ttek-20251228

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 28, 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 0-19655

TETRA TECH, INC.

(Exact name of registrant as specified in its charter)


Delaware						95-4148514
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification Number)

3475 East Foothill Boulevard, Pasadena, California 91107

(Address of principal executive offices) (Zip Code)

(626) 351-4664

(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, $0.01 par value

TTEK

The NASDAQ Stock Market LLC

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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).

Yes ☒ No ☐

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. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

At January 19, 2026, 260,807,561 shares of the registrant’s common stock were outstanding.

TETRA TECH, INC.

INDEX


PART I.	FINANCIAL INFORMATION	PAGE NO.

Item 1.	Financial Statements (Unaudited)	3

	Consolidated Balance Sheets as of December 2 8 , 2025 and September 2 8 , 20 25	3

	Consolidated Statements of Income for the Three Months Ended December 2 8 , 2025 and December 29 , 2024	4

	Consolidated Statements of Comprehensive Income for the Three Months Ended December 2 8 , 2025 and December 29 , 2024	5

	Consolidated Statements of Cash Flows for the Three Months Ended Decem ber 2 8 , 2025 and December 29 , 2024	6

	Consolidated Statements of Stockholders' Equity for the Three Months Ended December 2 8 , 2025 and December 29 , 2024	7

	Notes to Unaudited Consolidated Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	35

Item 4.	Controls and Procedures	36

PART II.	OTHER INFORMATION	36

Item 1.	Legal Proceedings	36

Item 1A.	Risk Factors	37

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37

Item 4.	Mine Safety Disclosures	37

Item 5.	Other Information	37
Item 6.	Exhibits	37

SIGNATURES		39

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Tetra Tech, Inc.

Consolidated Balance Sheets

(unaudited - in thousands, except par value)


	As of
ASSETS	December 28, 2025		September 28, 2025
Current assets:
Cash and cash equivalents	$	269,448	$	167,459
Accounts receivable, net	1,082,417		1,158,928
Contract assets	140,429		138,232
Prepaid expenses and other current assets	112,145		98,768
Assets held-for-sale	—		57,502
Total current assets	1,604,439		1,620,889

Property and equipment, net	65,395		66,148
Right-of-use assets, operating leases	199,552		197,618
Goodwill	2,065,914		2,049,874
Intangible assets, net	113,567		121,160
Deferred tax assets	92,638		106,238
Other non-current assets	123,222		120,247
Total assets	$	4,264,727	$	4,282,174

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	196,730	$	204,725
Accrued compensation	221,817		346,912
Contract liabilities	435,373		420,254
Short-term lease liabilities, operating leases	69,681		69,099

Current contingent earn-out liabilities	18,093		24,826
Liabilities held-for-sale	—		25,115
Other current liabilities	279,100		288,113
Total current liabilities	1,220,794		1,379,044

Deferred tax liabilities	20,171		21,333
Long-term debt	834,256		763,363
Long-term lease liabilities, operating leases	154,444		154,695
Non-current contingent earn-out liabilities	33,299		32,135
Other non-current liabilities	155,125		151,440

Commitments and contingencies (Note 16)

Equity:
Preferred stock - authorized, 2,000 shares of $0.01 par value; no shares issued and outstanding at December 28, 2025 and September 28, 2025

SEC Form 10-Q filed by Tetra Tech Inc.