Highlights

  • Worley Limited (ASX:WOR) reported FY26 revenue and earnings growth in its annual report.
  • FY26 revenue in backlog was AUD 13.8bn, while normalised cash conversion was 93.6%.
  • The company reported AUD 132mn of cost-out actions and completed an AUD 500mn share buyback.
  • An October 2026 US framework agreement covers selected energy and industrial projects.

Worley Limited provides consulting, engineering, procurement, construction and asset-related services for energy, chemicals and resources customers across international markets. Following its August FY26 reporting and a new US project framework agreement announced in October, Worley Limited (ASX:WOR) was quoted at AUD 9.69 in the 27 October 2026 price information. Its current operating priorities include integrated project delivery, cost management and execution of customer projects; the quoted figure has not been independently confirmed as the official closing price.

Company Business

Worley Limited (ASX:WOR) works across the lifecycle of industrial assets, from early-stage project planning and engineering through procurement, construction, operations and decommissioning. Its services span conventional and lower-carbon energy infrastructure, chemicals and fuels, minerals and metals processing, and associated infrastructure. This broad activity mix means demand is linked to customers’ capital programs, regulatory requirements, commodity-related investment and project economics.

The group operates in more than 40 countries and reported a workforce of approximately 40,400 people in its FY26 annual review. Its delivery model combines specialist consulting, technical expertise and globally connected project teams. The breadth of markets helps diversify contracts, although individual projects remain subject to scheduling, costs and customer approval processes.

Recent Development

On 26 October 2026, Worley announced a Master Framework Agreement with an engineering and construction partner for selected projects in the US energy and industrial sectors. The arrangement is intended to coordinate capabilities earlier in project development, including engineering, supply-chain planning and execution. The announcement described a framework for identifying and advancing potential projects; it did not provide a disclosed contract value or guarantee that individual projects will proceed.

In October 2026, a company update also described a fabrication scope associated with subsea infrastructure for a Norwegian carbon capture and storage development. Earlier in the year, the group disclosed engineering work related to a US multi-metal processing facility. These developments illustrate its involvement in different energy and resources project types, but their ultimate financial contributions depend on project execution and the commercial terms of each engagement.

Financial Performance and Sector Context

Worley Limited (ASX:WOR) published its FY26 results and annual report on 26 August 2026 for the financial year ended 30 June. The company reported increases in revenue, EBITA and cash flow, alongside FY26 revenue in backlog of AUD 13.8bn. Its annual reporting also identified sustainability-related work as 69% of aggregated revenue. These disclosed measures describe the composition and scale of activity rather than a guarantee of future revenue recognition.

The reported FY26 normalised cash conversion ratio was 93.6%, within the company’s 85%–95% target range. Days sales outstanding were 44.3, compared with its internal target of less than 65 days. Management also reported AUD 132mn of cost-out actions, a completed AUD 500mn share buyback and an additional AUD 300mn buyback underway. These figures provide indicators of working-capital discipline, restructuring progress and capital allocation.

For the six months ended 31 December 2025, the company had reported aggregated revenue of AUD 6.312bn, up 5.4% YoY; underlying EBITA of AUD 377mn, up 0.3% YoY; and underlying NPATA of AUD 207mn, down 4.2% YoY. These half-year figures predate the full-year report and are not substitutes for FY26 totals. Sector conditions remain influenced by energy security requirements, chemicals investment, critical-minerals processing, changes in project funding and geographically varied customer expenditure.

Risks to Consider

Worley Limited (ASX:WOR) faces project timing, contract delivery and cost-estimation risks across complex industrial assignments. Capital investment decisions can be delayed by financing conditions, regulation, permitting and changes in energy or commodity markets. Global operations introduce foreign-exchange exposure and workforce availability considerations. The company’s transition to more integrated delivery models also requires coordination of commercial, technical and execution responsibilities. Backlog does not eliminate the possibility of contract variation or deferral.

What to Watch Next

Attention will centre on how Worley Limited (ASX:WOR) converts project engagements and its backlog into recognised revenue and cash flow, together with progress on cost-out initiatives and the additional share buyback. Future reporting may clarify the commercial contribution from the October US framework agreement and other disclosed work. The next annual general meeting and subsequent trading statements also provide occasions for updates on order intake, delivery margins and regional market conditions.

Key Insights

Worley Limited (ASX:WOR) reported FY26 growth in revenue and EBITA, supported by a geographically diversified engineering business. Its annual disclosures highlighted backlog, cash conversion and cost reduction, while recent project news included a US collaboration framework and specialist infrastructure work. Key monitoring points are conversion of project activity into earnings, capital discipline and management of complex delivery risks.