可选产品分析
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Enterprise transformation acceleration as corporate clients scale generative AI from experimental prototypes into mission-critical production environments.
Broad-based enterprise discretionary consulting budget freeze accompanied by pricing concessions across core delivery contracts.
Accenture plc is rated Hold with Fair value of $224.17 against $229.68 as of $229.68 (as of 2026-10-16). While the company generated record free cash flow and robust bookings, the shares trade close to Fair value with -2.4% implied return, fairly balancing strong cash returns against slowing discretionary consulting demand and contract pricing pressure.45
Accenture completed a strong fiscal 2026, delivering revenue of $74.18 billion, up 6% in USD and 5% in local currency, with operating income increasing 12% to $11.41 billion. GAAP rose 12% to $13.56, while adjusted grew 8% to $13.97. reached $11.62 billion, supporting $11.51 billion in total cash returned to shareholders through $7.52 billion of share repurchases and $3.99 billion in dividends. For FY27, management guided for 3% to 6% local currency , GAAP diluted EPS of $14.39 to $14.81, and at least $9.5 billion in shareholder cash return.
Valuation metrics indicate that the stock is fairly valued at prevailing levels. Accenture trades at a forward P/E of 12.41x, comparable to IT solutions peer CDW at 12.50x and below diversified peer IBM at 17.65x. Fair value of $224.17 aligns closely with $229.68, reflecting -2.4% implied return, indicating that steady cash returns and guided 10 to 30 basis point operating margin expansion are already incorporated into market expectations.345
Longer-term upside potential from generative AI monetization, where bookings tripled and revenue doubled with emerging ecosystem partners in FY26, is tempered by near-term margin pressure. Management highlighted lower pricing in several areas during Q4 FY26, while Americas revenue growth moderated to 4%. A Hold rating appropriately reflects this balanced fundamental posture.57
Accenture is the leading integration partner for enterprise cloud and AI architectures, generating $84.54 billion in annual new bookings and maintaining 141 quarterly client relationships over $100 million.5
Generating $11.62 billion in FY26 free cash flow on an asset-light model, Accenture returned $11.51 billion to shareholders via repurchases ($7.52B) and dividends ($3.99B), and plans at least $9.5 billion in FY27 capital return.5
Accenture tripled bookings and doubled revenue with emerging data and AI partners in FY26, positioning the firm to lead enterprise adoption as pilot projects transition into full-scale production.5
Accenture is rated Hold because the shares trade at $229.68 near Fair value of $224.17 with -2.4% implied return, appropriately balancing industry-leading cash conversion against near-term consulting demand deceleration and pricing pressure.45
Accenture plc is a leading global professional services company incorporated in Ireland with principal executive offices in Dublin. The company provides broad services across strategy, consulting, digital core, cloud, and managed services across five industry groups: Products, Financial Services, Health & Public Service, Communications, Media & Technology, and Resources.
In FY26, total revenues reached $74.18 billion, divided between Consulting ($36.88 billion) and Managed Services ($37.30 billion). Geographically, the Americas generated $36.55 billion (49.3%), EMEA delivered $26.96 billion (36.3%), and Asia Pacific contributed $10.68 billion (14.4%). The company maintains a global workforce serving enterprise clients worldwide.
A combined macroeconomic and technology-driven stress scenario models an enterprise consulting freeze occurring simultaneously with delivery commoditization. Under this joint shock, revenue growth stagnates between 0% and 2% while GAAP operating margin compresses to 12.50%. Annual free cash flow would contract significantly from the $11.62 billion recorded in FY26, constraining capital return capacity and testing the lower fair value range boundary of $172.99.
A prolonged discretionary IT consulting spending freeze combined with competitive pricing pressure in commoditized service lines, dampening EPS growth to 2.5% to 3.5%. Operating margins face headwinds from delivery automation commoditization, while enterprise clients in the Americas and Europe delay project commencements.
