Amentum (AMTM) Q4 2025 Financial Results Summary
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Amentum Holdings, Inc. (AMTM) Q4 2025 Financial Results Summary
Release Date: November 24, 2025
Amentum Holdings, Inc. (NYSE: AMTM), an advanced engineering and technology firm, announced its fourth quarter and fiscal year results on November 24, 2025. The company has reported a robust financial performance for the fiscal year ending October 3, 2025, characterized by increased revenues and significant operational metrics. Below is a summary of the results for the specified period.
Financial Highlights
- Annual Revenues:
- Q4 2025: $3,925 million, an increase of 77% compared to $2,212 million in Q4 2024
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Full Year 2025: $14,393 million, a growth of 72% from $8,388 million in 2024 (pro forma basis reflects a 4% increase year-over-year)
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Income Metrics:
- Annual Net Income: $66 million (compared to a loss of $82 million in the previous year)
- Annual Adjusted EBITDA: $1,104 million, up from $1,049 million in 2024, a rise of 5%.
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Annual Diluted Earnings Per Share (EPS):
- $0.27 for 2025 (compared to a loss of $0.90 in 2024, representing a 130% increase in earnings)
- Adjusted Diluted EPS: $2.22, a rise of 11% compared to $2.00 in 2024.
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Cash Flow:
- Operating Cash Flow: $543 million, a significant increase from $47 million in 2024.
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Free Cash Flow for the year was reported at $516 million, which was not provided in the previous year’s metrics.
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Backlog:
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At the end of Q4 2025, the backlog stood at $47 billion, up 5% from $45 billion a year earlier, with a book-to-bill ratio of 1.2x for the full year and 1.6x for the fourth quarter.
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Debt Reduction:
- Net debt was reduced to $3.6 billion, achieving a net leverage ratio of 3.2x.
Segment Performance
- Digital Solutions:
- Q4 Revenue: $1,496 million, an increase of 11% compared to $1,345 million in Q4 2024.
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Full Year Revenue: $5,543 million, up 7% from $5,197 million in 2024.
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Global Engineering Solutions:
- Q4 Revenue: $2,429 million, increasing by 9% from $2,220 million in Q4 2024.
- Full Year Revenue: $8,850 million, exhibiting a 2% rise from $8,661 million a year earlier.
Notable Contract Awards
- United States Space Force: Awarded Amentum a $4 billion contract for the Space Force Range Contract (SFRC), which will enhance operations for assured access to space.
- Sellafield Decommissioning and Nuclear Waste Partners (DNWP): Amentum received positions totaling over $1.8 billion for decommissioning and remediation services.
- NASA and Joint Venture: Secured a $1.8 billion contract through the joint venture for managing spaceflight mission operations.
Dividends & Share Repurchase
- Quarterly Dividend: No mention of a quarterly dividend being declared.
- Share Repurchase: No details were provided regarding any share repurchase program.
Future Guidance
For fiscal year 2026, Amentum provided guidance:
– Expected revenues of $13.95 billion to $14.3 billion representing an implicit growth of approximately 3%.
– Adjusted EBITDA anticipated between $1,100 million and $1,140 million, reflecting about 5% growth.
– Adjusted diluted EPS projected at $2.25 to $2.45, indicating a potential growth of approximately 12%.
– Free Cash Flow guidance of $525 million to $575 million, an increase indicative of about 12% growth.
Conclusion
Amentum’s financial results for Q4 2025 demonstrate strong growth across key areas, bolstered by strategic contracts and an expanding backlog. The future guidance reaffirms the company’s robust position for ongoing growth in critical sectors.
| Three Months Ended | Years Ended | |||
|---|---|---|---|---|
| October 3, 2025 | September 27, 2024 | October 3, 2025 | September 27, 2024 | |
| Revenues | $3,925 | $2,212 | $14,393 | $8,388 |
| Cost of revenues | -3,508 | -2,014 | -12,880 | -7,590 |
| Selling, general, and administrative expenses | -176 | -137 | -616 | -353 |
| Amortization of intangibles | -121 | -57 | -479 | -228 |
| Equity earnings of non-consolidated subsidiaries | 15 | 23 | 62 | 74 |
| Operating income | 135 | 27 | 480 | 291 |
| Interest expense and other, net | -92 | -108 | -353 | -438 |
| Loss on extinguishment of debt | -9 | -42 | -12 | -45 |
| Gain on acquisition of controlling interest | — | 69 | — | 69 |
| Income (loss) before income taxes | 34 | -54 | 115 | -123 |
| Benefit (provision) for income taxes | 3 | 76 | -56 | 40 |
| Net income (loss) including non-controlling interests | 37 | 22 | 59 | -83 |
| Less: net income attributable to non-controlling interests | 3 | 4 | 7 | 1 |
| Net income (loss) attributable to common shareholders | $40 | $26 | $66 | $(82) |
| Basic earnings (loss) per share attributable to common shareholders | $0.16 | $0.28 | $0.27 | $(0.90) |
| Basic weighted average shares outstanding | 243 | 92 | 243 | 91 |
| Diluted earnings (loss) per share attributable to common shareholders | $0.16 | $0.28 | $0.27 | $(0.90) |
| Diluted weighted average shares outstanding | 244 | 92 | 244 | 91 |
| October 3, 2025 | September 27, 2024 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $437 | $452 |
| Accounts receivable, net | 2,479 | 2,401 |
| Prepaid expenses and other current assets | 197 | 231 |
| Total current assets | 3,113 | 3,084 |
| Property and equipment, net | 114 | 144 |
| Equity method investments | 196 | 123 |
| Goodwill | 5,703 | 5,556 |
| Intangible assets, net | 1,955 | 2,623 |
| Other long-term assets | 379 | 444 |
| Total assets | $11,460 | $11,974 |
| LIABILITIES | ||
| Current liabilities: | ||
| Current portion of long-term debt | $42 | $36 |
| Accounts payable | 892 | 764 |
| Accrued compensation and benefits | 705 | 696 |
| Contract liabilities | 227 | 113 |
| Other current liabilities | 488 | 356 |
| Total current liabilities | 2,354 | 1,965 |
| Long-term debt, net of current portion | 3,901 | 4,643 |
| Deferred tax liabilities | 260 | 370 |
| Other long-term liabilities | 325 | 444 |
| Total liabilities | 6,840 | 7,422 |
| SHAREHOLDERS’ EQUITY | ||
| Common stock, $0.01 par value – 1,000,000,000 shares authorized and 243,464,776 shares issued and outstanding at October 3, 2025; 1,000,000,000 shares authorized and 243,302,173 shares issued and outstanding at September 27, 2024. | 2 | 2 |
| Additional paid-in capital | 4,924 | 4,962 |
| Retained deficit | -461 | -527 |
| Accumulated other comprehensive income | 40 | 23 |
| Total Amentum shareholders’ equity | 4,505 | 4,460 |
| Non-controlling interests | 115 | 92 |
| Total shareholders’ equity | 4,620 | 4,552 |
| Total liabilities and shareholders’ equity | $11,460 | $11,974 |