Financial Analysis

"Acquisitions and Divestitures Acquisitions In fiscal 2025, we acquired Carron + Walsh (""CAW""), based in the Republic of Ireland. CAW delivers project and cost management solutions for large-scale commercial, life science, residential and infrastructure programs across Europe. CAW has valued relationships and framework agreements with life science clients, public sector bodies, housing authorities, financial lenders and private development companies. In fiscal 2025, we also acquired SAGE Group Holdings (""SAGE""), an Australian consulting firm that provides innovative technology and high-quality automation services that optimize operational efficiency and drive digital transformation for commercial and government clients across the municipal water, energy, transportation, defense and manufacturing sectors. Both CAW and SAGE are included in our CIG segment. The aggregate fair value of the purchase price of these two acquisitions was $147 million. This amount consisted of $104 million in initial cash payments and $43 million of the estimated fair value of contingent earn-out obligations, with a maximum of $60 million, based on the achievement of specified operating income targets in each of the three years following their respective acquisition dates. The $147 million purchase price was allocated $13 million to net tangible assets, $14 million to identifiable intangible assets, $4 million to deferred income tax liability and $124 million to goodwill. The purchase price alloca …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

"Commitments and Contingencies We are subject to certain claims and lawsuits typically filed against the consulting and engineering profession, alleging primarily professional errors or omissions. We carry professional liability insurance, subject to certain deductibles and policy limits, against such claims. However, in some actions, parties are seeking damages that exceed our insurance coverage or for which we are not insured. While management does not believe that the resolution of these claims will have a material adverse effect, individually or in aggregate, on our financial position, results of operations or cash flows, management acknowledges the uncertainty surrounding the ultimate resolution of these matters. On July 15, 2019, following an initial January 14, 2019 filing, the Civil Division of the United States Attorney's Office of the United States Department of Justice (""the USAO"") filed an amended complaint in the intervention of three qui tam actions filed against our wholly-owned subsidiary, Tetra Tech EC, Inc. (""TtEC""), in the U.S. District Court for the Northern District of California (""the Court""). The complaint alleged False Claims Act (""FCA"") violations and breach of contract related to TtEC's contracts to perform environmental remediation services at the former Hunters Point Naval Shipyard in San Francisco, California (the ""Covered Conduct""). On March 5, 2024, the Court granted the USAO's motion to amend the filing to include additional claims ag …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

The following tables present revenue disaggregated by client sector and contract type (in thousands): Fiscal Year Ended September 28, 2025 September 29, 2024 October 1, 2023 Client Sector: U.S. federal government (1) $ 1,718,831 $ 1,675,996 $ 1,387,101 U.S. state and local government 789,968 613,185 607,074 U.S. commercial 899,298 909,642 869,460 International (2) 2,034,493 1,999,856 1,658,915 Total $ 5,442,590 $ 5,198,679 $ 4,522,550 Contract Type: Fixed-price $ 2,365,680 $ 2,016,638 $ 1,643,849 Time-and-materials 2,319,766 2,337,913 2,166,671 Cost-plus 757,144 844,128 712,030 Total $ 5,442,590 $ 5,198,679 $ 4,522,550 (1) Includes revenue generated under U.S. federal government contracts performed outside the United States. (2) Includes revenue generated from non-U.S. clients, primarily i n Australia, Canada and the United Kingdom.

