J · CIK 52988
What Jacobs Solutions Inc. told the SEC could break it.
Jacobs' disclosures reflect the project-services model of a global engineering firm. Demand depends on its customers' willingness to invest: swings in commodity prices affect oil, gas, battery and fertilizer clients and commodity-dependent economies like the Middle East, so price declines can push customers to defer or cancel projects. It also bears execution risk on fixed-price contracts — about 32% of fiscal 2025 revenue — where it must estimate total project cost upfront and absorb overruns. And with international operations about 38% of revenue, foreign-exchange movements can affect its ability to realize profit and its reported results.
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.
Other disclosures
- commodity-price-driven customer capex deferralsmedium
Commodity-price swings affect Jacobs' customers' (oil/gas/batteries/fertilizers) investment decisions and the economies of commodity-dependent regions like the Middle East; price declines can cause customers to defer/cancel projects, reducing demand for Jacobs' services.
“Furthermore, declines in commodity prices can negatively impact our business in regions whose economies are substantially dependent on commodity prices, such as the Middle East. To the extent commodity prices decline or fluctuate and our customers defer new investments or cancel or delay existing projects, the demand for our services could decrease, which may have a material adverse impact on our business, financial condition and results of operations.”
SEC filing →As of 2025 - fixed-price contract cost-overrun exposuremedium
About 32% of fiscal 2025 revenue came from fixed-price contracts where Jacobs bears the risk of cost overruns; cost increases or project delays above estimates can reduce profits or cause losses.
“For fiscal 2025, approximately 32% of our revenues were earned under fixed-price contracts. Both fixed-price and many cost-reimbursable contracts require us to estimate the total cost of the project in advance of our performance. For fixed-price contracts, we may benefit from any cost-savings, but we bear greater risk of paying some, if not all, of any cost overruns.”
SEC filing →As of 2025
Currency (FX)
- international revenue FX exposure (38%)low
International operations were ~38% of fiscal 2025 revenue; foreign-exchange movements can affect Jacobs' ability to realize profit on projects and its reported results.
“Foreign exchange risks may affect our ability to realize a profit from certain projects. We are a global professional services company, with our international operations accounting for approximately 38% of our annual revenue in fiscal 2025.”
SEC filing →As of 2025
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
“the project services agreement provides for the performance of certain services by us or Amentum for our benefit of the other party on certain ongoing client projects. We rely on Amentum to satisfy its performance obligations under these agreements. If Amentum is unable or unwilling to satisfy its obligations under these agreements, including indemnification obligations, our business, results of operations and financial condition could be adversely affected.”
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