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Accenture reported Q3FY26 revenues up 6 percent YoY

ICICIdirect Research 19 Jun 2026 DISCLAIMER

News: Accenture reported Q3FY26 revenues of US$18.7 billion, up 6% YoY in US$ terms and 3% in local currency, while operating margin expanded ~20 bps YoY to 17.0%. Quarterly new bookings stood at US$19.3 billion, down 2% YoY in US$ terms and 3% in local currency (US$10.3 billion from consulting and US$9.1 billion from managed services). Geography-wise, in US$ terms, Americas (49% of mix), EMEA (37% of mix) and APAC (14% of mix) grew by 2%, 10% and 7%, respectively. Segment-wise, on a YoY basis in US$ terms, Communications, Media & Technology (17% of mix), Financial Services (19% of mix), Health & Public Services (21% of mix), Products (30% of mix) and Resources (13% of mix) grew by 10%, 6%, 2%, 6% and 3%, respectively. Headcount stood at 798,739, up 2% QoQ/1% YoY, with annual voluntary attrition at 14% (+100 bps QoQ). For Q4FY26, management guided revenues of US$17.75–18.4 billion, implying 1–5% growth in local currency. For FY26, management narrowed revenue growth guidance to 3–4% in local currency (4–5% excluding the ~1% impact from its U.S. federal business) vs 3-5% earlier and operating margin expansion of 60 bps over FY25 to 15.3% (adjusted operating margin expansion of 20 bps over FY25, excluding $308 million and $615 million for business optimization costs in Q1 FY26 and Q4 FY25, respectively)

View: Accenture’s Q3 commentary suggests the demand environment remains mixed, with strong AI-led transformation demand offset by weak discretionary spending and elongated decision cycles. For FY26, management expects consulting growth in low single digits and managed services growth in mid-single digits. The FY26 revenue growth guidance was narrowed to 3–4% in local currency (vs 3–5% earlier), citing a US$100 million revenue impact from Middle East-related disruption and deferral of two large managed-services deals to FY27. Bookings declined YoY and moderated sequentially in Q3, however, management commentary suggests demand for large-scale reinvention programs remains healthy, reflected in 104 client bookings exceeding US$100 million YTD, up 13% YoY. Management also highlighted growing momentum in AI (100 new advanced AI projects added), cybersecurity and platform-led offerings, while acquisitions such as Dargos, runZero and NetRise expand it’s exposure to a US$27 billion fast-growing market of cybersecurity OT. The launch of Accenture Edge also targets the large mid-market opportunity with AI-led solutions.  For Indian IT services, the read-through remains largely unchanged - AI-led demand and large deal activity are supporting growth, but the broader recovery is still gradual rather than broad-based. Indian IT companies are expected to open negative as a sign of softer near-term demand and delayed discretionary spending recovery

Impact: Negative

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