DisaggregationOfRevenueTableTextBlock

"Fair Value Measurements We classified our assets and liabilities that were carried at fair value in one of the following categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. Derivative Instruments. Our derivative instruments are categorized within Level 2 of the fair value hierarchy. For additional information about our derivative financial instruments (see Note 2, ""Basis of Presentation"" and Note 15, ""Derivative Financial Instruments""). Contingent Consideration. We measure our contingent earn-out liabilities at fair value on a recurring basis using significant unobservable inputs classified within Level 3 of the fair value hierarchy (see Note 2, ""Basis of Presentation"" and Note 5, ""Acquisitions and Divestitures"" for further information). Debt. The fair value of long-t erm debt under our credit facility was determined using the present value of future cash flows based on the borrowing rates currently available for debt with similar terms and maturities (Level 2 measurement). The carrying value of our long-term debt under our credit facility approximated fair value at the end of our fiscal 2025 and 2024. At fiscal 2025 year-end, we had $200 million in outstanding borrowings under the Amended Credit Agreement, which consisted of $200 million under the 5Y Te …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"Goodwill and Intangible Assets The following table summarizes the changes in the carrying value of goodwill by reportable segment (in thousands): GSG CIG Total Balance at October 1, 2023 $ 659,942 $ 1,220,302 $ 1,880,244 Acquisition activity 84,865 84,865 Translation and other adjustments 6,010 75,450 81,460 Balance at September 29, 2024 750,817 1,295,752 2,046,569 Acquisition activity 124,292 124,292 Goodwill impairment (92,416) (92,416) Classified as held-for-sale (18,533) (18,533) Translation and other adjustments 110 (10,148) (10,038) Balance at September 28, 2025 $ 658,511 $ 1,391,363 $ 2,049,874 Goodwill amounts are presented net of reductions from historical impairment adjustments. The fiscal 2025 goodwill addition resulted from the purchase price allocations for our recent acquisitions which are preliminary and subject to adjustment based upon the final determinations of the net assets acquired and information to perform the final valuation. Goodwill adjustments primarily related to the foreign currency translation adjustments which resulted from our foreign subsidiaries with functional currencies that are different than our reporting currency. We per form our annual goodwill impairment review at the beginning of our fiscal fourth quarter. Our last review at June 30, 2025 (i.e., the first day of our fourth quarter in fiscal 2025) indicated that we had no impairment of goodwill, and all of our reporting units had estimated fair values that were in excess of their carr …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"Income Taxes Income before income taxes, by geographic area, was as follows (in thousands): Fiscal Year Ended September 28, 2025 September 29, 2024 October 1, 2023 Income before income taxes: United States $ 176,118 $ 294,401 $ 287,295 Foreign 201,499 169,065 113,683 Total income before income taxes $ 377,617 $ 463,466 $ 400,978 Income tax expense consisted of the following (in thousands): Fiscal Year Ended September 28, 2025 September 29, 2024 October 1, 2023 Current: Federal $ 75,166 $ 76,851 $ 110,371 State 16,005 20,997 16,025 Foreign 49,794 44,402 28,970 Total current income tax expense 140,965 142,250 155,366 Deferred: Federal (21,982) (18,734) (18,062) State (3,451) (6,747) (4,976) Foreign 14,136 13,254 (4,802) Total deferred income tax (benefit) expense (11,297) (12,227) (27,840) Total income tax expense $ 129,668 $ 130,023 $ 127,526 Total income tax expense was different from the amount computed by applying the U.S. federal statutory rate to pre-tax income as follows: Fiscal Year Ended September 28, 2025 September 29, 2024 October 1, 2023 Tax at federal statutory rate 21.0% 21.0% 21.0% State taxes, net of federal benefit 2.6 2.4 2.2 Research and Development (""R&D"") credits (1.8) (1.2) (0.5) Tax differential on foreign earnings 2.8 2.0 1.5 Goodwill impairment 3.2 Legal settlements 1.8 Stock compensation 0.2 (0.4) (0.4) Valuation allowance 0.4 (0.1) 1.3 Change in uncertain tax positions 0.9 1.3 11.6 Return to provision (0.8) (1.0) 1.1 Disallowed officer compensa …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"Leases Our operating leases are primarily for corporate and project office spaces. To a much lesser extent, we have operating leases for vehicles and equipment. Our operating leases have remaining lease terms of one month to ten years, some of which may include options to extend the leases for up to five years. We determine if an arrangement is a lease at inception. Operating leases are included in ""Right-of-use assets, operating leases"", ""Short-term lease liabilities, operating leases"" and ""Long-term lease liabilities, operating leases"" in the consolidated balance sheets. Our finance leases are primarily for certain IT equipment and are immaterial. ROU assets represent our right to use an underlying asset for the lease te rm and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, incremental borrowing rates are used based on the information available at commencement date in determining the present value of lease payments . The operating lease ROU asset at the commencement date also includes any lease payments made to the lessor at or before the commencement date and initial direct costs less lease incentives received. Lease te rms may include options to extend or terminate the lease when it is reasonably certain that we will exercise …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Long-Term Debt Long-term debt consisted of the following (in thousands): Fiscal Year Ended September 28, 2025 September 29, 2024 Credit facilities $ 200,000 $ 250,000 Convertible notes 575,000 575,000 Debt issuance costs and discount (11,637) (12,366) Long-term debt $ 763,363 $ 812,634 On August 22, 2023, we issued $575.0 million in convertible notes that bear interest at a rate of 2.25% per annum payable in arrears on February 15 and August 15 of each year, beginning on February 15, 2024 and mature on August 15, 2028, unless converted, redeemed or repurchased (the ""Convertible Notes""). Prior to May 15, 2028, the Convertible Notes will be convertible at the option of the holders only upon the occurrence of certain events and during certain periods. Thereafter, the Convertible Notes will be convertible at the option of the holders at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The initial conversion rate applicable to the Convertible Notes was 25.4275 shares (5.0855 pre-stock split) of our common stock per $1,000 principal amount of the Convertible Notes, which was equivalent to an initial price of approximately $39.33 per share ($196.64 pre-stock split) of our common stock. The conversion rate is subject to adjustment for certain events, including stock splits and issuance of certain stock dividends on our common stock. The applicable conversion rate was 25.4614 shares of common stock per $1,000 principa …

