jec-20241227

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended December 27, 2024

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission File Number 1-7463

JACOBS SOLUTIONS INC.

(Exact name of registrant as specified in its charter)

Delaware

88-1121891

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification Number)

1999 Bryan Street

Suite 3500

Dallas

Texas

75201

(Address of principal executive offices)

(Zip Code)

(214) 583 – 8500

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

_________________________________________________________________



Title of Each Class		Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock	$1 par value	J	New York Stock Exchange

Indicate by check-mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: ☒ Yes ☐ No

Indicate by check-mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Page 1

Indicate by check-mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check-mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

Number of shares of common stock outstanding at January 24, 2025: 122,543,672

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JACOBS SOLUTIONS INC.

INDEX TO FORM 10-Q


			Page No.
PART I	FINANCIAL INFORMATION

	Item 1.	Financial Statements	4

		Consolidated Balance Sheets - Unaudited	5

		Consolidated Statements of Earnings - Unaudited	7

		Consolidated Statements of Comprehensive Income - Unaudited	8

		Consolidated Statements of Stockholders’ Equity - Unaudited	9

		Consolidated Statements of Cash Flows - Unaudited	10

		Notes to Consolidated Financial Statements - Unaudited	11

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	45

	Item 4.	Controls and Procedures	56

PART II	OTHER INFORMATION

	Item 1.	Legal Proceedings	47

	Item 1A.	Risk Factors	47

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	47

	Item 3.	Defaults Upon Senior Securities	48

	Item 4.	Mine Safety Disclosures	48

	Item 5.	Other Information	48

	Item 6.	Exhibits	49

		SIGNATURES	50

Page 3

Part I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Page 4

JACOBS SOLUTIONS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share information)


	December 27, 2024		September 27, 2024
	(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents	$	1,299,657	$	1,144,795
Receivables and contract assets	2,912,513		2,845,452
Prepaid expenses and other	136,855		155,865
Investment in equity securities	597,939		749,468
Total current assets	4,946,964		4,895,580
Property, Equipment and Improvements, net	293,148		315,630
Other Noncurrent Assets:
Goodwill	4,683,356		4,788,181
Intangibles, net	795,285		874,894
Deferred income tax assets	207,980		195,406
Operating lease right-of-use assets	287,661		303,856
Miscellaneous	396,455		385,458
Total other noncurrent assets	6,370,737		6,547,795
	$	11,610,849	$	11,759,005
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt	$	818,545	$	875,760
Accounts payable	984,963		1,029,140
Accrued liabilities	1,012,218		1,087,764
Operating lease liability	114,293		119,988
Contract liabilities	1,013,076		967,089
Total current liabilities	3,943,095		4,079,741
Long-term debt	1,717,270		1,348,594
Liabilities relating to defined benefit pension and retirement plans	285,388		298,221
Deferred income tax liabilities	142,971		116,655
Long-term operating lease liability	383,966		407,826
Other deferred liabilities	116,600		120,483
Total other noncurrent liabilities	2,646,195		2,291,779
Commitments and Contingencies
Redeemable Noncontrolling interests	794,593		820,182
Stockholders’ Equity:
Capital stock:
Preferred stock, $1 par value, authorized - 1,000,000 shares; issued and outstanding - none	—		—
Common stock, $1 par value, authorized - 240,000,000 shares; issued and outstanding - 122,912,389 shares and 124,253,511 shares as of December 27, 2024 and September 27, 2024, respectively	122,912		124,084
Additional paid-in capital	2,735,155		2,758,064
Retained earnings	2,179,509		2,366,769
Accumulated other comprehensive loss	(832,217)		(699,450)
Total Jacobs stockholders’ equity	4,205,359		4,549,467
Noncontrolling interests	21,607		17,836
Total Group stockholders’ equity	4,226,966		4,567,303
	$	11,610,849	$	11,759,005

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See the accompanying Notes to Consolidated Financial Statements – Unaudited.

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JACOBS SOLUTIONS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS

Three Months Ended December 27, 2024 and December 29, 2023

(In thousands, except per share information)

(Unaudited)


	For the Three Months Ended
	December 27, 2024		December 29, 2023
Revenues	$	2,932,956	$	2,810,227
Direct cost of contracts	(2,211,689)		(2,145,497)
Gross profit	721,267		664,730
Selling, general and administrative expenses	(512,849)		(522,730)
Operating Profit	208,418		142,000
Other Income (Expense):
Interest income	9,656		7,519
Interest expense	(34,820)		(43,350)
Miscellaneous expense	(130,107)		(2,964)
Total other expense, net	(155,271)		(38,795)
Earnings from Continuing Operations Before Taxes	53,147		103,205
Income Tax (Expense) Benefit from Continuing Operations	(57,149)		31,610
Net (Loss) Earnings of the Group from Continuing Operations	(4,002)		134,815
Net (Loss) Earnings of the Group from Discontinued Operations, net of tax	(1,001)		46,639
Net (Loss) Earnings of the Group	(5,003)		181,454
Net Earnings Attributable to Noncontrolling Interests from Continuing Operations	(6,080)		(3,851)
Net Earnings Attributable to Redeemable Noncontrolling interests	(7,047)		(2,618)
Net (Loss) Earnings Attributable to Jacobs from Continuing Operations	(17,129)		128,346
Net Earnings Attributable to Noncontrolling Interests from Discontinued Operations	—		(3,375)
Net (Loss) Earnings Attributable to Jacobs from Discontinued Operations	(1,001)		43,264
Net (Loss) Earnings Attributable to Jacobs	$	(18,130)	$	171,610
Net Earnings Per Share:
Basic Net (Loss) Earnings from Continuing Operations Per Share	$	(0.10)	$	1.03
Basic Net (Loss) Earnings from Discontinued Operations Per Share	$	(0.01)	$	0.34
Basic (Loss) Earnings Per Share	$	(0.11)	$	1.37

Diluted Net (Loss) Earnings from Continuing Operations Per Share	$	(0.10)	$	1.03
Diluted Net (Loss) Earnings from Discontinued Operations Per Share	$	(0.01)	$	0.34
Diluted (Loss) Earnings Per Share	$	(0.11)	$	1.37

See the accompanying Notes to Consolidated Financial Statements - Unaudited.

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JACOBS SOLUTIONS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended December 27, 2024 and December 29, 2023

(In thousands)

(Unaudited)

SEC Form 10-Q filed by Jacobs Solutions Inc.