AECOM

Backlog increased to about 26.2 billion dollars in Q2 2026 and design book‑to‑burn has been above 1.0 for 22 consecutive quarters, supporting multi‑year visibility.

The firm targets 6% to 8% organic NSR growth in FY2026 and a 15%+ adjusted EPS CAGR through FY2029, though outcomes remain exposed to government budgets, appropriations cycles, and macro delays.

FY2026 cash flow timing issues in the Middle East highlight episodic working‑capital volatility, yet management reaffirmed full‑year FCF guidance and noted collections recovery in Q3. Overall we view growth as steady and visible for an engineering consultant, but not as toll‑like as payment networks.