The Capgemini Group reported Q1 2026 revenues of €5,943 million, up +7.0% at current exchange rates and +11.0% at constant exchange rates*.
Aiman Ezzat, Chief Executive Officer of the Capgemini Group, said: “This quarter’s performance validates our cloud and AI strategy, delivering strong underlying growth, in line with Q4 2025 and outperforming most peers in the market.
We secured major transformational deals and long-term commitments, including the five–year extension of our strategic partnership with McDonald’s. It underscores clients’ confidence in our ability to deliver complex, large–scale transformations that unlock revenue growth and create greater business value.
Q1 delivered strong traction in Intelligent Operations, notably thanks to our WNS acquisition. We maintained a strong momentum in defense as well. We also remain focused on disciplined execution, including on the fit-for-growth initiatives.
We are uniquely positioned to capture large AI transformation projects, leveraging our deep business and technology capabilities to drive business outcomes from clients’ AI investments.
We deepened partnerships with hyperscalers and further strengthened our AI relevance notably through our Google Cloud AI Enterprise Hub and our new Frontier Alliance partnership with OpenAI. At this turning point, the Group is demonstrating its leadership in AI-driven transformation which we’ll further illustrate during our Capital Markets Day.
We are confident in the path ahead to create sustained value for clients.”
Key figures
Clients continue to accelerate AI adoption, gradually moving towards more agentic AI projects. This shift reinforces the need to modernize their core technology stacks, to support the secure deployment and scaling of AI across enterprise environments. In a context marked by macroeconomic uncertainties, clients continue to invest to support their transformation.
The Group reported revenues of €5,943 million in Q1 2026, up +7.0% year-on-year. Excluding the -4.0% headwind from currency fluctuations, constant currency growth* was +11.0%, reflecting a sustained underlying momentum and the contribution of acquisitions closed in the fourth quarter of 2025 (WNS and Cloud4C).
With bookings of €6,054 million in Q1, up +6.2% year-on-year at constant currency rates, the Group demonstrated a strong commercial momentum, achieving a solid book-to-bill of 1.02. Generative and agentic AI bookings contributed more than 11% of Group bookings in Q1.
Operations by Region
For the main regions, constant currency growth rates evolution reflects underlying trends, as the scope impact is similar to the previous quarter. In this quarter again, WNS and Cloud4C materially contributed to the growth in North America, the United Kingdom and Asia-Pacific.
In Q1 2026 and at constant exchange rates, revenues in North America (29% of 2025 Group revenues) increased by +20.7% compared to Q1 2025. This resulted from continued underlying positive momentum complemented by the acquisition of WNS. The strong performance of Financial Services and the solid growth in the TMT (Telecoms, Media & Technology) and Manufacturing sectors were the main growth drivers.
The United Kingdom and Ireland region (13% of 2025 Group revenues) posted a +21.7% increase in revenues with double-digit growth across almost all sectors. The underlying performance was robust and primarily driven by the Financial Services and Public sectors and the strong performance of the Consumer Goods & Retail sector.
France (19% of 2025 Group revenues) revenues slightly decreased by -1.0%. The growth in the Financial Services and Energy & Utilities sectors was offset by the contraction of the Consumer Goods & Retail and Public sectors. While remaining slightly negative, the Manufacturing sector improved.
In the Rest of Europe region (30% of 2025 Group revenues), revenues were up +1.7%. The good performance of the Public Sector, combined with the Consumer Goods & Retail sector returning to growth, more than offset the weakness of the Manufacturing sector.
Finally, revenues in the Asia-Pacific and Latin America region (9% of 2025 Group revenues) increased +26.9% with growth across the board, primarily driven by Financial Services as well as solid traction in the Consumer Goods & Retail and Energy & Utilities sectors.
Operations by Business
At constant exchange rates, Strategy & Transformation consulting services (8% of 2025 Group revenues) reported +6.2% growth in total revenues in Q1 2026, reflecting contrasted trends across regions.
Applications & Technology services (63% of 2025 Group revenues and Capgemini’s core business) reported a +4.8% increase in total revenues.
Finally, total revenues in Operations & Engineering services (29% of 2025 Group revenues) increased +25.2%, supported by positive underlying growth across all businesses and the contribution of WNS and Cloud4C activities. Combined revenues of Capgemini and WNS in Digital Business Process Services grew double-digit on a like-for-like basis.
Headcount
At March 31, 2026, the Group’s total headcount stood at 421,000, up 78,300 or +23% year-on-year, primarily reflecting the integration of WNS team members, and down 2,400 compared to the end of 2025.
The onshore workforce was 143,200 employees. The offshore workforce was 277,800 employees, i.e. 66% of the total headcount.
Outlook
The Group’s financial targets for 2026 are:
- Revenue growth of around +6.5% up to +8.5% at constant exchange rates. The inorganic contribution is estimated at around 4.5 points to 5 points;
- Operating margin of 13.6% to 13.8%;
- Organic free cash flow of around €1.8 billion to €1.9 billion.
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).
All documents relating to this publication will be posted on the Capgemini investor website at https://investors.capgemini.com/en/.
