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• It's like Accenture, but focused on designing, engineering, and managing large-scale physical infrastructure projects like roads, airports, and water systems globally.
• Think of them as one of the "Big Four" consulting firms (e.g., Deloitte or PwC), but specialized in engineering, design, and project management for massive infrastructure and real estate developments worldwide.

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• Infrastructure Consulting: Provides expert advice, planning, and strategic guidance for various large-scale infrastructure projects.
• Architectural and Engineering Design: Offers detailed design, technical specifications, and architectural plans for buildings, facilities, and infrastructure.
• Construction and Program Management: Oversees and manages the entire lifecycle of complex construction projects, ensuring efficient execution and completion.
• Real Estate Investment and Development: Invests in and develops real estate projects, leveraging market insights and development expertise.
• Construction Services: Directly undertakes the construction of buildings, energy infrastructure, and various industrial and public infrastructure projects.

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AECOM's major customers are primarily government entities and businesses operating across various infrastructure sectors. Based on the provided description, the company serves:

• Governments: This includes federal, state, and local government bodies in the Americas, Europe, the Middle East, Africa, and the Asia Pacific, acting as clients for planning, consulting, architectural and engineering design, construction and program management services.
• Commercial and Industrial Clients: These are businesses and organizations that fall within specific sectors globally, including:
  • Transportation Sector (e.g., for infrastructure projects related to roads, railways, airports, and ports)
  • Water Sector (e.g., for water treatment, supply, and management projects)
  • Facilities Sector (e.g., for building construction, management, and related services)
  • Environmental Sector (e.g., for environmental consulting and remediation projects)
  • Energy Sector (e.g., for projects related to power generation, transmission, and distribution)

The background information provided does not list specific names of individual customer companies or their stock symbols. AECOM's client base is highly diversified across numerous projects and regions within these broad categories of government and commercial clients.

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Troy Rudd, Chairman and Chief Executive Officer

Troy Rudd was appointed Chief Executive Officer (CEO) of AECOM in August 2020, and also serves as Chairman. He has been instrumental in leading AECOM's transformation into a professional services organization focused on long-term value creation. Prior to becoming CEO, Mr. Rudd held various operational and financial leadership positions at AECOM, including Chief Financial Officer, where he directed the company's global financial operations and spearheaded its mergers and acquisitions activities. He joined AECOM in 2009. Before joining AECOM, he was a partner for 10 years with KPMG.

Gaurav Kapoor, Chief Financial & Operations Officer

Gaurav Kapoor was appointed Chief Financial Officer of AECOM in August 2020. He previously served as AECOM's Chief Accounting Officer and Global Controller since December 2016, and as Treasurer since October 2019. Prior to joining AECOM in May 2015, Mr. Kapoor spent 15 years at Ernst & Young LLP, where he held various leadership roles, including audit partner.

Lara Poloni, President

Lara Poloni became President of AECOM in August 2020. A longstanding member of the AECOM team since 1994, she has held several key leadership positions globally. These roles include Chief Executive of AECOM's operations in Europe, the Middle East, and Africa (EMEA) from 2017 to 2020, and Chief Executive of the Australia New Zealand business from 2014 to 2017. Ms. Poloni's career spans over 25 years, focusing predominantly on the planning, assessment, and development of major infrastructure projects for both public and private sector clients. She is also a member of the World Economic Forum’s Global Future Council on Infrastructure.

Drew Jeter, Executive Vice President, Chief Executive Program Management Global Business Line

Drew Jeter was appointed Chief Executive of AECOM’s global Program Management business in January 2021. He brings over 35 years of experience in the engineering and construction industry, leading the development and delivery of complex, multi-billion-dollar facilities and infrastructure programs. Before joining AECOM, Mr. Jeter held global program management leadership roles at Hill International, Jacobs, and CH2M. Prior to his private-sector career, he served for 23 years as a civil engineering officer in the U.S. Air Force, retiring with the rank of Colonel, and commanded four different organizations, including a base commander role.

David Gan, Chief Legal Officer

David Gan serves as AECOM’s worldwide Chief Legal Officer. In this role, he is responsible for all global legal activities, including mergers and acquisitions, legal transaction matters, and corporate governance, overseeing a team of legal and compliance professionals.