Management noted lower contract pricing in multiple areas in Q4 FY26 and guided FY27 operating margin between 15.9% and 16.1%. If widespread pricing concessions and delivery automation commoditization reduce operating margin toward the broader industry benchmark of 12.50%, operating income would drop sharply, driving an estimated 23.5% reduction in fair value.5
可能削弱我们投资逻辑的五项变化。
Persistent contract pricing concessions in commoditized delivery expanding into core contracts, eroding operating margin below historical benchmarks.
当前：15.38% (FY26 reported)
触发警报：< 14.50%
Accenture wide economic moat is built on structural advantages spanning unmatched global delivery scale, high customer switching costs, and preeminent ecosystem alliances. With a global workforce of 814,000 professionals operating across 13 industry verticals, Accenture provides complete life-cycle execution from high-level strategic transformation to routine infrastructure management. This breadth makes Accenture the default integration partner for Global 2000 enterprises undertaking complex multi-year modernization programs.
The company embedded position within core client workflows creates substantial switching barriers. In FY26, Managed Services generated $37.30 billion in revenue (50.3% of total revenue), growing 8% in USD and providing recurring visibility. Accenture ongoing management of enterprise cybersecurity, ERP implementations, and cloud operations creates operational inertia, making vendor replacement costly and disruptive for enterprise leadership teams.
Furthermore, Accenture ecosystem partnerships with leading enterprise software, hyperscale cloud, and emerging artificial intelligence platforms form an self-reinforcing advantage. In FY26, generative AI bookings tripled and related revenue doubled, demonstrating that technology creators rely on Accenture professional bench to implement complex software suites into enterprise operations. This positioning ensures enduring excess returns on capital over economic cycles.
Accenture generates substantial economic profit above its cost of capital. For FY26, operating income reached $11.41 billion on revenue of $74.18 billion, achieving a GAAP operating margin of 15.38%. Return on invested capital (ROIC) stands at 15.88% based on external benchmark calculations, substantially exceeding the house computed weighted average cost of capital (WACC) of 8.98% (derived from a moderate cost of equity of 9.43% and pre-tax cost of debt of 5.64%). This positive economic spread of approximately 690 basis points reflects enduring structural advantages rather than balance-sheet leverage, as total debt is modest at $13.40 billion.246
Each lens answers a different valuation question. Only included lenses set Fair value; floors and diagnostics provide context.
The highlighted cell is Fair value when every assumption sits at its base level ($224.17). Each row and column shows what Fair value becomes when one assumption moves.
Free cash flow to the firm stays positive in the first projected year at $8.5B after modeled reinvestment of $739.2M, with terminal value at 76.7% of enterprise value. A sudden drop in free cash flow is not projected unless capital spending relative to revenue, reinvestment, or gross margin resets materially.
An accelerated transformation environment where enterprise generative AI spending scales rapidly across global corporations, driving premium earnings growth. Strong pricing power and high utilization allow operating margins to expand toward cycle highs, while capital returns accelerate via robust free cash flow conversion.
An operational beat would confirm accelerating enterprise demand for generative AI transformation and resilience against competitive pricing headwinds, improving intrinsic fair value.
Results meeting guidance confirm steady execution in line with the house base-case forecast, leaving intrinsic valuation balanced with prevailing market pricing.
A miss would signal worsening pricing deflation, enterprise consulting budget cutbacks, and potential contract loss to lower-cost providers.
