Joint Ventures

6 Months Ended

Apr. 03, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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. The Company analyzes its joint ventures and classifies them as either:

•a Variable Interest Entity (“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 April 3, 2026 and October 3, 2025:


	As of
(Amounts in millions)	April 3, 2026		October 3, 2025
Cash and cash equivalents	$	116	$	167
Current assets	183		191
Non-current assets	—		—
Total assets	$	299	$	358

Current liabilities	$	105	$	146
Non-current liabilities	—		—
Total liabilities	105		146

Total Amentum equity	111		153
Non-controlling interests	83		59
Total equity	194		212
Total liabilities and equity	$	299	$	358

The following table presents selected financial information for our consolidated joint ventures that are VIEs for the three and six months ended April 3, 2026 and March 28, 2025:


	Three Months Ended				Six Months Ended
(Amounts in millions)	April 3, 2026		March 28, 2025		April 3, 2026		March 28, 2025
Revenues	$	272	$	367	$	521	$	743
Cost of revenues	(247)		(331)		(469)		(667)
Net income including non-controlling interests	27		36		50		75

The Company has an ownership share, generally ranging from 25% to 50%, in approximately 30 active joint ventures that were determined to be VIEs and are accounted for as equity method investments. Related party receivables due from our equity method investments were $58 million and $63 million as of April 3, 2026 and October 3, 2025, 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 $65 million and $115 million for the three and six months ended April 3, 2026, respectively, and $45 million and $89 million for the three and six months ended March 28, 2025, 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 $216 million related to our equity method investments as of April 3, 2026.