<div id="readability-page-1"><div><h2>AECOM Q1 2026 Earnings Snapshot</h2> <p>AECOM (ACM) has opened fiscal 2026 with Q1 revenue of US$3.8b and basic EPS of US$1.07, setting the tone for how its engineering and infrastructure pipeline is flowing through to the bottom line. The company has seen quarterly revenue move from US$4.0b in Q1 2025 to US$3.8b in Q1 2026, while basic EPS has shifted from US$1.34 to US$1.07 over the same period, with trailing twelve month EPS at US$4.56 supported by net income of US$601.3m. For investors, the key question now is how these results, backed by a 3.8% net margin, shape the risk and reward balance around AECOM’s profitability story.</p> <p>See our full analysis for AECOM.</p><p>With the quarter’s numbers on the table, the next step is to set them against the main stories investors have been telling about AECOM and see which narratives hold up and which start to look out of date.</p> <p>See what the community is saying about AECOM</p> <figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/93856842-d9ca-4a35-80bd-d38e45557c40/chart/earnings-and-revenue-history?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/93856842-d9ca-4a35-80bd-d38e45557c40/chart/earnings-and-revenue-history"/><figcaption>NYSE:ACM Earnings &amp; Revenue History as at Feb 2026</figcaption></figure> <h2>Margins Hold Steady Around 3.8% Net</h2> <ul> <li>AECOM earned US$140.4 million of net income (excluding extra items) on US$3.8b of revenue in Q1 2026, feeding into trailing twelve month net income of US$601.3 million on US$16.0b of revenue and a 3.8% net margin compared with 3.6% a year earlier.</li> <li>Supporters of the bullish view point to higher value work as a margin driver, and the current 3.8% net margin offers a reference point:     <ul> <li>Bulls highlight record NSR, segment margins above 16% and a push toward advisory and program management, which they expect to lift profitability beyond the 3.8% trailing net level.</li> <li>Set against that, the recent modest 2.5% earnings growth rate shows that turning a richer mix of work into faster profit growth has not yet shown up strongly in the trailing figures.</li> </ul> </li> </ul> <p>Bulls argue that the margin story is just getting started and Q1 is only a snapshot. If you want to see how that case is built across contracts, backlog and mix shift, check out the full bull-side narrative: <strong>🐂 AECOM Bull Case</strong></p> <h2>EPS Trend Slows After Strong Five Years</h2> <ul> <li>Basic EPS over the last four quarters totals US$4.56, compared with a five year earnings growth rate of 20.3% a year and a much slower 2.5% earnings increase over the most recent twelve months.</li> <li>Skeptics focus on that slowdown, and the latest quarterly run rate adds some weight to their concerns:     <ul> <li>Q1 2026 basic EPS of US$1.07 sits below several recent quarters, while trailing revenue of US$16.0b is growing at 3.9% a year, which bears argue is a modest base for future profit expansion.</li> <li>Bearish narratives also flag the high debt load, so when earnings growth cools to 2.5% over twelve months, they see less room for comfort if financing costs or project timing become less favorable.</li> </ul> </li> </ul> <p>Skeptics think this slower EPS trend could be an early warning for the story ahead. If you want to see how they connect the dots from growth rates to future risk, their detailed case is worth a read: <strong>🐻 AECOM Bear Case</strong></p> <h2>Mixed Valuation Signal At US$103.86</h2> <ul> <li>At a share price of US$103.86, AECOM trades on a 22.3x P/E compared with a peer average of 67.1x and a Construction industry average of 38.8x, while the referenced DCF fair value in the data is US$87.23.</li> <li>The consensus style narrative around the stock is split between attractive multiples and more cautious cash flow views:     <ul> <li>On one hand, trading below peer and industry P/E levels lines up with the idea of relative value, given the 20.3% five year earnings growth rate and 3.8% net margin.</li> <li>On the other hand, the US$87.23 DCF fair value sitting below the current US$103.86 price, together with only 3.9% revenue growth, shows why some investors prefer to lean on cash flow estimates rather than just the lower P/E.</li> </ul> </li> </ul> <h2> Next Steps</h2> <p>To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for AECOM on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.</p> <p>See the numbers differently? If this data points you in another direction, take a few minutes to shape your own view with Do it your way</p> <p>A great starting point for your AECOM research is our analysis highlighting 5 key rewards and 1 important warning sign that could impact your investment decision.</p> <h2>See What Else Is Out There</h2> <p>AECOM’s slower 2.5% earnings growth over the last twelve months, softer recent EPS and highlighted high debt load leave some investors questioning its resilience.</p> <p>If that combination of cooling earnings momentum and balance sheet pressure makes you uneasy, shift your research toward companies in our 83 resilient stocks with low risk scores that focus on sturdier risk profiles right now.</p> <p><em> This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data     and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your     financial situation. We aim to bring you long-term focused analysis driven by fundamental data.     Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.     Simply Wall St has no position in any stocks mentioned.</em></p><div><h3><strong>New: </strong>Manage All Your Stock Portfolios in One Place</h3><p>We've created the <strong>ultimate portfolio companion</strong> for stock investors, <strong>and it's free.</strong></p><p>• Connect an unlimited number of Portfolios and see your total in one currency<br/>• Be alerted to new Warning Signs or Risks via email or mobile<br/>• Track the Fair Value of your stocks<br/></p><p>Try a Demo Portfolio for Free</p></div></div></div>

<p>AECOM (ACM) reported Q1 2026 revenue of $3.8 billion and basic EPS of $1.07, down from $4.0 billion and $1.34 in Q1 2025. The trailing twelve-month EPS is $4.56, supported by net income of $601.3 million and a net margin of 3.8%. While bulls highlight potential for margin growth through higher-value work, skeptics point to a slowdown in earnings growth to 2.5% and a high debt load as concerns. AECOM's shares trade at a P/E of 22.3, below industry averages, raising questions about future profitability and cash flow.</p>

Aecom (ACM) Slower EPS Momentum Challenges Longstanding Bullish Growth Narratives