FY 2025
Results
February 13, 2026
Aiman EZZAT
Chief Executive Officer
2025 performance above or in line with targets
Revenues
€22,465m
+3.4% cc YoY
Bookings
€24,356m
1.08 Book to Bill
Operating Margin
13.3%
stable
Organic FCF
€1,949m
stable
Normalized EPS
€12.95
+5.8% YoY
Dividend per share
€3.40
stable
Growth accelerated throughout 2025 across geographies, businesses and sectors
Businesses Sectors
Strategy & Transformation
+2.4%
Q4: +6.0%
Applications & Technology
+4.6%
Q4: +7.4%
Operations & Engineering
+4.9%
Q4: +20.8%
Financial Services
+9.2%
Q4: +20.4%
Public Sector
+4.0%
Q4: +8.6%
Manufacturing
-2.1%
Q4: +4.2%
North America
+7.3%
Q4: +19.9%
UK & Ireland
+10.5%
Q4: +21.8%
France
-4.1%
Q4: -1.9%
Rest of Europe
-0.7%
Q4: +3.3%
Asia Pacific & Latin America
+13.8%
Q4: +23.9%
FY YoY Constant Currency Revenue Growth
Q4 Constant Currency Revenue Growth
2025 ESG policy achievements
Environment
Scope 1 & 2 emissions
-94%
Reduction
vs. 2019 baseline
Business Travel Emissions
Reduction
-70%
per employee
vs. 2019 baseline
Transition to Renewable
100%
Share of
renewable electricity
+2.0pts vs. 2024
Social
Gender Balance
40.5%
Women in
global workforce
+0.8pts vs. 2024
30.5%
Learning
Gender Balance in Leadership
Women among
Group's executive leaders
+1.5pts vs. 2024
97
Digital inclusion
8.5M
Learning hours per
employee
+20% vs. 2024
Digital inclusion
beneficiaries
+1M vs. 2024
Governance
Cybersecurity
990
Procurement
72%
CyberVadis score
+13pts vs. 2024
(out of 1000)
Capgemini spend
covered by ESG standard compliant suppliers
+32pts vs. 2023
Shift from AI hype to AI realism accelerates
Organizations are increasing their AI investments with a focus on long-term value
Building AI ecosystems plays with
industry focus
Powering existing solutions with AI
AI is now a table stake to enter the market as a services provider
Few players can shape AI foundations or industrialize it at a global scale: Capgemini does both
8% of Capgemini's FY 2025 bookings
10% of Capgemini's Q4 2025 bookings
GenAI bookings
1 Move to enterprise-wide AI execution
Priorities for 2026
AI-powered solutions
Delivery
Shaping what's next
Powered by hyperscalers & embedded across core enterprise platforms
Accelerating adoption of our AI platforms to drive efficiency and scalability
Capgemini's own AI-powered intelligence platform
Strengthen data, infrastructure,
2 governance and trust foundations
Operations
310k talents trained on GenAI
50k badges delivered by hyperscalers
194k talents trained on Agentic AI
3 Focus on human-AI collaboration
Workforce upskilling
Building AI industry solutions
Client demand on Intelligent Operations confirmed
Largest showcase of the value of Agentic AI
The challenge The ambition Intelligent Operations deals Strong interest from clients
Reshape and run Agentic AI-powered business operationsFocusing on end-to-end business processes across all enterprise functions
End-to-end strategic value creationWith enhanced cost efficiencies and significant business outcomes:
Growth
Speed to market
Customer experience
Multiple functions and end-to-end, industry-specific processes
Transformation capabilities, frameworks and ready to use assets, leveraging WNS
Large Intelligent Operations deals in pursuit
Go-to-market aligned with WNS: joint pipeline of 100+ opportunities
FY 2025 Results | February 13, 2026
Value-based
Non-FTE & Outcome-based commercial models
© Capgemini 2026. All rights reserved | 8
Sovereignty demand driven by AI, privacy regulations and geopolitical tensions
Over 50% of services contracts will include sovereignty requirements by 2029, up from 5% in 2025*
Reinforces position on this attractive market with Cloud4C acquisition
