Accenture (ACN) Q2 2025 earnings summary

Executive summary

• Achieved Q2 FY25 revenues of $16.7B, up 8.5% in local currency and 5% in USD, with broad-based growth across geographies and industries.

• Adjusted Q2 FY25 EPS was $2.82, up 2% year-over-year; GAAP EPS up 7%.

• Bookings reached $20.9B, with 32 clients each exceeding $100M in quarterly bookings; bookings were flat in local currency and down 3% in USD.

• GenAI momentum continued, with $1.4B in new bookings and $600M in revenue for the quarter.

• Workforce grew to 801,000, up from 742,000 a year ago; annualized voluntary attrition remained steady at 13%.

Financial highlights

• Revenues grew 8.5% in local currency (5% in USD) to $16.7B; EPS was $2.82, up 2% YoY (adjusted basis).

• Operating margin was 13.5%, down 20 bps YoY (adjusted), reflecting higher subcontractor costs and investments.

• Free cash flow was $2.7B for Q2 FY25; $3.6B for the first half.

• Book-to-bill ratio was 1.3 overall; consulting and managed services both strong.

• Cash balance at quarter-end was $8.5B.

Outlook and guidance

• Q3 FY25 revenue guidance: $16.9B–$17.5B, 3–7% local currency growth, FX impact -0.5%.

• FY25 revenue growth expected at 5–7% in local currency; inorganic contribution just over 3%.

• FY25 operating margin expected at 15.6–15.7%, a 10–20 bps expansion YoY (adjusted).

• FY25 EPS guidance: $12.55–$12.79, up 5–7% YoY (adjusted).

• Free cash flow guidance: $8.8B–$9.5B; plan to return at least $8.3B to shareholders.