Industry Summary Articles

The Capgemini Group reported Q3 2026 revenues of €6,073 million, up +12.6% at current exchange rates and +11.7% at constant exchange rates.

Aiman Ezzat, Chief Executive Officer of the Capgemini Group, said: “Capgemini delivered another solid quarter, with growth of +11.7% at constant exchange rates and underlying growth close to Q2, once again outperforming the industry. In a stable demand environment, we continue to see strong momentum in North America and the United Kingdom, and a clear acceleration in France.

Our strategy, focused on the new value pools created by AI, is translating into tangible business traction. Clients are now focused on deploying AI at enterprise scale, while addressing challenges related to governance, cost and security. This is driving demand for the modernization of their technology and data foundations, the critical prerequisite for the agentic enterprise. At the same time, clients are transforming their business operations with agentic AI, as reflected in another quarter of double-digit like-for-like growth in Intelligent Business Operations, strengthened by WNS’s scale and capabilities. We are also capturing opportunities in the defense sector and around sovereignty, as clients place greater emphasis on control and strategic resilience.

Capgemini is uniquely positioned to make AI real for its clients, combining technology, deep industry expertise, business transformation and operational execution, and increasingly leveraging an expanded partner ecosystem. We expect to maintain this momentum and target, on a higher comparison basis, a constant currency growth of 3% to 4% in Q4. On the strength of this quarter, we are raising our 2026 revenue growth target to +9.0% to +9.5% at constant exchange rates, while confirming our operating margin and organic free cash flow objectives.”

Key figures

The Group reported revenues of €6,073 million in Q3 2026, up +12.6% year-on-year. Excluding the +0.9% tailwind from currency fluctuations, constant currency growth^* was +11.7%, reflecting solid underlying growth complemented by the contribution of WNS and Cloud4C.

The Group continued to execute strongly against the strategy presented at its Capital Markets Day. Clients are increasingly focused on AI transformation and scaling deployments enterprise-wide. This is driving growing demand for the modernization of their technology foundations and the deployment of the new agentic tech stack, while opening new opportunities to redesign and transform business operations with agentic AI.

With bookings of €5,401 million in Q3, up +3.4% year-on-year at constant exchange rates, the Group demonstrated good commercial momentum.

Operations by Region

The Group’s underlying growth (i.e. excluding the impact of acquisitions) in Q3 2026 was solid, supported by the positive momentum in North America and the United Kingdom, as well as continued improvements in France and the Rest of Europe. Acquisitions (notably WNS and Cloud4C closed in Q4 2025) had a material contribution to growth in the North America, United Kingdom & Ireland and Asia-Pacific regions.

In Q3 2026 and at constant exchange rates, revenues in North America (29% of 2025 Group revenues) grew +18.3% year-on-year, led by continued momentum in Financial Services, alongside strong performances in Manufacturing and Consumer Goods & Retail.

The United Kingdom and Ireland region (13% of 2025 Group revenues) posted revenue growth of +25.2% with strong traction in the Public Sector and a very dynamic Consumer Goods & Retail sector while TMT declined.

France (19% of 2025 Group revenues) continued its recovery, with revenues up by +4.9% year-on-year. Growth was primarily driven by Manufacturing and Financial Services, even as the Public Sector remained weak.

Revenues in the Rest of Europe region (30% of 2025 Group revenues) rose by +3.4%. The Public, Energy & Utilities and Services sectors all grew strongly, and Manufacturing turned slightly positive.

Finally, revenues in the Asia-Pacific and Latin America region (9% of 2025 Group revenues) increased +11.9%, supported by the contribution of WNS and Cloud4C, with good growth in the Financial Services and Consumer Goods & Retail sectors.

Operations by Business

At constant exchange rates, Strategy & Transformation (8% of 2025 Group revenues) reported +18.6% growth in total revenues in Q3 2026. This strong performance reflects the growing demand for business transformation in the era of agentic AI, as clients redesign their enterprise processes around AI, and the relevance of Capgemini’s deep industry expertise and understanding of clients’ business challenges.

Applications & Technology (63% of 2025 Group revenues and Capgemini’s core business) reported total revenue growth of +3.5%, supported by continued demand for the modernization of legacy technologies, a critical prerequisite for building the new agentic technology stack.

Finally, total revenues in Operations & Engineering (29% of 2025 Group revenues) increased +26.9%, with double-digit growth on a like-for-like basis in Intelligent Business Operations, with strong performance across Capgemini and WNS activities.

Headcount
As of September 30, 2026, the Group’s total headcount stood at 417,500, up 62,800 or +18% year-on-year, primarily reflecting the integration of WNS team members, and down 5,900 compared to the end of 2025.

The onshore workforce was 141,900 employees. The offshore workforce was 275,600 employees, stable at 66% of the total headcount compared to the end of 2025.

Outlook
The Group’s financial targets for 2026 are updated as follows:

• Revenue growth of +9.0% to +9.5% at constant exchange rates (was around +8.5% to +9.0%). The inorganic contribution is estimated at around 5 points (unchanged);
• Operating margin of 13.6% to 13.8% (unchanged);
• Organic free cash flow of around €1.8 billion to €1.9 billion (unchanged).

The organic free cash flow target takes into account an increase in restructuring cash outflow of around €200 million compared to 2025 related to the Fit-for-Growth initiatives.

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/.

To view the original press release, please click here.

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