Jacobs is an engineering, consulting, and technical services firm that helps governments and large corporations plan, design, and deliver complex infrastructure and facilities projects. Jacobs operates through two segments. The first and larger segment, Infrastructure & Advanced Facilities, covers three end markets: water and environmental (water treatment, wastewater, desalination, environmental remediation); life sciences and advanced manufacturing (biopharma plants, semiconductor fabs, data centers); and critical infrastructure (highways, rail, airports, energy grid, and large urban programs). The second segment is PA Consulting, a ~4,000-person innovation and transformation consultancy in which Jacobs holds a 65% stake, providing strategy, digital transformation, and advisory services across defense, energy, health, and transport. Jacobs sells primarily through long-term relationships and framework agreements with repeat clients, often engaging at the early advisory stage and following through to design, program management, and operations support. Revenue is driven by deploying skilled engineers and consultants on projects, with roughly 68% of contracts on a cost-reimbursable basis and 32% fixed-price. Jacobs uses lower-cost delivery talent in geographies like India and the Philippines to improve margins on work executed in higher-cost markets. Jacobs also offers proprietary digital tools, including AI-powered water utility management and transportation analytics platforms, which create client switching costs. Jacobs' backlog reached a record $23.1B in FY25. A key recent development was the September 2024 spin-off of its government IT and defense businesses into Amentum, which reduced Jacobs' U.S. federal exposure to roughly 8% of revenue.