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Joint Ventures
 12 Months Ended
Oct. 03, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Joint Ventures Joint Ventures
The Company’s joint ventures provide services to customers including program management and operations and maintenance services. Joint ventures, the combination of two or more partners, are generally formed for a specific project. Management of the joint venture is typically controlled by a joint venture executive committee, comprised of representatives from the joint venture partners. The joint venture executive committee normally provides management oversight and controls decisions which could have a significant impact on the joint venture.
We account for joint ventures in accordance with ASC 810, Consolidation, as discussed in Note 2 — Summary of Significant Accounting Policies. The Company analyzes its joint ventures and classifies them as either:
•a VIE that must be consolidated because the Company is the primary beneficiary or the joint venture is not a VIE and the Company holds the majority voting interest with no significant participative rights available to the other partners; or
•a VIE that does not require consolidation and is treated as an equity method investment because the Company is not the primary beneficiary or the joint venture is not a VIE and the Company does not hold the majority voting interest.
The following table presents selected financial information for our consolidated joint ventures that are VIEs as of October 3, 2025 and September 27, 2024:
As of
(Amounts in millions)October 3, 2025September 27, 2024
Cash and cash equivalents$167 $160 
Current assets191 322 
Non-current assets— 2 
Total assets$358 $484 
Current liabilities$146 $190 
Non-current liabilities— 1 
Total liabilities146 191 
Total Amentum equity153 228 
Non-controlling interests59 65 
Total equity212 293 
Total liabilities and equity$358 $484 
The following table presents selected financial information for our consolidated joint ventures that are VIEs for the years ended October 3, 2025, September 27, 2024 and September 29, 2023:
For the years ended
(Amounts in millions)October 3, 2025September 27, 2024September 29, 2023
Revenues$1,489 $370 $334 
Cost of revenues(1,371)(337)(281)
Net income including non-controlling interests108 29 50 
The Company has an ownership share in approximately 30 active joint ventures that were determined to be VIEs and are accounted for as equity method investments and the Company’s ownership percentages generally range from 25% to 50%. The following table presents selected financial information for our unconsolidated joint ventures, included as equity method investments on the consolidated balance sheets, as of October 3, 2025 and September 27, 2024:
As of
(Amounts in millions)October 3, 2025September 27, 2024
Current assets$1,120 $701 
Non-current assets49 43 
Total assets$1,169 $744 
Current liabilities$740 $422 
Non-current liabilities17 16 
Total liabilities757 438 
Joint ventures' equity412 306 
Total liabilities and joint ventures' equity$1,169 $744 
The following table presents selected financial information for our equity method investments for the years ended October 3, 2025, September 27, 2024 and September 29, 2023:
For the years ended
(Amounts in millions)October 3, 2025September 27, 2024September 29, 2023
Revenues$3,603 $2,634 $2,373 
Cost of revenues(3,357)(2,442)(2,215)
Net income including non-controlling interests207 183 152 
Related party receivables due from our equity method investments were $63 million and $37 million as of October 3, 2025 and September 27, 2024, respectively. These receivables are a result of items purchased and services rendered by us on behalf of our equity method investments. We have assessed these receivables as having minimal collection risk based on our historic experience with these joint ventures and our inherent influence through our ownership interest. The related party revenues earned from our equity method investments was $276 million, $126 million and $45 million for the years ended October 3, 2025, September 27, 2024 and September 29, 2023, respectively.
Many of our joint ventures only perform on a single contract. The modification or termination of a contract under a joint venture could trigger an impairment in the fair value of our investment in these entities. In the aggregate, our maximum exposure to losses was $196 million related to our equity method investments as of October 3, 2025.