ACM · CIK 868857
What AECOM told the SEC could break it.
AECOM's disclosures center on its dependence on government work. Government clients — U.S. federal, state and local, and foreign — made up about 50% of FY2025 revenue (roughly 7% from direct U.S. federal contracts), so even with no single client above 10%, its results are tied to public budgets, appropriations, and the risk of contracts terminated for convenience. That federal work brings a dense compliance layer — the Federal Acquisition Regulation, Truth in Negotiations Act, Cost Accounting Standards, and False Claims Act, among others — where a violation can mean fines, termination, or suspension from future contracts, while its international operations add country risk, including a significant presence in Hong Kong and exposure to trade-policy and tariff changes.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- government clients = 50% of revenue (no single client >10%)medium
Government clients (US federal, state/local and foreign) accounted for ~50% of AECOM's FY2025 revenue, with ~7% from direct US federal contracts; no single client exceeded 10%, but heavy government dependence ties revenue to public budgets, appropriations and contract-termination-for-convenience risk.
“No single client accounted for 10% or more of our revenue in any of the past five fiscal years. Approximately 7%, 7%, and 5% of our revenue was derived through direct contracts with agencies of the U.S. federal government in the years ended September 30, 2025, 2024, and 2023, respectively.”
SEC filing →As of 2025
Regulatory & policy
- US government procurement regulation (FAR, TINA, CAS, False Claims Act, DOD)medium
AECOM's US federal work is subject to the Federal Acquisition Regulation, Truth in Negotiations Act, Cost Accounting Standards, Service Contract Act, False Claims Act, export-control rules and DOD security regulations; a violation can trigger fines, contract termination or suspension from future contracts.
“The services we provide to the U.S. federal government are subject to Federal Acquisition Regulation, the Truth in Negotiations Act, Cost Accounting Standards, the Services Contract Act, False Claims Act, export controls rules and Department of Defense (DOD) security regulations, as well as many other laws and regulations.”
SEC filing →As of 2025
Geographic concentration
- international operations including significant Hong Kong presencelow
AECOM's international business carries country risk — explicitly citing political unrest in Hong Kong where it has a significant presence, plus the Russia-Ukraine conflict, Middle East instability, tariff/trade-policy changes and FX volatility.
“changes in U.S. and other national government trade policies affecting the markets for our services, including the imposition of tariffs; political unrest in Hong Kong where we have a significant presence; impact of health crises and their related economic impacts; increases in the consumer price index and interest rates; changes in regulatory practices, tariffs and taxes”
SEC filing →As of 2025
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