This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
AECOM is a major defense contractor providing specialized engineering, construction, and management services to the U.S. military and foreign governments. According to SIPRI, the company was ranked among the top 100 global arms-producing and military services firms, with defense sales of $2.77 billion in 2018. More recent data indicates the company received approximately $396.9 million in Pentagon contracts in a single year, representing a material portion of its revenue.
The company’s military work is specialized and integral to defense infrastructure. In 2025, AECOM was awarded two indefinite-delivery/indefinite-quantity contracts by the U.S. Army Corps of Engineers to provide architecture and engineering services for the design of new military facilities. That same year, it secured a multiple-award contract with a combined $2 billion program ceiling to support U.S. Air Force infrastructure. AECOM also regularly wins contracts involving Foreign Military Sales, including recent awards supporting military sales to Italy and Latvia. In 2020, the company’s former management services division, which handled significant defense work, was acquired by private equity firms, a transaction noted by SIPRI as reducing transparency in the arms industry.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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