<p><strong>雅各布工程</strong>(J 3.67%)，一家全球科学基础的咨询和工程提供商，于 2025 年 8 月 5 日公布了 2025 财年第三季度的业绩。发布中最引人注目的消息是非公认会计原则（Non-GAAP）每股收益（EPS）超出预期，而公认会计原则（GAAP）收入略低于分析师预测。非公认会计原则每股收益达到 1.62 美元，超过了 1.53 美元的非公认会计原则共识，而公认会计原则收入为 30.3 亿美元，未能达到 30.7 亿美元的公认会计原则收入预期。尽管收入略有失利，公司仍实现了 24.6% 的调整后每股收益同比增长。整体季度表现出稳健的盈利能力和战略转型的持续进展，尽管自由现金流的下降和 2025 财年第二季度记录的一次性项目准备金也被提及。</p>
<table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第三季度</th>
<th>2025 年第三季度预估</th>
<th>2024 年第三季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益（非公认会计原则）</td>
<td>1.62 美元</td>
<td>1.53 美元</td>
<td>1.30 美元</td>
<td>24.6%</td>
</tr>
<tr>
<td>收入</td>
<td>30.3 亿美元</td>
<td>30.7 亿美元</td>
<td>28.8 亿美元</td>
<td>5.1%</td>
</tr>
<tr>
<td>调整后净收入</td>
<td>22.3 亿美元</td>
<td></td>
<td>20.8 亿美元</td>
<td>7.2%</td>
</tr>
<tr>
<td>调整后息税折旧摊销前利润（EBITDA）</td>
<td>3.14 亿美元</td>
<td></td>
<td>不适用</td>
<td>不适用</td>
</tr>
<tr>
<td>自由现金流（非公认会计原则）</td>
<td>2.71 亿美元</td>
<td></td>
<td>4.45 亿美元</td>
<td>(39.1%)</td>
</tr>
</tbody>
</table>
<p>来源：FactSet 提供的分析师预估。管理层预期基于管理层在 2025 财年第二季度财报中提供的指导。</p>
<h2>业务概述与战略重点</h2>
<p>公司在基础设施、先进设施和数字咨询的交汇处运营。作为一家工程公司的根基已经演变，现在在水、能源、交通、数据中心和生命科学等关键领域提供基于科学的解决方案。</p>
<p>近期的战略重点集中在与全球趋势相关的高增长领域，如智能基础设施、可持续发展和气候应对。公司瞄准长期需求的行业，包括能源转型、水基础设施和数字化转型。成功的衡量标准是核心数字产品的增长、可持续解决方案的进展和严格的资本配置。战略收购和剥离，例如某些传统业务的分离和咨询业务的扩展，使其投资组合更加集中于高价值、经常性收入的解决方案。</p>
<h2>季度亮点与财务驱动因素</h2>
<p>在此期间，公司表现出非公认会计原则每股收益的显著增长，超出预期 5.9%。盈利超出预期源于两个运营部门的盈利能力提高和利润率改善。调整后息税折旧摊销前利润同比增长 13.5%。</p>
<p>公认会计原则收入同比增长 5.1%。基础设施与先进设施部门的增长主要得益于生命科学、数据中心、能源、电力、水和交通的强劲需求。特别是生命科学和数据中心在 2025 财年第二季度均实现了两位数的增长。调整后净收入剔除了来自分包商的通过收入，同比增长 7.0%。PA Consulting 实现了 15% 的收入同比增长。公司指出，生命科学和水等行业的项目积压和重大项目授予是主要驱动因素。</p>
<p>项目积压是一个前瞻性指标，显示未来交付的合同工作总价值，达到了 227 亿美元，同比增长 14.3%。账单比率（新订单与已确认收入的比率）在过去 12 个月内保持在 1.2 倍，反映出健康的订单获取。该期间还包括资本回报的大幅增加，2025 财年迄今为止的股票回购达 6.53 亿美元，回购了约 4% 的流通股。</p>
<p>本季度有两个显著的非核心事件。首先，自由现金流（非公认会计原则）下降 39.1%，从 4.45 亿美元降至 2.71 亿美元，主要由于收款时机和季节性因素。其次，公司吸收了与针对一个专注于水和环境工作的合资项目的不利临时法律裁决相关的准备金。管理层将此描述为罕见事件，影响已完全准备，并声称未来季度没有重大额外风险。</p>
<p>公司的股息为每股 0.32 美元，适用于 2025 财年第二季度。管理层继续强调资本回报，并增加股票回购。这标志着连续几年的股息增长，2024 财年每季度的股息从 0.29 美元上升至 2025 财年的每季度 0.32 美元，表明稳定的回报政策。</p>
<h2>业务线与关键发展</h2>
<p>在基础设施与先进设施部门，包括基础设施、先进制造和专业设施，需求来自私营和公共部门客户。公司在水处理、先进生命科学生产设施和重大交通基础设施方面获得了胜利。近期项目包括为新的制药园区进行工程采购和量子计算设施的工作。</p>
<p>PA Consulting 代表了公司在咨询解决方案、技术咨询和数字化转型方面的扩展。该业务在 2025 财年第二季度实现了强劲的收入和利润增长，特别是在能源、公用事业、健康和安全咨询领域。PA Consulting 的利润率扩张得益于英国和美国的强劲项目积压。</p>
<p>数字和数据解决方案为客户提供技术驱动的分析、数字架构和先进工程。管理层表示，该领域的增长现在推动了两位数的底线增长。</p>
<p>水解决方案仍然是一个强劲的贡献者，截至 2025 财年第二季度占投资组合的约 25%，并显示出持续的全球扩张。公司在人才利用率和对组织文化的持续投资方面也取得了进展，管理层认为这对其增长和韧性至关重要。</p>
<h2>前景与下一步关注事项</h2>
<p>管理层提高了对 2025 财年的调整后每股收益（EPS）指引，现在预计为 6.00 美元至 6.10 美元，并目标在 2025 财年实现约 5.5% 的调整后净收入增长。2025 财年的调整后息税折旧摊销前利润（EBITDA）利润率预计约为 13.9%。预计 2025 财年的自由现金流转化将超过净收入的 100%。公司指出，基于订单积压的收入可见性、在生命科学、水务和数据中心等核心领域的大型项目获胜，以及对利润率扩张的预期，尤其是在 I&amp;AF 部门。领导层对实现这些目标表示信心，提到 “今天在订单积压中占据主导地位”。</p>
