Tetra Tech Q4 FY2026 earnings review

Q4 adjusted diluted EPS rose 9% to $0.49, and backlog rose 13% to $4,672M.

Tetra Tech, Inc. · Q4 FY2026 · Published Nov 12, 2026 · By DeepCell AI · Sources

Tetra Tech Q4 FY2026 earnings review

Quarter and year ended September 27, 2026

For information only, not investment advice. No rating or price target.

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1 · Tetra Tech (TTEK) Q4 FY2026 earnings review

Q4 adjusted diluted EPS rose 9% to $0.49, and backlog rose 13% to $4,672M

  1. 1.Adjusted diluted EPS of $0.49 compared with the $0.47 Yahoo Finance consensus (Nov 12, 2026)
  2. 2.Net revenue was $1,153.0M, compared with the $1,150M Yahoo Finance consensus, and was up 5% excluding episodic disaster response
  3. 3.Adjusted EBITDA was $194.5M, and the official margin widened by 90 basis points to 16.9%
  4. 4.The quarterly dividend rose 11% to $0.072, and $100M of stock was repurchased in the quarter
  5. 5.Shares were +11.0% in pre-market at $41.76 as of 9:03 AM EST, not a close

Note: Company-reported rates are used for adjusted EPS (9%), backlog (13%), net revenue excluding episodic disaster response (5%), the 90-basis-point margin change, and the dividend (11%). Yahoo Finance consensus is dated Nov 12, 2026. Pre-market is not a close. Net revenue is revenue net of subcontractor costs.Source: Tetra Tech official Q4 and FY 2026 press release, Nov 11, 2026; Unaudited investors report, Regulation G reconciliations, statements of income, financial position and cash flows, year ended September 27, 2026; Yahoo Finance, Nov 12, 2026; CNBC, Nov 12, 2026 9:03 AM EST

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2 · Executive summary

Q4 adjusted diluted EPS was $0.49, above the Yahoo Finance consensus, and net revenue was $1,153.0M

Q4 FY2026 results vs. Yahoo Finance consensus (Nov 12, 2026)

MetricActualConsensusVarianceResult
Q4 adjusted diluted EPS$0.49$0.47+0.02 / +4.3%Beat
Q4 net revenue$1,153.0M$1,150M+3.0M / +0.3%Beat

Share price, Nov 11 regular close to Nov 12 pre-market last

Tetra Tech, Inc. (Nasdaq)Nov 11 close, 4:00 PM ESTNov 12 pre-market, 9:03 AM ESTChange ($)Change (%)
TTEK$37.61$41.76+$4.15+11.0%

Both prices are from the CNBC quote page, fetched on Nov 12, 2026. The pre-market last is not a close. The pre-market change is computed from the regular close. CNBC does not state a reason for the move.

Note: The Yahoo Finance EPS estimate of $0.47 is compared with official adjusted diluted EPS of $0.49, because the Yahoo year-ago EPS of $0.45 matches official adjusted diluted EPS for Q4 FY2025. Official diluted EPS was $0.51. Yahoo revenue of $1.15 billion is compared with official net revenue, because the Yahoo year-ago sales figure of $1.16 billion matches official Q4 FY2025 net revenue.Source: Tetra Tech official Q4 and FY 2026 press release, Nov 11, 2026; Unaudited investors report, Regulation G reconciliations, statements of income, financial position and cash flows, year ended September 27, 2026; Yahoo Finance, Nov 12, 2026; CNBC, Nov 12, 2026 9:03 AM EST

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3 · Q4 results vs. consensus

FY 2027 EPS is expected to be $1.65–$1.80, and net revenue is expected to be $4,425M–$4,625M

First-quarter and full-year FY 2027 outlook vs. Yahoo Finance consensus (Nov 12, 2026)

MetricCompany range (midpoint)Yahoo Finance consensus
Q1 FY2027 EPS$0.36–$0.38 ($0.37)$0.38
Q1 FY2027 net revenue$1,040M–$1,080M ($1,060M)n.a.
FY 2027 EPS$1.65–$1.80 ($1.73)$1.71
FY 2027 net revenue$4,425M–$4,625M ($4,525M)$4,470M

