AECOM is a global infrastructure professional services firm — it plans, designs, and manages infrastructure but does not build it. AECOM's services span advisory, engineering and architectural design, program management, and construction management across five end markets: transportation (roads, bridges, rail, aviation), water (treatment, distribution, stormwater), environment (remediation, permitting), facilities (government, healthcare, data centers), and energy (grid, renewables). Clients are roughly half government — U.S. federal, state and local, and non-U.S. agencies — and half private sector. AECOM operates two primary segments: Americas (~83% of backlog), which is its largest and highest-margin segment, and International (~17% of backlog), covering Europe, the Middle East, and Asia-Pacific. AECOM bills clients for professional staff time, and management treats Net Service Revenue (NSR — revenue from AECOM's own labor, excluding pass-through subcontractor costs) as the meaningful top-line metric. Contracts are split roughly between cost-reimbursable, guaranteed maximum price, and fixed-price structures. Profitability is driven by staff utilization, service mix, and delivery efficiency through lower-cost enterprise capability centers. AECOM is actively shifting its mix toward program management and advisory services, which carry higher margins than traditional design work, targeting at least 50% of revenue from these two lines over time. On capital allocation, AECOM prioritizes organic growth investment and shareholder returns via buybacks and dividends, while explicitly deprioritizing broad M&A.