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Here are the key risks to AECOM's business:

1. Reliance on Government Spending and Economic/Political Volatility: AECOM's business is highly susceptible to fluctuations in government infrastructure spending, which can be influenced by political developments, budgetary decisions, and potential government shutdowns. Delays in project funding or changes in government priorities can significantly impact contract awards and project execution. Furthermore, AECOM's international operations expose it to varying economic conditions, geopolitical uncertainties, and shifts in funding across different markets, which can create volatility in project activity.
2. Highly Competitive Industry and Margin Pressure: The engineering and infrastructure services industry in which AECOM operates is highly competitive. This intense competition, particularly for large infrastructure projects, often leads to pricing pressure. The company also faces potential pressure on its margins from factors such as rising labor and compliance costs.
3. Project Delivery and Execution Risks: Despite AECOM's strategic shift away from "self-perform at-risk construction businesses" to reduce its risk profile, the nature of its professional infrastructure consulting services inherently involves risks related to project delivery and execution. Failure to deliver projects on time or within the agreed-upon scope can lead to cost overruns, client claims, and potential losses.

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The rapid advancement and adoption of Artificial Intelligence (AI) and automation technologies within the architecture, engineering, and construction (AEC) industries pose a clear emerging threat. These technologies have the potential to automate significant portions of design, engineering analysis, project management, and planning tasks, reducing the reliance on traditional human-intensive consulting services. This could enable clients to perform more work in-house with advanced software or lead to the rise of specialized tech-driven firms offering similar outcomes with greater efficiency or at a lower cost, thereby eroding demand for AECOM's core professional infrastructure consulting services.

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AECOM (NYSE: ACM) operates in diverse and substantial addressable markets across its professional infrastructure consulting services.

Infrastructure Consulting Services

• The global infrastructure sector market was valued at approximately $2.72 trillion in 2024 and is projected to grow to $3.69 trillion by 2029, at a compound annual growth rate (CAGR) of 6.27%. Another report indicates the global infrastructure market is valued at approximately USD 2.7 trillion.

Engineering, Architectural, and Design Services

• The global engineering services market size was estimated at USD 3,419.59 billion in 2024 and is projected to reach USD 4,722.7 billion by 2030, growing at a CAGR of 5.7%. Asia Pacific held the largest revenue share, nearly 37%, in 2024. Another estimate values the global engineering services market at USD 2.34 trillion in 2025, projected to grow to USD 5.37 trillion by 2034 with a CAGR of 10.60%. In this market, Asia Pacific holds a 37.30% share in 2025, and the U.S. market size is estimated at USD 0.45 trillion in 2026.
• The global architectural services market was valued at $376.08 billion in 2023 and is forecast to grow at a CAGR of 4.9% from 2024 to 2030. Another source reports the global architectural services market size at USD 409.37 billion in 2025, predicted to reach approximately USD 621.95 billion by 2035, expanding at a CAGR of 4.27% from 2026 to 2035. The Asia Pacific region accounted for a revenue share of around 37% in 2025.
• The global engineering design service market was valued at approximately $45 billion in 2023 and is projected to reach around $85 billion by 2032, with a CAGR of 7%. North America holds a dominant position, and the Asia Pacific region is anticipated to witness the highest growth rate.

Construction and Program Management

• The global construction market is expected to grow from $15.19 trillion in 2023 to $19.86 trillion by 2028, with a 5.6% CAGR.
• The global transportation infrastructure construction market was valued at USD 3.4 trillion in 2022 and is anticipated to expand at a 4% CAGR during 2023 to 2032, projected to reach $5.1 trillion by 2032. Another estimate places the global transportation infrastructure construction market size at $3,654.96 billion in 2025, growing to $3,838.73 billion in 2026 at a CAGR of 5.0%, and $4,665.78 billion in 2030.
• The global architectural, engineering, and construction (AEC) services market was estimated at USD 130.07 billion in 2025 and is projected to reach USD 426.58 billion by 2033, growing at a CAGR of 16.5%. Asia Pacific held the largest revenue share of 36.6% in 2025.

Real Estate Investment and Development

• The global real estate market was valued at USD 7,517.4 billion in 2025 and is estimated to reach USD 8,760.4 billion by 2034, exhibiting a CAGR of 1.66% from 2026-2034. North America currently dominates this market, holding a 33.4% share in 2025. Another source values the global real estate market at USD 4 trillion.
• The global real estate development market is anticipated to be worth USD 7.65 billion in 2026, projected to reach USD 11.42 billion by 2035 at a CAGR of 4.5%.
• The global commercial real estate market size was valued at USD 6.72 trillion in 2024 and is expected to reach USD 9.11 trillion by 2033, growing at a CAGR of 3.44%. North America dominated the commercial real estate market, holding 36.8% of the global market share in 2024.

