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Capgemini Beats 2025 Target, Lifts 2026 Outlook on AI Push and Acquisitions

Guidance factors in near-term cash flow pressure from a skills realignment program.

Overview

  • Full-year 2025 revenue reached €22.47 billion, topping the company’s October guidance.
  • Fourth-quarter sales rose 10.6% after consolidating WNS and Clou4C, which made a significant contribution.
  • Generative and agentic AI accounted for more than 10% of quarterly bookings, up from about 5% earlier in the year.
  • For 2026, Capgemini projects 6.5% to 8.5% revenue growth at constant exchange rates, with roughly 4.5–5 percentage points from acquisitions, primarily WNS.
  • Operating margin is guided to 13.6%–13.8% and organic free cash flow to €1.8–€1.9 billion, reflecting around €700 million of restructuring costs concentrated in 2026 to align workforce skills for AI services.