Earnings per Share

12 Months Ended

Sep. 28, 2025

Basic EPS is computed by dividing net income available to common stockholders by the weighted-average common shares outstanding for the period. Diluted EPS is computed by dividing net income by the weighted-average number of common shares outstanding and dilutive potential common shares for the period. Potential common shares include the weighted-average dilutive effects of stock-based awards and shares underlying our Convertible Notes.

For fiscal 2025 and fiscal 2024, our Convertible Notes, described in Note 9, "Long-Term Debt", had a dilution impact on the dilutive potential common shares, which was calculated using the if-converted method. The dilution impact was due to the price of our common stock exceeding the conversion price. The related Capped Call Transactions were excluded from the calculation of dilutive potential common shares as their effect is anti-dilutive. For fiscal 2025, 2024 and 2023, no options were excluded from the calculation of dilutive potential common shares.

The following table presents the number of weighted-average shares used to compute basic and diluted EPS (in thousands, except per share data):


	Fiscal Year Ended
	September 28, 2025		September 29, 2024		October 1, 2023

Net income attributable to Tetra Tech	$	247,724	$	333,382	$	273,420
Weighted-average common shares outstanding – basic	264,713		267,364		266,015
Effect of diluted stock options and unvested restricted stock	1,942		2,125		2,170
Shares issuable assuming conversion of convertible notes	468		553		—
Weighted-average common stock outstanding – diluted	267,123		270,042		268,185

Earnings per share attributable to Tetra Tech:
Basic	$	0.94	$	1.25	$	1.03
Diluted	$	0.93	$	1.23	$	1.02