Worley Limited posted robust full-year 2025 results, marked by strong revenue growth, margin expansion, and a significant increase in backlog, underpinned by major contract wins and sustainability progress.
- Revenue climbs to $12.05 billion, up 4% from FY24
- Underlying EBITA rises 10% to $823 million with margin expansion to 9.2% excluding procurement
- Backlog surges 22% to $16.9 billion despite NorthVolt cancellation impact
- Sustainability-related revenue reaches 60%, with ongoing emissions reductions
- Continued digital transformation with AI deployment and $500 million share buy-back underway
Strong Financial Momentum Amid Market Challenges
Worley Limited has delivered another year of solid financial performance for FY25, reporting aggregated revenue of $12.05 billion, a 4% increase over the prior year. The company’s underlying EBITA grew by 10% to $823 million, with margins expanding to 9.2% when excluding procurement activities. This marks the fourth consecutive year of growth in revenue, earnings, and margins, underscoring Worley’s resilient business model amid a complex global environment.
Despite a slight 5% decline in revenue excluding procurement, the company’s focus on higher-value solutions and disciplined contract selection has driven margin improvements across professional services, construction, fabrication, and procurement segments. The Americas and EMEA regions were key contributors to EBITA growth, while APAC experienced a slowdown in activity.
Backlog and Contract Wins Signal Confidence
Worley’s backlog increased by 22% to $16.9 billion, reflecting strong bookings and scope increases that outpaced work delivered. This growth was achieved despite the $1.6 billion NorthVolt project cancellation earlier in the year. Notably, the LNG Venture Global CP2 Phase 1 project received Full Notice to Proceed in July 2025 and was added to the backlog, reinforcing the company’s foothold in major energy infrastructure projects.
The company secured a series of strategic contract wins across energy, chemicals, and resources sectors, including extensions and new awards from bp, ADNOC Gas, ExxonMobil, and Woodside. These contracts span diverse geographies such as Oman, the USA, Germany, and Argentina, highlighting Worley’s global reach and sector expertise.
Sustainability and Digital Innovation at the Forefront
Sustainability remains a core pillar of Worley’s strategy, with 60% of aggregated revenue now derived from sustainability-related work. The company continues to advance its emissions reduction targets, achieving a 73% reduction in Scope 1 and 2 emissions from 2020 levels. Worley’s leadership in ESG is further validated by top-tier ratings from MSCI, EcoVadis, and inclusion in the Dow Jones Sustainability Index.
Digital transformation is accelerating, with the deployment of AI-powered solutions designed to enhance operational efficiency, reduce manual effort, and improve project delivery. The Global Integrated Delivery centers in India and Colombia are scaling up, contributing to productivity gains and supporting the company’s ambition to increase AI-enabled workstreams.
Financial Discipline and Capital Management
Worley maintains a strong balance sheet, with leverage at a conservative 1.4 times and liquidity of $2.4 billion. Operating cash flow reached $773 million, supporting a $500 million share buy-back program, which has already seen over 13 million shares repurchased. The company declared a final dividend of 25 cents per share, consistent with FY24, reflecting confidence in cash generation and capital allocation strategy.
Looking ahead, Worley targets moderate growth in FY26, aiming for revenue growth exceeding FY25 levels and an underlying EBITA margin between 9.0% and 9.5%. The company’s diversified portfolio, disciplined approach to risk, and strategic investments in technology position it well to navigate ongoing market uncertainties and capture emerging opportunities.
Bottom Line?
Worley’s FY25 results reinforce its strategic momentum, but investors will watch closely how it executes growth amid evolving market dynamics and energy transition demands.
Questions in the middle?
- How will Worley manage potential project cancellations or delays in a volatile geopolitical environment?
- What impact will increasing AI integration have on workforce dynamics and cost structures?
- Can Worley sustain margin expansion while scaling up in transitional and sustainable energy markets?