Amentum Holdings, Inc.AMTM
Amentum Holdings, Inc. Revenue Disclosure
Revenues
Disaggregation of Revenues
The Company disaggregates revenues by customer, contract type, prime contractor versus subcontractor, geographic location and whether the solution provided is primarily Digital Solutions or Global Engineering Solutions. These categories represent how the nature, amount, timing, and uncertainty of revenues and cash flows are affected.
Disaggregated revenues by customer-type were as follows:
| For the years ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| October 3, 2025 | September 27, 2024 | September 29, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| (Amounts in millions) | DS | GES | Total | DS | GES | Total | DS | GES | Total | ||||||||||||||||||||||||||||||||||||||||||||
| Department of War and U.S. Intelligence Community | $ | 3,222 | $ | 4,456 | $ | 7,678 | $ | 1,509 | $ | 4,094 | $ | 5,603 | $ | 1,474 | $ | 3,791 | $ | 5,265 | |||||||||||||||||||||||||||||||||||
| Other U.S. Government Agencies | 1,607 | 2,387 | 3,994 | 386 | 1,598 | 1,984 | 341 | 1,526 | 1,867 | ||||||||||||||||||||||||||||||||||||||||||||
| Commercial and International | 714 | 2,007 | 2,721 | 86 | 715 | 801 | 84 | 649 | 733 | ||||||||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 5,543 | $ | 8,850 | $ | 14,393 | $ | 1,981 | $ | 6,407 | $ | 8,388 | $ | 1,899 | $ | 5,966 | $ | 7,865 | |||||||||||||||||||||||||||||||||||
Disaggregated revenues by contract-type were as follows:
| For the years ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| October 3, 2025 | September 27, 2024 | September 29, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| (Amounts in millions) | DS | GES | Total | DS | GES | Total | DS | GES | Total | ||||||||||||||||||||||||||||||||||||||||||||
| Cost-plus-fee | $ | 3,557 | $ | 5,426 | $ | 8,983 | $ | 964 | $ | 4,234 | $ | 5,198 | $ | 875 | $ | 4,066 | $ | 4,941 | |||||||||||||||||||||||||||||||||||
| Fixed-price | 1,422 | 2,067 | 3,489 | 650 | 1,576 | 2,226 | 667 | 1,422 | 2,089 | ||||||||||||||||||||||||||||||||||||||||||||
| Time-and-materials | 564 | 1,357 | 1,921 | 367 | 597 | 964 | 357 | 478 | 835 | ||||||||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 5,543 | $ | 8,850 | $ | 14,393 | $ | 1,981 | $ | 6,407 | $ | 8,388 | $ | 1,899 | $ | 5,966 | $ | 7,865 | |||||||||||||||||||||||||||||||||||
Disaggregated revenues by prime contractor versus subcontractor were as follows:
| For the years ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| October 3, 2025 | September 27, 2024 | September 29, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| (Amounts in millions) | DS | GES | Total | DS | GES | Total | DS | GES | Total | ||||||||||||||||||||||||||||||||||||||||||||
| Prime contractor | $ | 5,069 | $ | 8,027 | $ | 13,096 | $ | 1,772 | $ | 5,738 | $ | 7,510 | $ | 1,722 | $ | 5,236 | $ | 6,958 | |||||||||||||||||||||||||||||||||||
| Subcontractor | 474 | 823 | 1,297 | 209 | 669 | 878 | 177 | 730 | 907 | ||||||||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 5,543 | $ | 8,850 | $ | 14,393 | $ | 1,981 | $ | 6,407 | $ | 8,388 | $ | 1,899 | $ | 5,966 | $ | 7,865 | |||||||||||||||||||||||||||||||||||
Revenues by geographic location are reported by the country in which the work is performed and were as follows:
| For the years ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| October 3, 2025 | September 27, 2024 | September 29, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| (Amounts in millions) | DS | GES | Total | DS | GES | Total | DS | GES | Total | ||||||||||||||||||||||||||||||||||||||||||||
| United States | $ | 5,304 | $ | 5,442 | $ | 10,746 | $ | 1,679 | $ | 4,376 | $ | 6,055 | $ | 1,544 | $ | 4,204 | $ | 5,748 | |||||||||||||||||||||||||||||||||||
| International | 239 | 3,408 | 3,647 | 302 | 2,031 | 2,333 | 355 | 1,762 | 2,117 | ||||||||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 5,543 | $ | 8,850 | $ | 14,393 | $ | 1,981 | $ | 6,407 | $ | 8,388 | $ | 1,899 | $ | 5,966 | $ | 7,865 | |||||||||||||||||||||||||||||||||||
Changes in Estimates on Contracts
Changes in estimated contract earnings at completion using the cumulative catch-up method of accounting were recognized in revenues as follows:
| For the years ended | |||||||||||||||||
(Amounts in millions) | October 3, 2025 | September 27, 2024 | September 29, 2023 | ||||||||||||||
| Favorable earnings at completion adjustments | $ | 126 | $ | 83 | $ | 88 | |||||||||||
| Unfavorable earnings at completion adjustments | (67) | (38) | (46) | ||||||||||||||
| Net favorable adjustments | $ | 59 | $ | 45 | $ | 42 | |||||||||||
Impact on diluted earnings (loss) per share attributable to common shareholders (1) | $ | 0.19 | $ | 0.40 | $ | 0.37 | |||||||||||
(1) The impact on diluted earnings (loss) per share attributable to common shareholders is calculated using our statutory rate.
Remaining Performance Obligations
The Company’s remaining performance obligations balance represents the expected revenues to be recognized for the satisfaction of remaining performance obligations on existing contracts. This balance excludes unexercised contract option years and task orders that may be issued as part of an indefinite delivery, indefinite quantity contract. The remaining performance obligations balance as of October 3, 2025 and September 27, 2024 was $9.9 billion and $12.9 billion, respectively.
As of October 3, 2025, the Company expects to recognize approximately 77% and 90% of the remaining performance obligations balance as revenues over the next 12 and 24 months, respectively, with the remainder to be recognized thereafter.
Contract BalancesThe Company's contract balances consisted of the following (in millions):
| As of | ||||||||||||||||||||
| Description of Contract Related Balance | Classification | October 3, 2025 | September 27, 2024 | |||||||||||||||||
| Billed and billable receivables | Accounts receivable, net | $ | 1,514 | $ | 1,378 | |||||||||||||||
| Contract assets | Accounts receivable, net | 902 | 986 | |||||||||||||||||
| Related party receivables | Accounts receivable, net | 63 | 37 | |||||||||||||||||
| Long-term contract assets | Other long-term assets | 90 | 138 | |||||||||||||||||
| Related party contract liabilities - deferred revenues and other contract liabilities | Contract liabilities | (15) | — | |||||||||||||||||
| Contract liabilities - deferred revenues and other contract liabilities | Contract liabilities | (212) | (113) | |||||||||||||||||
Contract assets primarily relate to accruals for reimbursable costs and fees in which our right to consideration is conditional. Long-term contract assets relate to a prior acquisition.
The Company recognized revenues of $95 million and $98 million during the years ended October 3, 2025 and September 27, 2024, respectively, that was included in Contract liabilities as of September 27, 2024 and September 29, 2023, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Nov 25, 2025 | Showing above |
| 2024 | Dec 17, 2024 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.