LongTermDebtTextBlock · excerpt; the full note is in the filing

"Recently Issued Accounting Pro nouncements In September 2025, the Financial Accounting Standards Board (""FASB"") issued Accounting Standards Update (ASU) No. 2025-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which clarifies and modernizes the accounting for costs related to internal-use software guidance in subtopic 350-40. The guidance removes all references to project stages throughout Accounting Standards Codification (""ASC"") 350-40 and clarifies the threshold entities apply to begin capitalizing costs. The amendments in this ASU are effective for annual periods beginning after December 15, 2027 (fiscal 2029 for us). Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements; however, we do not plan to adopt it before fiscal 2029. In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Loss for Accounts Receivable and Contract Assets, which provides a practical expedient (for all entities) and an accounting policy election (for all entities, other than public business entities, that elect the practical expedient) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC Topic 606, ""Revenue from Contracts with Customers"". The amendmen …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"Employee Benefits In fiscal 2020, the Canadian federal government implemented the Canadian Emergency Wage Subsidy (""CEWS"") program in response to the negative impact of the coronavirus disease 2019 pandemic on businesses operating in Canada. Some of our Canadian legal entities qualified for and applied for these CEWS cash benefits to partially offset the impacts of revenue reductions and on-going staffing costs. The $21 million total received was initially recorded in "" Other long-term liabilities "" until all potential amendments to the qualification criteria, including some that were proposed with retroactive application, were finalized in fiscal 2022. In the first quarter of fiscal 2024, we distributed approximately $10 million to our Canadian employees. The remaining was distributed in the first quarter of fiscal 2025. We have no outstanding applications for further government assistance. Retirement Plans We have defined contribution plans in various countries where we have employees. Th is primarily includes 401(k) plans in the United States. For fiscal 2025, 2024 and 2023, employer contributions to the U.S. plans were $39.2 million, $35.3 million and $31.6 million, respectively. Additionally, we have established a non-qualified deferred compensation plan for certain key employees and non-employee directors. These eligible employees and non-employee directors may elect to defer the receipt of salary, incentive payments, restricted stock, PSU and RSU awards and non-em …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Related Party Transactions We often provide services to unconsolidated joint ventures. The table below presents revenue and reimbursable costs related to services we provided to our unconsolidated joint ventures (in thousands): Fiscal Year Ended September 28, 2025 September 29, 2024 October 1, 2023 Revenue $ 64,454 $ 67,744 $ 83,148 Related reimbursable costs 57,777 61,637 78,489 Our consolidated balance sheets also included the following amounts related to these services (in thousands): Fiscal Year Ended September 28, 2025 September 29, 2024 Accounts receivable, net $ 14,848 $ 15,612 Contract assets 1,154 1,625 Contract liabilities (6,583) (4,237)