Leveraging our core partners to double down on sovereignty, accelerating our GTM
Hyper-automated, AI-ready, locally governed cloud operations
Sovereign-compliant monitoring, disaster recovery, cybersecurity and continuity
Specialization in industry and sovereign compliance frameworks
Data management and sovereign cloud operations platform, leveraging Syniti and Cloud4C expertise in data migration and automation
SAP-Capgemini Sovereign Technology Partnership
Ongoing creation of a European-hosted mirror platform to operate our customers' sovereign workloads
Sovereign cloud solutions suite
2026 Outlook
Revenue Growth
Around
+6.5%
up to
+8.5%
at constant exchange rates
Inorganic contribution estimated at around
4.5 to 5 points
Operating Margin
13.6%
to
13.8%
Organic FCF
Around
€1.8bn
to
€1.9bn
Taking into account an increase in restructuring cash outflow of around €200 million compared to 2025 related to the Fit-for-growth initiatives
Nive BHAGAT
Chief Financial Officer
0.0pt
Financial Overview
FY 2024 | FY 2025 | Variation | Constant Currency Growth | ||
Revenues | 22,096 | 22,465 | +1.7% | +3.4% | |
Operating expenses | -19,162 | -19,482 | |||
Operating margin | 2,934 | 2,983 | +1.7% | ||
(in % of revenues) | 13.3% | 13.3% | Stable | ||
Other operating income and expenses | -578 | -784 | |||
Operating profit | 2,356 | 2,199 | -6.7% | ||
(in % of revenues) | 10.7% | 9.8% | -0.9pts | ||
Net financial income / expense | 13 | -30 | |||
Income tax | -681 | -534 | |||
Share of profit of associates, joint ventures & non-controlling interests | -17 | -34 | |||
Net profit (Group share) | 1,671 | 1,601 | -4.2% | ||
(in % of revenues) | 7.6% | 7.1% | -0.5pts | ||
Basic EPS in € | 9.82 | 9.46 | -3.7% | ||
Normalized EPS in € | 12.23 | 12.95 | +5.8% | ||
Organic free cash flow | 1,961 | 1,949 | Stable |
-12
Note: all alternative performance measures (constant currency growth, operating margin, organic free cash flow, normalized EPS and net debt) are defined in Appendix
Quarterly Revenue Growth
+2.9% +10.6%
+0.7%
-0.4%
-1.1%
-1.6%
-1.9%
-3.3%
in € m
5,965
5,527
5,611
5,581
5,377
5,553 5,554 5,393
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Constant currency growth YOY (in %)
Constant Currency Growth Q4: +10.6% YoYFY: +3.4% YoY
FY 2025
Q1 2025 Q2 2025 Q3 2025 Q4 2025
Year-on-Year
Constant Currency -0.4% +0.7% +2.9% +10.6% +3.4%
Currencies +0.9pts -1.7pts -2.6pts -3.7pts -1.7pts
Reported +0.5% -1.0% +0.3% +6.9% +1.7%
Bookings & Book-to-Bill
Quarterly
Book-to-Bill
1.06
1.10
0.96
1.21
Bookings
in € bn
7.2
5.9
6.1
5.2
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Constant currency growth YOY (in %)
+2.8%
+1.5%
+1.5%
+9.1%
Full-Year
Book-to-Bill
1.06
1.08
1.08
Bookings
24.4
in € bn
23.9
23.8
FY 2023
FY2024
FY2025
Constant currency growth YOY (in %)
+2.6%
-0.5%
+3.9%
Revenues by Sector
Manufacturing
Financial
Services
Public Sector
Consumer
Goods & Retail
Telcos, Media
& Technology
Energy &
Utilities
Services
25% | 22% | 15% | 13% | 12% | 8% | 5% |
+4.2% | +20.4% | +8.6% | +6.8% | +13.9% | +9.9% | +17.9% |
-2.1% | +9.2% | +4.0% | +1.5% | +7.7% | +4.3% | +3.3% |
Year-on-year revenue growth at constant currency
in % of FY25 Group revenues
Q4 2025
FY 2025
Revenues & Operating Margin By Region
North America UK & Ireland France Rest of Europe APAC & LATAMRevenues in € m, year-on-year revenue growth at constant currency
in % of FY25 Group revenues
+0.0pts
FY 2025
Operating Margin
FY 2025
Revenues
Q4 2025
Revenues
29%
13% 19%
30% 9%
1,708 | 791 | 1,094 | 1,802 | 570 | 5,965 |
+19.9% | +21.8% | -1.9% | +3.3% | +23.9% | +10.6% |
6,371 | 3,008 | 4,199 | 6,828 | 2,059 | 22,465 |
+7.3% | +10.5% | -4.1% | -0.7% | +13.8% | +3.4% |
16.9% | 18.0% | 10.9% | 11.4% | 12.6% | 13.3% |
