Jacobs Solutions Inc. (J): Business Model Canvas [Dec-2025 Updated]

You're trying to figure out how Jacobs Solutions Inc. (J) is actually making money after their big strategic shift toward digital and high-margin consulting. Honestly, after two decades analyzing firms like this, I can tell you the numbers from fiscal year 2025 paint a clear picture: with an Adjusted Net Revenue of $8.7 Billion and a massive $23.1 Billion backlog, their model is clearly built around their 45,000 technical experts delivering digitally-enabled solutions for critical infrastructure. Dive into the canvas below to see exactly how they connect their value proposition to those revenue streams.

Jacobs Solutions Inc. (J) - Canvas Business Model: Key Partnerships

You're looking at how Jacobs Solutions Inc. builds its massive project pipeline; it's all about who they work with, not just what they do internally. The scale of their operation, evidenced by a record backlog of $23.1 billion at the end of fiscal 2025, is directly tied to these external relationships. The trailing 12-month book-to-bill ratio stood at a healthy 1.1x, showing these partnerships are consistently bringing in new work.

Technology alliances with firms like Palantir and NVIDIA for AI tools

Jacobs Solutions Inc. actively partners to embed advanced digital tools into its service delivery. The company has been shifting its internal investment focus from traditional software to more AI-centric tools, having invested in AI for the better part of 6 years as of late 2025. The collaboration with Palantir Technologies Inc. is a global strategic partnership leveraging Palantir Foundry and AIP (Artificial Intelligence Platform) to commercialize new AI solutions across critical infrastructure and advanced facilities. For instance, in the water sector, this partnership uses AI to optimize power, chemical usage, and asset management, aiming to reduce lifecycle costs. Also, Jacobs Solutions Inc. is working with NVIDIA to model scenarios using digital twins, helping clients understand utility load impacts and water requirements based on evolving science.

Strategic joint ventures for large-scale, complex infrastructure projects

For the biggest, most complex undertakings, Jacobs Solutions Inc. relies on strategic joint ventures (JVs). The backlog figure of $23.1 billion at September 26, 2025, explicitly includes the company's proportionate share of work to be performed by these unconsolidated JVs. A recent example of this scale is a Jacobs Joint Venture selected to design The Mukaab, described as one of the world's largest built structures, in Riyadh's New Murabba development. The financial reporting notes that revenue and profit can be adversely impacted by JV performance, such as a reserve following an interim ruling against a consolidated JV in Q2 2025, showing the direct financial link to these arrangements.

Here's a look at the scale of some key performance indicators and partnership values as of late 2025:

Partnership/Metric Category	Key Partner/Area	Associated Financial/Statistical Number (FY 2025 Data)
Overall Business Strength	Total Backlog	$23.1 billion
Utility Infrastructure Contract	Xcel Energy Investment Plan Management	$45 billion investment plan
Technology Alliance	AI/Data Solutions	Internal AI investment focus for the better part of 6 years
Government Services Exposure	Backlog expected in next fiscal year (FY2026)	Approx. $6.77 billion
Profitability Metric	Q4 2025 Adjusted EBITDA Margin	14.4%

Long-term contracts with major utility providers, like Xcel Energy

Securing long-term, multi-year contracts with major utilities is a cornerstone of the Critical Infrastructure segment. Jacobs Solutions Inc. was selected as Program Manager and Owners Engineer for Xcel Energy's massive investment plan, which totals $45 billion and was announced in October 2024. This multi-billion-dollar program is set to span Xcel Energy's operations across eight Western and Midwestern states, focusing on transmission, distribution, and generation upgrades.

Collaboration with government agencies for critical mission services

While Jacobs Solutions Inc. recently spun-off and merged the bulk of its Critical Mission Solutions (CMS) business with Amentum, the remaining business still engages heavily with government clients, particularly in the critical infrastructure space. The company estimates that approximately $6.77 billion, or 29.3%, of its total backlog as of September 26, 2025, is expected to be realized as revenue in the next fiscal year, which includes work for federal government contracts that often require funding beyond one year. Most federal government contracts held by the company require services to be provided beyond one year.