<p>展望未来几个季度，投资者应关注公司将订单积压转化为确认收入的速度、自由现金流生成的进展，以及数字和咨询业务的持续表现。其他关注点包括：公司正在考虑增加对 PA Consulting 的投资、I&amp;AF 部门的利润率改善，以及与大型长期项目相关的风险管理。总体而言，增加资本回报和持续的股息增长仍然是股东回报的关键特征，计划在 2025 财年实现 10% 的股息增长。</p>
<p><em>除非另有说明，收入和净收入均按照美国公认会计原则（GAAP）呈现。</em></p>

雅各布工程

<p>雅各布工程公布了 2025 财年第三季度的业绩，非 GAAP 每股收益为 1.62 美元，超出预期，而 GAAP 收入为 30.3 亿美元，略低于预测。尽管自由现金流下降，公司实现了 24.6% 的调整后每股收益同比增长。主要增长领域包括生命科学和数据中心，创下了 227 亿美元的历史最高订单积压。管理层上调了 2025 财年的调整后每股收益指引，强调基础设施和数字咨询领域的强劲需求。每股股息定为 0.32 美元，标志着连续几年股息增长</p>

<p><strong>Jacobs Solutions</strong>(J 3.67%), a global science-based consulting and engineering provider, reported results for Q3 FY2025 on August 5, 2025. The most notable news from the release was Non-GAAP earnings per share (EPS) topped expectations, while GAAP revenue came in just below analyst forecasts. Non-GAAP EPS reached $1.62, outpacing the $1.53 non-GAAP consensus, while GAAP revenue was $3.03 billion, missing the $3.07 billion GAAP revenue estimate. Despite the slight revenue miss, the company posted 24.6% adjusted EPS growth year-over-year. The overall quarter was marked by solid profitability and continued progress on strategic transformation, though a drop in free cash flow and a one-time project reserve recorded in Q2 FY2025 was also highlighted.</p>
<div class="lb-trans"><p><strong>雅各布工程</strong>(J 3.67%)，一家全球科学基础的咨询和工程提供商，于 2025 年 8 月 5 日公布了 2025 财年第三季度的业绩。发布中最引人注目的消息是非公认会计原则（Non-GAAP）每股收益（EPS）超出预期，而公认会计原则（GAAP）收入略低于分析师预测。非公认会计原则每股收益达到 1.62 美元，超过了 1.53 美元的非公认会计原则共识，而公认会计原则收入为 30.3 亿美元，未能达到 30.7 亿美元的公认会计原则收入预期。尽管收入略有失利，公司仍实现了 24.6% 的调整后每股收益同比增长。整体季度表现出稳健的盈利能力和战略转型的持续进展，尽管自由现金流的下降和 2025 财年第二季度记录的一次性项目准备金也被提及。</p>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q3 2025</th>
<th>Q3 2025 Estimate</th>
<th>Q3 2024</th>
<th>Y/Y Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS (Non-GAAP)</td>
<td>$1.62</td>
<td>$1.53</td>
<td>$1.30</td>
<td>24.6%</td>
</tr>
<tr>
<td>Revenue</td>
<td>$3.03 billion</td>
<td>$3.07 billion</td>
<td>$2.88 billion</td>
<td>5.1%</td>
</tr>
<tr>
<td>Adjusted Net Revenue</td>
<td>$2.23 billion</td>
<td></td>
<td>$2.08 billion</td>
<td>7.2%</td>
</tr>
<tr>
<td>Adjusted EBITDA</td>
<td>$314 million</td>
<td></td>
<td>N/A</td>
<td>N/A</td>
</tr>
<tr>
<td>Free Cash Flow (Non-GAAP)</td>
<td>$271 million</td>
<td></td>
<td>$445 million</td>
<td>(39.1%)</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第三季度</th>
<th>2025 年第三季度预估</th>
<th>2024 年第三季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益（非公认会计原则）</td>
<td>1.62 美元</td>
<td>1.53 美元</td>
<td>1.30 美元</td>
<td>24.6%</td>
</tr>
<tr>
<td>收入</td>
<td>30.3 亿美元</td>
<td>30.7 亿美元</td>
<td>28.8 亿美元</td>
<td>5.1%</td>
</tr>
<tr>
<td>调整后净收入</td>
<td>22.3 亿美元</td>
<td></td>
<td>20.8 亿美元</td>
<td>7.2%</td>
</tr>
<tr>
<td>调整后息税折旧摊销前利润（EBITDA）</td>
<td>3.14 亿美元</td>
<td></td>
<td>不适用</td>
<td>不适用</td>
</tr>
<tr>
<td>自由现金流（非公认会计原则）</td>
<td>2.71 亿美元</td>
<td></td>
<td>4.45 亿美元</td>
<td>(39.1%)</td>
</tr>
</tbody>
</table>
