Capgemini reported Q1 2026 revenue of €5,943 million, up 7.0% year on year and 11.0% at constant currency, broadly in line with market expectations. EPS and net income were not disclosed for the quarter. The stock showed a positive intraday/after‑hours movement, reflecting a broadly constructive reaction to the print.
About Capgemini Group
Capgemini SE (ticker: CAP on Euronext Paris) is a global IT services and consulting group headquartered in Paris, France, founded in 1967 by Serge Kampf. It positions itself as an AI‑powered business and technology transformation partner, offering strategy and transformation consulting, application and technology services, and operations and engineering, including digital business process services, infrastructure and cloud, and R&D/engineering.
The Group generated €22.5 billion in global revenues in 2025 and employs over 420,000 people in more than 50 countries. As of Q1 2026, Capgemini’s total headcount stands at 421,000, with around 143,200 onshore and 277,800 offshore (66% of total). While the exact current market capitalization, P/E ratio and dividend yield are not specified in the Q1 release, the scale of revenues and workforce underlines Capgemini’s position among the largest global IT services providers.
Top Financial Highlights
- Q1 2026 revenues of €5,943 million, up 7.0% year on year and 11.0% at constant exchange rates, indicating strong underlying growth despite FX headwinds.
- Bookings of €6,054 million, up 6.2% at constant exchange rates, delivering a solid book‑to‑bill ratio of 1.02.
- Revenue growth was supported by the late‑2025 acquisitions of WNS and Cloud4C, which materially contributed to North America, the UK and Asia‑Pacific.
- By region (Q1 2026 revenues): North America €1,721 million (+8.8% reported; +20.7% constant currency), UK & Ireland €853 million (+17.3% reported; +21.7% constant currency), France €1,065 million (-1.0% reported and constant), Rest of Europe €1,731 million (+2.5% reported; +1.7% constant), Asia‑Pacific & Latin America €573 million (+19.6% reported; +26.9% constant).
- At constant currency, Operations & Engineering revenues (29% of 2025 Group revenues) rose 25.2%, driven by Digital Business Process Services and contributions from WNS and Cloud4C.
- Applications & Technology (63% of 2025 Group revenues and core business) grew 4.8% at constant exchange rates, while Strategy & Transformation (8%) increased 6.2%.
- Sector mix (share of 2025 revenues) shows strong momentum in Financial Services (22% of revenues, +21.9% constant currency), Public Sector (15%, +9.4%), Telecoms, Media & Tech (12%, +10.6%), and Services (5%, +17.4%).
- Manufacturing (25% of 2025 revenues) grew 3.5% at constant exchange rates, while Consumer Goods & Retail (13%) and Energy & Utilities (8%) each grew 8.8%.
- Headcount at March 31, 2026 was 421,000, up 78,300 or +23% year on year, mainly due to integrating WNS, and down 2,400 versus end‑2025, indicating ongoing efficiency initiatives.
- Generative and agentic AI bookings represented more than 11% of Group bookings in Q1, highlighting growing AI‑driven deal flow.
- Management reaffirmed 2026 guidance: revenue growth of around +6.5% to +8.5% at constant exchange rates, operating margin of 13.6%–13.8%, and organic free cash flow of around €1.8–€1.9 billion.
- The outlook incorporates an additional ~€200 million restructuring cash outflow in 2026 related to “Fit‑for‑Growth” initiatives.
- Q1 2026 revenues compare to €5,553 million in Q1 2025, implying a €390 million increase year on year.
Beat or Miss?
Capgemini’s Q1 top line grew 7% on a reported basis and 11% at constant currency, described by external coverage as “in line with estimates”, suggesting neither a clear beat nor a miss on the revenue line. The company did not publish EPS or margin data with this trading‑style revenue release, so comparison versus earnings‑per‑share or profit expectations is not possible from this document alone.
Reported vs Estimated
| Metric | Reported | Difference/Analysis |
| Revenue | €5,943 million (Q1 2026) | Described as “in line with estimates”; no precise consensus figure disclosed. |
| Revenue growth (reported) | +7.0% year on year | Healthy recovery vs Q1 2025, supported by acquisitions and AI‑led demand. |
| Revenue growth (constant) | +11.0% year on year | Shows underlying strength; FX was a -4.0 pt headwind. |
| Bookings | €6,054 million | Strong commercial momentum with book‑to‑bill 1.02; no consensus provided. |
| EPS | N/A in the release | Quarterly EPS not disclosed; cannot assess beat/miss on earnings. |
| Operating margin | N/A for Q1 (guidance 13.6–13.8%) | Only full‑year 2026 margin guidance given, not Q1 actual. |
What Leadership Is Saying?
“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.”
While the Q1 2026 release does not contain a discrete quote from the Chief Financial Officer, management collectively reiterates financial discipline and confirms 2026 targets for revenue growth of +6.5% to +8.5%, operating margin of 13.6% to 13.8% and organic free cash flow of €1.8–€1.9 billion, highlighting continued focus on margins, cash generation and restructuring under the Fit‑for‑Growth program.
How the Market Reacted?
External coverage notes that Capgemini’s first‑quarter revenue rose 7% year on year and was “in line with estimates”, with shares trading higher on the day of the announcement, indicating a constructive market reaction. Investors appear to welcome the acceleration in constant‑currency growth, strong AI‑related bookings and robust performance in North America, the UK and Asia‑Pacific.
At the same time, the lack of margin and EPS detail keeps the focus on top‑line momentum and 2026 guidance credibility rather than near‑term profitability. Overall sentiment around the release can be characterized as moderately bullish, given solid growth, reaffirmed guidance and visible AI deal momentum
