What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-03-19 compared with 2025-12-18 · 135 added, 88 removed, 194 unchanged (53% of the section changed)

Management’s Discussion and Analysis of Financial Condition and Results of Operations 27

Revenues for the first quarter of fiscal 2026 increased 6% in U.S.

dollars and 5% in local currency compared to the first quarter of fiscal 2025.

During the first quarter of fiscal 2026, revenue growth in local currency was very strong in Asia Pacific and solid in the Americas and EMEA.

We experienced local currency revenue growth that was very strong in Financial Services and Communications, Media & Technology, solid in Products and modest in Resources, partially offset by a slight decline in Health & Public Service.

Revenue growth in local currency was strong in managed services and modest 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 the first quarter of fiscal 2026 increased 4% in U.S.

dollars and 3% in local currency compared to the first quarter of fiscal 2025.

Consulting revenue growth in local currency for the first quarter of fiscal 2026 was driven by strong growth in Asia Pacific, modest growth in the Americas and slight growth in EMEA.

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 the first quarter of fiscal 2026 increased 8% in U.S.

dollars and 7% in local currency compared to the first quarter of fiscal 2025.

Managed services revenue growth in local currency for the first quarter of fiscal 2026 was driven by very strong growth in Asia Pacific and strong growth in EMEA and the Americas.

While we continue to experience demand for these services, we also continue to see a slower pace and level of client spending, particularly for smaller contracts with a shorter duration.

In our managed services business, revenues for the second quarter of fiscal 2026 increased 10% in U.S.

dollars and 5% in local currency compared to the second quarter of fiscal 2025.

Managed services revenue growth in local currency for the second quarter of fiscal 2026 was driven by very strong growth in Asia Pacific, strong growth in EMEA and solid growth in the Americas.

We continue to experience growing demand to assist clients with reinvented operations, application development and maintenance, and infrastructure management including cloud and security.

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dollars may be lower.

dollar weakened against various currencies during the first quarter of fiscal 2026 compared to the first quarter of fiscal 2025, resulting in favorable currency translation and U.S.

dollar revenue growth that was 1.4% higher than our revenue growth in local currency.

dollar weakened against various currencies during the three and six months ended February 28, 2026 compared to the three and six months ended February 28, 2025, resulting in favorable currency translation and U.S.

dollar revenue growth that was approximately 4.4% and 2.8% higher, respectively, than our revenue growth in local currency.

Assuming that exchange rates stay within recent ranges for the remainder of fiscal 2026, we estimate that our full fiscal 2026 revenue growth in U.S.

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Annualized Voluntary Attrition

compared to 91% in the first quarter of fiscal 2025 compared to approximately 799,000 as of November 30, 2024

compared to 12% in the first quarter of fiscal 2025

Utilization for the first quarter of fiscal 2026 was 93%, compared to 91% in the first quarter of fiscal 2025.

compared to 91% in the second quarter of fiscal 2025

compared to approximately 801,000 as of February 28, 2025

consistent with the second quarter of fiscal 2025

Utilization for the second quarter of fiscal 2026 was 93%, compared to 91% in the second quarter of fiscal 2025.

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, was approximately 784,000 as of November 30, 2025, compared to approximately 779,000 as of August 31, 2025 and 799,000 as of November 30, 2024.

For the first quarter of fiscal 2026, annualized attrition, excluding involuntary terminations, was 13% compared to 12% in the first quarter of fiscal 2025.

Our workforce, the majority of which serves our clients, was approximately 786,000 as of February 28, 2026, compared to approximately 779,000 as of August 31, 2025 and 801,000 as of February 28, 2025.

For the second quarter of fiscal 2026, annualized attrition, excluding involuntary terminations, was 13%, consistent with the second 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.

ACCENTURE FORM 10-Q

Management’s Discussion and Analysis of Financial Condition and Results of Operations 25

In addition, we adjust compensation to provide market relevant pay based on the skills of our people and locations where we operate.

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and/or effectively assimilate new employees.

