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Supplementary Data.” Accordingly, a significant portion of what we consider contract bookings is not included in our remaining performance obligations.
Critical Accounting Policies and Estimates
The preparation of our Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses. We continually evaluate our estimates, judgments and assumptions based on available information and experience. Because the use of estimates is inherent in the financial reporting process, actual results could differ from those estimates. Certain of our accounting policies require higher degrees of judgment than others in their application. These include certain aspects of accounting for revenue recognition and income taxes.
Revenue Recognition
Determining the method and amount of revenue to recognize requires us to make judgments and estimates. Specifically, complex arrangements with nonstandard terms and conditions may require contract interpretation to determine the appropriate accounting, including whether promised goods and services specified in an arrangement are distinct performance obligations and should be accounted for separately. Other judgments include determining whether performance obligations are satisfied over time or at a point in time and the selection of the method to measure progress towards completion.
We measure progress towards completion for technology integration consulting services and some non-technology consulting services using costs incurred to date relative to total estimated costs at completion. Revenues, including estimated fees, are recorded proportionally as costs are incurred. The amount of revenue recognized for these contracts in a period is dependent on our ability to estimate total contract costs. We continually evaluate our estimates of total contract costs based on available information and experience.
Additionally, the nature of our contracts gives rise to several types of variable consideration, including incentive fees. Many contracts include incentives or penalties related to costs incurred, benefits produced or adherence to schedules that may increase the variability in revenues and margins earned on such contracts. We conduct reviews prior to signing such contracts to evaluate whether these incentives are reasonably achievable. Our estimates are monitored over the lives of our contracts and are based on an assessment of our anticipated performance, historical experience and other information available at the time.
For additional information, see Note 2 (Revenues) to our Consolidated Financial Statements under Item 8, “Financial Statements and Supplementary Data.”
Income Taxes
Determining the consolidated provision for income tax expense, income tax liabilities and deferred tax assets and liabilities involves judgment. Deferred tax assets and liabilities, measured using enacted tax rates, are recognized for the future tax consequences of temporary differences between the tax and financial statement bases of assets and liabilities. As a global company, we calculate and provide for income taxes in each of the tax jurisdictions in which we operate. This involves estimating current tax exposures in each jurisdiction as well as making judgments regarding the recoverability of deferred tax assets. Tax exposures can involve complex issues and may require an extended period to resolve. In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized and adjust the valuation allowances accordingly. Factors considered in making this determination include the period of expiration of the tax asset, planned use of the tax asset, tax planning strategies and historical and projected taxable income as well as tax liabilities for the tax jurisdiction in which the tax asset is located. Valuation allowances will be subject to change in each future reporting period as a result of changes in one or more of these factors. Changes in the geographic mix or estimated level of annual income before taxes can affect the overall effective tax rate.
We apply an estimated annual effective tax rate to our quarterly operating results to determine the interim provision for income tax expense. A change in judgment that impacts the measurement of a tax position taken in a prior year is recognized as a discrete item in the interim period in which the change occurs. In the event there is a significant unusual or infrequent item recognized in our quarterly operating results, the tax attributable to that item is recorded in the interim period in which it occurs. We release stranded tax effects from Accumulated other comprehensive loss using the specific identification approach for our defined benefit plans and the portfolio approach for other items.
No taxes have been provided on undistributed foreign earnings that are planned to be indefinitely reinvested. If future events, including material changes in estimates of cash, working capital and long-term investment requirements, necessitate that these earnings be distributed, an additional provision for taxes may apply, which could materially affect our future effective tax rate. We currently do not foresee any event that would require us to distribute these indefinitely reinvested earnings. For
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additional information, see Note 11 (Income Taxes) to our Consolidated Financial Statements under Item 8, “Financial Statements and Supplementary Data.”