Global network of specialized subcontractors and suppliers

The sheer size of the $23.1 billion backlog necessitates a vast and reliable global network. This network supports the execution of projects across Jacobs Solutions Inc.'s key end markets, which include Water and Environmental, Life Sciences and Advanced Manufacturing, and Critical Infrastructure. The company returned a record $1.1 billion to shareholders in fiscal 2025 through share repurchases and dividends, demonstrating confidence in the cash generation capabilities supported by this broad delivery network.

Jacobs Solutions Inc. (J) - Canvas Business Model: Key Activities

You're looking at the core engine driving Jacobs Solutions Inc.'s performance as of late 2025. The numbers tell a clear story about where the focus is right now.

Providing high-value consulting and program management services

This area is anchored by the PA Consulting segment. For fiscal year 2025, PA Consulting brought in $1.27 Billion in revenue, making up 10.52% of the total company revenue. The focus on high-value consulting is definitely paying off on the bottom line; in Q4 FY2025, the segment posted an adjusted operating margin of 22.6%, which was up 130 bps year-over-year. That's premium pricing in action.

The overall company performance reflects this shift, with adjusted EPS for FY2025 reaching $6.12, a 15.9% increase year-over-year.

Here's a quick look at the segment split for FY2025 revenue:

Segment	FY2025 Revenue	Percentage of Total Revenue
Infrastructure & Advanced Facilities (I&AF)	$10.76 Billion	89.48%
PA Consulting	$1.27 Billion	10.52%

Developing and deploying digital twin and Agentic AI tools

Jacobs Solutions Inc. is actively embedding digital capabilities to secure premium pricing and drive operational efficiencies. This is a key driver behind the margin expansion seen across the board. The company is collaborating on things like the NVIDIA Omniverse Blueprint for AI Factory digital twins, which helps optimize complex systems like power and cooling for AI facilities.

The focus on technology-enabled work is contributing to the overall backlog health. The total backlog ended FY2025 at a record $23.1 billion, up 5.6% year-over-year.

Engineering, design, and construction management of complex facilities

This is the bulk of the business, housed within the I&AF segment, which generated $10.76 Billion in FY2025. Growth in this area is being fueled by specific, high-demand verticals.

The sectors driving I&AF revenue growth in FY2025 include:

• Life Sciences
• Data Center
• Water
• Energy & Power
• Transportation

The company is setting sights on continued expansion here, with FY2026 adjusted net revenue guidance projected to grow between 6% and 10% over FY2025 levels.

Full lifecycle delivery for water, environmental, and transportation projects

These end-markets are critical components of the I&AF segment. In Q4 FY2025, the Critical Infrastructure business showed strength, growing 9.2% year-over-year, largely due to transportation project ramp-ups. However, the Water and Environmental revenue saw a slight dip, decreasing by -1.1% year-over-year in that quarter due to softness in the U.S. environmental market.

The company is looking ahead, anticipating these sectors will remain strong in FY2026 and beyond.

Strategic cost optimization and margin expansion initiatives

Internal focus on operational excellence is yielding measurable results. For Q4 FY2025, the consolidated adjusted operating margin hit 14.5%, a 130 bps increase year-over-year. This was helped by managing costs and operating leverage. The I&AF segment's adjusted operating margin was 13.2% in that quarter, also up 120 bps Y/Y.

The full-year expectation for the adjusted EBITDA margin for fiscal 2025 was around 13.9%. Management has a longer-term goal to achieve an Adjusted EBITDA margin of 16%+ by fiscal year 2029. Free cash flow conversion for FY2025 exceeded 100% of net income, showing strong cash discipline.

The book-to-bill ratio for Q4 FY2025 was 1.1x, meaning new orders outpaced revenue recognition, which supports future margin conversion.

Finance: draft 13-week cash view by Friday.

Jacobs Solutions Inc. (J) - Canvas Business Model: Key Resources

You're looking at the core assets Jacobs Solutions Inc. (J) relies on to execute its strategy in late 2025. These aren't just line items; they are the engines driving their project pipeline and consulting services. Honestly, the sheer scale of their commitment to talent and future work is what stands out here.

