TETRA TECH INC

Listed Company

TTEKCIK 0000831641NasdaqLarge AcceleratedServices-Engineering ServicesDelawareFY ends Sep 27

Period

FY 2025

Revenue

$5.44B

Net Income

$247.95M

Total Assets

$4.28B

Equity

$1.78B

Shares Out

260.81M

Op. Cash Flow

$457.69M

Business

TETRA TECH INC is a global provider of high-end consulting, engineering and technology services focused on water, environment and sustainable infrastructure. It offers services including water and wastewater treatment, environmental monitoring and remediation, resilient infrastructure and climate adaptation, advanced analytics, AI-enabled digital twins and subscription software under its Tetra Tech Delta platform. The company manages operations through two reportable segments: a Government Services Group serving U.S. government and development agencies and a Commercial/International Services Group serving commercial and international clients. Its projects are delivered worldwide across the U.S., Canada, Australia, Europe, the U.K., Asia Pacific and South America through direct client engagements, contracts and digital subscription channels.

Summary from filing dated 2025-11-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Revenue	5,443	5,199	4,523	3,504	3,214
Costs of revenue	−825	−877	−771	—	—
Other costs of revenue	−3,656	−3,455	−3,026	—	—
Gross profit	961	866	725	576	498
Selling, general and administrative expenses	−358	−356	−305	−235	−223
Legal contingency costs	−115	0	0	—	—
Impairment of goodwill	−92	0	0	0	0
Acquisition and integration expenses	0	−7	−33	0	0
Right-of-use operating lease asset impairment	0	0	−16	0	0
Contingent consideration fair value adjustments	12	−3	−12	−329,000	3
Income from operations	408	501	358	340	279
Interest income	10	7	6	2	917,000
Interest expense	−41	−45	−52	−13	—
Other non-operating income	0	0	89	20	0
Income before income tax expense	378	463	401	349	267
Income tax expense	−130	−130	−128	−86	−34
Net income	248	333	273	263	233
Net income attributable to noncontrolling interests	−225,000	−61,000	−32,000	−39,000	−21,000
Net income attributable to Tetra Tech	248	333	273	263	233
Net income attributable to Tetra Tech	248	333	273	263	233
Basic (in dollars per share)	0.94	1.25	1.03	0.98	4.31
Diluted (in dollars per share)	0.93	1.23	1.02	0.97	4.26
Basic (in shares)	265	267	266	268	54
Diluted (in shares)	267	270	268	271	55

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Cash and cash equivalents	167	233	169	185	167
Accounts receivable, net	1,159	1,051	975	755	669
Contract assets	138	130	114	92	104
Prepaid expenses and other current assets	83	92	89	115	112
Assets held-for-sale	58	0	—	—	—
Income taxes receivable	15	22	10	10	14
Total current assets	1,621	1,527	1,356	1,158	1,066
Property and equipment, net	66	73	75	32	38
Right-of-use assets, operating leases	198	178	176	182	215
Goodwill	2,050	2,047	1,880	1,110	1,109
Intangible assets, net	121	161	174	29	38
Deferred tax assets	106	106	89	48	54
Other non-current assets	120	102	71	63	53
Total assets	4,282	4,193	3,820	2,623	2,577
Accounts payable	205	197	173	147	129
Accrued compensation	347	332	303	238	206
Contract liabilities	420	352	335	241	190
Short-term lease liabilities, operating leases	69	63	65	58	67
Current contingent earn-out liabilities	25	27	51	29	20
Liabilities held-for-sale	25	0	—	—	—
Other current liabilities	288	248	281	190	224
Total current liabilities	1,379	1,220	1,208	916	848
Deferred tax liabilities	21	30	14	15	11
Long-term debt	763	813	880	246	200
Long-term lease liabilities, operating leases	155	140	145	146	174
Non-current contingent earn-out liabilities	32	22	22	37	40
Other non-current liabilities	151	138	148	79	69
Commitments and contingencies (Note 18)	—	—	—	—	—
Preferred stock Authorized, 2,000 shares of $0.01 par value; no shares issued and outstanding at September 28, 2025 and September 29, 2024	0	0	0	0	0
Common stock Authorized, 750,000 shares of $0.01 par value; issued and outstanding, 261,418 and 267,717 shares at September 28, 2025 and September 29, 2024, respectively	3	3	3	530,000	540,000
Additional paid-in capital	0	36	0	0	—
Accumulated other comprehensive loss	−96	−79	−195	−208	−125
Retained earnings	1,873	1,871	1,596	1,391	1,359
Tetra Tech stockholders' equity	1,780	1,830	1,403	1,183	1,234
Noncontrolling interests	379,000	91,000	73,000	50,000	53,000
Total stockholders' equity	1,780	1,830	1,404	1,183	1,234
Total liabilities and stockholders' equity	4,282	4,193	3,820	2,623	2,577

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Depreciation and amortization	58	74	61	27	24
Amortization of stock-based awards	34	31	29	26	23
Deferred income taxes	−11	−20	−21	2	−38
Provision for losses on accounts receivables	3	0	0	—	−4
Fair value adjustment to foreign currency forward contract	0	0	−89	−20	0
Acquisition and integration expenses	0	7	0	0	—
Other non-cash items	9	5	975,000	−1	−496,000
Accounts receivable and contract assets	−113	−40	−20	−90	13
Prepaid expenses and other assets	−31	−21	79	70	−582,000
Accounts payable	2	18	−19	17	14
Accrued compensation	19	7	37	27	5
Contract liabilities	73	5	44	56	13
Cash settled contingent earn-out liability	−11	−8	0	—	—
Income taxes receivable/payable	23	−36	41	15	13
Other liabilities	73	468,000	−75	−57	9
Net cash provided by operating activities	458	359	368	336	304
Payments for business acquisitions, net of cash acquired	−97	−94	−854	−49	−85
Settlement of foreign currency forward contract	0	0	109	0	0
Capital expenditures	−19	−18	−27	−11	−9
Proceeds from sales of assets	919,000	742,000	715,000	4	492,000
Proceeds from company-owned life insurance policies	2	0	0	—	—
Proceeds from divested business, net	2	0	0	—	—
Proceeds from loan repayment from divested business	4	0	0	—	—
Net cash used in investing activities	−107	−111	−771	−56	−93
Proceeds from borrowings	715	217	995	161	370
Repayments on long-term debt	−771	−287	−1,026	−117	−414
Proceeds from issuance of convertible notes	0	0	575	0	0
Payments of debt issuance costs	−3	0	−14	0	0
Capped call transactions	0	0	−52	0	0
Repurchases of common stock	−250	0	0	−200	−60
Shares repurchased for tax withholdings on share-based awards	−14	−13	−17	−25	−18
Payments of contingent earn-out liabilities	−15	−46	−21	−20	−20
Stock options exercised	469,000	3	626,000	2	11
Dividends paid	−65	−59	−52	−46	−40
Principal payments on finance leases	−8	−7	−6	−4	−3
Net cash (used in) provided by financing activities	−410	−191	382	−250	−210
Effect of exchange rate changes on cash and cash equivalents	−5	8	4	−12	8
Net increase (decrease) in cash and cash equivalents	−64	64	−16	19	9
Interest	35	37	47	13	10
Income taxes, net of refunds received of $17.2 million, $4.2 million and $2.2 million	111	181	93	71	59
Excise taxes accrued but not paid	2	0	0	—	—

Filings

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