jec-20251226

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 26, 2025

☐ 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 23, 2026: 117,446,713

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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	6

		Consolidated Statements of Comprehensive Income (Loss) - Unaudited	7

		Consolidated Statements of Stockholders’ Equity - Unaudited	8

		Consolidated Statements of Cash Flows - Unaudited	9

		Notes to Consolidated Financial Statements - Unaudited	10

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

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	46

	Item 4.	Controls and Procedures	47

PART II	OTHER INFORMATION

	Item 1.	Legal Proceedings	48

	Item 1A.	Risk Factors	48

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	48

	Item 3.	Defaults Upon Senior Securities	49

	Item 4.	Mine Safety Disclosures	49

	Item 5.	Other Information	49

	Item 6.	Exhibits	50

		SIGNATURES	51

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Part I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Page 4

JACOBS SOLUTIONS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share information)


	December 26, 2025		September 26, 2025
	(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents	$	1,552,913	$	1,235,448
Receivables and contract assets	3,059,769		2,989,067
Prepaid expenses and other	144,016		134,804

Total current assets	4,756,698		4,359,319
Property, Equipment and Improvements, net	307,202		311,872
Other Noncurrent Assets:
Goodwill	4,793,637		4,780,818
Intangibles, net	683,648		717,670
Deferred income tax assets	315,480		325,814
Operating lease right-of-use assets	297,701		289,101
Miscellaneous	460,129		467,941
Total other noncurrent assets	6,550,595		6,581,344
	$	11,614,495	$	11,252,535
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:

Accounts payable	$	1,262,870	$	1,261,489
Accrued liabilities	1,042,175		1,037,754
Operating lease liabilities	111,703		111,040
Contract liabilities	1,160,967		940,616
Total current liabilities	3,577,715		3,350,899
Long-term debt	2,486,022		2,236,456
Liabilities relating to defined benefit pension and retirement plans	269,908		272,069
Deferred income tax liabilities	147,603		151,821
Long-term operating lease liabilities	361,913		362,361
Other deferred liabilities	230,123		212,330
Total other noncurrent liabilities	3,495,569		3,235,037
Commitments and Contingencies
Redeemable Noncontrolling interests	1,092,980		1,018,694
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 - 117,586,748 shares and 119,081,294 shares as of December 26, 2025 and September 26, 2025, respectively	117,587		119,081
Additional paid-in capital	2,678,370		2,706,376
Retained earnings	1,334,005		1,525,760
Accumulated other comprehensive loss	(686,062)		(710,410)
Total Jacobs stockholders’ equity	3,443,900		3,640,807
Noncontrolling interests	4,331		7,098
Total Group stockholders’ equity	3,448,231		3,647,905
	$	11,614,495	$	11,252,535

See the accompanying Notes to Consolidated Financial Statements – Unaudited.

Page 5

JACOBS SOLUTIONS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS

Three Months Ended December 26, 2025 and December 27, 2024

(In thousands, except per share information)

(Unaudited)


	For the Three Months Ended
	December 26, 2025		December 27, 2024
Revenues	$	3,293,281	$	2,932,956
Direct cost of contracts	(2,528,031)		(2,211,689)
Gross profit	765,250		721,267
Selling, general and administrative expenses	(532,689)		(512,849)
Operating Profit	232,561		208,418
Other Income (Expense):
Interest income	7,629		9,656
Interest expense	(34,254)		(34,820)

Miscellaneous income (expense), net	287		(130,107)
Total other expense, net	(26,338)		(155,271)
Earnings from Continuing Operations Before Taxes	206,223		53,147
Income Tax Expense from Continuing Operations	(73,109)		(57,149)
Net Earnings (Loss) of the Group from Continuing Operations	133,114		(4,002)
Net Earnings (Loss) of the Group from Discontinued Operations, net of tax	554		(1,001)
Net Earnings (Loss) of the Group	133,668		(5,003)
Net Earnings Attributable to Noncontrolling Interests from Continuing Operations	(2,440)		(6,080)
Net Earnings Attributable to Redeemable Noncontrolling Interests	(5,720)		(7,047)
Net Earnings (Loss) Attributable to Jacobs from Continuing Operations	124,954		(17,129)

Net Earnings (Loss) Attributable to Jacobs from Discontinued Operations	554		(1,001)
Net Earnings (Loss) Attributable to Jacobs	$	125,508	$	(18,130)
Net Earnings Per Share:
Basic Net Earnings (Loss) from Continuing Operations Per Share	$	1.12	$	(0.10)
Basic Net Earnings (Loss) from Discontinued Operations Per Share	$	—	$	(0.01)
Basic Earnings (Loss) Per Share	$	1.12	$	(0.11)

Diluted Net Earnings (Loss) from Continuing Operations Per Share	$	1.11	$	(0.10)
Diluted Net Earnings (Loss) from Discontinued Operations Per Share	$	—	$	(0.01)
Diluted Earnings (Loss) Per Share	$	1.12	$	(0.11)

See the accompanying Notes to Consolidated Financial Statements - Unaudited.

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JACOBS SOLUTIONS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Three Months Ended December 26, 2025 and December 27, 2024

(In thousands)

(Unaudited)


	For the Three Months Ended
	December 26, 2025		December 27, 2024
Net Earnings (Loss) of the Group	$	133,668	$	(5,003)
Other Comprehensive Income (Loss):
Foreign currency translation adjustments	25,517		(160,148)
Change in cash flow hedges	(2,121)		5,821
Change in pension plan liabilities	1,357		24,176
Other Comprehensive Income (Loss) Before Taxes	24,753		(130,151)
Income Tax Benefit (Expense):

Cash flow hedges	541		(1,484)
Change in pension plan liabilities	(946)		(1,132)
Income Tax Expense:	(405)		(2,616)
Net Other Comprehensive Income (Loss)	24,348		(132,767)
Net Comprehensive Income (Loss) of the Group	158,016		(137,770)
Net Earnings Attributable to Noncontrolling Interests	(2,440)		(6,080)
Net Earnings Attributable to Redeemable Noncontrolling Interests	(5,720)		(7,047)
Net Comprehensive Income (Loss) Attributable to Jacobs

SEC Form 10-Q filed by Jacobs Solutions Inc.