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FY2026 Q2 · Calendar Q2 2026
Jacobs Solutions Inc.
Jacobs Solutions delivered a second consecutive beat-and-raise in Q2 FY2026, with adjusted EPS up 22% YoY and organic net revenue growth of 9% on a record $27B backlog. Yet the market focused on what tempered that strength: book-to-bill decelerated from 2.0x to 1.2x net, net leverage rose to 2.1x above the 1.0-1.5x target, and adjusted free cash flow was a $272M outflow tied to PA Consulting transaction accounting. The stock fell 7.3% on 4.2x normal volume and drifted another 2.4% lower in the sessions that followed. The divergence between the operational beat and the market reaction highlights investor concerns about earnings quality, the sustainability of AI-driven growth, and the credibility of the deleveraging path.
EPS surprise+7.4%
Market move-7.3%