+0.4pts | -1.7pts | +0.7pts | -0.6pts | +0.2pts | Stable |
Revenues by Business
Q4 2025
Year-on-year revenue growth at constant currency
Operations & Engineering Strategy & Transformation
29%
8%
63%
Applications & Technology
Strategy &
Transformation
Applications &
Technology
Operations &
Engineering
+6.0%
+7.4%
+20.8%
+2.4%
+4.6%
+4.9%
FY 2025
in % of FY25 Group revenues
Note: activity trends by business are calculated based on Total Revenues, i.e. before elimination of inter-business billing (see definitions in the Appendix section)
Headcount Evolution
Last-12-Months Attrition (2)
14.9%
-0.8pts
423,400
Headcount Evolution (1)
Dec. 2024
Net variation
Offshore
Net variation
Onshore
Dec. 2025
+24%
Stable
341,100
+82,300
Primarily reflecting the integration of WNS team members
Before integration of WNS data which will be taken into account from 2026 onwards
Operating Margin Analysis
in € m | FY 2024 | FY 2025 |
Revenues | 22,096 | 22,465 |
Cost of services rendered | -16,044 | -16,390 |
in % of revenues | -72.6% | -72.9% |
Gross margin | 6,052 | 6,075 |
in % of revenues | 27.4% | 27.1% |
Selling expenses | -1,634 | -1,611 |
in % of revenues | -7.4% | -7.2% |
General & administrative expenses | -1,484 | -1,481 |
in % of revenues | -6.7% | -6.6% |
Operating margin | 2,934 | 2,983 |
in % of revenues | 13.3% | 13.3% |
Net Financial Result & Income Tax
in € m | FY 2024 | FY 2025 | |
Interest on bonds | -100 | -121 | |
Other interest income and expense | 160 | 114 | |
Net interest expense | 60 | -7 | |
Other financial income and expenses | -47 | -23 | |
Net financial income / expense | 13 | -30 |
in € m | FY 2024 | FY 2025 |
Income tax | -681 | -534 |
Effective tax rate | 28.8% | 24.6% |
Net Profit Analysis
in € m FY 2024
Operating margin 2,934
Other operating income and expenses -578
-124 | -205 | |
through business combinations -125 | -138 | |
-52 | -97 | |
-231 | -245 | |
rship plan -59 -43 | ||
13 | -56 | |
Restructuring costs
Amortization of intangible assets acquired Acquisition and integration costs Expenses relating to share grants
Expenses relating to employee share owne Others
FY 20252,983
-784
Variation
+1.7%
Operating profit | 2,356 | 2,199 | -6.7% |
Net financial income / expense | 13 | -30 | |
Income tax expense | -681 | -534 | |
Share of profit of associates and joint ventures | -11 | -28 | |
Non-controlling interests | -6 | -6 | |
Net profit (Group share) | 1,671 | 1,601 | -4.2% |
Average number of shares | 170,201,409 | 169,347,632 | |
Basic EPS - in € | 9.82 | 9.46 | -3.7% |
Normalized EPS (non diluted) - in € | 12.23 | 12.95 | +5.8% |
Organic FCF Evolution
in € m
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
(1) After the unwinding of the €225 million Altran factoring program (2020)
1,080
1,071
1,119
(1)
1,160
1,288
1,852
1,873
1,949
1,961
1,963
Organic FCF
€ 1,949m
vs € 1,961m in FY 2024
Net Debt
€ 5.3bn
as of Dec 31, 2025
vs € 2.1bn as of Dec 31, 2024
Organic Free Cash Flow
Q&A
Aiman EZZAT
Chief Executive Officer
Nive BHAGAT
Chief Financial Officer
Appendix
Appendix - Index
Alternative Performance Measures
Revenue Quarterly Evolution
Q4 & FY 2025 Revenues by Region
Operating Margin by Region
Operating Margin - Analysis by Nature of Costs
Attrition, Utilization & Offshore Leverage
Net Cash Evolution (Chart)
Net Cash Evolution (Table)
Cash Flow Statement
Balance Sheet
Comprehensive Income & Change in Equity
Bond Debt Maturity Profile
ESG Policy Indicators
Alternative Performance Measures
▐ Year-on-year revenue growth at constant exchange rates is calculated by comparing revenues for the reported period with those of the same period of the previous year restated with the exchange rates of the reported period.