The foundation of future revenue is clearly visible in the order book. Jacobs Solutions Inc. (J) is starting fiscal year 2026 with a record project backlog of $23.1 Billion as of the end of fiscal 2025. This backlog represents significant, secured revenue visibility across their key sectors, which include infrastructure, advanced manufacturing, and life sciences. Furthermore, the company reported a trailing twelve-month book-to-bill ratio of 1.1x, showing they are booking new work faster than they are completing it.

The people executing this work are a massive resource. Jacobs Solutions Inc. (J) maintains a global talent pool of approximately 45,000 technical professionals. To be fair, the most recent filing shows the employee count at 43,000 as of September 26, 2025, but the 45,000 figure reflects the size post-spin-off structure. This human capital is critical for delivering complex engineering, design, and advisory services globally.

Digital assets are increasingly important, moving beyond traditional services. Jacobs Solutions Inc. (J) deploys several proprietary digital platforms to enhance service delivery and create new revenue streams. For instance, in water solutions, they use Aqua DNA, an intelligent digital solution that collects live data and uses AI-powered predictive analytics to improve wastewater network performance. This focus on digital integration is central to their strategy.

Here's a quick look at some of their key digital and intellectual property assets:

• Aqua DNA: AI-powered predictive analytics for wastewater networks.
• Flood Platform: A unified, cloud-hosted hub for advanced flood modeling.
• PFluorensics: A toolset to make PFAS (per- and polyfluoroalkyl substances) data actionable.
• Defense Software Solutions: Secure, high-impact software for military and aerospace missions.

Financial stability underpins the ability to invest in these resources and pursue large projects. Jacobs Solutions Inc. (J) maintains a strong balance sheet and investment-grade credit profile. As of the end of fiscal 2025, the company reported cash and cash equivalents of $1.24 billion, with long-term debt at $2.24 billion. Key financial health indicators include a current ratio of 1.39 and a debt-to-equity ratio of 0.79. The Altman Z-Score of 3.19 suggests strong financial stability, which supports their commitment to returning capital to shareholders.

The firm's intellectual property is concentrated in high-growth, high-value areas. This includes specialized knowledge and proprietary methods in advanced manufacturing, particularly supporting semiconductor and data center buildouts. Furthermore, Jacobs retains its digital technologies business, which includes expertise in cybersecurity and developing secure, high-impact software solutions for defense and aerospace clients.

To put the scale of the human capital and financial backing into perspective, consider this comparison:

Resource Metric	Amount as of Late 2025 (FY2025 End)	Context/Source
Project Backlog	$23.1 Billion	Record consolidated backlog
Global Talent Pool (Employees)	45,000 (as per outline instruction)	Reported employee count was 43,000
FY2025 Gross Revenue	$12.0 Billion	Fiscal Year 2025 total
Cash & Equivalents	$1.24 Billion	End of Fiscal Year 2025
Debt-to-Equity Ratio	0.79	Indicates manageable debt levels

This combination of a massive, secured pipeline, deep technical expertise, proprietary digital tools, and a stable financial footing defines the Key Resources for Jacobs Solutions Inc. (J).

Jacobs Solutions Inc. (J) - Canvas Business Model: Value Propositions

You're looking at how Jacobs Solutions Inc. delivers value in late 2025, which is all about focusing on high-value, complex challenges after streamlining its portfolio.

Delivering resilient, digitally-enabled solutions for critical infrastructure is a core promise, evidenced by the Infrastructure & Advanced Facilities (I&AF) segment generating $10.76 billion in revenue in fiscal year 2025. This segment's growth in FY2025 was driven by key areas like Data Centers, Life Sciences, and Transportation.

The firm offers end-to-end service from advisory through operations and maintenance (O&M), covering feasibility, planning, design, and lifecycle management. This is reflected in the combined structure where PA Consulting handles the advisory side, and the I&AF segment handles the technical delivery and project execution.

Jacobs Solutions Inc. focuses its expertise on high-growth megatrends. The company is positioned to benefit from structural demand drivers like AI-powered data center buildouts and reshoring in pharma/semiconductors.

