ACN US S&P 500Russell 1000 Earnings call

Accenture (ACN) · Q3 2026 results and valuation

Share price: $253.66 · 2026-11-11

Accenture is a technology and business consulting company that provides services in strategy, technology, and operations. It serves large corporations and government agencies across the Americas, EMEA, and Asia Pacific. The company offers consulting, managed services, and software solutions to its clients. Source: 10-K annual report (2026-10-16)

Results Q3 2026 vs Q2 2026 · previous quarter · fiscal Q4 2026 · published 1 Oct 2026 and 18 Jun 2026

Net income down 14.9% on the previous quarter. Management sounded cautious, though noticeably more positive answering analysts.

1 · Numbers

−14.9%

Net income vs Q2 2026

Outlook given

Net income 1.99B vs 2.34B

Revenue −0.2%

Against the same quarter last year (Q3 2025) it is +40.8%, so the move on last quarter looks seasonal or timing-related rather than a trend.

2 · How management spoke

Cautious

Among the least upbeat of all company calls

Answers to analysts: very upbeat, and more positive than the script.

Last call it was different: script and answers matched.

3 · What stood out

Accenture expects to return at least $9.5 billion to shareholders through dividends growing 5% per share and $5.5 billion in share repurchases.

Valuation

Is Accenture undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2025-08-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 4.2% growth a year (3-year revenue growth), the model's fair value is $273.58 a share — the stock trades 7% below it. Today's price assumes 3.1% growth a year.

Current price

$253.66

close of 2026-11-11

Market implies growth of i

+3.1% for 10 yrs

Fair value / share

$273.58

Buy below

$205.18

Price vs fair value

Undervalued 7%

Price vs buy-below price

Overvalued 24%

Management expects

Revenue +3% · from the Q3 2026 report: “The company expects revenue for fiscal 2027 to grow between 3% and 6% in local currency compared to fiscal 2026.”

A guidance figure for revenue, usually one year ahead, not a 10-year free-cash-flow rate.

FCF growth / yr i Discount rate i Terminal growth i Margin of safety i

Official channels

The company's own website and social media accounts.

Read between the lines

Guidance

The company expects revenue for fiscal 2027 to grow between 3% and 6% in local currency compared to fiscal 2026.
Figure

Q4 revenue was $18.7 billion, growing 7% in local currency, which exceeded the top end of the guided range.

Source quote
“Starting with Q4 revenue was $18.7 billion, growing 7% in local currency, above the top end of our guided range.”
Figure

The company returned a record amount of cash to shareholders, which was 38% more than in fiscal 2025, alongside growth in adjusted earnings per share and free cash flow.

Source quote
“We also delivered strong adjusted earnings per share growth and free cash flow, and we returned a record amount of cash to shareholders, 38% more than in fiscal 2025.”
Key theme

The company expects to deploy approximately $5 billion in acquisitions in fiscal '27 to accelerate its growth strategy.

Source quote
“Looking ahead, we currently expect to deploy another approximately $5 billion in acquisitions in fiscal '27 based on the opportunities we see today to accelerate our growth strategy.”
Guidance

ACN expects to return at least $9.5 billion to shareholders through dividends growing 5% per share and $5.5 billion in share repurchases, which represent approximately 75% of operating cash flow.

4 more

Guidance

ACN expects to reduce its weighted average share count by approximately 3% in FY '27 due to the company's commitment and elevated repurchase levels in the previous year.
Guidance

The company expects federal spending to be a significant contributor to its 2027 outlook.
Figure

Nearly 100 additional clients initiated their first advanced AI work this quarter, bringing the fiscal 2026 total to more than 400.

Source quote
“Nearly 100 additional clients initiated their first advanced AI work with us this quarter, bringing the fiscal 2026 total to more than 400.”
Figure

BP is now producing 2.5x more content with 23% less effort, increasing production efficiency and output.

Source quote
“BP is now producing 2.5x more content with 23% less effort.”

Tone

How upbeat the language was, compared with other companiesi. Dot: Q3 2026. Ring: Q2 2026.

Prepared remarks Cautious (was typical)

Answers to analysts Very upbeat (was typical)

Management was more positive answering analysts than in its script — usually a sign it was comfortable with the details it was asked about.

Sentences that drove the tone

“And at the same time, in Q4, we saw lower pricing in many areas of our business.”

“And next year, we do expect to hire, but it will be at a lower rate in part due to AI.”