As a matter of course, we are regularly audited by various taxing authorities, and sometimes these audits result in proposed assessments where the ultimate resolution may result in us owing additional taxes. We establish tax liabilities or reduce tax assets when, despite our belief that our tax return positions are appropriate and supportable under local tax law, we believe we may not succeed in realizing the tax benefit of certain positions if challenged. In evaluating a tax position, we determine whether it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Our estimate of the ultimate tax liability contains assumptions based on past experiences, judgments about potential actions by taxing jurisdictions as well as judgments about the likely outcome of issues that have been raised by taxing jurisdictions. The tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon settlement. We evaluate tax positions each quarter and adjust the related tax liabilities or assets in light of changing facts and circumstances, such as the progress of a tax audit or the expiration of a statute of limitations. We believe the estimates and assumptions used to support our evaluation of tax positions are reasonable. However, final determinations of prior-year tax liabilities, either by settlement with tax authorities or expiration of statutes of limitations, could be materially different from estimates reflected in assets and liabilities and historical income tax provisions. The outcome of these final determinations could have a material effect on our income tax provision, net income, or cash flows in the period in which that determination is made. We believe our tax positions comply with applicable tax law and that we have adequately accounted for these positions.
Revenues by Segment/Geographic Market
Our three reportable operating segments are our geographic markets, the Americas, EMEA and Asia Pacific. In addition to reporting revenues by geographic market and industry group, we also report revenues by two types of work: consulting and managed services, which represent the services sold by our geographic markets. Consulting revenues, which include strategy, management and technology consulting and technology integration consulting, reflect a finite, distinct project or set of projects with a defined outcome and typically a defined set of specific deliverables. Managed services revenues typically reflect ongoing, repeatable services or capabilities provided to transition, run and/or manage operations of client systems or business functions.
From time to time, our geographic markets work together to sell and implement certain contracts. The resulting revenues and costs from these contracts may be apportioned among the participating geographic markets. Generally, operating expenses for each geographic market have similar characteristics and are subject to the same factors, pressures and challenges. However, the economic environment and its effects on the industries served by our geographic markets affect revenues and operating expenses within our geographic markets to differing degrees. The mix between consulting and managed services is not uniform among our geographic markets. Local currency fluctuations also tend to affect our geographic markets differently, depending on the geographic concentrations and locations of their businesses.
While we provide discussion about our results of operations below, we cannot measure how much of our revenue growth in a particular period is attributable to changes in price or volume. Management does not track standard measures of unit or rate volume. Instead, our measures of volume and price are extremely complex, as each of our services contracts is unique, reflecting a customized mix of specific services that does not fit into standard comparability measurements. Revenue for our services is a function of the nature of each service to be provided, the skills required and the outcome sought, as well as estimated cost, risk, contract terms and other factors.
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Results of Operations for Fiscal 2026 Compared to Fiscal 2025
Revenues
Revenues by geographic market, industry group and type of work are as follows:
Fiscal Percent
Increase (Decrease)
U.S.
Dollars Percent
Increase (Decrease)
Local
Currency
(in millions of U.S. dollars) 2026 2025
Geographic Markets
Americas $ 36,547 $ 35,057 4 % 4 %
EMEA 26,959 24,644 9 4
Asia Pacific 10,678 9,972 7 8
Total Revenues $ 74,183 $ 69,673 6 % 5 %
Industry Groups
Communications, Media & Technology $ 12,674 $ 11,454 11 % 10 %
Financial Services 13,959 12,774 9 7
Health & Public Service 15,171 14,763 3 2
Products 22,451 21,197 6 4
Resources 9,929 9,485 5 3
Total Revenues $ 74,183 $ 69,673 6 % 5 %
Type of Work
Consulting $ 36,883 $ 35,107 5 % 3 %
Managed Services 37,300 34,566 8 6
Total Revenues $ 74,183 $ 69,673 6 % 5 %
Amounts in table may not total due to rounding.
