Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 30
Purchases of Accenture plc Class A Ordinary Shares
The following table provides information relating to our purchases of Accenture plc Class A ordinary shares during the fourth quarter of fiscal 2025. For year-to-date information on all of our share purchases, redemptions and exchanges and further discussion of our share purchase activity, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Share Purchases and Redemptions.”
Period Total Number of
Shares
Purchased Average
Price Paid
per Share (1) Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs (2) Approximate Dollar Value
of Shares that May Yet Be
Purchased Under the Plans or
Programs (3)
(in millions of U.S. dollars)
June 1, 2025 — June 30, 2025 633,762 $ 305.70 606,123 $ 3,124
July 1, 2025 — July 31, 2025 961,398 289.01 945,536 2,851
August 1, 2025 — August 31, 2025 8,341 259.47 — 2,851
Total (4) 1,603,501 $ 295.45 1,551,659
(1) Average price paid per share reflects the total cash outlay for the period, divided by the number of shares acquired, including those acquired by purchase or redemption for cash and any acquired by means of employee forfeiture.
(2) Since August 2001, the Board of Directors of Accenture plc has authorized and periodically confirmed a publicly announced open-market share purchase program for acquiring Accenture plc Class A ordinary shares. During the fourth quarter of fiscal 2025, we purchased 1,551,659 Accenture plc Class A ordinary shares under this program for an aggregate price of $458 million. The open-market purchase program does not have an expiration date.
(3) As of August 31, 2025, our aggregate available authorization for share purchases and redemptions was $2,851 million, which management has the discretion to use for either our publicly announced open-market share purchase program or our other share purchase programs. Since August 2001 and as of August 31, 2025, the Board of Directors of Accenture plc has authorized an aggregate of $54.1 billion for share purchases and redemptions by Accenture plc and Accenture Canada Holdings Inc. On September 22, 2025, the Board of Directors of Accenture plc approved $5,000 million in additional share repurchase authority, bringing Accenture’s total outstanding authority to $7,851 million.
(4) During the fourth quarter of fiscal 2025, Accenture purchased 51,842 Accenture plc Class A ordinary shares in transactions unrelated to publicly announced share plans or programs. These transactions consisted of acquisitions of Accenture plc Class A ordinary shares primarily via share withholding for payroll tax obligations due from employees and former employees in connection with the delivery of Accenture plc Class A ordinary shares under our various employee equity share plans. These purchases of shares in connection with employee share plans do not affect our aggregate available authorization for our publicly announced open-market share purchase and our other share purchase programs.
Item 6. [Reserved]
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Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 31
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis should be read in conjunction with our Consolidated Financial Statements and related Notes included elsewhere in this Annual Report on Form 10-K. This discussion and analysis also contains forward-looking statements and should also be read in conjunction with the disclosures and information contained in “Disclosure Regarding Forward-Looking Statements” and “Risk Factors” in this Annual Report on Form 10-K.
We use the terms “Accenture,” “we,” “our” and “us” in this report to refer to Accenture plc and its subsidiaries. All references to years, unless otherwise noted, refer to our fiscal year, which ends on August 31. For example, a reference to “fiscal 2025” means the 12-month period that ended on August 31, 2025. All references to quarters, unless otherwise noted, refer to the quarters of our fiscal year.
We use the term “in local currency” so that certain financial results may be viewed without the impact of foreign currency exchange rate fluctuations, thereby facilitating period-to-period comparisons of business performance. Financial results “in local currency” are calculated by restating current period activity into U.S. dollars using the comparable prior-year period’s foreign currency exchange rates. This approach is used for all results where the functional currency is not the U.S. dollar.
Overview
Accenture is a leading solutions and global professional services company that helps enterprises reinvent by building their digital core and unleashing the power of AI to create value at speed across the enterprise, bringing together our people, proprietary assets and platforms, and deep ecosystem relationships. Through our Reinvention Services we bring together our capabilities across strategy, consulting, technology, operations, Song and Industry X with our deep industry expertise to create and deliver solutions and services for our clients. We serve clients in three geographic markets: the Americas, EMEA (Europe, Middle East and Africa) and Asia Pacific.
Our results of operations are affected by economic conditions, including macroeconomic conditions, the overall inflationary environment, new and rapidly changing technologies, and levels of business confidence. We continue to see significant economic and geopolitical uncertainty in many markets around the world, which has impacted and may continue to impact our business. While the discretionary environment is unchanged, clients continue to prioritize large-scale transformations, which include becoming AI-ready.