RelatedPartyTransactionsDisclosureTextBlock

"Revenue and Contract Balances We recognize revenue over time as the related performance obligation is satisfied by transferring control of a promised good or service to our customers. Progress toward complete satisfaction of the performance obligation is primarily measured using a cost-to-cost measure of progress method. The cost input is based primarily on contract cost incurred to date compared to total estimated contract cost. This measure includes forecasts based on the best information available and reflects our judgment to faithfully depict the value of the services transferred to the customer. For certain on-call engineering or consulting and similar contracts, we recognize revenue in the amount which we have the right to invoice the customer if that amount corresponds directly with the value of our performance completed to date. Due to uncertainties inherent in the estimation process, it is possible that estimates of costs to complete a performance obligation will be revised in the near term. For those performance obligations for which revenue is recognized using a cost-to-cost measure of progress method, changes in total estimated costs, and related progress towards complete satisfaction of the performance obligation, are recognized on a cumulative catch-up basis in the period in which the revisions to the estimates are made. When the current estimate of total costs indicates a loss, a provision for the entire estimated loss on the contract is made in the period in …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Reportable Segments We manage ou r operations under two reportable segments, GSG and CIG. GSG provides high-end consulting and engineering services primarily to U.S. government clients (federal, state and local) and international development agencies worldwide. GSG supports U.S. government civilian and defense agencies with services in water, environment, sustainable infrastructure, information technology and disaster management. GSG provides engineering design services for U.S. based federal and municipal clients, especially in water infrastructure, flood protection and solid waste. CIG provides high-end consulting and engineering services to U.S. commercial clients, and international clients, inclusive of the commercial and government sectors. CIG supports commercial clients worldwide in energy, industrial, high- performance buildings and aerospace markets. CIG also provides sustainable infrastructure and related environmental, engineering and project management services to commercial and local government clients across Canada, in Asia Pacific (primarily Australia and New Zealand), Europe, the United Kingdom and South America (primarily Brazil). Our Chief Executive Officer serves as the chief operating decision maker (CODM) and is responsible for evaluating segment performance and allocating resources to our segments. The CODM assesses segment revenue and segment operating income on a monthly basis by comparing actual results against the annual plan. This evaluation support …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Acquisition s and Divestitures Acquisitions In the second quarter of fiscal 2026, we acquired Halvik Corp (Halvik) headquartered in Vienna, Virginia. With 600 employees, Halvik provides high-end advisory consulting services focused on advanced data analytics, systems modernization and cybersecurity for U.S. federal defense and civilian agencies. Halvik is included in our Government Services Group (GSG) se gme nt. In the third quarter of fiscal 2026, we acquired Providence Consulting Group Pty Ltd (""Providence""), an advisory and project management consultancy based in Australia. Providence is included in our Commercial/International Services Group (""CIG"") segment. The aggregate fair value of the purchase price for the Halvik and Providence acquisitions was approximately $232 million. This amount consisted of $168 million in initial cash payments made to the sellers, as well as $25 million of cash held in escrow and $39 million of the estimated fair value of contingent earn-out obligations, with a total maximum of $108 million based on the achievement of specified operating income targets in each of the three years following the acquisition dates. The purchase price allocation consisted of $26 million to net tangible assets, $27 million to identifiable intangible assets and $179 million to goodwill. The purchase price allocations for these acquisitions are preliminary and subject to adjustment as the estimates, assumptions, valuations and other analyses have not yet been f …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