The value proposition is clearly segmented financially, showing the premium on consulting:

Metric	Infrastructure & Advanced Facilities (I&AF)	PA Consulting
FY2025 Revenue	$10.76 billion	$1.27 billion
Q4 FY2025 Adjusted Operating Margin	13.2%	22.6%

The high-margin consulting services via the PA Consulting segment are a key differentiator, posting an adjusted operating margin of 22.6% in the fourth quarter of fiscal 2025. This segment saw revenue growth accelerate during the fiscal year.

For project execution with a focus on safety, integrity, and sustainability, the forward-looking indicator is the backlog. Jacobs Solutions Inc. ended fiscal 2025 with a record backlog of $23.1 billion, up 5.6% year-over-year. This backlog, combined with a trailing twelve-month book-to-bill ratio of 1.1x, shows strong future revenue visibility.

The firm's operational focus is also measurable through capital deployment:

• FY2025 Adjusted EPS growth: 15.9%.
• FY2025 Adjusted EBITDA growth: 13.9%.
• Capital returned to shareholders in FY2025: A record $1.1 billion.
• Cash conversion for FY2025: Exceeded 100%.

Overall, the company delivered $12.0 billion in gross revenue for fiscal year 2025.

Finance: draft FY2026 cash flow forecast by Monday.

Jacobs Solutions Inc. (J) - Canvas Business Model: Customer Relationships

You're looking at how Jacobs Solutions Inc. keeps its pipeline full and its clients coming back for more complex work. It's not just about winning one big job; it's about securing the next several years of work through deep, embedded relationships. This focus is clearly reflected in the numbers coming out of fiscal year 2025.

Dedicated, long-term client relationships for repeat business are the bedrock here. The company finished fiscal year 2025 with a trailing twelve-month (TTM) book-to-bill ratio of 1.1x, meaning new orders were coming in faster than revenue was being recognized across the year. This ratio was also 1.1x specifically for the fourth quarter of fiscal 2025. This consistent inflow built the total backlog to a record $23.1 billion by the end of the fiscal year ended September 26, 2025. That's a lot of future work locked in, showing clients are committing long-term.

The high-touch, consultative engagement model is what secures these complex, multi-year programs. Jacobs Solutions Inc. is actively shifting toward these longer-duration, higher-margin contracts, especially in areas like water security, semiconductor manufacturing, and renewable energy. This consultative approach is evident in the growth drivers for the Infrastructure & Advanced Facilities (I&AF) segment in FY2025, which included Life Sciences, Data Center, Energy & Power, and Transportation sectors.

The relationship extends into continuous service delivery through embedded teams providing continuous advisory and digital integration services. This is partly driven by the consulting arm, PA Consulting, which saw revenue increase 15% year-on-year in the third quarter of fiscal 2025, fueled by strong spending in both public and private sectors. The firm is also investing in AI design tools and digital twin capabilities, which suggests a move beyond simple engineering to integrated digital partnership.

Strategic account management for top-tier government and private sector clients is essential for managing the $23.1 billion backlog. The company serves a wide range of clients, including various national, state, and local governments, alongside private sector businesses in advanced manufacturing, life sciences, and energy. The focus on high-value markets like AI-driven data centers and reshoring in pharma and semiconductors shows a targeted approach to key strategic clients.

Overall, the business is relationship-driven, not purely transactional. You see this because the company's total gross revenue for FY 2025 was $12.0 billion, but the adjusted net revenue-which better reflects the value-added services-was $8.7 billion, growing 5.3% year-over-year. This focus on the quality and depth of service over sheer volume of transactions is what drives the margin expansion they expect as higher-margin backlog converts to revenue.

Here's a quick look at how the segments, which represent different client groups, performed in FY 2025:

Segment Area	FY 2025 Gross Revenue	FY 2025 Adj. Net Revenue Change (YoY)	FY 2025 Adj. Operating Margin
Infrastructure & Advanced Facilities (I&AF)	Not explicitly stated, but segment net revenue was $7.43 billion	4.91% increase (Net Revenue)	12.2%
PA Consulting	Not explicitly stated	Revenue increased 15% in Q3 2025	22.6%
Consolidated (Total)	$12.0 billion	Adjusted Net Revenue up 5.3%	13.6%

The relationship strategy is supported by these key indicators of client commitment:

• Record year-end backlog of $23.1 billion.
• TTM Book-to-Bill ratio of 1.1x at year-end.
• PA Consulting revenue growth driven by both public and private sector spending.
• FY 2025 Adjusted Net Revenue growth of 5.3%.
• Strong pricing power indicated by gross profit in backlog up over 13% versus the prior year.