ACCENTURE FORM 10-Q

Management’s Discussion and Analysis of Financial Condition and Results of Operations 28

Three Months Ended Percent

Dollars Percent

Currency Six Months Ended Percent

Dollars Percent

(in billions of U.S.

dollars) November 30, 2025 November 30, 2024

dollars) February 28, 2026 February 28, 2025 February 28, 2026 February 28, 2025

Consulting $ 11.3 $ 10.5 8 % 3 % $ 21.2 $ 19.7 8 % 4 %

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Total New Bookings $ 22.1 $ 20.9 6 % 1 % $ 43.0 $ 39.6 9 % 5 %

Amounts in table may not total due to rounding.

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.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations 29

Results of Operations for the Three Months Ended November 30, 2025 Compared to the Three Months Ended November 30, 2024

Results of Operations for the Three and Six Months Ended February 28, 2026 Compared to the Three and Six Months Ended February 28, 2025

Revenues by geographic market, industry group and type of work are as follows:

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Dollars Percent

Currency Six Months Ended Percent

Dollars Percent

(in millions of U.S.

dollars) November 30, 2025 November 30, 2024

dollars) February 28, 2026 February 28, 2025 February 28, 2026 February 28, 2025

Geographic Markets

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Geographic Markets

The following revenues commentary discusses the primary drivers of local currency revenue changes by geographic market for the first quarter of fiscal 2026 compared to the first quarter of fiscal 2025:

• Americas revenues increased 4% in local currency, led by growth in Banking & Capital Markets, Industrials and Software & Platforms, partially offset by a decline in Public Service, driven by our U.S.

The following revenues commentary discusses the primary drivers of local currency revenue changes by geographic market for the three and six months ended February 28, 2026 compared to the three and six months ended February 28, 2025:

• Three Months.

Revenues increased 3% in local currency, led by growth in Banking & Capital Markets, Software & Platforms and Industrials, partially offset by a decline in Public Service, driven by our U.S.

federal business.

Revenue growth was driven by the United States.

• EMEA revenues increased 4% in local currency, led by growth in Banking & Capital Markets, Insurance and Life Sciences.

• Six Months.

Revenues increased 4% in local currency, led by growth in Banking & Capital Markets, Industrials and Software & Platforms, partially offset by a decline in Public Service, driven by our U.S.

federal business.

Revenue growth was driven by the United States.

• Three Months.

Revenues increased 2% in local currency, led by growth in Insurance, Life Sciences and Public Service.

Revenue growth was driven by the United Kingdom and Italy.

• Asia Pacific revenues increased 9% in local currency, led by growth in Banking & Capital Markets, Communications & Media and Public Service.

• Six Months.

Revenues increased 3% in local currency, led by growth in Insurance, Banking & Capital Markets and Life Sciences.

Revenue growth was driven by the United Kingdom and Italy.

• Three Months.

Revenues increased 10% in local currency, led by growth in Banking & Capital Markets, Communications & Media and Public Service.

Revenue growth was driven by Japan and Australia.

• Six Months.

Revenues increased 9% in local currency, led by growth in Banking & Capital Markets, Communications & Media and Public Service.

Revenue growth was driven by Japan and Australia.

ACCENTURE FORM 10-Q

Management’s Discussion and Analysis of Financial Condition and Results of Operations 30

Operating Expenses

Operating expenses for the first quarter of fiscal 2026 increased $1,127 million, or 8%, compared to the first quarter of fiscal 2025, and increased as a percentage of revenues to 84.7% from 83.3% during the first quarter of fiscal 2025.

Operating expenses for the second quarter of fiscal 2026 increased $1,136 million, or 8%, compared to the second quarter of fiscal 2025, and decreased as a percentage of revenues to 86.2% from 86.5% during this period.

Operating expenses for the six months ended February 28, 2026 increased $2,263 million, or 8%, compared to the six months ended February 28, 2025, and increased as a percentage of revenues to 85.4% over 84.9% during this period.

The primary categories of operating expenses include Cost of services, Sales and marketing and General and administrative costs.

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General and administrative costs primarily include costs for people that are non-client-facing, information systems, office space and certain acquisition-related costs.

