Key highlights

  • Worley reported FY26 aggregated revenue of $12,023 million and underlying EBITA of $734 million, down 10.8%, in its 26 August 2026 release.
  • Bookings were $15.5 billion, up 23%, and backlog was $13.8 billion, up 9%.
  • A final dividend of 25 cents per share, unfranked, was declared, and a further $300 million buy-back began.

Worley Ltd (ASX:WOR) closed 21 October 2026 at $9.44, higher by 0.86%. Across the market, the S&P/ASX 200 Industrials [XNJ] index settled at 8,113.90, higher by 0.99% or 79.50 points, and the S&P/ASX 200 [XJO] at 8,831.30, higher by 0.16% or 14.40 points, at 4:25 pm GMT+11. Worley is a global engineering and professional services company serving the energy, chemicals and resources sectors.

What Worley does

Worley Limited provides engineering, procurement, construction management and advisory services to customers in energy, chemicals and resources. It operates across the Americas, Europe, the Middle East and Asia Pacific, and an increasing share of its revenue comes from construction, fabrication and procurement work.

FY26 results

In an ASX release dated 26 August 2026, Worley reported aggregated revenue of $12,023 million, stable on the prior year and up 2.3% in constant currency. Underlying EBITA was $734 million, down 10.8%, with an underlying margin excluding procurement of 9.0%. Underlying NPATA was $395 million, down 16.8%, and statutory NPATA was $306 million, down 35.6%, after $120 million of pre-tax transformation and restructuring costs. The company said results were affected by the Middle East conflict and adverse currency translation.

Bookings, backlog and capital

Bookings were $15.5 billion, up 23%, and backlog was $13.8 billion, up 9% from $12.7 billion. Normalised cash conversion was 93.6%, and cost-out initiatives of $132 million exceeded the initial target. A $500 million on-market buy-back was completed in May 2026, and a further $300 million buy-back has begun, with $24 million spent to 30 June 2026. The final dividend is 25 cents per share, unfranked.

FY27 outlook

Worley expects mid to high single-digit growth in both aggregated revenue and underlying EBITA in FY27, and refers to an ambition of double-digit earnings growth by FY30. Revenue from the Americas was supported by major projects, including Venture Global’s CP2.

Sector context

Industrial companies span transport, infrastructure, engineering, services and manufacturing, and they are tracked through the S&P/ASX 200 Industrials index, which closed at 8,113.90, up 0.99%, on 21 October 2026 alongside a 0.16% rise in the S&P/ASX 200 to 8,831.30. Engineering services providers depend on energy and resources capital spending, and the release attributes slower growth in some regions to the Middle East conflict and softer market conditions.

Risks and uncertainties

Underlying EBITA and NPATA fell and statutory NPATA fell 35.6%, with restructuring costs of $120 million. The Middle East conflict disrupted activity, currency translation reduced results, and the FY27 outlook depends on project execution, customer capital spending and market conditions. The dividend is unfranked.

Catalysts to watch

Items to watch include execution on major projects, conversion of backlog, buy-back progress, cost-out benefits and the first-half FY27 result.

Closing perspective

Worley’s 26 August 2026 release reported lower earnings alongside higher bookings and backlog and a guided return to growth in FY27. Later results will show whether backlog converts as expected.