Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Sep. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 93,352	$ 179,204
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	52,036	42,297	$ 42,300
Equity in earnings of unconsolidated joint ventures	(9,377)	(9,553)
Distribution of earnings from unconsolidated joint ventures	5,297	2,754
Non-cash stock compensation	16,011	16,823
Non-cash net fair value gains	(5,091)	(4,957)
Non-cash loss on disposal activities	61,800	0
Foreign currency translation	616	(28,671)
Other	(151)	130
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable and contract assets	(101,572)	161,509
Prepaid expenses and other assets	35,273	36,438
Accounts payable	28,660	(214,900)
Accrued expenses and other current liabilities	(93,133)	631
Contract liabilities	3,742	7,313
Other long-term liabilities	(17,244)	(37,929)
Net cash provided by operating activities	70,219	151,089
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in unconsolidated joint ventures	(24,246)	(976)
Return of investment in unconsolidated joint ventures	28,710	105
Other investing activities	(11,000)	16,250
Proceeds from disposal of property and equipment	31	94
Payments for capital expenditures	(28,318)	(40,215)
Net cash used in investing activities	(34,823)	(24,742)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under credit agreements	873,484	664,815
Repayments of borrowings under credit agreements	(884,626)	(673,769)
Cash paid for debt issuance costs	(6)	(687)
Dividends paid	(35,356)	(29,141)
Proceeds from issuance of common stock	11,394	5,693
Payments to repurchase common stock	(325,866)	(55,155)
Net distributions to noncontrolling interests	(8,711)	(29,609)
Other financing activities	(4,545)	(3,477)
Net cash used in financing activities	(374,232)	(121,330)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(216)	(5,153)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(339,052)	(136)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	1,585,739	1,584,862	1,584,862
CASH AND CASH EQUIVALENTS AT END OF PERIOD	1,246,687	1,584,726	$ 1,585,739
LESS CASH AND CASH EQUIVALENTS INCLUDED IN CURRENT ASSETS HELD FOR SALE	0	(4,070)
CASH AND CASH EQUIVALENTS OF CONTINUING OPERATIONS AT END OF PERIOD	$ 1,246,687	$ 1,580,656

AECOM 10-Q