ACCENTURE FORM 10-Q

Management’s Discussion and Analysis of Financial Condition and Results of Operations 27

Operating expenses by category are as follows:

Three Months Ended

Three Months Ended Six Months Ended

(in millions of U.S.

dollars) November 30, 2025 November 30, 2024 Increase

dollars) February 28, 2026 February 28, 2025 Increase

(Decrease) February 28, 2026 February 28, 2025 Increase

Operating Expenses $ 15,551 86.2 % $ 14,415 86.5 % $ 1,136 $ 31,419 85.4 % $ 29,156 84.9 % $ 2,263

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Cost of Services

Cost of services for the first quarter of fiscal 2026 increased $678 million, or 6%, over the first quarter of fiscal 2025, and decreased as a percentage of revenues to 66.9% compared to 67.1% during this period.

Gross margin for the first quarter of fiscal 2026 increased as a percentage of revenues to 33.1% from 32.9% during the first quarter of fiscal 2025.

The increase in gross margin was primarily due to a decrease in non-payroll costs.

Cost of services for the second quarter of fiscal 2026 increased $900 million, or 8%, over the second quarter of fiscal 2025, and decreased as a percentage of revenues to 69.7% compared to 70.1% during this period.

Gross margin for the second quarter of fiscal 2026 increased as a percentage of revenues to 30.3% compared to 29.9% during the second quarter of fiscal 2025 primarily due to lower non-payroll costs, including lower subcontractor costs.

Cost of services for the six months ended February 28, 2026 increased $1,579 million, or 7%, over the six months ended February 28, 2025, and decreased as a percentage of revenues to 68.3% compared to 68.6% during this period.

Gross margin for the six months ended February 28, 2026 increased as a percentage of revenues to 31.7% compared to 31.4% during the six months ended February 28, 2025 primarily due to lower non-payroll costs, including lower subcontractor costs.

Sales and Marketing

Sales and marketing expense for the first quarter of fiscal 2026 increased $64 million, or 4%, over the first quarter of fiscal 2025, and decreased as a percentage of revenues to 10.0% from 10.2% during this period.

Sales and marketing expense for the second quarter of fiscal 2026 increased $72 million, or 4%, over the second quarter of fiscal 2025, and decreased as a percentage of revenues to 9.7% from 10.1% during this period.

Sales and marketing expense for the six months ended February 28, 2026 increased $136 million, or 4%, over the six months ended February 28, 2025, and decreased as a percentage of revenues to 9.9% from 10.2% during this period.

The decrease as a percentage of revenues for the three and six months ended February 28, 2026 was primarily due to lower selling and business development costs.

General and Administrative Costs

General and administrative costs for the first quarter of fiscal 2026 increased $78 million, or 7%, over the first quarter of fiscal 2025, and increased as a percentage of revenues to 6.1% from 6.0% during this period.

General and administrative costs for the second quarter of fiscal 2026 increased $163 million, or 16%, over the second quarter of fiscal 2025, and increased as a percentage of revenues to 6.7% over 6.3% during this period primarily due to higher non-payroll costs, partially offset by lower payroll costs.

General and administrative costs for the six months ended February 28, 2026 increased $241 million, or 11%, over the six months ended February 28, 2025, and increased as a percentage of revenues to 6.4% over 6.2% during this period.

Business Optimization Costs

During the first quarter of fiscal 2026, we recorded business optimization costs of $308 million, primarily for employee severance.

For additional information, see Note 1 (Basis of Presentation) to our Consolidated Financial Statements under Item 1, “Financial Statements.”

During the first quarter of fiscal 2026, we completed our six-month business optimization program and recorded $308 million, primarily for employee severance.

For additional information, see Note 12 (Segment Reporting) to our Consolidated Financial Statements under Item 1, “Financial Statements.”

ACCENTURE FORM 10-Q

Management’s Discussion and Analysis of Financial Condition and Results of Operations 31

Non-GAAP Financial Measures

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Operating income and operating margin for each of the geographic markets are as follows:

Three Months Ended

November 30, 2025 November 30, 2024

Three Months Ended Six Months Ended

February 28, 2026 February 28, 2025 February 28, 2026 February 28, 2025

(in millions of U.S.

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Margin Increase

(Decrease) Operating

Income Operating

Margin Operating

Income Operating

Margin Increase

Americas $ 1,393 16 % $ 1,240 15 % $ 153 $ 2,920 16 % $ 2,618 15 % $ 303

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Amounts in table may not total due to rounding.

