Capgemini Raises 2026 Revenue Outlook as Third-Quarter Sales Grow 11.7% at Constant Currency

Capgemini raised its full-year 2026 revenue-growth forecast on October 30 after reporting third-quarter sales of €6.073 billion, an increase of 11.7% from a year earlier at constant exchange rates. The French technology and consulting group said demand for enterprise technology modernisation and artificial-intelligence deployments supported its results.

The company now expects 2026 revenue growth of 9.0% to 9.5% at constant exchange rates, up from a previous range of about 8.5% to 9.0%. It left its operating-margin target at 13.6% to 13.8% and its organic free-cash-flow target at €1.8 billion to €1.9 billion. These figures are forecasts rather than completed full-year results.

Reported third-quarter revenue rose 12.6% at current exchange rates. The lower 11.7% constant-currency figure removes the effect of currency movements, making it a different measure from reported growth. For the first nine months of 2026, revenue totalled €18.155 billion, up 11.4% at constant exchange rates.

The headline expansion does not reflect organic growth alone. Capgemini said acquisitions including WNS and Cloud4C, completed in late 2025, made a material contribution. It estimated that acquisitions would account for roughly five percentage points of its full-year constant-currency growth.

Orders grew more slowly than revenue. Third-quarter bookings reached €5.401 billion, a 3.4% increase at constant exchange rates. Applications & Technology, the group's largest business, recorded 3.5% growth, compared with 5.3% in the second quarter. Operations & Engineering expanded 26.9%, while Strategy & Transformation grew 18.6%.

Regional growth also varied. Revenue in North America increased 18.3% at constant exchange rates, while the United Kingdom and Ireland grew 25.2%. France grew 4.9%, and the rest of Europe increased 3.4%. The company attributed some regional strength to the contribution of acquired businesses, so the geographic rates should not be read as entirely organic expansion.

Chief Executive Aiman Ezzat said clients were seeking to modernise data systems and technology foundations as they moved from testing artificial intelligence to deploying it more widely. Capgemini projected fourth-quarter constant-currency revenue growth of 3% to 4% against a higher comparison base.

The results point to stronger sales and a higher management forecast, but the slower pace of bookings and reliance on acquired operations remain important qualifications when assessing underlying demand.