Geographic Markets
The following revenues commentary discusses the primary drivers of local currency revenue changes by geographic market for fiscal 2026 compared to fiscal 2025:
• Americas revenues increased 4% in local currency, led by growth in Banking & Capital Markets, Software & Platforms, High Tech and Industrials, partially offset by a decline in Public Service, including our U.S. federal business. Revenue growth was driven by the United States.
• EMEA revenues increased 4% in local currency, led by growth in Public Service, Banking & Capital Markets and Software & Platforms, partially offset by a decline in Energy. Revenue growth was driven by the United Kingdom and Italy.
• Asia Pacific revenues increased 8% in local currency, led by growth in Banking & Capital Markets, Public Service, Communications & Media and Insurance. Revenue growth was driven by Japan, Australia and Singapore.
Operating Expenses
Operating expenses for fiscal 2026 increased $3,330 million over fiscal 2025, and decreased as a percentage of revenues to 84.6% from 85.3% in fiscal 2025.
The primary categories of operating expenses include Cost of services, Sales and marketing and General and administrative costs. Cost of services is primarily driven by the cost of people serving our clients, which consists mainly of compensation and other payroll costs, as well as non-payroll costs such as subcontractors, facilities, technology and travel. Cost of services and the related gross margin may be impacted by several factors, including contract profitability, which includes the pricing on the work that we sell, as well as by the investments we make in our business and our people, such as research and development to build assets, platforms and industry and functional solutions, learning and professional development and strategic acquisitions. Sales and marketing costs are driven primarily by compensation costs for business development activities; marketing- and advertising-related activities; and certain acquisition-related costs. General and administrative costs primarily include costs for people that are non-client-facing, information systems, office space and certain acquisition-related costs.
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Operating expenses by category are as follows:
Fiscal
(in millions of U.S. dollars) 2026 2025 Increase
(Decrease)
Operating Expenses $ 62,777 84.6 % $ 59,447 85.3 % $ 3,330
Cost of services 50,408 68.0 47,438 68.1 2,970
Sales and marketing 7,243 9.8 7,043 10.1 200
General and administrative costs 4,819 6.5 4,351 6.2 468
Business optimization costs 308 0.4 615 0.9 (308)
Amounts in table may not total due to rounding.
Cost of Services
Cost of services for fiscal 2026 increased $2,970 million, or 6%, over fiscal 2025, and decreased as a percentage of revenues to 68.0% from 68.1% during this period. Gross margin for fiscal 2026 increased as a percentage of revenues to 32.0% from 31.9% during fiscal 2025. The increase in gross margin was primarily due to lower payroll costs, partially offset by an increase in non-payroll costs.
Sales and Marketing
Sales and marketing expense for fiscal 2026 increased $200 million, or 3%, over fiscal 2025, and decreased as a percentage of revenues to 9.8% from 10.1% during this period due to lower payroll costs, including selling and business development costs.
General and Administrative Costs
General and administrative costs for fiscal 2026 increased $468 million, or 11%, over fiscal 2025, and increased as a percentage of revenues to 6.5% from 6.2% during this period due to higher non-payroll costs.
Business Optimization Costs
During the first quarter of fiscal 2026, we completed our six-month business optimization program and recorded $308 million and $615 million during fiscal 2026 and 2025, respectively, primarily for employee severance. For additional information, see Note 16 (Segment Reporting) to our Consolidated Financial Statements under Item 8, “Financial Statements and Supplementary Data.”
Non-GAAP Financial Measures
We have presented operating income, operating margin, effective tax rate and diluted earnings per share on a non-GAAP or “ adjusted ” basis exclu ding the business optimization costs recorded in fiscal 2026 and 2025 as we believe doing so facilitates understanding as to the impact of these items and our performance in comparison to the prior periods. While we believe that this non-GAAP financial information is useful in evaluating our operations, this information should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with GAAP.
