XML 42 R20.htm IDEA: XBRL DOCUMENT v3.25.3
Employee Stock Purchase and Stock Incentive Plans
 12 Months Ended
Sep. 26, 2025
Share-Based Payment Arrangement [Abstract]  
Employee Stock Purchase and Stock Incentive Plans Employee Stock Purchase and Stock Incentive Plans
Employee Stock Purchase Plans
Under the Company's stock purchase plans, eligible employees who elect to participate in these plans are granted the right to purchase shares of the common stock of Jacobs at a discount that is limited to 5% of the per-share market value on the day shares are sold to employees.
The following table summarizes the stock issuance activity under the plans for the fiscal years ended September 26, 2025, September 27, 2024 and September 29, 2023:
 For the Years Ended
 September 26, 2025September 27, 2024September 29, 2023
   
Aggregate Purchase Price Paid for Shares Sold (in thousands)$33,583 $42,926 $40,195 
   
Aggregate Number of Shares Sold263,729 321,012 355,007 
At September 26, 2025, there remains 1,935,700 shares reserved for issuance under the Company's stock purchase plans.
Stock Incentive Plans
We also sponsor the 2023 Stock Incentive Plan, as amended and restated (the "2023 SIP") and the 1999 Outside Director Stock Plan, as amended and restated (the "1999 ODSP") as well as the StreetLight 2011 Stock Plan (the "StreetLight Plan"). The 2023 SIP provides for the issuance of incentive stock options, non-qualified stock options, share appreciation rights ("SARs"), restricted stock and restricted stock units to employees. The 1999 ODSP provides for awards of shares of common stock, restricted stock, restricted stock units and grants of non-qualified stock options to our outside (i.e., nonemployee) directors. Together the 2023 SIP and 1999 ODSP plans are known as the "Stock Incentive Plans". The StreetLight Plan provides for the issuance of incentive stock options, nonstatutory stock options and restricted stock to employees. The StreetLight Plan is frozen for new awards effective February 4, 2022. The following table sets forth certain information about the Stock Incentive Plans:
 2023 SIP1999 ODSPTotal
Number of shares authorized29,850,000 1,100,000 30,950,000 
Number of remaining shares reserved for issuance at September 26, 20253,229,104 99,833 3,328,937 
Number of shares available for future awards:  
At September 26, 20253,229,104 99,833 3,328,937 
At September 27, 20243,161,188 112,794 3,273,982 
Effective September 28, 2012 until January 23, 2023, all grants of shares under the predecessor to the 2023 SIP were issued on a fungible basis. An award other than an option or SAR was granted on a 1.92-to-1.00 basis (“Fungible”). An award of an option or SAR is granted on a 1-to-1 basis (“Not Fungible”). Effective January 24, 2023, at which time the 2023 SIP was adopted, all awards are granted on a 1-to-1 basis.
In connection with the Separation Transaction, outstanding awards under the Stock Incentive Plans were converted into adjusted Jacobs awards. The adjustment methodology was designed to preserve the value of the awards immediately before and after the Separation Transaction. The outstanding Jacobs awards will continue to have the same terms and conditions. The modification to the awards did not result in material incremental compensation expense.
At September 26, 2025, the amount of compensation cost relating to non-vested awards not yet recognized in the financial statements is approximately $74.4 million. The majority of these unrecognized compensation costs will be recognized by the last quarter of fiscal 2027. The weighted average remaining contractual term of options currently exercisable is 1.9 years.
Stock Options
The following table summarizes the stock option activity for the years ended September 26, 2025, September 27, 2024 and September 29, 2023:
 Number of Stock OptionsWeighted Average
Exercise Price
Outstanding at September 30, 2022439,349 $35.77 
Exercised(215,649)$40.61 
Cancelled or expired(6,219)$19.73 
Outstanding at September 29, 2023217,481 $31.43 
Exercised(132,898)$37.25 
Cancelled or expired(7,608)$20.44 
Adjustment to Jacobs awards related to the Separation Transaction (1)13,821 $— 
Outstanding at September 27, 202490,796 $19.03 
Exercised(41,618)$28.45 
Cancelled or expired(841)$11.68 
Outstanding at September 26, 202548,337 $11.03 
(1)Represents the additional Jacobs stock options issued as a result of the equitable adjustments. The related exercise prices were also equitably adjusted.
Cash received from the exercise of stock options, net of tax remitted, during the year ended September 26, 2025 was $0.9 million.
Stock options outstanding at September 26, 2025 consisted of incentive stock options and non-qualified stock options. The following table presents the total intrinsic value of stock options exercised for the fiscal years ended September 26, 2025, September 27, 2024 and September 29, 2023 (in thousands):
For the Years Ended
September 26, 2025September 27, 2024September 29, 2023
$4,257$13,790$17,635
The total intrinsic value of stock options exercisable at September 26, 2025 was approximately $6.5 million. The following table presents certain other information regarding our 2023 SIP, 1999 OSDP and StreetLight Plan for the fiscal years ended September 26, 2025, September 27, 2024 and September 29, 2023:
 September 26, 2025September 27, 2024September 29, 2023
At fiscal year end:   
Range of exercise prices for options exercisable
$9.55 – $13.14
$9.55 – $36.73
$5.64 – $60.43
Number of options exercisable47,746 80,509 180,911 
For the fiscal year:   
Range of prices relating to options exercised
$9.55 - $36.73
$5.64 - $60.43
$7.05 - $60.43
The following table presents certain information regarding stock options outstanding at September 26, 2025:
 September 26, 2025
 Options Outstanding
Range of Exercise PricesNumberWeighted Average Remaining Contractual Life (years)Weighted Average Price
$9.55 - $13.14
48,337 5$11.03 
The 1999 ODSP, the 2023 SIP, and the StreetLight Plan allow participants to satisfy the exercise price of stock options by tendering shares of Jacobs common stock that have been owned by the participants for at least six months. Shares tendered are retired, canceled, and shown as repurchases of common stock in the accompanying Consolidated Statements of Stockholders’ Equity. The weighted average remaining contractual term of options currently exercisable is 5 years.
Restricted Stock
The following table presents the number of shares of restricted stock and restricted stock units issued as common stock under the 2023 SIP for the years ended September 26, 2025, September 27, 2024 and September 29, 2023:
 