Operating income for the first quarter of fiscal 2026 decreased $75 million, or 3%, compared with the first quarter of fiscal 2025.

Operating margin for the first quarter of fiscal 2026 was 15.3%, compared with 16.7% for the first quarter of fiscal 2025.

ACCENTURE FORM 10-Q

Management’s Discussion and Analysis of Financial Condition and Results of Operations 28

Operating income for the second quarter of fiscal 2026 increased $249 million, or 11%, compared with the second quarter of fiscal 2025.

Operating margin for the second quarter of fiscal 2026 was 13.8%, compared with 13.5% for the second quarter of fiscal 2025.

Operating income for the six months ended February 28, 2026 increased $174 million, or 3%, compared with the six months ended February 28, 2025.

Operating margin for the six months ended February 28, 2026 was 14.6%, compared with 15.1% for the six months ended February 28, 2025.

Geographic Markets

We estimate that the aggregate percentage impact of foreign currency exchange rates on our operating income during the first quarter of fiscal 2026 was similar to that disclosed for revenue for each geographic market.

We estimate that the aggregate percentage impact of foreign currency exchange rates on our operating income during the three and six months ended February 28, 2026 was similar to that disclosed for revenue for each geographic market.

Additionally, payroll costs for our geographic markets increased in line with revenues.

The commentary below provides insight into other factors affecting geographic market performance and operating income for the first quarter of fiscal 2026 compared with the first quarter of fiscal 2025:

• Americas operating income increased due to revenue growth and lower non-payroll costs, partially offset by the impact of business optimization costs.

• EMEA operating income decreased as revenue growth was offset by the impact of business optimization costs and higher non-payroll costs.

• Asia Pacific opera ting income decreased as revenue growth was offset by the impact of business optimization costs and higher non-payroll costs .

The commentary below provides insight into other factors affecting geographic market performance and operating income for the three and six months ended February 28, 2026 compared with the three and six months ended February 28, 2025:

• Three Months.

Operating income increased due to revenue growth.

• Six Months.

Operating income increased due to revenue growth, partially offset by the impact of business optimization costs.

• Three Months.

Operating income increased due to revenue growth.

• Six Months.

Operating income decreased as revenue growth was offset by higher non-payroll costs and the impact of business optimization costs.

• Three Months.

Opera ting income increased due to revenue growth, partially offset by higher non-payroll costs .

• Six Months.

Opera ting income decreased as revenue growth was offset by higher non-payroll costs and the impact of business optimization costs .

ACCENTURE FORM 10-Q

Management’s Discussion and Analysis of Financial Condition and Results of Operations 32

Operating Income and Operating Margin Excluding Business Optimization Costs (Non-GAAP)

The business optimization costs reduced operating margin for the first quarter of fiscal 2026 by 170 basis points.

Adjusted operating margin for the first quarter of fiscal 2026 was 17.0%.

Three Months Ended

November 30, 2025 November 30, 2024

The business optimization costs reduced operating margin for the six months ended February 28, 2026 by 80 basis points.

Adjusted operating margin for the six months ended February 28, 2026 was 15.4%.

Six Months Ended

February 28, 2026 February 28, 2025

(in millions of U.S.

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Income (GAAP) Business Optimization (1) Operating Income (Non-GAAP) Operating

Margin (Non-GAAP) Operating

(Non-GAAP) Operating

Income (GAAP) Operating

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Interest Income

Interest income for the first quarter of fiscal 2026 was $106 million, an increase of $30 million, or 40%, over the first quarter of fiscal 2025 primarily due to a higher average cash balance.

Interest income for the second quarter of fiscal 2026 was $79 million, an increase of $2 million, or 3%, over the second quarter of fiscal 2025.

Interest income for the six months ended February 28, 2026 was $185 million, an increase of $33 million, or 21%, over the six months ended February 28, 2025.

The increase for the six months ended February 28, 2026 was primarily due to a higher average cash balance.

Interest Expense

Interest expense for the first quarter of fiscal 2026 was $65 million, an increase of $35 million over the first quarter of fiscal 2025 primarily due to a higher average long-term debt balance.

