Accenture Plc Overview
Accenture is the world's largest independent professional services and IT services company by revenue. It generated $74.2 billion in FY2026 from about 9,000 clients in more than 120 countries, including roughly three-quarters of the Fortune Global 100 and every G7 government. It now calls itself a "business reinvention and technology company." It sells strategy, consulting, technology implementation, managed services, creative and marketing services (Accenture Song), and engineering and manufacturing services (Industry X), and increasingly proprietary software and data platforms such as Ookla and Dragos. Since September 2025 these services sit in one integrated Reinvention Services unit, sold through three geographic markets and five industry groups. Accenture's main advantages are scale, ties to the major technology vendors (Microsoft, Google Cloud, AWS, SAP, Salesforce, NVIDIA, Anthropic, OpenAI and others) and a balance sheet that funds about $5–8 billion of acquisitions a year. Its main strategic question is whether generative and agentic AI expands its addressable market faster than it erodes labour-based billing.
What the company does
Accenture helps large organisations redesign how they operate and implement the technology that makes that possible. Its FY2026 Form 10-K describes its people as bringing "deep insights across industries and functions, with capabilities spanning strategy, process, operating model, change management, talent, data, technology and AI." It delivers through four channels:
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Consulting: strategy, management and technology consulting, systems integration and application implementation. These are mostly project-based engagements, many shorter than 12 months.
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Managed services: multi-year application management, infrastructure, cloud and security operations, and business-process services (finance, procurement, supply chain, marketing operations, content moderation and similar). These are usually multi-year contracts with early-termination charges.
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Proprietary assets and platforms: reusable software accelerators, AI platforms (AI Refinery, the SynOps operations platform, the GenWizard engineering platform) and industry solutions.
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Software and data products (new and growing): Ookla's network-intelligence products (Speedtest, Downdetector, RootMetrics, Ekahau), the Dragos operational-technology (OT) security platform (with runZero and NetRise), and Faculty's Frontier decision-intelligence product. These earn subscription and licence revenue that is not tied to headcount.
Revenue model
| Revenue type (FY2026) | Revenue (USD Bn) | Share of total (%) | Notes |
|---|---|---|---|
| Consulting | 36.88 | 49.7 | Time-and-materials, fixed-price and outcome-based projects |
| Managed Services | 37.30 | 50.3 | Multi-year operating contracts; book-to-bill of 1.2 in FY2026 |
| Total | 74.18 | 100.0 | Subscription and licensing revenue sits inside these lines and is not reported separately |
Consulting: Revenue (USD B): 36.88; Share of total (%): 49.7; Notes: Time-and-materials, fixed-price and outcome-based projects
Managed Services: Revenue (USD B): 37.30; Share of total (%): 50.3; Notes: Multi-year operating contracts; book-to-bill of 1.2 in FY2026
Total: Revenue (USD B): 74.18; Share of total (%): 100.0; Notes: Subscription and licensing revenue sits inside these lines and is not reported separately
Accenture does not break out subscription or licensing revenue. Its recent deals give a sense of scale. Ookla had $231 million of calendar-2025 revenue from subscription and licensing. Dragos, runZero and NetRise together were projected at about $208 million of annual recurring revenue as of June 2026, up 53% year on year. Management has said fixed-price work is a rising share of bookings and that it is moving toward more non-headcount ("non-FTE") commercial models.
Value-chain position
Accenture sits between technology vendors (cloud hyperscalers, enterprise software companies, AI model developers and chip companies) and enterprise and government buyers. It acts as architect, integrator, operator and, increasingly, platform owner. In the semiconductor value chain it works in four places:
Design: ASIC and system-on-chip (SoC) design, verification and embedded software, built through XtremeEDA, Excelmax and Cientra.
Fab operations and automation: manufacturing execution systems (MES), material-flow automation and integration of legacy fab equipment through SYSTEMA (Dresden), plus Industry X manufacturing services and the Accenture Siemens Business Group.
Equipment software: embedded software for lithography systems through Teamexpat (Netherlands).
Enterprise layer: ERP, supply-chain, data and AI programmes for chipmakers, equipment makers and electronics companies.
