Industry Summary Articles

The Board of Directors of Capgemini SE, chaired by Paul Hermelin, convened on February 12, 2026 in Paris to review and adopt the accounts of the Capgemini Group for the year ended December 31, 2025.

Aiman Ezzat, Chief Executive Officer of the Capgemini Group, said: “In a complex macroeconomic environment, we exceeded our revenue growth objective and met our margin and organic free cash flow targets, demonstrating the strength and clarity of our strategic direction. The improvement of our underlying growth dynamics throughout the year has been driven by a strong demand for cloud, data & AI and digital business process services, as well as a greater number of large transformational deals.

We are helping clients to scale AI from small experiments to enterprise-wide programs by integrating AI throughout our portfolio, deploying it in delivery, and strengthening our partner ecosystem to accelerate path to value. Generative and agentic AI accounted for over 10% of Group bookings in Q4, demonstrating that our clients recognize us as a trusted partner for their AI-driven business and technology transformation.

We are accelerating the transformation of our capabilities to align with our growth agenda. This will drive a number of country-specific workforce and skills adaptation initiatives resulting in cumulative restructuring costs of circa €700 million over the next two years.

The strategic acquisition of WNS marked a milestone for the Group. This acquisition strengthens Capgemini’s ability to deliver GenAI‑powered intelligent operations at scale, accelerating end-to-end agentification of business processes to deliver significant value.

In 2026, our growth will be fueled by AI-led transformation programs, Intelligent Operations where we are signing some large deals, and sovereignty where demand is significantly increasing as demonstrated by our recent announcements with AWS, Google and Microsoft.

We are clearly pivoting the Group to be the catalyst for enterprise-wide AI adoption.

Looking ahead, we target for 2026 revenue growth at constant exchange rates of around +6.5% to +8.5% and an operating margin of between 13.6% and 13.8%.”

Key figures

Capgemini delivered a solid performance in 2025 with a tangible acceleration in growth throughout the year and a resilient operating margin. The Group benefited from the targeted initiatives implemented over the past year to make it more agile with a stronger emphasis on growth, and from a demand environment that proved slightly better than expected towards the year end.

Capgemini continued in 2025 to demonstrate the relevance of its positioning and the strength of its partner ecosystem through strong performance on large deals, while demand remained selective and even subdued in some markets. Clients maintained a strong focus on efficiency, operational agility and cost optimization while accelerating their AI transformation roadmaps. This environment has fueled a sustained demand for Capgemini’s Cloud, Data & AI services notably to provide the foundational capabilities required to scale AI. The commercial pipeline is also starting to benefit from the growing momentum in Defense, Sovereignty and Intelligent Operations.

Capgemini reported revenues of €22,465 million in 2025, up +1.7% year-on-year. Excluding the -1.7% headwind from currency fluctuations, constant currency growth^* was +3.4%, above the top end of the outlook as upgraded in October 2025. After a return to positive growth in Q2, the constant currency growth rate continued to improve to reach +10.6% year-on-year in Q4, reflecting a further improvement in underlying performance and the significant contribution of the acquisitions closed in this quarter (WNS and Cloud4C).

With bookings of €24,356 million in 2025 and €7,202 million in Q4, the Group maintained a strong commercial momentum, achieving a solid book-to-bill of 1.08 for the year, and 1.21 in Q4. When compared to 2024 bookings, this represents, at constant exchange rates, an increase of +3.9% for the year and of +9.1% in Q4. Generative AI bookings contributed more than 8% of Group bookings for the year and more than 10% in Q4.

The operating margin^* was stable year-on-year, at 13.3% of revenues, or €2,983 million, within the range targeted for 2025.

Other operating income and expenses represented a net expense of €784 million in 2025, compared to €578 million in 2024. This increase is notably attributable to higher restructuring charges, and also to higher transformation costs and acquisition costs.

Capgemini’s operating profit was €2,199 million, or 9.8% of revenues, compared with €2,356 million, or 10.7% of revenues in 2024.

The Group reported a net financial expense of €30 million in 2025, compared to net income of €13 million in 2024, reflecting higher interest expense on bonds and lower interest income on cash assets.

The income tax expense was €534 million in 2025, representing an effective tax rate of 24.6%, compared to €681 million and 28.8% in 2024.

