | $ | 310.7 | $ | (40.5) | $ | 1,046.4 | ||||||||||||||||||
| Fiscal Year Ended September 30, 2023: | ||||||||||||||||||||||||||
| Revenue | $ | 10,975.7 | $ | 3,402.1 | $ | 0.7 | $ | 14,378.5 | ||||||||||||||||||
| Subcontractor and other direct costs | (7,056.7) | (619.0) | — | (7,675.7) | ||||||||||||||||||||||
| Employee compensation expense | (2,729.9) | (2,134.5) | (5.9) | (4,870.3) | ||||||||||||||||||||||
Equity in earnings (losses) of joint ventures | 14.8 | 9.7 | (303.9) | (279.4) | ||||||||||||||||||||||
| Other segment items | (482.3) | (421.7) | (6.7) | (910.7) | ||||||||||||||||||||||
| Earnings before income taxes and amortization | $ | 721.6 | $ | 236.6 | $ | (315.8) | $ | 642.4 | ||||||||||||||||||
Other segment items include rent expenses, depreciation, nonoperating income, and a deduction for earnings attributable to noncontrolling interests as well as other costs. The table below reconciles total segment attributable earnings before taxes and amortization to income from continuing operations before taxes:
| Fiscal Year Ended | ||||||||||||||||||||
| September 30, 2025 | September 30, 2024 | September 30, 2023 | ||||||||||||||||||
| (in millions) | ||||||||||||||||||||
| Total segment attributable earnings before taxes and amortization | $ | 1,181.3 | $ | 1,046.4 | $ | 642.4 | ||||||||||||||
Corporate general and administrative expenses | (148.9) | (145.1) | (141.0) | |||||||||||||||||
| Restructuring and acquisition costs | (59.4) | (98.9) | (188.4) | |||||||||||||||||
| Other income | (2.5) | 2.1 | (5.3) | |||||||||||||||||
| Interest income | 62.9 | 58.6 | 40.3 | |||||||||||||||||
| Interest expense | (184.3) | (185.4) | (159.3) | |||||||||||||||||
| Amortization expense | (2.2) | (18.8) | (18.6) | |||||||||||||||||
| Income attributable to noncontrolling interests from continuing operations | 68.7 | 59.3 | 43.3 | |||||||||||||||||
| Income from continuing operations before taxes | $ | 915.6 | $ | 718.2 | $ | 213.4 | ||||||||||||||
| Reportable Segments: | Americas | International | AECOM Capital | Corporate and Assets Held for Sale | Total | |||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
| Fiscal Year Ended September 30, 2025: | ||||||||||||||||||||||||||||||||
| Total assets | $ | 7,866.9 | $ | 2,702.9 | $ | 41.6 | $ | 1,588.8 | $ | 12,200.2 | ||||||||||||||||||||||
| Investments in unconsolidated joint ventures | 44.0 | 56.6 | 37.5 | — | 138.1 | |||||||||||||||||||||||||||
| Depreciation and amortization | (94.3) | (70.8) | — | (10.8) | (175.9) | |||||||||||||||||||||||||||
| Fiscal Year Ended September 30, 2024: | ||||||||||||||||||||||||||||||||
| Total assets | $ | 7,988.1 | $ | 2,734.5 | $ | 53.2 | $ | 1,285.9 | $ | 12,061.7 | ||||||||||||||||||||||
| Investment in unconsolidated joint ventures | 34.1 | 61.1 | 42.9 | — | 138.1 | |||||||||||||||||||||||||||
| Depreciation and amortization | (101.6) | (67.2) | — | (10.0) | (178.8) | |||||||||||||||||||||||||||
| Fiscal Year Ended September 30, 2023: | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | (100.6) | (67.2) | — | (7.9) | (175.7) | |||||||||||||||||||||||||||
Geographic Information:
| Fiscal Year Ended | ||||||||||||||||||||
| Long-Lived Assets | September 30, 2025 | September 30, 2024 | September 30, 2023 | |||||||||||||||||
| (in millions) | ||||||||||||||||||||
| Americas | $ | 3,779.2 | $ | 3,315.3 | $ | 3,478.5 | ||||||||||||||
| Europe, Middle East, India, Africa | 1,025.5 | 872.9 | 803.5 | |||||||||||||||||
| Asia-Australia-Pacific | 351.1 | 370.7 | 342.3 | |||||||||||||||||
| Total | $ | 5,155.8 | $ | 4,558.9 | $ | 4,624.3 | ||||||||||||||
Long-lived assets consist of noncurrent assets excluding deferred tax assets.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Nov 19, 2025 | Showing above |
| 2024 | Nov 19, 2024 | |
| 2023 | Nov 15, 2023 | |
| 2022 | Nov 17, 2022 | |
| 2021 | Nov 17, 2021 | |
| 2020 | Nov 19, 2020 | |
| 2019 | Nov 13, 2019 | |
| 2018 | Nov 13, 2018 | |
| 2017 | Nov 14, 2017 | |
| 2016 | Nov 16, 2016 | |
| 2015 | Nov 25, 2015 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.