In addition, the U.S. administration is reducing federal spending and the size of the federal workforce under the guidance of the Department of Government Efficiency. We are seeing impacts from these efforts in our federal government business (“Accenture Federal Services, or AFS”), including delays in new procurements, reductions in price and contract scope, and contract terminations. These changes have had an adverse effect on AFS’s results and could in the future have a material impact on our results of operations or financial condition. For a discussion of risks related to these and other recent developments, see Item 1A, “Risk Factors.”
Key Metrics
Key metrics for fiscal 2025 compared to fiscal 2024 are included below. We have presented operating income, operating margin, effective tax rate and diluted earnings per share for fiscal 2025 and 2024 on a non-GAAP or “adjusted” basis to exclude the impact of business optimization costs. During the fourth quarter of fiscal 2025, we initiated business optimization actions and recorded $615 million in related costs, which includes $344 million associated with a refreshed talent strategy, as well as asset impairments of approximately $271 million primarily related to the divestiture of two acquisitions that are no longer aligned with our strategic priorities. In fiscal 2024, we recorded $438 million in business optimization costs associated with actions initiated in fiscal 2023 and completed in fiscal 2024. For additional information regarding our business optimization actions and related costs, see Note 1 (Summary of Significant Accounting Policies) to our Consolidated Financial Statements under Item 8, “Financial Statements and Supplementary Data.”
• Revenues of $69.7 billion, an increase of 7% in both U.S. dollars and local currency;
• New bookings of $80.6 billion, a decrease of 1% in both U.S. dollars and local currency;
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Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 32
• Operating margin of 14.7%, a decrease from 14.8% in fiscal 2024; adjusted operating margin of 15.6%, an increase compared to 15.5% in fiscal 2024;
• Diluted earnings per share of $12.15, a 6% increase over diluted earnings per share of $11.44 in fiscal 2024; adjusted earnings per share of $12.93, an 8% increase over adjusted earnings per share of $11.95 in fiscal 2024; and
• Cash returned to shareholders of $8.3 billion, including dividends of $3.7 billion and share purchases of $4.6 billion.
Revenues
Fiscal Percent
Increase (Decrease)
U.S.
Dollars Percent
Increase (Decrease)
Local
Currency Percent of Total
Revenues
for Fiscal
(in billions of U.S. dollars) 2025 2024 2025 2024
Geographic Markets Americas (1) $ 35.1 $ 32.6 8 % 9 % 50 % 50 %
EMEA 24.6 22.8 8 6 35 35
Asia Pacific (1) 10.0 9.5 5 4 14 15
Total Revenues $ 69.7 $ 64.9 7 % 7 % 100 % 100 %
Industry Groups Communications, Media & Technology $ 11.5 $ 10.8 6 % 6 % 16 % 17 %
Financial Services 12.8 11.6 10 10 18 18
Health & Public Service 14.8 13.8 7 6 21 21
Products 21.2 19.6 8 8 30 30
Resources 9.5 9.1 5 5 14 14
Total Revenues $ 69.7 $ 64.9 7 % 7 % 100 % 100 %
Type of Work Consulting $ 35.1 $ 33.2 6 % 5 % 50 % 51 %
Managed Services 34.6 31.7 9 9 50 49
Total Revenues $ 69.7 $ 64.9 7 % 7 % 100 % 100 %
Amounts in table may not total due to rounding.
(1) During the first quarter of fiscal 2025, our Latin America market unit moved from Growth Markets to North America. With this change, North America became the Americas market and Growth Markets became the Asia Pacific market. Prior period amounts have been reclassified to conform with the current period presentation.
Revenues for fiscal 2025 increased 7% in both U.S. dollars and local currency compared to fiscal 2024. During fiscal 2025, revenue growth in local currency was very strong in the Americas, strong in EMEA and solid in Asia Pacific. We experienced local currency revenue growth that was very strong in Financial Services & Products, strong in Health & Public Service and Communications, Media & Technology and solid in Resources. Revenue growth in local currency was very strong in managed services and solid in consulting. While the business environment remained competitive, pricing improved in several areas of our business. We define pricing as the contract profitability or margin on the work that we sell.
In our consulting business, revenues for fiscal 2025 increased 6% in U.S. dollars and 5% in local currency compared to fiscal 2024. Consulting revenue growth in local currency for fiscal 2025 was driven by strong growth in the Americas, solid growth in EMEA and modest growth in Asia Pacific. Our consulting revenue continues to be driven by helping our clients accelerate their reinvention, leveraging cloud, enterprise platforms, security, AI and data, including advanced AI, as well as our change capabilities to help clients build new skills and drive the successful adoption of new processes and technologies. In addition, clients continue to be focused on initiatives designed to deliver cost savings, supply chain and operational resilience, as well as to accelerate growth and improve customer experiences. While we continue to experience demand for these services, we are seeing a slower pace and level of client spending, particularly for smaller contracts with a shorter duration.