Operating Income and Operating Margin
Operating income and operating margin for each of the geographic markets is as follows:
Fiscal
2026 2025
(in millions of U.S. dollars) Operating
Income Operating
Margin Operating
Income Operating
Margin Increase
(Decrease)
Americas $ 6,244 17 % $ 5,324 15 % $ 920
EMEA 3,436 13 3,091 13 345
Asia Pacific 1,725 16 1,810 18 (85)
Total $ 11,406 15.4 % $ 10,226 14.7 % $ 1,180
Amounts in table may not total due to rounding.
Operating income for fiscal 2026 increased $1,180 million, or 12%, compared with fiscal 2025. Operating margin for fiscal 2026 was 15.4%, compared with 14.7% for fiscal 2025.
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Geographic Markets
We estimate that the aggregate percentage impact of foreign currency exchange rates on our operating income during fiscal 2026 was similar to that disclosed for revenue for each geographic market. Additionally, payroll costs for our geographic markets increased in line with revenues, except as described below. The commentary below provides insight into other factors affecting geographic market performance and operating income for fiscal 2026 compared with fiscal 2025:
• Americas operating income increased due to revenue growth, lower payroll costs as a percentage of revenue and lower business optimization costs, partially offset by higher non-payroll costs.
• EMEA operating income increased due to revenue growth in local currency and the positive impact of foreign currency exchange rates, which resulted in an increase in U.S. dollar revenues, partially offset by higher non-payroll costs.
• Asia Pacific operating income decreased as revenue growth was offset by higher non-payroll costs, including higher facilities and technology costs.
Operating Income and Operating Margin Excluding Business Optimization Costs (Non-GAAP)
The business optimization costs reduced operating margin for fiscal 2026 and fiscal 2025 by 40 and 90 basis points, respectively. Adjusted operating margin for fiscal 2026 was 15.8% compared to adjusted operating margin for fiscal 2025 of 15.6%.
Fiscal
2026 2025
(in millions of U.S. dollars) Operating
Income (GAAP) Business
Optimization (1) Operating
Income (Non-GAAP) Operating
Margin
(Non-GAAP) Operating
Income (GAAP) Business
Optimization (1) Operating
Income (Non-GAAP) Operating
Margin
(Non-GAAP) Increase
(Decrease)
Americas $ 6,244 $ 67 $ 6,311 17 % $ 5,324 $ 420 $ 5,745 16 % $ 566
EMEA 3,436 170 3,606 13 3,091 132 3,223 13 383
Asia Pacific 1,725 71 1,796 17 1,810 63 1,873 19 (77)
Total $ 11,406 $ 308 $ 11,714 15.8 % $ 10,226 $ 615 $ 10,841 15.6 % $ 873
Amounts in tables may not total due to rounding.
(1) Costs recorded in connection with business optimization actions initiated during the fourth quarter of fiscal 2025 and completed during the first quarter of fiscal 2026, primarily for employee severance.
Interest Income
Interest income for fiscal 2026 was $363 million, an increase of $27 million, or 8%, over fiscal 2025. The increase was primarily due to a higher average cash balance.
Interest Expense
Interest expense for fiscal 2026 was $303 million, an increase of $75 million over fiscal 2025. The increase 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 fiscal 2026, Other expense, net increased $31 million, or 48%, over fiscal 2025, primarily due to lower gains on investments.
Income Tax Expense
The effective tax rate for fiscal 2026 was 25.1%, compared with 23.7% for fiscal 2025. The higher effective tax rate was primarily due to reduced tax benefits from 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 24.9% for fiscal 2026. Excluding the business optimization costs of $615 million and related reduction in tax expense of $126 million, our adjusted effective tax rate was 23.6% for fiscal 2025.
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Net Income Attributable to Noncontrolling Interests
Net income attributable to noncontrolling interests reflects the income earned or expense incurred attributable to the equity interest that some former members of Accenture leadership and their permitted transferees have in our Accenture Canada Holdings Inc. subsidiary. Noncontrolling interests also include amounts primarily attributable to noncontrolling shareholders in our Avanade Inc. subsidiary. Net income attributable to Accenture plc represents the income attributable to the shareholders of Accenture plc.