Customers and end-markets
| Industry group (FY2026) | Revenue (USD Bn) | Share of total (%) | Representative sub-industries |
|---|---|---|---|
| Products | 22.45 | 30.3 | Consumer goods, retail, travel, industrial, automotive, life sciences, aerospace and defence |
| Health & Public Service | 15.17 | 20.4 | Healthcare providers and payers, public service, US federal |
| Financial Services | 13.96 | 18.8 | Banking, capital markets, insurance |
| Communications, Media & Technology | 12.67 | 17.1 | Telecoms, media, high tech (including semiconductors), software and platforms |
| Resources | 9.93 | 13.4 | Energy, utilities, chemicals, natural resources |
Accenture's revenue comes mainly from Forbes Global 2000 companies, governments and government agencies. At the end of FY2026 it had 317 "Diamond" clients (its largest relationships), up from 305 a year earlier. It has worked with 85% of its top 200 commercial clients, and with every G7 government, for more than 20 years. US federal work through Accenture Federal Services (AFS) was about 7% of FY2026 revenue, down from about 8% in FY2025.
Products: Revenue (USD B): 22.45; Share of total (%): 30.3; Representative sub-industries: Consumer goods, retail, travel, industrial, automotive, life sciences, aerospace and defence
Health & Public Service: Revenue (USD B): 15.17; Share of total (%): 20.4; Representative sub-industries: Healthcare providers and payers, public service, US federal
Financial Services: Revenue (USD B): 13.96; Share of total (%): 18.8; Representative sub-industries: Banking, capital markets, insurance
Communications, Media & Technology: Revenue (USD B): 12.67; Share of total (%): 17.1; Representative sub-industries: Telecoms, media, high tech (including semiconductors), software and platforms
Resources: Revenue (USD B): 9.93; Share of total (%): 13.4; Representative sub-industries: Energy, utilities, chemicals, natural resources
The company's own description and an independent view
Accenture's FY2026 Form 10-K describes the company as "a business reinvention and technology company" whose ambition is "to be the reinvention partner of choice for our clients and lead in the safe, widespread adoption of AI, and to be the most client-focused, AI-enabled, great place to work in the world."
In practice, Accenture is a labour-intensive services business. Its operating margin is about 15–16% and its free-cash-flow margin about 15–16%. It is trying to move part of its revenue onto assets, platforms and software. The FY2026 acquisitions of Ookla ($1.2 billion), a majority of Dragos and all of runZero and NetRise ($4.175 billion combined enterprise value), and Faculty mark the first time it has paid large sums for software and data companies with recurring revenue. The core consulting and managed-services business still accounts for about 94% of revenue. Revenue tracks enterprise discretionary IT budgets, large transformation programmes and outsourcing cycles.
Financial Narrative
FY2022 to FY2026 on a GAAP basis unless stated. "Adjusted" figures exclude business optimisation costs ($1.063 billion in FY2023, $438 million in FY2024, $615 million in FY2025 and $308 million in FY2026) and, in FY2023, an investment gain. Sources are the Form 10-K filings and fourth-quarter earnings releases for each year.
Income statement
Revenue CAGR: 4.8% from FY2022 to FY2026, and 8.0% from FY2021 ($50.53 billion) to FY2026.
Commentary. The five years fall into three phases.
Pandemic boom (FY2022): Revenue grew 22% in US dollars and 26% in local currency to $61.6 billion. Clients rushed to cloud and digital work, and Accenture invested heavily in hiring, ending the year with 721,000 people.
Discretionary slowdown (FY2023–FY2024): Consulting demand weakened as clients delayed smaller projects. Growth slowed to 4.1% and then 1.2% in US dollars. Accenture responded with two restructuring rounds (the $1.5 billion programme announced in March 2023 and the FY2024 charges). It kept adjusted operating margin rising (15.2% to 15.4% to 15.5%) by pricing, rebalancing its workforce and lifting utilisation.
AI-led recovery with structural questions (FY2025–FY2026): Growth returned to about 7% in FY2025 and 5% in local currency in FY2026. Managed services and large transformation deals drove it, and acquisitions added about two points in FY2026. The $865 million programme, split $615 million in FY2025 Q4 and $308 million in FY2026 Q1, funded what management calls "talent rotation." Adjusted operating margin reached 15.8% in FY2026 and GAAP operating margin 15.4%, up 70 basis points.
Gross margin: has stayed between 31.9% and 32.6%. That stability suggests AI-driven productivity gains are being largely passed to clients through pricing rather than retained.
Tax: is a headwind. The effective rate rose from 23.7% to 25.1% in FY2026, reflecting global minimum tax rules (Pillar Two) and a smaller benefit from share-based compensation. FY2027 guidance is 24.5% to 26.5%.
EPS quality: is supported by buybacks. Diluted share count fell about 4% between FY2022 and FY2026, including about 2.4% in FY2026 alone, when 39.9 million shares were repurchased or redeemed.