"Commitments and Contingencies We are subject to certain claims and lawsuits typically filed against the consulting and engineering profession, alleging primarily professional errors or omissions. We carry professional liability insurance, subject to certain deductibles and policy limits, against such claims. However, in some actions, parties are seeking damages that exceed our insurance coverage or for which we are not insured. While management does not believe that the resolution of these claims will have a material adverse effect, individually or in aggregate, on our financial position, results of operations or cash flows, management acknowledges the uncertainty surrounding the ultimate resolution of these matters. On July 15, 2019, following an initial January 14, 2019 filing, the Civil Division of the United States Attorney's Office of the United States Department of Justice (""the USAO"") filed an amended complaint in the intervention of three qui tam actions filed against our wholly-owned subsidiary, Tetra Tech EC, Inc. (""TtEC""), in the U.S. District Court for the Northern District of California (""the Court""). The complaint alleges False Claims Act (""FCA"") violations and breach of contract related to TtEC's contracts to perform environmental remediation services at the former Hunters Point Naval Shipyard in San Francisco, California (the ""Covered Conduct""). On March 5, 2024, the Court granted the USAO's motion to amend the filing to include additional claims ag …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

The following tables present our revenue disaggregated by client sector and contract type (in thousands): Three Months Ended Nine Months Ended June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 Client Sector: U.S. federal government (1) $ 338,855 $ 452,629 $ 923,573 $ 1,367,899 U.S. state and local government 174,382 189,181 522,349 599,606 U.S. commercial 235,255 221,351 667,450 666,027 International (2) 560,063 506,655 1,626,002 1,478,958 Total $ 1,308,555 $ 1,369,816 $ 3,739,374 $ 4,112,490 Contract Type: Fixed-price $ 634,872 $ 633,508 $ 1,794,387 $ 1,678,280 Time-and-materials 549,062 595,082 1,614,318 1,799,288 Cost-plus 124,621 141,226 330,669 634,922 Total $ 1,308,555 $ 1,369,816 $ 3,739,374 $ 4,112,490 (1) Includes revenue generated under U.S. federal government contracts performed outside the United States. (2) Includes revenue generated from non-U.S. clien ts, primarily in Australia, Canada and the United Kingdom.