Accenture earnings quality is exceptionally high, validated by reliable cash conversion and transparent reporting. Free cash flow comfortably exceeds GAAP net income, confirming high conversion of accounting earnings into realized cash. Non-GAAP adjustments are modest and transparently disclosed, primarily reflecting business optimization severance costs bridging GAAP diluted earnings per share to adjusted results. Days services outstanding remained stable, confirming disciplined working capital and receivables management.6
Consensus estimate revisions following the Q4 FY26 earnings release are flat to modestly mixed. FY27 consensus EPS moved from $14.67 pre-event to $14.67 post-event, and was recorded at $14.66 as of October 18, 2026. Full-year FY27 consensus revenue increased by 1.05% from $76.55 billion to $77.43 billion. Near-term Q1 FY27 EPS consensus was adjusted downward by 1.10% from $3.99 to $3.95, reflecting management commentary regarding Q4 contract pricing concessions and competitive intensity.15
Bookings indicate forward revenue conversion and demand visibility across Consulting and Managed Services.
Accenture demonstrates premier cash conversion. For the fiscal year ended August 31, 2026, cash flow from operations reached $12.36 billion, an increase from $11.47 billion in FY25. Capital expenditures were $742.75 million (up from $600.04 million in FY25), generating free cash flow of $11.62 billion compared with $10.87 billion in FY25. Days services outstanding (DSOs) ended at 50 days, and total cash and equivalents stood at $12.83 billion against total debt of $13.40 billion. For FY27, management guides operating cash flow to $11.90-$12.70 billion and capex to ~$900 million, resulting in expected free cash flow of $11.00-$11.80 billion.4568
Accenture return on capital reflects an asset-light professional services model characterized by strong operating margins (15.38% GAAP in FY26) and low capital expenditure requirements ($742.75M capex vs $74.18B revenue). Management guidance for 10 to 30 basis points of operating margin expansion in FY27 supports stable return metrics over the medium term.
External benchmark return on invested capital (ROIC) is 15.88%, outperforming the house computed WACC of 8.98% (with a pre-tax of 5.64% and moderate of 9.43%) by approximately 690 basis points. This wide economic spread confirms persistent shareholder value creation.
| 营业收入 | US$74,183,445,000 |
|---|---|
| 营业成本 | US$50,407,847,000 |
| 毛利 | US$23,775,598,000 |
| 营业费用 | US$12,369,638,000 |
| 营业利润 | US$11,405,960,000 |
| 营业外项目及税项 | -US$3,038,904,000 |
| 净利润 | US$8,367,056,000 |
| 总资产 | US$73,597,792,000 |
|---|---|
| 现金 | US$12,831,471,000 |
| 流动资产 | US$31,831,140,000 |
| 总负债 | US$40,340,676,000 |
| 流动负债 | US$22,304,374,000 |
| 股东权益 | US$32,724,354,000 |
| 净利润 | US$8,367,056,000 |
|---|---|
| 经营现金流入 | US$12,822,771,000 |
| 折旧与摊销 | US$2,355,282,000 |
| 股份支付 | US$2,100,433,000 |
| 经营现金流 | US$12,363,346,000 |
| 经营现金流出 | US$459,425,000 |
| 可用现金 | US$23,842,075,000 |
| 期初现金 | US$11,478,729,000 |
| 投资现金流出 | US$5,636,688,000 |
| 资本支出 | US$742,748,000 |
