Jacobs Solutions Inc.

The AI build-out is now this company's growth story: data centre and chip work filled a record backlog and drove three straight guidance raises, while the rest of the portfolio stalled. Everything hangs on that backlog converting on time. How much of the record backlog converts to revenue within two years?

• AI infrastructure is now the engine of this business.

  Data centre work more than doubled year on year and is now 11% of adjusted net revenue. The end market it sits in went from mid-single-digit growth to 24%, its fastest, and management now sees the pipeline years out, not quarters out.

• Management raised guidance in each of the last three quarters.

  Sales growth, margin and earnings per share were each raised at Q1, Q2 and Q3 FY2026, and implied earnings growth went from about 16% to nearly 19%. Management called the Q2 upgrade operating performance, not a PA accounting effect. How does this year's guidance compare with the FY2029 targets?

• Water and environmental has stalled while AI carries the growth.

  That end market's growth has slowed to roughly 1% as industrial and government clients paused spending, and the recovery it keeps pointing to sits in the final quarter. Water itself grows; the wider segment contributes almost nothing. How do Jacobs' profit margins compare with its engineering peers?