“In the fourth quarter, CGI delivered revenue growth, strong cash generation and double-digit EPS expansion led by our AI-embedded managed services, M&A and our share buyback program,” said François Boulanger, President and Chief Executive Officer. “Clients continued to rely on CGI as a trusted transformation partner to improve productivity, reduce costs and achieve business outcomes. As such, book-to-bill reached 119% in the quarter.”
“Looking ahead, our teams continue to turn client ambition into action and results — using our financial strength, disciplined execution, AI and emerging technology expertise and proximity-based relationships to fuel future growth. Our pipeline reflects this positioning, with a nearly 30% increase in new opportunities.”
Q4-F2025 performance highlights
- Revenue of $4.01 billion, up 9.7% year-over-year or 5.5% year-over-year in constant currency1;
- Earnings before income taxes of $516.2 million, down 12.9% year-over-year, for a margin1 of 12.9%;
- Adjusted earnings before interest and taxes1,2 of $667.4 million, up 11.2% year-over-year, for a margin1 of 16.6%;
- Net earnings of $381.4 million for a margin1 of 9.5%, and diluted EPS of $1.72, down 9.9% year-over-year;
- Adjusted net earnings1,2 of $471.7 million for a margin1 of 11.8%, and adjusted diluted EPS1,2 of $2.13, up 10.9% year-over-year;
- Cash provided by operating activities of $663.0 million, representing 16.5% of revenue1; and
- Bookings1 of $4.79 billion, for a book-to-bill ratio1 of 119.2%.
F2025 performance highlights
- Revenue of $15.91 billion, up 8.4% year-over-year or 4.6% year-over-year in constant currency1;
- Earnings before income taxes of $2,242.2 million, down 2.1% year-over-year, for a margin1 of 14.1%;
- Adjusted earnings before interest and taxes1,3 of $2,610.9 million, up 8.1% year-over-year, for a margin1 of 16.4%;
- Net earnings of $1,658.3 million, down 2.0% year-over-year, for a margin1 of 10.4%, and diluted EPS of $7.35, up 0.5% year-over-year;
- Adjusted net earnings1,3 of $1,871.5 million, up 6.0% year-over-year, or a margin1 of 11.8%, and adjusted diluted EPS1,3 of $8.30, up 8.9% year-over-year;
- Cash provided by operating activities of $2,234.2 million, representing 14.0% of revenue1;
- Bookings1 of $17.57 billion, for a book-to-bill ratio1 of 110.4%; and
- Backlog1 of $31.45 billion or 2.0x annual revenue.
Note: All figures in Canadian dollars. F2025 MD&A, audited consolidated financial statements and accompanying notes can be found at cgi.com/investors and have been filed with the Canadian Securities Administrators on SEDAR+ at www.sedarplus.ca and the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov.
1 Constant currency revenue growth, adjusted earnings before interest and taxes, adjusted earnings before interest and taxes margin, adjusted net earnings, adjusted net earnings margin and adjusted diluted EPS are non-GAAP financial measures or ratios. Earnings before income taxes margin, net earnings margin, cash provided by operating activities as a percentage of revenue, bookings, book-to-bill ratio, and backlog are key performance measures. See “Non-GAAP and other key performance measures” section of this press release for more information, including quantitative reconciliations to the closest International Financial Reporting Standards (IFRS Accounting Standards) measure, as applicable. These are not standardized financial measures under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other companies.
2 Q4-F2025 adjusted for $90.4 million of restructuring, acquisition and related integration costs, net of tax; Q4-F2024 adjusted for $3.2 million of restructuring, acquisition and related integration costs, net of tax.
3 F2025 adjusted for $213.2 million of restructuring, acquisition and related integration costs, net of tax; F2024 adjusted for $73.2 million of restructuring, acquisition and related integration costs, net of tax.