DisaggregationOfRevenueTableTextBlock

"Fair Value Measurements We classified our assets and liabilities that were carried at fair value in one of the following categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. Contingent Consideration. We measure our contingent earn-out liabilities at fair value on a recurring basis usin g significant unobservable inputs classified within Level 3 of the fair value hierarchy (see Note 4 , "" Acquisition s and Divestitures"" for further information). Debt. The fair value of long-term debt under our credit facility was determined using the present value of future cash flows based on the borrowing rates currently available for debt with similar terms and maturities (Level 2 measurement, as described in Critical Accounting Policies and Estimates in our Annual Report on Form 10-K for the fiscal year ended September 28, 2025). The carrying value of our long-term debt under our credit facility approximated fair value at June 28, 2026 and September 28, 2025. At June 28, 2026, we had $235 million in outstanding borrowings under the Amended Credit Agreement, which consisted of $200 million under our 5Y Term Loan Facility and $35 million borrowings under our revolving credit facility. The estimated fair value of our $575 million Convertible Notes was determined based on the tr …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"Goodwill and Intangible Assets At the beginning of fiscal 2026, we transferred certain operating units between our two reportable segments and redefined our reporting units to better align our operations with the clients and markets that they serve. As a result, we reallocated goodwill between our GSG and CIG reportable segments on a relative fair value basis. The followin g table summarizes the changes in the carrying value of goodwill by reportable segment (in thousands): GSG CIG Total Balance at September 28, 2025 $ 658,511 $ 1,391,363 $ 2,049,874 Goodwill reallocation 83,179 (83,179) Acquisition activities 160,126 18,825 178,951 Translation and other adjustments (1,225) (11,281) (12,506) Balance at June 28, 2026 $ 900,591 $ 1,315,728 $ 2,216,319 Translation adjustments resulted from our goodwill amounts in foreign subsidiaries with functional currencies that are different than our reporting currency. Th e goodwill amoun t s presented in the table above are net of reductions from historical impairment adjustments. The followin g table summarizes the gross and accumulated impairment amounts of goodwill by reportable segment (in thousands): GSG CIG Total Balance at September 28, 2025 $ 658,511 $ 1,391,363 $ 2,049,874 Accumulated impairment 110,130 121,473 231,603 Gross amount at September 28, 2025 $ 768,641 $ 1,512,836 $ 2,281,477 Balance at June 28, 2026 $ 900,591 $ 1,315,728 $ 2,216,319 Accumulated impairment 110,130 121,473 231,603 Gross amount at June 28, 2026 $ 1,010,7 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"Income Taxes The effective tax rates for the first nine months of fis cal 2026 and 2025 were 26.4% and 40.9%, respectively. Income tax expense was reduced by $0.6 million and $1.0 million of excess tax benefits on share-based payments in the first nine months of fiscal 2026 and 2025, respectively. In addition, in the first nine months of fiscal 2026, we recognized a $12.4 million gain from the sale of our operations in Norway as described in Note 4, Acquisitions and Divestitures. The gain was not taxable. In the first nine months of fiscal 2025, we recognized a $92.4 million goodwill impairment charge as described in Note 5, ""Goodwill and Intangible Assets"" and determined that $58.3 million of the impairment was not deductible for tax purposes. We also recognized a $115.0 million non-recurring charge in the first nine months of fiscal 2025 related to legal contingencies as described in Note 16, ""Commitments and Contingencies"". We determined that $31.3 million of this charge was not tax deductible. Excluding the impact of the excess tax benefits on share-based payments, the gain from sale in the first nine months of fiscal 2026 and the goodwill impairment and legal contingency charge in the first nine months of fiscal 2025, our effective tax rates in the first nine months of fiscal 2026 and 2025 were 27.4% and 27.6%, respectively. At June 28, 2026 and September 28, 2025, the liabilities for income taxes associated with uncertain tax positions were $55.8 million and $52.8 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"Leases Our operating leases are primarily for corporate and project office spaces. To a much lesser extent, we have operating leases for vehicles and equipment. Our operating leases have remaining lease terms of one month to ten years, some of which may include options to extend the leases for up to seven years. We determine if an arrangement is a lease at inception. Operating leases are included in ""Right-of-use assets, operating leases"", ""Short-term lease liabilities, operating leases"" and ""Long-term lease liabilities, operating leases"" in the consolidated balance sheets. Our finance leases are primarily for certain IT equipment and are immaterial. Right-of-use (""ROU"") assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, incremental borrowing rates are used based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset at the commencement date also includes any lease payments made to the lessor at or before the commencement date and initial direct costs, less lease incentives received. Lease terms may include options to extend or terminate the lease when it is reasonably certain that …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Long-Term Debt Long-term debt consisted of the following (in thousands): As of June 28, 2026 September 28, 2025 Credit facilities $ 235,000 $ 200,000 Convertible notes 575,000 575,000 Debt issuance costs and discount (8,943) (11,637) Long-term debt $ 801,057 $ 763,363 On August 22, 2023, we issued $575.0 million of Convertible Notes that bear interest at a rate of 2.25% per annum payable in arrears on February 15 and August 15 of each year, beginning on February 15, 2024, and mature on August 15, 2028, unless converted, redeemed or repurchased. Prior to May 15, 2028, the Convertible Notes will be convertible at the option of the holders only upon the occurrence of certain events and during certain periods. Thereafter, the Convertible Notes will be convertible at the option of the holders at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The initial conversion rate applicable to the Convertible Notes was 25.4275 shares of our common stock per $1,000 principal amount of the Convertible Notes, which was equivalent to an initial price of approximately $39.33 per share of our common stock. The conversion rate is subject to adjustment for certain events, including stock splits and issuance of certain stock dividends on our common stock. At June 28, 2026, the applicable conversion rate was 25.4370 shares of common stock per $1,000 principal amount of the Convertible Notes (equivalent to an adjusted conversion price …