FY2026 by quarter
The third quarter was the low point. Managed Services bookings fell 15%, and the company said several large contracts had been pushed into FY2027 and that the Middle East conflict disrupted business late in the quarter. Fourth-quarter local-currency growth of 7% was the year's fastest, and the 141 client bookings of $100 million or more during the year were a record.
Balance sheet
Lease liabilities (about $2.6 billion long-term at FY2026 year end) are not included in borrowings. Including them, total debt was $8.2 billion at FY2025 year end and $13.4 billion at FY2026 year end.
Commentary. Until FY2024 Accenture had almost no debt. It began borrowing to fund larger acquisitions and buybacks without running down its operating cash: $5 billion of notes in October 2024 and another $5 billion in July 2026. Even so, it ended FY2026 with net cash of about $2.7 billion, and no financial covenants apply to its notes. Goodwill has roughly doubled since FY2022 to $26.8 billion, now 36% of total assets. It will rise again in FY2027, when the Dragos transactions close. Receivables have grown faster than revenue: gross receivable days rose from about 70 in FY2022 to about 80 in FY2026, which reflects a larger share of fixed-price and managed-services contracts with milestone billing.
Cash flow
Commentary. Free cash flow reached a record $11.6 billion in FY2026, 1.36 times GAAP net income. Working-capital timing helped. Accenture returned a record $11.5 billion to shareholders in FY2026, up 38%: $7.5 billion in buybacks (including an extra $2 billion in the fourth quarter) and $4.0 billion in dividends. It also spent $4.7 billion in cash on acquisitions. Total uses of about $16.2 billion exceeded free cash flow, and the July 2026 bond issue covered the gap. Share-based compensation of $2.1 billion is a real cost that the buyback programme partly offsets; shares issued under employee plans raised about $1.3 billion.
Ratios
As a services company Accenture holds no inventory, so its cash conversion cycle is effectively its receivable days less payable days. Accounts payable were about $2.6–2.7 billion between FY2022 and FY2025, roughly 15 days of revenue.
Commentary. Returns remain high but are falling. ROIC has dropped from 39% in FY2022 to about 26%, because acquired goodwill has grown faster than profits. Asset turnover has fallen for four straight years, from 1.36x to 1.07x. That is the cost of moving from a business that grows mainly by hiring to one that also buys assets. Interest coverage remains very high at 38x even after $10 billion of new notes. Leverage is modest: borrowings are 0.31x equity, and the company still has net cash.
7. Segment and Geographic Revenue Mapping
Country-level revenue
The United States is Accenture's largest country market and makes up most of the Americas segment, about half of group revenue. The company does not publish revenue for each country beyond its required disclosures. Japan is the largest market in Asia Pacific; Japan, Australia and Singapore led that region's growth in FY2026's third quarter. In EMEA, the UK, Germany, France, Italy and Spain are the largest markets. In FY2025, growth in the UK, Italy and Spain was partly offset by a decline in France. US federal work (AFS) was about 7% of FY2026 revenue, about $5.2 billion. In FY2025 it was about 8% of revenue, 15% of Americas revenue and 36% of Health & Public Service revenue.
Segment by geography detail
Accenture does not publish a full industry-by-geography or service-by-geography matrix. Its regional commentary shows where growth came from:
Americas (FY2025, +9% in local currency): growth was led by Banking & Capital Markets, Industrials and Software & Platforms, mainly in the United States. In FY2026 growth slowed to 4% because of lower US federal spending (about one point of total company growth until the third quarter). The War Data Platform award should help in FY2027.
EMEA (FY2026, +4% in local currency, +9% in USD): reported growth was boosted by a weaker dollar. Underlying demand was led by financial services and public service in the UK and by Italy and Spain.
Asia Pacific (FY2026, +8% in local currency): the fastest-growing region, led by Japan, Australia and Singapore. The CyberCX acquisition (Australia) and Japanese deals (Aidemy, COMWARE) add to this.
Fastest-growing and slowest regions
No region declined in FY2026. EMEA posted the largest US-dollar growth (9%) because of currency translation.
