📈 Price History

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By Category

📊 Sector Averages

About

Tetra Tech, Inc. provides consulting and engineering services focusing on water, environment, and sustainable infrastructure in the United States and internationally. The company operates through two segments, Government Services Group (GSG) and Commercial/International Services Group (CIG). The GSG segment offers consulting and engineering services, including water resources analysis and water management, environmental monitoring, data analytics, government consulting, waste management, and civil infrastructure master planning and resilient engineering design for facilities, as well as transportation and local development projects primarily to government clients, including federal, state, and local, as well as international development agencies. It also offers sustainable solutions, such as energy management consulting, and greenhouse gas inventory assessment, certification, reduction, and management services. The CIG segment provides consulting and engineering services, including natural resources, energy, and utilities, as well as sustainable infrastructure master planning and engineering design for facilities; and transportation and local development projects to commercial and international clients, including the commercial and government sectors. The company offers early data collection and monitoring, data analysis and information management, science and engineering applied research, engineering design, project management, and operations and maintenance services; climate change consulting; greenhouse gas inventory assessment, certification, reduction, and management services; environmental remediation and reconstruction services, industrial water treatment and reuse services; and engineering services, such as data centers, advanced manufacturing, security systems, training and audiovisual facilities, clean rooms, laboratories, medical facilities, and disaster preparedness facilities. The company was founded in 1966 and is headquartered in Pasadena, California.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding TTEK

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	542.3K	$16.3M	0.02%	Mar 2026
Jim Simons Renaissance Technologies LLC	453.6K	$13.7M	0.02%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q3 2025

Confident Specific

Management emphasizes record high operating income and EPS, driven by disaster response utilization and margin expansion; they provide specific growth percentages (e.g., GSG margin up 230bps, EPS up 46%) but also caution about near-term uncertainty from new administration.

Q4 2025

Confident Specific

The CEO described the results as 'excellent fourth quarter and record financial performance' and highlighted 'strong momentum as we exit the fiscal year'. He directly addressed headwinds like USAID cancellation and government shutdown with specific impact numbers.

Q1 2026

Confident Specific

Management led with 'strong first quarter', 'excellent beginning', cited specific metrics: 8% revenue growth, 140 bps margin expansion, 17% EPS growth. Language like 'water is not going out of style' and 'best years to come' reinforces confidence.

Q2 2026 latest

Confident Specific

Management used specific metrics (net revenue +8%, EBITDA record, backlog +8% sequential, EPS beat guidance) and described growth in each segment. Roger Argus stated 'we delivered a strong second quarter' and 'all-time record for a second quarter.' Guidance was raised, no hedging or vague language.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. Record backlog, margin expansion, and raised guidance indicate momentum. The shift to higher-margin fixed-price work (48% of revenue) and strong cash flow ($238M operating cash in H1, DSO at 58 days) improve financial quality. Key watch items: conversion of the increased backlog into revenue, federal budget outcomes for FY2027, and sustained international growth (UK AMP8, Canada Arctic, Australia). Data center feasibility work is a new incremental driver. The company remains disciplined on M&A and capital allocation.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Tetra Tech Q2 FY2026 net revenue up 8%, backlog $4.28B, adjusted EPS $0.34

Revenue & Profitability

Net revenue increased 8% YoY. EBITDA was $146 million (a record for Q2), with margin expansion of 90 basis points. Reported EPS was $0.36, including $0.02 from a divestiture; adjusted EPS of $0.34 exceeded the high end of guidance. Operating cash flow for the first half was a record $238 million. FY2026 guidance: net revenue $4.25-$4.4 billion, adjusted EPS $1.50-$1.58. Q3 guidance: net revenue $1.05-$1.1 billion, adjusted EPS $0.38-$0.41.

Outlook

Management sees strong global demand for clean water, environmental quality, and resilient infrastructure. Growth is expected in U.S. federal (8-12%), U.S. commercial (8-12%), international (5-10%), and U.S. state/local (5-10%, down from prior 10-15% due to caution on federal grants). Headwinds include potential federal budget cuts, reduced renewable energy services from offshore wind wind-down, and municipality adjustments to funding. No government shutdown is anticipated for the remainder of FY2026.

Growth Drivers

Key growth drivers include water and environmental services (municipal, U.K. AMP8 program), defense infrastructure (U.S. Army Corps, Navy, Air Force), data center feasibility assessments (over 20 active projects), power generation and transmission (permitting for new corridors and data centers), mining in Australia (high gold prices), and Canada's northern infrastructure spending. Specific wins include $650 million in new U.S. defense contract capacity and a framework contract in the Netherlands for flood protection.

Balance Sheet & CapEx

Not discussed in this earnings call, except for FY2026 depreciation guidance of $24 million. The company relies on organic growth and acquisitions (e.g., Halvik and Providence) to invest in technology and automation.

Margins

EBITDA margin expanded 90 bps year-over-year in Q2, and year-to-date margin reached 14% (up 110 bps). The company targets 50 bps annual margin improvement. Fixed price work increased to 48% of net revenue (from 37% in FY2023), driving higher margins and lower DSO. GSG margin was 16.3% (up 220 bps), while CIG margin was 12.2% (seasonal; expected to improve in H2).

Key Risks

Risks flagged include potential federal budget cuts (though not expected to affect FY2026), community resistance and regulatory restrictions on data centers, reduced renewable energy services, seasonality in CIG margins, and geopolitical uncertainty (e.g., Iran conflict). Management also noted market caution due to proposed federal grant reductions for municipal water projects.

Generated by AI · Q2 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q3 2026 Q3 2026 2026-07-30

Strong Q3 results featured double-digit growth in U.S. federal and international markets, record cash flow, and a 5% sequential backlog increase. Guidance for FY 2026 was raised, with continued margin expansion and robust capital returns through dividends and buybacks.

Q2 2026 Q2 2026 2026-04-30

Q2 net revenue rose 8% year-over-year, with record EBITDA and strong margin expansion. Backlog grew 8% sequentially, and guidance for FY26 was raised on robust demand in water, environment, and infrastructure markets. Cash flow and capital returns remain strong.

Q1 2026 Q1 2026 2026-01-29

Strong Q1 FY2026 results with 8% revenue and 12% operating income growth, margin expansion, and robust cash flow. Guidance raised for FY2026, with continued focus on water, environmental, and defense markets, and significant capital available for growth and acquisitions.

Q4 2025 Q4 2025 2025-11-13

Record fiscal 2025 results with double-digit growth in revenue, operating income, and EPS, driven by strong water services demand and margin expansion. Fiscal 2026 guidance projects continued growth across all segments, supported by robust backlog, strategic capital allocation, and major infrastructure investments.

Q3 2025 Q3 2025 2025-07-31

Record quarterly highs in operating income and EPS were driven by strong disaster response and high-margin consulting work, with robust cash flow and improved financial metrics. Guidance anticipates steady revenue and EPS, with minimal Q4 disaster response and continued focus on digital automation and water infrastructure.

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