Note: Midpoints are DeepCell calculations from the official ranges. Yahoo Finance does not show a separate Q1 FY2027 net-revenue estimate in the table used here (Next Qtr revenue average is $1.05 billion). The company does not reconcile net-revenue guidance to GAAP revenue. FY 2026 official EPS was $1.69 and adjusted EPS was $1.60.Source: Tetra Tech official Q4 and FY 2026 press release, Nov 11, 2026; Yahoo Finance, Nov 12, 2026

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4 · FY 2027 outlook

Net revenue was $1,153.0M, down 0.9% as shown in the financials table, and up 5% excluding episodic disaster response

  1. Adjusted earnings roseAdjusted diluted EPS rose 9% to $0.49, and official diluted EPS was $0.51.
  2. Margin expandedAdjusted EBITDA rose to $194.5M from $185.9M, and the official margin widened by 90 basis points to 16.9%.
  3. Backlog grewBacklog rose 13% to $4,672M from $4,140M.

Key figures

$M unless notedQ4 FY2025Q4 FY2026YoY
Revenue$1,330.1M$1,337.4M0.5%
Net revenue$1,163.3M$1,153.0M(0.9%)
Adjusted EBITDA$185.9M$194.5M4.6%
Income from operations$181.3M$188.4M3.9%
Diluted EPS ($)$0.48$0.516.3%
Adjusted diluted EPS ($)$0.45$0.499%
Backlog$4,140M$4,672M13%

Note: Net revenue year-on-year of −0.9% is the official figure in the investors-report table. The 5%, 9% and 13% rates for net revenue excluding episodic disaster response, adjusted EPS and backlog are as stated in the press release. Other year-on-year percentages in this table are DeepCell calculations.Source: Tetra Tech official Q4 and FY 2026 press release, Nov 11, 2026; Unaudited investors report, Regulation G reconciliations, statements of income, financial position and cash flows, year ended September 27, 2026; analysis of company data

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5 · Q4 key financials

CIG net revenue rose to $640.3M, while GSG net revenue declined to $512.6M

Q4 net revenue and adjusted operating income by segment

$M

SegmentNet revenue Q4 FY2025Net revenue Q4 FY2026Adjusted operating income Q4 FY2026
Government Services Group (GSG)$540.5M$512.6M$96.3M
Commercial / International Services Group (CIG)$622.8M$640.3M$104.0M
International work was 43% of Q4 net revenue, and U.S. federal work was 26%.“These key client programs drove our backlog up by more than $530 million, an increase of 13% from last year. This strong momentum in backlog gives us confidence in continued revenue growth and further margin expansion.” Roger Argus, CEO

Note: GSG is Government Services Group; CIG is Commercial / International Services Group. Segment operating income is the adjusted figure in the investors report. International and U.S. federal shares are official client-mix percentages for Q4 FY2026.Source: Tetra Tech official Q4 and FY 2026 press release, Nov 11, 2026; Unaudited investors report, Regulation G reconciliations, statements of income, financial position and cash flows, year ended September 27, 2026; analysis of company data

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6 · Segment results

Net revenue was $1,153.0M, down 0.9% as shown in the financials table and up 5% excluding episodic disaster response

Net revenue

$M, Q4 FY2025 vs Q4 FY2026

v · Q4 FY2025: $1,163Mv · Q4 FY2026: $1,153MQ4 FY2025Q4 FY2026$0M$250M$500M$750M$1,000M$1,400M$1,163M$1,153M
The company said demand increased for water, environmental and resilient-infrastructure technical services, including digital automation and defense modernization.

Note: Net revenue is revenue net of subcontractor costs, a non-GAAP measure reconciled in the financials PDF. The −0.9% and 5% rates are as reported in the table and the press release, respectively.Source: Tetra Tech official Q4 and FY 2026 press release, Nov 11, 2026; Unaudited investors report, Regulation G reconciliations, statements of income, financial position and cash flows, year ended September 27, 2026; analysis of company data

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7 · Net revenue

CIG was the larger of the two segments in Q4, with net revenue of $640.3M versus $512.6M at GSG

Net revenue by segment

$M, Q4 FY2025 vs Q4 FY2026

GSG · Q4 FY2025: $540.5MGSG · Q4 FY2026: $512.6MCIG · Q4 FY2025: $622.8MCIG · Q4 FY2026: $640.3MQ4 FY2025Q4 FY2026$0M$250M$500M$800M$540.5M$512.6M$622.8M$640.3M
For the full year, CIG net revenue was $2,471M and GSG net revenue was $1,878M.

