Media relations:
Victoire Grux
Tel.: +33 6 04 52 16 55
victoire.grux@capgemini.com
Investor relations:
Vincent Biraud
Tel.: +33 1 47 54 50 87
vincent.biraud@capgemini.com
Full-year 2025 results
- Revenues of €22,465 million in 2025, up +1.7%
- Revenue growth at constant exchange rates of +3.4% for the full year, and +10.6% in Q4
- Bookings up +3.9% at constant exchange rates to €24.4 billion with a 1.08 book-to-bill
- Stable operating margin, at 13.3% of revenues
- Net profit, Group share, of €1,601 million
- Basic earnings per share of €9.46, down -3.7% and normalized earnings per share of €12.95, up +5.8%
- Organic free cash flow stable at €1.95 billion
- Proposed dividend of €3.40 per share
Paris, February 13, 2026 - The Board of Directors of Capgemini SE, chaired by Paul Hermelin, convened on February 12, 2026 in Paris to review and adopt the accounts1 of the Capgemini Group for the year ended December 31, 2025.
Aiman Ezzat, Chief Executive Officer of the Capgemini Group, said: "In a complex macroeconomic environment, we exceeded our revenue growth objective and met our margin and organic free cash flow targets, demonstrating the strength and clarity of our strategic direction. The improvement of our underlying growth dynamics throughout the year has been driven by a strong demand for cloud, data & AI and digital business process services, as well as a greater number of large transformational deals.
We are helping clients to scale AI from small experiments to enterprise-wide programs by integrating AI throughout our portfolio, deploying it in delivery, and strengthening our partner ecosystem to accelerate path to value. Generative and agentic AI accounted for over 10% of Group bookings in Q4, demonstrating that our clients recognize us as a trusted partner for their AI-driven business and technology transformation.
We are accelerating the transformation of our capabilities to align with our growth agenda. This will drive a number of country-specific workforce and skills adaptation initiatives resulting in cumulative restructuring costs of circa €700 million over the next two years.
The strategic acquisition of WNS marked a milestone for the Group. This acquisition strengthens Capgemini's ability to deliver GenAI- powered intelligent operations at scale, accelerating end-to-end agentification of business processes to deliver significant value.
In 2026, our growth will be fueled by AI-led transformation programs, Intelligent Operations where we are signing some large deals, and sovereignty where demand is significantly increasing as demonstrated by our recent announcements with AWS, Google and Microsoft.
We are clearly pivoting the Group to be the catalyst for enterprise-wide AI adoption.
Looking ahead, we target for 2026 revenue growth at constant exchange rates of around +6.5% to +8.5% and an operating margin of between 13.6% and 13.8%."
Key figures
| (in millions of euros) | 2024 | 2025 | Change |
| Revenues | 22,096 | 22,465 | +1.7% |
| Operating margin- | 2,934 | 2,983 | +1.7% |
| as a % of revenues | 13.3% | 13.3% | stable |
| Operating profit | 2,356 | 2,199 | -6.7% |
| as a % of revenues | 10.7% | 9.8% | -0.9pts |
| Net profit (Group share) | 1,671 | 1,601 | -4.2% |
| Basic earnings per share Non-controlling interests | (6) | (6) | |
| Net profit (Group share) | 1,671 | 1,601 | -4.2% |
Normalized and diluted earnings per share
| (in millions of euros) | 2024 | 2025 | Change |
| Average number of shares outstanding | 170,201,409 | 169,347,632 | -0.5% |
| BASIC EARNINGS PER SHARE (in euros) | 9.82 | 9.46 | -3.7% |
| Diluted average number of shares outstanding | 176,375,256 | 175,390,017 | |
| DILUTED EARNINGS PER SHARE (in euros) | 9.47 | 9.13 | -3.6% |
| | |||
| (in millions of euros) | 2024 | 2025 | Change |
| Profit for the period, Group share | 1,671 | 1,601 | -4.2% |
| Effective tax rate | 28.8% | 24.6% | |
| (-) Other operating income and expenses, net of tax | 412 | 591 | |
| Normalized profit for the period | 2,083 | 2,192 | +5.3% |
| Average number of shares outstanding | 170,201,409 | 169,347,632 | |
| NORMALIZED EARNINGS PER SHARE (in euros) | 12.23 | 12.95 | +5.8% |
Change in cash and cash equivalents and organic free cash flow
| (in millions of euros) | 2024 | 2025 |
| Net cash from operating activities | 2,526 | 2,482 |
| Acquisitions of property, plant and equipment and intangible assets, net of disposals | (310) | (222) |
| Net interest cost | 37 | (15) |
| Repayments of lease liabilities | (292) | (296) |
| ORGANIC FREE CASH FLOW | 1,961 | 1,949 |
| Other cash flows from (used in) investing and financing activities | (2,788) | (1,680) |
| Increase (decrease) in cash and cash equivalents | (827) | 269 |
| Effect of exchange rate fluctuations | 97 | (242) |
| Opening cash and cash equivalents, net of bank overdrafts | 3,517 | 2,787 |
| Closing cash and cash equivalents, net of bank overdrafts | 2,787 | 2,814 |
Net Debt
| (in millions of euros) | December 31, 2024 | December 31, 2025 |