Taking into account the share of profits of associates and non-controlling interests, the Group share in net profit decreased -4.2% year-on-year to €1,601 million. Basic earnings per share is down -3.7% to €9.46. Normalized earnings per share^* is up +5.8% to €12.95.

Organic free cash flow* was essentially stable at €1,949 million, in line with the target of “around €1.9 billion” for 2025.

Capital allocation & Balance sheet

In 2025, Capgemini actively deployed close to €4.6 billion of capital, funded by the organic free cash flow of the year and bond issuances. Capgemini invested €3.8 billion in acquisitions, notably to acquire WNS. The Group also paid dividends of €578 million (€3.40 per share) to Capgemini SE shareholders and allocated €542 million to share buybacks: €200 million under its multiyear program and €342 million to neutralize the dilution of the 12^th employee share ownership plan (ESOP). This ESOP plan, which proved highly successful and thus contributed to maintaining employee shareholding at around 8% of the share capital, led to a gross capital increase of €299 million.

In June 2025, the Group redeemed in full and at maturity its €800 million bond issued in June 2020 and issued new bonds in September 2025 for a total of €4.0 billion.

At December 31, 2025, Capgemini had cash, cash equivalents and cash management assets of €3.0 billion. After accounting for borrowings of €8.3 billion as well as for derivative instruments, the Group’s net debt* is €5.3 billion, compared with €2.1 billion at December 31, 2024.

The Board of Directors decided to recommend the payment of a dividend of €3.40 per share at the Shareholders’ Meeting of May 20, 2026. The corresponding payout ratio is around 35% of net profit (Group share), in line with the Group’s historical distribution policy.

Operations by Region

The acceleration in Capgemini’s growth throughout 2025 was fueled by improvements in revenue growth rates across all regions.

In 2025 and at constant exchange rates, revenues in North America (29% of Group revenues) increased by +7.3% compared to 2024. This resulted from continued underlying traction throughout the year and the acquisition of WNS, which strengthens the Group in the region. The strong performance of Financial Services and, to a lesser extent in the TMT (Telecoms, Media & Technology) and Manufacturing sectors, were the main growth drivers. The operating margin increased to 16.9% from 16.5% in 2024.

The United Kingdom and Ireland region (13% of Group revenues) posted a +10.5% increase in revenues with growth across the board. This strong performance was primarily driven by robust underlying momentum notably in the Financial Services, TMT and Public sectors. The operating margin was 18.0% compared to 19.7% in 2024.

France (19% of Group revenues) revenues decreased by -4.1%, in a challenging environment. This evolution was mostly driven by the persistent weakness of the Manufacturing sector and the contraction of the Energy & Utilities and Consumer Goods & Retail sectors. The operating margin was 10.9% compared to 10.2% in 2024.

In the Rest of Europe region (30% of Group revenues), revenues declined by -0.7%. The good performance of the Public Sector and the growth in Energy & Utilities and Services sectors were offset by a weak Manufacturing sector. The operating margin was 11.4%, down slightly from 12.0% a year earlier.

Finally, revenues in the Asia-Pacific and Latin America region (9% of Group revenues) were up +13.8% driven by Financial Services as well as the solid traction in the Consumer Goods & Retail and TMT sectors. The operating margin increased marginally to 12.6% compared with 12.4% the year before.

Operations by Business

At constant exchange rates, Strategy & Transformation consulting services (8% of Group revenues) reported +2.4% growth in total revenues in 2025, reflecting contrasted trends across regions.

Applications & Technology services (63% of Group revenues and Capgemini’s core business) reported a +4.6% increase in total revenues.

Finally, total revenues in Operations & Engineering services (29% of Group revenues) increased +4.9% with solid growth in Digital Business Process Services.

Operations in Q4 2025

Capgemini’s underlying year-on-year growth rate continued to improve in Q4 2025. This reflects a further underlying performance improvement in the Group’s main regions with strengthened momentum in North America, and a return to growth in the Rest of Europe region. With the consolidation of WNS and Cloud4C, constant currency growth reached +10.6% and revenue totaled €5,965 million. By region, WNS and Cloud4C materially contributed to the growth of the North America, United Kingdom & Ireland and Asia-Pacific regions.