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View Subscription PlansFinancial Detail
Income Statement and Margin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 61,594 | 64,112 | 64,896 | 69,673 | 74,180 |
Revenue growth, USD (%) | 21.9 | 4.1 | 1.2 | 7.4 | 6.5 |
Revenue growth, local currency (%) | 26 | 8 | 2 | 7 | 5 |
Gross profit (USD Mn) | 19,702 | 20,732 | 21,162 | 22,235 | 23,774 |
SG&A (USD Mn) | 10,334 | 10,859 | 11,128 | 11,394 | 12,060 |
Business optimisation costs (USD Mn) | 0 | 1,063 | 438 | 615 | 308 |
Operating income, GAAP (USD Mn) | 9,367 | 8,810 | 9,596 | 10,226 | 11,406 |
Operating income, adjusted (USD Mn) | 9,367 | 9,873 | 10,034 | 10,841 | 11,714 |
EBITDA, GAAP operating income plus D&A (USD Mn) | 10,678 | 10,211 | 11,026 | 11,931 | 12,973 |
Pre-tax income (USD Mn) | 9,196 | 9,139 | 9,699 | 10,270 | 11,372 |
Effective tax rate (%) | 24.0 | 23.4 | 23.5 | 23.7 | 25.1 |
Net income, total GAAP (USD Mn) | 6,989 | 7,004 | 7,419 | 7,832 | 8,523 |
Net income attributable to Accenture plc (USD Mn) | 6,877 | 6,872 | 7,265 | 7,678 | 8,367 |
Basic EPS (USD) | 10.87 | 10.90 | 11.57 | 12.29 | 13.66 |
Diluted EPS, GAAP (USD) | 10.71 | 10.77 | 11.44 | 12.15 | 13.56 |
Diluted EPS, adjusted (USD) | 10.71 | 11.67 | 11.95 | 12.93 | 13.97 |
Dividends declared per share (USD) | 3.88 | 4.48 | 5.16 | 5.92 | 6.52 |
Diluted weighted shares (M) | 643 | 639 | 636 | 632 | 617 |
New bookings (USD Bn) | 71.7 | 72.2 | 81.2 | 80.6 | 84.5 |
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View Subscription PlansMargin (%)
| Margin (%) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Gross margin | 32.0 | 32.3 | 32.6 | 31.9 | 32.0 |
Operating margin, GAAP | 15.2 | 13.7 | 14.8 | 14.7 | 15.4 |
Operating margin, adjusted | 15.2 | 15.4 | 15.5 | 15.6 | 15.8 |
EBITDA margin | 17.3 | 15.9 | 17.0 | 17.1 | 17.5 |
Net margin, attributable | 11.2 | 10.7 | 11.2 | 11.0 | 11.3 |
Income Statement and Margin Analysis (%) (Quarterly)
| Metric | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 |
|---|---|---|---|---|
Revenue (USD Bn) | 18.74 | 18.04 | 18.72 | 18.68 |
Revenue growth, local currency (%) | 5 | 4 | 3 | 7 |
New bookings (USD Bn) | 20.94 | 22.11 | 19.32 | 22.17 |
Consulting bookings (USD Bn) | 9.88 | 11.33 | 10.30 | 9.40 |
Managed Services bookings (USD Bn) | 11.06 | 10.78 | 9.10 | 12.77 |
Operating margin, GAAP (%) | 15.3 | 13.8 | 17.0 | 15.3 |
Diluted EPS, GAAP (USD) | 3.54 | 2.93 | 3.80 | 3.29 |
Balance Sheet
| Metric (USD Mn) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Total assets | 47,263 | 51,245 | 55,932 | 65,395 | 73,598 |
Cash and cash equivalents | 7,890 | 9,045 | 5,004 | 11,479 | 12,831 |
Receivables and contract assets (current) | 11,777 | 12,227 | 13,665 | 14,985 | 16,328 |
Total current assets | 21,611 | 23,382 | 20,858 | 28,901 | 31,831 |
Total current liabilities | 17,523 | 18,009 | 18,976 | 20,352 | 22,304 |
Working capital | 4,088 | 5,373 | 1,882 | 8,549 | 9,527 |
Goodwill | 13,133 | 15,573 | 21,120 | 22,536 | 26,819 |
Other intangible assets | 0 | 2,073 | 2,904 | 2,411 | 2,907 |
Borrowings excluding leases | 55 | 148 | 1,025 | 5,150 | 10,110 |
Net debt, borrowings minus cash (negative = net cash) | -7,835 | -8,897 | -3,979 | -6,329 | -2,721 |
Accenture plc shareholders' equity | 22,106 | 25,693 | 28,289 | 31,195 | 31,567 |
Total shareholders' equity | 22,747 | 26,459 | 29,168 | 32,241 | 32,720 |
Balance Sheet (FY2025–FY2026)
| Borrowings split (USD Mn) | FY2025 | FY2026 |
|---|---|---|
Short-term borrowings and current portion of long-term debt | 114 | 113 |
Long-term debt | 5,030 | 10,000 |
Cash Flow and Margin Analysis (%)
| Metric (USD Mn) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Operating cash flow | 9,541 | 9,524 | 9,131 | 11,474 | 12,363 |
