AECOM shares fall after reporting fiscal Q3 loss

AECOM shares fell significantly following a fiscal Q3 2026 earnings report that missed analyst expectations. Despite reporting revenue of $3.6 billion—which exceeded Wall Street estimates by $1.6 billion—the engineering firm reported a non-GAAP loss of $0.50 per share and a GAAP net loss of $0.65 per share.

Management attributed the loss to a $337 million pre-tax charge related to increased projected costs for a construction management project signed in 2019. The company noted that this charge stems from older contract terms and is unlikely to recur due to updated risk policies. Free cash flow for the quarter was $55 million, a 79% decrease from the previous year.

Following the report, several financial institutions adjusted their outlooks. KeyCorp lowered its price target for AECOM from $101.00 to $79.00, though it maintained an “overweight” rating. Other analysts have also adjusted targets, including Truist Financial and Robert W. Baird, while Zacks Research downgraded the stock to a “strong sell” rating.