Genpact Overview
Genpact is a $5.1 billion, India-centric global operations and technology services company that is repositioning itself from a classic business process outsourcing (BPO) provider into what it now calls "the Agentic Operations company." Born as General Electric's captive back office in 1997, Genpact carries a distinctive heritage in Lean Six Sigma process engineering, end-to-end finance and accounting, supply chain, insurance and banking operations, and industry-specific workflows that it runs at scale for roughly a quarter of the Fortune Global 500. Its strategic thesis is that decades of "process intelligence" and operational data give it a structural advantage in deploying AI agents into mission-critical workflows — the "last mile" where generic AI pilots stall. Financially, the company is a steady mid-single-digit grower with expanding margins (adjusted operating margin 17.5% in FY2025), strong cash conversion, an investment-grade balance sheet and a consistent capital-return program, but it trades at a deep discount to peers because investors fear AI-driven deflation in its core labor-based services.
The company's own description (paraphrased from the FY2025 Form 10-K)
In its FY2025 annual report, Genpact describes itself as an agentic and advanced technology solutions company known for deep industry knowledge, process intelligence and "last mile" expertise. It emphasises decades of client trust, a strong partner ecosystem, and a workforce oriented to continuous learning. The company traces its origins to its role as GE's global capability center, where it was mandated to perfect shared business processes using Lean Six Sigma; it argues that this operational discipline, end-to-end process view, granular data benchmarking and "operator-led" approach underpin its ability to deliver differentiated AI and agentic solutions. It states that it is embedding AI as a driver of enterprise-wide value, building agentic solutions that act and learn alongside humans, and that it is well positioned to help clients move from AI experimentation to "agentic operations." By mid-2026 its press releases had adopted the tagline "the Agentic Operations company, where applied AI meets context-rich process intelligence."
Revenue architecture
Genpact discloses revenue along three intersecting axes:
Axis 1 — Service type (introduced Q2 2025):
Advanced Technology Solutions (ATS): FY2025 revenue $1.204 billion (23.7% of total), +17.0% YoY. Comprises four capabilities: Data and AI; Digital Technology; Advisory Services; Agentic Solutions.
Core Business Services (CBS): FY2025 revenue ~$3.876 billion (76.3%). Comprises Decision Support Services, Technology Services and Digital Operations.
Axis 2 — Legacy service type (pre-Q2 2025, still disclosed in the FY2025 10-K):
Data-Tech-AI: FY2025 ~$2.44 billion (48.1%).
Digital Operations: FY2025 ~$2.64 billion (51.9%).
Axis 3 — Reportable segments (industry verticals):
Financial Services: FY2025 $1,356.8M (26.7%).
Consumer and Healthcare: FY2025 ~$1,725M (34.0%).
High Tech and Manufacturing: FY2025 ~$1,998M (39.3%).
Business model and revenue model
Genpact is a pure services company; it does not sell hardware and has only a nascent software line. Its revenue model mix, per the 10-K contracting description, is:
Managed services / outsourcing (annuity-like, multi-year): Digital Operations contracts are typically governed by a Master Services Agreement (MSA) supplemented by Statements of Work (SOWs), with pricing that may be FTE-based, transaction-based, fixed-price or outcome-based. This is the bulk of CBS revenue and the stable core of the business.
Consulting / project-based: Advisory, data and AI engineering, digital technology implementation and other ATS/Data-Tech-AI services are generally contracted under consulting agreements, with time-and-materials or fixed-price arrangements.
Subscription / SaaS (emerging): For Agentic Solutions (e.g., the AP Suite, Record-to-Report Suite, AR Suite, Banking Analyst Suite), Genpact "typically" enters master software-as-a-service agreements. This is the company's first meaningful step toward IP-led, non-linear revenue; the size of SaaS revenue is not publicly disclosed.
Resold partner technology: The 10-K notes rising costs for "resold partnership technologies," indicating some pass-through of third-party software within engagements.
Licensing: Not a material standalone revenue line; not publicly disclosed.
Revenue split by product vs. service vs. subscription vs. licensing: services ≈ substantially all revenue; the precise subscription share is not publicly disclosed.
Value-chain position
Genpact sits between the enterprise application/cloud layer (SAP, Oracle, Workday, ServiceNow, Salesforce, hyperscalers, Databricks) and the client's business outcome. It does not own the systems of record; it owns the process: the workflows, exception handling, controls and operational data generated by running those processes. Its strategic claim is that the AI value chain is shifting value toward whoever controls process context and operational data — i.e., toward operators like Genpact — rather than to pure model providers or pure systems integrators.
Customer types and end-markets
Customer profile: Large global enterprises (approximately one quarter of the Fortune Global 500), plus smaller emerging/disruptor companies. Clients typically retain Genpact on a non-exclusive basis.
Industries: Banking, capital markets, insurance; consumer goods, retail, life sciences, healthcare payers/providers; high-tech hardware and software, digital platforms and social media (trust and safety), semiconductors, media; manufacturing (aerospace, automotive, chemicals, energy, EVs/batteries, industrial machinery, logistics, oil and gas, utilities).
Functions (horizontal): Finance and accounting (AP, invoice-to-cash, record-to-report, FP&A, enterprise risk and compliance, finance strategy); supply chain and procurement; HR and people advisory; sales, commercial, marketing and experience; Global Business Services/GCC advisory and build-operate services.
Client geography: Heavily weighted to North America (especially the US) and Europe (10-K risk factor). Note that Genpact's reported geographic revenue is by delivery location, not client location.
Independent characterization
Genpact is best understood as a process-heavy, F&A-anchored operations outsourcer with a growing technology services overlay, rather than an IT services firm. Its closest structural analogue is EXL; its scale and client roster put it in competition with Accenture Operations, Cognizant, TCS, Infosys BPM, Wipro and Capgemini/WNS. Three features define it: (1) an unusually deep F&A franchise (it claims to be one of the world's premier F&A providers); (2) a delivery base overwhelmingly concentrated in India; and (3) a deliberate bet that agentic AI will cannibalise labor-based revenue but can be monetised through new commercial models (SaaS suites, outcome pricing, "Service-as-Agentic-Solutions"). The data through Q2 2026 support the thesis that ATS is accelerating (+24.1% in Q2 2026) while CBS is decelerating toward flat (+1.9% in Q2 2026; guided flat-to-slightly-down in Q3 2026). The investment debate is therefore whether ATS growth can outrun CBS erosion.
Strategy
Stated strategy (themes from the FY2025 10-K, 2026 earnings releases and investor communications)
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Lead the shift to "Agentic Operations." Genpact's core thesis is that enterprises are moving from AI experimentation to production-scale agentic operations, and that operators with process intelligence and operational data are best placed to bridge the "last mile."
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The "flywheel." Management describes a flywheel of advanced technology, trusted data foundations and deep ecosystem partnerships; CEO Kalra stated in August 2026 that the flywheel is accelerating and the pivot to Agentic Operations is taking hold faster.
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Service-as-Agentic-Solutions. Re-architect service delivery from linear, labor-based models toward agent-led delivery with human oversight, monetised through SaaS-style contracts and outcome-based pricing.
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Grow ATS as the primary growth engine (≥25% growth in FY2026) while managing CBS for cash and margin.
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Workforce transformation: reshape talent into "AI builders" (>7,000 at YE2025: data scientists, data engineers, technical architects) and "AI practitioners" (~20,000 domain experts trained to use AI in workflow), while incorporating AI agents as "digital labor."
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Partner-led growth: three partner tiers — Enterprise partners (global tech companies, co-innovation and joint go-to-market), Domain partners (industry/function specialists), and Innovation Accelerator partners (start-ups).
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Margin expansion and capital return: expand gross and AOI margins annually; grow adjusted EPS faster than revenue; return ~50% of operating cash flow via dividends and buybacks.
Strategic initiatives in the last 24 months
| Date | Initiative | Type | Detail |
|---|---|---|---|
| Late 2024 / Jan 2025 | Genpact AI Gigafactory | Platform investment | AI accelerator to develop, deploy and scale client AI |
| 5 Feb 2025 | Service-as-Agentic-Solutions; AP Capture | New business model / product | First agentic solution in the AP Suite |
| Q2 2025 | ATS/CBS revenue reporting | Transparency | Makes AI pivot measurable for investors |
| 5 Jun 2025 | XponentL Data acquisition | M&A | Data products and AI capability; life sciences/healthcare depth |
| 2,025 | ERP system implementation | Internal transformation | New enterprise resource planning system; flagged as a controls risk in the 10-K and Q2 2026 10-Q |
| 2,025 | AI skilling at scale | Talent | 12.5M learning hours; 1.5x increase in tech/AI skilling time; 9,000+ external certifications (Databricks, Microsoft, AWS) |
| Apr 2026 | Parallel Web Systems partnership | Partnership | AI-native web research agents embedded into workflows (reported 55% touchless processing in early insurance claims use) |
| May 2026 | Google Cloud alliance expansion | Partnership | Agentic Office of the CFO solutions via Google's Agent Marketplace |
| Jun–Oct 2026 | Agentic product launches | Product | Deductions Recovery (Jun), Banking Analyst Suite (Jul), R2R Suite (Sep), AR Suite (Oct) |
| Jul 2026 | Nestlé Business Solutions GCC | GCC services | New global capability center partnership |
| Aug 2026 | Chief Product and Platform Officer hire | Organisation | Product-company operating model |
| 2,026 | "Agentic Operations company" rebrand | Brand | Unified positioning across communications |
Sustainability/ESG commitments
Net zero across the value chain by 2050; SBTi-validated near-term targets; CDP "A" rating for climate (announced 2026).
Cost programs
No formal, named cost-reduction program with a dollar target has been publicly announced in the review period. Efficiency gains are being pursued through AI-led delivery productivity, office consolidation (FY2025 ROU write-downs) and the ERP program.
Management guidance and medium-term targets
| FY2026 guidance item | Feb 2026 (initial) | May 2026 (Q1) | Aug 2026 (Q2, current) |
|---|---|---|---|
| Net revenue growth (reported) | at least 7% | at least 7% | at least 7% (6.8% cc) |
| ATS revenue growth | at least high-teens | at least 20% | at least 25% |
| CBS revenue | not specified | not specified | growth to continue YoY |
| Gross margin | ~36.5% (+50bp) | ~36.5% | ~36.5% (+50bp) |
| AOI margin | ~17.7% (+25bp) | ~17.7% | ~17.7% (+25bp) |
| Adjusted diluted EPS growth | ~10% | more than 10% | at least 12% |
Q3 2026 guidance (6 Aug 2026): revenue $1.369–1.382 billion (+6.0–7.0% reported); ATS growth ≥25%; CBS flat to slightly down; gross margin ~36.6%; AOI margin ~17.8%; adjusted diluted EPS $1.04–1.05.
Medium-term targets: No formal multi-year (e.g., 2028) financial framework from an investor day has been located in this research; management's recurring commitment is adjusted EPS growth faster than revenue and annual margin expansion.
Products & Services
Genpact's portfolio is organised as capability families (ATS vs. CBS), delivered into industry segments, plus horizontal enterprise functional services and a growing set of named agentic products. Pricing for individual offerings is generally not publicly disclosed.
