**November 24, 2025 — Leads & Copy —** Amentum Holdings, Inc. (NYSE: AMTM) reported its fourth quarter and fiscal year results, ending October 3, 2025, and provided guidance for fiscal year 2026.
Amentum Chief Executive Officer John Heller said the company’s strong fourth-quarter results capped off a remarkable first year as a public entity. According to Heller, financial performance exceeded expectations, showcasing the business’s resilience and alignment with enduring global trends and customer priorities.
Amentum is positioned to capitalize on tailwinds in key strategic growth domains, including global nuclear energy, critical digital infrastructure, and space systems and technology. The company has a strong financial position, recognized leadership in accelerating global markets, and a team focused on delivering innovative solutions. Fiscal year 2026 is anticipated to have significant momentum and excitement.
GAAP revenues increased 77% for the fourth quarter and 72% for the full year, primarily due to revenues from the combination with Jacobs’ Critical Mission Solutions and Cyber & Intelligence (CMS) businesses. GAAP operating income increased because of the contribution from CMS, partially offset by increased intangible amortization expense. GAAP net income and diluted earnings per share improved year-over-year due to higher operating income and lower interest expense.
Pro forma revenues, which include the results of CMS prepared in accordance with the requirements of Article 11 of Regulation S-X, increased 10% for the fourth quarter and 4% for the full year, driven by growth in both Digital Solutions and Global Engineering Solutions. Pro Forma Adjusted EBITDA increased 8% for the fourth quarter and 5% for the full year primarily due to the higher revenues and improved operating performance. Pro Forma Adjusted Net Income and Adjusted Diluted Earnings Per Share increased primarily due to the higher operating profit.
Digital Solutions revenues increased 11% for the fourth quarter and 7% for the full year, driven by higher volume from new commercial digital infrastructure contract awards and the benefit of additional working days; this was partially offset by the expected ramp-down of certain historical programs and the divestiture of Rapid Solutions. Adjusted EBITDA increased 5% for the fourth quarter and 8% for the full year due to the higher revenues and improved operating performance.
Global Engineering Solutions revenues increased 9% for the fourth quarter and 2% for the full year, driven by new contract awards, growth on existing programs, and the benefit of additional working days; this was partially offset by the transition of contracts from consolidated to unconsolidated joint ventures and the expected ramp-down of certain historical programs. Adjusted EBITDA increased 11% for the fourth quarter and 3% for the full year due to the higher revenues and improved operating performance.
Amentum generated $270 million of net cash from operating activities and used $8 million and $559 million of cash in investing and financing activities during the three months ended October 3, 2025. Net cash provided by operating activities was driven by strong cash earnings and disciplined working capital management. Net cash used in investing activities included $7 million in capital expenditures, resulting in quarterly free cash flow of $261 million. Financing activities consisted primarily of $550 million in principal payments on its Term Loan. Amentum had $437 million in cash and cash equivalents and $4.0 billion of gross debt as of October 3, 2025.
As of October 3, 2025, the Company had total backlog of $47.1 billion, compared with $45.0 billion as of September 27, 2024, an annual increase of 5%, driven by $16.5 billion in net bookings and a 1.2x book-to-bill. Funded backlog as of October 3, 2025 was $5.6 billion.
Notable Q4 Fiscal Year 2025 Highlights include:
- The United States Space Force awarded Amentum SFRC, a new $4 billion single-award indefinite delivery indefinite quantity contract with a ten-year ordering period, to advance the national capability for Assured Access to Space from the Eastern and Western space and missile ranges through responsive and flexible operations, maintenance, sustainment, systems engineering, and integration solutions.
- Sellafield awarded Amentum positions totaling over $1.8 billion over 15 years to deliver expert decommissioning solutions. Under the DNWP framework, the Company will employ multidisciplinary, end-to-end engineering and project management capabilities to carry out remediation work and retrieve hazardous waste from legacy ponds on the site in Cumbria, England.
- NASA awarded Ascend Aerospace & Technology, a joint venture in which Amentum is a partner, a new nine-year $1.8 billion contract to leverage advanced engineering and technology solutions, including model-based systems engineering tools for the mission control center, simulated mission environments, training systems, training support for astronauts, instructors, and flight controllers. The award is under protest.
- Amentum secured multiple awards totaling nearly $700 million to provide intelligence customers with a comprehensive suite of advanced engineering and technology solutions, including an award to provide AI-enabled software coding in a secure environment.
Amentum initiates the following fiscal year 2026 guidance which represents our views as of November 24, 2025:
- Revenues: $13,950 – $14,300 million, ~3% Implied Underlying Growth
- Adjusted EBITDA: $1,100 – $1,140 million, ~5% Implied Underlying Growth
- Adjusted Diluted EPS: $2.25 – $2.45, ~12% Implied Underlying Growth
- Free Cash Flow: $525 – $575 million, ~12% Implied Underlying Growth
Amentum is a global leader in advanced engineering and innovative technology solutions. Headquartered in Chantilly, Virginia, it has approximately 50,000 employees in over 70 countries across all 7 continents.
Source: Amentum
