tickdelta
Sign in

Tickdelta is free for now. Sign up and get Pro free

← Screener

Industrials · Engineering & Construction · NYSE

JJacobs Solutions

Compare with peers → Embed
The 10-K against last year's

221 changes: 46 added, 30 removed, 142 reworded, 3 quiet changes

10-K Nov 20, 2025 vs Nov 25, 2024
Risk FactorsRedline ↓
14.7%
of the text changed · 21,956 words now
34.1%
of the text changed · 8,910 words now
Legal ProceedingsRedline ↓
25.7%
of the text changed · 635 words now
Accounting PoliciesRedline ↓
10.2%
of the text changed · 6,498 words now

10-K 0001628280-25-053316 (2025-11-20) vs 10-K 0000052988-24-000065 (2024-11-25)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

MD&A 332 words changed in this paragraph; it is 40% similar to last year's version.
Net earnings attributable to the Company from continuing operations for fiscal 2024 2025 were $313.3 million (or $2.58 per diluted share), a decrease of $299.5 million, or 48.9%, from $612.8 million (or $4.79 per diluted share), an increase of $233.7 million, or 61.6%, from $379.1 million (or $3.05 per diluted share) for the prior year. The Our reported net earnings for the current year results reflected were favorably impacted by higher year-over-year operating gross profit of $16.0 million, which benefited from favorable year-over-year underlying operating results, $152.2 million compared to the prior year, primarily driven by stronger performance in the our Infrastructure & Advanced Facilities ("I&AF") operating segment, specifically in the Advanced Facilities, Europe and Asia, Pacific and Middle East ("APME") businesses, as well as growth in our PA Consulting operating segment, as discussed below in the Segment Financial Information section. Further, While current year results reflected higher year-over-year underlying gross profit, the Company’s results from continuing operations for fiscal 2025 were favorably unfavorably impacted by $186.9 an increase in miscellaneous expense of $409.1 million primarily as a result of $227.3 million in pre-tax mark-to-market gains associated with losses relating to our investment in Amentum stock recorded in connection with the Separation Transaction compared to $186.9 million in gains relating to the same investment in the prior year. Fiscal 2025 comparative results were also unfavorably impacted by a prior year realized gain of $35.2 million from settlement of interest rate swaps in fiscal 2024 and $20.5 million in discounts and expenses recorded to Loss on extinguishment of debt associated with our Equity-for-Debt Transaction on March 13, 2025, where the Company exchanged shares of our investment in Amentum Holdings, Inc. for a principal amount of term loans under the 2021 Term Loan Facility, which term loans were immediately extinguished (see Note 9- Borrowings and Note 14- Discontinued Operations). The favorable underlying operating performance was achieved despite higher year over year These unfavorable impacts were partly offset by an increase in TSA-related income and a decrease in interest expense included in miscellaneous expense as well as a decrease in pre-tax Restructuring and other charges and transaction costs due of $104.6 million reported in Selling, general & administrative ("SG&A") expenses compared to the fiscal 2024 period, primarily to expenses incurred relating to associated with the Separation Transaction amounting to $144.2 million (primarily (mainly professional services and employee separation costs), compared to fiscal 2023 amounts of $142.5 million mainly associated with the Company's Restructuring and other charges and transaction costs relating to expenses incurred which are discussed in conjunction with the real estate transformation rescaling initiatives and the PA Consulting restructuring program charges (primarily employee separation costs) and expenses incurred relating to the Separation Transaction (primarily professional services). See Note 17- 16- Restructuring and Other Charges.

Source: Item 7, 10-K 0001628280-25-053316 vs Item 7, 10-K 0000052988-24-000065

Risk Factors 234 words changed in this paragraph; it is 50% similar to last year's version.
There is increased increasing scrutiny from governmental organizations, clients, investors, suppliers, partners, communities, employees and employees other stakeholders on companies’ environmental, social, and governance (“ESG”) practices and disclosures, disclosures related to sustainability and corporate responsibility, including with respect to inclusion climate change and diversity. carbon emissions, human rights, ethics, supply chain management and human capital management. If our ESG practices, including our goals for inclusion practices and diversity, disclosures related to sustainability and corporate responsibility do not meet evolving rules and regulations or stakeholder expectations and standards (or if we are viewed negatively based on positions we do or do not take or work we do or do not perform or cannot publicly disclose for certain clients and industries), then our reputation, reputation and our ability to attract or and/or retain new clients and leading experts, employees and other professionals and our ability to attract new business and clients could be negatively impacted, as could our attractiveness as an investment, service provider, employer, or business partner. partner, and further, could lead to lawsuits, penalties or market access restrictions. Similarly, any failure or perceived failure in our efforts to execute our ESG strategy or our diversity and inclusion strategy and achieve our current or future related sustainability and corporate responsibility-related goals, targets, and objectives, or to satisfy various reporting standards within the timelines expected advance our related initiatives, including by stakeholders or at all, could also result in similar negative impacts. Organizations that provide information to investors on corporate governance and related matters have developed rating processes for evaluating companies on their approach to ESG matters, and unfavorable ratings of our ESG efforts may lead to negative investor sentiment, diversion of investment to other companies, and difficulty in hiring skilled employees. In addition, complying or failing to comply with existing or future federal, state, local, and foreign legislation and regulations applicable to our ESG efforts, which may conflict with one another, could cause us to incur additional compliance and operational costs or actions and suffer reputational harm, which could materially and adversely affect our business, financial condition and results of operations. satisfy