“And then just as a follow-up, just thinking about the managed services bookings, in particular, that was a source of softness in the third quarter.”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-08-31)

Metric	Q3 2026period end 2026-08-31	Q2 2026period end 2026-05-31	Change	Q3 2025	YoY
Revenue	18.68B	18.72B	−0.2%	17.60B	+6.2%
Gross profit	5.98B	6.13B	−2.4%	5.61B	+6.7%
Operating income	2.86B	3.18B	−9.8%	2.05B	+39.7%
Net income	1.99B	2.34B	−14.9%	1.41B	+40.8%
EPS	3.29	3.80	−13.4%	2.25	+46.2%
P/E today 19.2	14.0	14.9	−0.9	21.4	−7.4

Topics

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Latest announcements

Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.

2026-10-14 Regulation FD disclosure · SEC 8-K
Accenture reported FY26 revenue growth of 2% to 5% in local currency, with an adjusted operating margin of 15.8% and adjusted EPS of $13.97.
2026-10-01 Results of operations · SEC 8-K
Accenture reported fourth-quarter revenue of $18.7 billion, an increase of 6% in U.S. dollars, and full-year revenue of $74.2 billion, up 6% in U.S. dollars compared to the previous fiscal year.
2026-07-10 Other events · SEC 8-K
Accenture Capital Inc. closed the sale of various notes with total principal amounts of $300,000,000, $1,000,000,000, $1,500,000,000, $1,100,000,000, and $1,100,000,000 on July 10, 2026.
2026-06-23 Regulation FD disclosure · SEC 8-K
Accenture increased its fiscal year 2026 share repurchase program by $2 billion, bringing the total to $7.5 billion, a 62% increase year-over-year.
2026-06-18 Results of operations · SEC 8-K
Accenture reported revenue of $18.72 billion, a 6% increase in U.S. dollars compared to the third quarter of fiscal 2025, and diluted earnings per share of $3.80, up 9% year over year.
2026-04-24 Material agreement; Agreement terminated; New financial obligation · SEC 8-K
Accenture entered into credit agreements for a $5.925 billion five-year facility and a $2.175 billion 364-day facility, replacing a prior $5.5 billion revolving credit facility.
2026-03-19 Results of operations · SEC 8-K
Accenture reported revenue of $18.0 billion, an 8% increase in U.S. dollars compared to the second quarter of fiscal 2025, and new bookings of $22.1 billion, up 6% year over year.
2026-01-28 Director or officer change; Shareholder vote results · SEC 8-K
Accenture shareholders approved the amendment of the 2010 Share Incentive Plan, which includes an additional 7 million shares and an extension of the term until December 12, 2035.

Balance sheet & ownership

From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-21.

Cash & runway

Cash & equivalents

$12.83B

2026-08-31

Short-term investments

$6.3M

Long-term investments

$940.5M

total liquidity $13.78B

Implied runway

—

operating cash flow positive over the TTM window

Dilution

weighted-average basic shares, per quarter. Change: -3.4% YoY, -1.7% QoQ.

Quarter	Shares
Q2 2025	624.3M
Q3 2025	622.6M
Q4 2025	619.3M
Q1 2026	617.0M
Q2 2026	612.2M
Q3 2026	601.6M

Insider transactions

Form 4 open-market trades (codes S/P), trailing 12 months. Coverage: newest 50 of 244 filings; 50 filings parsed.

Sold by insiders

12.6K shares

$2.1M · 12 transactions

Bought by insiders

0 shares

0 transactions

Net direction

net selling

Catalyst calendar

management-stated targets — from the latest earnings call; plans, not promises.

Beginning in FY '27

reporting the update of top 10 ecosystem partners and emerging AI and data partners annually

Source quote
“Beginning in FY '27, we will provide this update annually.”
first quarter of fiscal '27

expected revenues to be in the range of $18.95 billion to $19.6 billion

Source quote
“For the first quarter of fiscal '27, we expect revenues to be in the range of $18.95 billion to $19.6 billion.”
2027

revenue growth in local currency

Source quote
“'27, we expect our revenue to be in the range of 3% to 6% growth in local currency over fiscal '26.”
This year

inorganic contribution

Source quote
“This year, we expect an inorganic contribution of 2% to 2.5%.”
fiscal year '27

operating margin

Source quote
“For operating margin, we expect fiscal year '27 to be 15.9% to 16.1%, a 10 to 30 basis point expansion over adjusted fiscal '26 results.”