</div><p>Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q2 2025 earnings report.</p>
<div class="lb-trans"><p>来源：FactSet 提供的分析师预估。管理层预期基于管理层在 2025 财年第二季度财报中提供的指导。</p>
</div><h2>Business Overview and Strategic Focus</h2>
<div class="lb-trans"><h2>业务概述与战略重点</h2>
</div><p>The company operates at the intersection of infrastructure, advanced facilities, and digital consulting. Its roots as an engineering firm have evolved, and it now delivers science-based solutions in key sectors such as water, energy, transportation, data centers, and life sciences.</p>
<div class="lb-trans"><p>公司在基础设施、先进设施和数字咨询的交汇处运营。作为一家工程公司的根基已经演变，现在在水、能源、交通、数据中心和生命科学等关键领域提供基于科学的解决方案。</p>
</div><p>Recent strategic focus has centered on high-growth areas tied to global trends, such as smart infrastructure, sustainability, and climate response. The company targets sectors with long-term demand, including energy transition, water infrastructure, and digital transformation. Success is measured by growth in core digital offerings, advances in sustainable solutions, and disciplined capital allocation. Strategic acquisitions and divestitures, such as the separation of certain legacy businesses and expansion of its consulting footprint, have sharpened its portfolio around higher-value, recurring-revenue solutions.</p>
<div class="lb-trans"><p>近期的战略重点集中在与全球趋势相关的高增长领域，如智能基础设施、可持续发展和气候应对。公司瞄准长期需求的行业，包括能源转型、水基础设施和数字化转型。成功的衡量标准是核心数字产品的增长、可持续解决方案的进展和严格的资本配置。战略收购和剥离，例如某些传统业务的分离和咨询业务的扩展，使其投资组合更加集中于高价值、经常性收入的解决方案。</p>
</div><h2>Quarterly Highlights and Financial Drivers</h2>
<div class="lb-trans"><h2>季度亮点与财务驱动因素</h2>
</div><p>During the period, the company's performance was marked by a sharp rise in non-GAAP EPS, which topped expectations by 5.9%. The earnings beat stemmed from higher profitability in both operating segments and improved margins. Adjusted EBITDA rose 13.5% year-over-year.</p>
<div class="lb-trans"><p>在此期间，公司表现出非公认会计原则每股收益的显著增长，超出预期 5.9%。盈利超出预期源于两个运营部门的盈利能力提高和利润率改善。调整后息税折旧摊销前利润同比增长 13.5%。</p>
</div><p>The revenue figure (GAAP) grew 5.1% year over year. Growth in the I&amp;AF division was led by strong demand from life sciences, data centers, energy, power, water, and transportation. In particular, life sciences and data centers each saw double-digit gains in Q2 FY2025. Adjusted net revenue, which strips out pass-through revenue from subcontractors, increased by 7.0% year-over-year. PA Consulting delivered 15% revenue growth year-over-year. The company cited backlog momentum and major project awards in sectors such as life sciences and water as key drivers.</p>
<div class="lb-trans"><p>公认会计原则收入同比增长 5.1%。基础设施与先进设施部门的增长主要得益于生命科学、数据中心、能源、电力、水和交通的强劲需求。特别是生命科学和数据中心在 2025 财年第二季度均实现了两位数的增长。调整后净收入剔除了来自分包商的通过收入，同比增长 7.0%。PA Consulting 实现了 15% 的收入同比增长。公司指出，生命科学和水等行业的项目积压和重大项目授予是主要驱动因素。</p>