Source: Item 1A, 10-K 0001628280-25-053316 vs Item 1A, 10-K 0000052988-24-000065

Accounting Policies 159 words changed in this paragraph; it is 40% similar to last year's version.
ASU 2023-09, 2024-03, Income Taxes, (Topic 740): Improvements to Statement, (Subtopic 220-40): Reporting Comprehensive Income Tax Disclosures, provides qualitative and quantitative updates to the Company's effective income tax rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency - Disaggregation of income tax disclosures, including consistent categories and greater disaggregation of information Income Statement Expenses, requires disclosure, in the rate reconciliation notes to financial statements, of specified information about certain costs and expenses. The amendments in this update also provide guidance on the disaggregation by jurisdiction disclosure requirements for certain expense captions presented on the face of an entity’s income taxes paid. statement and provide guidance on the disclosure of selling expenses. The amendments in ASU 2023-09 2024-03 are effective for fiscal years annual reporting periods beginning after December 15, 2024, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The amendments should be applied prospectively; however, retrospective application is also permitted. ASU 2023-09 2024-03 will be effective for the Company's annual Company in the fourth quarter of fiscal 2026 period. 2027. The Company has identified is evaluating the impact of this guidance on its consolidated financial statements and is implementing changes to processes and internal controls to meet the standard’s updated reporting and disclosure requirements. related disclosures.

Source: 10-K text, Note 2 – Significant Accounting Policies, 10-K 0001628280-25-053316 vs 10-K text, Note 2 – Significant Accounting Policies, 10-K 0000052988-24-000065

Legal Proceedings 52 words changed in this paragraph; it is 86% similar to last year's version.
In the normal course of business, we make contractual commitments (some of which are supported by separate guarantees) and on occasion we are a party in a litigation or arbitration proceeding. proceeding, such as the Consolidated JV Matter (see Note 19- Segment Information). The litigation or arbitration in which we are involved primarily includes personal injury claims, professional liability claims and breach of contract claims. Where we provide a separate guarantee, it is strictly in support of the underlying contractual commitment. Guarantees take various forms including surety bonds required by law, or standby letters of credit ("LOC" and also referred to as “bank guarantees”) or corporate guarantees given to induce a party to enter into a contract with a subsidiary. Standby LOCs are also used as security for advance payments or in various other transactions. The guarantees have various expiration dates ranging from an arbitrary date to completion of our work (e.g., engineering only) to completion of the overall project. We record in the Consolidated Balance Sheets amounts representing our estimated liability relating to such guarantees, litigation and insurance claims. Guarantees are accounted for in accordance with ASC 460-10, Guarantees, at fair value at the inception of the guarantee. See Note 18- 17- Commitments and Contingencies and Derivative Financial Instruments for more information surrounding LOCs and surety bonds.

Source: Item 3, via Note 18 – Contractual Guarantees, Litigation, Investigations and Insurance, 10-K 0001628280-25-053316 vs Item 3, via Note 19 – Contractual Guarantees, Litigation, Investigations and Insurance, 10-K 0000052988-24-000065

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of J's Risk Factors and MD&A, 10-K 2025-11-20 against 10-K 2024-11-25. Each links to the text at sec.gov.

RemovedRisk Factors
For fiscal 2024, approximately 31.1% of our revenues were earned under fixed-price contracts. Both fixed-price and many cost-reimbursable contracts require us to estimate the total cost of the project in advance of our performance. For fixed-price contracts, we may benefit from any cost-savings, but we bear greater risk of paying some, if not all, of any cost overruns. Fixed-price contracts are established in part on proposed designs, which may be partial or incomplete, cost

Read it in 10-K 2024-11-25 at sec.gov ↗

RemovedRisk Factors
A significant portion of our revenue is earned directly or indirectly from various government agencies. If our reputation or relationships with these agencies were harmed, our future revenue and growth prospects would be materially and adversely affected. Our reputation and relationship with these government agencies is a key factor in maintaining and growing revenue under our government contracts. Negative press reports regarding poor contract performance, employee misconduct, information security breaches, engagements in or perceived connections to politically or socially sensitive activities, or other aspects of our business, or regarding government contractors generally, could harm our reputation. In addition, to the extent our performance under a contract does not meet a government agency’s expectations, the client might seek to terminate the contract prior to its scheduled expiration date, provide a negative assessment of our performance to government-maintained contractor past-performance data repositories, fail to award us additional business under existing contracts or otherwise, and direct future business to our competitors. If our reputation or relationships with these agencies are negatively affected, or if we are suspended or debarred from contracting with government agencies for any reason, such actions would decrease the amount of business that the government agency does with us, which would have a material adverse effect on our business, financial condition and results of operations.