| Cash and cash equivalents | 2,789 | 2,814 |
| Bank overdrafts | (2) | 0 |
| Cash and cash equivalents, net of bank overdrafts | 2,787 | 2,814 |
| Cash management assets | 268 | 218 |
| Long-term borrowings | (4,281) | (7,451) |
| Short-term borrowings and bank overdrafts | (863) | (887) |
| (-) Bank overdrafts | 2 | 0 |
| Borrowings, excluding bank overdrafts | (5,142) | (8,338) |
| Derivative instruments | (20) | 0 |
| NET CASH / (NET DEBT) | (2,107) | (5,306) |
ESG Performance
| ObjectivesKey Performance IndicatorsBaseline2024 (2018 or 2019) | 2025 | 2030 Target (vs 2019) | ||
| Environment | Reduce our Scope 1, 2 and 3 emissions by 90%, by 2040 | Scope 1 & 2 - Absolute emissions (market-based, 154.1 11.2 ktCO2e) | 8.7 | -80% absolute |
| Scope 3 - Business travel emissions per employee 1.26 0.48 (average total heacount, tCO2e/head) | 0.38 | -55% per employee | ||
| Scope 3 - Employee commuting emissions per 1.08 0.55 employee (tCO2e/head) | 0.50 | -55% per employee | ||
| Scope 3 - Absolute emissions from purchased 305.7 301.5 goods and services (ktCO2e) | 279.5 | -50% absolute | ||
| Scale up our investment in climate and nature solutions at a level commensurate with our GHG emissions | % of residual operational emissions for which - - carbon credits have been retired | 100% | 100% | |
| % of total operational emissions for which carbon credits have been retired - - | 58% | 100% | ||
| Increase bookings (value) delivering sustainability Variation of bookings (value) delivering - - benefits to our clients sustainability benefits to our clients | +7% | - | ||
| Social | Reach and maintain, on average, 70 learning hours Average Completed Learning Hours, including per employee per year learning in the flow of work, per headcount at the 41.9 81.3 end of the year | 97.2 | >=70 | |
| Upskill our talents on one yearly de?ned strategic Number of active learners on a yearly defined topic strategic topic - - | 195k | Above the target defined each year | ||
| Maintain our employees' belonging index above 80 Belonging index score - - | 84 | >80 | ||
| Keep over 80% of the employees with a positive % of employees surveyed with an average Ethical perception of our Values, culture, and ethical culture score between 7 and 10 (annual average - 85% behaviors in the Group number of employees) | 85% | >80% | ||
| Enhance awareness and foster the adoption of % of headcount who completed the 'Ethics in AI' e- Ethical AI practices learning - - | To be reported from 2026 | >80% | ||
| Maintain at least 40% of women in our global teams and reach 35% of women in group executive leadership positions, by 2030 | % of women in the workforce 33.0% 39.7% | 40.5% | >=40% | |
| % of women in group executive leadership 16.9% 29.0% positions | 30.5% | >=35% | ||
| Support 10M bene?ciaries in underserved Cumulated number of Digital Inclusion communities through our digital inclusion programs, beneficiaries (since 2018) n.m. 7.5M by 2030 | 8.5M | >10M | ||
| Governance | Maintain best-in-class corporate governance MSCI ESG rating on Corporate Governance - Rating achieved | Rating achieved | Top quartile compared to industry peers | |
| By 2030, suppliers covering 80% of the purchase % of purchase amount with suppliers who have amount of the previous year, will have committed to committed to our ESG standards over the total - 60% our ESG standards purchase amount of the reporting year | 72% | >=80% | ||
| Embed data protection into our culture, operations and clients' delivery | % of headcount (total headcount at the end of the year) who completed the mandatory e-learning - 95% module on data protection | 94% | >90% | |
| % of DPO (number of DPO at the end of the year) certified with the International Association of - 76% Privacy Professionals | 87% | >90% | ||
| % of qualified client engagements that have reached a top-level comprehensive digital end-to- - - end data protection maturity assessment | 58% | >85% | ||
| Be recognized as a front leader on cybersecurity | % of operation centers and sensitive facilities at - 98% the end of the year, ISO 27001 certified | 98% | >98% | |
| % of headcount (total headcount at the end of the year) who completed the mandatory e-learning - 95% module on Cybersecurity | 96% | >95% | ||
Note: in the table above, 2025 data may include some estimates and some historical data points may have been restated to ensure comparability. The information provided in this table does not account for WNS and other acquisitions that were also completed at the end of 2025.
1 Audit procedures on the consolidated financial statements have been completed. The auditors are in the process of issuing their report.
2 Capgemini has met its RE100 commitment for 99.6% of its global electricity consumption. The remaining 0.4% was not met because of the unavailability in Tunisia and Romania of renewable electricity aligned to RE100 technical criteria.
3 Note that in the appendix, certain totals may not equal the sum of amounts due to rounding adjustments.