| 其他投资活动 | US$4,893,940,000 |
| 融资现金流出 | US$5,314,496,000 |
| 汇率影响 | US$59,420,000 |
| 期末现金 | US$12,831,471,000 |
| 投资现金流 | -US$5,636,688,000 |
| 融资现金流 | -US$5,314,496,000 |
来源: SEC EDGAR · 申报日期 2026-10-16 · SEC EDGAR
| 按经营分部划分的收入 | 营业收入 | 占比 | 同比 |
|---|---|---|---|
| Americas | US$365.5亿 | 49.3% | 4.3% |
| EMEA | US$269.6亿 | 36.3% | 9.4% |
| Asia Pacific | US$106.8亿 | 14.4% | 7.1% |
2026-10-18分析所采用的时点财务数据。
| 期间 | 营业收入 | EBITDA | 净利润 | 经营现金流 | 自由现金流 | 资本支出 | 折旧与摊销 | 股份支付 | 股份回购 | 已付股息 | 净债务发行 | 投资现金流 | 融资现金流 | 期初现金 | 期末现金 | 现金与投资 | 总债务 | 营业利润率 | ROIC | WACC | ROIC−WACC利差 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2017-08-31 | US$361.8亿 | US$54.3亿 | US$34.5亿 | US$49.7亿 | US$44.6亿 | US$5.2亿 | US$8亿 | US$8亿 | US$26.5亿 | US$15.7亿 | — | -US$22.3亿 | -US$35.6亿 | — | US$41.3亿 | US$41.3亿 | US$2507万 | 14.4% | — | 5.9% | — |
| 2018-08-31 | US$409.9亿 | US$67.5亿 | US$40.6亿 | US$60.3亿 | US$54.1亿 | US$6.2亿 | US$9.3亿 | US$9.8亿 | US$26.4亿 | US$17.1亿 | — | -US$12.5亿 | -US$37.1亿 | US$41.3亿 | US$50.6亿 | US$50.6亿 | US$2501.3万 | 14.4% | — | 6.4% | — |
| 2019-08-31 | US$432.2亿 | US$71.7亿 | US$47.8亿 | US$66.3亿 | US$60.3亿 | US$6亿 | US$8.9亿 | US$10.9亿 | US$26.9亿 | US$18.6亿 | — | -US$17.6亿 | -US$37.7亿 | US$50.6亿 | US$61.3亿 | US$61.3亿 | US$2265.8万 | 14.6% | — | 5.4% | — |
| 2020-08-31 | US$443.3亿 | US$85.8亿 | US$51.1亿 | US$82.2亿 | US$76.2亿 | US$6亿 | US$10.2亿 | US$12亿 | US$29.2亿 | US$20.4亿 | — | -US$18.9亿 | -US$40.5亿 | US$61.3亿 | US$84.2亿 | US$85.1亿 | US$34.9亿 | 14.7% | — | 4.5% | — |
| 2021-08-31 | US$505.3亿 | US$97.1亿 | US$59.1亿 | US$89.8亿 | US$84亿 | US$5.8亿 | US$11.3亿 | US$13.4亿 | US$37亿 | US$22.4亿 | — | -US$43.1亿 | -US$49.3亿 | US$84.2亿 | US$81.7亿 | US$81.7亿 | US$35.1亿 | 15.1% | — | 5.3% | — |
| 2022-08-31 | US$615.9亿 | US$102.7亿 | US$68.8亿 | US$95.4亿 | US$88.2亿 | US$7.2亿 | US$13.2亿 | US$16.8亿 | US$41.2亿 | US$24.6亿 | US$0 | -US$42.6亿 | -US$53.1亿 | US$81.7亿 | US$78.9亿 | US$78.9亿 | US$33.3亿 | 15.2% | — | 7.4% | — |
| 2023-08-31 | US$641.1亿 | US$102.5亿 | US$68.7亿 | US$95.2亿 | US$90亿 | US$5.3亿 | US$14.1亿 | US$19.1亿 | US$43.3亿 | US$28.3亿 | US$1亿 | -US$26.2亿 | -US$56.5亿 | US$78.9亿 | US$90.5亿 | US$90.5亿 | US$31.5亿 | 13.7% | — | 8.6% | — |
| 2024-08-31 | US$649亿 | US$108.4亿 | US$72.6亿 | US$91.3亿 | US$86.1亿 | US$5.2亿 | US$14.4亿 | US$19.4亿 | US$45.2亿 | US$32.4亿 | US$8.3亿 | -US$70.6亿 | -US$60.6亿 | US$90.5亿 | US$50亿 | US$50.1亿 | US$41.2亿 | 14.8% | — | 8.4% | — |
| 2025-08-31 | US$696.7亿 | US$122亿 | US$76.8亿 | US$114.7亿 | US$108.7亿 | US$6亿 | US$17.1亿 | US$20.9亿 | US$46.2亿 | US$37亿 | US$41.3亿 | -US$20.2亿 | -US$29.5亿 | US$50亿 | US$114.8亿 | US$114.8亿 | US$81.8亿 | 14.7% | — | 8.9% | — |
| 2026-08-31 | US$741.8亿 | US$140.3亿 | US$83.7亿 | US$123.6亿 | US$116.2亿 | US$7.4亿 | US$23.6亿 | US$21亿 | US$75.2亿 | US$39.9亿 | — | -US$56.4亿 | -US$53.1亿 | US$114.8亿 | US$128.3亿 | US$128.4亿 | US$134亿 | 15.4% | — | 8.6% | — |
Accenture plc (ACN) trades at 12.4x forward earnings against a peer median of 17.3x. Its EV/EBITDA of 9.9x compares with a peer median of 16.2x. The comparison uses 4 peers: International Business Machines Corporation, CDW Corporation, Corning Incorporated and QUALCOMM Incorporated, as of 2026-10-18.
Industry-level capital intensity is structurally low, with the IT services benchmark capex-to-revenue ratio at 2.9% (-0.029) and capex-to-depreciation at 0.35. Accenture own capital expenditures were $742.75 million on $74.18 billion in revenue (1.0% capex/revenue) in FY26, with FY27 capex guided to approximately $900 million. Because physical capacity, supply bottlenecks, and lead-time metrics are absent in human-capital services, this industry cycle view is demand-led and evidence-limited.56
In an expansionary cycle, enterprise clients execute multi-year digital reinvention programs, cloud migrations, and generative AI integrations across their core architectures. Corporate budgets expand from exploratory pilots into full-scale enterprise deployments, driving consulting book-to-bill ratios above 1.2x and supporting mid-to-high single-digit revenue growth alongside 20 to 30 basis points of annual operating margin expansion.
In an IT services contraction, enterprise clients delay discretionary consulting projects, scrutinize software implementation budgets, and seek pricing concessions on legacy application management. Consulting revenue growth slows, contract durations extend, and billable utilization softens, necessitating operational restructuring and severance costs.
Accenture is positioned as the primary reinvention partner for Fortune Global 500 corporations, serving 141 clients with over $100 million in quarterly bookings. Its balanced revenue mix between Consulting (50%, $36.88 billion) and Managed Services (50%, $37.30 billion) provides recurring baseline cash flow during discretionary spending pauses. Its scale advantage enables $5.0 billion in targeted acquisition investments in FY27 to capture emerging growth in AI and cybersecurity.5
Accenture is an elite core technology franchise. However, given the current Hold rating and the market price of $229.68 trading at a 2.46% premium to intrinsic fair value of $224.17, maintaining a neutral benchmark weighting of 3-4% in diversified equity portfolios is recommended rather than adding new capital.4
Risk management centers on portfolio diversification and monitoring enterprise consulting spending cycles. Because Accenture is sensitive to corporate IT budgets, exposure should be balanced against non-cyclical holdings. The company pristine balance sheet ($12.83 billion in cash and equivalents against $13.40 billion in debt) and strong free cash flow generation provide robust downside risk mitigation.
At $229.68, Accenture trades at a modest 2.46% premium to intrinsic fair value of $224.17 and 12.41x forward earnings, offering balanced valuation without sufficient margin of safety to initiate fresh buying.4
Accenture provides reliable, compounding dividend income supported by a 5% dividend increase to $1.71 per share quarterly and $11.62 billion in annual free cash flow, warranting continued holding for income compounding.5
While generative AI bookings and technology alliances are expanding rapidly, overall top-line growth is projected in the mid-single digits (3% to 6% guided for FY27), suggesting modest near-term capital appreciation.5
Maintain existing holdings in Accenture plc (NYSE: ACN). The company exceptional competitive scale, leading enterprise generative AI positioning, and premier cash flow conversion ($11.62B FCF in FY26) are balanced by a market price of $229.68 that sits at a 2.46% premium to intrinsic fair value of $224.17.4
With FY27 revenue growth guided to 3% to 6% in local currency and operating margin expansion projected at 10 to 30 basis points, the risk-reward profile is balanced, warranting patience for either earnings acceleration or price pullbacks.
