Analyst Consensus ?
ConsensusBuy37 ratings
Bullish2362.2%
Neutral1437.8%
Bearish00.0%
Jacobs Solutions Inc. · J · FY2026 Q3 · Calendar Q3 2026
Jacobs raises FY2026 outlook as backlog reaches $29 billion
The quarter supports a constructive operating thesis: resilient infrastructure demand, accelerating AI-related work, and PA Consulting synergies are supporting growth, backlog, and margin expansion. The main test is whether pipeline conversion and public-sector awards sustain that trajectory.
Reported After market closeNYSEIndustrials
$16.98B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.84
Consensus $1.83
EPS surprise
+0.5%
Reported versus consensus
Reported revenue
$2.42B
Consensus $2.40B
Revenue surprise
+0.5%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+1.4%
Event window
SPY move
-0.2%
Same window
Abnormal move
+1.6%
Stock minus SPY
Volume
1.7×
Versus trailing sessions
Subsequent drift
+1.7%
Up to 20 sessions
JSPY benchmark
Ask FN2 about J FY2026 Q3
Transcript, numbers and history already loaded
Why did J rise 1.4% after beating EPS estimates in FY2026 Q3?What changed in J's guidance and outlook in FY2026 Q3?Give me the bull and bear case for J after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, backlog increased from $27 billion to $29 billion, AI data-center work became 11% of adjusted net revenue, and FY2026 guidance was raised again. Management also moved to quarterly free-cash-flow reporting without prior adjustments.
Guidance delta
FY2026 guidance was raised to 9.5%-10% net revenue growth, $7.20-$7.30 adjusted EPS, and 14.7%-14.8% EBITDA margin.
Key takeaways
- Q3 adjusted EPS growth and margin expansion were supported by record backlog.
- AI data-center work reached 11% of adjusted net revenue, up about 100 basis points sequentially.
- Water and environmental, life sciences, and advanced manufacturing remained key demand areas.
- Management reaffirmed share repurchases and a path toward roughly 1.5x net leverage by FY2027.
- The company plans to report quarterly free cash flow without prior-period adjustments.
Management priorities
- Execute AI data-center and advanced-facilities programs, including Beacon Point.
- Convert water and environmental remediation opportunities into awards.
- Capture PA Consulting integration synergies and cross-selling opportunities.
- Continue repurchases while reducing net leverage toward roughly 1.5x by FY2027.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$143.12Current
$137Low
$159.81Average
$175High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 22, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| UBS | Buy | Buy | Maintain | Aug 10, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Aug 5, 2026 |
| Truist Securities | Hold | Hold | Maintain | Jul 2, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | May 7, 2026 |
| Keybanc | Overweight | Overweight | Maintain | May 6, 2026 |
| Citigroup | Buy | Buy | Maintain | May 6, 2026 |
| Baird | Neutral | Neutral | Maintain | Apr 13, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | Nov 21, 2025 |
| Barclays | Overweight | Overweight | Maintain | Oct 20, 2025 |
| Benchmark | Hold | Buy | Downgrade | Nov 20, 2024 |
| William Blair | Market Perform | Outperform | Downgrade | May 8, 2024 |
| Argus Research | Buy | Buy | Maintain | Mar 14, 2024 |
| Raymond James | Market Perform | Outperform | Downgrade | Nov 22, 2023 |
| Stifel | Buy | Buy | Maintain | Nov 21, 2023 |
| TD Cowen | Outperform | Outperform | Maintain | Aug 10, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Aug 9, 2023 |
| Bernstein | Outperform | Outperform | Maintain | May 10, 2023 |
| DA Davidson | Buy | Buy | Maintain | Nov 26, 2019 |
| Bank of America | Buy | Buy | Maintain | Nov 26, 2019 |
| Cowen & Co. | Outperform | Outperform | Maintain | Jan 28, 2019 |
| MKM Partners | Buy | Buy | Maintain | Nov 21, 2018 |
| Seaport Global | Buy | Buy | Maintain | Nov 15, 2018 |
| Vertical Research | Buy | Hold | Upgrade | May 9, 2018 |
| Macquarie | Neutral | Underperform | Upgrade | May 9, 2018 |
| Argus | Buy | Hold | Upgrade | May 5, 2018 |
| Deutsche Bank | Buy | Hold | Upgrade | Mar 29, 2018 |
| Goldman Sachs | Neutral | Sell | Upgrade | Jan 31, 2018 |
| Jefferies | Hold | Buy | Downgrade | Dec 13, 2016 |
| Johnson Rice | Hold | Accumulate | Downgrade | Aug 11, 2016 |
| Standpoint Research | Hold | Buy | Downgrade | Apr 14, 2016 |
| JP Morgan | Neutral | Neutral | Maintain | Jun 12, 2015 |
| Stifel Nicolaus | Buy | Buy | Maintain | Apr 29, 2015 |
| CLSA | Outperform | Buy | Maintain | Apr 13, 2015 |
| FBR Capital | Market Perform | Market Perform | Maintain | Feb 2, 2015 |
| Stephens & Co. | Overweight | Overweight | Maintain | Dec 20, 2013 |
| GARP Research | Buy | Buy | Maintain | Mar 28, 2013 |