Capital expenditure | 718 | 528 | 517 | 600 | 743 |
Free cash flow | 8,823 | 8,996 | 8,615 | 10,874 | 11,621 |
Free cash flow margin (%) | 14.3 | 14.0 | 13.3 | 15.6 | 15.7 |
Cash paid for acquisitions, net | 3,417 | 2,482 | 6,457 | 1,169 | 4,725 |
Dividends paid | 2,455 | 2,824 | 3,238 | 3,697 | 3,984 |
Share repurchases | 4,116 | 4,330 | 4,525 | 4,619 | 7,521 |
Share-based compensation | 1,680 | 1,913 | 1,942 | 2,094 | 2,100 |
Long-term debt issued | 0 | 100 | 1,599 | 5,061 | 4,979 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Return on equity, attributable net income / average Accenture plc equity (%) | 33.0 | 28.8 | 26.9 | 25.8 | 26.7 |
Return on assets, attributable net income / average total assets (%) | 15.2 | 14.0 | 13.6 | 12.7 | 12.0 |
ROIC, after-tax GAAP operating income / (equity + debt including leases − cash) (%) | 39.2 | 32.8 | 26.0 | 27.0 | 25.7 |
Current ratio (x) | 1.23 | 1.30 | 1.10 | 1.42 | 1.43 |
Debt to equity, borrowings excluding leases / total equity (x) | 0.00 | 0.01 | 0.04 | 0.16 | 0.31 |
Net debt / EBITDA (x, negative = net cash) | -0.73 | -0.87 | -0.36 | -0.53 | -0.21 |
Interest coverage, GAAP operating income / interest expense (x) | 198 | 185 | 163 | 45 | 38 |
Asset turnover, revenue / average total assets (x) | 1.36 | 1.30 | 1.21 | 1.15 | 1.07 |
Gross receivable days | 70 | 70 | 77 | 79 | 80 |
Dividend payout, dividends paid / attributable net income (%) | 35.7 | 41.1 | 44.6 | 48.2 | 47.6 |
Revenue by geography (USD Mn)
| Revenue by geography (USD Mn) | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
Americas | 32,552 | 35,057 | 36,550 |
EMEA | 22,818 | 24,644 | 26,960 |
Asia Pacific | 9,526 | 9,972 | 10,680 |
Q4 FY2026 by geography | Revenue (USD B) | Growth, USD (%) | Growth, local currency (%) |
Americas | 9.43 | 7 | 7 |
EMEA | 6.58 | 6 | 7 |
Asia Pacific | 2.67 | 3 | 7 |
Total | 18.68 | 6 | 7 |
Region Overview
| Region | FY2026 local-currency growth (%) | Main reasons |
|---|---|---|
Asia Pacific | 8 | Japanese demand for digital-core and AI work; Australian cybersecurity; acquisitions |
EMEA | 4 | Financial services and public sector; weakness in France; Middle East disruption late in Q3 |
Americas | 4 | Commercial demand steady; US federal spending reduced growth until Q3 |
Share Price & Returns
| Reference point | Price (USD) |
|---|---|
Start of calendar 2025 | 351.79 |
52-week high, 14 January 2026 | 291.09 |
52-week low, 22 June 2026 | 118.15 |
18 June 2026 close, after Q3 results | 129.79 |
29 September 2026 close, before Q4 results | 177.12 |
14 October 2026, Investor Day (intraday) | 217.20 |
2 November 2026 close | 260.94 |
Valuation Snapshot
| Multiple | Value |
|---|---|
Market capitalisation (USD Bn) | 149.5 |
Enterprise value, market cap + borrowings − cash (USD Bn) | 146.8 |
P/E, trailing GAAP EPS of $13.56 (x) | 18.7 |
P/E, FY2026 adjusted EPS of $13.97 (x) | 18.1 |
P/E, forward, midpoint of FY2027 guidance ($14.60) (x) | 17.3 |
EV / EBITDA, FY2026 (x) | 11.3 |
EV / sales, FY2026 (x) | 2.0 |
Price / book (x) | 4.7 |
Dividend yield, $6.84 annualised (%) | 2.7 |
Dividend
| Dividend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Dividends declared per share (USD) | 3.88 | 4.48 | 5.16 | 5.92 | 6.52 |
Dividends paid (USD Mn) | 2,455 | 2,824 | 3,238 | 3,697 | 3,984 |
Dividends & Capital Returns
| Buybacks | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Share repurchases (USD Mn) | 4,116 | 4,330 | 4,525 | 4,619 | 7,521 |
Credit Ratings
| Agency | Rating | Outlook |
|---|---|---|
Moody's | Aa3 | Stable |
S&P Global | AA- | Stable |
Fitch | A+ (Issuer Default Rating) | Stable |
Capital Markets Data
| Maturity year | 2027 | 2029 | 2031 | 2033 | 2034 | 2036 |
|---|---|---|---|---|---|---|