</div><p>Backlog, a forward-looking metric showing the total value of contracted work for future delivery, hit a record $22.7 billion -- up 14.3% year-over-year. Book-to-bill ratio (a measure of new orders booked compared to revenue recognized) held at 1.2 times over the trailing twelve months (TTM), reflecting healthy order intake. The period also included a large increase in capital returns, with $653 million in share repurchases fiscal year-to-date (FY2025), retiring around 4% of shares outstanding in FY2025.</p>
<div class="lb-trans"><p>项目积压是一个前瞻性指标，显示未来交付的合同工作总价值，达到了 227 亿美元，同比增长 14.3%。账单比率（新订单与已确认收入的比率）在过去 12 个月内保持在 1.2 倍，反映出健康的订单获取。该期间还包括资本回报的大幅增加，2025 财年迄今为止的股票回购达 6.53 亿美元，回购了约 4% 的流通股。</p>
</div><p>There were two notable non-core events in the quarter. First, Free cash flow (non-GAAP) fell 39.1%, from $445 million to $271 million, largely due to timing of collections and seasonality. Second, the company absorbed a reserve related to an unfavorable interim legal ruling against a joint venture project focused on water and environmental work. Leadership described this as a rare occurrence with impact fully reserved, and asserted no major additional risk for future quarters.</p>
<div class="lb-trans"><p>本季度有两个显著的非核心事件。首先，自由现金流（非公认会计原则）下降 39.1%，从 4.45 亿美元降至 2.71 亿美元，主要由于收款时机和季节性因素。其次，公司吸收了与针对一个专注于水和环境工作的合资项目的不利临时法律裁决相关的准备金。管理层将此描述为罕见事件，影响已完全准备，并声称未来季度没有重大额外风险。</p>
</div><p>The company's dividend was set at $0.32 per share for Q2 FY2025. Management continues to highlight capital returns with increased share buybacks. This marks consecutive years of dividend growth, with dividends per share rising from $0.29 in each quarter of FY2024 to $0.32 in each quarter of FY2025 and signals a stable return policy.</p>
<div class="lb-trans"><p>公司的股息为每股 0.32 美元，适用于 2025 财年第二季度。管理层继续强调资本回报，并增加股票回购。这标志着连续几年的股息增长，2024 财年每季度的股息从 0.29 美元上升至 2025 财年的每季度 0.32 美元，表明稳定的回报政策。</p>
</div><h2>Business Lines and Key Developments</h2>
<div class="lb-trans"><h2>业务线与关键发展</h2>
</div><p>In the I&amp;AF segment, which includes infrastructure, advanced manufacturing, and specialty facilities, demand stemmed from both private- and public-sector customers. The company secured wins across water treatment, advanced life sciences production facilities, and major transportation infrastructure. Recent projects included engineering procurement for a new pharmaceutical campus and work on quantum computing facilities.</p>
<div class="lb-trans"><p>在基础设施与先进设施部门，包括基础设施、先进制造和专业设施，需求来自私营和公共部门客户。公司在水处理、先进生命科学生产设施和重大交通基础设施方面获得了胜利。近期项目包括为新的制药园区进行工程采购和量子计算设施的工作。</p>
</div><p>PA Consulting represents the company's expansion into advisory solutions, technology consulting, and digital transformation. This business delivered strong revenue and profit growth in Q2 FY2025, particularly in energy, utilities, health, and security consulting. Margin expansion in PA Consulting resulted from strong backlog in both the U.K. and the U.S.</p>
<div class="lb-trans"><p>PA Consulting 代表了公司在咨询解决方案、技术咨询和数字化转型方面的扩展。该业务在 2025 财年第二季度实现了强劲的收入和利润增长，特别是在能源、公用事业、健康和安全咨询领域。PA Consulting 的利润率扩张得益于英国和美国的强劲项目积压。</p>