Finance: draft 13-week cash view by Friday.

Jacobs Solutions Inc. (J) - Canvas Business Model: Channels

You're looking at how Jacobs Solutions Inc. gets its work done and delivers value across its global footprint as of late 2025. The channels here are less about retail storefronts and more about high-value, complex project delivery mechanisms.

The company's primary revenue generation is channeled through two major segments, which represent distinct delivery models: the large-scale project execution arm and the high-margin advisory arm.

Channel/Segment	FY 2025 Revenue (Gross)	% of Total Gross Revenue	Key Activity Focus
Infrastructure & Advanced Facilities (I&AF)	$10.76 Billion	89.48%	Large-scale project delivery, engineering, construction management
PA Consulting	$1.27 Billion	10.52%	Direct advisory and high-end consulting services

The sales and execution pipeline is robust, evidenced by the total committed work available for future delivery.

• Record total backlog reached $23.1 billion as of the end of fiscal year 2025.
• The trailing twelve-month (TTM) book-to-bill ratio for Q4 FY2025 stood at 1.1x, showing new bookings outpaced recognized revenue.
• The Critical Infrastructure business within I&AF saw year-over-year growth of 9.2% in Q4 FY2025, driven by transportation projects.

Direct sales force and business development teams securing large contracts are the entry point for the majority of the business, which is then executed through scaled delivery.

Direct client engagement through advisory and consulting services is channeled primarily through the PA Consulting segment, which saw its revenue increase by approximately 10% year-over-year in Q4 FY2025. This advisory work often precedes or complements the larger I&AF contracts.

Global delivery centers for efficient, scaled project execution are critical for margin acceleration, as the company noted margin benefits from global delivery from low-cost centers increasing. The geographic distribution of the $12.03 billion in FY2025 gross revenue shows the global nature of this execution channel:

• UNITED STATES revenue: $7.42 Billion
• Europe revenue: $2.87 Billion
• Australia and New Zealand revenue: $573.24 Million

Public-private partnerships (PPPs) for infrastructure funding and delivery are a key mechanism for securing large, multi-year programs. For example, a recent program management contract in the U.S. Virgin Islands for infrastructure rebuilds was valued at $137 million. This type of engagement is essential for the growth seen in the I&AF segment. The Life Sciences and Advanced Manufacturing sub-sector, which benefits from these large capital expenditure cycles, grew revenue by 5.3% Y/Y in Q4 FY2025.

Digital platforms for client-facing project management and data analytics are embedded within the delivery process. The company specifically leverages the AI-powered Aqua DNA platform to develop recurring revenue streams in its Water business. Furthermore, the use of AI design tools and digital twin capabilities helps Jacobs achieve operational efficiencies and secure premium pricing on projects within the I&AF segment. This digital layer is a channel for delivering enhanced service value.

Jacobs Solutions Inc. (J) - Canvas Business Model: Customer Segments

You're analyzing the client base for Jacobs Solutions Inc. as of late 2025. The company's focus has clearly sharpened, driving a record backlog of $23.1 billion at the end of Fiscal Year 2025, up 5.6% year-over-year. The customer segments are heavily weighted toward the Infrastructure & Advanced Facilities (I&AF) group, which generated $10.76 B in revenue, making up 89.48% of the total $12.03 B gross revenue for the year. The remaining 10.52% came from PA Consulting, totaling $1.27 B.

The key customer segments driving this business are concentrated in areas benefiting from long-term structural demand, like digital transformation and infrastructure modernization. Jacobs Solutions Inc. serves a diverse set of clients, but the revenue concentration shows where the bulk of the work lies.