Note: GSG is Government Services Group; CIG is Commercial / International Services Group. Segment net revenue figures are official. Full-year GSG net revenue declined, while CIG net revenue rose, as shown in the investors report.Source: Tetra Tech official Q4 and FY 2026 press release, Nov 11, 2026; Unaudited investors report, Regulation G reconciliations, statements of income, financial position and cash flows, year ended September 27, 2026; analysis of company data

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8 · Revenue by segment

Q4 adjusted EBITDA was $194.5M, and the official margin widened by 90 basis points to 16.9%

Adjusted EBITDA

$M, Q4 FY2025 vs Q4 FY2026

v · Q4 FY2025: $186Mv · Q4 FY2026: $194MQ4 FY2025Q4 FY2026$0M$50M$100M$150M$200M$240M$186M$194M
The CFO said fiscal 2026 profit margins continued to increase, with 90 basis points of EBITDA margin expansion from fiscal 2025.

Note: The 90-basis-point official increase is stated both for the fourth quarter (16.9% versus 16.0%) and for the full year (15.2% versus 14.3%). Adjusted EBITDA is reconciled from net income attributable to Tetra Tech in the Regulation G tables.Source: Tetra Tech official Q4 and FY 2026 press release, Nov 11, 2026; Unaudited investors report, Regulation G reconciliations, statements of income, financial position and cash flows, year ended September 27, 2026; analysis of company data

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9 · Adjusted EBITDA

FY 2026 net revenue was $4,348M, down 5.8% as shown in the table and up 7% excluding USAID / DOS and episodic disaster response

  1. Full-year earningsFY 2026 diluted EPS was $1.69 and adjusted diluted EPS was $1.60, versus $0.93 and $1.56 in FY 2025.
  2. Cash flowOperating cash flow rose 14% as stated, to $523.0M from $457.7M.

Full-year figures

$M unless notedFY 2025FY 2026YoY
Revenue$5,443M$5,077M(6.7%)
Net revenue$4,617M$4,348M(5.8%)
Adjusted EBITDA$661.7M$660.0M(0.3%)
Diluted EPS ($)$0.93$1.6981.7%
Adjusted diluted EPS ($)$1.56$1.602.6%
Operating cash flow$457.7M$523.0M14%

Note: The −5.8% full-year net-revenue rate is the official investors-report figure. The 7% rate excluding USAID / DOS and episodic disaster response, and the 14% operating-cash-flow rate, are as stated in the press release. Other year-on-year percentages are DeepCell calculations.Source: Tetra Tech official Q4 and FY 2026 press release, Nov 11, 2026; Unaudited investors report, Regulation G reconciliations, statements of income, financial position and cash flows, year ended September 27, 2026; analysis of company data

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10 · Full-year results

FY 2026 operating cash flow rose 14% to $523.0M, and the company repurchased $302.0M of stock

  1. Quarterly cash flowQ4 operating cash flow, from the investors-report table, was $56.5M, after $100.8M in Q4 FY2025, and capital expenditures were $6.4M.
  2. Dividend and buybacksThe quarterly dividend rose 11% to $0.072 a share, payable December 11, 2026. Q4 repurchases were $100M, and $798M remained under the program at year-end.

Cash and returns

$MFY 2025FY 2026
Operating cash flow$457.7M$523.0M
Capital expenditures$18.6M$20.5M
Share repurchases$250.0M$302.0M
Dividends paid$65.0M$70.8M

Note: Q4 operating cash flow and capital expenditures are the official lines in the investors report of the financials PDF; the consolidated cash-flow statement in that PDF is full-year only. The 14% and 11% rates, the $100 million Q4 repurchase and $798 million remaining authorization are as stated.Source: Tetra Tech official Q4 and FY 2026 press release, Nov 11, 2026; Unaudited investors report, Regulation G reconciliations, statements of income, financial position and cash flows, year ended September 27, 2026; analysis of company data

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11 · Cash flow and returns

Cash was $235.1M at September 27, 2026, and long-term debt was $892.0M

  1. LiquidityCash rose from $167.5M a year earlier. Net debt, long-term debt less cash, is a DeepCell calculation of $656.9M.
  2. ScaleTotal assets were $4,475.8M and stockholders’ equity was $1,884.3M.

