Jacobs Solutions Inc. (J)

Jacobs reported fiscal third-quarter 2026 gross revenue of $4.1 billion on 4 August 2026, up 34.5 percent from a year earlier 2.

Adjusted net revenue, which leaves out costs passed straight through to clients, rose 8.3 percent to $2.4 billion 2.

Chair and chief executive Bob Pragada said the growth was led by data center, semiconductor, energy and power, transportation and water work in the Infrastructure & Advanced Facilities segment 2.

Net earnings from continuing operations fell to $137.4 million from $181.2 million, which the company ties to a temporarily higher tax rate from the PA acquisition 2.

The company reported a record backlog of $28.9 billion, and it raised its fiscal 2026 guidance for the third quarter in a row 2.

In March 2026 it bought out the rest of PA Consulting, an advisory firm in which it had held a 65 percent stake since 2021 13.

One leadership change is on file: Shannon Miller left her role as president of strategy, growth and digital on 10 August 2026 and departs no later than 3 October 2026 8.

Jacobs was founded in 1947 and incorporated as a Delaware corporation in 1987 4.

For most of its life it was an engineering and construction firm, and the board began a quarterly dividend in fiscal 2017 43.

Fiscal 2017 started a run of purchases: Aquenta Consulting on 27 January 2017, Blue Canopy on 31 August 2017 and the consultancy CH2M on 15 December 2017 5.

CH2M added consulting work in water, environmental, transportation and nuclear remediation 5.

On 26 April 2019 Jacobs sold its Energy, Chemicals and Resources business to Worley for $3.4 billion, which took it out of direct-hire construction and fixed-price lump-sum energy construction 5.

It then bought the national security technology provider KeyW on 12 June 2019 and agreed on 20 August 2019 to buy John Wood Group's nuclear business for an enterprise value of £250 million 5.

The company began trading as J in December 2019, as it described a move from engineering and construction toward technology-forward solutions 6.

On 2 March 2021 it took a 65 percent stake in PA Consulting, a U.K.-based innovation and transformation consultancy 3.

On 29 August 2022 it put a holding company, Jacobs Solutions Inc., above Jacobs Engineering Group, and Bob Pragada became chief executive in January 2023 3.

On 27 November 2023 Jacobs announced it would spin off its Critical Mission Solutions and Cyber & Intelligence businesses and combine them with Amentum into a government services company with nearly $13 billion in annual revenue 11.

Jacobs completed that Reverse Morris Trust on 27 September 2024, and the combined company trades as AMTM 3.

In February 2025 it launched Challenge Accepted, a multi-year growth strategy aimed at water and environmental, life sciences and advanced manufacturing, and critical infrastructure work 3.

Revenue for the year ended 26 September 2025 was $12.03 billion, up 4.6 percent from $11.50 billion, mainly from Infrastructure & Advanced Facilities and PA Consulting 3.

Infrastructure and Advanced Facilities

Infrastructure & Advanced Facilities, the larger segment, sells consulting, planning, architecture, design, engineering and program and construction management, and runs facilities over the long term 3.

Its end markets are Water & Environmental, Life Sciences & Advanced Manufacturing and Critical Infrastructure, and its clients are governments and private companies in the U.S., Europe, the U.K., the Middle East and Asia Pacific 3.

In the nine months to 26 June 2026 it had revenue from external customers of $10.02 billion, against $1.04 billion for PA Consulting 2.

The release says Engineering News-Record ranks Jacobs number 1 in 18 categories, including data centers 2.

PA Consulting

PA Consulting is a global innovation and transformation consultancy that serves seven sectors, among them consumer and manufacturing, defense and security, energy and utilities, financial services, government, health and life sciences, and transport 1.

Jacobs paid about £1.21 billion for the shares it did not own, made up of about £997.6 million in cash and 2,043,537 new Jacobs shares 1.

Financier Worldwide reported the upfront payment as 80 percent cash and 20 percent Jacobs shares 10.

In the third quarter PA Consulting had segment operating profit of $73.6 million on revenue of $329.5 million 2.

People and offices

Robert Pragada is chair and chief executive and joined in 2016, and Venk Nathamuni became chief financial officer in 2024 3.

The 10-K counted about 43,000 people, and the latest 10-Q says about 47,000 31.

Shannon Miller and the company signed a separation agreement on 22 September 2026, which keeps some of her stock awards vesting through 17 November 2027 9.

Its properties are mainly leased offices in the United States, United Kingdom, Australia, India, Canada, Poland and United Arab Emirates, about 5.3 million square feet in all 3.

Debt and payouts to shareholders

On 3 March 2026 it issued bonds paying 4.75 percent and 5.375 percent and used the proceeds to repay the remaining 2025 term loan 1.

It repurchased $614 million of its shares in the first nine months of fiscal 2026, and the dividend paid on 19 June 2026 was $0.36 a share 21.

Problems and open matters

A reserve in fiscal 2025 reflected an unfavorable interim ruling against a consolidated joint venture in which Jacobs holds a 50 percent interest 1.

The umbrella, in words

Jacobs Solutions Inc. is the parent, and its main operating subsidiary, Jacobs Engineering Group Inc., is wholly owned 37.

Exhibit 21 lists wholly owned subsidiaries including Jacobs Government Services Company and Sinclair Knight Merz Management Pty Ltd., each 100.00 percent owned, and does not list every subsidiary 7.

The tie to PA Consulting is now full ownership, completed in March 2026 1.

The 10-Q calls its Amentum shares a former investment, and the 2019 sale price of its energy business included 58.2 million Worley shares 15.

The company's outlook for fiscal 2026 is adjusted net revenue growth of 9.5 percent to 10.0 percent over fiscal 2025 2.

It also expects an adjusted EBITDA margin of 14.7 percent to 14.8 percent and adjusted free cash flow margin of about 8 percent 2.

It expects adjusted earnings per share of $7.20 to $7.30 for the year 2.

Chief financial officer Venk Nathamuni said Jacobs remains on track to reach or exceed all of its FY29 targets 2.

Under the PA Consulting agreement the company owes a further £75 million in fiscal 2028, payable in Jacobs shares, cash or both at its choice 1.

Shannon Miller leaves the company by 3 October 2026 at the latest 8.

Pragada said the record backlog and a rising pipeline of opportunities across both segments give the company confidence in its long-term trajectory 2.

The company says it is exiting the third quarter with good momentum as it prepares for the next fiscal year 2.

The Challenge Accepted strategy is described as multi-year, so its aims run past the current year 3.