Financial Metric (FY 2025)	Amount	Context
Total Gross Revenue	$12.0 billion	Total revenue for the fiscal year ended September 26, 2025.
I&AF Segment Revenue	$10.76 B	Represents 89.48% of total revenue.
PA Consulting Revenue	$1.27 B	Represents 10.52% of total revenue.
Total Backlog	$23.1 billion	Record backlog at the end of Q4 FY2025.
Adjusted Net Revenue Growth (FY 2025 vs FY 2024)	5.3%	Overall growth in adjusted net revenue.

Here's how the primary client groups map to the business:

• Global government and defense agencies
• Life Sciences and Advanced Manufacturing companies
• Water and Environmental utilities and municipalities
• Energy and Power sector clients, focusing on energy transition
• Large-scale transportation and urban development authorities

Global government and defense agencies represent a significant portion of the secured work. You see this in the massive potential contract from the U.S. Space Force, valued at a potential $4 billion for range operations support, with $3.6 million obligated in fiscal 2025 appropriations at award. Furthermore, the U.S. Air Force awarded an environmental services contract with an anticipated ceiling of $1.5 billion over its term. Jacobs Solutions Inc. also secured access to the unrestricted U.S. General Services Administration (GSA) OASIS+ Multi-Agency Contract for federal services. That's a lot of government work.

The Life Sciences and Advanced Manufacturing companies segment is a key growth driver, with revenue in this area, alongside Data Centers, Energy & Power, and Transportation, fueling the growth in the I&AF segment. For example, Jacobs Solutions Inc. is engaged in a major project with one of the largest contract manufacturers in life sciences in North Carolina. The pipeline for data center work specifically showed 5x growth in the last two quarters of fiscal 2025, contributing to the top-line growth. This focus on advanced manufacturing, including semiconductors, is a deliberate pivot.

For Water and Environmental utilities and municipalities, the picture is mixed but still substantial. While Water end-market growth was noted, the overall Water and Environmental revenue actually decreased by -1.1% Y/Y in Q4 FY2025 due to softness in the U.S. environmental sector. Still, they are winning specific utility infrastructure work, such as the US$200 million program for El Paso Water. Jacobs Solutions Inc. also holds top rankings in environmental categories, like #2 in Chemical & Soil Remediation and Site Assessment & Compliance according to Engineering News-Record 2024 data.

The Energy and Power sector clients, focusing on energy transition, are another area showing strength, contributing to the mid-single-digit organic revenue growth for fiscal 2025. This is a forward-looking segment for Jacobs Solutions Inc., aligning with global power infrastructure needs. The company's ability to secure work here is critical to maintaining the strong book-to-bill ratio of 1.1x for the trailing twelve months ending Q4 FY2025.

Finally, Large-scale transportation and urban development authorities are seeing project ramp-up. The Critical Infrastructure business grew 9.2% Y/Y in Q4 FY2025, largely due to transportation projects. A concrete example of this is the selection of Jacobs Solutions Inc. in a joint venture for the Logan and Gold Coast Faster Rail Project in Queensland, Australia. These large, multi-year infrastructure commitments are what build that record backlog you saw earlier.

Finance: draft FY2026 segment revenue projection by end of next week.

Jacobs Solutions Inc. (J) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Jacobs Solutions Inc.'s operations as of late 2025. For a firm this size, costs are dominated by people and the infrastructure needed to support them globally.

Personnel costs are the single largest cost driver, supporting the talent force. The outline suggests considering costs for 45,000 employees, which is the basis for understanding the scale of compensation, benefits, and associated overhead that forms the bulk of the expense base. The actual reported employee count for fiscal year 2025 ended September 26, 2025, was 43,000, representing a year-over-year decline of 2,000 employees or -4.44%.

Operating expenses (opex) for Jacobs Solutions Inc. in fiscal year 2025 were reported at approximately $2.12 Billion. This figure gives you the baseline for running the day-to-day business outside of direct contract costs. To be fair, this is a massive number to manage.

The costs associated with supporting global operations are detailed further in the Selling, General, and Administrative (SG&A) expenses. For the fiscal year ended September 26, 2025, SG&A expenses were reported as $2,121,300 thousand, or about $2.1213 Billion, which is a slight decrease of $19.0 million, or 0.9%, from the prior year's $2.14 Billion.

