Tetra Tech (TTEK) financial statements
Tetra Tech reported revenue of $5.4B in fiscal 2025, up 8.6% a year over 9 years.
Net income was $248M and the operating margin 7.5%, against 5.3% in 2016.
Free cash flow was $439M, and the company returned $65M in dividends and $250M in net buybacks.
The diluted share count fell 9% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Tetra Tech's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.6B | $2.8B | $3.0B | $3.1B | $3.0B | $3.2B | $3.5B | $4.5B | $5.2B | $5.4B |
| Cost of revenue | — | — | — | — | — | — | — | $771M | $877M | $825M |
| Gross profit | $330M | $354M | $384M | $408M | $447M | $498M | $576M | $725M | $866M | $961M |
| Operating income | $136M | $183M | $190M | $189M | $241M | $279M | $340M | $358M | $501M | $408M |
| Interest expense | $12M | $12M | $17M | $15M | $14M | $13M | $13M | $52M | $45M | $41M |
| Pre-tax income | $124M | $172M | $175M | $175M | $228M | $267M | $349M | $401M | $463M | $378M |
| Income tax | $41M | $54M | $38M | $16M | $54M | $34M | $86M | $128M | $130M | $130M |
| Net income | $84M | $118M | $137M | $159M | $174M | $233M | $263M | $273M | $333M | $248M |
| EPS (diluted) | $0.28 | $0.41 | $0.48 | $0.57 | $0.63 | $0.85 | $0.97 | $1.02 | $1.23 | $0.93 |
| Diluted shares | 295M | 290M | 283M | 280M | 275M | 273M | 271M | 268M | 270M | 267M |
| Gross margin | 12.8% | 12.8% | 13.0% | 13.1% | 14.9% | 15.5% | 16.4% | 16.0% | 16.7% | 17.7% |
| Operating margin | 5.3% | 6.7% | 6.4% | 6.1% | 8.1% | 8.7% | 9.7% | 7.9% | 9.6% | 7.5% |
| Net margin | 3.2% | 4.3% | 4.6% | 5.1% | 5.8% | 7.2% | 7.5% | 6.0% | 6.4% | 4.6% |
Balance sheet
Fiscal years, from Tetra Tech's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $160M | $190M | $146M | $121M | $158M | $167M | $185M | $169M | $233M | $167M |
| Receivables | $714M | $789M | $694M | $769M | $649M | $669M | $755M | $975M | $1.1B | $1.2B |
| Total current assets | $935M | $1.0B | $1.1B | $1.1B | $1000M | $1.1B | $1.2B | $1.4B | $1.5B | $1.6B |
| Property, plant and equipment | $68M | $57M | $43M | $39M | $36M | $38M | $32M | $75M | $73M | $66M |
| Goodwill | $718M | $741M | $799M | $925M | $993M | $1.1B | $1.1B | $1.9B | $2.0B | $2.0B |
| Total assets | $1.8B | $1.9B | $2.0B | $2.1B | $2.4B | $2.6B | $2.6B | $3.8B | $4.2B | $4.3B |
| Total current liabilities | $481M | $538M | $618M | $770M | $793M | $848M | $916M | $1.2B | $1.2B | $1.4B |
| Long-term debt | $332M | $341M | $265M | $264M | $242M | $200M | $246M | $880M | $813M | $763M |
| Total liabilities | $931M | $974M | $992M | $1.2B | $1.3B | $1.3B | $1.4B | $2.4B | $2.4B | $2.5B |
| Shareholders' equity | $869M | $928M | $967M | $989M | $1.0B | $1.2B | $1.2B | $1.4B | $1.8B | $1.8B |
| Net debt | $171M | $151M | $119M | $156M | $134M | $46M | $74M | $711M | $580M | $596M |
Cash flow
Fiscal years, from Tetra Tech's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $142M | $141M | $186M | $209M | $262M | $304M | $336M | $368M | $359M | $458M |
| Capital spending | $12M | $10M | $10M | $16M | $12M | $9M | $11M | $27M | $18M | $19M |
| Free cash flow | $130M | $132M | $176M | $192M | $250M | $296M | $326M | $342M | $341M | $439M |
| Stock-based compensation | $13M | $13M | $20M | $18M | $19M | $23M | $26M | $29M | $31M | $34M |
| Dividends paid | $20M | $22M | $24M | $30M | $35M | $40M | $46M | $52M | $59M | $65M |
| Share buybacks (net) | -$100M | -$100M | -$75M | -$100M | -$117M | -$60M | -$200M | $0 | $0 | -$250M |
| Net borrowing | — | — | -$486M | -$415M | -$331M | -$414M | -$117M | — | — | — |
| Free cash flow margin | 5.0% | 4.8% | 5.9% | 6.2% | 8.4% | 9.2% | 9.3% | 7.6% | 6.6% | 8.1% |
| Dividends per share | $0.07 | $0.07 | $0.09 | $0.11 | $0.13 | $0.15 | $0.17 | $0.19 | $0.22 | $0.24 |
Questions
What was Tetra Tech's revenue in 2025?
$5.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Tetra Tech generate?
$439M in fiscal 2025 (operating cash flow minus capital spending).
From Tetra Tech's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.