Balance sheet

$MSep 28, 2025Sep 27, 2026
Cash and cash equivalents$167.5M$235.1M
Total assets$4,282.2M$4,475.8M
Long-term debt$763.4M$892.0M
Total liabilities$2,502.0M$2,591.5M
Total stockholders equity$1,780.2M$1,884.3M

Note: Net debt is long-term debt less cash, a DeepCell calculation. The cash-flow statement beginning cash of $168.4 million differs slightly from the year-earlier balance-sheet cash of $167.5 million; both figures are as reported on those statements.Source: Tetra Tech official Q4 and FY 2026 press release, Nov 11, 2026; Unaudited investors report, Regulation G reconciliations, statements of income, financial position and cash flows, year ended September 27, 2026; analysis of company data

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12 · Balance sheet and debt

Federal funding, the USAID and disaster-response comparison, and delivery of the FY 2027 ranges are the main watch items

Indicator
What to watch
Implication
Latest reading
U.S. government funding
The press release warns of concentration of revenue from U.S. government agencies and potential funding disruptions
GSG net revenue declined in the fourth quarter and the full year, and federal work was 26% of Q4 net revenue
Q4 GSG net revenue $512.6M
Exclusions in growth rates
Reported net revenue declined 0.9% in Q4 and 5.8% for the year in the financials table; the company highlights growth excluding USAID / DOS and episodic disaster response
The FY 2027 net-revenue range of $4.425–$4.625 billion is only modestly above FY 2026 official net revenue of $4.35 billion
FY 2026 net revenue $4,348M
FY 2027 EPS range
The $1.65–$1.80 FY 2027 EPS range has a midpoint of $1.725, versus FY 2026 official EPS of $1.69 and adjusted EPS of $1.60
The low end is below FY 2026 official EPS, so the year depends on which end of the range is delivered
FY 2027 EPS low $1.65
Contract timing and backlog conversion
Backlog rose 13% as stated, but backlog can be cancelled or delayed, as the forward-looking statements note
Conversion of the $4.67 billion backlog is what supports the company’s confidence in continued revenue growth
Backlog $4,672M

GSG is Government Services Group. Source: Tetra Tech official Q4 and FY 2026 press release, Nov 11, 2026; Unaudited investors report, Regulation G reconciliations, statements of income, financial position and cash flows, year ended September 27, 2026; analysis of company data

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13 · Key risks to the outlook

Appendix: income detail

ClaimEvidenceCalculation
Revenue$1,330.1M to $1,337.4MYear-on-year rate is a DeepCell calculation
Net revenue$1,163.3M to $1,153.0M(0.9%) in the financials table
Income from operations$181.3M to $188.4MYear-on-year rate is a DeepCell calculation
Adjusted EBITDA$185.9M to $194.5MOfficial margin 16.9%, up 90 basis points
Net income attributable$127.7M to $131.7MOfficial diluted EPS $0.51

Source: Tetra Tech official Q4 and FY 2026 press release, Nov 11, 2026; Unaudited investors report, Regulation G reconciliations, statements of income, financial position and cash flows, year ended September 27, 2026; analysis of company data

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14 · Appendix: Income detail

Appendix: segment detail

ClaimEvidenceCalculation
GSG net revenue, Q4$540.5M to $512.6MOfficial segment table
CIG net revenue, Q4$622.8M to $640.3MOfficial segment table
GSG net revenue, full year$2,325M to $1,878MOfficial segment table
CIG net revenue, full year$2,292M to $2,471MOfficial segment table

GSG is Government Services Group; CIG is Commercial / International Services Group. Source: Tetra Tech official Q4 and FY 2026 press release, Nov 11, 2026; Unaudited investors report, Regulation G reconciliations, statements of income, financial position and cash flows, year ended September 27, 2026; analysis of company data

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15 · Appendix: Segment detail

