Jacobs Solutions Inc. was selected to lead program and construction management for phase one of a $1.6 billion modernization of Cleveland Hopkins International Airport, the busiest airport in Ohio. The project, part of the CLEvolution program, will begin construction on October 31 2025, with the new parking lot slated for completion in late 2026 or early 2027 and the parking garage by 2029.
The award expands Jacobs’ aviation portfolio and adds $1.6 billion to its backlog, reinforcing its strategy of pursuing high‑margin infrastructure projects. The contract is expected to generate $1.6 billion in revenue over its life, with a significant portion recognized in the first phase, thereby strengthening the company’s long‑term revenue pipeline.
In Q3 2025, Jacobs reported adjusted earnings per share of $1.62, beating consensus of $1.57 by $0.05. The EPS beat was driven by disciplined cost control and a favorable mix of high‑margin infrastructure work, offsetting a 2.5% decline in the consulting segment. Revenue of $3.0 billion fell short of the $3.09 billion estimate, largely due to a 4% decline in consulting revenue as several commercial projects were delayed.
Management raised FY25 adjusted EPS guidance to $6.00–$6.10, citing continued demand for infrastructure and strong execution. Operating margin expanded to 7.8% from 5.9% year‑over‑year, driven by a higher mix of high‑margin projects and improved operational leverage. CEO Bob Pragada said the company is “entering the fourth quarter in a solid position,” and CFO Venk Nathamuni highlighted “meaningful sequential improvement in GAAP EPS and net income margin.”
Jacobs’ selection over competitors was attributed to its proven track record on major airport projects—including Denver International and Manchester—and its ability to deliver integrated program and construction management on time and on budget. The company’s aviation expertise and history of on‑time, on‑budget delivery positioned it as the preferred partner for the Cleveland project.
Investors responded positively to the earnings release, with analysts noting the EPS beat and guidance raise as evidence of robust execution and confidence in future growth. The contract win further strengthens Jacobs’ pipeline and supports its long‑term strategy of expanding high‑margin infrastructure work.
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