LongTermDebtTextBlock · excerpt; the full note is in the filing

"In September 2025, the Financial Accounting Standards Board (""FASB"") issued Accounting Standards Update (ASU) No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which clarifies and modernizes the accounting for costs related to internal-use software guidance in subtopic 350-40. The guidance removes all references to project stages throughout Accounting Standards Codification (""ASC"") 350-40 and clarifies the threshold entities apply to begin capitalizing costs. The amendments in this ASU are effective for annual periods beginning after December 15, 2027 (fiscal 2029 for us). Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements; however, we do not plan to adopt it before fiscal 2029. In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Loss for Accounts Receivable and Contract Assets, which provides a practical expedient (for all entities) and an accounting policy election (for all entities, other than public business entities, that elect the practical expedient) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC Topic 606, ""Revenue from Contracts with Customers"". The amendments in this ASU are effective for annual per …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Related Party Transactions We often provide services to unconsolidated joint ventures. The table below presents revenue and reimbursable costs related t o services we provided to our unconsolidated joint ventures (in thousands): Three Months Ended Nine Months Ended June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 Revenue $ 14,104 $ 16,267 $ 44,974 $ 48,764 Related reimbursable costs 12,655 14,222 40,249 43,578 Our consolidated balance sheets also included the following amounts related to these services (in thousands): As of June 28, 2026 September 28, 2025 Accounts receivable, net $ 11,529 $ 14,848 Contract assets 875 1,154 Contract liabilities (5,918) (6,583)

RelatedPartyTransactionsDisclosureTextBlock

"Revenue and Contract Balances We disaggregate revenue by client sector and contract type, as we believe it best depicts how the nature, timing and uncertainty of our revenue and cash flows are affected by economic factors. The following tables present our revenue disaggregated by client sector and contract type (in thousands): Three Months Ended Nine Months Ended June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 Client Sector: U.S. federal government (1) $ 338,855 $ 452,629 $ 923,573 $ 1,367,899 U.S. state and local government 174,382 189,181 522,349 599,606 U.S. commercial 235,255 221,351 667,450 666,027 International (2) 560,063 506,655 1,626,002 1,478,958 Total $ 1,308,555 $ 1,369,816 $ 3,739,374 $ 4,112,490 Contract Type: Fixed-price $ 634,872 $ 633,508 $ 1,794,387 $ 1,678,280 Time-and-materials 549,062 595,082 1,614,318 1,799,288 Cost-plus 124,621 141,226 330,669 634,922 Total $ 1,308,555 $ 1,369,816 $ 3,739,374 $ 4,112,490 (1) Includes revenue generated under U.S. federal government contracts performed outside the United States. (2) Includes revenue generated from non-U.S. clien ts, primarily in Australia, Canada and the United Kingdom. Other than the U.S. federal government, no single client accounted for more than 10% of our revenue for the three and nine months ended June 28, 2026 and June 29, 2025. Contract Assets and Contract Liabilities We invoice customers based on the contractual terms of each contract. However, the timing of revenue recognition may diffe …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Reportable Segments We manage our operations under two reportable segments, GSG and CIG. At the beginning of fiscal 2026, we transferred certain operating units between our two reportable segments and redefined our reporting units to better align our operations with the clients, markets and geographies that they serve. Prior year amounts for reportable segments have been revised to conform to the current year presentation. GSG provides high-end technical and engineering services primarily to U.S. government clients (federal, state and local). GSG supports U.S. government defense and civilian agencies with services in water, environment, sustainable infrastructure, information technology and disaster management. GSG also provides engineering design services for U.S. based federal and municipal clients, especially in water infrastructure, flood protection and solid waste. CIG primarily provides high-en d technical and engineering services to U.S. commercial clients, and international clients inclusive of the commercial and government sectors. CIG supports commercial clients worldwide in energy, industrial and high performance buildings markets. CIG also provides sustainable infrastructure and related environmental, engineering and project management services to commercial and local government clients across Canada, in Asia Pacific (primarily Australia and New Zealand), Europe, the United Kingdom and Brazil. Our Chief Executive Officer serves as the chief operating decision make …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing