Capgemini: Revenue up 11.7% in the third quarter, 2026 target raised
North America, the United Kingdom and the contribution of WNS and Cloud4C drove the IT services group's activity between July and September.
For the fourth quarter, management is targeting growth slowing to 3 to 4% at constant exchange rates, against a higher comparison base.
Quarterly revenue of €6,073 million and an annual guidance raised
On October 30, 2026, Capgemini published third-quarter revenue of €6,073 million, up 12.6% year on year at current exchange rates. Excluding a favorable currency effect of 0.9%, growth reached 11.7% at constant exchange rates.
This growth combines underlying growth and the contribution of WNS and Cloud4C, two acquisitions completed in the fourth quarter of 2025. According to Aiman Ezzat, Chief Executive Officer, underlying growth remained “close to that of the second quarter”.
On this basis, the group raised its annual target: it now expects revenue growth of between 9.0% and 9.5% at constant exchange rates for 2026. The operating margin and organic free cash flow targets are confirmed.
For the fourth quarter, Capgemini expects growth of 3 to 4% at constant exchange rates, citing a higher comparison base. The reference period corresponds to the quarter of 2025 during which the acquisitions of WNS and Cloud4C were completed.
Order intake for the quarter amounted to €5,401 million, up 3.4% year on year at constant exchange rates. The group links this to its clients' demand for deploying artificial intelligence across their organizations and for modernizing their technology foundations.
The organic free cash flow target also incorporates an increase of approximately €200 million in restructuring-related cash outflows compared with 2025. These cash outflows are attributed to the “Fit-for-Growth” initiatives launched by the group.
North America and the United Kingdom lead, France up 4.9%
North America, which accounted for 29% of the group's revenue in 2025, grew 18.3% at constant exchange rates. Financial services, industry, and consumer goods and retail supported this growth, to which acquisitions made a significant contribution.
The United Kingdom and Ireland region (13% of revenue) recorded growth of 25.2%, driven by the public sector and consumer goods and retail. The TMT sector, by contrast, contracted there.
In France (19% of revenue), activity rose 4.9%, mainly thanks to industry and financial services, while the public sector remained weak. The rest of Europe (30%) posted an increase of 3.4%, with industry returning to slight growth.
The Asia-Pacific and Latin America region (9% of revenue) grew 11.9%, with the contribution of WNS and Cloud4C as well as financial services and consumer goods and retail.
By business line, Operations and Engineering activities (29% of 2025 revenue) grew 26.9%, with double-digit growth on a constant-perimeter basis in Intelligent Enterprise Operations. Strategy and Transformation (8%) rose 18.6%.
Applications and Technology activities, the group's core business with 63% of 2025 revenue, recorded an increase of 3.5%. These variations by business line are calculated on total revenue, before elimination of intra-business-line billings.
Headcount up 18% year on year, down since the end of 2025
As of September 30, 2026, Capgemini employed 417,500 people, 62,800 more than a year earlier (+18%), mainly due to the integration of WNS teams. Headcount, by contrast, fell by 5,900 people compared with the end of 2025.
Offshore headcount, at 275,600 employees, has been stable since the end of 2025 and represents 66% of the total, compared with 141,900 onshore employees. The group, which generated revenue of €22.5 billion in 2025, will publish its annual results on February 16, 2027.
On the stock market, the share price had fallen 2% on October 23, 2026, while posting a gain of nearly 40% over three months. At the start of October, the group had announced a new share buyback programme.