Capture your own thesis, position size, and follow-up questions. Stays on this device, only you can see it.
The records this analysis drew on, as they stood when it was run.
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
Accenture full-year FY27 guidance anticipates 3% to 6% local currency revenue growth, but FY26 Americas revenue growth already slowed to 4% ($36.55 billion). A broader macroeconomic downturn freezing discretionary corporate consulting projects across North America and Europe would push 5-year revenue CAGR down to 0%, resulting in an estimated 28% decline in fair value.57
The house valuation model applies a terminal price-to-earnings multiple of 16.0x. However, IT services and solutions peer CDW trades at a forward P/E of 12.50x and the broader market forward P/E stands at 12.41x. Commoditization of implementation work would compress Accenture exit multiple below 12.8x toward peer levels, driving an estimated 18.5% reduction in fair value.34
Prolonged freeze in enterprise discretionary consulting and systems integration budgets across North American corporations.
当前：4.0% YoY in FY26
触发警报：< 2.0% YoY
Quarterly contract bookings failing to keep pace with revenue burn, indicating shrinking forward project backlogs.
当前：1.2x (Q4 FY26)
触发警报：< 1.0x
Enterprise client payment delays or milestone sign-off disputes slowing cash collection and elevating working capital intensity.
当前：50 days as of August 31, 2026
触发警报：> 55 days
Corporate postponement of discretionary advisory and strategy projects, driving immediate utilization pressure on professional headcount.
当前：$9.40B in Q4 FY26 (book-to-bill 1.0x) and $40.86B in FY26
触发警报：< $8.50B quarterly or book-to-bill < 0.9x
| medium |
| 6 to 12 months |
| Management expanded FY26 gross margin by 10 basis points through delivery efficiencies and guided FY27 operating margin expansion of 10 to 30 basis points despite competitive pressures.5 |
| Software Vendors Deploying Direct Forward-Deployed Engineering Models | low | 18 to 36 months | Accenture provides vendor-agnostic architecture integration across multi-cloud environments and end-to-end industry processes that single-platform software vendors cannot match.5 |
Under the moderate discount rate, US$52.07 comes from forecast-period earnings and US$186 from the long-term value, totaling US$238.
Project EPS through the explicit advantage period, fade growth as competition catches up, and discount the full stream at cost of equity.
Apply a terminal P/E to the dated forward EPS path, then discount that future share value back to the analysis date.
Convert the revenue and margin path into after-tax free cash flow, discount the annual per-share amounts and terminal value at WACC, then adjust for signed net debt per current share.
Discounted forecast-period cash flows (US$63.01) plus discounted terminal value (US$208) minus signed per current share (US$0.91) equals the US$270 lens value shown above. Negative net debt is , so subtracting it raises value.
Add depreciation to net income, subtract maintenance capex, divide by diluted shares, and apply a normalized valuation multiple.
Discount the explicit dividend path and its Gordon-growth terminal value at cost of equity.
Solve for the growth rate that makes the model value equal the report-date share price.
The modal expected trajectory assumes revenue growth compounding at 4.5% to 5.1% annually through FY31, supported by steady managed services demand and moderate expansion in enterprise AI projects. Operating margins expand gradually from 15.38% to 16.0% in FY27, 16.2% in FY28, and reach 16.5% by FY31. Diluted share count decreases steadily via share repurchases.
The Americas represents 49.3% of revenue and 54.7% of operating profit, making it the primary barometer of discretionary corporate spending.7
Monitors whether delivery automation and pricing pressure erode profitability or whether operational efficiencies offset headwinds.