Principal maturing (USD Mn) | 1,100 | 2,500 | 2,700 | 1,100 | 1,500 | 1,100 |
FY2027 Guidance Item Details
| FY2027 guidance item | Guidance |
|---|---|
Revenue growth, local currency | 3% to 6%, including 2–2.5 points from acquisitions |
Foreign-exchange effect | About flat |
Implied revenue (USD Bn) | 76.43 to 78.65 |
GAAP operating margin | 15.9% to 16.1% |
Effective tax rate | 24.5% to 26.5% |
Diluted EPS (USD) | 14.39 to 14.81: 6%–9% above FY2026 GAAP, 3%–6% above FY2026 adjusted |
Operating cash flow (USD Bn) | 11.9 to 12.7 |
Capital expenditure (USD Mn) | About 900 |
Free cash flow (USD Bn) | 11.0 to 11.8 |
Cash returned to shareholders | At least $9.5 billion |
Q1 FY2027 revenue (USD Bn) | 18.95 to 19.60: 2%–6% local-currency growth, about −1% currency effect |
Business optimisation charges | None planned |
Income Statement and Margin Analysis (%) (FY2027–FY2029)
| Consensus | FY2027 | FY2028 | FY2029 |
|---|---|---|---|
Revenue (USD Bn) | 77.45 | 81.24 | 86.00 |
Revenue growth, USD (%) | 4.4 | 4.9 | 5.9 |
Timing Details
| Timing | Catalyst | What to watch |
|---|---|---|
Mid-December 2026 | Q1 FY2027 results | Revenue against the $18.95–19.60 billion guide; bookings; consulting growth; early Dragos contribution |
28 January 2027 | AGM (Dublin) | Say-on-pay vote; board composition |
March 2027 | Q2 FY2027 results | Whether large managed-services deals delayed from Q3 FY2026 are converting |
FY2027 | Integration of Dragos, runZero and NetRise | ARR growth, retention of founders (Robert M. Lee, HD Moore, Thomas Pace) |
FY2027 | Accenture Edge rollout | Client wins; closing of McCoy and COMWARE |
FY2027 | War Data Platform ramp-up | Federal contribution to growth |
FY2027 | About $8 billion of acquisitions | Size, valuation and whether more product companies are bought |
June 2027 | Q3 FY2027 results | The quarter that disappointed in 2026 |
Ongoing | Open DOJ investigation of AFS | Any resolution |
Ongoing | AI pricing behaviour | Gross margin, revenue per employee, fixed-price mix |
Executive Leadership
Executive Leadership Team
| Name | Title | Age | Tenure and prior roles | Education |
|---|---|---|---|---|
Julie Sweet | Chair and Chief Executive Officer | 59 | CEO since September 2019; Chair since September 2021; previously CEO North America (2015–2019) and General Counsel, Secretary and Chief Compliance Officer (2010–2015); before that a partner at Cravath, Swaine & Moore | BA, Claremont McKenna College; JD, Columbia Law School |
Angie Park | Chief Financial Officer | 54 | CFO since December 2024; previously Accenture's business and commercial finance lead | — |
Manish Sharma | Chief Strategy and Reinvention Services Officer | 58 | Has led Reinvention Services since September 2025; previously CEO Americas, Group Chief Executive for Operations and Chief Operating Officer | — |
John Walsh | CEO, Americas | 62 | CEO Americas since September 2025; previously global Chief Operating Officer | — |
Mauro Macchi | CEO, EMEA | 61 | CEO EMEA since September 2024; paid in euros | — |
Atsushi Egawa | Co-CEO Asia Pacific and CEO Japan | 61 | Leads Japan, Accenture's largest Asia Pacific market | — |
Ryoji Sekido | Co-CEO Asia Pacific and CEO Asia Oceania | 59 | Co-leads Asia Pacific | — |
Kate Hogan | Chief Operating Officer | 50 | Succeeded John Walsh as COO | — |
Kate Clifford | Chief Leadership and Human Resources Officer | 50 | Leads talent, reskilling and "Reinventor" programmes | — |
Joel Unruch | Chief Legal and Risk Officer | 48 | Role since September 2026; General Counsel since September 2019; Corporate Secretary since 2015; joined in 2011 from Amazon.com and Cravath | BCL/LLB, McGill University (2003) |
Melissa Burgum | Chief Accounting Officer | 54 | Principal accounting officer | — |
“—” = not publicly disclosed.
