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One of Europe’s biggest IT consulting company Capgemini has raised its 2026 guidance for the second time this year. French IT company raised its guidance after its third-quarter revenue grew 12%, in what is being viewed as the strongest signal yet that the rush to deploy AI is turning into contracts for Europe’s established IT consultancy companies.
In earnings call, Capgemini CEO Aiman Ezzat said that third-quarter growth beat analyst expectations and outpaced the sector, with demand now concentrated in overhauling clients’ data systems to adapt their business to AI.
The Capgemini Group reported third quarter 2026 revenues of €6,073 million, up +12.6% at current exchange rates and +11.7% at constant exchange rates. The Group’s underlying growth (i.e. excluding the impact of acquisitions) in Q3 2026 was solid, supported by the positive momentum in North America and the United Kingdom, as well as continued improvements in France and the Rest of Europe. Acquisitions (notably WNS and Cloud4C closed in Q4 2025) had a material contribution to growth in the North America, United Kingdom & Ireland and Asia-Pacific regions. We expect to maintain this momentum and target, on a higher comparison basis, a constant currency growth of 3% to 4% in Q4. On the strength of this quarter, we are raising our 2026 revenue growth target to +9.0% to +9.5% at constant exchange rates, while confirming our operating margin and organic free cash flow objectives. The Group reported revenues of €6,073 million in Q3 2026, up +12.6% year-on-year. Excluding the +0.9% tailwind from currency fluctuations, constant currency growth* was +11.7%, reflecting underlying growth complemented by the contribution of WNS and Cloud4C. With bookings of €5,401 million in Q3, up +3.4% year-on-year at constant exchange rates, the Capgemini Group demonstrated good commercial momentum. In Q3 2026 and at constant exchange rates, revenues in North America (29% of 2025 Group revenues) grew +18.3% year-on-year, led by continued momentum in Financial Services, alongside strong performances in Manufacturing and Consumer Goods & Retail. The United Kingdom and Ireland region (13% of 2025 Group revenues) posted revenue growth of +25.2% with strong traction in the Public Sector and a very dynamic Consumer Goods & Retail sector while TMT declined. France (19% of 2025 Group revenues) continued its recovery, with revenues up by +4.9% year-on-year. Revenues in the Rest of Europe region (30% of 2025 Group revenues) rose by +3.4%. Finally, revenues in the Asia-Pacific and Latin America region (9% of 2025 Group revenues) increased +11.9%, supported by the contribution of WNS and Cloud4C, with good growth in the Financial Services and Consumer Goods & Retail sectors. At constant exchange rates, Strategy & Transformation (8% of 2025 Group revenues) reported +18.6% growth in total revenues in Q3 2026. Applications & Technology (63% of 2025 Group revenues and Capgemini’s core business) reported total revenue growth of +3.5%, supported by continued demand for the modernization of legacy technologies, a critical prerequisite for building the new agentic technology stack. Finally, total revenues in Operations & Engineering (29% of 2025 Group revenues) increased +26.9%, with double-digit growth on a like-for-like basis in Intelligent Business Operations, with strong performance across Capgemini and WNS activities. As of September 30, 2026, the Group’s total headcount stood at 417,500, up 62,800 or +18% year-on-year, primarily reflecting the integration of WNS team members, and down 5,900 compared to the end of 2025. The onshore workforce was 141,900 employees. The offshore workforce was 275,600 employees, stable at 66% of the total headcount compared to the end of 2025.
Capgemini Group CEO Ezzat said that the company continues to see strong momentum in North America and the United Kingdom, and a clear acceleration in France. We are also capturing opportunities in the defense sector and around sovereignty, as clients place greater emphasis on control and strategic resilience,” he said. On raising the company’s guidance second time this year, Capgemini Group CEO Ezzat said, “Capgemini is uniquely positioned to make AI real for its clients, combining technology, deep industry expertise, business transformation and operational execution, and increasingly leveraging an expanded partner ecosystem.
“Our strategy, focused on the new value pools created by AI, is translating into tangible business traction. Clients are now focused on deploying AI at enterprise scale, while addressing challenges related to governance, cost and security. This is driving demand for the modernization of their technology and data foundations, the critical prerequisite for the agentic enterprise. At the same time, clients are transforming their business operations with agentic AI, as reflected in another quarter of double-digit like-for-like growth in Intelligent Business Operations, strengthened by WNS’s scale and capabilities. Growth was primarily driven by Manufacturing and Financial Services, even as the Public Sector remained weak. The Public, Energy & Utilities and Services sectors all grew strongly, and Manufacturing turned slightly positive. This strong performance reflects the growing demand for business transformation in the era of agentic AI, as clients redesign their enterprise processes around AI. You use AI every day. Now get your AI Quotient. Take the AIQ test.