Tetra Tech (NASDAQ:TTEK) Finish Fiscal 2026 With a $4.67 Billion Backlog – Details Here

Sonal Goyal

12 November 2026 12:12 PM AEDT

Tetra Tech (NASDAQ:TTEK) Finish Fiscal 2026 With a $4.67 Billion Backlog – Details Here

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Key Highlights

Fourth-quarter Revenue was $1.34 billion, with net revenue of $1.15 billion.
Adjusted EPS was $0.49 in the quarter and $1.60 for the fiscal year.
Backlog reached $4.67 billion, up 13% from a year earlier.
A $1.4 billion NASA logistics agreement headed a list of new federal contract wins.

Tetra Tech, Inc. (NASDAQ:TTEK), a provider of technical and engineering services focused on water, environment and sustainable infrastructure, reported results for the fourth quarter and fiscal year ended September 27, 2026. Fourth-quarter revenue was $1.34 billion and net revenue was $1.15 billion, while Backlog reached $4.67 billion, up 13% from a year earlier. The figures summarize a year in which the company's commercial and government work both contributed to growth. Engineering and consulting firms with large public-sector exposure often report results that move with appropriations and project award timing, which makes backlog a closely watched figure in the sector.

Fourth-Quarter Results

Operating income was $188 million and adjusted EBITDA was $194 million, with the adjusted EBITDA Margin up 90 basis points from a year earlier. Diluted EPS was $0.51 and adjusted EPS was $0.49, up 9%.

Net revenue rose 5% excluding episodic disaster response work, a distinction the company draws to separate ongoing Demand from one-off assignments. The company also described fourth-quarter EPS and fiscal-year EPS of $1.69 as records, measured against its own history.

Backlog represents work the company has been awarded but not yet performed, so it provides visibility into future activity. Growth in backlog over a year suggests that awards have outpaced the work completed during that period.

Fiscal Year Performance and Backlog

For the fiscal year, adjusted EPS was $1.60 and EPS was $1.69. Backlog stood at $4.67 billion at the end of the fourth quarter, up 13%, which represents contracted work not yet recognized as revenue.

Backlog growth indicates the pipeline behind future revenue, but it does not guarantee conversion within a given period. The portions of the update reviewed do not include a revenue forecast for fiscal 2027, so the pace of conversion remains to be seen.

Adjusted EPS removes items that the company considers outside its core operations. The gap between EPS and adjusted EPS in both the quarter and the year was narrow, which means the adjustments had a limited effect on the reported totals.

Key Contract Wins

The company listed several recent awards, led by a $1.4 billion multiple-award blanket purchase agreement for enterprise logistics services for NASA. Other awards include a $145 million multiple-award contract for engineering and technical consulting for the U.S. Navy and a $141 million single-award contract for water infrastructure assessment for the U.S. EPA.

Smaller awards included an $85 million multiple-award environmental services contract for the USACE Europe District, a $63 million emergency preparedness contract for the EPA and a $49 million geospatial contract for NOAA. Multiple-award vehicles generate task orders over time, so reported award values are ceilings rather than guaranteed revenue.

Multiple-award contracts give the company a position on a pool of work, but actual orders depend on agency needs. Single-award contracts are more directly tied to a specific project and its funding.

Government Exposure and Open Points

Most of the listed awards come from federal agencies, which makes results sensitive to budgets and procurement timing. The update describes demand for the company's services as increasing, but the material reviewed does not split revenue between government and commercial clients.

The contribution of episodic disaster response is another factor. The company excluded it when describing net revenue growth of 5%, which means disaster-related activity can move reported results from quarter to quarter.

The company's water and environmental work covers a wide range of public infrastructure, where spending can be planned over several years. That planning horizon is one reason backlog is treated as a forward-looking indicator in the sector.

Final Word

Tetra Tech closed fiscal 2026 with higher quarterly and annual earnings, a backlog of $4.67 billion and a series of federal awards. Its outlook depends on how awards convert into billings, how much growth comes from ongoing work rather than disaster response, and how federal budgets develop. Results over the coming quarters will show whether backlog growth continues to translate into revenue. The next Annual Report will show how much of the current backlog is recognized as revenue within fiscal 2027.

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