</div><p>Digital and data solution offerings provide clients with technology-enabled analytics, digital architecture, and advanced engineering. Growth in this area, as described by management, is now driving double-digit bottom-line gains.</p>
<div class="lb-trans"><p>数字和数据解决方案为客户提供技术驱动的分析、数字架构和先进工程。管理层表示，该领域的增长现在推动了两位数的底线增长。</p>
</div><p>Water solutions remain a robust contributor, comprising roughly 25% of the portfolio as of Q2 FY2025 and showing continued global expansion. The company also made progress on talent utilization rates and ongoing investments in organizational culture, which it views as central to its growth and resilience.</p>
<div class="lb-trans"><p>水解决方案仍然是一个强劲的贡献者，截至 2025 财年第二季度占投资组合的约 25%，并显示出持续的全球扩张。公司在人才利用率和对组织文化的持续投资方面也取得了进展，管理层认为这对其增长和韧性至关重要。</p>
</div><h2>Outlook and What to Watch Next</h2>
<div class="lb-trans"><h2>前景与下一步关注事项</h2>
</div><p>Management raised its adjusted EPS guidance for FY2025, now expecting $6.00 to $6.10, and targeting adjusted net revenue growth of approximately 5.5% for FY2025. The adjusted EBITDA margin for FY2025 is projected at approximately 13.9%. Free cash flow conversion is expected to exceed 100% of net income for FY2025. The company points to backlog-driven revenue visibility, large recent project wins in core areas such as life sciences, water, and data centers, as well as expectations for margin expansion, especially in the I&amp;AF segment. Leadership expressed confidence in hitting these targets, referencing, “have predominance of that in backlog today”</p>
<div class="lb-trans"><p>管理层提高了对 2025 财年的调整后每股收益（EPS）指引，现在预计为 6.00 美元至 6.10 美元，并目标在 2025 财年实现约 5.5% 的调整后净收入增长。2025 财年的调整后息税折旧摊销前利润（EBITDA）利润率预计约为 13.9%。预计 2025 财年的自由现金流转化将超过净收入的 100%。公司指出，基于订单积压的收入可见性、在生命科学、水务和数据中心等核心领域的大型项目获胜，以及对利润率扩张的预期，尤其是在 I&amp;AF 部门。领导层对实现这些目标表示信心，提到 “今天在订单积压中占据主导地位”。</p>
</div><p>Looking to the coming quarters, investors should monitor the pace at which the company converts backlog into recognized revenue, progress in free cash flow generation, and the ongoing performance of the digital and consulting businesses. Other focal points include: The company is considering increasing its investment in PA Consulting, margin improvements in I&amp;AF, and risk management associated with large, long-duration projects. Overall, increased capital returns and continued dividend growth remain key features of shareholder returns, with a 10% dividend increase planned for FY2025.</p>
<div class="lb-trans"><p>展望未来几个季度，投资者应关注公司将订单积压转化为确认收入的速度、自由现金流生成的进展，以及数字和咨询业务的持续表现。其他关注点包括：公司正在考虑增加对 PA Consulting 的投资、I&amp;AF 部门的利润率改善，以及与大型长期项目相关的风险管理。总体而言，增加资本回报和持续的股息增长仍然是股东回报的关键特征，计划在 2025 财年实现 10% 的股息增长。</p>
</div><p><em>Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.</em></p>
<div class="lb-trans"><p><em>除非另有说明，收入和净收入均按照美国公认会计原则（GAAP）呈现。</em></p>
</div>

雅各布工程第三季度每股收益增长 25%，超出市场预期