Executive Leadership Team (Annual)
| Executive | Role | FY2025 total compensation (USD) |
|---|---|---|
Julie Sweet | Chair and CEO | 29,641,903 |
Manish Sharma | Chief Strategy and Services Officer | 9,193,909 |
John Walsh | CEO, Americas | 8,996,387 |
Mauro Macchi | CEO, EMEA | 7,361,407 |
Angie Park | CFO | 4,820,995 |
Board of Directors
| Director | Role on Accenture board | Director since | Background |
|---|---|---|---|
Julie Sweet | Chair | 2019 | Chair and CEO, Accenture |
Arun Sarin | Independent Lead Director; Chair, Nominating, Governance & Sustainability Committee | 2015 | Former CEO, Vodafone Group |
Martin Brudermüller | Independent director | 2024 | Former CEO, BASF |
Alan Jope | Independent director; Chair, Finance Committee (from January 2026) | 2023 | Former CEO, Unilever |
Nancy McKinstry | Independent director; Chair, Compensation, Culture & People Committee | 2016 | CEO and Chair of the Executive Board, Wolters Kluwer (retirement announced for February 2026) |
Jennifer Nason | Independent director | 2025 | Former Global Chair of Investment Banking |
Paula A. Price | Independent director | 2014 | Former CFO, Macy's; certified public accountant |
Venkata (Murthy) Renduchintala | Independent director | 2018 | Former Chief Engineering Officer, Intel |
Tracey T. Travis | Independent director; Chair, Audit Committee | 2017 | Former CFO, Estée Lauder |
Masahiko Uotani | Independent director | 2025 | Former CEO, Shiseido |
Board & Management Changes
| Date | Change |
|---|---|
December 2024 | Angie Park becomes CFO, succeeding KC McClure |
September 2024 | Mauro Macchi becomes CEO EMEA |
1 September 2025 | Manish Sharma becomes Chief Services Officer at the head of Reinvention Services; John Walsh becomes CEO Americas; Ndidi Oteh becomes head of Song |
November 2025 | Tracey Countryman rejoins Accenture from PA Consulting as global head of Industry X, succeeding Nigel Stacey |
March 2026 | Marc Warner becomes CTO when the Faculty acquisition closes |
September 2026 | Joel Unruch becomes Chief Legal and Risk Officer |
Major Shareholders
| Holder | Shares held | Stake (%) |
|---|---|---|
The Vanguard Group | 66,070,930 | 10.8 |
BlackRock | 55,930,534 | 9.1 |
State Street Global Advisors | 28,264,675 | 4.6 |
Capital Research and Management | 24,172,342 | 3.9 |
Geode Capital Management | 14,656,436 | 2.4 |
Sanders Capital | 10,963,615 | 1.8 |
Massachusetts Financial Services | 10,693,994 | 1.7 |
Wellington Management | 10,507,045 | 1.7 |
UBS Asset Management | 8,070,925 | 1.3 |
Norges Bank Investment Management | 8,002,218 | 1.3 |
Targets & Commitments
| Initiative | Date | Content | Targets or scale |
|---|---|---|---|
Reinvention Services | Announced June 2025; effective 1 September 2025 | Combines Strategy, Consulting, Song, Technology, Operations and Industry X into one unit | Faster creation of solutions; data and AI built in |
Business optimisation programme | September 2025 – November 2025 | Severance for "talent rotation" and two divestitures | $923 million total cost ($615 million in FY2025 Q4, $308 million in FY2026 Q1, of which about $628 million severance); savings above $1 billion to be reinvested |
AI workforce build-out | FY2025–FY2026 | Training and hiring in AI and data | About 110,000 AI and data practitioners (target was 80,000 by end of FY2026); about 46 million training hours and about $1.0 billion on learning in FY2026 |
Anthropic Business Group | December 2025 | Dedicated Claude practice, multi-year alliance | One of Anthropic's three largest enterprise customers, as reported |
OpenAI partnership | December 2025; February 2026; May 2026 | ChatGPT Enterprise for tens of thousands of staff; flagship client programme; OpenAI "Frontier Alliances"; AFS–OpenAI federal collaboration | Large-scale certification of staff |
Accenture Edge | June 2026 | Mid-market business ($300 million–$3 billion revenue clients) | Initial priority markets; acquisitions of McCoy and COMWARE; Google Cloud agentic solutions |
OT security platform | June 2026 | Majority stake in Dragos plus runZero and NetRise | $4.175 billion enterprise value; about $208 million ARR growing 53% |