Earnings Per Share
Diluted earnings per share were $13.56 for fiscal 2026, compared with $12.15 for fiscal 2025. For information regarding our earnings per share calculations, see Note 3 (Earnings Per Share) to our Consolidated Financial Statements under Item 8, “Financial Statements and Supplementary Data.”
Earnings Per Share Excluding Business Optimization Costs (Non-GAAP)
The business optimization costs of $250 million and $489 million, net of related taxes, decreased diluted earnings per share by $0.41 and $0.78 for fiscal 2026 and fiscal 2025, respectively. Adjusted diluted earnings per share were $13.97 and $12.93 for fiscal 2026 and fiscal 2025, respectively.
Fiscal
2025 As Reported $ 12.15
Business optimization costs 0.98
Tax effect of business optimization costs (1) (0.20)
2025 As Adjusted $ 12.93
2026 As Reported $ 13.56
Business optimization costs 0.50
Tax effect of business optimization costs (1) (0.09)
2026 As Adjusted $ 13.97
(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.
The increase in adjusted diluted earnings per share for fiscal 2026 compared to fiscal 2025 is due to the following factors:
Fiscal
2025 As Adjusted $ 12.93
Higher revenue and operating results 1.05
Lower share count 0.33
Lower non-operating income (0.10)
Higher effective tax rate (0.24)
2026 As Adjusted $ 13.97
Our operating income and diluted earnings per share are affected by currency exchange rate fluctuations on revenues and costs. Most of our costs are incurred in the same currency as the related revenues. Where practical, we seek to manage foreign currency exposure for costs not incurred in the same currency as the related revenues, such as the costs associated with our global delivery model, by using currency protection provisions in our customer contracts and through our hedging programs. We seek to manage our costs, taking into consideration the residual positive and negative effects of changes in foreign exchange rates on those costs. For more information on our hedging programs, see Foreign Currency Risk under Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” and Note 9 (Financial Instruments) to our Consolidated Financial Statements under Item 8, “Financial Statements and Supplementary Data.”
Results of Operations for Fiscal 2025 Compared to Fiscal 2024
Our Annual Report on Form 10-K for the fiscal year ended August 31, 2025 includes a discussion and analysis of our financial condition and results of operations for the year ended August 31, 2024 in Item 7 of Part II, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
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Liquidity and Capital Resources
Our primary sources of liquidity are cash flows from operations, available cash reserves, debt capacity available under variou s credit facilities and other borrowings. We could raise additional funds through other public or private debt or equity financings. We may use our available or additional funds to, among other things:
• facilitate purchases, redemptions and exchanges of shares and pay dividends;
• acquire complementary businesses or technologies;
• take advantage of opportunities, including more rapid expansion;
• develop new solutions and services; or
• repay outstanding borrowings and other debt.
See Note 10 (Borrowings and Indebtedness) to our Consolidated Financial Statements under Item 8, “Financial Statements and Supplementary Data” for further information regarding our outstanding borrowings and other debt.
As of August 31, 2026, Cash and cash equivalents were $12.8 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:
Fiscal Change
(in millions of U.S. dollars) 2026 2025
Net cash provided by (used in):
Operating activities $ 12,363 $ 11,474 $ 889
Investing activities (5,637) (2,020) (3,617)
Financing activities (5,314) (2,948) (2,366)
Effect of exchange rate changes on cash and cash equivalents (59) (32) (27)
Net increase (decrease) in cash and cash equivalents $ 1,353 $ 6,474 $ (5,122)
Amounts in table may not total due to rounding.