▐ When determining activity trends by business and in accordance with internal operating performance measures, growth at constant exchange rates is calculated based on total revenues, i.e., before elimination of inter-business billing. The Group considers this to be more representative of activity levels by business. As its business evolves, an increasing number of contracts require the combination of different business lines' expertise, leading to an increase in inter-business flows.
▐ Operating margin is one of the Group's key performance indicators. It is equal to revenues less operating expenses. It is calculated before "Other operating income and expenses" which include amortization of intangible assets recognized in business combinations, expenses related to share-based compensation (including social security contributions and employer contributions) and employee share ownership plan, and non-recurring revenues and expenses, notably impairment of goodwill, negative goodwill, capital gains or losses on disposals of consolidated companies or businesses, restructuring costs incurred under a detailed formal plan approved by the Group's management, acquisition costs, costs of integrating companies acquired by the Group including earn-outs comprising conditions of presence, and the effects of curtailments, settlements and transfers of defined benefit pension plans.
▐ Normalized earnings per share is calculated by dividing normalized profit or loss attributable to owners of the Company by the weighted average number of ordinary shares outstanding during the period, excluding treasury shares. Normalized net profit or loss is equal to profit for the period attributable to owners of the Company corrected for the impact of items recognized in other operating income and expenses, net of tax calculated using the effective tax rate.
▐ Organic free cash flow is calculated based on items in the Statement of Cash Flows and is equal to cash flow from operations less acquisitions of property, plant, equipment and intangible assets (net of disposals), lease liability repayments and adjusted for flows relating to the net interest cost.
▐ Net debt or net cash comprises (i) cash and cash equivalents, as presented in the Consolidated Statement of Cash Flows (consisting of short-term investments and cash at bank) less bank overdrafts, and also including (ii) cash management assets (assets presented separately in the Consolidated Statement of Financial Position due to their characteristics), less (iii) short- and long-term borrowings. Account is also taken of (iv) the impact of hedging instruments when these relate to borrowings, intercompany loans and own shares.
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Revenue Quarterly Evolution
Revenues (in € m) | 5,527 | 5,611 | 5,377 | 5,581 | 5,553 | 5,554 | 5,393 | 5,965 |
Year-on-Year organic growth | -3.6% | -2.3% | -2.1% | -1.5% | -1.7% | -0.4% | +1.7% | +1.7% |
Year-on-Year CC growth | -3.3% | -1.9% | -1.6% | -1.1% | -0.4% | +0.7% | +2.9% | +10.6% |
Year-on-Year CC growth by Region
North America | -7.1% | -3.7% | -3.9% | -1.6% | +0.8% | +2.4% | +7.0% | +19.9% |
UK & Ireland | -3.2% | -2.5% | +0.4% | +1.5% | +3.9% | +8.0% | +9.0% | +21.8% |
France | -2.8% | -2.7% | -2.5% | -5.8% | -4.9% | -5.0% | -4.7% | -1.9% |
Rest of Europe | -0.5% | +0.4% | +0.6% | +0.1% | -2.3% | -2.3% | -1.5% | +3.3% |
APAC & LATAM | -1.7% | -1.6% | -2.2% | +4.6% | +7.6% | +9.7% | +13.6% | +23.9% |
Year-on-Year CC growth by Sector | ||||||||