Network intelligence | March–June 2026 | Ookla acquisition | $1.2 billion cash; $231 million revenue in calendar 2025 |
Sustainability | Ongoing | SBTi-approved net-zero targets | 80% cut in absolute Scope 1 and 2 emissions by FY2030 and 90% by FY2040 (FY2019 base) |
Targets & Commitments (Annual)
| Target | FY2027 | FY2028 | FY2029 |
|---|---|---|---|
Revenue growth, local currency | Mid-single digits (guidance 3%–6%, of which 2–2.5 points from acquisitions) | Mid-single digits | Mid to high single digits |
Operating margin expansion (basis points) | 10–30 | 10–30 | 10–30 |
Free cash flow / net income (x) | at least 1.1 | at least 1.1 | 1.2–1.3 |
Free cash flow | $11.0–11.8 billion (guidance) | — | at least $9.5 billion |
Acquisition spending | About $8 billion (including Dragos) | Continued | Continued |
Dividend per share growth | 5% | — | — |
Dividend payout ratio | Mid-40s % of prior-year net income | High-40s % | High-40s % |
Share repurchases | $5.5 billion; repurchases to exceed share issuance | Repurchases to exceed share issuance | Repurchases to exceed share issuance |
Cash returned to shareholders | At least $9.5 billion | — | — |
Competitive Landscape
Key Competitors
| Competitor | Arena | Latest reported revenue | Positioning against Accenture |
|---|---|---|---|
Deloitte (private partnership) | Big Four consulting and advisory | $70.5 billion global revenue, FY2025 (to May 2025) | Closest rival in consulting breadth; also an Anthropic and NVIDIA partner; settled a similar DOJ diversity probe for $21.5 million in 2026 |
PwC (private) | Big Four | About $56.9 billion, FY2025 | Strong in tax, finance and risk; smaller technology delivery capacity |
EY (private) | Big Four | About $53.2 billion, FY2025 | Consulting and technology work |
KPMG (private) | Big Four | About $39.8 billion, FY2025 | Advisory and technology |
IBM Consulting | Systems integrator | IBM total revenue $62.8 billion; Consulting about $20.7 billion, calendar 2024 | Hybrid cloud, mainframe and watsonx positioning; settled a DOJ diversity probe for $17 million |
Tata Consultancy Services | Indian IT services | $30.2 billion, FY2025 (to March 2025) | Large-scale outsourcing; operating margin about 24% |
Capgemini (with Capgemini Engineering) | European systems integrator and engineering R&D | €22.1 billion, calendar 2024 | Strong in engineering (former Altran) and semiconductors; OpenAI Frontier partner |
Cognizant | IT services | $19.7 billion, calendar 2024 | Healthcare and financial-services heavy |
Infosys | Indian IT services | $19.3 billion, FY2025 (to March 2025) | Operating margin about 21%; aggressive in AI and mid-market |
HCLTech | Indian IT services and engineering R&D | $13.8 billion, FY2025 (to March 2025) | Strong engineering and R&D services including semiconductors |
Kyndryl | Infrastructure services | $15.1 billion, FY2025 (to March 2025) | Infrastructure managed services |
DXC Technology | IT services | $12.9 billion, FY2025 (to March 2025) | Legacy infrastructure and applications |
Wipro | Indian IT services and engineering R&D | About $10.5 billion IT services, FY2025 (to March 2025) | Consulting through Capco; engineering R&D |
McKinsey, BCG, Bain | Strategy consulting | Private; not disclosed | Compete for strategy and AI-transformation leadership; McKinsey and BCG are OpenAI Frontier partners |
EPAM Systems | Digital engineering | $4.7 billion, calendar 2024 | Specialist software engineering |
Semiconductor engineering specialists (L&T Technology Services, Cyient, Tata Elxsi, Quest Global, eInfochips, Sasken) | Semiconductor design and verification, embedded software | Smaller; specialist | Compete directly with Accenture's silicon design (Cientra, Excelmax, XtremeEDA) and fab automation (SYSTEMA) offerings |
Peer Comparison FY2026
| Metric | Accenture (FY2026, to August 2026) | TCS (FY2025, to March 2025) | Infosys (FY2025, to March 2025) | Cognizant (calendar 2024) |
|---|---|---|---|---|
Revenue (USD Bn) | 74.2 | 30.2 | 19.3 | 19.7 |
Revenue growth, USD (%) | 6.5 | 4.2 | 3.9 | 2.0 |
Operating margin (%) | 15.4 GAAP / 15.8 adjusted | 24.3 | 21.1 | 14.7 GAAP / 15.3 adjusted |