| Gilford Securities | Buy | Buy | Maintain | Jan 10, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $143.12. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| KeyBanc | Sangita Jain | $168 | $143.76 | +17.4% | Sep 8, 2026 |
| UBS | Analyst unavailable | $167 | $146.66 | +16.7% | Aug 10, 2026 |
| Goldman Sachs | Adam Bubes | $170 | $144.03 | +18.8% | Aug 6, 2026 |
| Truist Financial | Jamie Cook | $161 | $146.4 | +12.5% | Aug 5, 2026 |
| Robert W. Baird | Analyst unavailable | $153 | $142.68 | +6.9% | Aug 5, 2026 |
| RBC Capital | Analyst unavailable | $174 | $142.68 | +21.6% | Aug 5, 2026 |
| Truist Financial | Jamie Cook | $149 | $124.63 | +4.1% | Jul 2, 2026 |
| Bernstein | Chad Dillard | $163 | $124.12 | +13.9% | Jun 11, 2026 |
| RBC Capital | Sabahat Khan | $169 | $124.75 | +18.1% | May 6, 2026 |
| KeyBanc | Sangita Jain | $150 | $136.74 | +4.8% | May 6, 2026 |
| Goldman Sachs | Adam Bubes | $163 | $143.33 | +13.9% | Feb 4, 2026 |
| UBS | Steven Fisher | $175 | $137.42 | +22.3% | Feb 4, 2026 |
| RBC Capital | Analyst unavailable | $160 | $137.85 | +11.8% | Feb 4, 2026 |
| Robert W. Baird | Andrew Wittmann | $143 | $132.91 | -0.1% | Feb 4, 2026 |
| Wells Fargo | Analyst unavailable | $137 | $140.09 | -4.3% | Jan 23, 2026 |
| KeyBanc | Analyst unavailable | $154 | $137.67 | +7.6% | Jan 7, 2026 |
| Goldman Sachs | Analyst unavailable | $158 | $128.77 | +10.4% | Nov 24, 2025 |
| Truist Financial | Analyst unavailable | $152 | $129.17 | +6.2% | Nov 21, 2025 |
| RBC Capital | Analyst unavailable | $156 | $128.06 | +9.0% | Nov 21, 2025 |
| Wells Fargo | Analyst unavailable | $130 | $129.17 | -9.2% | Nov 21, 2025 |
| Robert W. Baird | Analyst unavailable | $146 | $129.17 | +2.0% | Nov 21, 2025 |
| Wells Fargo | Analyst unavailable | $160 | $153.2 | +11.8% | Nov 13, 2025 |
| Barclays | Adam Seiden | $160 | $155.39 | +11.8% | Oct 20, 2025 |
| KeyBanc | Analyst unavailable | $170 | $155.39 | +18.8% | Oct 20, 2025 |
| Truist Financial | Analyst unavailable | $163 | $155.31 | +13.9% | Oct 8, 2025 |
| Robert W. Baird | Andrew Wittmann | $161 | $148.48 | +12.5% | Aug 27, 2025 |
| Citigroup | Andrew Kaplowitz | $166 | $143.54 | +16.0% | Oct 22, 2024 |
| Raymond James | Brian Gesuale | $160 | $138.91 | +11.8% | Oct 4, 2024 |
| Stifel Nicolaus | Bert Subin | $160 | $149.71 | +11.8% | Apr 2, 2024 |
| Truist Financial | Jamie Cook | $154 | $150.64 | +7.6% | Mar 13, 2024 |
| RBC Capital | Analyst unavailable | $155 | $127.91 | +8.3% | Aug 4, 2022 |
| Citigroup | Analyst unavailable | $151 | $129.52 | +5.5% | Aug 2, 2022 |
| Credit Suisse | Analyst unavailable | $154 | $129.52 | +7.6% | Aug 2, 2022 |
| Stifel Nicolaus | Bert Subin | $158 | $124.36 | +10.4% | Jun 29, 2022 |
| Credit Suisse | Jamie Cook | $161 | $127.74 | +12.5% | Feb 9, 2022 |
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Start freeCompany context
Snapshot as of publicationJacobs Solutions Inc. engages in the infrastructure and advanced facilities, and consulting businesses in the United States, Europe, Canada, India, Asia, Australia, New Zealand, the Middle East, and Africa. The company provides consulting, planning, architecture, design, engineering, and infrastructure delivery services including project, program, and construction management and long-term operation of facilities. It also offers consulting services for consumer and manufacturing, defense and security, energy and utilities, financial services, government, health and life sciences, and transport sectors. The company was founded in 1947 and is headquartered in Dallas, Texas.
Historical context
All J earningsIndustrials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| FPS Forgent Power Solutions, Inc. | FY2026 Q4 · Calendar Q3 2026 | +4.3% | +9.5% | Forgent Power Solutions pairs record results with an aggressive FY27 buildout |
| CPRT Copart, Inc. | FY2026 Q4 · Calendar Q3 2026 | -8.7% | -2.6% | Copart pairs international growth with ACV investment amid higher costs |
| SUNB Sunbelt Rentals Holdings Inc | FY2027 Q1 · Calendar Q3 2026 | +19.2% | +5.9% | Sunbelt raises FY27 outlook as specialty rental demand accelerates |
| FRO Frontline Plc | FY2026 Q2 · Calendar Q3 2026 | +8.0% | +1.0% | Frontline posts a record quarter as tanker rates remain elevated |
| DCI Donaldson Company, Inc. | FY2026 Q4 · Calendar Q3 2026 | +1.8% | +2.1% | Donaldson posts record FY26 and targets further growth |
Latest beats and misses
Who reports nextBeat on EPS
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% move
Get the J recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-08-05T05:08:23.010952+00:00
- FN2 earnings calendar · 2026-09-09T01:23:14.388487+00:00
- Polygon adjusted daily market bars · 2026-09-22T21:30:54.841276+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-22T21:30:54.838435+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-22. For educational purposes only; not investment advice.