Specialized Sector Services

• Transportation: The global transportation infrastructure market was estimated at $1,770 billion in 2021 and is expected to reach $3,606.8 billion by 2031, registering a CAGR of 7.2%. In 2021, Asia-Pacific was the highest contributor to this market.
• Water: The global water infrastructure development market was valued at USD 25.84 billion in 2024 and is expected to reach USD 46.44 billion by 2030, with a CAGR of 10.10%. Asia-Pacific is noted as the fastest-growing region in this market. The global municipal water market size is estimated at USD 106.84 billion in 2025, set to expand to USD 174.48 billion by 2034, growing at a CAGR of 5.6%.
• Environmental: The global environmental consulting services market was valued at USD 43.20 billion in 2024 and is projected to reach USD 92.85 billion by 2034, expanding at a CAGR of 7.95%. North America is anticipated to continue its dominance, and Europe is poised for rapid growth in this market. Another report estimates the global environmental consulting service market size was valued at US$ 43.04 billion in 2023 and is anticipated to reach US$ 77.35 billion by 2031, at a CAGR of 7.6%.
• Energy: The global power infrastructure market size was approximately USD 1.5 trillion in 2023 and is projected to grow to USD 2.3 trillion by 2032, exhibiting a CAGR of around 5.2%. The Asia Pacific region is expected to dominate, valued at approximately USD 600 billion in 2023, and North America is a major market at approximately USD 400 billion in 2023. The global clean energy infrastructure market was valued at $0.7 trillion in 2023 and is projected to reach $1.8 trillion by 2033, growing at a CAGR of 9.2%.

Digital Consulting

• AECOM's addressable market for digital consulting is expected to reach $50 billion over the next decade.

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AECOM (NYSE: ACM) is expected to drive future revenue growth over the next 2-3 years through a combination of its robust project pipeline, a favorable market for infrastructure development, strategic investments in high-value services and technology, and enhanced operational efficiency.

Here are 5 expected drivers of AECOM's future revenue growth:

1. Record Backlog and Strong Project Pipeline: AECOM has consistently reported a record backlog, reaching approximately $26 billion recently, with a book-to-burn ratio of 1.5x, marking its 21st consecutive quarter above 1.0. This substantial backlog provides strong visibility into future revenue and demonstrates a continuous ability to secure new projects.
2. Increased Global Infrastructure Investment: The company is well-positioned to capitalize on significant global and U.S. government-backed infrastructure spending. Demand for services in transportation, water systems, environmental infrastructure, and data centers is creating a steady pipeline of projects for AECOM.
3. Strategic Focus on High-Value Advisory Services: AECOM is actively expanding its high-growth advisory segments, aiming to double the Net Service Revenue (NSR) from its Advisory business within three years. This focus on higher-margin consulting and advisory services is expected to enhance both revenue quality and overall growth.
4. Investment in AI and Technology Integration: AECOM views significant investment in artificial intelligence (AI) and technology integration as a key competitive advantage. These advancements are anticipated to transform work processes, provide greater value to clients, and underpin market share gains and addressable market expansion, thereby driving revenue growth.
5. Operational Efficiency and Margin Expansion: The company's ongoing strategy to enhance operational efficiency and shift towards an asset-light, professional services model is contributing to improved margins. This focus on higher-value work and efficient delivery allows AECOM to be more selective and competitive in securing profitable contracts, which in turn supports sustainable revenue growth.

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Capital Allocation Decisions for AECOM (ACM)

AECOM has demonstrated a clear focus on returning capital to shareholders through significant share repurchases and making strategic investments in its core business and growth areas over the last 3-5 years.

Share Repurchases

• AECOM's Board of Directors increased its share repurchase authorization to $1 billion in November 2024, November 2023, and September 2021, and again to $1,000 million in February 2026.
• The company completed a multi-year share repurchase program totaling approximately $3.14 billion, and has repurchased a total of 45,272,368 shares for $2,826.48 million under its long-running program as of the fourth quarter of fiscal year 2025.
• Since initiating its repurchase program in September 2020, AECOM has bought back $2.2 billion of stock as of November 2024, reducing its shares outstanding by 21%.

Share Issuance

• No significant share issuances were identified, with the number of outstanding shares reported as 133.31 million in 2026, showing no change from the previous year.

Outbound Investments

• AECOM is prioritizing high-returning investments in accelerating organic growth, margin expansion, and proprietary AECOM AI and Advisory services to enhance its competitive advantage.
• The company initiated a review of strategic alternatives for its Construction Management business in November 2025, including a potential sale, to further focus on its fastest-growing and highest-returning opportunities; however, the review was completed in February 2026, with the decision to continue owning and operating the business.
• AECOM entered into a global mobility and infrastructure planning partnership with TomTom in early 2026, integrating TomTom's traffic datasets into its consulting services.

Capital Expenditures

• AECOM's capital expenditures for fiscal years ending September 2021 to 2025 averaged $2.454 billion, with a median of $2.503 billion.
• Capital expenditures peaked at $2.813 billion in September 2021 and reached a 5-year low of $1.841 billion in September 2023.
• For the last twelve months, capital expenditures were reported as -$124.78 million, contributing to a free cash flow of $615.95 million.