Financial Services | -7.3% | -5.4% | -1.3% | +2.0% | +2.0% | +5.5% | +8.5% | +20.4% |
Energy & Utilities | +2.5% | +0.9% | +0.1% | -2.2% | +2.5% | +2.3% | +2.3% | +9.9% |
Manufacturing | -1.5% | -1.1% | -3.4% | -6.1% | -5.9% | -4.0% | -2.6% | +4.2% |
Consumer Goods & Retail | -3.8% | -3.2% | -5.2% | +1.3% | -1.5% | -1.3% | +1.8% | +6.8% |
Public Sector | +2.4% | +3.6% | +3.9% | +2.9% | +2.7% | +1.4% | +3.4% | +8.6% |
Telco, Media & Technology | -11.1% | -5.6% | -3.0% | +0.6% | +3.8% | +5.5% | +7.2% | +13.9% |
Services | -2.3% | +0.2% | -0.7% | -5.2% | -1.8% | -1.7% | -0.5% | +17.9% |
Year-on-Year CC growth by Business | ||||||||
Strategy & Transformation | +1.6% | +3.7% | +6.5% | +1.1% | +1.2% | +1.4% | +0.7% | +6.0% |
Applications & Technology | -4.0% | -2.9% | -1.2% | -0.2% | +1.9% | +3.2% | +5.7% | +7.4% |
Operations & Engineering | -3.0% | -0.5% | -3.4% | -1.5% | -2.6% | -0.4% | +1.3% | +20.8% |
Year-on-Year reported growth | -3.5% | -1.5% | -1.9% | -0.6% | +0.5% | -1.0% | +0.3% | +6.9% |
Q4 & FY 2025 Revenues by Region
Variation
Q4 2024 | Q4 2025 | Variation |
FY 2024 | FY 2025 |
Rest of Europe
Revenues Year-on-Year Revenues
(in €m)
(in €m)
6,188 6,371
(in €m)
(in €m)
Reported
Constant
Currency
UK & Ireland
France
North America
1,550 1,708 | +10.1% | +19.9% | |
683 791 | +15.8% | +21.8% | |
1,116 | 1,094 | -1.9% | -1.9% |
1,735 1,802 | +3.8% | +3.3% | |
497 | 570 | +14.7% | +23.9% |
5,581 | 5,965 | +6.9% | +10.6% |
2,753 3,008
4,380 | 4,199 |
6,851 6,828
Year-on-Year
+3.0% | +7.3% |
+9.3% | +10.5% |
-4.1% | -4.1% |
-0.3% | -0.7% |
+7.0% | +13.8% |
+1.7% | +3.4% |
Reported Constant Currency
APAC & LATAM
TOTAL
1,924 | 2,059 |
22,096 | 22,465 |
Operating Margin by Region
FY 2024
FY 2025
Revenues
Operating Margin
Revenues
Operating Margin
(in € m) (in € m) (%) (in € m) (in € m) (%)
North America | 6,188 | 1,022 | 16.5% | 6,371 | 1,080 | 16.9% | ||
UK & Ireland | 2,753 | 542 | 19.7% | 3,008 | 540 | 18.0% | ||
France | 4,380 | 445 | 10.2% | 4,199 | 458 | 10.9% | ||
Rest of Europe | 6,851 | 823 | 12.0% | 6,828 | 776 | 11.4% | ||
APAC & LATAM | 1,924 | 238 | 12.4% | 2,059 | 260 | 12.6% | ||
Not allocated | -136 | -131 | ||||||
TOTAL | 22,096 | 2,934 | 13.3% | 22,465 | 2,983 | 13.3% |
Operating Margin - Analysis by Nature of Costs
in € m | FY 2024 | FY 2025 |
Revenues | 22,096 | 22,465 |
Personnel costs | -15,134 | -15,296 |
in % of revenues | -68.6% | -68.1% |
Purchases and subcontracting expenses | -2,880 | -3,083 |
in % of revenues | -13.0% | -13.7% |
Travel expenses | -293 | -318 |
in % of revenues | -1.3% | -1.4% |
Rent, facilities and local taxes | -209 | -207 |
in % of revenues | -0.9% | -0.9% |
Depreciation, amortization, provisions and proceeds from asset disposals | -646 | -578 |
in % of revenues | -2.9% | -2.6% |
Total operating expenses | -19,162 | -19,482 |
in % of revenues | -86.7% | -86.7% |
Operating margin | 2,934 | 2,983 |
in % of revenues | 13.3% | 13.3% |
Strategy & Transformation
LTM Attrition*
15.6%
+0.6pts
Utilization Rate
67%
69%
69%
69%
67%
69% 68%
71%
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Operations & EngineeringLTM Attrition*
15.5%
-1.5pts
Applications & TechnologyLTM Attrition*
14.5%
-0.5pts
Utilization Rate
79%
80%
80% 81%
79%
80% 79% 79%
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Group Offshore66%
Attrition, Utilization & Offshore Leverage
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Capgemini SE published this content on February 13, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on February 13, 2026 at 06:32 UTC.