At constant exchange rates, revenues in the North America region increased by +19.9%, resulting from solid growth of the Financial Services, Manufacturing and TMT sectors. Revenues in the United Kingdom and Ireland region grew +21.8%, supported by the good performance of the Public Sector, Financial Services and TMT. In France, the challenges in the Manufacturing and Public sectors more than offset the growth in Financial Services and in the Consumer Goods & Retail sector and led revenues to decline -1.9%. Revenues in the Rest of Europe region returned to growth, increasing +3.3%, as the good performance of the Public Sector offset the decline in the Manufacturing sector, which nonetheless showed improvements. Finally, revenues in the Asia-Pacific and Latin America region grew by +23.9% supported by the robust activity of the Consumer Goods & Retail and Financial Services sectors.

At constant exchange rates, Strategy & Transformation services reported +6.0% growth in total revenues in Q4, reflecting contrasted trends across regions. Total revenues from Applications & Technology services grew +7.4%. Finally, Operations & Engineering services total revenues increased by +20.8%, reflecting positive underlying growth in 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 December 31, 2025, the Group’s total headcount stood at 423,400, up 82,300 or +24% year-on-year and up 68,700 compared to the end of September 2025, primarily reflecting the integration of WNS team members.

The onshore workforce was stable year-on-year at 144,200 employees. The offshore workforce increased 82,300 year-on-year, or +42%, to 279,200 employees, i.e., 66% of the total headcount.

ESG Performance

In 2025, Capgemini enhanced its ESG policy and objectives set in 2021, reinforcing its commitment to sustainable growth and responsible business practices. The updated policy builds on 9 priorities, largely inspired by those defined in 2021, and 14 objectives which were partly updated where appropriate. Indeed, the Group had already reached some of the objectives set initially in 2021 and will continue to build on this momentum through its updated ESG policy.

From an environmental standpoint, in 2025 Capgemini accelerated its progress toward its SBTi -validated goal of reaching Net-Zero by 2040, including a 90% reduction in all carbon emissions (Scope 1, 2 and 3). By the end of 2025, the Group had achieved a 94% reduction in its Scope 1 and 2 emissions, as well as a 70% decrease in emissions per employee from business travel (Scope 3), compared to 2019. Capgemini also reached 100% renewable electricity for all operations in 2025, in line with its RE100 commitment^[2].

In 2025, Capgemini continued to invest in its talent: the average number of learning hours per employee reached 97, well above its objective of maintaining an average of 70 learning hours per employee per year, and with a particular focus on AI-related upskilling.

The Group also made notable progress in gender balance, achieving in 2025 as planned its global objective of 40% of women in the global workforce, up by 7 points since 2019. The proportion of women among executive leadership positions globally reached 30.5%, up by 1.5 points year-on-year and more than 13 points since 2019.

Finally, Capgemini further strengthened its commitment to responsible business practices across its supply chain, with 72% of total purchases made in 2025 with suppliers who have formally committed to its ESG standards. This achievement is in line with the Group’s objective of exceeding 80% of its total purchase amount with ESG compliant suppliers by 2030.

In recognition of this continued progress, Capgemini was confirmed as a constituent of the Dow Jones Best-in-Class Indices (DJBIC, formerly DJSI) Europe and maintained its “A list” position in the 2025 CDP (Carbon Disclosure Project) assessment.

Fit-for-growth

Given the evolution of client demand in some markets over the past couple of years and an accelerated technology shift primarily driven by artificial intelligence, Capgemini is accelerating the adaptation of its workforce and skills through a number of country-specific initiatives. The Group therefore anticipates restructuring costs of approximately €700 million over the next two years, with the majority in 2026.

These initiatives will enable the Group, through increased pace of investment in artificial intelligence, to drive sustained growth and strengthen its market position and financial profile.

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.

Capital Markets Day

Capgemini is reinforcing the Group’s long‑term competitive position in an AI‑driven market, putting in place the foundations for its next growth cycle. The optimization programs now underway will support increased investments in transformation, new skillsets, innovative offerings, and in the integration of recent strategic acquisitions.

Capgemini will hold a Capital Markets Day on May 27, 2026 to outline its medium‑term plans.

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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