AECOM (ACM) is poised for growth driven by the $1.2 trillion Infrastructure Investment and Jobs Act (IIJA) in the United States, which has only seen about 36% of its funding utilized so far. The company’s backlog increased 5% year-over-year to $24.59 billion as of Q3 fiscal 2025, and it reported a net service revenue of $1.938 billion, up 6% adjusted, with notable growth in the Americas and International segments (8% and 3%, respectively).
Key market trends include significant public infrastructure investments, such as the U.K.’s £725 billion strategy aimed at sectors like transportation and energy. However, AECOM faces challenges such as macroeconomic uncertainties and potential project delays, particularly as 46% of its revenue comes from government contracts. Additionally, ongoing geopolitical tensions and government policy shifts may impact its financials further.
Competitors like Jacobs Solutions Inc. ($22.7 billion backlog, up 14.3%) and EMCOR Group, Inc. ($11.91 billion in Remaining Performance Obligations, 22% organic growth) are also thriving alongside robust demand. Meanwhile, Quanta Services, Inc. reports a total backlog of $35.84 billion as of June 2025, underscoring the competitive environment in the infrastructure sector.
