On this page of StockholderLetter.com we present the latest annual shareholder letter from AECOM — ticker symbol ACM. Reading current and past ACM letters to shareholders can bring important insights into the investment thesis.

 •  1/20/2026 Letter Continued (Full PDF)
 •  1/30/2023 ACM Stockholder Letter
 •  1/29/2024 ACM Stockholder Letter
 •  1/17/2025 ACM Stockholder Letter
 •  More "Construction" Category Stockholder Letters
 •  ACM Benford's Law Stock Score = 84

ACM Shareholder/Stockholder Letter Transcript:

Delivering a
Better World
LA28 OLYMPIC AND PARALYMPIC GAMES
United States
AN N UAL R E POR T 2 0 25
AECOM is supporting the full delivery of the
LA28 Olympic and Paralympic Games venue
infrastructure program as the Official Venue
Infrastructure Partner.

AECOM
Our Purpose
Delivering a better world
Our Vision
We believe in a world
where infrastructure
creates opportunity
for everyone.
Our Mission
By bringing together the
best people, ideas and
technical expertise, we
partner with clients to turn
their ambitions into action,
and embrace our core
values in everything we do.
Our Values
Safety, ethics
& quality first
Collaborate to win
We operate ethically and
with integrity, committing to
safety, security and quality
in all that we do.
We connect unrivaled
expertise from around the
world to anticipate and solve
our clients    most pressing
challenges to achieve
shared success.
Innovate with impact
Deliver excellence
We embrace new ideas and
develop forward-thinking
solutions that generate
great value for our clients,
our communities and
our people.
We grow our business
through relentless client
focus, technical and
operational excellence,
and exceptional project
execution.
Sustain our world
Thrive together
We take action to make
a positive impact on
the planet, enrich the
communities we touch and
build legacies for future
generations.
We create a welcoming
workplace, foster engaged
and supportive teams, and
provide opportunities where
all our people can reach
their full potential.

2025 Annual Report
Contents
02
06
07
08
10
12
18
22
26
32
Letter from the CEO
Accolades
Our Think and Act
Globally Strategy
Transforming
How We Work
Delivering
Sustainable Legacies
Fiscal 2025 Financial
Performance
Work Highlights
Investing in
Our People
Extending Client
Relationships
Corporate
Governance
1

AECOM
Message from the Chairman and CEO
Dear stockholders,
Five years ago, with the launch
of our Think and Act Globally
strategy, we set our sights on
becoming the leading professional
services firm in infrastructure,
striving to be the partner of choice
on our clients    most complex
and challenging objectives. This
past fiscal year, we took another
step forward in that ambition,
exceeding every key strategic and
financial performance metric that
we set for ourselves. Our progress
builds on years of outperformance
owing to our competitive
advantages and our commitment
to our people.
2
Reflecting on our progress, there are a few
achievements that I   m especially proud of and that
demonstrate our success:
    W
  e became the number #1 overall design firm
in our industry.
  There is no company in our industry with more
talent and technical expertise than AECOM. That
was clear in Engineering News-Record   s 2025
rankings, in which we built on top of our existing
#1 positions in each of our end markets of
transportation, water, environment and facilities
to become the #1 overall design firm of the year.
Clients trust AECOM to solve their most complex
challenges because of our ability to consistently
design and implement innovative solutions that
others in our industry can   t, and that advantage
should continue to fuel our ability to win highvalue projects well into the future.
    O
  ur financial results set records across
the business.
  Our financial performance exceeded all key
metrics in our guidance this year, a testament
to the strength of our business and our ability to
execute on our strategy no matter the political

2025 Annual Report
or economic environment. Standing out among
those results was the achievement of our prior
17% segment adjusted operating margin target in
the second half of 2025, more than one year ahead
of prior expectations. Our business continues to
operate more efficiently and our organic growth
investments are driving a more valuable business.
    We won what matters at record rates.
By focusing our attention on our fastest-growing
markets and investing in our most important
client relationships, we have consistently gained
market share organically within the industry
and built a record backlog. Our win rate on our
largest pursuits this past year was 80% and
included iconic projects of unprecedented
scope, like our selection as the official venue
infrastructure partner of the LA 2028 Olympic
and Paralympic Games.
    As we look to
the future, and
as our industry
continues to evolve,
our business has
never been better
positioned for longterm success.   
    Troy Rudd
Chairman and CEO
     We continued to create substantial value
for stockholders.
  We have maintained our steadfast focus on
executing our returns-focused capital allocation
policy to ensure we compound value for
stockholders. This past fiscal year, we once again
3



 1/20/2026 Letter Continued (Full PDF)