Jacobs Solutions Inc (J) Q4 2024 Earnings Report

Jacobs Solutions (J) delivered a strong close to its fiscal year 2024 despite executing a strategic spin-off that separated CMS and C&I into Amentum. In Q4, total gross revenue rose 4% YoY with adjusted net revenue up 4%, and Q4 adjusted EBITDA reached $289 million, up 12% YoY. The company closed FY24 with trailing twelve-month book-to-bill of 1.35x and a Q4 book-to-bill of 1.67x, underscoring robust demand across its three focus end markets. The realized restructuring and separation gains materially influenced GAAP results, while adjusted metrics continue to reflect underlying performance. Management reaffirmed a constructive path into FY25, projecting mid-to-high single-digit net revenue growth, EBITDA margin of 13.8–14%, adjusted EPS of $5.80–$6.20, and free cash flow conversion above 100%. Free cash flow from continuing operations was $718M in FY24, and the company ended the year with roughly $1.1B of net debt (net leverage ~1.0x), supporting ongoing deleveraging and shareholder-friendly capital allocation through buybacks and dividends.