In our managed services business, revenues for fiscal 2025 increased 9% in both U.S. dollars and local currency compared to fiscal 2024. Managed services revenue growth in local currency for fiscal 2025 was driven by very strong growth in the Americas and strong growth in EMEA and Asia Pacific. We continue to experience growing demand to assist clients with reinvented operations, application development and maintenance, and infrastructure management including cloud and security. Clients continue to be focused on transforming their operations through technology, AI and data, and leveraging our proprietary assets and platforms and talent to drive productivity and cost savings.
As we are a global company, our revenues are denominated in multiple currencies and may be significantly affected by currency exchange rate fluctuations. While a significant portion of our revenues are in U.S. dollars, the majority of our revenues are denominated in other currencies, including the Euro, Japanese yen and U.K. pound. There continues to be volatility in foreign currency exchange rates. Unfavorable fluctuations in foreign currency exchange rates have had and could in the future have a material effect on our financial results. If the U.S. dollar weakens against other currencies, resulting in favorable currency translation, our revenues, revenue growth and results of operations in U.S. dollars may be higher. If the
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U.S. dollar strengthens against other currencies, resulting in unfavorable currency translation, our revenues, revenue growth and results of operations in U.S. dollars may be lower. There was minimal currency translation impact for fiscal 2025 compared to fiscal 2024. Assuming that exchange rates stay within recent ranges, we estimate that our fiscal 2026 revenue growth in U.S. dollars will be approximately 2% higher than our revenue growth in local currency.
People Metrics
Utilization
Workforce
Voluntary Attrition
92%
779,000+
14%
consistent with fiscal 2024
compared to approximately 774,000 as of August 31, 2024
compared to 13% in fiscal 2024
Utilization for fiscal 2025 was 92%, consistent with fiscal 2024. We hire to meet current and projected future demand. We proactively plan and manage the size and composition of our workforce and take actions as needed to address changes in the anticipated demand for our solutions and services, given that compensation costs are the most significant portion of our operating expenses. Our workforce, the majority of which serves our clients, increased to approximately 779,000 as of August 31, 2025, compared to approximately 774,000 as of August 31, 2024.
For fiscal 2025, attrition, excluding involuntary terminations, was 14%, compared to 13% in fiscal 2024. For the fourth quarter of fiscal 2025, annualized attrition, excluding involuntary terminations, was 15%, down from 16% in the third quarter of fiscal 2025. We evaluate voluntary attrition, adjust levels of new hiring and use involuntary terminations as a means to keep our supply of skills and resources in balance with changes in client demand.
In addition, we adjust compensation to provide market relevant pay based on the skills of our people and locations where we operate. We also consider a variety of factors, including the macroeconomic environment, in making our decisions around pay and benefits. We strive to adjust pricing as well as drive cost and delivery efficiencies, such as changing the mix of people and utilizing technology, to reduce the impact of compensation increases on our margin and contract profitability.
Our ability to grow our revenues and maintain or increase our margin could be adversely affected if we are unable to: match people and skills with the types or amounts of solutions and services clients are demanding; recover or offset increases in compensation; deploy our employees globally on a timely basis; manage attrition; and/or effectively assimilate new employees.
New Bookings
Fiscal Percent
Increase (Decrease)
U.S.
Dollars Percent
Increase (Decrease)
Local
Currency
(in billions of U.S. dollars) 2025 2024
Consulting $ 37.6 $ 37.0 2 % 2 %
Managed Services 43.0 44.2 (3) (3)
Total New Bookings $ 80.6 $ 81.2 (1) % (1) %
We provide information regarding our new bookings, which include new contracts, including those acquired through acquisitions, as well as renewals, extensions and changes to existing contracts, because we believe doing so provides useful trend information regarding changes in the volume of our new business over time. New bookings can vary significantly quarter to quarter depending in part on the timing of the signing of a small number of large managed services contracts. The types of solutions and services clients are demanding and the pace and level of their spending may impact the conversion of new bookings to revenues. For example, managed services bookings, which are typically for multi-year contracts, generally convert to revenue over a longer period of time compared to consulting bookings.
Information regarding our new bookings is not comparable to, nor should it be substituted for, an analysis of our revenues over time. New bookings involve estimates and judgments. There are no third-party standards or requirements governing the calculation of bookings. We do not update our new bookings for material subsequent terminations or reductions related to bookings originally recorded in prior fiscal years. New bookings are recorded using then-existing foreign currency exchange rates and are not subsequently adjusted for foreign currency exchange rate fluctuations.
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