 For the Years Ended
 September 26, 2025September 27, 2024September 29, 2023
Restricted stock units (service condition)162,768 258,720 996,345 
Restricted stock units (service and performance conditions)108,146 115,582 126,595 
The amount of restricted stock units issued for awards with performance conditions in the above table are issued based on performance against the target amount. The number of shares ultimately issued, which could be greater or less than target, will be based on achieving specific performance conditions related to the awards as well as achieving the service condition required for the restricted stock units to vest.
The following table presents the fair value of shares of the 2023 SIP and the StreetLight Plan (of restricted stock and restricted stock units) vested for the years ended September 26, 2025, September 27, 2024 and September 29, 2023 (in thousands):
 For the Years Ended
 September 26, 2025September 27, 2024September 29, 2023
Restricted Stock and Restricted Stock Units (service condition)$45,415 $75,625 $32,255 
Restricted Stock Units (service, market, and performance conditions at target)12,258 23,286 22,060 
Total$57,673 $98,911 $54,315 
The following table presents the number and weighted average grant-date fair value of restricted stock and restricted stock units at September 26, 2025:
Number of SharesWeighted Average Grant-Date Fair Value
Outstanding at September 27, 20241,574,887 $104.73 
Granted 235,814 $154.89 
Vested (584,106)$100.08 
Cancelled(101,868)$129.84 
Post-spin adjustment (1)
(65,727)$— 
Outstanding at September 26, 20251,059,000 $116.76 
(1)Represents the transfer of shares by the system administrator to SpinCo subsequent to September 27, 2024, the effective date of the Separation Transaction.
The following table presents the number of shares of restricted stock and restricted stock units canceled and withheld for taxes under the 2023 SIP for the years ended September 26, 2025, September 27, 2024 and September 29, 2023:
 For the Years Ended
 September 26, 2025September 27, 2024September 29, 2023
Restricted stock units (service condition)212,284 277,869 94,249 
Restricted stock units (service and performance conditions)91,848 101,397 39,295 
The amount of unvested restricted stock units canceled for awards with service and performance conditions in the above table is based on the service period achieved and performance against the target amount.
The restrictions attached to restricted stock and restricted stock units generally relate to the recipient’s ability to sell or otherwise transfer the stock and stock units. There are also restrictions that subject the stock and stock units to forfeiture back to the Company until earned by the recipient through continued employment or service.
The following table provides the number of restricted stock units outstanding at September 26, 2025 under the 2023 SIP.
 September 26, 2025
Restricted stock units (service condition)674,965 
Restricted stock units (service and performance conditions)307,554 
The following table presents the number of shares of restricted stock and restricted stock units issued under the 1999 ODSP for the years ended September 26, 2025, September 27, 2024 and September 29, 2023:
 
 For the Years Ended
 September 26, 2025September 27, 2024September 29, 2023
Restricted stock units (service condition)12,962 15,647 14,031 
No shares of restricted stock were issued under the 1999 ODSP during such periods.
The following table provides the number of shares of restricted stock and restricted stock units outstanding at September 26, 2025 under the 1999 ODSP:
 September 26, 2025
Restricted stock units (service condition)76,481 
All shares granted under the 1999 ODSP are issued on a 1-to-1 basis.