Operating activities: The $889 million increase in operating cash flows was primarily due to higher net income and the timing of vendor accruals and payments in accounts payable, partially offset by higher net client balances (receivables and contract assets net of deferred revenue) and the timing of miscellaneous accruals and payments in other current and non-current liabilities.
Investing activities: The $3,617 million increase in cash used was primarily due to higher spending on business acquisitions. For additional information, see Note 6 (Business Combinations) to our Consolidated Financial Statements under Item 8, “Financial Statements and Supplementary Data.”
Financing activities: The $2,366 million increase in cash used was primarily due to higher net purchases of shares, partially offset by higher net proceeds from borrowings. For additional information, see Note 14 (Shareholders’ Equity) to our Consolidated Financial Statements under Item 8, “Financial Statements and Supplementary Data.”
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.
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. Domestic cash inflows for our Irish parent, principally dividend distributions from lower-tier subsidiaries, have been sufficient to meet our historic cash requirements, and we expect this to continue into the future.
Borrowings and Indebtedness
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 August 31, 2026 , we had outstanding long-term debt in the form of fixed-rate senior unsecured notes and floating-rate senior unsecured notes issued by Accenture Capital in an aggregate principal amount of $10 billion, which mature from 2027 through 2036. 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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For additional information regarding our outstanding borrowings, credit facilities and other debt, see Note 10 (Borrowings and Indebtedness) to our Consolidated Financial Statements under Item 8, “Financial Statements and Supplementary Data.”
Share Purchases and Redemptions
We intend to continue to use a significant portion of cash generated from operations for share repurchases during fiscal 2027. The number of shares ultimately repurchased under our open-market share purchase program may vary depending on numerous factors, including, without limitation, share price and other market conditions, our ongoing capital allocation planning, the levels of cash and debt balances, other demands for cash, such as acquisition activity, general economic and/or business conditions, and board and management discretion. Additionally, as these factors may change over the course of the year, the amount of share repurchase activity during any particular period cannot be predicted and may fluctuate from time to time. Share repurchases may be made from time to time through open-market purchases, in respect of purchases and redemptions of Accenture Canada Holdings Inc. exchangeable shares, through the use of Rule 10b5-1 plans and/or by other means. The repurchase program may be accelerated, suspended, delayed or discontinued at any time, without notice. For additional information, see Note 14 (Shareholders’ Equity) to our Consolidated Financial Statements under Item 8, “Financial Statements and Supplementary Data.”
Subsequent Events
See Note 14 (Shareholders’ Equity) to our Consolidated Financial Statements under Item 8, “Financial Statements and Supplementary Data.”
Obligations and Commitments
As of August 31, 2026, we had commitments of $2.9 billion related to cloud hosting arrangements, software subscriptions, information technology services and other obligations in the ordinary course of business that we cannot cancel or where we would be required to pay a termination fee in the event of cancellation. Payments under these commitments are estimated to be made as follows:
(in millions of U.S. dollars) Payments (1)
Less than 1 year $ 1,068
1-3 years 1,445
3-5 years 321
More than 5 years 24
Total $ 2,857
Amounts in table may not total due to rounding.
(1) Amounts do not include recourse that we may have to recover termination fees or penalties from clients.
For information about borrowing facilities and leases, see Note 10 (Borrowings and Indebtedness) and Note 8 (Leases) to our Consolidated Financial Statements under Item 8, “Financial Statements and Supplementary Data.”
Off-Balance Sheet Arrangements
In the normal course of business and in conjunction with some client engagements, we have entered into contractual arrangements through which we may be obligated to indemnify clients with respect to certain matters. To date, we have not been required to make any significant payment under any of these arrangements. For further discussion of these transactions, see Note 15 (Commitments and Contingencies) to our Consolidated Financial Statements under Item 8, “Financial Statements and Supplementary Data.”
New Accounting Pronouncements
See Note 1 (Summary of Significant Accounting Policies) to our Consolidated Financial Statements under Item 8, “Financial Statements and Supplementary Data.”
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