10-K · November 22, 2023
Tetra Tech reported fiscal 2023 revenue of $4,522,550,000, up 29.1% year-over-year (including the RPS acquisition), with diluted EPS of $5.10 and adjusted EPS of $5.21. Growth was driven by the January 23, 2023…
Earnings analysis · 10-Q
TTEK earnings analysis
Filed May 1, 2026 · Our reading of the company's report
The latest report
Tetra Tech's Q2 2026 results showed revenue of $1.22 billion and EPS of $0.36, both surpassing estimates, with revenue growth in the international and commercial segments. However, the overall revenue declined 11.4%…
Read full summary
Tetra Tech's Q2 2026 results showed revenue of $1.22 billion and EPS of $0.36, both surpassing estimates, with revenue growth in the international and commercial segments. However, the overall revenue declined 11.4% year-over-year primarily due to reductions in U.S. federal contracts, particularly those related to USAID programs.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.36
- Segment
- Government Services Group
- Segment
- Commercial/International Services Group
What stood out
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Significant Revenue Beat
Reported revenue was $1.22 billion, exceeding estimates of $1.00 billion by 21.58%.
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Positive EPS Surprise
EPS was reported at $0.36, beating the estimate of $0.32 by 6.25%.
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Strong Cash Generation
Operating cash flow was $237.6 million, significantly up from $7.2 million in the prior year.
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International Segment Growth
International revenue increased by 9.6% year-over-year, reaching $1.07 billion.
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Stock Repurchase Program Continues
Completed $100 million in stock repurchases for the first half of fiscal 2026.
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Improved Operating Margin
Operating margin rose to 16.4% in H1 2026 compared to 14.2% in H1 2025.
What to watch
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Reduced U.S. Federal Revenue
U.S. federal government revenue declined 36.1% year-over-year to $584.7 million due to USAID contract cancellations.
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Increased Debt Load
Outstanding borrowings under the amended credit agreement were $315 million, with a weighted-average interest rate of 5.05%.
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Dependence on Government Contracts
Revenue heavily relies on government contracts, which are subject to changes in policy and government funding.
Management's outlook
Guidance reflects expectations for fiscal year 2026 based on current market trends.
Earlier filings 4
10-Q · August 10, 2023
Tetra Tech reported strong top-line growth in Q3: revenue rose to $1,208,947,000 (vs. $890,231,000 a year earlier, +$318,716,000, ≈35.8%), driven largely by international and acquisition contributions. Gross margin…
10-Q · May 11, 2023
Tetra Tech reported Q2 revenue of $1,158,226,000, up $305,482,000 (≈35.8%) versus the prior-year quarter, driven in part by the acquisitions of RPS and Amyx. Gross margin compressed to 14.75% from 15.86% and operating…
10-K · November 25, 2022
Tetra Tech reported fiscal 2022 revenue of $3,504,048 (as presented in the filing) — up 9.0% year-over-year — with diluted EPS of $4.86 and adjusted EPS of $4.50 (up 18.7%). Operating income improved 22.2% to $340,446…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.