Read it in 10-K 2024-11-25 at sec.gov ↗

RemovedRisk Factors
Artificial intelligence, machine learning, data science and similar technologies (collectively, “AI”), including third-party AI tools, may be enabled by, or integrated into some of our business and solutions. As with many developing technologies, AI presents risks and challenges that could affect its further development, adoption, and use, and therefore our business. AI algorithms may be flawed or biased. Datasets used to train or develop AI systems may be insufficient, of

Read it in 10-K 2024-11-25 at sec.gov ↗

RemovedRisk Factors
of the Separation Transaction, or do not achieve them in the time we expect, our results of operations and financial condition could be materially adversely affected.

Read it in 10-K 2024-11-25 at sec.gov ↗

RemovedRisk Factors
As a result of the Separation Transaction, we hold 7.5% of the issued and outstanding shares of common stock of Amentum. An additional amount of approximately 4.5% of the issued and outstanding common stock of Amentum (the "contingent consideration") has been placed in escrow, to be released and delivered in the future to us and our shareholders or the former sole equity holder of Amentum, depending on the achievement of certain operating profit targets by the Separated Business. To the extent Jacobs and shareholders become entitled to any portion of the contingent consideration, the first 0.5% of the outstanding shares of Amentum will be released from escrow and delivered to us. Any further contingent consideration to which we and our shareholders may become entitled will be distributed on a pro rata basis to shareholders as of a record date to be determined in the future. Any shares of contingent consideration to which we and our shareholders do not become entitled to receive will be delivered to the former equity holder of Amentum.

Read it in 10-K 2024-11-25 at sec.gov ↗

RemovedRisk Factors
We cannot predict the trading price of shares of Amentum’s common stock and the market value of the Amentum shares are subject to market volatility and other factors outside of our control. We intend to divest our ownership interest in Amentum within 12 months of the distribution, but there can be no assurance regarding the ultimate timing of such divestiture. Unanticipated developments could delay, prevent or otherwise adversely affect the divestiture, including but not limited to financial market conditions.

Read it in 10-K 2024-11-25 at sec.gov ↗

Show the other 16
RemovedRisk Factors
•Difficulties relating to assimilating the leadership, personnel, benefits, services, and systems of an acquired business and to assimilating marketing and other operational capabilities;

Read it in 10-K 2024-11-25 at sec.gov ↗

RemovedRisk Factors
Consummation of any merger, strategic investment or divestiture is subject to the satisfaction of customary conditions, including one or more of the following: (i) due diligence and its associated time and cost commitments, (ii)

Read it in 10-K 2024-11-25 at sec.gov ↗

RemovedRisk Factors
While our climate commitments and targets are ambitious, we believe that they are realistic and achievable. We have also developed a roadmap for implementation of our carbon reduction goals and our global emissions reduction trajectory suggests that we continue on a pathway to meet our targets. However, we also recognize that some of our emission reductions over the past few years may have been primarily the result of the global COVID-19 pandemic. Our roadmap recognizes these anomalies, and we are putting measures in place to establish a going-forward trajectory to attain our commitments. However, we cannot guarantee that such measures will be successful. Failure to achieve our climate commitments and targets could damage our reputation and our customer and other stakeholder relationships. If we are unable to meet our climate commitments and targets and appropriately address sustainability enhancement, we may lose investors, customers, or partners, our stock price may be negatively impacted, our reputation may be negatively affected, and it may be more difficult for us to compete effectively, all of which would have an adverse effect on our business, results of operations and financial condition.

Read it in 10-K 2024-11-25 at sec.gov ↗

RemovedRisk Factors
We have also included sustainability-linked key performance indicators ("KPIs") in our credit facilities and certain of our senior notes, with KPI targets that include improving gender diversity and, in the case of the senior notes, reducing

Read it in 10-K 2024-11-25 at sec.gov ↗

RemovedMD&A
Goodwill represents the excess of the fair value of consideration transferred, plus the fair value of any non-controlling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. We recognize purchased intangible assets in connection with our business acquisitions at fair value on the acquisition date.

