Amdocs (DOX) Q4 2026 earnings summary

Executive summary

• FY2026 revenue was $4.697B, up 3.6% reported and 3.0% in constant currency; non-GAAP diluted EPS rose 6.0% to $7.41.

• FY2027 outlook reflects T-Mobile headwinds and portfolio exits; strategy centers on aOS, insurance expansion and internal transformation, with mid-single-digit revenue growth and high-single-digit EPS growth expected in FY2028.

Financial highlights

• Q4 revenue was $1.194B, up 3.8% reported and 4.0% in constant currency; non-GAAP diluted EPS was $1.98.

• FY2026 non-GAAP operating margin was 21.6%, up 20 bps YoY; non-GAAP net income was $791.7M.

• FY2026 GAAP net income was $501.2M versus $567.8M; GAAP diluted EPS was $4.68 versus $5.05, including a $1.30/share restructuring charge.

• FY2026 free cash flow was $562M after $167M of restructuring payments, or $729M before those payments.

• Q4 GAAP diluted EPS was $1.35, primarily reflecting a restructuring charge of ~$0.22/share; Q4 non-GAAP operating margin was 21.6%.

Outlook and guidance

• FY2027 revenue is guided down 17.9% to 14.3% reported and down 11% to 7% pro forma constant currency; pro forma excludes ~$360M of FY2026 revenue from exited activities.

• Excluding T-Mobile, FY2027 revenue is expected to grow mid-single digits; FY2028 expectations are mid-single-digit revenue growth and high-single-digit non-GAAP EPS growth.

• FY2027 non-GAAP operating margin guidance is 19.2%–19.8%, starting below the 19.5% midpoint and improving through the year to the range’s higher end in Q4; non-GAAP EPS is expected to decline 26%–30%.

• FY2027 free cash flow before restructuring payments is forecast at $440M–$500M; non-GAAP effective tax rate is expected at 16%–19%.

• Q1 FY2027 revenue guidance is $955M–$995M; GAAP diluted EPS is $0.81–$0.89 and non-GAAP diluted EPS is $1.27–$1.33.