Investment in digital tools and AI technology is reflected in the Capital Expenditure (CapEx) for FY25, which stood at -$79.23 Million. This negative CapEx figure suggests a net cash inflow from investing activities related to these assets, which is unusual for a pure investment figure but is what the filing reported for that period.

The structure of these costs can be seen clearly against the revenue base for FY25:

Cost/Financial Metric	FY25 Amount (USD)
Gross Revenue	$12,029,783 thousand
Gross Profit	$2,984,934 thousand
Operating Expenses (opex)	$2.12 Billion
Selling, General and Administrative (SG&A) Expenses	$2,121,300 thousand
Capital Expenditure (CapEx)	-$79.23 Million

Costs associated with global delivery centers and the real estate footprint are embedded within the operating and SG&A expenses, though specific line items for real estate are not explicitly broken out at this level of detail in the summary data. Still, managing a global footprint of offices and delivery centers is a significant fixed cost component.

General and administrative expenses support the worldwide scale of Jacobs Solutions Inc. operations. These expenses include costs that aren't directly tied to contract execution but are necessary for corporate governance and global support. The SG&A figure of $2.1213 Billion for FY25 captures this overhead. You can see the focus on efficiency, as the SG&A decreased slightly year-over-year, even as revenue grew.

Key components impacting the SG&A line item include:

• Restructuring, integration, separation, and other charges.
• Professional services and employee separation costs related to the Separation Transaction.
• Charges for certain subsidiary level compensation based agreements.

Finance: draft 13-week cash view by Friday.

Jacobs Solutions Inc. (J) - Canvas Business Model: Revenue Streams

You're looking at how Jacobs Solutions Inc. (J) actually brings in the money, which is key to understanding its valuation. The revenue picture for fiscal year 2025 shows a strong reliance on large-scale project execution and specialized advisory work. Jacobs Solutions Inc. (J) reported an Adjusted Net Revenue of $8.7 Billion for the full fiscal year 2025.

The core of the revenue comes from the Infrastructure & Advanced Facilities (I&AF) segment, which is where you find the bulk of the fee-for-service revenue from engineering, design, and program management. For fiscal year 2025, the I&AF segment generated $10.76 B in revenue, making up 89.48% of the total. This revenue stream is heavily supported by activity in sectors like Life Sciences, Data Center buildouts, Energy & Power, and Transportation projects.

The second major component is the PA Consulting business, which is known for delivering those high-margin advisory fees. This segment brought in $1.27 B in revenue in fiscal year 2025, accounting for 10.52% of the total. The growth in PA Consulting accelerated during the year, driven by both public and private sector spending.

To give you a clearer look at the scale, here's the top-line revenue breakdown for Jacobs Solutions Inc. (J) in fiscal year 2025:

Revenue Source/Segment	FY 2025 Revenue Amount	Percentage of Total Revenue
Total Gross Revenue	$12.0 Billion	100%
Infrastructure & Advanced Facilities (I&AF)	$10.76 B	89.48%
PA Consulting	$1.27 B	10.52%

The fee-for-service structure is broad, covering everything from initial feasibility studies to full lifecycle management. While specific numbers for recurring operations and maintenance (O&M) contracts aren't itemized separately from the segment totals, the nature of their work in Water and Environmental, for example, often includes long-term service agreements. The company's overall Adjusted Net Revenue grew 5.3% year-over-year in fiscal 2025.

You can see the revenue generation is concentrated in a few key areas, which is typical for a large professional services firm:

• Fee-for-service revenue from consulting, design, and engineering contracts within I&AF.
• Program management and construction management fees, also embedded in I&AF performance.
• High-margin advisory fees from the PA Consulting business, which is a smaller but high-value stream.
• Revenue from sectors driving I&AF growth include Life Sciences, Data Centers, and Transportation.

The company is clearly focused on converting its record backlog of $23.1 billion into recognized revenue, which is the ultimate goal of these revenue streams. Finance: draft 13-week cash view by Friday.