Interest expense for the second quarter of fiscal 2026 was $64 million, a decrease of $1 million, or 2%, from the second quarter of fiscal 2025.

Interest expense for the six months ended February 28, 2026 was $129 million, an increase of $34 million, or 36%, over the six months ended February 28, 2025.

The increase for the six months ended February 28, 2026 was primarily due to a higher average long-term debt balance.

Other Income (Expense), net

Other income (expense), net primarily consists of foreign currency gains and losses, non-operating components of pension expense, as well as gains and losses associated with our investments.

During the first quarter of fiscal 2026, Other income (expense), net increased $92 million from the first quarter of fiscal 2025 primarily due to higher gains on investments.

During the second quarter of fiscal 2026, Other income (expense), net decreased $84 million from the second quarter of fiscal 2025 primarily due to lower gains on investments.

During the six months ended February 28, 2026, Other income (expense), net increased $8 million over the six months ended February 28, 2025.

Income Tax Expense

The effective tax rates for the first quarter of fiscal 2026 and 2025 were 24.5% and 21.6%, respectively.

The higher effective tax rate was primarily due to reduced benefits from adjustments to prior year tax liabilities.

The effective tax rates for the second quarter of fiscal 2026 and 2025 were 24.3% and 20.4%, respectively.

The higher effective tax rate was primarily due to reduced tax benefits from share-based payments and final determinations of prior year taxes, partially offset by reduced tax expense from changes in the geographic distribution of earnings.

The effective tax rates for the six months ended February 28, 2026 and 2025 were 24.4% and 21.1%, respectively.

The higher effective tax rate for the six months ended February 28, 2026 was primarily due to reduced tax benefits from adjustments to prior year tax liabilities and share-based payments.

Income Tax Expense Excluding Business Optimization Costs (Non-GAAP)

Excluding the business optimization costs of $308 million and related reduction in tax expense of $57 million, our adjusted effective tax rate was 23.9% for the first quarter of fiscal 2026 .

Excluding the business optimization costs of $308 million, and related reduction in tax expense of $57 million, our adjusted effective tax rate was 24.1% for the six months ended February 28, 2026.

Earnings Per Share

Diluted earnings per share were $3.54 for the first quarter of fiscal 2026, compared with $3.59 for the first quarter of fiscal 2025.

Diluted earnings per share were $2.93 for the second quarter of fiscal 2026, compared with $2.82 for the second quarter of fiscal 2025.

Diluted earnings per share were $6.47 for the six months ended February 28, 2026, compared with $6.42 for the six months ended February 28, 2025.

For information regarding our earnings per share calculations, see Note 3 (Earnings Per Share) to our Consolidated Financial Statements under Item 1, “Financial Statements.”

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Management’s Discussion and Analysis of Financial Condition and Results of Operations 33

Earnings Per Share Excluding Business Optimization Costs (Non-GAAP)

The business optimization costs of $250 million , net of related taxes, decreased diluted earnings per share by $0.40 for the first quarter of fiscal 2026.

Adjusted diluted earnings per share were $3.94 for the first quarter of fiscal 2026.

The increase in diluted earnings per share for the second quarter of fiscal 2026 compared to the second quarter of fiscal 2025 was due to the following factors:

Three Months Ended

November 30, 2024 As Reported $ 3.59

November 30, 2025 As Reported 3.54

February 28, 2025 As Reported $ 2.82

Higher revenue and operating results 0.31

Lower share count 0.05

Lower non-operating income (0.10)

Higher effective tax rate (0.15)

February 28, 2026 As Reported $ 2.93

Earnings Per Share Excluding Business Optimization Costs (Non-GAAP)

The business optimization costs of $250 million, net of related taxes, decreased diluted earnings per share by $0.40 for the six months ended February 28, 2026 .

Adjusted diluted earnings per share were $6.87 for the six months ended February 28, 2026.

Six Months Ended

February 28, 2025 As Reported $ 6.42

February 28, 2026 As Reported $ 6.47

Business optimization costs 0.49

Tax effect of business optimization costs (1) (0.09)

November 30, 2025 As Adjusted $ 3.94

February 28, 2026 As Adjusted $ 6.87

(1) The income tax effect of business optimization costs includes both the current and deferred income tax impact and was calculated by using the relevant tax rate of the country where the adjustments were recorded.