Appendix: outlook detail

ClaimEvidenceCalculation
Q1 FY2027 EPS$0.36–$0.38Midpoint is a DeepCell calculation
Q1 FY2027 net revenue$1,040M–$1,080MNot reconciled to GAAP revenue
FY 2027 EPS$1.65–$1.80Compared with FY 2026 official EPS of $1.69
FY 2027 net revenue$4,425M–$4,625MCompared with FY 2026 official net revenue of $4.35 billion

Source: Tetra Tech official Q4 and FY 2026 press release, Nov 11, 2026; Unaudited investors report, Regulation G reconciliations, statements of income, financial position and cash flows, year ended September 27, 2026; analysis of company data

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16 · Appendix: Outlook detail

Appendix: cash and returns

ClaimEvidenceCalculation
FY operating cash flow$457.7M to $523.0M14% year on year, as reported
FY share repurchases$250.0M to $302.0MQ4 repurchases were $100 million as stated
Quarterly dividend$0.072 a share, up 11%Payable December 11, 2026; 46th consecutive double-digit increase, as stated

Source: Tetra Tech official Q4 and FY 2026 press release, Nov 11, 2026; Unaudited investors report, Regulation G reconciliations, statements of income, financial position and cash flows, year ended September 27, 2026; analysis of company data

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17 · Appendix: Cash and returns

Appendix: income statement detail

Revenue and costs

$M unless notedQ4 FY2025Q4 FY2026YoY
Revenue$1,330.1M$1,337.4M0.5%
Subcontractor costs$166.8M$184.4M—
Net revenue$1,163.3M$1,153.0M(0.9%)
Gross profit$274.1M$265.9M(3.0%)

Earnings

$M unless notedQ4 FY2025Q4 FY2026YoY
Income from operations$181.3M$188.4M3.9%
Net income attributable$127.7M$131.7M3.1%
Diluted EPS ($)$0.48$0.516.3%
Adjusted diluted EPS ($)$0.45$0.498.9%

Note: The YoY column in this appendix uses unrounded income-statement comparisons (DeepCell calculations). Company-reported rounded rates are used on the earlier slides.Source: Tetra Tech official Q4 and FY 2026 press release, Nov 11, 2026; Unaudited investors report, Regulation G reconciliations, statements of income, financial position and cash flows, year ended September 27, 2026; analysis of company data

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18 · Appendix: Income statement

Appendix: sources

  • Results release, Q4 and FY 2026 (official company press release, Nov 11, 2026) — https://investor.tetratech.com/news/news-details/2026/Tetra-Tech-Reports-Strong-Fourth-Quarter-and-Fiscal-Year-2026-Results/default.aspx
  • Press-Release Financials PDF (investors report, Regulation G, financial statements) — https://s205.q4cdn.com/395322262/files/content_files/Press-Release-Financials-FY26-11-10-26.pdf
  • Quarterly results page — https://investor.tetratech.com/financials/quarterly-results/default.aspx
  • Consensus: Yahoo Finance, Nov 12, 2026 — https://finance.yahoo.com/quote/TTEK/analysis/
  • Share price: CNBC TTEK quote, Nov 11, 2026 regular close $37.61 at 4:00 PM EST and Nov 12 pre-market last $41.76 at 9:03 AM EST — https://www.cnbc.com/quotes/TTEK
  • A Form 8-K for these results had not appeared on EDGAR when the page was built. Company figures are in U.S. dollars. Statement amounts originally in thousands were converted to millions. Non-GAAP figures follow the company’s Regulation G tables. Net revenue is revenue net of subcontractor costs.
  • Chart and table values link to the model in the spreadsheet tabs of this file.

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19 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader’s investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Tetra Tech, Inc.’s official Q4 and fiscal year 2026 press release dated November 11, 2026, and the Press-Release Financials PDF for the year ended September 27, 2026. A Form 8-K had not appeared on EDGAR at the time of writing. Consensus estimates (Yahoo Finance) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are GAAP unless labelled non-GAAP, in U.S. dollars, for the quarter and fiscal year ended September 27, 2026, compared with the quarter and fiscal year ended September 28, 2025.

Forward-looking statements. Company commentary, guidance, consensus estimates and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original release and financials PDF.

Date of analysis. Share prices are the CNBC regular-session close at 4:00 PM EST on November 11, 2026, and the Nov 12 pre-market last at 9:03 AM EST. The pre-market last is not a close.

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20 · Disclosures

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