Amentum Holdings Inc

Latest Results (20.11.2025):

Amentum Holdings Inc — Third quarter of fiscal year 2025 (ended June 27, 2025): Amentum reported a solid quarter driven by the integration of Jacobs’ Critical Mission Solutions and Cyber & Intelligence (CMS) businesses, posting GAAP revenues of $3.561 billion (66% YoY, 2% pro forma), GAAP net income of $10 million and Adjusted EBITDA of $274 million. The company raised full-year organic guidance and delivered positive cash flow while reducing net debt and maintaining a large backlog.

Top-line and pro forma growth

Revenues were $3.561B (GAAP), up 66% YoY largely from the CMS combination; pro forma revenues were $3.561B, up 2% YoY driven by Digital Solutions growth.

Profitability and per-share results

GAAP net income was $10M and diluted EPS $0.04. On a pro forma/non-GAAP basis, Adjusted EBITDA was $274M (up 7% YoY) with Adjusted diluted EPS of $0.56 (up 10% YoY). Adjusted EBITDA margin expanded to 7.7% (+30 bps).

Cash flow and liquidity

Operating cash flow was $106M and free cash flow $100M for the quarter. Amentum ended the quarter with $738M cash and $4.6B gross debt, reduced net debt to $3.8B and reported net leverage of 3.5x; the company made a $250M voluntary term‑loan payment after quarter end.

Backlog and book-to-bill

Total backlog rose to $44.6B (from $26.9B a year ago, largely from the CMS acquisition); funded backlog was $5.6B. Company reported a 1.0x year‑to‑date book‑to‑bill.

Segment performance

Digital Solutions: $1.421B revenue (+12% YoY) and $114M Adjusted EBITDA (+21% YoY). Global Engineering Solutions: $2.140B revenue (‑3% YoY) and $160M Adjusted EBITDA (‑2% YoY).

Orders, awards and backlog drivers

Major wins included a $4B Space Force Range Contract (award under protest), a CAD $1.2B annual Canadian Nuclear Laboratories contract (via JV), >$500M in intelligence awards, and over $2B in bookings from contract modifications/extensions.

Divestitures and strategic actions

Amentum completed the sale of Rapid Solutions for $360M (≈1% of annual revenues/EBITDA) and sold a non‑core New Zealand facilities business (~$50M annual revenues), enhancing financial flexibility.

Updated FY2025 guidance

The company raised its full‑year organic guidance: revenues revised to roughly $14.15B, Adjusted EBITDA to $1.095B, Adjusted diluted EPS to $2.20, and Free Cash Flow to $525M. Management cited integration benefits, strategic initiatives and an improving budget environment as tailwinds.