Capgemini's AI Bet Fuels Growth Amidst Major Workforce Overhaul

PARIS, France – February 13, 2026 – By Daniel Thomas

Capgemini has signaled a decisive pivot towards an AI-driven future, backing its strategy with strong full-year 2025 results that exceeded expectations and a significant acceleration in fourth-quarter growth. The global technology consulting giant reported revenues of €22.5 billion, a modest 3.4% increase at constant exchange rates for the year, but a powerful 10.6% surge in Q4, demonstrating clear momentum heading into 2026.

This performance, achieved in what the company calls a "complex macroeconomic environment," is attributed to a strategic focus on cloud, data, and especially Artificial Intelligence. The company's bookings, a key indicator of future revenue, rose to €24.4 billion, with projects related to Generative and Agentic AI accounting for over 10% of all new deals in the final quarter.

"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," said Aiman Ezzat, Chief Executive Officer of the Capgemini Group. "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."

The AI Growth Engine and Strategic Acquisitions

Capgemini's strategy hinges on becoming the go-to partner for enterprises looking to scale AI from small experiments into core business operations. The recent acquisition of WNS, a major player in business process management, for €3.8 billion is the cornerstone of this plan. The move is designed to create a powerhouse in "Intelligent Operations," leveraging AI to automate and transform complex business functions like finance, HR, and customer service.

"The strategic acquisition of WNS marked a milestone for the Group," Ezzat stated. "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."

This focus is already translating into major contracts. The company highlighted that it is signing large deals in Intelligent Operations and that demand for sovereign cloud solutions, supported by partnerships with AWS, Google, and Microsoft, is increasing significantly. The WNS integration, along with the purchase of Cloud4C, was a primary driver of the stellar Q4 growth, particularly boosting revenues in North America and the UK.

Reshaping the Workforce for a New Era

The aggressive pivot to AI comes with a significant recalibration of its global workforce. Capgemini announced a "Fit-for-growth" plan that involves cumulative restructuring costs of approximately €700 million over the next two years. The company framed this move as a necessary adaptation of its workforce and skills to align with the new, AI-centric growth agenda.

While restructuring often implies job cuts, Capgemini's overall headcount surged by 24% year-over-year to 423,400, largely due to the integration of WNS's employees. The move underscores a strategic shift in workforce composition, prioritizing skills in AI, data, and cloud while potentially reducing roles less aligned with future demand. The majority of the company's workforce, 66%, is now located offshore.

Alongside the restructuring, the company is making substantial investments in upskilling its employees. In 2025, the average number of learning hours per employee reached 97, far exceeding its target of 70 hours, with a particular focus on AI-related training. This dual approach of restructuring and reskilling highlights the profound impact AI is having on the future of work within the tech services industry itself.

The firm also reported notable progress on its social and governance commitments. It achieved its goal of having 40% women in its global workforce and increased the proportion of women in executive leadership to 30.5%, demonstrating a commitment to diversity alongside its technological transformation.

A Look at the Numbers: Balancing Investment and Profitability

While top-line growth accelerated, the financial results reveal the costs associated with Capgemini's strategic transformation. The company's operating margin remained stable at 13.3%, meeting its target. However, net profit for the group share fell by 4.2% to €1.6 billion, reflecting higher restructuring and acquisition-related costs.

In contrast, normalized earnings per share, which strips out these one-time expenses, rose by 5.8% to €12.95, suggesting the underlying business remains healthy. The company's net debt more than doubled to €5.3 billion from €2.1 billion at the end of 2024, a direct consequence of funding the WNS acquisition and shareholder returns through new bond issuances. Organic free cash flow remained stable at €1.95 billion.

Looking ahead to 2026, Capgemini projects robust revenue growth between +6.5% and +8.5% at constant exchange rates. However, a significant portion—around 4.5 to 5 percentage points—is expected to come from the inorganic contribution of its recent acquisitions. This outlook is strong compared to the more modest organic growth forecasts of peers like Accenture and Infosys, highlighting Capgemini's reliance on its M&A strategy to drive expansion. The company also anticipates a slight improvement in its operating margin to between 13.6% and 13.8%.

Global Performance and Sector Dynamics

The company's performance varied significantly by region. North America (+7.3% growth) and the UK & Ireland (+10.5% growth) were standout performers, buoyed by strong demand in financial services and the impact of acquisitions. Conversely, the French market contracted by 4.1% amid weakness in the manufacturing sector, and the Rest of Europe saw a slight decline.

By industry, Financial Services (+9.2%) and TMT (+7.7%) were key growth drivers, demonstrating strong client investment in technology transformation. The Manufacturing sector, however, proved to be a drag on performance, declining 2.1% globally. This mixed performance illustrates the uneven nature of the economic environment Capgemini is navigating. The company plans to provide a more detailed look at its medium-term strategy and the next phase of its AI-powered growth cycle during a Capital Markets Day scheduled for May 27, 2026.