Read it in 10-K 2024-11-25 at sec.gov ↗

RemovedMD&A
The goodwill carried on our Consolidated Balance Sheets is tested annually for possible impairment, and on an interim basis if indicators of possible impairment exist. For purposes of impairment testing, goodwill is assigned to the applicable reporting units based on the current reporting structure. In performing the annual impairment test, we evaluate our goodwill at the reporting unit level. The Company performs the annual goodwill impairment test for the reporting units at the beginning of the fourth quarter of its fiscal year.

Read it in 10-K 2024-11-25 at sec.gov ↗

RemovedMD&A
We evaluate impairment of goodwill either by assessing qualitative factors to determine whether it is more likely than not that the fair value of our reporting unit is less than its carrying amount, or by performing a quantitative assessment. Qualitative factors include industry and market considerations, overall financial performance, and other relevant events and circumstances affecting the reporting unit. If we choose to perform a qualitative assessment and after considering the totality of events or circumstances, we determine it is more likely than not that the fair value of our reporting unit is less than its carrying amount, we will perform a quantitative fair value test.

Read it in 10-K 2024-11-25 at sec.gov ↗

RemovedMD&A
U.S. GAAP does not prescribe a specific valuation method for estimating the fair value of reporting units. Any valuation technique used to estimate the fair value of a reporting unit requires the use of significant estimates and assumptions, including revenue growth rates, operating margins, discount rates and future market conditions, among others.

Read it in 10-K 2024-11-25 at sec.gov ↗

RemovedMD&A
We use income and market approaches to test our goodwill for possible impairment which requires us to make estimates and judgments. Under the income approach, fair value is determined by using the discounted cash flows of our reporting units. The Company’s discount rate reflects a weighted average cost of capital (“WACC”) for a peer group of companies representative of the Company’s respective reporting units. Under the market approach, the fair values of our reporting units are determined by reference to guideline companies that are reasonably comparable to our reporting units; the fair values are estimated based on the valuation multiples of the invested capital associated with the guideline companies. In assessing whether there is an indication that the carrying value of goodwill has been impaired, we utilize the results of both valuation techniques and consider the range of fair values indicated.

Read it in 10-K 2024-11-25 at sec.gov ↗

RemovedMD&A
It is possible that changes in facts and circumstances, judgments and assumptions used in estimating the fair value, including with respect to market conditions and the economy, could change, resulting in possible impairment of goodwill in the future. The fair values resulting from the valuation techniques used are not necessarily representative of the values we might obtain in a sale of the reporting units to willing third parties.

Read it in 10-K 2024-11-25 at sec.gov ↗

RemovedMD&A
For the 2024 fiscal year, we performed a quantitative impairment test of the DVS reporting unit at the beginning of the fourth quarter and determined that the fair value of this reporting unit exceeded its respective carrying value. For the remaining reporting units, we determined that the fair values significantly exceeded their carrying values and an analysis beyond the qualitative level was not considered necessary.

Read it in 10-K 2024-11-25 at sec.gov ↗

RemovedMD&A
Intangible assets with finite lives that arise from business acquisitions are amortized based on the period over which the contractual or economic benefit of the intangible assets are expected to be realized or on a straight-line basis over the useful lives of the underlying assets. These primarily consist of customer relationships, contracts and backlog, developed technology and trade names. We assess the recoverability of the unamortized balance of our intangible assets when indicators of impairment are present based on expected future profitability and undiscounted expected cash flows and their contribution to overall operations. Should the review indicate that the carrying value is not fully recoverable, the excess of the carrying value over the fair value of the intangible assets would be recognized as an impairment loss.

Read it in 10-K 2024-11-25 at sec.gov ↗

RemovedMD&A
On February 4, 2022, the Company acquired StreetLight Data, Inc. ("StreetLight") and on November 19, 2021, a subsidiary of Jacobs acquired BlackLynx ("BlackLynx"). For further discussion, see Note 16- Other Business Combinations.

Read it in 10-K 2024-11-25 at sec.gov ↗

RemovedMD&A
During fiscal 2023, the Company implemented restructuring and cost reduction initiatives relating to the formation of the reporting and operating segment, Divergent Solutions, which were substantially completed in fiscal 2023.

Read it in 10-K 2024-11-25 at sec.gov ↗

RemovedMD&A
During fiscal 2020 and continuing into fiscal 2023, the Company implemented further real estate rescaling efforts that were associated with its fiscal 2020 transformation program relating to real estate. These activities were substantially completed in fiscal 2023. In connection with these efforts, the Company has incurred $45.7 million and $69.7 million in the years ended September 29, 2023 and September 30, 2022, respectively, in pre-tax mainly non-cash charges. These actions resulted in non-cash savings related mainly to the future amortization of lease right-of-use assets over the remaining lease terms. Additionally, the objective of these initiatives was to create a modern, flexible work platform tailored to employees’ needs due to globalization and digital advances and to create total emissions savings that will be realized as we continue to optimize our real estate footprint.

Read it in 10-K 2024-11-25 at sec.gov ↗

Next Related parties →