Capgemini has reported third-quarter 2025 revenue of €5.39 billion, marking a 2.9% increase at constant exchange rates though remaining flat on a reported basis, as global technology spending continues to show signs of strain—particularly across Europe. Despite this muted environment, the French IT and consulting giant has raised its full-year revenue growth forecast to between 2% and 2.5% and slightly adjusted its operating margin outlook to 13.3–13.4%, signalling cautious optimism driven by its ongoing investments in artificial intelligence.
CEO Aiman Ezzat attributed the company’s resilience to its “AI-powered positioning,” noting that momentum was strongest in North America, where digital transformation and AI-driven services continue to see healthy demand. This regional strength offset softness in Europe, where enterprises have been slower to resume discretionary technology spending amid ongoing macroeconomic uncertainty.
Capgemini’s bookings rose 1.5% to €5.16 billion, reflecting modest growth in client demand, while its headcount increased 4.7% to 354,700 employees, underscoring the company’s continued expansion of its global talent base. The firm also reaffirmed its €1.9 billion free cash flow target for the year, reinforcing confidence in its financial stability and operational discipline.
The group is accelerating the integration of generative AI across its service portfolio, spanning consulting, application development, and business process transformation. Capgemini sees generative AI as a major long-term growth driver, both for internal efficiency gains and for enabling clients to build next-generation digital operations. This strategic focus aligns with the company’s broader goal of positioning itself as a key enabler of AI-led business transformation worldwide.
However, while the company’s raised forecast demonstrates confidence in its strategic direction, analysts view it as a measured recovery rather than a full rebound. Persistent weakness in European markets and subdued global IT spending continue to temper near-term growth prospects.
Still, Capgemini’s strong balance sheet, expanding AI capabilities, and stable North American performance suggest it is well-placed to navigate the current economic headwinds while capitalising on the accelerating adoption of enterprise AI solutions worldwide.
