The Capgemini Group reported consolidated revenues of €5,393 million in Q3 2025, up +0.3% year-on-year on a reported basis, and up +2.9% at constant exchange rates*.
Aiman Ezzat, Chief Executive Officer of the Capgemini Group, said: “The Group delivered a strong Q3, better than expected, thanks to the relevance of our AI-powered business and technology partner positioning and the targeted actions initiated a year ago, in a demand environment that is largely unchanged. Revenue growth improved in all regions, with a significant acceleration in North America. Demand continued to be driven by cloud, data and AI, with a strong focus on efficiency and optimization.
We are accelerating the integration of generative AI across our service portfolio to enable clients to achieve tangible business value. Our investments in proprietary platforms, delivery frameworks, and talent – combined with strategic partnerships – position us as a leader in AI. This is reflected in robust deal wins in generative and agentic-AI.
With the acquisition of WNS now complete, we lead in the fast-growing Intelligent Operations market addressing client demand for agentic AI-powered business operations.
On the back of this strong performance, we raise our growth target for 2025 to between +2.0% and +2.5% – as a reminder, this is above the top-end of the growth outlook communicated in February 2025[1] – and narrow our operating margin target to between 13.3% and 13.4%.”
|
(in millions of euros) |
Change |
|||
|
Revenues |
2024 |
2025 |
At current exchange rates |
At constant exchange rates* |
|
Q3 |
5,377 |
5,393 |
+0.3% |
+2.9% |
|
9 months |
16,515 |
16,500 |
-0.1% |
+1.0% |
Capgemini generated revenues of €5,393 million in Q3 2025, up +0.3% year-on-year on a reported basis. In an economic environment that remains uncertain, Capgemini continued to benefit from the targeted actions implemented over the last twelve months. As a result, at constant exchange rates, year-on-year revenue growth improved in Q3 in most regions, businesses and sectors, lifting the Group’s revenue growth from +0.7% in Q2 to +2.9% in Q3 2025.
For the first nine months of the year, revenues grew +1.0% at constant exchange rates and were essentially stable at -0.1% on a reported basis.
The overall demand environment remains stable, with clients continuing to invest selectively in initiatives that support operational efficiency and strategic transformation rather than growth-oriented programs. There is consistent interest in technology-led solutions that deliver tangible outcomes with sustained demand for cloud, digital core, data estate modernization and AI/GenAI solutions.
Bookings totaled €5,161 million in Q3 2025, an increase of +1.5% at constant exchange rates, leading to a book-to-bill ratio of 0.96 for the period in line with traditional seasonality.
OPERATIONS BY REGION
At constant exchange rates, revenues in the North America region (28% of 2024 Group revenues) rose +7.0% year-on-year. Growth was driven by the Financial Services and TMT (Telecoms, Media and Technology) sectors as well as the Manufacturing sector, notably in the Life Sciences industry.
Revenues in the United Kingdom and Ireland region (12% of 2024 Group revenues) grew by +9.0%. This robust growth was broad-based, with Financial Services and TMT sectors recording the strongest performance.
Revenues in France (20% of 2024 Group revenues) declined by -4.7%, notably driven by the persisting weakness in the Manufacturing sector.
Revenues in the Rest of Europe region (31% of 2024 Group revenues) decreased by -1.5%. Solid growth in the Public, Consumer Goods & Retail and Financial Services sectors were more than offset by the softness in the Manufacturing and Services sectors.
Finally, revenues in the Asia-Pacific and Latin America region (9% of 2024 Group revenues) increased by +13.6%. Growth was particularly robust across the Financial Services, Manufacturing, Energy & Utilities and TMT sectors.
OPERATIONS BY BUSINESS
At constant exchange rates, total revenues*of Strategy & Transformation services (9% of 2024 Group revenues) were slightly up by +0.7% year-on-year.
Applications & Technology services (62% of 2024 Group revenues and Capgemini’s core business) posted a solid growth of +5.7% of their total revenues.
Lastly, Operations & Engineering (29% of 2024 Group revenues) total revenues increased by +1.3%, with continued strong growth in Business Services.
HEADCOUNT
The Group’s total headcount stands at 354,700 as at September 30, 2025, up +4.7% year-on-year. The offshore workforce stands at 211,800 employees or 60% of the total headcount.
OUTLOOK
The Group’s financial targets for 2025 are updated as follows:
- Revenue growth of +2.0% to +2.5% at constant currency (was -1.0% to +1.0%);
- Operating margin of 13.3% to 13.4% (was 13.3% to 13.5%);
- Organic free cash flow of around €1.9 billion (unchanged).
Following the completion of the acquisition of WNS, the contribution from M&A to revenue growth is now estimated to around 2 points (was around 1 point).
CONFERENCE CALL
Aiman Ezzat, Chief Executive Officer, accompanied by Nive Bhagat, Chief Financial Officer, will comment on this publication during a conference call in English to be held today at 8.00 a.m. Paris time (CET). You can follow this conference call live via webcast at the following link. A replay will also be available for a period of one year.
All documents relating to this publication will be posted on the Capgemini investor website at https://investors.capgemini.com/en/.
[1] In the initial outlook for 2025 communicated in February 2025, the top-end of the constant currency growth target stood at +2.0%.