Demonstrates commitment to returning excess cash to shareholders and offsetting share-based compensation dilution.
| $85.55B |
| $89.66B |
| $93.69B |
| Revenue growth | 4.5% | 5.1% | 5.0% | 4.8% | 4.5% |
| Operating margin | 16.0% | 16.2% | 16.3% | 16.4% | 16.5% |
| Operating income | $12.40B | $13.20B | $13.94B | $14.70B | $15.46B |
| Tax rate | 25.5% | 25.5% | 25.5% | 25.5% | 25.5% |
| NOPAT | $9.24B | $9.83B | $10.39B | $10.95B | $11.52B |
| Reinvestment | $739.25M | $786.66M | $831.09M | $876.33M | $921.35M |
| Reinvestment rate (of NOPAT) | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% |
| Free cash flow to firm | $8.50B | $9.05B | $9.56B | $10.08B | $10.60B |
| Americas revenue | $38.19B | $40.14B | $42.15B | $44.17B | $46.16B |
| Emea revenue | $28.17B | $29.61B | $31.09B | $32.58B | $34.05B |
| Asia Pacific revenue | $11.16B | $11.72B | $12.31B | $12.90B | $13.48B |
| Terminal growth | 2.5% | 2.5% | 2.5% | 2.5% | 2.5% |
Accenture follows a shareholder-centric capital allocation strategy. In FY26, the company returned $11.51 billion to shareholders, including $7.52 billion in share repurchases and redemptions (39.9 million shares) and $3.99 billion in cash dividends ($1.63 per share quarterly). The board approved a 5% dividend increase to $1.71 per share payable in November 2026 and authorized an additional $6.0 billion in share repurchases, bringing total outstanding authority to $6.9 billion. For FY27, management committed to returning at least $9.5 billion to shareholders, including $5.5 billion in share repurchases. On the investment side, cash deployed for acquisitions was $4.94 billion in FY26, with an additional $5.0 billion planned for FY27 to scale capabilities in data, AI, and cybersecurity.
FY26 revenue expanded 6% to $74.18 billion, with the Americas contributing $36.55 billion (up 4%), EMEA $26.96 billion (up 9%), and Asia Pacific $10.68 billion (up 7%), generating $11.41 billion in GAAP operating income.
Geographic diversification provides operational resilience, but the Americas segment operating income ($6.24 billion) represents 54.7% of total operating income, maintaining geographic dependence.
Operating cash flow of $12.36 billion against capital expenditures of $742.75 million yielded $11.62 billion in free cash flow, representing 136% of GAAP net income ($8.52 billion).
High cash conversion supports substantial shareholder returns and debt maintenance without requiring outside financing.
Share-based compensation was $2.10 billion in FY26, which was more than offset by $7.52 billion in share repurchases and redemptions, lowering diluted share count to 617.50 million.
Net share reduction contributed $0.33 to FY26 adjusted EPS growth and supports future per-share compounding.
| 利润率 |
|---|
| ACN | Accenture plc | $140.6B | 12.4x | 1.9x | 9.9x | 26.0% | — |
| IBM | International Business Machines Corporation | $218.7B | 17.7x | 3.2x | 16.8x | 34.5% | 16.5% |
| CDW | CDW Corporation | $18.8B | 12.5x | 0.8x | 12.4x | 44.0% | 7.3% |
| GLW | Corning Incorporated | $113.5B | 30.2x | 6.7x | 29.7x | 16.8% | 15.6% |
| QCOM | QUALCOMM Incorporated | $183.8B | 16.9x | 4.2x | 15.6x | 33.8% | 18.5% |
| neutral |
| Deflating AI token costs and automated coding tools reduce billable hours on standardized software tasks, creating pricing friction while opening opportunities in strategic architectural redesign. |
| Americas Local Currency Revenue Growth | Decelerates to near stagnation year over year | Examine corporate discretionary spending trends in North America and revise medium-term earnings forecasts. |