Advanced Technology Solutions (ATS)
| Offering | Description / capabilities | Target customer | Launch / status | Pricing model |
|---|---|---|---|---|
| Data and AI | Data and AI strategy, data engineering, data management, domain-based AI and generative AI solutions; enrichment of structured and unstructured data; ML and proprietary analytics | CDOs, CFOs, COOs across all segments | Long-standing; expanded by XponentL (Jun 2025) and Enquero (2021) | Consulting (T&M/fixed price) |
| Digital Technology | Proprietary and partner technology embedded into process execution; platform implementation with ecosystem partners | Enterprises modernising ERP/workflow stacks | Ongoing | Consulting / project |
| Advisory Services | Functional or industry process design, operating model design, agentic/advanced tech value identification, M&A and change management | C-suite, transformation offices | Ongoing | Consulting |
| Agentic Solutions | Agents combining LLMs, small language models, domain context, RPA and orchestration; redesign of end-to-end workflows with human oversight | Office of the CFO, banks, consumer goods, insurers | Launched Feb 2025 ("Service-as-Agentic-Solutions") | Master SaaS agreements |
| Genpact AI Gigafactory | AI accelerator to help clients develop, deploy and scale AI | Enterprises moving from pilot to production | Introduced late 2024 / Jan 2025 | — |
Named agentic product suites (launch chronology)
| Product | Description | Target customer | Launch date | Partner tech (where disclosed) |
|---|---|---|---|---|
| Genpact AP Suite — AP Capture | First agentic solution; modernises invoice capture and accounts payable | F&A organisations | 5 Feb 2025 | — |
| Genpact AP Suite (broader) | Agentic accounts payable suite | CFO organisations | 2025 (cited by analysts as a key launch) | — |
| Google Cloud CFO agents | Jointly deployed AI agents for enterprise finance, distributed via Google's Agent Marketplace | Office of the CFO | Alliance expansion 7 May 2026 | Google Cloud |
| Genpact Deductions Recovery | Agentic deduction management: aggregates deduction data from customer portals, carriers and ERPs; validates and resolves disputed deductions | Consumer goods companies | 30 Jun 2026 | Microsoft Azure |
| Banking Analyst Suite | Agentic AI for regulated banking operations | Banks | 23 Jul 2026 | — |
| Agentic Record-to-Report (R2R) Suite | Improves finance productivity, controls and close predictability | Controllers / CFOs | 1 Sep 2026 | — |
| Genpact Accounts Receivable (AR) Suite | Agentic collections, dispute resolution and cash application; company estimates up to 80% touchless cash application, up to 20% lower overdue receivables, up to 40% collector productivity uplift, up to 30% faster dispute resolution (company projections, not guarantees) | Industrial clients in manufacturing and mining (initial GA) | 14 Oct 2026 | — |
Core Business Services (CBS)
| Offering | Description | Target customer | Pricing model |
|---|---|---|---|
| Decision Support Services | Human-led analytics: aggregating data, pattern identification, actionable insights via visualisations/reports; supports supply chain, order management/procurement, risk management, FP&A | Operations and finance functions | MSA/SOW |
| Technology Services | (i) application lifecycle management; (ii) customisation, maintenance and support of internal platforms such as ERP; (iii) asset lifecycle management of tech stack components | IT/business owners of ERP and applications | MSA/SOW, T&M |
| Digital Operations | Traditional managed services transforming and running client operations; includes IT support for legacy applications (end-user computing, infrastructure production support) | All segments | MSA/SOW; FTE, transaction or outcome-based |
Enterprise functional services (cross-segment)
| Function | Named service lines (FY2025 10-K) |
|---|---|
| Finance and accounting | Accounts payable (document management, vendor master data, invoice processing, audits, reconciliations, help desk, payments, T&E); invoice-to-cash (customer master data, credit/contract management, billing, collections, AR reconciliation, dispute/deduction management); record-to-report (close and reporting, general/industry accounting, treasury, tax, statutory reporting); FP&A (budgeting, forecasting, management reporting, master data, data lake implementation); enterprise risk and compliance (SOX, controls transformation, ERP/digital controls, third-party risk, internal audit, audit analytics); finance strategy (working capital, carve-outs, post-merger integration, due diligence) |
| Supply chain and procurement | Plan-source-make-deliver-aftersales operating models; supply chain resiliency; sustainable/circular supply chain; strategic sourcing, responsible sourcing, category management, spend analytics, procurement operations, digital platform transformation |
| HR and people advisory | HR change management, HR operating model design, HR technology implementation, M&A people integration |
| Sales, commercial, marketing and experience | Campaign management, lead generation/qualification, partner management, pricing and promotion optimisation, B2B CX, deductions/dispute management; marketing and experience transformation with GenAI enablement |
| GBS / GCC services | Strategy and feasibility, location selection, target operating model, hiring/onboarding, transition, change management, service delivery optimisation; capability building (example: Nestlé Business Solutions GCC partnership, Jul 2026) |
Other named platforms, brands and assets
| Asset | Type | Notes |
|---|---|---|
| riskCanvas | Financial crimes software platform | Acquired Jan 2019; supports AML/KYC/transaction monitoring offerings |
| Proprietary insurance policy suite | Insurance software | Referenced in FY2025 10-K; product name not disclosed |
| Genpact Cora | Legacy AI/automation platform brand | Launched 2017; current status relative to agentic suites not publicly disclosed |
| Rightpoint | Digital experience brand | Acquired 2019 |
| Genpact Virtual Captive (SM) | Delivery model | Dedicated teams/infrastructure as a virtual extension of the client |
| Genome | Internal learning platform | "Reskill at scale"; 12.5M learning hours in 2025 |
| Amber | Internal AI chatbot / employee experience platform | Predictive people analytics |
| TalentMatch | Internal talent redeployment initiative | Matches skills to roles; improves utilisation |
Financial Narrative
All figures USD M unless stated; FY = calendar year. Source for all GAAP statement data: FY2025 Form 10-K five-year data as compiled from SEC XBRL (edgar.tools mirror of 10-K filed 26 Feb 2026), cross-checked to the Q4 2025 earnings release and FY2024 Annual Report. Ratios are derived.
Income statement
Notes: Company-reported FY2025 diluted EPS is $3.13 (+9.8%), versus $3.12 derived above from rounded inputs. Dividends per share reflect quarterly rates of $0.1075 (2021), $0.125 (2022), $0.1375 (2023), $0.1525 (2024) and $0.17 (2025); each reconciles to cash dividends paid divided by basic shares.
Margins and growth
FY2021 growth uses FY2020 revenue of $3,709.4M (2025 proxy pay-versus-performance table). Revenue CAGR FY2021–FY2025: 6.0% (derived). FY2020–FY2025 CAGR: 6.5%.
Non-GAAP metrics (company-defined)
Source: FY2025 10-K MD&A and Q4 2025 release (AOI +9.0%; adjusted EPS +11.3%, "fifth consecutive year" growing faster than revenue per management). FY2024 adjusted EPS derived from disclosed growth.
Balance sheet
Lease liabilities (operating leases ~$200M at YE2025) are excluded from total debt above.
Cash flow
FY2025 OCF of $813M includes ~$170M of client prepayments (Q4 2025 release coverage), which flatters the year and partly reverses in 2026 — Q2 2026 OCF was only $72M versus $177M in Q2 2025. H1 2026 repurchases: ~$120M, including ~1.6M shares for ~$50M at an average $32.04 in Q2 2026.
Ratio analysis
ROIC NOPAT uses EBIT × (1 − ETR); FY2023 uses a normalised 24% tax rate because of the one-off tax benefit. As a services company Genpact carries no inventory; the CCC is effectively DSO. DSO excludes unbilled contract assets in other balance sheet lines, so true working-capital days are somewhat higher.
Commentary — trends, inflections, drivers
Revenue. Growth has been remarkably steady in the 6–9% band except FY2023 (+2.4%), when discretionary technology spending contracted, a large HTM client cut scope, and BPO-style deal ramps slowed. FY2024–FY2025 re-accelerated to ~6.5% on large-deal ramp-ups and ATS demand. In 2026 the composition has changed sharply: ATS is growing 20–25%+ while CBS growth has collapsed to ~2% and is guided flat-to-slightly-down for Q3 2026. Headline growth is holding near 7% because ATS is now ~27% of revenue; each additional point of ATS mix gain makes the arithmetic easier.
Gross margin. Gross margin has inched up from ~35.1% (FY2022–FY2023) to 36.0% (FY2025) and is guided to ~36.5% in FY2026, driven by operating leverage, mix shift toward ATS, AI-driven productivity in delivery and, in Q1 2026, rupee depreciation. Wage inflation, costs of resold partner technologies and higher stock compensation are the offsets (FY2025 10-K).
Operating margin. GAAP EBIT margin expanded ~330bp from the FY2022 trough (11.5%, depressed by the held-for-sale business impairment and $53M other operating expense) to 14.8% in FY2025. On an adjusted basis, AOI margin rose from 17.1% to 17.5% in FY2025, and management guides ~17.7% for FY2026. SG&A intensity rose to 20.6% of revenue in FY2025 (from 20.3%) as Genpact invested in AI talent, product leadership and partner-led sales.
Net income. FY2023 net income ($631M) is inflated by a ~$158M deferred tax benefit and should be excluded from trend analysis; on a normalised basis, net income has compounded at ~10–11% per year since FY2022.
Balance sheet. Genpact has steadily de-risked: net debt fell from $779M (FY2022) to $338M (FY2025), and net debt/EBITDA from 1.32x to 0.41x. The YE2025 balance sheet is temporarily grossed up because the November 2025 $350M notes were issued ahead of the April 2026 maturity of the $350M 1.75% notes — explaining both the $350M of short-term investments and the $376M current portion of debt. Goodwill (~$1.78B) is ~70% of equity, reflecting the 2011–2021 acquisition program; the goodwill increase in FY2025 is attributable to XponentL.
Cash flow. FCF has ranged $389M–$725M. FY2025's $725M benefits from ~$170M of client prepayments; excluding these, underlying FCF was ~$555M (109% of net income). The 2026 run-rate is weaker (Q2 2026 OCF $72M) owing to prepayment unwinds and a growing receivable balance ($1.4B at Q2 2026, per third-party analysis), which coincides with a new ERP implementation that the company flags as a controls risk. Management targets returning roughly 50% of operating cash flow to shareholders.
Returns. ROIC in the 13–15% range comfortably exceeds an estimated cost of capital in the high single digits; ROE in the low 20s is supported by buybacks reducing the share count from 193M diluted (FY2021) to 177M (FY2025), a ~8% reduction.
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Segment Overview
| Segment | What it contains | Representative services |
|---|---|---|
Financial Services | Banking and capital markets (retail, investment and commercial banks, equipment/lease finance, fintechs, payment providers, wealth/asset managers, broker-dealers, exchanges, auto finance, clearing and settlement, renewable energy lenders); insurance (P&C, specialty, life, annuity, disability, employee benefits; insurers, brokers, reinsurers, insurtechs) | Customer onboarding, collections, retail/commercial loan operations, payments operations, mortgage origination and servicing, compliance, wealth and capital markets operations; financial crime and risk (fraud/dispute, AML, transaction monitoring, KYC, due diligence, sanctions screening); proprietary insurance policy suite, underwriting support, policy administration, claims management, catastrophe/exposure modelling, actuarial; end-to-end P&C third-party administration; insurance platform systems integration |
Consumer and Healthcare | Consumer goods (food and beverage, household goods, consumer health and beauty, apparel), grocery and retail; life sciences (pharma, medtech, devices, biotech, pharmacies, distributors, diagnostic labs); healthcare payers and providers | Demand generation/sensing/planning, supply chain planning, pricing and trade promotion management, deduction recovery, order management, digital commerce, CX; regulatory affairs (lifecycle management, regulatory operations, CMC compliance, regulatory information management); claims processing/adjudication, claims recovery and payment integrity, revenue cycle management, health equity analytics, care services |
High Tech and Manufacturing | High-tech hardware and software, digital platforms, social media, electronics, semiconductors, enterprise technology, media and communications, services and hospitality; manufacturing (aerospace, automotive/mobility, chemicals, energy, EVs/batteries, industrial machinery, materials transportation and logistics, oil and gas, utilities) | Trust and safety (content moderation), advertising sales support, customer/user experience, customer care, supply chain management; direct and indirect procurement, logistics, field and aftermarket support, engineering services |
Segment net revenue (USD Mn)
| Segment net revenue (USD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Financial Services | 1,225.1 | 1,288.9 | 1,356.8 |
Consumer and Healthcare | 1,570.3 | 1,692.7 | 1,725.0 |
High Tech and Manufacturing | 1,681.3 | 1,785.6 | 1,998.1 |
Total net revenues | 4,476.9 | 4,767.1 | 5,079.9 |
Segment Margins & Growth (%) and Revenue by Segment (%)
| Segment metric (%) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Financial Services YoY growth | 0 | 5.2 | 5.3 |
Consumer and Healthcare YoY growth | 0 | 7.8 | 1.9 |
High Tech and Manufacturing YoY growth | 0 | 6.2 | 11.9 |
Financial Services share of revenue | 27.4 | 27.0 | 26.7 |
Consumer and Healthcare share of revenue | 35.1 | 35.5 | 34.0 |
High Tech and Manufacturing share of revenue | 37.6 | 37.5 | 39.3 |
Revenue by Segment
| Segment AOI (USD Mn) | FY2023 | FY2024 |
|---|---|---|
Financial Services | 193.4 | 215.9 |
Consumer and Healthcare | 242.5 | 293.1 |
High Tech and Manufacturing | 297.9 | 319.4 |
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View Subscription PlansSegment AOI margin (%)
| Segment AOI margin (%) | FY2023 | FY2024 |
|---|---|---|
Financial Services | 15.8 | 16.8 |
Consumer and Healthcare | 15.4 | 17.3 |
High Tech and Manufacturing | 17.7 | 17.9 |
Revenue by Segment and Segment Margins & Growth (%)
| Financial Services AOI (USD Mn) | FY2023 | FY2024 |
|---|---|---|
Financial Services AOI | 193.4 | 215.9 |
Financial Services AOI margin (%) | 15.8 | 16.8 |
Service line revenue (USD Mn)
| Service line revenue (USD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Data-Tech-AI | 2,089.5 | 2,233.9 | 2,443.4 |
Digital Operations | 2,387.4 | 2,533.3 | 2,636.5 |
Revenue by Segment (FY2024–FY2025)
| New disaggregation (USD Mn) | FY2024 | FY2025 |
|---|---|---|
Advanced Technology Solutions | 1,029.1 | 1,204.0 |
Core Business Services | 3,738.0 | 3,875.9 |
Revenue by Segment (Quarterly)
| Quarterly metric (USD Mn) | Q1-2025 | Q2-2025 | Q3-2025 | Q4-2025 | Q1-2026 | Q2-2026 |
|---|---|---|---|---|---|---|
Net revenues | 1,215.0 | 1,254.4 | 1,291.2 | 1,319.3 | 1,300.0 | 1,343.4 |
ATS revenues | 0 | 0 | 0 | 323.0 | 0 | 363.3 |
CBS revenues | 0 | 0 | 0 | 996.0 | 0 | 980.1 |
Income statement (USD Mn)
| Income statement (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Net revenues | 4,022.2 | 4,371.2 | 4,476.9 | 4,767.1 | 5,079.9 |
Cost of revenue | 2,590 | 2,835 | 2,906 | 3,077 | 3,249 |
Gross profit | 1,432 | 1,536 | 1,571 | 1,690 | 1,831 |
SG&A expenses | 866 | 938 | 913 | 967 | 1,047 |
Amortization of acquired intangibles | 58 | 43 | 31 | 26 | 24 |
Income from operations (EBIT) | 509 | 502 | 631 | 702 | 750 |
Depreciation and amortization | 109 | 87 | 73 | 70 | 71 |
EBITDA (EBIT + D&A, derived) | 618 | 589 | 704 | 772 | 821 |
Interest income (expense), net | -51 | -52 | -48 | -47 | -50 |
Income before income tax | 483 | 465 | 602 | 677 | 730 |
Income tax expense (benefit) | 114 | 112 | -29 | 163 | 178 |
Net income | 369 | 353 | 631 | 514 | 552 |
Diluted weighted shares (M) | 193 | 188 | 185 | 180 | 177 |
Basic EPS (USD, derived) | 1.96 | 1.92 | 3.47 | 2.89 | 3.17 |
Diluted EPS (USD, derived) | 1.91 | 1.88 | 3.41 | 2.86 | 3.12 |
Dividends per share (USD) | 0.43 | 0.50 | 0.55 | 0.61 | 0.68 |
Margin and growth (%)
| Margin and growth (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue growth | 8.4 | 8.7 | 2.4 | 6.5 | 6.6 |
Gross margin | 35.6 | 35.1 | 35.1 | 35.5 | 36.0 |
Operating (EBIT) margin | 12.7 | 11.5 | 14.1 | 14.7 | 14.8 |
EBITDA margin | 15.4 | 13.5 | 15.7 | 16.2 | 16.2 |
Net margin | 9.2 | 8.1 | 14.1 | 10.8 | 10.9 |
Effective tax rate | 23.6 | 24.1 | -4.8 | 24.1 | 24.4 |
Key Financials and Margin Analysis (%)
| Non-GAAP metric | FY2024 | FY2025 |
|---|---|---|
Adjusted income from operations (USD Mn) | 813.9 | 887.6 |
AOI margin (%) | 17.1 | 17.5 |
Adjusted diluted EPS (USD) | 3.28 | 3.65 |
Balance Sheet
| Balance sheet (USD Mn, year-end) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets | 4,975 | 4,589 | 4,806 | 4,987 | 5,843 |
Cash and cash equivalents | 899 | 647 | 584 | 648 | 854 |
Short-term investments | 0 | 0 | 0 | 23 | 350 |
Accounts receivable, net | 888 | 995 | 1,116 | 1,199 | 1,241 |
Total current assets | 1,922 | 1,779 | 1,892 | 2,080 | 2,656 |
Goodwill | 1,731 | 1,684 | 1,684 | 1,670 | 1,781 |
Intangible assets, net | 170 | 90 | 53 | 27 | 67 |
Goodwill and intangibles | 1,901 | 1,774 | 1,737 | 1,697 | 1,848 |
Short-term borrowings | 0 | 151 | 10 | 0 | 0 |
Current portion of long-term debt | 383 | 26 | 432 | 26 | 376 |
Long-term debt, non-current | 1,272 | 1,249 | 825 | 1,195 | 1,166 |
Total debt (derived) | 1,655 | 1,426 | 1,267 | 1,221 | 1,542 |
Short-term debt (ST borrowings + current LTD) | 383 | 177 | 442 | 26 | 376 |
Cash plus short-term investments | 899 | 647 | 584 | 671 | 1,204 |
Net debt (derived) | 756 | 779 | 683 | 550 | 338 |
Total current liabilities | 1,309 | 1,103 | 1,318 | 964 | 1,602 |
Working capital (CA − CL) | 613 | 676 | 574 | 1,116 | 1,054 |
Total liabilities | 3,078 | 2,763 | 2,557 | 2,598 | 3,294 |
Total equity | 1,897 | 1,826 | 2,248 | 2,390 | 2,549 |
Accumulated other comprehensive loss | -554 | -733 | -723 | -794 | -861 |
Cash flow (USD Mn)
| Cash flow (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Net cash from operating activities | 694 | 444 | 491 | 615 | 813 |
Capex: PP&E | 53 | 51 | 55 | 83 | 78 |
Capex: internally generated intangibles | 3.9 | 3.8 | 3.4 | 2.5 | 10 |
Total capex | 57 | 55 | 58 | 86 | 88 |
Free cash flow (OCF − total capex) | 637 | 389 | 433 | 529 | 725 |
FCF conversion of net income (%) | 173 | 110 | 69 | 103 | 131 |
Dividends paid | 80 | 92 | 100 | 108 | 118 |
Stock-based compensation | 82 | 77 | 89 | 66 | 90 |
Payments for business acquisitions | 72 | 0 | 0.7 | 0 | 80 |
Share repurchases (USD Mn)
| Share repurchases (USD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Stock repurchased and retired | 225 | 253 | 283 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE (%, year-end equity) | 19.5 | 19.3 | 28.1 | 21.5 | 21.7 |
ROA (%, year-end assets) | 7.4 | 7.7 | 13.1 | 10.3 | 9.4 |
ROIC (%, NOPAT ÷ debt+equity) | 11.0 | 11.7 | 13.7 | 14.8 | 13.9 |
Current ratio (x) | 1.47 | 1.61 | 1.44 | 2.16 | 1.66 |
Debt / equity (x) | 0.87 | 0.78 | 0.56 | 0.51 | 0.60 |
Net debt / EBITDA (x) | 1.22 | 1.32 | 0.97 | 0.71 | 0.41 |
Interest coverage (EBIT ÷ net interest, x) | 10.0 | 9.7 | 13.1 | 14.9 | 15.0 |
Asset turnover (x) | 0.81 | 0.95 | 0.93 | 0.96 | 0.87 |
DSO (days, AR ÷ revenue × 365) | 81 | 83 | 91 | 92 | 89 |
DPO (days, AP ÷ cost of revenue × 365) | 4 | 5 | 4 | 4 | 3 |
Cash conversion cycle (DSO − DPO, days) | 77 | 78 | 87 | 88 | 86 |
Revenue by Region
| Geography (delivery location, USD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
India | 2,320.9 | 2,761.6 | 2,983.0 |
Asia, other than India | 643.1 | 700.3 | 788.1 |
North and Latin America | 979.9 | 683.4 | 730.4 |
Europe | 533.0 | 621.9 | 578.4 |
Total | 4,476.9 | 4,767.1 | 5,079.9 |
Geography growth and share (%)
| Geography growth and share (%) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
India YoY growth | 0 | 19.0 | 8.0 |
Asia other YoY growth | 0 | 8.9 | 12.5 |
North and Latin America YoY growth | 0 | -30.3 | 6.9 |
Europe YoY growth | 0 | 16.7 | -7.0 |
India share | 51.8 | 57.9 | 58.7 |
Asia other share | 14.4 | 14.7 | 15.5 |
North and Latin America share | 21.9 | 14.3 | 14.4 |
Europe share | 11.9 | 13.0 | 11.4 |
Valuation Snapshot
| Metric | Value | Source / date |
|---|---|---|
Share price | $34.40 | Close 9 Oct 2026 (Google Finance) |
52-week high / low | $48.64 / $26.85 | Google Finance, Investing.com |
Market capitalisation | ~$5.75B | Google Finance, Oct 2026 |
Beta | 0.57 | Google Finance |
5-year TSR (start FY2021 → end FY2025) | $100 → $121 (peer index $112) | 2026 DEF 14A pay-versus-performance |
1-year price change (indicative) | approximately −20% to −23% | Derived: Sep–Nov 2025 insider sale prices of ~$43–45 vs. $34.40 |
Valuation Multiples
| Multiple | Genpact | Basis |
|---|---|---|
P/E (TTM GAAP) | 10.3x | TTM GAAP EPS $3.36 (Google Finance) |
P/E (FY2026E adjusted) | ~8.4x | FY2026 adjusted EPS ≥ $4.09 (guidance: ≥12% growth on $3.65) |
EV / Sales (TTM) | ~1.16x | EV ~$6.09B (market cap + YE2025 net debt $338M); TTM revenue ~$5.25B |
EV / EBITDA (TTM) | ~7.2x | TTM EBITDA ~ $0.85B (derived) |
P / B | ~2.3x | Equity $2.55B (YE2025) |
Dividend yield | ~2.2% | $0.75 annualised |
Capital Markets
| Item | Value | Source |
|---|---|---|
Analysts covering | ~11–23 depending on aggregator | Investing.com, Simply Wall St |
Consensus rating | "Buy"/"Hold" mix (5 Buy, 7 Hold, 0 Sell per Investing.com) | Investing.com |
Average 12-month price target | $42.18 (high $58, low $31) | Investing.com |
Recent actions | Baird $45 → $38 (7 Jul 2026); multiple target revisions on 7 Aug 2026 post-Q2 | Yahoo Finance, Investing.com |
Consensus FY2026 revenue (early 2026) | ~$5.42B | Simply Wall St |
Consensus Q3 2026 | EPS ~$1.03–1.04; revenue ~$1.38B | MarketBeat, Earnings Whispers |
Dividend per share (USD)
| Dividend per share (USD) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Annual DPS | 0.43 | 0.50 | 0.55 | 0.61 | 0.68 |
Cash dividends paid (USD Mn) | 80 | 92 | 100 | 108 | 118 |
Credit Ratings
| Agency | Rating |
|---|---|
Moody's | Baa3 |
S&P | BBB- |
Fitch | Not rated / not publicly disclosed |
Capital Instruments
| Instrument | Principal (USD Mn) | Coupon | Maturity | Status |
|---|---|---|---|---|
2021 Senior Notes | 350 | 1.750% | 10 Apr 2026 | Matured (pre-funded by 2025 notes) |
2022 Credit Agreement term loan | ~442 outstanding at YE2025 (derived) | SOFR-based | — | Unsecured |
2022 Credit Agreement revolver | 650 facility | SOFR-based | — | Undrawn at YE2025 (short-term borrowings $0) |
2024 Senior Notes | 400 | 6.000% | 2029 | Outstanding |
2025 Senior Notes | 350 | 4.950% | 2030 | Outstanding |
Analyst Conclusions
Management guidance (as of 6 Aug 2026)
FY2026: revenue growth ≥7% (implying ≥ ~$5.44B); ATS ≥25%; CBS still growing for the year; gross margin ~36.5%; AOI margin ~17.7%; adjusted diluted EPS growth ≥12% (implying ≥ ~$4.09). Q3 2026: revenue $1.369–1.382B; adjusted EPS $1.04–1.05.
Consensus expectations
Consensus broadly tracks guidance: FY2026 revenue ~$5.4B; next-12-month EPS growth ~12% (from ~$3.80 to ~$4.26 per StockStory as of Aug 2026); longer-range narratives (Simply Wall St) project ~7% revenue CAGR to ~$6.5B by 2029.
Bull case
-
ATS mix flip drives re-rating: ATS grew from ~22% to 27% of revenue in a year; at ≥25% growth it could approach 35–40% of revenue by 2028, making Genpact look more like EXL (which trades at a large premium).
-
Margin and EPS compounding: Five straight years of EPS growth above revenue growth, ~25bp annual AOI margin expansion and buybacks retiring ~2–3% of shares per year support low-double-digit EPS growth even with 6–7% revenue growth.
-
Valuation floor: At ~8x forward adjusted EPS, ~7x EV/EBITDA, a ~2.2% dividend yield and an investment-grade balance sheet (0.4x leverage), the market is pricing in significant terminal decline that the data do not yet show.
Bear case
-
CBS erosion accelerates: CBS (73% of revenue) slowed to +1.9% in Q2 2026 and is guided flat-to-down in Q3; if AI deflation pushes CBS to −5%, ATS cannot offset it.
-
Cash and controls deterioration: Q2 2026 OCF fell 59% YoY; receivables are rising during an ERP transition flagged for internal-control changes; FY2025 FCF was inflated by ~$170M prepayments.
-
India legal tail risk and competitive disadvantage: The ED lien, SEIS dispute and ITA audits create unquantified liabilities; meanwhile EXL grows twice as fast at higher margins and larger peers bundle AI with scale.
Catalysts and monitorables (next 12 months)
| Date / period | Catalyst / monitorable |
|---|---|
| 5 Nov 2026 | Q3 2026 results: ATS ≥25%, CBS trajectory, OCF recovery, Q4/FY guidance |
| Q4 2026 – Q1 2027 | Collections and DSO normalisation; ERP stabilisation; any material weakness disclosure |
| Feb 2027 | FY2026 results and FY2027 guidance (first full year with ≥25% ATS; potential new medium-term framework) |
| Feb 2027 | Expected dividend decision (pattern of ~10% annual increases) |
| Ongoing | Developments in the ED investigation (any demand) and SEIS/ITA proceedings |
| Ongoing | Disclosure of SaaS/agentic revenue or bookings metrics; uptake via Google Agent Marketplace |
| Ongoing | Large-deal signings and "record bookings" conversion to revenue |
| Ongoing | M&A: further data/AI bolt-ons using balance-sheet capacity |
| Apr 2027 | 2027 AGM and proxy (any board refresh; CEO pay) |
Analyst verdict
Genpact enters late 2026 as a company whose reported numbers and market valuation tell two different stories. The numbers describe a disciplined compounder: $5.08 billion of revenue growing about 7%, adjusted operating margins edging toward 18%, adjusted EPS growing in the low double digits, ROIC near 14%, net leverage of 0.4x and a shareholder-return program absorbing roughly half of operating cash flow. The valuation — roughly 8x forward adjusted earnings and about 7x EV/EBITDA, with the stock down roughly a fifth over the past year — describes a business the market believes is in structural decline because agentic AI will hollow out labor-based process outsourcing.
The evidence through Q2 2026 supports both narratives at once. ATS growth has accelerated from 17% to 24%, guidance has been raised twice, and the company has shipped a credible portfolio of agentic finance products (AP, R2R, AR), banking and consumer-goods suites, with hyperscaler distribution through Google Cloud. But the core — still nearly three-quarters of revenue — has slowed to about 2% and is guided to turn flat or negative, and 2026 cash generation has weakened markedly amid prepayment unwinds and an ERP transition. Layered on top are Indian regulatory exposures (the ED lien, SEIS and transfer-pricing disputes) that are unquantified but could be material.
On balance, the risk-reward appears asymmetric to the upside for patient investors, conditional on three proofs over the next 12 months: ATS sustaining 20%+ growth into 2027; CBS declining no faster than low single digits; and operating cash flow normalising toward net income. If those hold, the gap to EXL-style multiples should narrow. If CBS erosion accelerates or the ED matter crystallises into a large demand, the low multiple will prove justified. The Q3 2026 print on 5 November is the next decisive data point.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Age (Feb 2026) | Tenure in role | Prior roles |
|---|---|---|---|---|
Balkrishan "BK" Kalra | President, CEO and Director | 56 | Since 9 Feb 2024 | Joined Genpact 1999; led Consumer Goods, Retail and Life Sciences (from 2008), Healthcare (from 2016) and Financial Services (from 2020) |
Michael Weiner | SVP, Chief Financial Officer | 54 | Since Aug 2021 | EVP, CFO and Treasurer, National General Holdings (2010–2021); GMAC Insurance (Ally), Cerberus Operations and Advisory, Citigroup, KPMG, Bankers Trust |
Sameer Dewan | SVP, Global Business Leader, Financial Services | 55 | Since Nov 2023 | Global Operating Officer (2023); Global Business Leader, Insurance and Capital Markets (2021–2023); joined 2006 from GE insurance operations (Master Black Belt) |
Piyush Mehta | SVP, Chief HR Officer; Country Manager, India | 57 | CHRO since Mar 2005; India CM since Apr 2024 | With Genpact since 2001 |
Anil Nanduru | SVP, Global Business Leader, Consumer & Healthcare and High Tech Software | 51 | HT Software since 2022; C&H since Nov 2023 | Led HT Hardware and Manufacturing 2022–Dec 2025; former Chief Commercial Officer; joined 2005 |
Riju Vashisht | SVP, Chief Growth Officer; GBL Enterprise Services, Partnerships & Alliances | 58 | CGO since 2022; GBL since Dec 2023 | Chief Transformation Officer (2020); Head of Digital Solutions; COO for CGRLH; previously Walmart India, Unilever India |
Sydney Schaub | SVP, Chief Legal Officer and Corporate Secretary | 45 | Since Dec 2025 | CLO, Opendoor (2022–Nov 2025); CLO/GC, Gemini (2018–2022); GC, Rent the Runway; attorney at Square and Google |
Priya Vijayarajendran | Chief Product and Platform Officer | — | Since 31 Aug 2026 | — |
Sanjeev Vohra | Chief Technology & Innovation Officer | — | — | — |
Vijay Vijayasankar | Global Agentic AI Officer | — | — | — |
“—” = not publicly disclosed.
Directors' Remuneration
| CEO compensation (USD Mn) | FY2024 | FY2025 |
|---|---|---|
Kalra Summary Compensation Table total | 10.88 | 16.32 |
Kalra compensation actually paid | 13.95 | 18.22 |
Kalra 2025 target direct compensation (USD) | Amount | — |
Base salary | 925,000 | — |
Target annual bonus | 1,375,000 | — |
RSU award (target grant value) | 3,910,000 | — |
PSU award (target grant value) | 3,910,000 | — |
Total target direct compensation | 10,120,000 | — |
Board of Directors
| Director | Role | Votes for | Votes against | — |
|---|---|---|---|---|
James Madden | Independent Chair | 128,675,764 | 7,166,730 | Co-founder, Carrick Capital Partners; former CEO of Exult |
Balkrishan Kalra | President and CEO | 135,442,084 | 404,849 | Management director |
Laura Conigliaro | Chair, Nominating and Governance | 131,407,566 | 4,438,426 | Former Goldman Sachs technology research executive |
Nicholas Gangestad | Independent | 135,761,342 | 88,752 | Former CFO of Rockwell Automation and 3M |
John Hinshaw | Independent | 135,717,053 | 131,972 | Former senior technology/operations executive at HP/HPE |
Carol Lindstrom | Chair, Compensation | 132,572,200 | 3,250,900 | Former Deloitte senior partner/vice chair |
CeCelia Morken | Independent | 134,719,348 | 1,127,586 | Former CEO, Headspace; former Intuit executive |
Brian Stevens | Independent | 135,791,886 | 58,240 | Former CTO, Google Cloud and Red Hat |
Thimaya Subaiya | Independent | 135,760,871 | 92,231 | — |
Mark Verdi | Chair, Audit | 135,035,615 | 806,679 | — |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
9 Feb 2024 | Kalra succeeds Tyagarajan as CEO | Internal succession; Tyagarajan led for ~13 years |
Nov 2023 | Dewan to FS; Nanduru adds C&H | Vertical leadership reshuffle ahead of CEO transition |
Dec 2025 | Nanduru relinquishes HT Hardware and Manufacturing | Realignment of HTM leadership (successor not identified in sources reviewed) |
Dec 2025 | Sydney Schaub joins as CLO | Replaces prior CLO (Heather White, per insider filings) |
31 Aug 2026 | Priya Vijayarajendran named Chief Product and Platform Officer | Product-company capability build for agentic suites |
Major Shareholders
| Holder | Shares (M) | Approx. % outstanding |
|---|---|---|
BlackRock, Inc. | 15.8 | 9.4 |
Nalanda India Equity Fund Ltd | 13.7 | 8.2 |
FMR LLC (Fidelity) | 10.4 | 6.2 |
Vanguard Portfolio Management LLC | 10.3 | 6.1 |
AQR Capital Management LLC | 8.6 | 5.1 |
Vanguard Capital Management LLC | 7.5 | 4.5 |
Dimensional Fund Advisors LP | 6.3 | 3.8 |
JPMorgan Chase & Co | 6.1 | 3.6 |
Geode Capital Management LLC | 5.3 | 3.2 |
State Street Corp | 5.3 | 3.2 |
Competitive Landscape
Key Competitors
| Competitor | Primary overlap with Genpact | Latest annual revenue | Notes |
|---|---|---|---|
Accenture (Accenture Operations) | F&A, supply chain, banking/insurance operations, GenAI transformation, all segments | $69.7B (FY Aug 2025), +7%; adjusted OM 15.6% | Scale leader; can bundle consulting, technology and operations |
Cognizant | Healthcare/insurance operations, digital operations, technology services | $21.1B (FY2025), +7.0%; adjusted OM 15.8% | Belcan added ~260bp to 2025 growth |
EXL (ExlService) | Closest pure-play: data and AI-led operations in insurance, healthcare, banking | $2.09B (FY2025), +13.6%; adjusted OM 19.5% | Faster growth and higher margin; data/AI ~half of revenue |
Tata Consultancy Services (TCS BPS) | F&A, banking/insurance operations, GBS | — | Largest Indian IT/BPS firm |
Infosys (Infosys BPM) | F&A, procurement, CX | — | Bundles BPM with IT |
Wipro | Operations, finance, healthcare BPS | — | Restructuring-focused |
Capgemini (incl. WNS) | Insurance, travel, F&A, analytics BPM | — | — |
HCLTech | Technology services, digital process operations | — | IT-led |
Concentrix | CX, trust and safety, technology-enabled CX | — | Overlap in HTM (content moderation, customer care) |
TaskUs / Teleperformance | Trust and safety, CX for digital platforms | — | Overlap in HTM trust and safety |
Conduent | Healthcare and government transaction processing | — | Overlap in healthcare claims |
IBM Consulting / Deloitte / KPMG / EY | F&A transformation, advisory, managed services | — | Advisory-led competitors |
Client GCCs (in-house captives) | All services | — | Structural substitute; Genpact also monetises GCC set-up |
AI-native platforms / agent vendors | Agentic automation of F&A, CX, claims | — | Emerging threat cited in 10-K |
Peer Comparison FY2026
| Metric | Genpact (FY2025) | EXL (FY2025) | Cognizant (FY2025) | Accenture (FY2025) |
|---|---|---|---|---|
Revenue (USD Bn) | 5.08 | 2.09 | 21.1 | 69.7 |
Revenue growth (%) | 6.6 | 13.6 | 7.0 | 7.0 |
GAAP operating margin (%) | 14.8 | 15.0 | 16.1 | 14.7 |
Adjusted operating margin (%) | 17.5 | 19.5 | 15.8 | 15.6 |
Adjusted EPS growth (%) | 11.3 | 18.0 | 11.0 | 8.0 |
FY2026 revenue growth guide (%) | at least 7 | 9 to 11 | 4.0 to 6.5 (cc) | 2 to 5 (lc) |
Recent Developments
The company promoted >11,000 employees in 2025 and continues to hire AI talent; headcount at YE2025 exceeded 146,500.
