research report · ACN

Accenture plc

Johannes Vermeer, Woman Holding a Balance, c. 1664, detail · National Gallery of Art

Viridis’s deep research report, written Oct 31, 2026 from its annual report (10-K for the year ended Aug 31, 2026, filed Oct 16, 2026). Written and checked with Anthropic’s Claude models.

your email, no card; what you get

business trajectory

Stable

little material change

financial resilience

Strong

can meet its obligations and fund its plan for two years with money it can count on, with room

Judgments of the business from its filings, not of its shares: no valuation, no advice.

bottom line

Accenture remains a steady, highly cash-generative business, but its underlying growth is slow and is increasingly bought. Fiscal 2026 revenue rose 5% in local currency, only about 3% of it organic by management's account. The fiscal 2027 outlook of 3%–6% includes 2%–2.5% from acquisitions. Free cash flow was a strong $11.6B, yet buybacks, dividends and deals together cost more than that, and debt doubled to $10.1B. The balance sheet carries this easily, since debt equals about 0.8 years of operating cash flow. Even so, per-share gains lean on buybacks and borrowing, and pricing softened in the fourth quarter.

what changed this year

  • Revenue was $74.2B, up 6% in dollars and 5% in local currency. Q4 grew 7%, above the guided $17.75B–$18.40B.
  • GAAP operating margin was 15.4% (14.7% a year earlier) and adjusted margin 15.8% (15.6%). GAAP diluted EPS was $13.56 (+12%) and adjusted EPS $13.97 (+8%).
  • Results beat the original guidance of 2%–5% growth, adjusted EPS of $13.52–$13.90 and free cash flow of $9.8B–$10.5B.
  • On June 23 the company raised its fiscal 2026 buyback by $2B to $7.5B. On July 10, 2026 it sold $5B of senior notes.
  • The fiscal 2027 outlook calls for growth of 3%–6% in local currency, an operating margin of 15.9%–16.1%, EPS of $14.39–$14.81, free cash flow of $11.0B–$11.8B and at least $9.5B returned to shareholders.

in the full report

Its findings, each with the evidence, the strongest counterpoint and what would prove it wrong:

  • Organic growth is low and guided lower; acquisitions fill the gap
  • Payouts and acquisitions exceed free cash flow and are partly debt-funded
  • Pricing slipped in Q4 as AI reshapes the work

Then its finances, the quality of its earnings, its management, the case for and against, and what to watch, its claims cited to the filings and checked against them.

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