Changes in adjusted diluted earnings per share for the first quarter of fiscal 2026 compared to diluted earnings per share for the first quarter of fiscal 2025 were due to the following factors:

Three Months Ended

November 30, 2024 As Reported $ 3.59

The increase in adjusted diluted earnings per share for the six months ended February 28, 2026 compared to diluted earnings per share for the six months ended February 28, 2025 was due to the following factors:

Six Months Ended

February 28, 2025 As Reported $ 6.42

Higher revenue and operating results 0.60

Higher non-operating income 0.11

Lower share count 0.10

Lower net income attributable to noncontrolling interests 0.01

Higher non-operating income 0.01

Higher effective tax rate (0.27)

November 30, 2025 As Adjusted $ 3.94

February 28, 2026 As Adjusted $ 6.87

Liquidity and Capital Resources

As of November 30, 2025, Cash and cash equivalents was $9.6 billion, compared with $11.5 billion as of August 31, 2025.

As of February 28, 2026, Cash and cash equivalents was $9.4 billion, compared with $11.5 billion as of August 31, 2025.

Cash flows from operating, investing and financing activities, as reflected in our Consolidated Cash Flows Statements, are summarized in the following table:

Three Months Ended

Six Months Ended

(in millions of U.S.

dollars) November 30, 2025 November 30, 2024 Change

dollars) February 28, 2026 February 28, 2025 Change

Net cash provided by (used in):

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Operating activities:

The $642 million increase in operating cash flows was primarily due to changes in operating assets and liabilities.

The $1,606 million increase in operating cash flows was primarily due to changes in operating assets and liabilities, including higher collections on net client balances (receivables from clients, contract assets and deferred revenues).

ACCENTURE FORM 10-Q

Management’s Discussion and Analysis of Financial Condition and Results of Operations 34

Investing activities:

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We believe that our current and longer-term working capital, investments and other general corporate funding requirements will be satisfied for the next twelve months and thereafter through cash flows from operations and, to the extent necessary, from our borrowing facilities and future financial market activities.

ACCENTURE FORM 10-Q

Management’s Discussion and Analysis of Financial Condition and Results of Operations 30

Substantially all of our cash is held in jurisdictions where there are no regulatory restrictions or material tax effects on the free flow of funds.

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On September 30, 2024, we filed a registration statement on Form S-3, pursuant to which Accenture plc’s wholly owned finance subsidiaries Accenture Capital and Accenture Global Capital DAC may issue debt securities.

As of November 30, 2025, we had outstanding long-term debt in the form of senior unsecured notes issued by Accenture Capital in an aggregate principal amount of $5 billion, which mature from 2027 through 2034.

As of February 28, 2026, we had outstanding long-term debt in the form of senior unsecured notes issued by Accenture Capital in an aggregate principal amount of $5 billion, which mature from 2027 through 2034.

Accenture plc fully and unconditionally guarantees these notes, as well as all future debt securities that may be issued by these entities.

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exchangeable shares held by current and former members of Accenture Leadership and their permitted transferees.

Our share purchase activity during the first quarter of fiscal 2026 is as follows:

Our share purchase activity during the six months ended February 28, 2026 is as follows:

Accenture plc Class A

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These shares are held as treasury shares by Accenture plc and may be utilized to provide for select employee benefits, such as equity awards to our employees.

(2) During the first quarter of fiscal 2026, as authorized under our various employee equity share plans, we acquired 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 those plans.

(2) During the six months ended February 28, 2026, as authorized under our various employee equity share plans, we acquired 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 those 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 the other share purchase programs.

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The repurchase program may be accelerated, suspended, delayed or discontinued at any time, without notice.

ACCENTURE FORM 10-Q

Management’s Discussion and Analysis of Financial Condition and Results of Operations 35

Off-Balance Sheet Arrangements

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See Note 1 (Basis of Presentation) to our Consolidated Financial Statements under Item 1, “Financial Statements.”

ACCENTURE FORM 10-Q

Quantitative and Qualitative Disclosures About Market Risk 31

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis